# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001398344-26-004779
**Filing Date:** 2026-3
**Character Count:** 4413578
**Document Hash:** 1dd68f8c587de3a0da52662cd937cfeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004779.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004779

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 209

**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:** 26731729

**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 T. Rowe Price Structured Mid-Cap Growth Fund (Series ID: S000002802)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007700 | Standard Class |  |
| C000007701 | Service Class  |  |

### LVIP Mondrian International Value Fund (Series ID: S000002803)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007702 | Standard Class |  |
| C000007703 | Service Class  |  |

### LVIP Nomura Social Awareness Fund (Series ID: S000002806)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007708 | Standard Class |  |
| C000007709 | Service Class  |  |

### LVIP Nomura Mid Cap Value Fund (Series ID: S000002807)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007710 | Standard Class |  |
| C000007711 | Service Class  |  |

### LVIP SSGA Global Tactical Allocation Managed Volatility Fund (Series ID: S000002811)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007718 | Standard Class |  |
| C000007719 | Service Class  |  |

### LVIP SSGA S&P 500 Index Fund (Series ID: S000015783)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043348 | Standard Class |  |
| C000043349 | Service Class  |  |

### LVIP MFS International Growth Fund (Series ID: S000015970)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043855 | Standard Class |  |
| C000043856 | Service Class  |  |

### LVIP MFS Value Fund (Series ID: S000015971)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043857 | Standard Class |  |
| C000043858 | Service Class  |  |

### LVIP Wellington SMID Cap Value Fund (Series ID: S000015973)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043861 | Service Class  |  |
| C000043862 | Standard Class |  |

### LVIP SSGA Small-Cap Index Fund (Series ID: S000015974)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043863 | Standard Class |  |
| C000043864 | Service Class  |  |

### LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund (Series ID: S000015977)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043869 | Standard Class |  |
| C000043870 | Service Class  |  |

### LVIP T. Rowe Price 2020 Fund (Series ID: S000016763)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046813 | Standard Class |  |
| C000046814 | Service Class  |  |

### LVIP T. Rowe Price 2030 Fund (Series ID: S000016764)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046815 | Standard Class |  |
| C000046816 | Service Class  |  |

### LVIP T. Rowe Price 2040 Fund (Series ID: S000016765)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046817 | Service Class  |  |
| C000046818 | Standard Class |  |

### LVIP SSGA Bond Index Fund (Series ID: S000021657)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062027 | Standard Class |  |
| C000062028 | Service Class  |  |

### LVIP SSGA International Index Fund (Series ID: S000021658)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062029 | Standard Class |  |
| C000062030 | Service Class  |  |

### LVIP JPMorgan Retirement Income Fund (Series ID: S000025131)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000074970 | Standard Class |  |
| C000074971 | Service Class  |  |

### LVIP Mondrian Global Income Fund (Series ID: S000025309)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000075432 | Standard Class |  |
| C000075433 | Service Class  |  |

### LVIP Nomura Diversified Floating Rate Fund (Series ID: S000028581)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087494 | Standard Class |  |
| C000087495 | Service Class  |  |

### LVIP SSGA Conservative Index Allocation Fund (Series ID: S000029482)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090467 | Standard Class |  |
| C000090468 | Service Class  |  |

### LVIP SSGA Moderate Index Allocation Fund (Series ID: S000029483)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090469 | Standard Class |  |
| C000090470 | Service Class  |  |

### LVIP SSGA Moderately Aggressive Index Allocation Fund (Series ID: S000029484)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090471 | Standard Class |  |
| C000090472 | Service Class  |  |

### LVIP Structured Conservative Allocation Fund (Series ID: S000029485)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090473 | Standard Class |  |
| C000090474 | Service Class  |  |

### LVIP Structured Moderate Allocation Fund (Series ID: S000029486)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090475 | Service Class  |  |
| C000090476 | Standard Class |  |

### LVIP Structured Moderately Aggressive Allocation Fund (Series ID: S000029487)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090477 | Standard Class |  |
| C000090478 | Service Class  |  |

### LVIP T. Rowe Price 2050 Fund (Series ID: S000031810)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099066 | Standard Class |  |
| C000099067 | Service Class  |  |

### LVIP Vanguard Domestic Equity ETF Fund (Series ID: S000031869)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099226 | Standard Class |  |
| C000099227 | Service Class  |  |

### LVIP Vanguard International Equity ETF Fund (Series ID: S000031870)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099228 | Standard Class |  |
| C000099229 | Service Class  |  |

### LVIP Vanguard Bond Allocation Fund (Series ID: S000031871)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099230 | Service Class  |  |
| C000099231 | Standard Class |  |

### LVIP Multi-Manager International Equity Managed Volatility Fund (Series ID: S000040168)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000124876 | Standard Class |  |
| C000124877 | Service Class  |  |

### LVIP SSGA Large Cap Managed Volatility Fund (Series ID: S000040170)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000124880 | Standard Class |  |
| C000124881 | Service Class  |  |

### LVIP SSGA SMID Cap Managed Volatility Fund (Series ID: S000040171)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000124882 | Service Class  |  |
| C000124883 | Standard Class |  |

### LVIP SSGA International Managed Volatility Fund (Series ID: S000042342)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000131277 | Standard Class |  |
| C000131278 | Service Class  |  |

### LVIP PIMCO Low Duration Bond Fund (Series ID: S000045002)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000139574 | Standard Class |  |
| C000139575 | Service Class  |  |

### LVIP Multi-Manager Global Equity Managed Volatility Fund (Series ID: S000045005)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000139580 | Standard Class |  |
| C000139581 | Service Class  |  |

### LVIP SSGA Mid-Cap Index Fund (Series ID: S000046416)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000145055 | Standard Class |  |
| C000145056 | Service Class  |  |

### LVIP U.S. Growth Allocation Managed Risk Fund (Series ID: S000048566)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000153126 | Service Class  |  |
| C000153127 | Standard Class |  |

### LVIP Loomis Sayles Global Growth Fund (Series ID: S000061556)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000199415 | Standard Class |  |
| C000199416 | Service Class  |  |

### LVIP SSGA Short-Term Bond Index Fund (Series ID: S000061557)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000199417 | Standard Class |  |
| C000199418 | Service Class  |  |

### LVIP SSGA Emerging Markets Equity Index Fund (Series ID: S000063207)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000204842 | Standard Class |  |
| C000204843 | Service Class  |  |

### LVIP T. Rowe Price 2060 Fund (Series ID: S000068395)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218802 | Standard     |  |
| C000218803 | Service      |  |

### LVIP Nomura High Yield Fund (Series ID: S000070166)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223152 | Standard Class |  |
| C000223153 | Service Class  |  |

### LVIP JPMorgan Short Duration Bond Fund (Series ID: S000070167)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223154 | Standard Class |  |
| C000223155 | Service Class  |  |

### LVIP Nomura U.S. REIT Fund (Series ID: S000070168)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223156 | Service Class  |  |
| C000223157 | Standard Class |  |

### LVIP Nomura SMID Cap Core Fund (Series ID: S000070169)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223158 | Service Class  |  |
| C000223159 | Standard Class |  |

### LVIP Nomura U.S. Growth Fund (Series ID: S000070170)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223160 | Standard Class |  |
| C000223161 | Service Class  |  |

### LVIP SSGA Nasdaq-100 Index Fund (Series ID: S000070301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223681 | Standard     |  |
| C000223682 | Service      |  |

### LVIP JPMorgan Mid Cap Value Fund (Series ID: S000079875)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000241302 | Service Class  |  |
| C000241303 | Standard Class |  |

### LVIP JPMorgan Small Cap Core Fund (Series ID: S000079876)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000241304 | Service Class  |  |
| C000241305 | Standard Class |  |

### LVIP JPMorgan U.S. Equity Fund (Series ID: S000079877)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000241306 | Standard Class |  |
| C000241307 | 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.

**# LVIP JPMorgan Mid Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan 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 | $76 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
2025 was another strong year for equities, led by growth and large-cap stocks. S&P 500 market gains were broader, with over half of earnings growth coming from the other 493 companies. Quality stocks lagged, and the Fund struggled to keep up, though it still posted solid double-digit returns. Stock selection was challenged within technology, while stock selection was rewarded in healthcare.

* Not owning Robinhood (HOOD) served as the number one relative detractor given its strong performance and size in the secondary benchmark. Alternatively, quality compounders without an artificial intelligence tailwind have been under pressure within technology, most notably Zebra (ZBRA).

* Healthcare was a bright spot for performance, with the position in Cencora (COR) serving as a top contributor.

* Jabil (JBL) benefited from rising earnings and its new investment in U.S. datacenter manufacturing.

## 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](i3cedfaa8037b6eb1a3252f05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11469 | $11244 | $12000 |
| 12/31/2017 | $13048 | $13658 | $13601 |
| 12/31/2018 | $11504 | $12968 | $11930 |
| 12/31/2019 | $14582 | $17018 | $15158 |
| 12/31/2020 | $14636 | $20575 | $15910 |
| 12/31/2021 | $19010 | $25880 | $20419 |
| 12/31/2022 | $17459 | $20851 | $17962 |
| 12/31/2023 | $19364 | $26363 | $20246 |
| 12/31/2024 | $22131 | $32715 | $22892 |
| 12/31/2025 | $23174 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 4.72% | 9.63% | 8.77% |
| 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 | $300184311 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $1888888 |

---

## 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 | 98.0% |
| Money Market Funds | 2.4% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Machinery | 6.7% |
| Health Care Providers & Services | 5.8% |
| Oil, Gas & Consumable Fuels | 5.7% |
| Electronic Equipment, Instruments & Components | 5.2% |
| Multi-Utilities | 5.0% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Mid Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan 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 | $101 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
2025 was another strong year for equities, led by growth and large-cap stocks. S&P 500 market gains were broader, with over half of earnings growth coming from the other 493 companies. Quality stocks lagged, and the Fund struggled to keep up, though it still posted solid double-digit returns. Stock selection was challenged within technology, while stock selection was rewarded in healthcare.

* Not owning Robinhood (HOOD) served as the number one relative detractor given its strong performance and size in the secondary benchmark. Alternatively, quality compounders without an artificial intelligence tailwind have been under pressure within technology, most notably Zebra (ZBRA).

* Healthcare was a bright spot for performance, with the position in Cencora (COR) serving as a top contributor.

* Jabil (JBL) benefited from rising earnings and its new investment in U.S. datacenter manufacturing.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 1, 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](i342676f8ff8093401f3307ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 5/1/2023 | $10000 | $10000 | $10000 |
| 12/31/2023 | $11109 | $11647 | $11131 |
| 12/31/2024 | $12666 | $14453 | $12586 |
| 12/31/2025 | $13230 | $16960 | $13976 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 5/1/2023 |
| Service Class | 4.45% | 11.02% |
| Morningstar US Market Index | 17.35% | 21.89% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 13.37% |

---

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 | $300184311 |
| # of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $1888888 |

---

## 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 | 98.0% |
| Money Market Funds | 2.4% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Machinery | 6.7% |
| Health Care Providers & Services | 5.8% |
| Oil, Gas & Consumable Fuels | 5.7% |
| Electronic Equipment, Instruments & Components | 5.2% |
| Multi-Utilities | 5.0% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Retirement Income Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Retirement 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 |
| Standard Class | $40 | 0.38% |

---

## How did the Fund perform last year and what affected its performance?
Risk assets performed strongly in 2025, driven by fiscal and monetary support, with equities and credit posting robust global gains. The S&P 500 Index had positive returns in 2025, led by growth stocks and continued strength in AI-driven sectors like tech and comm services.

U.S. mega cap tech fueled growth stock gains, while value stocks led in most developed markets. Global equities had strong returns with emerging markets leading, driven by robust fundamentals and currency tailwinds. Inflation concerns stayed elevated, tariff-driven price strikes were avoided, enabling central banks to keep normalizing rates.

U.S. high yield led with higher yields and tighter spreads; U.S. Treasuries posted gains, supported by U.S. Federal Reserve rate cuts. Emerging market debt led returns due to currency tailwinds boosting unhedged gains.

* The JPM Core Bond and JPM Emerging Market Equity Funds were the top contributors.

* The JPM Global Select and JPM International Equity Funds were the biggest detractors.

## 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](i20739d7432ff148c7633d89d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | S&P Target Date Retirement Income Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10471 | $10254 | $10501 |
| 12/31/2017 | $11619 | $10602 | $11398 |
| 12/31/2018 | $11092 | $10617 | $11108 |
| 12/31/2019 | $12638 | $11535 | $12589 |
| 12/31/2020 | $13835 | $12399 | $13698 |
| 12/31/2021 | $14647 | $12200 | $14398 |
| 12/31/2022 | $12695 | $10615 | $12790 |
| 12/31/2023 | $14168 | $11179 | $14113 |
| 12/31/2024 | $15296 | $11331 | $15036 |
| 12/31/2025 | $17148 | $12138 | $16789 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 12.10% | 4.39% | 5.54% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $204487321 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $600478 |

---

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 | 57.2% |
| Equity Funds | 23.4% |
| International Equity Funds | 12.5% |
| Global Equity Funds | 4.0% |
| Money Market Funds | 2.5% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Retirement Income Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Retirement 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 | $67 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
Risk assets performed strongly in 2025, driven by fiscal and monetary support, with equities and credit posting robust global gains. The S&P 500 Index had positive returns in 2025, led by growth stocks and continued strength in AI-driven sectors like tech and comm services.

U.S. mega cap tech fueled growth stock gains, while value stocks led in most developed markets. Global equities had strong returns with emerging markets leading, driven by robust fundamentals and currency tailwinds. Inflation concerns stayed elevated, tariff-driven price strikes were avoided, enabling central banks to keep normalizing rates.

U.S. high yield led with higher yields and tighter spreads; U.S. Treasuries posted gains, supported by U.S. Federal Reserve rate cuts. Emerging market debt led returns due to currency tailwinds boosting unhedged gains.

* The JPM Core Bond and JPM Emerging Market Equity Funds were the top contributors.

* The JPM Global Select and JPM International Equity Funds were the biggest detractors.

## 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](ifa91f8361bb62dba8c23b48f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | S&P Target Date Retirement Income Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10445 | $10254 | $10501 |
| 12/31/2017 | $11561 | $10602 | $11398 |
| 12/31/2018 | $11010 | $10617 | $11108 |
| 12/31/2019 | $12513 | $11535 | $12589 |
| 12/31/2020 | $13665 | $12399 | $13698 |
| 12/31/2021 | $14430 | $12200 | $14398 |
| 12/31/2022 | $12475 | $10615 | $12790 |
| 12/31/2023 | $13887 | $11179 | $14113 |
| 12/31/2024 | $14956 | $11331 | $15036 |
| 12/31/2025 | $16725 | $12138 | $16789 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 11.82% | 4.12% | 5.28% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| S&P Target Date Retirement Income Index | 11.66% | 4.15% | 5.32% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $204487321 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $600478 |

---

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 | 57.2% |
| Equity Funds | 23.4% |
| International Equity Funds | 12.5% |
| Global Equity Funds | 4.0% |
| Money Market Funds | 2.5% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Select Mid Cap 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 | $79 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
2025 was another strong year for equities, led by growth and large-cap stocks. Despite continued concentration within the S&P 500 index, over half of earnings growth came from companies outside of the top seven (by market capitalization). Higher quality stocks lagged during the year, causing the Fund to underperform the Russell Mid Cap Value Index. Stock selection was challenged within technology, while stock selection was rewarded in healthcare.

* Not owning Robinhood (HOOD) served as the number one relative detractor given its strong performance and size in the benchmark.

* Alternatively, quality compounders without an artificial intelligence tailwind were under pressure within technology, most notably Zebra (ZBRA).

* Healthcare was a bright spot for performance, with the Fund's position in Cencora (COR) serving as a top contributor.

* Jabil (JBL) benefited from rising earnings and its new investment in U.S. datacenter manufacturing.

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](id56caf2c1b6b0b3f8604f425.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11001 | $11244 | $12000 |
| 12/31/2017 | $12617 | $13658 | $13601 |
| 12/31/2018 | $11128 | $12968 | $11930 |
| 12/31/2019 | $12926 | $17018 | $15158 |
| 12/31/2020 | $13178 | $20575 | $15910 |
| 12/31/2021 | $17009 | $25880 | $20419 |
| 12/31/2022 | $15450 | $20851 | $17962 |
| 12/31/2023 | $17316 | $26363 | $20246 |
| 12/31/2024 | $19989 | $32715 | $22892 |
| 12/31/2025 | $20291 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 1.51% | 9.02% | 7.33% |
| 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 | $501877534 |
| # of Portfolio Holdings | 444 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $3608045 |

---

## 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 | 94.5% |
| Money Market Funds | 5.2% |
| Rights | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Machinery | 5.4% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Capital Markets | 4.9% |
| Health Care Providers & Services | 4.8% |
| Insurance | 4.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Select Mid Cap 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 | $104 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
2025 was another strong year for equities, led by growth and large-cap stocks. Despite continued concentration within the S&P 500 index, over half of earnings growth came from companies outside of the top seven (by market capitalization). Higher quality stocks lagged during the year, causing the Fund to underperform the Russell Mid Cap Value Index. Stock selection was challenged within technology, while stock selection was rewarded in healthcare.

* Not owning Robinhood (HOOD) served as the number one relative detractor given its strong performance and size in the benchmark.

* Alternatively, quality compounders without an artificial intelligence tailwind were under pressure within technology, most notably Zebra (ZBRA).

* Healthcare was a bright spot for performance, with the Fund's position in Cencora (COR) serving as a top contributor.

* Jabil (JBL) benefited from rising earnings and its new investment in U.S. datacenter manufacturing.

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](i52f3b577c32d9d908f2024fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10972 | $11244 | $12000 |
| 12/31/2017 | $12553 | $13658 | $13601 |
| 12/31/2018 | $11044 | $12968 | $11930 |
| 12/31/2019 | $12797 | $17018 | $15158 |
| 12/31/2020 | $13014 | $20575 | $15910 |
| 12/31/2021 | $16755 | $25880 | $20419 |
| 12/31/2022 | $15181 | $20851 | $17962 |
| 12/31/2023 | $16973 | $26363 | $20246 |
| 12/31/2024 | $19543 | $32715 | $22892 |
| 12/31/2025 | $19789 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 1.26% | 8.74% | 7.06% |
| 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 | $501877534 |
| # of Portfolio Holdings | 444 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $3608045 |

---

## 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 | 94.5% |
| Money Market Funds | 5.2% |
| Rights | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Machinery | 5.4% |
| Oil, Gas & Consumable Fuels | 5.2% |
| Capital Markets | 4.9% |
| Health Care Providers & Services | 4.8% |
| Insurance | 4.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Short Duration Bond Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Short Duration 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 | $50 | 0.49% |

---

## 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 securitized credit and security selection within investment grade corporates under the Fund's legacy sub-adviser following the "Liberation Day" spread widening.

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](i37cb184b572842b556e18787.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Government/Credit 1-3 Year Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10209 | $10254 | $10128 |
| 12/31/2017 | $10431 | $10602 | $10214 |
| 12/31/2018 | $10456 | $10617 | $10377 |
| 12/31/2019 | $11001 | $11535 | $10795 |
| 12/31/2020 | $11476 | $12399 | $11155 |
| 12/31/2021 | $11398 | $12200 | $11102 |
| 12/31/2022 | $10929 | $10615 | $10693 |
| 12/31/2023 | $11475 | $11179 | $11186 |
| 12/31/2024 | $11968 | $11331 | $11673 |
| 12/31/2025 | $12589 | $12138 | $12297 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 5.19% | 1.87% | 2.33% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Government/Credit 1-3 Year Index | 5.35% | 1.97% | 2.09% |

---

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 | $1106891391 |
| # of Portfolio Holdings | 277 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $4879396 |

---

## 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 | 42.6% |
| AAA | 17.6% |
| AA | 6.7% |
| A | 14.2% |
| BBB | 7.0% |
| Not Rated | 11.9% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 26.7% |
| Non-Agency Asset-Backed Securities | 21.2% |
| Corporate Bonds | 20.3% |
| Agency Mortgage-Backed Securities | 13.1% |
| Agency Collateralized Mortgage Obligations | 12.8% |
| Agency Commercial Mortgage-Backed Securities | 1.6% |
| Money Market Funds | 1.3% |
| Short-Term Investments | 1.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.9% |
| Non-Agency Collateralized Mortgage Obligations | 0.6% |
| Other | 0.5% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 10.7% |
| Electric | 2.0% |
| Diversified Financial Services | 1.7% |
| Insurance | 1.5% |
| Auto Manufacturers | 0.7% |

---

## 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 Limited-Term Diversified Income Fund" to the "LVIP JPMorgan Short Duration Bond Fund."

In addition, JPMorgan Investment Management Inc. replaced Delaware Investments Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that, as part of its main investment strategy, the Fund will invest principally in income producing securities, such as U.S treasury obligations, U.S. government agency securities, corporate bonds, asset-backed securities, mortgage-backed securities, mortgage-related securities, and structured instruments.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Short Duration Bond Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Short Duration 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 | $81 | 0.79% |

---

## 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 securitized credit and security selection within investment grade corporates under the Fund's legacy sub-adviser following the "Liberation Day" spread widening.

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](id1f6bf28d69782a1dc704ff4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Government/Credit 1-3 Year Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10174 | $10254 | $10128 |
| 12/31/2017 | $10369 | $10602 | $10214 |
| 12/31/2018 | $10373 | $10617 | $10377 |
| 12/31/2019 | $10872 | $11535 | $10795 |
| 12/31/2020 | $11320 | $12399 | $11155 |
| 12/31/2021 | $11202 | $12200 | $11102 |
| 12/31/2022 | $10709 | $10615 | $10693 |
| 12/31/2023 | $11210 | $11179 | $11186 |
| 12/31/2024 | $11658 | $11331 | $11673 |
| 12/31/2025 | $12225 | $12138 | $12297 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 4.87% | 1.55% | 2.03% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Government/Credit 1-3 Year Index | 5.35% | 1.97% | 2.09% |

---

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 | $1106891391 |
| # of Portfolio Holdings | 277 |
| Portfolio Turnover Rate | 159% |
| Total Advisory Fees Paid | $4879396 |

---

## 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 | 42.6% |
| AAA | 17.6% |
| AA | 6.7% |
| A | 14.2% |
| BBB | 7.0% |
| Not Rated | 11.9% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 26.7% |
| Non-Agency Asset-Backed Securities | 21.2% |
| Corporate Bonds | 20.3% |
| Agency Mortgage-Backed Securities | 13.1% |
| Agency Collateralized Mortgage Obligations | 12.8% |
| Agency Commercial Mortgage-Backed Securities | 1.6% |
| Money Market Funds | 1.3% |
| Short-Term Investments | 1.0% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.9% |
| Non-Agency Collateralized Mortgage Obligations | 0.6% |
| Other | 0.5% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 10.7% |
| Electric | 2.0% |
| Diversified Financial Services | 1.7% |
| Insurance | 1.5% |
| Auto Manufacturers | 0.7% |

---

## 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 Limited-Term Diversified Income Fund" to the "LVIP JPMorgan Short Duration Bond Fund."

In addition, JPMorgan Investment Management Inc. replaced Delaware Investments Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that, as part of its main investment strategy, the Fund will invest principally in income producing securities, such as U.S treasury obligations, U.S. government agency securities, corporate bonds, asset-backed securities, mortgage-backed securities, mortgage-related securities, and structured instruments.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Small Cap Core Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Small Cap Core 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 | $81 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
The small cap Russell 2000 Index underperformed the all large cap, S&P 500 Index in 2025. In 2025, narrow artificial intelligence gains and rising global risks boosted volatility, underscoring the need for active stock picking.

* Stock selection in the pharmaceuticals and consumer cyclical sectors detracted from performance.

* While the stock selection in the finance and software & services sector contributed to performance.

* On the stock level, an overweight in Cipher Mining contributed to performance.

* While an underweight in Guardant Health detracted from performance.

The Fund can hold a minor position in futures (usually less than 5%) to equitize an excess cash position to stay fully invested.

## 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](i6db7c19730b4d4d0205ef00f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12021 | $11244 | $12131 |
| 12/31/2017 | $13852 | $13658 | $13908 |
| 12/31/2018 | $12199 | $12968 | $12376 |
| 12/31/2019 | $15198 | $17018 | $15535 |
| 12/31/2020 | $17277 | $20575 | $18636 |
| 12/31/2021 | $20972 | $25880 | $21397 |
| 12/31/2022 | $16914 | $20851 | $17024 |
| 12/31/2023 | $19129 | $26363 | $19906 |
| 12/31/2024 | $21369 | $32715 | $22203 |
| 12/31/2025 | $23564 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 10.27% | 6.40% | 8.95% |
| 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 | $206810521 |
| # of Portfolio Holdings | 618 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1261089 |

---

## 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 | 0.8% |
| Rights | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Biotechnology | 8.7% |
| Software | 5.1% |
| Construction & Engineering | 4.6% |
| Semiconductors & Semiconductor Equipment | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Small Cap Core Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Small Cap Core 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?
The small cap Russell 2000 Index underperformed the all large cap, S&P 500 Index in 2025. In 2025, narrow artificial intelligence gains and rising global risks boosted volatility, underscoring the need for active stock picking.

* Stock selection in the pharmaceuticals and consumer cyclical sectors detracted from performance.

* While the stock selection in the finance and software & services sector contributed to performance.

* On the stock level, an overweight in Cipher Mining contributed to performance.

* While an underweight in Guardant Health detracted from performance.

The Fund can hold a minor position in futures (usually less than 5%) to equitize an excess cash position to stay fully invested.

## 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](ie9a330c9845f028e15694007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11988 | $11244 | $12131 |
| 12/31/2017 | $13778 | $13658 | $13908 |
| 12/31/2018 | $12098 | $12968 | $12376 |
| 12/31/2019 | $15033 | $17018 | $15535 |
| 12/31/2020 | $17038 | $20575 | $18636 |
| 12/31/2021 | $20626 | $25880 | $21397 |
| 12/31/2022 | $16592 | $20851 | $17024 |
| 12/31/2023 | $18717 | $26363 | $19906 |
| 12/31/2024 | $20858 | $32715 | $22203 |
| 12/31/2025 | $22944 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 10.00% | 6.13% | 8.66% |
| 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 | $206810521 |
| # of Portfolio Holdings | 618 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1261089 |

---

## 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 | 0.8% |
| Rights | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.2% |
| Biotechnology | 8.7% |
| Software | 5.1% |
| Construction & Engineering | 4.6% |
| Semiconductors & Semiconductor Equipment | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan U.S. Equity Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan U.S. 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 | $68 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. The Fund underperformed the S&P 500 Index for the 2025 calendar year period.

* During 2025, allocations to payments and business services, real estate investment trusts, and consumer staples sectors contributed positively to performance.

* Allocations to semi and hardware, health services and sectors, and non-bank financials detracted from performance.

* On the negative side, UnitedHealth (UNH) detracted from performance during the year. The stock experienced significant volatility marked by sharp declines due to operational missteps, industry wide utilization pressure, and lowered guidance revisions.

The company faced substantial earnings misses, leadership changes, and deteriorating margins across several segments.

* On the positive side, Howmet Aerospace (HWM) contributed to performance during the year.

The company has executed well amidst supply chain issues in commercial aerospace with a significant rise in stock performance driven by stronger-than-expected earnings and market share gains throughout each of the last four quarters.

* The Fund lagged the S&P 500 Index as the market environment was defined by escalating fear and uncertainty.

* Recession and "Liberation Day" fears, DeepSeek AI disruption, and renewed AI bubble concerns all contributed to volatility Futures were used for cash hedging purposes.

## 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](i63a97682a60e070765d63c9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11094 | $11244 | $11196 |
| 12/31/2017 | $13571 | $13658 | $13640 |
| 12/31/2018 | $12734 | $12968 | $13042 |
| 12/31/2019 | $16778 | $17018 | $17149 |
| 12/31/2020 | $21016 | $20575 | $20304 |
| 12/31/2021 | $27183 | $25880 | $26132 |
| 12/31/2022 | $22101 | $20851 | $21399 |
| 12/31/2023 | $28104 | $26363 | $27025 |
| 12/31/2024 | $34845 | $32715 | $33786 |
| 12/31/2025 | $39911 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.54% | 13.69% | 14.84% |
| 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 | $382785727 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $1753354 |

---

## 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% |
| Money Market Funds | 0.5% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.7% |
| Software | 12.1% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| Broadline Retail | 4.4% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan U.S. Equity Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan U.S. 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 | $94 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. The Fund underperformed the S&P 500 Index for the 2025 calendar year period.

* During 2025, allocations to payments and business services, real estate investment trusts, and consumer staples sectors contributed positively to performance.

* Allocations to semi and hardware, health services and sectors, and non-bank financials detracted from performance.

* On the negative side, UnitedHealth (UNH) detracted from performance during the year. The stock experienced significant volatility marked by sharp declines due to operational missteps, industry wide utilization pressure, and lowered guidance revisions.

The company faced substantial earnings misses, leadership changes, and deteriorating margins across several segments.

* On the positive side, Howmet Aerospace (HWM) contributed to performance during the year.

The company has executed well amidst supply chain issues in commercial aerospace with a significant rise in stock performance driven by stronger-than-expected earnings and market share gains throughout each of the last four quarters.

* The Fund lagged the S&P 500 Index as the market environment was defined by escalating fear and uncertainty.

* Recession and "Liberation Day" fears, DeepSeek AI disruption, and renewed AI bubble concerns all contributed to volatility Futures were used for cash hedging purposes.

## 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](id16aaf81e1cd7b264ab90a61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11069 | $11244 | $11196 |
| 12/31/2017 | $13510 | $13658 | $13640 |
| 12/31/2018 | $12642 | $12968 | $13042 |
| 12/31/2019 | $16617 | $17018 | $17149 |
| 12/31/2020 | $20762 | $20575 | $20304 |
| 12/31/2021 | $26785 | $25880 | $26132 |
| 12/31/2022 | $21725 | $20851 | $21399 |
| 12/31/2023 | $27556 | $26363 | $27025 |
| 12/31/2024 | $34082 | $32715 | $33786 |
| 12/31/2025 | $38940 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.26% | 13.40% | 14.56% |
| 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 | $382785727 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $1753354 |

---

## 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% |
| Money Market Funds | 0.5% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.7% |
| Software | 12.1% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| Broadline Retail | 4.4% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Loomis Sayles Global Growth Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Loomis Sayles 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 |
| Standard Class | $84 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
The Fund utilizes a long-term, private equity approach to investing. Through a proprietary bottom-up research framework the Fund looks to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to the Fund's estimate of intrinsic value. Given the rare confluence of quality, growth, and valuation, the Fund is a selective, high-conviction portfolio of typically 30-45 names.

* The Fund's positions in Alphabet, Shopify and MercadoLibre contributed the most to returns. Stock selection in the healthcare, consumer staples, and consumer discretionary sectors, as well as allocations in communications services and consumer staples contributed positively to relative performance.

* The Fund's positions in Novo Nordisk, Salesforce and Block detracted the most from returns. Stock selection in the technology, financials, communication services and industrials sectors as well as allocations in the consumer discretionary, financials, healthcare technology and industrials sectors detracted from relative performance.

The Fund's philosophy requires patience in order to take advantage of meaningful price dislocations if and when they occur. During the year, the Fund initiated new positions in Ferarri and Nike and added to positions in Deere, LVMH, Novo Nordisk and Vertex. The Fund trimmed positions in Alibaba, Qualcomm, and Trip.com to finance the purchases. The Fund sold a small position in Magnum Ice Cream received via spin-off from existing holding Unilever, and sold Under Armour due to a mistaken investment thesis.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 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](idac328818956b437b4258c30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Global Markets Index | MSCI All Country World Index (net dividends) |
| 5/1/2018 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9389 | $9029 | $9072 |
| 12/31/2019 | $12263 | $11397 | $11485 |
| 12/31/2020 | $16526 | $13229 | $13352 |
| 12/31/2021 | $17538 | $15584 | $15827 |
| 12/31/2022 | $13024 | $12731 | $12921 |
| 12/31/2023 | $17823 | $15471 | $15789 |
| 12/31/2024 | $21875 | $17994 | $18551 |
| 12/31/2025 | $25722 | $21976 | $22694 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2018 |
| Standard Class | 17.59% | 9.25% | 13.11% |
| Morningstar Global Markets Index | 22.13% | 10.68% | 10.81% |
| MSCI All Country World Index (net dividends) | 22.34% | 11.19% | 11.28% |

---

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 | $246647749 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $1679623 |

---

## 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 | 59.0% |
| China | 7.9% |
| Switzerland | 6.5% |
| Canada | 5.7% |
| Uruguay | 5.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.2% |
| Money Market Funds | 0.4% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Interactive Media & Services | 19.1% |
| Broadline Retail | 12.1% |
| Software | 10.0% |
| Financial Services | 7.0% |
| Automobiles | 6.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Loomis Sayles Global Growth Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Loomis Sayles 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 | $122 | 1.12% |

---

## How did the Fund perform last year and what affected its performance?
The Fund utilizes a long-term, private equity approach to investing. Through a proprietary bottom-up research framework the Fund looks to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to the Fund's estimate of intrinsic value. Given the rare confluence of quality, growth, and valuation, the Fund is a selective, high-conviction portfolio of typically 30-45 names.

* The Fund's positions in Alphabet, Shopify and MercadoLibre contributed the most to returns. Stock selection in the healthcare, consumer staples, and consumer discretionary sectors, as well as allocations in communications services and consumer staples contributed positively to relative performance.

* The Fund's positions in Novo Nordisk, Salesforce and Block detracted the most from returns. Stock selection in the technology, financials, communication services and industrials sectors as well as allocations in the consumer discretionary, financials, healthcare technology and industrials sectors detracted from relative performance.

The Fund's philosophy requires patience in order to take advantage of meaningful price dislocations if and when they occur. During the year, the Fund initiated new positions in Ferarri and Nike and added to positions in Deere, LVMH, Novo Nordisk and Vertex. The Fund trimmed positions in Alibaba, Qualcomm, and Trip.com to finance the purchases. The Fund sold a small position in Magnum Ice Cream received via spin-off from existing holding Unilever, and sold Under Armour due to a mistaken investment thesis.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 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](i65bb3347b9c8097b1422c425.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Global Markets Index | MSCI All Country World Index (net dividends) |
| 5/1/2018 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9368 | $9029 | $9072 |
| 12/31/2019 | $12191 | $11397 | $11485 |
| 12/31/2020 | $16375 | $13229 | $13352 |
| 12/31/2021 | $17316 | $15584 | $15827 |
| 12/31/2022 | $12814 | $12731 | $12921 |
| 12/31/2023 | $17475 | $15471 | $15789 |
| 12/31/2024 | $21373 | $17994 | $18551 |
| 12/31/2025 | $25045 | $21976 | $22694 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2018 |
| Service Class | 17.18% | 8.87% | 12.71% |
| Morningstar Global Markets Index | 22.13% | 10.68% | 10.81% |
| MSCI All Country World Index (net dividends) | 22.34% | 11.19% | 11.28% |

---

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 | $246647749 |
| # of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $1679623 |

---

## 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 | 59.0% |
| China | 7.9% |
| Switzerland | 6.5% |
| Canada | 5.7% |
| Uruguay | 5.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.2% |
| Money Market Funds | 0.4% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Interactive Media & Services | 19.1% |
| Broadline Retail | 12.1% |
| Software | 10.0% |
| Financial Services | 7.0% |
| Automobiles | 6.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager International Equity Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Multi-Manager 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 | $21 | 0.19% |

---

## How did the Fund perform last year and what affected its performance?
The Fund invests in underlying funds that primarily invest in non-U.S. developed market stocks. The Fund is constructed of an equity sleeve consisting of 60% allocation to LVIP MFS International Growth Fund, 30% allocation to LVIP Dimensional International Core Fund, and 10% allocation LVIP Franklin Templeton Multi-Factor International Equity Fund, as well as a risk overlay sleeve.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's equity sleeve underperformed the benchmark driven by a bias towards growth-oriented stocks, as growth stocks underperformed value 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](i9937940e14f603763a40506e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9869 | $10283 | $10100 |
| 12/31/2017 | $12724 | $12844 | $12628 |
| 12/31/2018 | $11678 | $10997 | $10887 |
| 12/31/2019 | $14758 | $13498 | $13284 |
| 12/31/2020 | $15128 | $14636 | $14322 |
| 12/31/2021 | $17006 | $16419 | $15935 |
| 12/31/2022 | $14241 | $13913 | $13632 |
| 12/31/2023 | $16218 | $16313 | $16118 |
| 12/31/2024 | $17516 | $17027 | $16735 |
| 12/31/2025 | $21020 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 20.01% | 6.80% | 7.71% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $574039788 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $1075662 |

---

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 | 95.0% |
| Money Market Funds | 4.6% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager International Equity Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Multi-Manager 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 | $48 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
The Fund invests in underlying funds that primarily invest in non-U.S. developed market stocks. The Fund is constructed of an equity sleeve consisting of 60% allocation to LVIP MFS International Growth Fund, 30% allocation to LVIP Dimensional International Core Fund, and 10% allocation LVIP Franklin Templeton Multi-Factor International Equity Fund, as well as a risk overlay sleeve.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's equity sleeve underperformed the benchmark driven by a bias towards growth-oriented stocks, as growth stocks underperformed value 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](i1a4e2adadfcbee8a1b65d0dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9845 | $10283 | $10100 |
| 12/31/2017 | $12662 | $12844 | $12628 |
| 12/31/2018 | $11592 | $10997 | $10887 |
| 12/31/2019 | $14613 | $13498 | $13284 |
| 12/31/2020 | $14941 | $14636 | $14322 |
| 12/31/2021 | $16754 | $16419 | $15935 |
| 12/31/2022 | $13995 | $13913 | $13632 |
| 12/31/2023 | $15898 | $16313 | $16118 |
| 12/31/2024 | $17127 | $17027 | $16735 |
| 12/31/2025 | $20503 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 19.71% | 6.53% | 7.44% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $574039788 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $1075662 |

---

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 | 95.0% |
| Money Market Funds | 4.6% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS International Growth Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP MFS International 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 | $87 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
Non-U.S. equity markets overcame geopolitical tension and tariffs to deliver their strongest annual gains since 2019. Market leadership by lower quality stocks was the largest detractor to relative returns given our focus on high quality companies. The Fund underperformed the MSCI EAFE Growth NR USD during the calendar year 2025.

Detractors from Performance:

* A combination of an underweight allocation and stock selection in the industrials sector detracted from relative returns.

* Stock selection in both the consumer discretionary and information technology sectors also detracted from relative results.

* Individual holdings: Underweight position in ASML, holding Flutter Entertainment and an overweight position in Diageo.

Contributors to Performance:

* Security selection in the materials sector contributed to relative returns.

* Security selection and an underweight position in the health care sector also supported relative performance.

* Individual holdings: Holding Agnico Eagle Mines, and underweight position in Novo Nordisk and an overweight position in Roche Holding.

## 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](i9e081c112e0f48c737105c2e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Growth Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10166 | $10283 | $9695 |
| 12/31/2017 | $13405 | $12844 | $12494 |
| 12/31/2018 | $12301 | $10997 | $10891 |
| 12/31/2019 | $15692 | $13498 | $13930 |
| 12/31/2020 | $17973 | $14636 | $16478 |
| 12/31/2021 | $19993 | $16419 | $18332 |
| 12/31/2022 | $17137 | $13913 | $14126 |
| 12/31/2023 | $19658 | $16313 | $16609 |
| 12/31/2024 | $21250 | $17027 | $16948 |
| 12/31/2025 | $25311 | $22543 | $20466 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 19.11% | 7.09% | 9.73% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Growth Index (net dividends) | 20.76% | 4.43% | 7.42% |

---

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 | $1471643998 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $10275326 |

---

## 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)

---

| | |
|:---|:---|
| France | 14.1% |
| United Kingdom | 11.3% |
| Japan | 9.7% |
| Canada | 9.6% |
| Germany | 9.5% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Short-Term Investments | 1.2% |
| Money Market Funds | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Pharmaceuticals | 10.2% |
| Chemicals | 7.9% |
| Hotels, Restaurants & Leisure | 6.8% |
| Metals & Mining | 6.4% |
| Software | 5.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS International Growth Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP MFS International 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 | $114 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
Non-U.S. equity markets overcame geopolitical tension and tariffs to deliver their strongest annual gains since 2019. Market leadership by lower quality stocks was the largest detractor to relative returns given our focus on high quality companies. The Fund underperformed the MSCI EAFE Growth NR USD during the calendar year 2025.

Detractors from Performance:

* A combination of an underweight allocation and stock selection in the industrials sector detracted from relative returns.

* Stock selection in both the consumer discretionary and information technology sectors also detracted from relative results.

* Individual holdings: Underweight position in ASML, holding Flutter Entertainment and an overweight position in Diageo.

Contributors to Performance:

* Security selection in the materials sector contributed to relative returns.

* Security selection and an underweight position in the health care sector also supported relative performance.

* Individual holdings: Holding Agnico Eagle Mines, and underweight position in Novo Nordisk and an overweight position in Roche Holding.

## 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](icb8e472d60fe114fc548f217.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Growth Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10140 | $10283 | $9695 |
| 12/31/2017 | $13338 | $12844 | $12494 |
| 12/31/2018 | $12209 | $10997 | $10891 |
| 12/31/2019 | $15536 | $13498 | $13930 |
| 12/31/2020 | $17749 | $14636 | $16478 |
| 12/31/2021 | $19696 | $16419 | $18332 |
| 12/31/2022 | $16841 | $13913 | $14126 |
| 12/31/2023 | $19269 | $16313 | $16609 |
| 12/31/2024 | $20778 | $17027 | $16948 |
| 12/31/2025 | $24687 | $22543 | $20466 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 18.81% | 6.82% | 9.46% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Growth Index (net dividends) | 20.76% | 4.43% | 7.42% |

---

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 | $1471643998 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $10275326 |

---

## 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)

---

| | |
|:---|:---|
| France | 14.1% |
| United Kingdom | 11.3% |
| Japan | 9.7% |
| Canada | 9.6% |
| Germany | 9.5% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Short-Term Investments | 1.2% |
| Money Market Funds | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Pharmaceuticals | 10.2% |
| Chemicals | 7.9% |
| Hotels, Restaurants & Leisure | 6.8% |
| Metals & Mining | 6.4% |
| Software | 5.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP MFS 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 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
Factors affecting Russell 1000 Value relative performance:

* This strategy has historically focused on higher quality businesses and maintained a lower beta profile.

* Leadership by higher beta and momentum factors were a headwind during the period.

Detractors from Performance:

* A combination of security selection and an underweight to the information technology sector detracted from relative returns.

* Underweighting the communication services sector further weakened relative results.

* Individual holdings: Not owning Alphabet and Micron Technology, overweight Progressive, Marsh & Mclennan and PG&E.

Contributors to Performance:

* Security selection within the health care sector contributed to relative returns.

* Both stock selection and an underweight to the real estate sector aided relative results.

* Individual holdings: Not owning UnitedHealth Group, holding KLA, and overweight positions in McKesson, RTX and Citigroup.

## 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](i9b6c8ae8d9e56cee95aae130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11406 | $11244 | $11734 |
| 12/31/2017 | $13417 | $13658 | $13337 |
| 12/31/2018 | $12076 | $12968 | $12235 |
| 12/31/2019 | $15680 | $17018 | $15482 |
| 12/31/2020 | $16253 | $20575 | $15915 |
| 12/31/2021 | $20392 | $25880 | $19919 |
| 12/31/2022 | $19154 | $20851 | $18418 |
| 12/31/2023 | $20699 | $26363 | $20529 |
| 12/31/2024 | $23150 | $32715 | $23478 |
| 12/31/2025 | $26174 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.06% | 10.00% | 10.10% |
| 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 | $2205666501 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $11694054 |

---

## 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% |
| Short-Term Investments | 0.5% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 10.7% |
| Banks | 10.3% |
| Capital Markets | 8.7% |
| Aerospace & Defense | 8.7% |
| Health Care Providers & Services | 7.8% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP MFS Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP MFS 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 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
Factors affecting Russell 1000 Value relative performance:

* This strategy has historically focused on higher quality businesses and maintained a lower beta profile.

* Leadership by higher beta and momentum factors were a headwind during the period.

Detractors from Performance:

* A combination of security selection and an underweight to the information technology sector detracted from relative returns.

* Underweighting the communication services sector further weakened relative results.

* Individual holdings: Not owning Alphabet and Micron Technology, overweight Progressive, Marsh & Mclennan and PG&E.

Contributors to Performance:

* Security selection within the health care sector contributed to relative returns.

* Both stock selection and an underweight to the real estate sector aided relative results.

* Individual holdings: Not owning UnitedHealth Group, holding KLA, and overweight positions in McKesson, RTX and Citigroup.

## 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](i53f16ee1aaa24b3ac90406de.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11378 | $11244 | $11734 |
| 12/31/2017 | $13350 | $13658 | $13337 |
| 12/31/2018 | $11986 | $12968 | $12235 |
| 12/31/2019 | $15523 | $17018 | $15482 |
| 12/31/2020 | $16051 | $20575 | $15915 |
| 12/31/2021 | $20088 | $25880 | $19919 |
| 12/31/2022 | $18821 | $20851 | $18418 |
| 12/31/2023 | $20288 | $26363 | $20529 |
| 12/31/2024 | $22635 | $32715 | $23478 |
| 12/31/2025 | $25526 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.78% | 9.72% | 9.82% |
| 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 | $2205666501 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $11694054 |

---

## 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% |
| Short-Term Investments | 0.5% |
| Money Market Funds | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 10.7% |
| Banks | 10.3% |
| Capital Markets | 8.7% |
| Aerospace & Defense | 8.7% |
| Health Care Providers & Services | 7.8% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian Global Income Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Mondrian Global 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 |
| Standard Class | $68 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the FTSE WGBI in 2025.

* Currency and local market positioning both added to performance.

* The underweight to the U.S. dollar and overweight to select international currencies was positive for performance.

* The U.S. dollar suffered significant depreciation in 2025.

* The U.S. dollar index, DXY, which measures the currency against developed market peers, fell by 9.4% over the course of the year.

* The best value currencies include the Japanese yen, Norwegian krone, South Korean won and Australian dollar.

* The overweight to local markets offering attractive real yields was also beneficial to performance, notably Mexico and New Zealand.

* The off-benchmark position in euro denominated credit was a modest positive.

## 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](if9a5704f79bd2f4f6f94681c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Global Core Bond Index | FTSE World Government Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10051 | $10213 | $10160 |
| 12/31/2017 | $10558 | $10931 | $10921 |
| 12/31/2018 | $10759 | $10813 | $10829 |
| 12/31/2019 | $11483 | $11527 | $11468 |
| 12/31/2020 | $12262 | $12580 | $12627 |
| 12/31/2021 | $11639 | $11860 | $11747 |
| 12/31/2022 | $9877 | $9797 | $9601 |
| 12/31/2023 | $10274 | $10305 | $10099 |
| 12/31/2024 | $9745 | $10113 | $9809 |
| 12/31/2025 | $10368 | $10903 | $10550 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 6.39% | (3.30%) | 0.36% |
| Morningstar Global Core Bond Index | 7.82% | (2.82%) | 0.87% |
| FTSE World Government Bond Index | 7.55% | (3.53%) | 0.54% |

---

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 | $408968905 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $2266388 |

---

## 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 | 36.9% |
| AAA | 21.0% |
| AA | 16.2% |
| A | 3.8% |
| BBB | 5.8% |
| Not Rated | 16.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 59.0% |
| U.S. Treasury Obligations | 36.1% |
| Supranational Banks | 2.4% |
| Money Market Funds | 1.8% |
| Corporate Bonds | 0.3% |
| Other | 0.4% |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 36.1% |
| United Kingdom | 8.5% |
| New Zealand | 5.9% |
| Spain | 4.9% |
| China | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian Global Income Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Mondrian Global 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 | $94 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the FTSE WGBI in 2025.

* Currency and local market positioning both added to performance.

* The underweight to the U.S. dollar and overweight to select international currencies was positive for performance.

* The U.S. dollar suffered significant depreciation in 2025.

* The U.S. dollar index, DXY, which measures the currency against developed market peers, fell by 9.4% over the course of the year.

* The best value currencies include the Japanese yen, Norwegian krone, South Korean won and Australian dollar.

* The overweight to local markets offering attractive real yields was also beneficial to performance, notably Mexico and New Zealand.

* The off-benchmark position in euro denominated credit was a modest positive.

## 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](ifd5187662071340b2226bee7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Global Core Bond Index | FTSE World Government Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10026 | $10213 | $10160 |
| 12/31/2017 | $10506 | $10931 | $10921 |
| 12/31/2018 | $10679 | $10813 | $10829 |
| 12/31/2019 | $11370 | $11527 | $11468 |
| 12/31/2020 | $12112 | $12580 | $12627 |
| 12/31/2021 | $11466 | $11860 | $11747 |
| 12/31/2022 | $9707 | $9797 | $9601 |
| 12/31/2023 | $10072 | $10305 | $10099 |
| 12/31/2024 | $9529 | $10113 | $9809 |
| 12/31/2025 | $10113 | $10903 | $10550 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.14% | (3.54%) | 0.11% |
| Morningstar Global Core Bond Index | 7.82% | (2.82%) | 0.87% |
| FTSE World Government Bond Index | 7.55% | (3.53%) | 0.54% |

---

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 | $408968905 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $2266388 |

---

## 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 | 36.9% |
| AAA | 21.0% |
| AA | 16.2% |
| A | 3.8% |
| BBB | 5.8% |
| Not Rated | 16.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 59.0% |
| U.S. Treasury Obligations | 36.1% |
| Supranational Banks | 2.4% |
| Money Market Funds | 1.8% |
| Corporate Bonds | 0.3% |
| Other | 0.4% |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 36.1% |
| United Kingdom | 8.5% |
| New Zealand | 5.9% |
| Spain | 4.9% |
| China | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian International Value Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Mondrian International 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 | $87 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
* Currency strength, expansionary fiscal stimulus, loosening monetary policy and substantial investment in artificial intelligence helped drive international equity markets significantly higher in 2025. The Fund outperformed the MSCI EAFE Index in the past twelve months.

* The underweight position in Australia and lack of exposure to Denmark added to relative returns. Relative returns were also supported by stock selection in Spain and the U.K., where Banco Santander and Lloyds Bank were buoyed by strong earnings and strong capital generation that drove a step up in shareholder returns.

* The positive impact of the overweight position in the strong utilities sector and underweight positions in the relatively weak health care and information technology sectors more than offset the negative impact of the underweight position in the strong financials sector.

* Strong stock selection within the financials and industrials sectors also added to relative returns. Stock selection in industrials was driven by Bouygues, which outperformed, supported by continued profit margin expansion in its energy services division.

* The positive impact of the overweight position in the strong Euro was more than offset by the overweight position in the pegged Hong Kong dollar and the lack of exposure to the strong Swedish krona.

## 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](id1ada6a41e121d956d0dbbab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10401 | $10283 | $10100 |
| 12/31/2017 | $12621 | $12844 | $12628 |
| 12/31/2018 | $11172 | $10997 | $10887 |
| 12/31/2019 | $13211 | $13498 | $13284 |
| 12/31/2020 | $12554 | $14636 | $14322 |
| 12/31/2021 | $13968 | $16419 | $15935 |
| 12/31/2022 | $12466 | $13913 | $13632 |
| 12/31/2023 | $14973 | $16313 | $16118 |
| 12/31/2024 | $15677 | $17027 | $16735 |
| 12/31/2025 | $21380 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 36.38% | 11.24% | 7.90% |
| 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 | $1166054004 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $7508815 |

---

## 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 | 23.4% |
| United Kingdom | 19.3% |
| France | 15.6% |
| Germany | 10.1% |
| Italy | 6.7% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Money Market Funds | 0.1% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Pharmaceuticals | 10.2% |
| Banks | 10.1% |
| Insurance | 6.7% |
| Machinery | 6.2% |
| Electric Utilities | 6.0% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Mondrian International Value Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Mondrian International 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 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
* Currency strength, expansionary fiscal stimulus, loosening monetary policy and substantial investment in artificial intelligence helped drive international equity markets significantly higher in 2025. The Fund outperformed the MSCI EAFE Index in the past twelve months.

* The underweight position in Australia and lack of exposure to Denmark added to relative returns. Relative returns were also supported by stock selection in Spain and the U.K., where Banco Santander and Lloyds Bank were buoyed by strong earnings and strong capital generation that drove a step up in shareholder returns.

* The positive impact of the overweight position in the strong utilities sector and underweight positions in the relatively weak health care and information technology sectors more than offset the negative impact of the underweight position in the strong financials sector.

* Strong stock selection within the financials and industrials sectors also added to relative returns. Stock selection in industrials was driven by Bouygues, which outperformed, supported by continued profit margin expansion in its energy services division.

* The positive impact of the overweight position in the strong Euro was more than offset by the overweight position in the pegged Hong Kong dollar and the lack of exposure to the strong Swedish krona.

## 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](i028f569285be2c141b0efe55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10375 | $10283 | $10100 |
| 12/31/2017 | $12558 | $12844 | $12628 |
| 12/31/2018 | $11089 | $10997 | $10887 |
| 12/31/2019 | $13079 | $13498 | $13284 |
| 12/31/2020 | $12398 | $14636 | $14322 |
| 12/31/2021 | $13760 | $16419 | $15935 |
| 12/31/2022 | $12250 | $13913 | $13632 |
| 12/31/2023 | $14677 | $16313 | $16118 |
| 12/31/2024 | $15327 | $17027 | $16735 |
| 12/31/2025 | $20853 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 36.05% | 10.96% | 7.63% |
| 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 | $1166054004 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $7508815 |

---

## 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 | 23.4% |
| United Kingdom | 19.3% |
| France | 15.6% |
| Germany | 10.1% |
| Italy | 6.7% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Money Market Funds | 0.1% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Pharmaceuticals | 10.2% |
| Banks | 10.1% |
| Insurance | 6.7% |
| Machinery | 6.2% |
| Electric Utilities | 6.0% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager Global Equity Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Multi-Manager 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 | $23 | 0.21% |

---

## 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 through allocations to multiple strategies.

* During the calendar year 2025, allocations to growth 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](ia25343985aa3531409af2ec5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | LVIP Multi-Manager Global Equity Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10590 | $11244 | $11196 | $10937 |
| 12/31/2017 | $12773 | $13658 | $13640 | $13473 |
| 12/31/2018 | $11723 | $12968 | $13042 | $12394 |
| 12/31/2019 | $14040 | $17018 | $17149 | $15822 |
| 12/31/2020 | $16212 | $20575 | $20304 | $18297 |
| 12/31/2021 | $18789 | $25880 | $26132 | $22116 |
| 12/31/2022 | $15420 | $20851 | $21399 | $18299 |
| 12/31/2023 | $19431 | $26363 | $27025 | $22407 |
| 12/31/2024 | $22704 | $32715 | $33786 | $26225 |
| 12/31/2025 | $26293 | $38390 | $39827 | $32066 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.81% | 10.15% | 10.15% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| LVIP Multi-Manager Global Equity Composite | 22.27% | 11.87% | 12.36% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $95507231 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $191358 |

---

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 | 57.8% |
| Equity Funds | 38.8% |
| Money Market Funds | 3.2% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Multi-Manager Global Equity Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Multi-Manager 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 | $60 | 0.56% |

---

## 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 through allocations to multiple strategies.

* During the calendar year 2025, allocations to growth 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](i4baee228f0e5bdbb0f8ea2a8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | LVIP Multi-Manager Global Equity Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10554 | $11244 | $11196 | $10937 |
| 12/31/2017 | $12684 | $13658 | $13640 | $13473 |
| 12/31/2018 | $11599 | $12968 | $13042 | $12394 |
| 12/31/2019 | $13844 | $17018 | $17149 | $15822 |
| 12/31/2020 | $15930 | $20575 | $20304 | $18297 |
| 12/31/2021 | $18398 | $25880 | $26132 | $22116 |
| 12/31/2022 | $15046 | $20851 | $21399 | $18299 |
| 12/31/2023 | $18895 | $26363 | $27025 | $22407 |
| 12/31/2024 | $22001 | $32715 | $33786 | $26225 |
| 12/31/2025 | $25390 | $38390 | $39827 | $32066 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.40% | 9.77% | 9.77% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| LVIP Multi-Manager Global Equity Composite | 22.27% | 11.87% | 12.36% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $95507231 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $191358 |

---

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 | 57.8% |
| Equity Funds | 38.8% |
| Money Market Funds | 3.2% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Diversified Floating Rate Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura Diversified Floating Rate 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 | $64 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. fixed-income markets had positive returns over 2025 despite trade tensions that erupted repeatedly over the year. Performance was aided by the positive momentum displayed by the U.S. economy aided by policy support as the U.S. Federal Reserve resumed its easing and the U.S. Government ran large fiscal deficits. Capital expenditures on Artificial Intelligence (AI) was also a contributor to growth. Corporate and consumer fundamentals remained strong even as the cumulative effects of inflation are weighing on lower income cohorts.

* The Fund outperformed the Secured Overnight Funding Rate, with performance driven by sector allocation to corporate's, including both high yield and investment grade, and sector allocation to and security selection within securitized assets, especially within collateralized mortgage-backed securities and residential mortgage-backed securities with some contribution from collateralized loan obligations.

* Sector allocation to Bank Loans was also a positive contributor.

* Curve positioning detracted from 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](i4e2ea49d3a0e990e5fd5da82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Secured Overnight Finance Rate (SOFR) | ICE Bank of America USD 3-Month Deposit Offered Rate Constant Maturity Index |
| 12/31/2015 | $10000 | $10000 | $- | $10000 |
| 12/31/2016 | $10225 | $10254 | $- | $10066 |
| 12/31/2017 | $10485 | $10602 | $- | $10178 |
| 12/31/2018 | $10513 | $10617 | $10152 | $10389 |
| 12/31/2019 | $10997 | $11535 | $10380 | $10660 |
| 12/31/2020 | $11147 | $12399 | $10419 | $10775 |
| 12/31/2021 | $11191 | $12200 | $10423 | $10793 |
| 12/31/2022 | $11202 | $10615 | $10599 | $10925 |
| 12/31/2023 | $11826 | $11179 | $11151 | $11483 |
| 12/31/2024 | $12543 | $11331 | $11749 | $12112 |
| 12/31/2025 | $13141 | $12138 | $12265 | $12647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 4.76% | 3.35% | 2.77% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Secured Overnight Finance Rate (SOFR) | 4.39% | 3.32% | N/A |
| ICE Bank of America USD 3-Month Deposit Offered Rate Constant Maturity Index | 4.42% | 3.26% | 2.38% |

---

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.

The inception date of the Secured Overnight Finance Rate (SOFR) was April 2, 2018.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $790887614 |
| # of Portfolio Holdings | 271 |
| Portfolio Turnover Rate | 122% |
| Total Advisory Fees Paid | $4355234 |

---

## 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 | 47.7% |
| AAA | 26.4% |
| AA | 5.8% |
| A | 4.1% |
| BBB | 8.5% |
| BB | 5.0% |
| B | 2.1% |
| Not Rated | 0.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 34.7% |
| Corporate Bonds | 13.3% |
| Non-Agency Asset-Backed Securities | 9.0% |
| Agency Mortgage-Backed Securities | 8.0% |
| Supranational Banks | 7.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.4% |
| Short-Term Investments | 6.0% |
| Loan Agreements | 4.0% |
| Regional Bonds | 2.7% |
| Sovereign Bonds | 2.4% |
| Other | 5.9% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 4.5% |
| Diversified Financial Services | 1.1% |
| Telecommunications | 1.0% |
| Media | 0.7% |
| Pharmaceuticals | 0.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Diversified Floating Rate Fund" to the "LVIP Nomura Diversified Rate Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Diversified Floating Rate Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura Diversified Floating Rate 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 | $90 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. fixed-income markets had positive returns over 2025 despite trade tensions that erupted repeatedly over the year. Performance was aided by the positive momentum displayed by the U.S. economy aided by policy support as the U.S. Federal Reserve resumed its easing and the U.S. Government ran large fiscal deficits. Capital expenditures on Artificial Intelligence (AI) was also a contributor to growth. Corporate and consumer fundamentals remained strong even as the cumulative effects of inflation are weighing on lower income cohorts.

* The Fund outperformed the Secured Overnight Funding Rate, with performance driven by sector allocation to corporate's, including both high yield and investment grade, and sector allocation to and security selection within securitized assets, especially within collateralized mortgage-backed securities and residential mortgage-backed securities with some contribution from collateralized loan obligations.

* Sector allocation to Bank Loans was also a positive contributor.

* Curve positioning detracted from 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](if3c2a90a43abb2d94dd011e2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Secured Overnight Finance Rate (SOFR) | ICE Bank of America USD 3-Month Deposit Offered Rate Constant Maturity Index |
| 12/31/2015 | $10000 | $10000 | $- | $10000 |
| 12/31/2016 | $10201 | $10254 | $- | $10066 |
| 12/31/2017 | $10433 | $10602 | $- | $10178 |
| 12/31/2018 | $10435 | $10617 | $10152 | $10389 |
| 12/31/2019 | $10888 | $11535 | $10380 | $10660 |
| 12/31/2020 | $11010 | $12399 | $10419 | $10775 |
| 12/31/2021 | $11025 | $12200 | $10423 | $10793 |
| 12/31/2022 | $11008 | $10615 | $10599 | $10925 |
| 12/31/2023 | $11592 | $11179 | $11151 | $11483 |
| 12/31/2024 | $12265 | $11331 | $11749 | $12112 |
| 12/31/2025 | $12818 | $12138 | $12265 | $12647 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 4.51% | 3.09% | 2.51% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Secured Overnight Finance Rate (SOFR) | 4.39% | 3.32% | N/A |
| ICE Bank of America USD 3-Month Deposit Offered Rate Constant Maturity Index | 4.42% | 3.26% | 2.38% |

---

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.

The inception date of the Secured Overnight Finance Rate (SOFR) was April 2, 2018.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $790887614 |
| # of Portfolio Holdings | 271 |
| Portfolio Turnover Rate | 122% |
| Total Advisory Fees Paid | $4355234 |

---

## 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 | 47.7% |
| AAA | 26.4% |
| AA | 5.8% |
| A | 4.1% |
| BBB | 8.5% |
| BB | 5.0% |
| B | 2.1% |
| Not Rated | 0.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 34.7% |
| Corporate Bonds | 13.3% |
| Non-Agency Asset-Backed Securities | 9.0% |
| Agency Mortgage-Backed Securities | 8.0% |
| Supranational Banks | 7.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.4% |
| Short-Term Investments | 6.0% |
| Loan Agreements | 4.0% |
| Regional Bonds | 2.7% |
| Sovereign Bonds | 2.4% |
| Other | 5.9% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 4.5% |
| Diversified Financial Services | 1.1% |
| Telecommunications | 1.0% |
| Media | 0.7% |
| Pharmaceuticals | 0.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Diversified Floating Rate Fund" to the "LVIP Nomura Diversified Rate Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura High Yield Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura 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).

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 | $77 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
High yield default rates remained low during 2025. The Fund produced positive absolute returns and outperformed the ICE BofA US HY Constnd TR USD.

Key contributors to performance included:

* Security selection within the media sector, banking sector, capital goods sector and energy sector.

Key detractors from performance included:

* Underweight to the real estate sector, consumer goods sector, services sector and telecommunications sector.

## 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](i716b7345871037214f6522fe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | ICE BofA U.S. High Yield Constrained Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11316 | $10254 | $11749 |
| 12/31/2017 | $12163 | $10602 | $12628 |
| 12/31/2018 | $11619 | $10617 | $12342 |
| 12/31/2019 | $13528 | $11535 | $14120 |
| 12/31/2020 | $14508 | $12399 | $14978 |
| 12/31/2021 | $15222 | $12200 | $15779 |
| 12/31/2022 | $13485 | $10615 | $14010 |
| 12/31/2023 | $15193 | $11179 | $15897 |
| 12/31/2024 | $16206 | $11331 | $17201 |
| 12/31/2025 | $17707 | $12138 | $18664 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 9.26% | 4.07% | 5.88% |
| 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% |

---

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 | $160961025 |
| # of Portfolio Holdings | 256 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $1040393 |

---

## 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 | 8.6% |
| BB | 64.0% |
| B | 20.2% |
| CCC | 6.9% |
| Not Rated | 0.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 87.1% |
| Loan Agreements | 5.4% |
| Non-Agency Asset-Backed Securities | 3.3% |
| Money Market Funds | 1.8% |
| Other | 2.4% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 6.6% |
| Commercial Services | 5.1% |
| Oil & Gas | 5.0% |
| Health Care Services | 4.6% |
| Diversified Financial Services | 4.4% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie High Yield Fund" to the "LVIP Nomura High Yield Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura High Yield Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura 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).

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 | $109 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
High yield default rates remained low during 2025. The Fund produced positive absolute returns and outperformed the ICE BofA US HY Constnd TR USD.

Key contributors to performance included:

* Security selection within the media sector, banking sector, capital goods sector and energy sector.

Key detractors from performance included:

* Underweight to the real estate sector, consumer goods sector, services sector and telecommunications sector.

## 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](ic233a285266ec5ebf8866cc6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | ICE BofA U.S. High Yield Constrained Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11291 | $10254 | $11749 |
| 12/31/2017 | $12111 | $10602 | $12628 |
| 12/31/2018 | $11534 | $10617 | $12342 |
| 12/31/2019 | $13393 | $11535 | $14120 |
| 12/31/2020 | $14316 | $12399 | $14978 |
| 12/31/2021 | $14973 | $12200 | $15779 |
| 12/31/2022 | $13226 | $10615 | $14010 |
| 12/31/2023 | $14858 | $11179 | $15897 |
| 12/31/2024 | $15800 | $11331 | $17201 |
| 12/31/2025 | $17212 | $12138 | $18664 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.94% | 3.75% | 5.58% |
| 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% |

---

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 | $160961025 |
| # of Portfolio Holdings | 256 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid | $1040393 |

---

## 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 | 8.6% |
| BB | 64.0% |
| B | 20.2% |
| CCC | 6.9% |
| Not Rated | 0.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 87.1% |
| Loan Agreements | 5.4% |
| Non-Agency Asset-Backed Securities | 3.3% |
| Money Market Funds | 1.8% |
| Other | 2.4% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 6.6% |
| Commercial Services | 5.1% |
| Oil & Gas | 5.0% |
| Health Care Services | 4.6% |
| Diversified Financial Services | 4.4% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie High Yield Fund" to the "LVIP Nomura High Yield Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Mid Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura 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).

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 | $45 | 0.42% |

---

## How did the Fund perform last year and what affected its performance?
During 2025, mid-cap value companies outperformed mid-cap growth companies, though large-caps outperformed mid- and small-caps. Higher quality mid-cap value companies outperformed in 2025. The Fund outperformed the Russell Mid Cap Value Index (the "Index") in 2025 with positive stock selection contributing to outperformance. Stock selection in the industrials and information technology sectors contributed to performance, while stock selection in the materials and health care sectors detracted.

* Within industrials, the Fund's holdings in the building products and machinery industries contributed.

* Within the information technology sector, communications equipment company, Ciena Corporation, outperformed.

* The Fund's holdings in the real estate sector outperformed, specifically the industrial and specialized REITs.

* Strong stock selection, in addition to an overweight allocation to companies in the financials sector, contributed in 2025.

* The Fund's holdings in the health care sector underperformed those in the Index.

* Not owning biotechnology companies detracted on a relative basis.

* Stock selection in the materials sector was weak as the Fund's holdings in the chemicals industry underperformed.

## 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](i21b63a1c42df785da33b24e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12040 | $11244 | $12000 |
| 12/31/2017 | $14178 | $13658 | $13601 |
| 12/31/2018 | $12086 | $12968 | $11930 |
| 12/31/2019 | $15764 | $17018 | $15158 |
| 12/31/2020 | $15844 | $20575 | $15910 |
| 12/31/2021 | $20901 | $25880 | $20419 |
| 12/31/2022 | $19047 | $20851 | $17962 |
| 12/31/2023 | $21188 | $26363 | $20246 |
| 12/31/2024 | $24328 | $32715 | $22892 |
| 12/31/2025 | $27575 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.35% | 11.72% | 10.68% |
| 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 | $996406801 |
| # of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $3437112 |

---

## 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% |
| Short-Term Investments | 0.5% |
| Money Market Funds | 0.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 7.2% |
| Oil, Gas & Consumable Fuels | 6.6% |
| Banks | 5.3% |
| Machinery | 5.0% |
| Capital Markets | 4.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Mid Cap Value Fund" to the "LVIP Nomura Mid Cap Value Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Mid Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura 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).

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 | $82 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
During 2025, mid-cap value companies outperformed mid-cap growth companies, though large-caps outperformed mid- and small-caps. Higher quality mid-cap value companies outperformed in 2025. The Fund outperformed the Russell Mid Cap Value Index (the "Index") in 2025 with positive stock selection contributing to outperformance. Stock selection in the industrials and information technology sectors contributed to performance, while stock selection in the materials and health care sectors detracted.

* Within industrials, the Fund's holdings in the building products and machinery industries contributed.

* Within the information technology sector, communications equipment company, Ciena Corporation, outperformed.

* The Fund's holdings in the real estate sector outperformed, specifically the industrial and specialized REITs.

* Strong stock selection, in addition to an overweight allocation to companies in the financials sector, contributed in 2025.

* The Fund's holdings in the health care sector underperformed those in the Index.

* Not owning biotechnology companies detracted on a relative basis.

* Stock selection in the materials sector was weak as the Fund's holdings in the chemicals industry underperformed.

## 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](i09eee3fd89621bc89cf32f47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11998 | $11244 | $12000 |
| 12/31/2017 | $14079 | $13658 | $13601 |
| 12/31/2018 | $11961 | $12968 | $11930 |
| 12/31/2019 | $15545 | $17018 | $15158 |
| 12/31/2020 | $15570 | $20575 | $15910 |
| 12/31/2021 | $20468 | $25880 | $20419 |
| 12/31/2022 | $18586 | $20851 | $17962 |
| 12/31/2023 | $20604 | $26363 | $20246 |
| 12/31/2024 | $23575 | $32715 | $22892 |
| 12/31/2025 | $26629 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.95% | 11.33% | 10.29% |
| 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 | $996406801 |
| # of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $3437112 |

---

## 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% |
| Short-Term Investments | 0.5% |
| Money Market Funds | 0.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Insurance | 7.2% |
| Oil, Gas & Consumable Fuels | 6.6% |
| Banks | 5.3% |
| Machinery | 5.0% |
| Capital Markets | 4.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Mid Cap Value Fund" to the "LVIP Nomura Mid Cap Value Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura SMID Cap Core Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura SMID Cap Core 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 | $84 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the Russell 2500 Index, which was up 11.91% in 2025. After a brief sell-off following the April "Liberation Day" tariff announcements, U.S. small and midcap equity markets rallied higher led by low-quality risk factors.

* The Fund's overweight to quality and underweight to risk accounted for the majority of relative underperformance.

* Stock selection was strongest within health care, consumer staples, and media. Insmed Incorporated, which develops treatments for rare pulmonary diseases, was the top contributor to performance.

* Stock selection within capital goods and finance detracted from relative performance. KBR, Inc. was the biggest detractor held in the Fund. A lack of exposure to Robinhood Markets, Inc. was the largest overall 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](ia956be745b657072f9507432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2500™ Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10829 | $11244 | $11759 |
| 12/31/2017 | $12849 | $13658 | $13736 |
| 12/31/2018 | $11292 | $12968 | $12362 |
| 12/31/2019 | $14638 | $17018 | $15794 |
| 12/31/2020 | $16260 | $20575 | $18952 |
| 12/31/2021 | $20029 | $25880 | $22398 |
| 12/31/2022 | $17279 | $20851 | $18284 |
| 12/31/2023 | $20121 | $26363 | $21469 |
| 12/31/2024 | $23085 | $32715 | $24044 |
| 12/31/2025 | $25129 | $38390 | $26907 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 8.85% | 9.10% | 9.65% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2500™ Index | 11.91% | 7.26% | 10.40% |

---

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 | $663785961 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $4761681 |

---

## 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 | 98.0% |
| Money Market Funds | 2.0% |
| Rights | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Software | 6.2% |
| Biotechnology | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Machinery | 5.0% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie SMID Cap Core Fund" to the "LVIP Nomura SMID Cap Core Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura SMID Cap Core Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura SMID Cap Core 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 | $115 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the Russell 2500 Index, which was up 11.91% in 2025. After a brief sell-off following the April "Liberation Day" tariff announcements, U.S. small and midcap equity markets rallied higher led by low-quality risk factors.

* The Fund's overweight to quality and underweight to risk accounted for the majority of relative underperformance.

* Stock selection was strongest within health care, consumer staples, and media. Insmed Incorporated, which develops treatments for rare pulmonary diseases, was the top contributor to performance.

* Stock selection within capital goods and finance detracted from relative performance. KBR, Inc. was the biggest detractor held in the Fund. A lack of exposure to Robinhood Markets, Inc. was the largest overall 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](i76df474aa0fefe7dafb58633.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2500™ Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10802 | $11244 | $11759 |
| 12/31/2017 | $12787 | $13658 | $13736 |
| 12/31/2018 | $11201 | $12968 | $12362 |
| 12/31/2019 | $14478 | $17018 | $15794 |
| 12/31/2020 | $16033 | $20575 | $18952 |
| 12/31/2021 | $19692 | $25880 | $22398 |
| 12/31/2022 | $16938 | $20851 | $18284 |
| 12/31/2023 | $19665 | $26363 | $21469 |
| 12/31/2024 | $22493 | $32715 | $24044 |
| 12/31/2025 | $24412 | $38390 | $26907 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.53% | 8.77% | 9.34% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2500™ Index | 11.91% | 7.26% | 10.40% |

---

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 | $663785961 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $4761681 |

---

## 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 | 98.0% |
| Money Market Funds | 2.0% |
| Rights | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Software | 6.2% |
| Biotechnology | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Machinery | 5.0% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie SMID Cap Core Fund" to the "LVIP Nomura SMID Cap Core Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Social Awareness Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura Social Awareness 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 | $47 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the Russell 1000 Index (the "Index"), which was up 17.37% in 2025. The growth style again outperformed value with technology, capital goods, and finance contributing most to the Index return.

* Sector allocations contributed positively to performance while stock selection detracted.

* Stock selection was strongest within health care, consumer staples, and REITs. Insmed Incporated, which develops treatments for rare pulmonary diseases, was the top contributor to performance.

* Stock selection within technology and finance detracted from relative performance. Software provider, ServiceNow, Inc., was the largest detractor within technology. Software was one of the weakest industries within the benchmark on fears that Artificial Intelligence ("AI") would disintermediate incumbent software providers.

## 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](i3e7b7e784e9a64572310141b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10664 | $11244 | $11205 |
| 12/31/2017 | $12817 | $13658 | $13636 |
| 12/31/2018 | $12232 | $12968 | $12983 |
| 12/31/2019 | $16144 | $17018 | $17063 |
| 12/31/2020 | $19322 | $20575 | $20640 |
| 12/31/2021 | $24429 | $25880 | $26101 |
| 12/31/2022 | $19614 | $20851 | $21108 |
| 12/31/2023 | $25532 | $26363 | $26708 |
| 12/31/2024 | $30911 | $32715 | $33255 |
| 12/31/2025 | $35565 | $38390 | $39030 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.06% | 12.98% | 13.53% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

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 | $822330426 |
| # of Portfolio Holdings | 91 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $2965043 |

---

## 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 | 0.8% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.8% |
| Software | 12.7% |
| Interactive Media & Services | 8.8% |
| Banks | 6.1% |
| Technology Hardware, Storage & Peripherals | 5.7% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Social Awareness Fund" to the "LVIP Nomura Social Awareness Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura Social Awareness Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura Social Awareness 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 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the Russell 1000 Index (the "Index"), which was up 17.37% in 2025. The growth style again outperformed value with technology, capital goods, and finance contributing most to the Index return.

* Sector allocations contributed positively to performance while stock selection detracted.

* Stock selection was strongest within health care, consumer staples, and REITs. Insmed Incporated, which develops treatments for rare pulmonary diseases, was the top contributor to performance.

* Stock selection within technology and finance detracted from relative performance. Software provider, ServiceNow, Inc., was the largest detractor within technology. Software was one of the weakest industries within the benchmark on fears that Artificial Intelligence ("AI") would disintermediate incumbent software providers.

## 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](i94e10961d1ce8fac4d2fc258.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10626 | $11244 | $11205 |
| 12/31/2017 | $12727 | $13658 | $13636 |
| 12/31/2018 | $12105 | $12968 | $12983 |
| 12/31/2019 | $15920 | $17018 | $17063 |
| 12/31/2020 | $18987 | $20575 | $20640 |
| 12/31/2021 | $23922 | $25880 | $26101 |
| 12/31/2022 | $19139 | $20851 | $21108 |
| 12/31/2023 | $24827 | $26363 | $26708 |
| 12/31/2024 | $29953 | $32715 | $33255 |
| 12/31/2025 | $34343 | $38390 | $39030 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.65% | 12.58% | 13.13% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

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 | $822330426 |
| # of Portfolio Holdings | 91 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $2965043 |

---

## 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 | 0.8% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.8% |
| Software | 12.7% |
| Interactive Media & Services | 8.8% |
| Banks | 6.1% |
| Technology Hardware, Storage & Peripherals | 5.7% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie Social Awareness Fund" to the "LVIP Nomura Social Awareness Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura U.S. Growth Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura U.S. 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).

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 | $80 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
The Fund outperformed the Russell 1000 Growth Index for calendar year 2025. Resilient earnings and a continuation of the artificial intelligence-led rally drove markets higher for the year, despite tariff-related volatility. Within the Fund, outperformance was predominantly driven by strong asset allocation. From a sector perspective, overweight positions in communication services and healthcare were top contributors.

* An underweight position in information technology and an overweight position in consumer staples were the largest detractors from relative returns.

* At the stock level, an overweight to semiconductor fabrication equipment manufacturer, Lam Research, was the largest contributor to excess return. An underweight to NVIDIA Corp. was the largest relative 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](iaf6eb14a846576f3a29b2822.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9484 | $11244 | $10708 |
| 12/31/2017 | $12165 | $13658 | $13943 |
| 12/31/2018 | $11800 | $12968 | $13732 |
| 12/31/2019 | $15016 | $17018 | $18729 |
| 12/31/2020 | $21642 | $20575 | $25938 |
| 12/31/2021 | $25559 | $25880 | $33096 |
| 12/31/2022 | $18489 | $20851 | $23453 |
| 12/31/2023 | $27428 | $26363 | $33462 |
| 12/31/2024 | $36772 | $32715 | $44623 |
| 12/31/2025 | $45085 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 22.61% | 15.81% | 16.25% |
| 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 | $497916316 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $3040592 |

---

## 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% |
| Money Market Funds | 0.4% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.0% |
| Software | 16.8% |
| Interactive Media & Services | 14.0% |
| Technology Hardware, Storage & Peripherals | 9.4% |
| Broadline Retail | 4.4% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie U.S. Growth Fund" to the "LVIP Nomura U.S. Growth Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund, with Macquarie Investment Management Global Limited becoming sub-sub-adviser.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura U.S. Growth Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura U.S. 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).

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 | $113 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
The Fund outperformed the Russell 1000 Growth Index for calendar year 2025. Resilient earnings and a continuation of the artificial intelligence-led rally drove markets higher for the year, despite tariff-related volatility. Within the Fund, outperformance was predominantly driven by strong asset allocation. From a sector perspective, overweight positions in communication services and healthcare were top contributors.

* An underweight position in information technology and an overweight position in consumer staples were the largest detractors from relative returns.

* At the stock level, an overweight to semiconductor fabrication equipment manufacturer, Lam Research, was the largest contributor to excess return. An underweight to NVIDIA Corp. was the largest relative 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](i154eac8efbb10da9c660bf0e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9451 | $11244 | $10708 |
| 12/31/2017 | $12107 | $13658 | $13943 |
| 12/31/2018 | $11708 | $12968 | $13732 |
| 12/31/2019 | $14855 | $17018 | $18729 |
| 12/31/2020 | $21344 | $20575 | $25938 |
| 12/31/2021 | $25132 | $25880 | $33096 |
| 12/31/2022 | $18125 | $20851 | $23453 |
| 12/31/2023 | $26807 | $26363 | $33462 |
| 12/31/2024 | $35831 | $32715 | $44623 |
| 12/31/2025 | $43798 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 22.24% | 15.46% | 15.92% |
| 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 | $497916316 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $3040592 |

---

## 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% |
| Money Market Funds | 0.4% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.0% |
| Software | 16.8% |
| Interactive Media & Services | 14.0% |
| Technology Hardware, Storage & Peripherals | 9.4% |
| Broadline Retail | 4.4% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie U.S. Growth Fund" to the "LVIP Nomura U.S. Growth Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund, with Macquarie Investment Management Global Limited becoming sub-sub-adviser.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura U.S. REIT Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura U.S. REIT 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 | $83 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the FTSE Nareit Equity REITs Index for calendar year 2025. REITs faced valuation headwinds in 2025, driven by a softening of U.S. Federal Reserve rate cut expecations. Despite this, moderate funds from operations (FFO) growth paired with stable yields demonstrated operational resilience.

* Within the Fund, relative underperformance was driven by asset allocation, whilst stock selection was a positive contributor.

* At the sector level, underweight allocations to office and data centers contributed positively to relative performance.

* Within the office sector, underweight positions in Vornado Realty Trust and SL Green Realty Corp. were key contributors to excess return.

* An underweight allocation to industrial REITs and health care REITs were the largest detractors from excess returns, driven primarily by allocation effect.

* Within the health care sector, an overweight position in Alexandria Real Estate Equities, Inc. and an underweight position in Omega Healthcare Investors, Inc. were key detractors from excess return.

## 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](ia82fa8cc30b0960306c576a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | FTSE Nareit Equity REITs Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10587 | $11244 | $10852 |
| 12/31/2017 | $10749 | $13658 | $11419 |
| 12/31/2018 | $9973 | $12968 | $10891 |
| 12/31/2019 | $12647 | $17018 | $13723 |
| 12/31/2020 | $11331 | $20575 | $12625 |
| 12/31/2021 | $16211 | $25880 | $18083 |
| 12/31/2022 | $12109 | $20851 | $13677 |
| 12/31/2023 | $13632 | $26363 | $15555 |
| 12/31/2024 | $14705 | $32715 | $16914 |
| 12/31/2025 | $14855 | $38390 | $17401 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 1.02% | 5.57% | 4.04% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| FTSE Nareit Equity REITs Index | 2.88% | 6.63% | 5.70% |

---

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 | $347931383 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $2639067 |

---

## 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 | 97.6% |
| Money Market Funds | 2.1% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| REIT Diversified | 19.9% |
| REIT Health Care | 17.1% |
| REIT Apartments | 13.1% |
| REIT Warehouse/Industry | 11.5% |
| REIT Storage | 9.1% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie U.S. REIT Fund" to the "LVIP Nomura U.S. REIT Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund, with Macquarie Investment Management Global Limited becoming sub-sub-adviser.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Nomura U.S. REIT Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Nomura U.S. REIT 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 | $113 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
The Fund underperformed the FTSE Nareit Equity REITs Index for calendar year 2025. REITs faced valuation headwinds in 2025, driven by a softening of U.S. Federal Reserve rate cut expecations. Despite this, moderate funds from operations (FFO) growth paired with stable yields demonstrated operational resilience.

* Within the Fund, relative underperformance was driven by asset allocation, whilst stock selection was a positive contributor.

* At the sector level, underweight allocations to office and data centers contributed positively to relative performance.

* Within the office sector, underweight positions in Vornado Realty Trust and SL Green Realty Corp. were key contributors to excess return.

* An underweight allocation to industrial REITs and health care REITs were the largest detractors from excess returns, driven primarily by allocation effect.

* Within the health care sector, an overweight position in Alexandria Real Estate Equities, Inc. and an underweight position in Omega Healthcare Investors, Inc. were key detractors from excess return.

## 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](i22bffe7f112a4dc313f16028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | FTSE Nareit Equity REITs Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10561 | $11244 | $10852 |
| 12/31/2017 | $10695 | $13658 | $11419 |
| 12/31/2018 | $9891 | $12968 | $10891 |
| 12/31/2019 | $12512 | $17018 | $13723 |
| 12/31/2020 | $11181 | $20575 | $12625 |
| 12/31/2021 | $15937 | $25880 | $18083 |
| 12/31/2022 | $11869 | $20851 | $13677 |
| 12/31/2023 | $13322 | $26363 | $15555 |
| 12/31/2024 | $14327 | $32715 | $16914 |
| 12/31/2025 | $14430 | $38390 | $17401 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 0.72% | 5.24% | 3.74% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| FTSE Nareit Equity REITs Index | 2.88% | 6.63% | 5.70% |

---

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 | $347931383 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $2639067 |

---

## 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 | 97.6% |
| Money Market Funds | 2.1% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| REIT Diversified | 19.9% |
| REIT Health Care | 17.1% |
| REIT Apartments | 13.1% |
| REIT Warehouse/Industry | 11.5% |
| REIT Storage | 9.1% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 1, 2025, the Fund changed its name from the "LVIP Macquarie U.S. REIT Fund" to the "LVIP Nomura U.S. REIT Fund."

In addition, Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust, became sub-adviser to the Fund, with Macquarie Investment Management Global Limited becoming sub-sub-adviser.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP PIMCO Low Duration Bond Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP PIMCO Low Duration 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 | $62 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
Macroeconomic conditions such as a cooling labor market prompted three rate cuts from the U.S. Federal Reserve (the "Fed") in 2025. The high starting yields, combined with Fed rate cuts, served as positive backdrops for strong bond performance in 2025. For the full year 2025, the Fund rose in absolute terms and outperformed the ICE BofA 1-3Y U.S. Treasury TR USD. Spread sectors largely contributed to performance, driven by tactical allocations to securitized and investment grade corporate credit.

* Within securitized, high quality Agency mortgage-backed securities, asset-backed securities, collateralized mortgage-backed securities and collateralized loan obligations served as attractive, diversifying sources of yield.

* Within rates, U.S. and Australia duration positioning, detracted from performance.

* Within currency strategies, tactical exposure to select emerging market currencies contributed to performance. Derivatives in the Fund were instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund's exposure to interest rates was partly facilitated through the use of interest rate swaps, futures, and swaptions. The Fund utilized credit default swaps to manage credit beta. Currency positioning was partly achieved through currency forward agreements.

## 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](ib9d9ec98767f70512b70fcac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | ICE Bank of America 1-3 Yr US Treasury Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10263 | $10254 | $10089 |
| 12/31/2017 | $10435 | $10602 | $10131 |
| 12/31/2018 | $10556 | $10617 | $10292 |
| 12/31/2019 | $10911 | $11535 | $10657 |
| 12/31/2020 | $11358 | $12399 | $10988 |
| 12/31/2021 | $11285 | $12200 | $10927 |
| 12/31/2022 | $10735 | $10615 | $10528 |
| 12/31/2023 | $11258 | $11179 | $10976 |
| 12/31/2024 | $11835 | $11331 | $11424 |
| 12/31/2025 | $12482 | $12138 | $12006 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 5.47% | 1.91% | 2.24% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| ICE Bank of America 1-3 Yr US Treasury Index | 5.09% | 1.79% | 1.85% |

---

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 | $875785687 |
| # of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $3880521 |

---

## 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 | 24.5% |
| AAA | 30.6% |
| AA | 2.8% |
| A | 9.6% |
| BBB | 14.9% |
| BB | 1.3% |
| Not Rated | 16.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 32.3% |
| Non-Agency Asset-Backed Securities | 28.7% |
| Agency Mortgage-Backed Securities | 19.3% |
| Agency Collateralized Mortgage Obligations | 17.3% |
| U.S. Treasury Obligations | 8.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.8% |
| Short-Term Investments | 2.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.4% |
| Sovereign Bonds | 2.1% |
| Municipal Bonds | 0.6% |
| Other | (16.3%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.2% |
| Auto Manufacturers | 3.8% |
| Electric | 3.5% |
| Diversified Financial Services | 3.5% |
| Real Estate Investment Trusts | 2.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP PIMCO Low Duration Bond Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP PIMCO Low Duration 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 | $87 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Macroeconomic conditions such as a cooling labor market prompted three rate cuts from the U.S. Federal Reserve (the "Fed") in 2025. The high starting yields, combined with Fed rate cuts, served as positive backdrops for strong bond performance in 2025. For the full year 2025, the Fund rose in absolute terms and outperformed the ICE BofA 1-3Y U.S. Treasury TR USD. Spread sectors largely contributed to performance, driven by tactical allocations to securitized and investment grade corporate credit.

* Within securitized, high quality Agency mortgage-backed securities, asset-backed securities, collateralized mortgage-backed securities and collateralized loan obligations served as attractive, diversifying sources of yield.

* Within rates, U.S. and Australia duration positioning, detracted from performance.

* Within currency strategies, tactical exposure to select emerging market currencies contributed to performance. Derivatives in the Fund were instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund's exposure to interest rates was partly facilitated through the use of interest rate swaps, futures, and swaptions. The Fund utilized credit default swaps to manage credit beta. Currency positioning was partly achieved through currency forward agreements.

## 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](i366f126e4bc26913a4ae3d8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | ICE Bank of America 1-3 Yr US Treasury Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10237 | $10254 | $10089 |
| 12/31/2017 | $10384 | $10602 | $10131 |
| 12/31/2018 | $10477 | $10617 | $10292 |
| 12/31/2019 | $10803 | $11535 | $10657 |
| 12/31/2020 | $11217 | $12399 | $10988 |
| 12/31/2021 | $11117 | $12200 | $10927 |
| 12/31/2022 | $10548 | $10615 | $10528 |
| 12/31/2023 | $11035 | $11179 | $10976 |
| 12/31/2024 | $11572 | $11331 | $11424 |
| 12/31/2025 | $12175 | $12138 | $12006 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 5.21% | 1.65% | 1.99% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| ICE Bank of America 1-3 Yr US Treasury Index | 5.09% | 1.79% | 1.85% |

---

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 | $875785687 |
| # of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $3880521 |

---

## 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 | 24.5% |
| AAA | 30.6% |
| AA | 2.8% |
| A | 9.6% |
| BBB | 14.9% |
| BB | 1.3% |
| Not Rated | 16.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 32.3% |
| Non-Agency Asset-Backed Securities | 28.7% |
| Agency Mortgage-Backed Securities | 19.3% |
| Agency Collateralized Mortgage Obligations | 17.3% |
| U.S. Treasury Obligations | 8.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.8% |
| Short-Term Investments | 2.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.4% |
| Sovereign Bonds | 2.1% |
| Municipal Bonds | 0.6% |
| Other | (16.3%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.2% |
| Auto Manufacturers | 3.8% |
| Electric | 3.5% |
| Diversified Financial Services | 3.5% |
| Real Estate Investment Trusts | 2.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Conservative Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Conservative Index 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 | $21 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](i7fc0c490a0e4ad077367750b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Conservative Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10501 | $10254 | $10265 | $10547 |
| 12/31/2017 | $11626 | $10602 | $10628 | $11730 |
| 12/31/2018 | $11121 | $10617 | $10629 | $11293 |
| 12/31/2019 | $12771 | $11535 | $11556 | $13049 |
| 12/31/2020 | $14327 | $12399 | $12423 | $14650 |
| 12/31/2021 | $15240 | $12200 | $12232 | $15658 |
| 12/31/2022 | $12992 | $10615 | $10641 | $13441 |
| 12/31/2023 | $14386 | $11179 | $11229 | $14950 |
| 12/31/2024 | $15241 | $11331 | $11369 | $15906 |
| 12/31/2025 | $17191 | $12138 | $12199 | $18051 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 12.80% | 3.71% | 5.57% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Conservative Index Allocation Composite | 13.48% | 4.26% | 6.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $152062737 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $220173 |

---

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 | 59.5% |
| Equity Funds | 22.1% |
| International Equity Funds | 18.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Conservative Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Conservative Index 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 | $48 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](ibac83d58903bc538f9e436fc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Conservative Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10474 | $10254 | $10265 | $10547 |
| 12/31/2017 | $11567 | $10602 | $10628 | $11730 |
| 12/31/2018 | $11038 | $10617 | $10629 | $11293 |
| 12/31/2019 | $12643 | $11535 | $11556 | $13049 |
| 12/31/2020 | $14149 | $12399 | $12423 | $14650 |
| 12/31/2021 | $15012 | $12200 | $12232 | $15658 |
| 12/31/2022 | $12766 | $10615 | $10641 | $13441 |
| 12/31/2023 | $14101 | $11179 | $11229 | $14950 |
| 12/31/2024 | $14902 | $11331 | $11369 | $15906 |
| 12/31/2025 | $16767 | $12138 | $12199 | $18051 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.51% | 3.45% | 5.30% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Conservative Index Allocation Composite | 13.48% | 4.26% | 6.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $152062737 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $220173 |

---

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 | 59.5% |
| Equity Funds | 22.1% |
| International Equity Funds | 18.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderate Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Moderate Index 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 | $23 | 0.21% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](i140c0b6fbfae946cbf2964ce.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Moderate Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10665 | $10254 | $10265 | $10709 |
| 12/31/2017 | $12216 | $10602 | $10628 | $12321 |
| 12/31/2018 | $11450 | $10617 | $10629 | $11621 |
| 12/31/2019 | $13538 | $11535 | $11556 | $13827 |
| 12/31/2020 | $15411 | $12399 | $12423 | $15744 |
| 12/31/2021 | $17013 | $12200 | $12232 | $17452 |
| 12/31/2022 | $14391 | $10615 | $10641 | $14854 |
| 12/31/2023 | $16343 | $11179 | $11229 | $16946 |
| 12/31/2024 | $17712 | $11331 | $11369 | $18456 |
| 12/31/2025 | $20482 | $12138 | $12199 | $21465 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.64% | 5.85% | 7.43% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Moderate Index Allocation Composite | 16.31% | 6.40% | 7.94% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $694154147 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $984733 |

---

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 | 39.6% |
| Equity Funds | 34.0% |
| International Equity Funds | 26.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderate Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Moderate Index 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 | $50 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](id36624f392b84fe1797fc9c5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Moderate Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10637 | $10254 | $10265 | $10709 |
| 12/31/2017 | $12155 | $10602 | $10628 | $12321 |
| 12/31/2018 | $11364 | $10617 | $10629 | $11621 |
| 12/31/2019 | $13403 | $11535 | $11556 | $13827 |
| 12/31/2020 | $15219 | $12399 | $12423 | $15744 |
| 12/31/2021 | $16759 | $12200 | $12232 | $17452 |
| 12/31/2022 | $14141 | $10615 | $10641 | $14854 |
| 12/31/2023 | $16019 | $11179 | $11229 | $16946 |
| 12/31/2024 | $17317 | $11331 | $11369 | $18456 |
| 12/31/2025 | $19974 | $12138 | $12199 | $21465 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.35% | 5.59% | 7.16% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Moderate Index Allocation Composite | 16.31% | 6.40% | 7.94% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $694154147 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $984733 |

---

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 | 39.6% |
| Equity Funds | 34.0% |
| International Equity Funds | 26.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderately Aggressive Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Moderately Aggressive Index 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 | $23 | 0.21% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](i2a0e3d374001e3201f42b130.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Moderately Aggressive Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10737 | $11244 | $11196 | $10785 |
| 12/31/2017 | $12559 | $13658 | $13640 | $12669 |
| 12/31/2018 | $11626 | $12968 | $13042 | $11807 |
| 12/31/2019 | $13920 | $17018 | $17149 | $14226 |
| 12/31/2020 | $15908 | $20575 | $20304 | $16275 |
| 12/31/2021 | $17716 | $25880 | $26132 | $18181 |
| 12/31/2022 | $14903 | $20851 | $21399 | $15373 |
| 12/31/2023 | $17112 | $26363 | $27025 | $17717 |
| 12/31/2024 | $18697 | $32715 | $33786 | $19471 |
| 12/31/2025 | $21957 | $38390 | $39827 | $22996 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 17.43% | 6.66% | 8.18% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Moderately Aggressive Index Allocation Composite | 18.10% | 7.16% | 8.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $690676658 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $966674 |

---

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 | 37.9% |
| International Equity Funds | 32.5% |
| Fixed Income Funds | 29.6% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Moderately Aggressive Index Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Moderately Aggressive Index 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 | $50 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in passive index-tracking mutual funds and exchange-traded funds. The Fund is designed to have a strategic asset allocation that is in line with the Fund's composite benchmark.

* During 2025, the performance of the Fund was primarily driven by the Fund's strategic asset allocation and its underlying holdings. The Fund performed in-line with its composite benchmark for 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](i0aa76a9faf040d906e481bc2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Moderately Aggressive Index Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10711 | $11244 | $11196 | $10785 |
| 12/31/2017 | $12496 | $13658 | $13640 | $12669 |
| 12/31/2018 | $11540 | $12968 | $13042 | $11807 |
| 12/31/2019 | $13782 | $17018 | $17149 | $14226 |
| 12/31/2020 | $15710 | $20575 | $20304 | $16275 |
| 12/31/2021 | $17452 | $25880 | $26132 | $18181 |
| 12/31/2022 | $14644 | $20851 | $21399 | $15373 |
| 12/31/2023 | $16773 | $26363 | $27025 | $17717 |
| 12/31/2024 | $18282 | $32715 | $33786 | $19471 |
| 12/31/2025 | $21415 | $38390 | $39827 | $22996 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 17.14% | 6.39% | 7.91% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Moderately Aggressive Index Allocation Composite | 18.10% | 7.16% | 8.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $690676658 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $966674 |

---

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 | 37.9% |
| International Equity Funds | 32.5% |
| Fixed Income Funds | 29.6% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Conservative Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Conservative 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 | $27 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](ic4caf0f1aca3dbf6a0d41d54.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Structured Conservative Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10684 | $10254 | $10265 | $10547 |
| 12/31/2017 | $11720 | $10602 | $10628 | $11730 |
| 12/31/2018 | $11133 | $10617 | $10629 | $11293 |
| 12/31/2019 | $12651 | $11535 | $11556 | $13049 |
| 12/31/2020 | $13876 | $12399 | $12423 | $14650 |
| 12/31/2021 | $14906 | $12200 | $12232 | $15658 |
| 12/31/2022 | $12924 | $10615 | $10641 | $13441 |
| 12/31/2023 | $14251 | $11179 | $11229 | $14950 |
| 12/31/2024 | $15172 | $11331 | $11369 | $15906 |
| 12/31/2025 | $17254 | $12138 | $12199 | $18051 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.72% | 4.45% | 5.61% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Structured Conservative Allocation Composite | 13.48% | 4.26% | 6.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133225062 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $200865 |

---

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 | 59.6% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.3% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Conservative Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Conservative 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 | $53 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](i6bc76aff042af34a789c2635.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Structured Conservative Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10657 | $10254 | $10265 | $10547 |
| 12/31/2017 | $11662 | $10602 | $10628 | $11730 |
| 12/31/2018 | $11049 | $10617 | $10629 | $11293 |
| 12/31/2019 | $12526 | $11535 | $11556 | $13049 |
| 12/31/2020 | $13703 | $12399 | $12423 | $14650 |
| 12/31/2021 | $14685 | $12200 | $12232 | $15658 |
| 12/31/2022 | $12700 | $10615 | $10641 | $13441 |
| 12/31/2023 | $13969 | $11179 | $11229 | $14950 |
| 12/31/2024 | $14834 | $11331 | $11369 | $15906 |
| 12/31/2025 | $16828 | $12138 | $12199 | $18051 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.44% | 4.19% | 5.34% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Structured Conservative Allocation Composite | 13.48% | 4.26% | 6.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $133225062 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $200865 |

---

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 | 59.6% |
| Equity Funds | 22.2% |
| International Equity Funds | 18.3% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderate Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Moderate 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 | $23 | 0.21% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](i3f9f038c5c95128cc9a7bf48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Structured Moderate Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10927 | $10254 | $10265 | $10709 |
| 12/31/2017 | $12363 | $10602 | $10628 | $12321 |
| 12/31/2018 | $11483 | $10617 | $10629 | $11621 |
| 12/31/2019 | $13386 | $11535 | $11556 | $13827 |
| 12/31/2020 | $14705 | $12399 | $12423 | $15744 |
| 12/31/2021 | $16492 | $12200 | $12232 | $17452 |
| 12/31/2022 | $14323 | $10615 | $10641 | $14854 |
| 12/31/2023 | $16198 | $11179 | $11229 | $16946 |
| 12/31/2024 | $17722 | $11331 | $11369 | $18456 |
| 12/31/2025 | $20784 | $12138 | $12199 | $21465 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 17.28% | 7.16% | 7.59% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Structured Moderate Allocation Composite | 16.31% | 6.40% | 7.94% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $851892011 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $1081707 |

---

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 | 39.5% |
| Equity Funds | 34.1% |
| International Equity Funds | 26.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderate Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Moderate 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 | $50 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](i43908837d353d33ac8178765.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Structured Moderate Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10901 | $10254 | $10265 | $10709 |
| 12/31/2017 | $12302 | $10602 | $10628 | $12321 |
| 12/31/2018 | $11397 | $10617 | $10629 | $11621 |
| 12/31/2019 | $13253 | $11535 | $11556 | $13827 |
| 12/31/2020 | $14524 | $12399 | $12423 | $15744 |
| 12/31/2021 | $16248 | $12200 | $12232 | $17452 |
| 12/31/2022 | $14075 | $10615 | $10641 | $14854 |
| 12/31/2023 | $15878 | $11179 | $11229 | $16946 |
| 12/31/2024 | $17329 | $11331 | $11369 | $18456 |
| 12/31/2025 | $20271 | $12138 | $12199 | $21465 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 16.98% | 6.90% | 7.32% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Structured Moderate Allocation Composite | 16.31% | 6.40% | 7.94% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $851892011 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $1081707 |

---

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 | 39.5% |
| Equity Funds | 34.1% |
| International Equity Funds | 26.4% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderately Aggressive Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Moderately Aggressive 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 | $24 | 0.22% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](id692f5c0bb45827e807de506.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Structured Moderately Aggressive Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11048 | $11244 | $11196 | $10785 |
| 12/31/2017 | $12694 | $13658 | $13640 | $12669 |
| 12/31/2018 | $11653 | $12968 | $13042 | $11807 |
| 12/31/2019 | $13684 | $17018 | $17149 | $14226 |
| 12/31/2020 | $14953 | $20575 | $20304 | $16275 |
| 12/31/2021 | $16999 | $25880 | $26132 | $18181 |
| 12/31/2022 | $14766 | $20851 | $21399 | $15373 |
| 12/31/2023 | $16874 | $26363 | $27025 | $17717 |
| 12/31/2024 | $18642 | $32715 | $33786 | $19471 |
| 12/31/2025 | $22246 | $38390 | $39827 | $22996 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 19.33% | 8.27% | 8.32% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Structured Moderately Aggressive Allocation Composite | 18.10% | 7.16% | 8.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $494736194 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $703898 |

---

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 | 38.0% |
| International Equity Funds | 32.4% |
| Fixed Income Funds | 29.6% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Structured Moderately Aggressive Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Structured Moderately Aggressive 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 | $51 | 0.47% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure, investing all of its assets in mutual funds and exchange traded funds. The Fund is a strategic asset allocation fund that primarily invests in passive fixed income index funds and multi-factor equity funds. The multi-factor equity funds are systematic, multi-factor strategies designed to capture quality, value, and momentum factors across domestic large cap and small cap as well developed international and emerging markets.

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

* Allocations to domestic and international multi-factor equity funds contributed positively to performance.

* Within fixed income, allocations to bond funds were generally in-line with the fixed income index component of the Fund's composite 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](icabf89cd9d9907a91c5ecff0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Structured Moderately Aggressive Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11020 | $11244 | $11196 | $10785 |
| 12/31/2017 | $12630 | $13658 | $13640 | $12669 |
| 12/31/2018 | $11565 | $12968 | $13042 | $11807 |
| 12/31/2019 | $13548 | $17018 | $17149 | $14226 |
| 12/31/2020 | $14768 | $20575 | $20304 | $16275 |
| 12/31/2021 | $16746 | $25880 | $26132 | $18181 |
| 12/31/2022 | $14510 | $20851 | $21399 | $15373 |
| 12/31/2023 | $16539 | $26363 | $27025 | $17717 |
| 12/31/2024 | $18227 | $32715 | $33786 | $19471 |
| 12/31/2025 | $21696 | $38390 | $39827 | $22996 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 19.03% | 8.00% | 8.05% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Structured Moderately Aggressive Allocation Composite | 18.10% | 7.16% | 8.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $494736194 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $703898 |

---

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 | 38.0% |
| International Equity Funds | 32.4% |
| Fixed Income Funds | 29.6% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Bond Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Bond Index 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 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
As this is an indexed fund, factors that affected markets also affected the Fund's performance. The main macroeconomic factor that contributed to Fund performance was the U.S. Federal Reserve's (the "Fed") rate cut decision and stable corporate fundamentals. The Fed grew confident in taming inflation and shifted focus to growth as concerns over a weakening labor market took precedence. While balancing these two risks, the Fed prioritized economic support and delivered three rate cuts totaling 75bps in 2025. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg U.S. Agg Bond TR USD. Key drivers of Fund performance included heavy Treasury allocations as yields fell amid safe-haven demand during market volatility.

The following factor has positively contributed to relative performance:

* Yield curve positioning

## 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](if663e6ef528ddaa34fa51c77.jpg)

---

| | | |
|:---|:---|:---|
| | Standard Class | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $10228 | $10265 |
| 12/31/2017 | $10553 | $10628 |
| 12/31/2018 | $10519 | $10629 |
| 12/31/2019 | $11386 | $11556 |
| 12/31/2020 | $12238 | $12423 |
| 12/31/2021 | $11996 | $12232 |
| 12/31/2022 | $10383 | $10641 |
| 12/31/2023 | $10933 | $11229 |
| 12/31/2024 | $11049 | $11369 |
| 12/31/2025 | $11800 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 6.80% | (0.73%) | 1.67% |
| 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 | $2565712334 |
| # of Portfolio Holdings | 5315 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $7157859 |

---

## 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 | 71.6% |
| AAA | 3.2% |
| AA | 4.4% |
| A | 11.3% |
| BBB | 9.5% |
| Not Rated | 0.0% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 45.6% |
| Agency Mortgage-Backed Securities | 24.1% |
| Corporate Bonds | 23.9% |
| Money Market Funds | 1.4% |
| Supranational Banks | 1.3% |
| Sovereign Bonds | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.7% |
| Agency Obligations | 0.5% |
| Municipal Bonds | 0.4% |
| Other | 0.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 5.2% |
| Electric | 2.1% |
| Pharmaceuticals | 1.3% |
| Telecommunications | 1.0% |
| Health Care Services | 0.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Bond Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Bond Index 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 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
As this is an indexed fund, factors that affected markets also affected the Fund's performance. The main macroeconomic factor that contributed to Fund performance was the U.S. Federal Reserve's (the "Fed") rate cut decision and stable corporate fundamentals. The Fed grew confident in taming inflation and shifted focus to growth as concerns over a weakening labor market took precedence. While balancing these two risks, the Fed prioritized economic support and delivered three rate cuts totaling 75bps in 2025. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg U.S. Agg Bond TR USD. Key drivers of Fund performance included heavy Treasury allocations as yields fell amid safe-haven demand during market volatility.

The following factor has positively contributed to relative performance:

* Yield curve positioning

## 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](i7200211bfc3556abf6d64045.jpg)

---

| | | |
|:---|:---|:---|
| | Service Class | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $10203 | $10265 |
| 12/31/2017 | $10501 | $10628 |
| 12/31/2018 | $10441 | $10629 |
| 12/31/2019 | $11273 | $11556 |
| 12/31/2020 | $12087 | $12423 |
| 12/31/2021 | $11819 | $12232 |
| 12/31/2022 | $10204 | $10641 |
| 12/31/2023 | $10718 | $11229 |
| 12/31/2024 | $10804 | $11369 |
| 12/31/2025 | $11510 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.53% | (0.97%) | 1.42% |
| 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 | $2565712334 |
| # of Portfolio Holdings | 5315 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $7157859 |

---

## 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 | 71.6% |
| AAA | 3.2% |
| AA | 4.4% |
| A | 11.3% |
| BBB | 9.5% |
| Not Rated | 0.0% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 45.6% |
| Agency Mortgage-Backed Securities | 24.1% |
| Corporate Bonds | 23.9% |
| Money Market Funds | 1.4% |
| Supranational Banks | 1.3% |
| Sovereign Bonds | 1.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.7% |
| Agency Obligations | 0.5% |
| Municipal Bonds | 0.4% |
| Other | 0.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 5.2% |
| Electric | 2.1% |
| Pharmaceuticals | 1.3% |
| Telecommunications | 1.0% |
| Health Care Services | 0.9% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Emerging Markets Equity Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Emerging Markets Equity Index 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 | $58 | 0.50% |

---

## 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 benchmark, MSCI EM NR USD. In 2025, Fund results were shaped by key stock, country, and sector contributors.

* Taiwan Semiconductor, Tencent, and Samsung Electronics were the largest positive contributors to performance.

* Meituan, Tata Consultancy Services, and Infosys Limited were the most significant detractors from performance.

* China, Korea, and Taiwan were the top country contributors; Saudi Arabia and Indonesia detracted.

* Information technology and financials were the strongest sector contributors to performance.

* Utilities and real estate made smaller positive contributions to overall performance.

The Fund used swaps for China A-share exposure, enabling efficient index replication. No other derivatives were used in the Fund during the year. The Fund remained diversified and passive, with no material deviations from the index.

## 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](i5409903ffd8310deecb340ba.jpg)

---

| | | |
|:---|:---|:---|
| | Standard Class | MSCI Emerging Markets Index (net dividends) |
| 11/1/2018 | $10000 | $10000 |
| 12/31/2018 | $10086 | $9974 |
| 12/31/2019 | $11877 | $11811 |
| 12/31/2020 | $13920 | $13973 |
| 12/31/2021 | $13460 | $13618 |
| 12/31/2022 | $10608 | $10882 |
| 12/31/2023 | $11545 | $11952 |
| 12/31/2024 | $12331 | $12848 |
| 12/31/2025 | $16459 | $17161 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Standard Class | 33.48% | 3.41% | 7.20% |
| MSCI Emerging Markets Index (net dividends) | 33.57% | 4.20% | 7.83% |

---

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 | $256002000 |
| # of Portfolio Holdings | 1136 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $862880 |

---

## 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 | 22.5% |
| Taiwan | 20.3% |
| India | 15.1% |
| Republic of Korea | 13.2% |
| Brazil | 4.2% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.4% |
| Money Market Funds | 3.5% |
| Preferred Stocks | 1.2% |
| Warrants | 0.0% |
| Other | 0.9% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 16.0% |
| Banks | 15.6% |
| Technology Hardware, Storage & Peripherals | 6.0% |
| Interactive Media & Services | 5.8% |
| Broadline Retail | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Emerging Markets Equity Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Emerging Markets Equity Index 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 | $87 | 0.75% |

---

## 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 benchmark, MSCI EM NR USD. In 2025, Fund results were shaped by key stock, country, and sector contributors.

* Taiwan Semiconductor, Tencent, and Samsung Electronics were the largest positive contributors to performance.

* Meituan, Tata Consultancy Services, and Infosys Limited were the most significant detractors from performance.

* China, Korea, and Taiwan were the top country contributors; Saudi Arabia and Indonesia detracted.

* Information technology and financials were the strongest sector contributors to performance.

* Utilities and real estate made smaller positive contributions to overall performance.

The Fund used swaps for China A-share exposure, enabling efficient index replication. No other derivatives were used in the Fund during the year. The Fund remained diversified and passive, with no material deviations from the index.

## 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](i8bb97e91b673eccd71c399a8.jpg)

---

| | | |
|:---|:---|:---|
| | Service Class | MSCI Emerging Markets Index (net dividends) |
| 11/1/2018 | $10000 | $10000 |
| 12/31/2018 | $10082 | $9974 |
| 12/31/2019 | $11842 | $11811 |
| 12/31/2020 | $13845 | $13973 |
| 12/31/2021 | $13355 | $13618 |
| 12/31/2022 | $10499 | $10882 |
| 12/31/2023 | $11398 | $11952 |
| 12/31/2024 | $12143 | $12848 |
| 12/31/2025 | $16169 | $17161 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Service Class | 33.15% | 3.15% | 6.93% |
| MSCI Emerging Markets Index (net dividends) | 33.57% | 4.20% | 7.83% |

---

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 | $256002000 |
| # of Portfolio Holdings | 1136 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $862880 |

---

## 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 | 22.5% |
| Taiwan | 20.3% |
| India | 15.1% |
| Republic of Korea | 13.2% |
| Brazil | 4.2% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.4% |
| Money Market Funds | 3.5% |
| Preferred Stocks | 1.2% |
| Warrants | 0.0% |
| Other | 0.9% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 16.0% |
| Banks | 15.6% |
| Technology Hardware, Storage & Peripherals | 6.0% |
| Interactive Media & Services | 5.8% |
| Broadline Retail | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Global Tactical Allocation Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Global Tactical Allocation 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 | $40 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
The performance of the Fund was underpinned by a wave of technological advancements and volatile economic policies in 2025.

* Overweight in U.S. and international equity contributed positively to performance but security selection detracted in both U.S. sectors and emerging markets. 

* Commodities, particularly gold, added to the positive performance in 2025.

* Underweight in fixed income to Fund overweight in growth assets contributed positively to the Fund, but the curve positionings in both treasury and credit detracted from performance.

* Cash created a drag in return and detracted the Fund performance.

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](i1ec3ccf199bcec8405488b3e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Global Tactical Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10562 | $10254 | $10265 | $10695 |
| 12/31/2017 | $12127 | $10602 | $10628 | $12310 |
| 12/31/2018 | $11136 | $10617 | $10629 | $11630 |
| 12/31/2019 | $12890 | $11535 | $11556 | $13848 |
| 12/31/2020 | $13794 | $12399 | $12423 | $15813 |
| 12/31/2021 | $15529 | $12200 | $12232 | $17480 |
| 12/31/2022 | $13305 | $10615 | $10641 | $14808 |
| 12/31/2023 | $15102 | $11179 | $11229 | $16925 |
| 12/31/2024 | $16607 | $11331 | $11369 | $18451 |
| 12/31/2025 | $18994 | $12138 | $12199 | $21545 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.37% | 6.61% | 6.63% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Global Tactical Allocation Composite | 16.77% | 6.38% | 7.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $596869052 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1802550 |

---

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 | 41.7% |
| Fixed Income Funds | 29.0% |
| International Equity Funds | 24.7% |
| Money Market Funds | 4.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Global Tactical Allocation Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Global Tactical Allocation 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 | $66 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
The performance of the Fund was underpinned by a wave of technological advancements and volatile economic policies in 2025.

* Overweight in U.S. and international equity contributed positively to performance but security selection detracted in both U.S. sectors and emerging markets. 

* Commodities, particularly gold, added to the positive performance in 2025.

* Underweight in fixed income to Fund overweight in growth assets contributed positively to the Fund, but the curve positionings in both treasury and credit detracted from performance.

* Cash created a drag in return and detracted the Fund performance.

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](ia2306036495182878d7b5775.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Global Tactical Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10536 | $10254 | $10265 | $10695 |
| 12/31/2017 | $12067 | $10602 | $10628 | $12310 |
| 12/31/2018 | $11053 | $10617 | $10629 | $11630 |
| 12/31/2019 | $12762 | $11535 | $11556 | $13848 |
| 12/31/2020 | $13624 | $12399 | $12423 | $15813 |
| 12/31/2021 | $15298 | $12200 | $12232 | $17480 |
| 12/31/2022 | $13073 | $10615 | $10641 | $14808 |
| 12/31/2023 | $14802 | $11179 | $11229 | $16925 |
| 12/31/2024 | $16238 | $11331 | $11369 | $18451 |
| 12/31/2025 | $18526 | $12138 | $12199 | $21545 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.09% | 6.34% | 6.36% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Global Tactical Allocation Composite | 16.77% | 6.38% | 7.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $596869052 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1802550 |

---

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 | 41.7% |
| Fixed Income Funds | 29.0% |
| International Equity Funds | 24.7% |
| Money Market Funds | 4.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA International Index 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 | $44 | 0.38% |

---

## 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 MSCI EAFE NR USD (the "Index"). Developed international equity markets delivered exceptionally strong performance in 2025, with the Index advancing for the year. The surge reflected a broad based recovery across Europe, Japan, and other developed Asia Pacific markets. Across developed markets more broadly, earnings momentum strengthened, aided by healthier margins, and normalization of supply chains.

* Sector performance was well balanced, with financials, industrials, healthcare, and technology all contributing meaningfully.

* Geopolitical uncertainties and episodic volatility in global risk sentiment-introduced pockets of short term noise.

Markets showed resilience as companies adapted to shifting trade dynamics and investors sought diversification. By year end, developed ex U.S. markets had firmly re-established themselves as a core engine of global equity 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](i37599c4f0df09b90bda21b92.jpg)

---

| | | |
|:---|:---|:---|
| | Standard Class | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $10100 | $10100 |
| 12/31/2017 | $12593 | $12628 |
| 12/31/2018 | $10868 | $10887 |
| 12/31/2019 | $13213 | $13284 |
| 12/31/2020 | $14250 | $14322 |
| 12/31/2021 | $15826 | $15935 |
| 12/31/2022 | $13559 | $13632 |
| 12/31/2023 | $15942 | $16118 |
| 12/31/2024 | $16455 | $16735 |
| 12/31/2025 | $21586 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 31.18% | 8.66% | 8.00% |
| 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 | $2880917678 |
| # of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6899803 |

---

## 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 | 21.6% |
| United Kingdom | 13.8% |
| France | 10.1% |
| Switzerland | 9.8% |
| Germany | 9.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.1% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.3% |
| Convertible Preferred Stocks | 0.0% |
| Other | 0.8% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 14.7% |
| Pharmaceuticals | 8.1% |
| Insurance | 5.8% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Aerospace & Defense | 3.3% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA International Index 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 | 0.63% |

---

## 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 MSCI EAFE NR USD (the "Index"). Developed international equity markets delivered exceptionally strong performance in 2025, with the Index advancing for the year. The surge reflected a broad based recovery across Europe, Japan, and other developed Asia Pacific markets. Across developed markets more broadly, earnings momentum strengthened, aided by healthier margins, and normalization of supply chains.

* Sector performance was well balanced, with financials, industrials, healthcare, and technology all contributing meaningfully.

* Geopolitical uncertainties and episodic volatility in global risk sentiment-introduced pockets of short term noise.

Markets showed resilience as companies adapted to shifting trade dynamics and investors sought diversification. By year end, developed ex U.S. markets had firmly re-established themselves as a core engine of global equity 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](if59e9f3aa1c5243410b8f5eb.jpg)

---

| | | |
|:---|:---|:---|
| | Service Class | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $10074 | $10100 |
| 12/31/2017 | $12530 | $12628 |
| 12/31/2018 | $10786 | $10887 |
| 12/31/2019 | $13080 | $13284 |
| 12/31/2020 | $14072 | $14322 |
| 12/31/2021 | $15590 | $15935 |
| 12/31/2022 | $13324 | $13632 |
| 12/31/2023 | $15625 | $16118 |
| 12/31/2024 | $16089 | $16735 |
| 12/31/2025 | $21052 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 30.85% | 8.39% | 7.73% |
| 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 | $2880917678 |
| # of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $6899803 |

---

## 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 | 21.6% |
| United Kingdom | 13.8% |
| France | 10.1% |
| Switzerland | 9.8% |
| Germany | 9.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.1% |
| Money Market Funds | 1.8% |
| Preferred Stocks | 0.3% |
| Convertible Preferred Stocks | 0.0% |
| Other | 0.8% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 14.7% |
| Pharmaceuticals | 8.1% |
| Insurance | 5.8% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Aerospace & Defense | 3.3% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA International 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 | $28 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
The Fund is constructed of an equity sleeve consisting of 100% allocation to LVIP SSGA International Index Fund, as well as a risk overlay sleeve.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* During the calendar year 2025, the equity sleeve underperformed the benchmark mainly due to fees.

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](i092491d16bb6662fdf546504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9640 | $10283 | $10100 |
| 12/31/2017 | $11979 | $12844 | $12628 |
| 12/31/2018 | $10517 | $10997 | $10887 |
| 12/31/2019 | $12493 | $13498 | $13284 |
| 12/31/2020 | $12372 | $14636 | $14322 |
| 12/31/2021 | $13703 | $16419 | $15935 |
| 12/31/2022 | $11397 | $13913 | $13632 |
| 12/31/2023 | $13385 | $16313 | $16118 |
| 12/31/2024 | $13757 | $17027 | $16735 |
| 12/31/2025 | $17196 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 25.00% | 6.81% | 5.57% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $276032186 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $628894 |

---

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 | 95.2% |
| Money Market Funds | 4.4% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA International Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA International 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 | $56 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
The Fund is constructed of an equity sleeve consisting of 100% allocation to LVIP SSGA International Index Fund, as well as a risk overlay sleeve.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* During the calendar year 2025, the equity sleeve underperformed the benchmark mainly due to fees.

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](i072f8a8a0c0be7c84a53aaf4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9620 | $10283 | $10100 |
| 12/31/2017 | $11924 | $12844 | $12628 |
| 12/31/2018 | $10443 | $10997 | $10887 |
| 12/31/2019 | $12373 | $13498 | $13284 |
| 12/31/2020 | $12222 | $14636 | $14322 |
| 12/31/2021 | $13504 | $16419 | $15935 |
| 12/31/2022 | $11203 | $13913 | $13632 |
| 12/31/2023 | $13125 | $16313 | $16118 |
| 12/31/2024 | $13456 | $17027 | $16735 |
| 12/31/2025 | $16777 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 24.69% | 6.54% | 5.31% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $276032186 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $628894 |

---

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 | 95.2% |
| Money Market Funds | 4.4% |
| Other | 0.4% |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Large Cap Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA 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 | $26 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
This Fund predominately consists of an allocation to a domestic large cap equity index fund. The Fund is expected to closely track the index, but may not track the index exactly due to expenses, cash, transaction costs and other unique factors.

* During calendar year 2025, the Fund replicated the performance of the index it tracks closely.

* 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](ieb627eeb40a5ec0532d601f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10820 | $11244 | $11196 |
| 12/31/2017 | $13102 | $13658 | $13640 |
| 12/31/2018 | $12492 | $12968 | $13042 |
| 12/31/2019 | $15139 | $17018 | $17149 |
| 12/31/2020 | $17528 | $20575 | $20304 |
| 12/31/2021 | $22451 | $25880 | $26132 |
| 12/31/2022 | $18683 | $20851 | $21399 |
| 12/31/2023 | $23250 | $26363 | $27025 |
| 12/31/2024 | $28917 | $32715 | $33786 |
| 12/31/2025 | $31699 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 9.62% | 12.58% | 12.23% |
| 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 | $875622121 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1970858 |

---

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 | 96.3% |
| Money Market Funds | 3.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Large Cap Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA 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 | $52 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
This Fund predominately consists of an allocation to a domestic large cap equity index fund. The Fund is expected to closely track the index, but may not track the index exactly due to expenses, cash, transaction costs and other unique factors.

* During calendar year 2025, the Fund replicated the performance of the index it tracks closely.

* 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](i85c0dd5b74d8c5699a082046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10793 | $11244 | $11196 |
| 12/31/2017 | $13036 | $13658 | $13640 |
| 12/31/2018 | $12400 | $12968 | $13042 |
| 12/31/2019 | $14987 | $17018 | $17149 |
| 12/31/2020 | $17309 | $20575 | $20304 |
| 12/31/2021 | $22116 | $25880 | $26132 |
| 12/31/2022 | $18356 | $20851 | $21399 |
| 12/31/2023 | $22787 | $26363 | $27025 |
| 12/31/2024 | $28270 | $32715 | $33786 |
| 12/31/2025 | $30913 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 9.35% | 12.30% | 11.95% |
| 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 | $875622121 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $1970858 |

---

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 | 96.3% |
| Money Market Funds | 3.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Mid-Cap Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Mid-Cap Index 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 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
Performance for 2025 reflected a volatile backdrop of tariff headlines early in the year, followed by improving risk sentiment as policy uncertainty eased and global central banks pivoted toward accommodation. The Fund's return closely tracked the S&P Midcap 400 Index (the "Index"), with differences primarily attributable to fees and expenses, cash drag, and the cumulative effect of security misweights. Futures were used to equitize cash and dividend receivables to facilitate flows.

* Sector contributions were generally consistent with the benchmark: financials, industrials, and information technology were notable positives amid resilient earnings and artificial intelligence-related optimism, while materials modestly detracted; communication services and health care contributed minimally.

* Macro drivers included a mid-year rebound as tariff risks paused, followed by late-year support from rate cuts and moderating inflation; bonds and commodities moved mixed, while equities ended the year on firmer footing. The Fund remained fully invested, with disciplined rebalancing and trading to minimize tracking error relative to the Index. Differences versus the Index were not material over the reporting period.

## 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](i21642da19cbfa8b997a860d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P MidCap 400<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12031 | $11244 | $12074 |
| 12/31/2017 | $13939 | $13658 | $14035 |
| 12/31/2018 | $12355 | $12968 | $12480 |
| 12/31/2019 | $15543 | $17018 | $15749 |
| 12/31/2020 | $17592 | $20575 | $17900 |
| 12/31/2021 | $21879 | $25880 | $22332 |
| 12/31/2022 | $18948 | $20851 | $19416 |
| 12/31/2023 | $21989 | $26363 | $22607 |
| 12/31/2024 | $24968 | $32715 | $25756 |
| 12/31/2025 | $26749 | $38390 | $27688 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 7.13% | 8.74% | 10.34% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

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 | $972153307 |
| # of Portfolio Holdings | 403 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $2446354 |

---

## 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 | 99.5% |
| Money Market Funds | 0.6% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 6.5% |
| Machinery | 5.5% |
| Insurance | 4.0% |
| Electronic Equipment, Instruments & Components | 3.7% |
| Software | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Mid-Cap Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Mid-Cap Index 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 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
Performance for 2025 reflected a volatile backdrop of tariff headlines early in the year, followed by improving risk sentiment as policy uncertainty eased and global central banks pivoted toward accommodation. The Fund's return closely tracked the S&P Midcap 400 Index (the "Index"), with differences primarily attributable to fees and expenses, cash drag, and the cumulative effect of security misweights. Futures were used to equitize cash and dividend receivables to facilitate flows.

* Sector contributions were generally consistent with the benchmark: financials, industrials, and information technology were notable positives amid resilient earnings and artificial intelligence-related optimism, while materials modestly detracted; communication services and health care contributed minimally.

* Macro drivers included a mid-year rebound as tariff risks paused, followed by late-year support from rate cuts and moderating inflation; bonds and commodities moved mixed, while equities ended the year on firmer footing. The Fund remained fully invested, with disciplined rebalancing and trading to minimize tracking error relative to the Index. Differences versus the Index were not material over the reporting period.

## 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](i63253e14cd6852c8b5fbd100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P MidCap 400<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12001 | $11244 | $12074 |
| 12/31/2017 | $13871 | $13658 | $14035 |
| 12/31/2018 | $12262 | $12968 | $12480 |
| 12/31/2019 | $15389 | $17018 | $15749 |
| 12/31/2020 | $17375 | $20575 | $17900 |
| 12/31/2021 | $21555 | $25880 | $22332 |
| 12/31/2022 | $18621 | $20851 | $19416 |
| 12/31/2023 | $21553 | $26363 | $22607 |
| 12/31/2024 | $24414 | $32715 | $25756 |
| 12/31/2025 | $26090 | $38390 | $27688 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.87% | 8.47% | 10.06% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

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 | $972153307 |
| # of Portfolio Holdings | 403 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $2446354 |

---

## 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 | 99.5% |
| Money Market Funds | 0.6% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 6.5% |
| Machinery | 5.5% |
| Insurance | 4.0% |
| Electronic Equipment, Instruments & Components | 3.7% |
| Software | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Nasdaq-100 Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Nasdaq-100 Index 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 | $50 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, the Nasdaq 100 Index ("Index") delivered a year of strong performance, with the Fund's return tracking the Index closely. The index reached record highs despite notable volatility throughout the year. Early in the year, markets were shaken by the April 2 "Liberation Day" tariff shock, which triggered a sharp pullback. However, equities rebounded swiftly as investors grew confident that corporate adaptability would offset early disruptions. Easing trade tensions and emerging policy clarity further supported the recovery. Momentum strengthened through the second half of the year as the U.S. Federal Reserve (the "Fed") implemented three interest rate cuts.

* Technology remained the primary engine of market gains, driven by ongoing investment in artificial intelligence.

* Robust earnings across mega cap names fueled tech strength, while other sectors experienced uneven results.

* Resilient corporate earnings and increased productivity expectations supported investor confidence.

* The combination of Fed policy, tech innovation, and corporate adaptability drove market resilience.

Overall, 2025 underscored the durability of the bull market despite early shocks and volatility.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of February 18, 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](ibb9c26aeec6c0830b1c7540a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Nasdaq-100<sup>®</sup> Index |
| 2/18/2021 | $10000 | $10000 | $10000 |
| 12/31/2021 | $11939 | $11953 | $12037 |
| 12/31/2022 | $8032 | $9631 | $8139 |
| 12/31/2023 | $12410 | $12177 | $12626 |
| 12/31/2024 | $15543 | $15110 | $15894 |
| 12/31/2025 | $18727 | $17732 | $19235 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 2/18/2021 |
| Standard Class | 20.49% | 13.75% |
| Morningstar US Market Index | 17.35% | 12.49% |
| Nasdaq-100<sup>®</sup> Index | 21.02% | 14.39% |

---

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 | $149828072 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $389689 |

---

## 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 | 98.3% |
| Money Market Funds | 1.7% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 24.1% |
| Software | 16.4% |
| Interactive Media & Services | 10.7% |
| Technology Hardware, Storage & Peripherals | 8.5% |
| Broadline Retail | 5.8% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Nasdaq-100 Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Nasdaq-100 Index 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 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, the Nasdaq 100 Index ("Index") delivered a year of strong performance, with the Fund's return tracking the Index closely. The index reached record highs despite notable volatility throughout the year. Early in the year, markets were shaken by the April 2 "Liberation Day" tariff shock, which triggered a sharp pullback. However, equities rebounded swiftly as investors grew confident that corporate adaptability would offset early disruptions. Easing trade tensions and emerging policy clarity further supported the recovery. Momentum strengthened through the second half of the year as the U.S. Federal Reserve (the "Fed") implemented three interest rate cuts.

* Technology remained the primary engine of market gains, driven by ongoing investment in artificial intelligence.

* Robust earnings across mega cap names fueled tech strength, while other sectors experienced uneven results.

* Resilient corporate earnings and increased productivity expectations supported investor confidence.

* The combination of Fed policy, tech innovation, and corporate adaptability drove market resilience.

Overall, 2025 underscored the durability of the bull market despite early shocks and volatility.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of February 18, 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](ia2d154f99e86cfb4f9819bdc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Nasdaq-100<sup>®</sup> Index |
| 2/18/2021 | $10000 | $10000 | $10000 |
| 12/31/2021 | $11916 | $11953 | $12037 |
| 12/31/2022 | $7996 | $9631 | $8139 |
| 12/31/2023 | $12323 | $12177 | $12626 |
| 12/31/2024 | $15397 | $15110 | $15894 |
| 12/31/2025 | $18507 | $17732 | $19235 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 2/18/2021 |
| Service Class | 20.20% | 13.48% |
| Morningstar US Market Index | 17.35% | 12.49% |
| Nasdaq-100<sup>®</sup> Index | 21.02% | 14.39% |

---

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 | $149828072 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $389689 |

---

## 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 | 98.3% |
| Money Market Funds | 1.7% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 24.1% |
| Software | 16.4% |
| Interactive Media & Services | 10.7% |
| Technology Hardware, Storage & Peripherals | 8.5% |
| Broadline Retail | 5.8% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA S&P 500 Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA S&P 500 Index 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 | $25 | 0.23% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, the S&P 500 Index (the "Index") reached record highs despite notable volatility throughout the year. The Fund's returns tracked the Index closely throughout the year. Early in the year, markets were shaken by the April 2 "Liberation Day" tariff shock, which triggered a sharp pullback. However, equities rebounded swiftly as investors grew confident that corporate adaptability would offset early disruptions. Easing trade tensions and emerging policy clarity further supported the recovery. Momentum strengthened through the second half of the year as the U.S. Federal Reserve (the "Fed") implemented three interest rate cuts.

* Technology remained the primary engine of market gains, driven by ongoing investment in artificial intelligence.

* Robust earnings across mega cap names fueled tech strength, while other sectors experienced uneven results.

* Resilient corporate earnings and increased productivity expectations supported investor confidence.

* The combination of Fed policy, tech innovation, and corporate adaptability drove market resilience.

## 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](iab8dabbea1501a0074ad9b61.jpg)

---

| | | |
|:---|:---|:---|
| | Standard Class | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $11176 | $11196 |
| 12/31/2017 | $13587 | $13640 |
| 12/31/2018 | $12956 | $13042 |
| 12/31/2019 | $16998 | $17149 |
| 12/31/2020 | $20063 | $20304 |
| 12/31/2021 | $25765 | $26132 |
| 12/31/2022 | $21048 | $21399 |
| 12/31/2023 | $26522 | $27025 |
| 12/31/2024 | $33081 | $33786 |
| 12/31/2025 | $38902 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 17.60% | 14.16% | 14.55% |
| 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 | $12512098307 |
| # of Portfolio Holdings | 505 |
| Portfolio Turnover Rate | 3% |
| Total Advisory Fees Paid | $19115248 |

---

## 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 | 99.5% |
| Money Market Funds | 0.4% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.1% |
| Software | 10.2% |
| Interactive Media & Services | 8.1% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 3.9% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 4, 2025, the Fund's principal investment strategies were updated to reflect that the Fund intends to be diversified in approximately the same proportion as the S&P 500 Index, and that the Fund may become "non-diversified" as defined by the Investment Company Act of 1940 solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA S&P 500 Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA S&P 500 Index 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 | $52 | 0.48% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, the S&P 500 Index (the "Index") reached record highs despite notable volatility throughout the year. The Fund's returns tracked the Index closely throughout the year. Early in the year, markets were shaken by the April 2 "Liberation Day" tariff shock, which triggered a sharp pullback. However, equities rebounded swiftly as investors grew confident that corporate adaptability would offset early disruptions. Easing trade tensions and emerging policy clarity further supported the recovery. Momentum strengthened through the second half of the year as the U.S. Federal Reserve (the "Fed") implemented three interest rate cuts.

* Technology remained the primary engine of market gains, driven by ongoing investment in artificial intelligence.

* Robust earnings across mega cap names fueled tech strength, while other sectors experienced uneven results.

* Resilient corporate earnings and increased productivity expectations supported investor confidence.

* The combination of Fed policy, tech innovation, and corporate adaptability drove market resilience.

## 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](i3163ad0af45fa773c22fbca3.jpg)

---

| | | |
|:---|:---|:---|
| | Service Class | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 |
| 12/31/2016 | $11148 | $11196 |
| 12/31/2017 | $13518 | $13640 |
| 12/31/2018 | $12859 | $13042 |
| 12/31/2019 | $16829 | $17149 |
| 12/31/2020 | $19814 | $20304 |
| 12/31/2021 | $25382 | $26132 |
| 12/31/2022 | $20683 | $21399 |
| 12/31/2023 | $25998 | $27025 |
| 12/31/2024 | $32346 | $33786 |
| 12/31/2025 | $37942 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 17.30% | 13.88% | 14.26% |
| 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 | $12512098307 |
| # of Portfolio Holdings | 505 |
| Portfolio Turnover Rate | 3% |
| Total Advisory Fees Paid | $19115248 |

---

## 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 | 99.5% |
| Money Market Funds | 0.4% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.1% |
| Software | 10.2% |
| Interactive Media & Services | 8.1% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 3.9% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective December 4, 2025, the Fund's principal investment strategies were updated to reflect that the Fund intends to be diversified in approximately the same proportion as the S&P 500 Index, and that the Fund may become "non-diversified" as defined by the Investment Company Act of 1940 solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Short-Term Bond Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Short-Term Bond Index 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?
As this is an indexed fund, factors that affected markets also affected the Fund's performance. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg U.S. Corp 1-3 Yr TR USD. The Bond market performed well in 2025, showing rebounds similar to those seen in 2020.The rally was driven by elevated starting yields, moderating inflation, and a shift in U.S. Federal Reserve (the "Fed") policy. The Fed has delivered a total of 175bps across six cuts - three carried over from 2024 and the remaining occurred in 2025. Corporate spreads remained near historical tight levels supported by the constructive investment-grade backdrop.

The following factors have positively contributed to relative performance:

* Yield curve positioning

* Security selection within banking, consumer cyclical, and technology

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 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](i1348a9f70cd5af9f144ffc3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. 1-3 Year Corporate Bond Index |
| 5/1/2018 | $10000 | $10000 | $10000 |
| 12/31/2018 | $10156 | $10252 | $10190 |
| 12/31/2019 | $10643 | $11138 | $10731 |
| 12/31/2020 | $11031 | $11973 | $11138 |
| 12/31/2021 | $10974 | $11781 | $11124 |
| 12/31/2022 | $10595 | $10250 | $10754 |
| 12/31/2023 | $11143 | $10795 | $11343 |
| 12/31/2024 | $11687 | $10942 | $11942 |
| 12/31/2025 | $12332 | $11720 | $12645 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2018 |
| Standard Class | 5.52% | 2.25% | 2.77% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 2.09% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 5.88% | 2.57% | 3.11% |

---

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 | $306741395 |
| # of Portfolio Holdings | 943 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $825359 |

---

## 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>

---

| | |
|:---|:---|
| AAA | 1.8% |
| AA | 19.4% |
| A | 46.3% |
| BBB | 32.5% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 98.3% |
| Money Market Funds | 0.6% |
| Other | 1.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 35.3% |
| Electric | 5.4% |
| Diversified Financial Services | 4.8% |
| Auto Manufacturers | 4.2% |
| Pharmaceuticals | 4.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Short-Term Bond Index Fund
![Image](i0f8a75a4946517ddc825ed18.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Short-Term Bond Index 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 | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
As this is an indexed fund, factors that affected markets also affected the Fund's performance. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg U.S. Corp 1-3 Yr TR USD. The Bond market performed well in 2025, showing rebounds similar to those seen in 2020.The rally was driven by elevated starting yields, moderating inflation, and a shift in U.S. Federal Reserve (the "Fed") policy. The Fed has delivered a total of 175bps across six cuts - three carried over from 2024 and the remaining occurred in 2025. Corporate spreads remained near historical tight levels supported by the constructive investment-grade backdrop.

The following factors have positively contributed to relative performance:

* Yield curve positioning

* Security selection within banking, consumer cyclical, and technology

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 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](i2028167882cfa254dbff129a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. 1-3 Year Corporate Bond Index |
| 5/1/2018 | $10000 | $10000 | $10000 |
| 12/31/2018 | $10140 | $10252 | $10190 |
| 12/31/2019 | $10599 | $11138 | $10731 |
| 12/31/2020 | $10959 | $11973 | $11138 |
| 12/31/2021 | $10875 | $11781 | $11124 |
| 12/31/2022 | $10473 | $10250 | $10754 |
| 12/31/2023 | $10987 | $10795 | $11343 |
| 12/31/2024 | $11496 | $10942 | $11942 |
| 12/31/2025 | $12099 | $11720 | $12645 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2018 |
| Service Class | 5.25% | 2.00% | 2.51% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 2.09% |
| Bloomberg U.S. 1-3 Year Corporate Bond Index | 5.88% | 2.57% | 3.11% |

---

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 | $306741395 |
| # of Portfolio Holdings | 943 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $825359 |

---

## 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>

---

| | |
|:---|:---|
| AAA | 1.8% |
| AA | 19.4% |
| A | 46.3% |
| BBB | 32.5% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 98.3% |
| Money Market Funds | 0.6% |
| Other | 1.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 35.3% |
| Electric | 5.4% |
| Diversified Financial Services | 4.8% |
| Auto Manufacturers | 4.2% |
| Pharmaceuticals | 4.1% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Small-Cap Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Small-Cap Index 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 | 0.38% |

---

## How did the Fund perform last year and what affected its performance?
U.S. small cap stocks, as measured by the Russell 2000 Index (the "Index"), experienced a mixed but ultimately improving trajectory in 2025, with the Fund's returns tracking the Index closely. To begin the year, notable headwinds included tariff uncertainty, inflation pressures, and weakening consumer confidence. As the year progressed, sentiment improved - helped by Fed rate cut expectations and easing financial conditions - leading to a rebound that saw small caps close in on large cap performance. Earnings trends also turned positive, with small cap companies shifting out of an earnings recession and delivering better than expected year over year growth in the fourth quarter, supported by strength across financials, healthcare, and technology sectors.

* The Fund's return closely tracked the Index, with differences primarily attributable to fees and expenses, cash drag, and the cumulative effect of security misweights.

Futures were used to equitize cash and dividend receivables to facilitate flows.

## 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](i21b1261903a977245dc8b143.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12068 | $11244 | $12131 |
| 12/31/2017 | $13782 | $13658 | $13908 |
| 12/31/2018 | $12216 | $12968 | $12376 |
| 12/31/2019 | $15274 | $17018 | $15535 |
| 12/31/2020 | $18206 | $20575 | $18636 |
| 12/31/2021 | $20856 | $25880 | $21397 |
| 12/31/2022 | $16522 | $20851 | $17024 |
| 12/31/2023 | $19248 | $26363 | $19906 |
| 12/31/2024 | $21393 | $32715 | $22203 |
| 12/31/2025 | $24059 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 12.46% | 5.73% | 9.18% |
| 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 | $2022514656 |
| # of Portfolio Holdings | 1946 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $6048097 |

---

## 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 | 99.5% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.9% |
| Biotechnology | 9.2% |
| Software | 5.6% |
| Machinery | 3.8% |
| Electronic Equipment, Instruments & Components | 3.4% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA Small-Cap Index Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA Small-Cap Index 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 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
U.S. small cap stocks, as measured by the Russell 2000 Index (the "Index"), experienced a mixed but ultimately improving trajectory in 2025, with the Fund's returns tracking the Index closely. To begin the year, notable headwinds included tariff uncertainty, inflation pressures, and weakening consumer confidence. As the year progressed, sentiment improved - helped by Fed rate cut expectations and easing financial conditions - leading to a rebound that saw small caps close in on large cap performance. Earnings trends also turned positive, with small cap companies shifting out of an earnings recession and delivering better than expected year over year growth in the fourth quarter, supported by strength across financials, healthcare, and technology sectors.

* The Fund's return closely tracked the Index, with differences primarily attributable to fees and expenses, cash drag, and the cumulative effect of security misweights.

Futures were used to equitize cash and dividend receivables to facilitate flows.

## 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](ie2f6d74f3bccd1e901c25b7f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12038 | $11244 | $12131 |
| 12/31/2017 | $13714 | $13658 | $13908 |
| 12/31/2018 | $12125 | $12968 | $12376 |
| 12/31/2019 | $15122 | $17018 | $15535 |
| 12/31/2020 | $17981 | $20575 | $18636 |
| 12/31/2021 | $20546 | $25880 | $21397 |
| 12/31/2022 | $16235 | $20851 | $17024 |
| 12/31/2023 | $18867 | $26363 | $19906 |
| 12/31/2024 | $20917 | $32715 | $22203 |
| 12/31/2025 | $23466 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.18% | 5.47% | 8.90% |
| 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 | $2022514656 |
| # of Portfolio Holdings | 1946 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $6048097 |

---

## 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 | 99.5% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.9% |
| Biotechnology | 9.2% |
| Software | 5.6% |
| Machinery | 3.8% |
| Electronic Equipment, Instruments & Components | 3.4% |

---

## 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA SMID Cap Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA SMID 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 | $26 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
This Fund consists of allocations to small cap and mid cap index funds (roughly 80% and 20%, respectively). Due to the approximately 20% mid cap allocation, the Fund will have a larger size bias relative to the benchmark, which is a pure small cap index.

* During calendar year 2025, the Fund's exposure to mid-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](i6b1a3b99562462a192b6b742.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11540 | $11244 | $12131 |
| 12/31/2017 | $13174 | $13658 | $13908 |
| 12/31/2018 | $11970 | $12968 | $12376 |
| 12/31/2019 | $13713 | $17018 | $15535 |
| 12/31/2020 | $15546 | $20575 | $18636 |
| 12/31/2021 | $18071 | $25880 | $21397 |
| 12/31/2022 | $14753 | $20851 | $17024 |
| 12/31/2023 | $16772 | $26363 | $19906 |
| 12/31/2024 | $18672 | $32715 | $22203 |
| 12/31/2025 | $19511 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 4.49% | 4.65% | 6.91% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $584694338 |
| # of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $1344148 |

---

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 | 97.3% |
| Money Market Funds | 2.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP SSGA SMID Cap Managed Volatility Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP SSGA SMID 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 | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
This Fund consists of allocations to small cap and mid cap index funds (roughly 80% and 20%, respectively). Due to the approximately 20% mid cap allocation, the Fund will have a larger size bias relative to the benchmark, which is a pure small cap index.

* During calendar year 2025, the Fund's exposure to mid-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](i3e9b005e0ba2b46dcd7d5821.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11511 | $11244 | $12131 |
| 12/31/2017 | $13107 | $13658 | $13908 |
| 12/31/2018 | $11881 | $12968 | $12376 |
| 12/31/2019 | $13577 | $17018 | $15535 |
| 12/31/2020 | $15353 | $20575 | $18636 |
| 12/31/2021 | $17802 | $25880 | $21397 |
| 12/31/2022 | $14497 | $20851 | $17024 |
| 12/31/2023 | $16440 | $26363 | $19906 |
| 12/31/2024 | $18257 | $32715 | $22203 |
| 12/31/2025 | $19029 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 4.23% | 4.39% | 6.65% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $584694338 |
| # of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $1344148 |

---

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 | 97.3% |
| Money Market Funds | 2.5% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price Structured Mid-Cap Growth Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price Structured Mid-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 | $75 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Mid-cap growth stocks rose in 2025 after a challenging start from the year stemming from new U.S. tariffs.

* Stock selection in information technology was a very strong contributor to performance versus the Russell Midcap Growth Index.

* Stock choices among industrials and business services and health care companies also added value.

* Conversely, stock selection in real estate and a small overweight in the sector detracted modestly from relative results

* Stock choices among consumer discretionary companies and a sector underweight also had a modest negative relative performance impact.

## 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](i964440c222fcf6a56e072872.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10756 | $11244 | $10733 |
| 12/31/2017 | $13417 | $13658 | $13445 |
| 12/31/2018 | $13004 | $12968 | $12806 |
| 12/31/2019 | $17868 | $17018 | $17348 |
| 12/31/2020 | $23531 | $20575 | $23522 |
| 12/31/2021 | $26789 | $25880 | $26516 |
| 12/31/2022 | $20219 | $20851 | $19431 |
| 12/31/2023 | $24499 | $26363 | $24457 |
| 12/31/2024 | $30298 | $32715 | $29863 |
| 12/31/2025 | $33643 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 11.04% | 7.41% | 12.90% |
| 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 | $1385562293 |
| # of Portfolio Holdings | 279 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $8691654 |

---

## 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 | 98.5% |
| Convertible Preferred Stocks | 1.4% |
| Money Market Funds | 0.2% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 11.2% |
| Software | 9.3% |
| Aerospace & Defense | 7.3% |
| Capital Markets | 6.1% |
| Biotechnology | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price Structured Mid-Cap Growth Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price Structured Mid-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 | $101 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Mid-cap growth stocks rose in 2025 after a challenging start from the year stemming from new U.S. tariffs.

* Stock selection in information technology was a very strong contributor to performance versus the Russell Midcap Growth Index.

* Stock choices among industrials and business services and health care companies also added value.

* Conversely, stock selection in real estate and a small overweight in the sector detracted modestly from relative results

* Stock choices among consumer discretionary companies and a sector underweight also had a modest negative relative performance impact.

## 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](i43fb1124443ca14a06f1bff8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10729 | $11244 | $10733 |
| 12/31/2017 | $13350 | $13658 | $13445 |
| 12/31/2018 | $12909 | $12968 | $12806 |
| 12/31/2019 | $17693 | $17018 | $17348 |
| 12/31/2020 | $23242 | $20575 | $23522 |
| 12/31/2021 | $26394 | $25880 | $26516 |
| 12/31/2022 | $19871 | $20851 | $19431 |
| 12/31/2023 | $24018 | $26363 | $24457 |
| 12/31/2024 | $29629 | $32715 | $29863 |
| 12/31/2025 | $32818 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 10.76% | 7.14% | 12.62% |
| 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 | $1385562293 |
| # of Portfolio Holdings | 279 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $8691654 |

---

## 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 | 98.5% |
| Convertible Preferred Stocks | 1.4% |
| Money Market Funds | 0.2% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 11.2% |
| Software | 9.3% |
| Aerospace & Defense | 7.3% |
| Capital Markets | 6.1% |
| Biotechnology | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2020 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2020 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 | $26 | 0.24% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2020 index due primarily to the factors noted above.

## 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](i51f1c7e79aa568e02e62b611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | S&P Target Date 2020 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10445 | $10254 | $10722 |
| 12/31/2017 | $11702 | $10602 | $12095 |
| 12/31/2018 | $11049 | $10617 | $11592 |
| 12/31/2019 | $13140 | $11535 | $13507 |
| 12/31/2020 | $14883 | $12399 | $14890 |
| 12/31/2021 | $16405 | $12200 | $16195 |
| 12/31/2022 | $13916 | $10615 | $14119 |
| 12/31/2023 | $15800 | $11179 | $15859 |
| 12/31/2024 | $17192 | $11331 | $17142 |
| 12/31/2025 | $19430 | $12138 | $19323 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.02% | 5.48% | 6.87% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| S&P Target Date 2020 Index | 12.72% | 5.35% | 6.81% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $100312370 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $182022 |

---

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 | 40.0% |
| Equity Funds | 39.1% |
| International Equity Funds | 12.7% |
| International Fixed Income Funds | 6.8% |
| Money Market Funds | 3.2% |
| Other | (1.8%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2020 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2020 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 | $52 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2020 index due primarily to the factors noted above.

## 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](ia122eaf2e299bdf94c43ca80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | S&P Target Date 2020 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10420 | $10254 | $10722 |
| 12/31/2017 | $11644 | $10602 | $12095 |
| 12/31/2018 | $10966 | $10617 | $11592 |
| 12/31/2019 | $13010 | $11535 | $13507 |
| 12/31/2020 | $14699 | $12399 | $14890 |
| 12/31/2021 | $16162 | $12200 | $16195 |
| 12/31/2022 | $13675 | $10615 | $14119 |
| 12/31/2023 | $15489 | $11179 | $15859 |
| 12/31/2024 | $16809 | $11331 | $17142 |
| 12/31/2025 | $18951 | $12138 | $19323 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.74% | 5.21% | 6.60% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| S&P Target Date 2020 Index | 12.72% | 5.35% | 6.81% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $100312370 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $182022 |

---

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 | 40.0% |
| Equity Funds | 39.1% |
| International Equity Funds | 12.7% |
| International Fixed Income Funds | 6.8% |
| Money Market Funds | 3.2% |
| Other | (1.8%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2030 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2030 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 | $27 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2030 index due primarily to the factors noted above.

## 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](i65d228bdfd246075eed0ea34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P Target Date 2030 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10372 | $11244 | $10835 |
| 12/31/2017 | $11768 | $13658 | $12589 |
| 12/31/2018 | $10876 | $12968 | $11834 |
| 12/31/2019 | $13284 | $17018 | $14246 |
| 12/31/2020 | $15310 | $20575 | $15942 |
| 12/31/2021 | $17392 | $25880 | $17952 |
| 12/31/2022 | $14458 | $20851 | $15445 |
| 12/31/2023 | $16791 | $26363 | $17730 |
| 12/31/2024 | $18542 | $32715 | $19485 |
| 12/31/2025 | $21321 | $38390 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.99% | 6.85% | 7.87% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $228881731 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $404836 |

---

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 | 48.1% |
| Fixed Income Funds | 27.4% |
| International Equity Funds | 16.7% |
| International Fixed Income Funds | 5.2% |
| Money Market Funds | 4.1% |
| Other | (1.5%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2030 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2030 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?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2030 index due primarily to the factors noted above.

## 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](if074f1cc5c5e93b5df4eb15f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P Target Date 2030 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10345 | $11244 | $10835 |
| 12/31/2017 | $11710 | $13658 | $12589 |
| 12/31/2018 | $10795 | $12968 | $11834 |
| 12/31/2019 | $13153 | $17018 | $14246 |
| 12/31/2020 | $15121 | $20575 | $15942 |
| 12/31/2021 | $17133 | $25880 | $17952 |
| 12/31/2022 | $14209 | $20851 | $15445 |
| 12/31/2023 | $16460 | $26363 | $17730 |
| 12/31/2024 | $18130 | $32715 | $19485 |
| 12/31/2025 | $20796 | $38390 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.71% | 6.58% | 7.60% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2030 Index | 15.13% | 7.07% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $228881731 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $404836 |

---

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 | 48.1% |
| Fixed Income Funds | 27.4% |
| International Equity Funds | 16.7% |
| International Fixed Income Funds | 5.2% |
| Money Market Funds | 4.1% |
| Other | (1.5%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2040 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2040 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 | $28 | 0.26% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2040 index due primarily to the factors noted above.

## 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](i9b28de1d70cfd1cb91456558.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P Target Date 2040 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10381 | $11244 | $10923 |
| 12/31/2017 | $11900 | $13658 | $12983 |
| 12/31/2018 | $10862 | $12968 | $12022 |
| 12/31/2019 | $13517 | $17018 | $14831 |
| 12/31/2020 | $15763 | $20575 | $16813 |
| 12/31/2021 | $18432 | $25880 | $19595 |
| 12/31/2022 | $15161 | $20851 | $16547 |
| 12/31/2023 | $18071 | $26363 | $19553 |
| 12/31/2024 | $20428 | $32715 | $22069 |
| 12/31/2025 | $24134 | $38390 | $26085 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 18.14% | 8.89% | 9.21% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199255517 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $348947 |

---

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 | 63.1% |
| International Equity Funds | 23.6% |
| Fixed Income Funds | 9.5% |
| Money Market Funds | 3.0% |
| International Fixed Income Funds | 1.7% |
| Other | (0.9%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2040 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2040 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 | $56 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2040 index due primarily to the factors noted above.

## 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](ia301596ccae8ab65ccfe1a8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P Target Date 2040 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10355 | $11244 | $10923 |
| 12/31/2017 | $11840 | $13658 | $12983 |
| 12/31/2018 | $10780 | $12968 | $12022 |
| 12/31/2019 | $13381 | $17018 | $14831 |
| 12/31/2020 | $15567 | $20575 | $16813 |
| 12/31/2021 | $18157 | $25880 | $19595 |
| 12/31/2022 | $14899 | $20851 | $16547 |
| 12/31/2023 | $17713 | $26363 | $19553 |
| 12/31/2024 | $19973 | $32715 | $22069 |
| 12/31/2025 | $23537 | $38390 | $26085 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 17.84% | 8.62% | 8.94% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2040 Index | 18.20% | 9.18% | 10.06% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $199255517 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $348947 |

---

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 | 63.1% |
| International Equity Funds | 23.6% |
| Fixed Income Funds | 9.5% |
| Money Market Funds | 3.0% |
| International Fixed Income Funds | 1.7% |
| Other | (0.9%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2050 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2050 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 | $30 | 0.27% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks. 

The Fund was generally in-line to its S&P Target Date 2050 index due primarily to the factors noted above.

## 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](i22b0ffd522881b7a4b3d09be.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P Target Date 2050 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10441 | $11244 | $10974 |
| 12/31/2017 | $12228 | $13658 | $13188 |
| 12/31/2018 | $11192 | $12968 | $12140 |
| 12/31/2019 | $14007 | $17018 | $15097 |
| 12/31/2020 | $16373 | $20575 | $17190 |
| 12/31/2021 | $19321 | $25880 | $20283 |
| 12/31/2022 | $15854 | $20851 | $17043 |
| 12/31/2023 | $19072 | $26363 | $20381 |
| 12/31/2024 | $21780 | $32715 | $23296 |
| 12/31/2025 | $26059 | $38390 | $27853 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 19.65% | 9.74% | 10.05% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $111205283 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $192757 |

---

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 | 70.8% |
| International Equity Funds | 26.4% |
| Money Market Funds | 2.2% |
| Fixed Income Funds | 0.9% |
| International Fixed Income Funds | 0.1% |
| Other | (0.4%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2050 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2050 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 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks. 

The Fund was generally in-line to its S&P Target Date 2050 index due primarily to the factors noted above.

## 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](icf90f419cf20d3603a054972.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P Target Date 2050 Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10415 | $11244 | $10974 |
| 12/31/2017 | $12167 | $13658 | $13188 |
| 12/31/2018 | $11109 | $12968 | $12140 |
| 12/31/2019 | $13861 | $17018 | $15097 |
| 12/31/2020 | $16163 | $20575 | $17190 |
| 12/31/2021 | $19024 | $25880 | $20283 |
| 12/31/2022 | $15572 | $20851 | $17043 |
| 12/31/2023 | $18685 | $26363 | $20381 |
| 12/31/2024 | $21286 | $32715 | $23296 |
| 12/31/2025 | $25404 | $38390 | $27853 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 19.35% | 9.47% | 9.77% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P Target Date 2050 Index | 19.56% | 10.13% | 10.79% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $111205283 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $192757 |

---

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 | 70.8% |
| International Equity Funds | 26.4% |
| Money Market Funds | 2.2% |
| Fixed Income Funds | 0.9% |
| International Fixed Income Funds | 0.1% |
| Other | (0.4%) |

---

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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2060 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2060 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 | $30 | 0.27% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2060 index due primarily to the factors noted above.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 1, 2020 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](ic03a567a54c29fb8540f1e67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P Target Date 2060 Index |
| 5/1/2020 | $10000 | $10000 | $10000 |
| 12/31/2020 | $13406 | $13844 | $13353 |
| 12/31/2021 | $15912 | $17413 | $15763 |
| 12/31/2022 | $13069 | $14030 | $13239 |
| 12/31/2023 | $15723 | $17739 | $15852 |
| 12/31/2024 | $17967 | $22012 | $18141 |
| 12/31/2025 | $21519 | $25831 | $21758 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2020 |
| Standard Class | 19.77% | 9.93% | 14.47% |
| Morningstar US Market Index | 17.35% | 13.29% | 18.23% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 14.71% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $45258121 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $70823 |

---

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 | 71.9% |
| International Equity Funds | 26.1% |
| Money Market Funds | 1.2% |
| Fixed Income Funds | 0.8% |
| International Fixed Income 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP T. Rowe Price 2060 Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP T. Rowe Price 2060 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 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
Global stock indexes and global fixed income markets were broadly positive in 2025. International markets especially soared, aided by a weaker dollar as U.S. markets responded with volatility to President Donald Trump's fluctuating tariff policy over the year.

* The glide path's design, which holds more equity across the series relative to the benchmarks, was a key contributor in a period of strong equity returns. A tactical overweight allocation to international value equities (from international growth) also added to results. International value equities notably outperformed growth names over the fourth quarter. Additionally, a tactical overweight allocation to real assets equities was a contributor, as real assets equities outperformed global equities.

* On the other hand, our greater structural allocation to U.S. equities when compared with the benchmark series had a negative impact on returns as international equities outperformed domestic equities over the year. Security selection also detracted due to underperformance in underlying equity strategies relative to their respective benchmarks.

The Fund was generally in-line to its S&P Target Date 2060 index due primarily to the factors noted above.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 1, 2020 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](i81b388bedf61dd2615f6002b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P Target Date 2060 Index |
| 5/1/2020 | $10000 | $10000 | $10000 |
| 12/31/2020 | $13383 | $13844 | $13353 |
| 12/31/2021 | $15845 | $17413 | $15763 |
| 12/31/2022 | $12982 | $14030 | $13239 |
| 12/31/2023 | $15579 | $17739 | $15852 |
| 12/31/2024 | $17756 | $22012 | $18141 |
| 12/31/2025 | $21215 | $25831 | $21758 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/1/2020 |
| Service Class | 19.48% | 9.65% | 14.18% |
| Morningstar US Market Index | 17.35% | 13.29% | 18.23% |
| S&P Target Date 2060 Index | 19.94% | 10.26% | 14.71% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $45258121 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $70823 |

---

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 | 71.9% |
| International Equity Funds | 26.1% |
| Money Market Funds | 1.2% |
| Fixed Income Funds | 0.8% |
| International Fixed Income 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Growth Allocation Managed Risk Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP U.S. 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 | $30 | 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 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 generally 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 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](i1849f2d008c69a6362608df5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | U.S. Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10408 | $11244 | $11205 | $11009 |
| 12/31/2017 | $11992 | $13658 | $13636 | $12673 |
| 12/31/2018 | $11438 | $12968 | $12983 | $12161 |
| 12/31/2019 | $13403 | $17018 | $17063 | $15066 |
| 12/31/2020 | $14542 | $20575 | $20640 | $17797 |
| 12/31/2021 | $16777 | $25880 | $26101 | $20699 |
| 12/31/2022 | $13399 | $20851 | $21108 | $17184 |
| 12/31/2023 | $15413 | $26363 | $26708 | $20285 |
| 12/31/2024 | $17502 | $32715 | $33255 | $23348 |
| 12/31/2025 | $18997 | $38390 | $39030 | $26434 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 8.54% | 5.49% | 6.63% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| U.S. Growth Blended Composite | 13.22% | 8.23% | 10.21% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1880198657 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $4536967 |

---

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 | 69.4% |
| Fixed Income Funds | 27.3% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Growth Allocation Managed Risk Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP U.S. 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 | $56 | 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 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 generally 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 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](if18caf8667dc4b1821ced3d5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | U.S. Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10381 | $11244 | $11205 | $11009 |
| 12/31/2017 | $11932 | $13658 | $13636 | $12673 |
| 12/31/2018 | $11353 | $12968 | $12983 | $12161 |
| 12/31/2019 | $13269 | $17018 | $17063 | $15066 |
| 12/31/2020 | $14362 | $20575 | $20640 | $17797 |
| 12/31/2021 | $16528 | $25880 | $26101 | $20699 |
| 12/31/2022 | $13168 | $20851 | $21108 | $17184 |
| 12/31/2023 | $15106 | $26363 | $26708 | $20285 |
| 12/31/2024 | $17111 | $32715 | $33255 | $23348 |
| 12/31/2025 | $18528 | $38390 | $39030 | $26434 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.28% | 5.23% | 6.36% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| U.S. Growth Blended Composite | 13.22% | 8.23% | 10.21% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1880198657 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $4536967 |

---

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 | 69.4% |
| Fixed Income Funds | 27.3% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Bond Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard Bond 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 | $31 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests its assets in mutual funds and exchange-traded funds sponsored by The Vanguard Group, Inc. Currently, approximately 30% of the Fund's portfolio invests in the Vanguard Core Bond Fund and approximately 70% of the Fund's portfolio invests in exchange-traded funds of the Vanguard ETFs series, which, in turn, invest in U.S. and foreign fixed income securities (debt obligations).

* 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 allocation to non-U.S. dollar denominated bonds detracted from relative performance versus the benchmark for 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](i1b7ab5b691836bf1c8fffdfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10211 | $10254 | $10265 |
| 12/31/2017 | $10511 | $10602 | $10628 |
| 12/31/2018 | $10496 | $10617 | $10629 |
| 12/31/2019 | $11281 | $11535 | $11556 |
| 12/31/2020 | $11921 | $12399 | $12423 |
| 12/31/2021 | $11768 | $12200 | $12232 |
| 12/31/2022 | $10195 | $10615 | $10641 |
| 12/31/2023 | $10806 | $11179 | $11229 |
| 12/31/2024 | $10960 | $11331 | $11369 |
| 12/31/2025 | $11653 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 6.33% | (0.45%) | 1.54% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1502445078 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $3507096 |

---

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 | 99.9% |
| Money Market Funds | 0.1% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Bond Allocation Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard Bond 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 | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure. The Fund, under normal circumstances, invests its assets in mutual funds and exchange-traded funds sponsored by The Vanguard Group, Inc. Currently, approximately 30% of the Fund's portfolio invests in the Vanguard Core Bond Fund and approximately 70% of the Fund's portfolio invests in exchange-traded funds of the Vanguard ETFs series, which, in turn, invest in U.S. and foreign fixed income securities (debt obligations).

* 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 allocation to non-U.S. dollar denominated bonds detracted from relative performance versus the benchmark for 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](i7b56db6104d8b5be41b158c6.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 | $10458 | $10602 | $10628 |
| 12/31/2018 | $10417 | $10617 | $10629 |
| 12/31/2019 | $11167 | $11535 | $11556 |
| 12/31/2020 | $11773 | $12399 | $12423 |
| 12/31/2021 | $11591 | $12200 | $12232 |
| 12/31/2022 | $10017 | $10615 | $10641 |
| 12/31/2023 | $10591 | $11179 | $11229 |
| 12/31/2024 | $10716 | $11331 | $11369 |
| 12/31/2025 | $11365 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.06% | (0.70%) | 1.29% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1502445078 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $3507096 |

---

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 | 99.9% |
| Money Market Funds | 0.1% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Domestic Equity ETF Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard Domestic Equity ETF 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 | $28 | 0.26% |

---

## How did the Fund perform last year and what affected its performance?
This Fund is a domestic all cap equity ETF fund. The Fund invests predominately in Vanguard equity exchange-traded funds across a broad range of domestic asset classes.

* The Fund maintained similar exposures to its benchmark in calendar year 2025 and achieved performance results that were highly correlated 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](ia79a96c953837588efad86bb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11214 | $11244 | $11274 |
| 12/31/2017 | $13476 | $13658 | $13656 |
| 12/31/2018 | $12812 | $12968 | $12940 |
| 12/31/2019 | $16692 | $17018 | $16954 |
| 12/31/2020 | $20001 | $20575 | $20495 |
| 12/31/2021 | $25148 | $25880 | $25754 |
| 12/31/2022 | $20435 | $20851 | $20808 |
| 12/31/2023 | $25589 | $26363 | $26209 |
| 12/31/2024 | $31244 | $32715 | $32448 |
| 12/31/2025 | $36391 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 16.47% | 12.72% | 13.79% |
| 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 | $1374746985 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $2509110 |

---

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% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard Domestic Equity ETF Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard Domestic Equity ETF 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 | $55 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
This Fund is a domestic all cap equity ETF fund. The Fund invests predominately in Vanguard equity exchange-traded funds across a broad range of domestic asset classes.

* The Fund maintained similar exposures to its benchmark in calendar year 2025 and achieved performance results that were highly correlated 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](i0754bb79445f0ff1fdb7a767.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11186 | $11244 | $11274 |
| 12/31/2017 | $13409 | $13658 | $13656 |
| 12/31/2018 | $12716 | $12968 | $12940 |
| 12/31/2019 | $16526 | $17018 | $16954 |
| 12/31/2020 | $19753 | $20575 | $20495 |
| 12/31/2021 | $24774 | $25880 | $25754 |
| 12/31/2022 | $20081 | $20851 | $20808 |
| 12/31/2023 | $25083 | $26363 | $26209 |
| 12/31/2024 | $30549 | $32715 | $32448 |
| 12/31/2025 | $35492 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 16.18% | 12.43% | 13.50% |
| 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 | $1374746985 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $2509110 |

---

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% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard International Equity ETF Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard International Equity ETF 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 | $30 | 0.26% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure. It currently consists of seven Vanguard equity exchange-traded funds and one money market fund. The Fund is rebalanced back to its target allocations on a quarterly basis and target allocations are reviewed annually.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's underweight to the financials sector and overweight to Japan detracted from performance 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](i3fe77689400656bc9348d3e2.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 | $10372 | $10545 | $10450 |
| 12/31/2017 | $13308 | $13431 | $13291 |
| 12/31/2018 | $11351 | $11527 | $11404 |
| 12/31/2019 | $13870 | $14014 | $13858 |
| 12/31/2020 | $15381 | $15579 | $15334 |
| 12/31/2021 | $16637 | $16889 | $16533 |
| 12/31/2022 | $13871 | $14163 | $13888 |
| 12/31/2023 | $16002 | $16370 | $16056 |
| 12/31/2024 | $16621 | $17215 | $16944 |
| 12/31/2025 | $21865 | $22655 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 31.56% | 7.29% | 8.14% |
| 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 | $838539943 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $1489963 |

---

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% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Vanguard International Equity ETF Fund
![Image](i81af6e61e19c29030e65281b.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Vanguard International Equity ETF 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 | $59 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure. It currently consists of seven Vanguard equity exchange-traded funds and one money market fund. The Fund is rebalanced back to its target allocations on a quarterly basis and target allocations are reviewed annually.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's underweight to the financials sector and overweight to Japan detracted from performance 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](i99c0d19e76ff9a19bdc785ec.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 | $10345 | $10545 | $10450 |
| 12/31/2017 | $13241 | $13431 | $13291 |
| 12/31/2018 | $11265 | $11527 | $11404 |
| 12/31/2019 | $13733 | $14014 | $13858 |
| 12/31/2020 | $15190 | $15579 | $15334 |
| 12/31/2021 | $16388 | $16889 | $16533 |
| 12/31/2022 | $13630 | $14163 | $13888 |
| 12/31/2023 | $15684 | $16370 | $16056 |
| 12/31/2024 | $16252 | $17215 | $16944 |
| 12/31/2025 | $21326 | $22655 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 31.23% | 7.02% | 7.87% |
| 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 | $838539943 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid | $1489963 |

---

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% |
| Money Market Funds | 0.0% |
| 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Wellington SMID Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Wellington SMID 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 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities rose during the twelve-month period ended December 31, 2025 driven by strong corporate earnings, gains in technology and growth stocks, and easing monetary policy. The Fund underperformed the Russell 2500 Value Index during the twelve-month period ended December 31, 2025.

* Relative underperformance was driven by security selection. Selection within health care, materials, and financials detracted from returns. Sector allocation, a residual of the team's bottom-up stock selection process, contributed during the period, driven primarily by an overweight allocation to information technology.

* Top detractors from relative performance during the period included overweight positions in Kemper (financials), Silgan Holdings (materials), and not owning Robinhood Markets (financials). The Fund sold out of its position in Silgan Holdings prior to year-end.

* Top relative contributors during the period included overweight positions in Viavi Solutions (information technology), Allegro MicroSystems (information technology), and MKS (information technology).

## 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](i36fa359d022b45bf85094528.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2500™ Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11307 | $11244 | $12520 |
| 12/31/2017 | $12825 | $13658 | $13817 |
| 12/31/2018 | $10961 | $12968 | $12110 |
| 12/31/2019 | $14315 | $17018 | $14963 |
| 12/31/2020 | $14568 | $20575 | $15693 |
| 12/31/2021 | $18677 | $25880 | $20053 |
| 12/31/2022 | $16809 | $20851 | $17429 |
| 12/31/2023 | $19706 | $26363 | $20214 |
| 12/31/2024 | $22133 | $32715 | $22434 |
| 12/31/2025 | $22668 | $38390 | $25291 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 2.42% | 9.24% | 8.53% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |

---

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 | $395469233 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $2585841 |

---

## 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% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.0% |
| Specialty Retail | 4.8% |
| Machinery | 4.7% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Health Care Equipment & Supplies | 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](i5ef1a11642b680229a1c105f.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Wellington SMID Cap Value Fund
![Image](iab914235cc34dff487630bd5.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Wellington SMID 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 | $104 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities rose during the twelve-month period ended December 31, 2025 driven by strong corporate earnings, gains in technology and growth stocks, and easing monetary policy. The Fund underperformed the Russell 2500 Value Index during the twelve-month period ended December 31, 2025.

* Relative underperformance was driven by security selection. Selection within health care, materials, and financials detracted from returns. Sector allocation, a residual of the team's bottom-up stock selection process, contributed during the period, driven primarily by an overweight allocation to information technology.

* Top detractors from relative performance during the period included overweight positions in Kemper (financials), Silgan Holdings (materials), and not owning Robinhood Markets (financials). The Fund sold out of its position in Silgan Holdings prior to year-end.

* Top relative contributors during the period included overweight positions in Viavi Solutions (information technology), Allegro MicroSystems (information technology), and MKS (information technology).

## 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](i69e2ad5da8f0b9dc4970805b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2500™ Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11278 | $11244 | $12520 |
| 12/31/2017 | $12761 | $13658 | $13817 |
| 12/31/2018 | $10879 | $12968 | $12110 |
| 12/31/2019 | $14172 | $17018 | $14963 |
| 12/31/2020 | $14388 | $20575 | $15693 |
| 12/31/2021 | $18399 | $25880 | $20053 |
| 12/31/2022 | $16517 | $20851 | $17429 |
| 12/31/2023 | $19316 | $26363 | $20214 |
| 12/31/2024 | $21641 | $32715 | $22434 |
| 12/31/2025 | $22108 | $38390 | $25291 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 2.16% | 8.97% | 8.26% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2500™ Value Index | 12.73% | 10.02% | 9.72% |

---

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 | $395469233 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $2585841 |

---

## 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% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.0% |
| Specialty Retail | 4.8% |
| Machinery | 4.7% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Health Care Equipment & Supplies | 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](i5ef1a11642b680229a1c105f.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.

![](imgfc0710b01.jpg)

LVIP JPMorgan Mid Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_SOI-continued-633_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_FS-continued-633_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_FS-continued-633_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_FIHI-continued-633_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_NTF-continued-633_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_fcc417e9-371f-4978-bb0c-5b77d70433b1_AUDIT-continued-633_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP JPMorgan 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–98.00%** | **COMMON STOCK–98.00%** | **COMMON STOCK–98.00%** |
| **Aerospace & Defense–0.57%** | **Aerospace & Defense–0.57%** | **Aerospace & Defense–0.57%** |
| Woodward, Inc. | 5699 | $1722922 |
|  |  | **1722922** |
| **Banks–3.31%** | **Banks–3.31%** | **Banks–3.31%** |
| Fifth Third Bancorp | 54122 | 2533451 |
| First Citizens BancShares, <br> Inc. Class A<br>| 1652 | 3545489 |
| M&T Bank Corp. | 19191 | 3866603 |
|  |  | **9945543** |
| **Beverages–1.53%** | **Beverages–1.53%** | **Beverages–1.53%** |
| Constellation Brands, Inc. <br> Class A<br>| 12638 | 1743539 |
| Keurig Dr. Pepper, Inc. | 101711 | 2848925 |
|  |  | **4592464** |
| **Building Products–1.19%** | **Building Products–1.19%** | **Building Products–1.19%** |
| Masco Corp. | 31635 | 2007557 |
| Owens Corning | 13913 | 1557004 |
|  |  | **3564561** |
| **Capital Markets–4.74%** | **Capital Markets–4.74%** | **Capital Markets–4.74%** |
| Ameriprise Financial, Inc. | 9875 | 4842107 |
| Raymond James Financial, <br> Inc.<br>| 32201 | 5171159 |
| State Street Corp. | 32690 | 4217337 |
|  |  | **14230603** |
| **Chemicals–1.34%** | **Chemicals–1.34%** | **Chemicals–1.34%** |
| DuPont de Nemours, Inc. | 31120 | 1251024 |
| RPM International, Inc. | 26498 | 2755792 |
|  |  | **4006816** |
| **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** |
| Veralto Corp. | 24053 | 2400008 |
|  |  | **2400008** |
| **Construction Materials–1.05%** | **Construction Materials–1.05%** | **Construction Materials–1.05%** |
| Martin Marietta Materials, <br> Inc.<br>| 5039 | 3137584 |
|  |  | **3137584** |
| **Consumer Staples Distribution & Retail–2.09%** | **Consumer Staples Distribution & Retail–2.09%** | **Consumer Staples Distribution & Retail–2.09%** |
| Albertsons Cos., Inc. Class A | 139409 | 2393653 |
| Kroger Co. | 37484 | 2342000 |
| †U.S. Foods Holding Corp. | 20573 | 1549558 |
|  |  | **6285211** |
| **Containers & Packaging–4.25%** | **Containers & Packaging–4.25%** | **Containers & Packaging–4.25%** |
| Ball Corp. | 38764 | 2053329 |
| Crown Holdings, Inc. | 16368 | 1685413 |
| International Paper Co. | 65326 | 2573191 |
| Packaging Corp. of America | 12205 | 2517037 |
| Silgan Holdings, Inc. | 97615 | 3940718 |
|  |  | **12769688** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Distributors–1.23%** | **Distributors–1.23%** | **Distributors–1.23%** |
| Genuine Parts Co. | 30050 | $3694948 |
|  |  | **3694948** |
| **Electric Utilities–2.73%** | **Electric Utilities–2.73%** | **Electric Utilities–2.73%** |
| PG&E Corp. | 168707 | 2711122 |
| Xcel Energy, Inc. | 74291 | 5487133 |
|  |  | **8198255** |
| **Electrical Equipment–3.43%** | **Electrical Equipment–3.43%** | **Electrical Equipment–3.43%** |
| Acuity, Inc. | 7778 | 2800391 |
| AMETEK, Inc. | 20624 | 4234314 |
| Hubbell, Inc. | 7337 | 3258435 |
|  |  | **10293140** |
| **Electronic Equipment, Instruments & Components–5.22%** | **Electronic Equipment, Instruments & Components–5.22%** | **Electronic Equipment, Instruments & Components–5.22%** |
| CDW Corp. | 31964 | 4353497 |
| Jabil, Inc. | 14672 | 3345510 |
| TD SYNNEX Corp. | 7953 | 1194779 |
| †Teledyne Technologies, Inc. | 6647 | 3394822 |
| †Zebra Technologies Corp. <br> Class A<br>| 13894 | 3373741 |
|  |  | **15662349** |
| **Energy Equipment & Services–1.02%** | **Energy Equipment & Services–1.02%** | **Energy Equipment & Services–1.02%** |
| Baker Hughes Co. | 67324 | 3065935 |
|  |  | **3065935** |
| **Entertainment–0.79%** | **Entertainment–0.79%** | **Entertainment–0.79%** |
| Warner Music Group Corp. <br> Class A<br>| 76957 | 2360271 |
|  |  | **2360271** |
| **Financial Services–3.02%** | **Financial Services–3.02%** | **Financial Services–3.02%** |
| Fidelity National Information <br> Services, Inc.<br>| 91562 | 6085211 |
| MGIC Investment Corp. | 101955 | 2979125 |
|  |  | **9064336** |
| **Food Products–2.35%** | **Food Products–2.35%** | **Food Products–2.35%** |
| General Mills, Inc. | 35463 | 1649029 |
| Hershey Co. | 14265 | 2595945 |
| †Post Holdings, Inc. | 28493 | 2822232 |
|  |  | **7067206** |
| **Ground Transportation–0.89%** | **Ground Transportation–0.89%** | **Ground Transportation–0.89%** |
| JB Hunt Transport Services, <br> Inc.<br>| 13769 | 2675867 |
|  |  | **2675867** |
| **Health Care Equipment & Supplies–2.97%** | **Health Care Equipment & Supplies–2.97%** | **Health Care Equipment & Supplies–2.97%** |
| GE HealthCare Technologies, <br> Inc.<br>| 59375 | 4869938 |
| †Globus Medical, Inc. Class A | 46440 | 4054676 |
|  |  | **8924614** |

---

LVIP JPMorgan Mid Cap Value Fund-1

------

**LVIP JPMorgan 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)** |
| **Health Care Providers & Services–5.84%** | **Health Care Providers & Services–5.84%** | **Health Care Providers & Services–5.84%** |
| Cencora, Inc. | 14434 | $4875084 |
| Chemed Corp. | 4299 | 1839370 |
| †Henry Schein, Inc. | 45238 | 3419088 |
| Humana, Inc. | 8561 | 2192729 |
| Quest Diagnostics, Inc. | 29942 | 5195835 |
|  |  | **17522106** |
| **Health Care REITs–1.25%** | **Health Care REITs–1.25%** | **Health Care REITs–1.25%** |
| Healthpeak Properties, Inc. | 234114 | 3764553 |
|  |  | **3764553** |
| **Hotel & Resort REITs–0.42%** | **Hotel & Resort REITs–0.42%** | **Hotel & Resort REITs–0.42%** |
| Host Hotels & Resorts, Inc. | 71289 | 1263954 |
|  |  | **1263954** |
| **Hotels, Restaurants & Leisure–1.95%** | **Hotels, Restaurants & Leisure–1.95%** | **Hotels, Restaurants & Leisure–1.95%** |
| Darden Restaurants, Inc. | 20503 | 3772962 |
| Expedia Group, Inc. | 7393 | 2094511 |
|  |  | **5867473** |
| **Household Durables–1.03%** | **Household Durables–1.03%** | **Household Durables–1.03%** |
| †Mohawk Industries, Inc. | 28276 | 3090567 |
|  |  | **3090567** |
| **Insurance–4.61%** | **Insurance–4.61%** | **Insurance–4.61%** |
| †Arch Capital Group Ltd. | 20473 | 1963770 |
| Brown & Brown, Inc. | 29427 | 2345332 |
| Hartford Insurance Group, <br> Inc.<br>| 25745 | 3547661 |
| Loews Corp. | 43830 | 4615737 |
| W.R. Berkley Corp. | 19600 | 1374352 |
|  |  | **13846852** |
| **IT Services–0.97%** | **IT Services–0.97%** | **IT Services–0.97%** |
| †GoDaddy, Inc. Class A | 23361 | 2898633 |
|  |  | **2898633** |
| **Life Sciences Tools & Services–1.95%** | **Life Sciences Tools & Services–1.95%** | **Life Sciences Tools & Services–1.95%** |
| †IQVIA Holdings, Inc. | 25942 | 5847586 |
|  |  | **5847586** |
| **Machinery–6.67%** | **Machinery–6.67%** | **Machinery–6.67%** |
| Dover Corp. | 19989 | 3902653 |
| Ingersoll Rand, Inc. | 46892 | 3714784 |
| ITT, Inc. | 17657 | 3063666 |
| Lincoln Electric Holdings, <br> Inc.<br>| 14397 | 3450097 |
| †Middleby Corp. | 23852 | 3546077 |
| Nordson Corp. | 9740 | 2341788 |
|  |  | **20019065** |
| **Media–1.68%** | **Media–1.68%** | **Media–1.68%** |
| Omnicom Group, Inc. | 62574 | 5052850 |
|  |  | **5052850** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining–1.32%** | **Metals & Mining–1.32%** | **Metals & Mining–1.32%** |
| Alcoa Corp. | 31417 | $1669500 |
| Freeport-McMoRan, Inc. | 25619 | 1301189 |
| Steel Dynamics, Inc. | 5923 | 1003652 |
|  |  | **3974341** |
| **Multi-Utilities–5.04%** | **Multi-Utilities–5.04%** | **Multi-Utilities–5.04%** |
| CMS Energy Corp. | 61851 | 4325240 |
| NiSource, Inc. | 94089 | 3929157 |
| Sempra | 25108 | 2216785 |
| WEC Energy Group, Inc. | 44148 | 4655848 |
|  |  | **15127030** |
| **Oil, Gas & Consumable Fuels–5.73%** | **Oil, Gas & Consumable Fuels–5.73%** | **Oil, Gas & Consumable Fuels–5.73%** |
| Cheniere Energy, Inc. | 18759 | 3646562 |
| Coterra Energy, Inc. | 143734 | 3783079 |
| Diamondback Energy, Inc. | 25188 | 3786512 |
| Marathon Petroleum Corp. | 27236 | 4429390 |
| Williams Cos., Inc. | 25936 | 1559013 |
|  |  | **17204556** |
| **Passenger Airlines–0.70%** | **Passenger Airlines–0.70%** | **Passenger Airlines–0.70%** |
| Delta Air Lines, Inc. | 30389 | 2108997 |
|  |  | **2108997** |
| **Pharmaceuticals–0.66%** | **Pharmaceuticals–0.66%** | **Pharmaceuticals–0.66%** |
| †Jazz Pharmaceuticals PLC | 11587 | 1969790 |
|  |  | **1969790** |
| **Residential REITs–1.23%** | **Residential REITs–1.23%** | **Residential REITs–1.23%** |
| AvalonBay Communities, Inc. | 20340 | 3687845 |
|  |  | **3687845** |
| **Retail REITs–2.70%** | **Retail REITs–2.70%** | **Retail REITs–2.70%** |
| Regency Centers Corp. | 61133 | 4220011 |
| Simon Property Group, Inc. | 20907 | 3870095 |
|  |  | **8090106** |
| **Semiconductors & Semiconductor Equipment–1.66%** | **Semiconductors & Semiconductor Equipment–1.66%** | **Semiconductors & Semiconductor Equipment–1.66%** |
| MKS, Inc. | 18932 | 3025334 |
| †ON Semiconductor Corp. | 36303 | 1965807 |
|  |  | **4991141** |
| **Specialized REITs–2.57%** | **Specialized REITs–2.57%** | **Specialized REITs–2.57%** |
| Public Storage | 13683 | 3550738 |
| SBA Communications Corp. | 14852 | 2872822 |
| Weyerhaeuser Co. | 53898 | 1276844 |
|  |  | **7700404** |
| **Specialty Retail–3.25%** | **Specialty Retail–3.25%** | **Specialty Retail–3.25%** |
| †AutoZone, Inc. | 923 | 3130354 |
| Best Buy Co., Inc. | 42933 | 2873506 |
| Ross Stores, Inc. | 20799 | 3746732 |
|  |  | **9750592** |

---

LVIP JPMorgan Mid Cap Value Fund-2

------

**LVIP JPMorgan 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)** |
| **Technology Hardware, Storage & Peripherals–0.62%** | **Technology Hardware, Storage & Peripherals–0.62%** | **Technology Hardware, Storage & Peripherals–0.62%** |
| Western Digital Corp. | 10814 | $1862928 |
|  |  | **1862928** |
| **Textiles, Apparel & Luxury Goods–0.93%** | **Textiles, Apparel & Luxury Goods–0.93%** | **Textiles, Apparel & Luxury Goods–0.93%** |
| Ralph Lauren Corp. | 7907 | 2795994 |
|  |  | **2795994** |
| **Water Utilities–0.70%** | **Water Utilities–0.70%** | **Water Utilities–0.70%** |
| Essential Utilities, Inc. | 54385 | 2086209 |
|  |  | **2086209** |
| **Total Common Stock** <br>**(Cost $205,319,492)** | **Total Common Stock** <br>**(Cost $205,319,492)** | **294185893** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–2.39%** | **MONEY MARKET FUND–2.39%** | **MONEY MARKET FUND–2.39%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 7171746 | $7171746 |
| **Total Money Market Fund** <br>**(Cost $7,171,746)** | **Total Money Market Fund** <br>**(Cost $7,171,746)** | **7171746** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.39% (Cost $212,491,238)** | **301357639** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.39%)** | **(1173328)**<br>|
| **NET ASSETS APPLICABLE TO 33,331,090 SHARES OUTSTANDING–100.00%** | **$300184311** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN MID CAP VALUE FUND STANDARD CLASS** <br>**($254,736,273 / 28,267,097 Shares)** | **$9.012** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN MID CAP VALUE FUND SERVICE CLASS** <br>**($45,448,038 / 5,063,993 Shares)** | **$8.975** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$171075598** |
| Distributable earnings/(accumulated loss) | **129108713** |
| **TOTAL NET ASSETS** | **$300184311** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,204,432 payable for securities purchased, $506,437 payable for fund shares redeemed, $7,993 other accrued expenses payable, <br> $183,725 due to manager and affiliates, $15,755 payable for audit fee and $14,122 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 JPMorgan Mid Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan Mid Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $5191728 |
| **EXPENSES:** |  |
| Management fees | 1888888 |
| Shareholder servicing fees | 84273 |
| Distribution fees-Service Class | 83721 |
| Accounting and administration expenses | 69293 |
| Professional fees | 43299 |
| Reports and statements to shareholders | 12745 |
| Custodian fees | 10313 |
| Trustees' fees and expenses | 8459 |
| Consulting fees | 5358 |
| Pricing fees | 1778 |
| Other | 13967 |
| Total operating expenses | 2222094 |
| **NET INVESTMENT INCOME**  | 2969634 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 43175055 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (32424065)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 10750990 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $13720624 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan Mid Cap Value Fund** | **LVIP JPMorgan 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $2969634 | $3113730 |
| Net realized gain | 43175055 | 33383866 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (32424065)<br>| 2984790 |
| Net increase in net assets resulting <br> from operations<br>| 13720624 | 39482386 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (30418038)<br>| (48235147)<br>|
| Service Class | (4593979)<br>| (2469442)<br>|
|  | (35012017)<br>| (50704589)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 32195567 | 38370649 |
| Service Class | 24870648 | 17614095 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 30418038 | 48235147 |
| Service Class | 4593979 | 2469442 |
|  | 92078232 | 106689333 |
| Cost of shares redeemed: |  |  |
| Standard Class | (60422632)<br>| (80682534)<br>|
| Service Class | (2932334)<br>| (1424307)<br>|
|  | (63354966)<br>| (82106841)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 28723266 | 24582492 |
| **NET INCREASE IN NET ASSETS** | 7431873 | 13360289 |
| **NET ASSETS:** |  |  |
| Beginning of year | 292752438 | 279392149 |
| End of year | $300184311 | $292752438 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Mid Cap Value Fund-4

------

**LVIP JPMorgan Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value Fund Standard Class** | **LVIP JPMorgan Mid Cap Value 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; $9.746 | &nbsp;&nbsp; $10.173 | &nbsp;&nbsp; $10.430 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $10.89 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.100 | 0.112 | 0.133 | 0.13 | 0.11 |
| Net realized and unrealized gain (loss) | 0.340 | 1.328 | 0.852 | &nbsp;&nbsp; (1.14)<br>| 3.11 |
| Total from investment operations | 0.440 | 1.440 | 0.985 | &nbsp;&nbsp; (1.01)<br>| 3.22 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.101)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gain | &nbsp;&nbsp; (1.073)<br>| &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; (0.922)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.65)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.174)<br>| &nbsp;&nbsp; (1.867)<br>| &nbsp;&nbsp; (1.242)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.77)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.012 | &nbsp;&nbsp; $9.746 | &nbsp;&nbsp; $10.173 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $13.34 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 14.29% | &nbsp;&nbsp; 10.91% | &nbsp;&nbsp; (8.16%)<br>| &nbsp;&nbsp; 29.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $254736 | &nbsp;&nbsp; $271021 | &nbsp;&nbsp; $275064 | &nbsp;&nbsp; $448170 | &nbsp;&nbsp; $529038 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.77% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.76% <br><sup>4</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.86% |
| Portfolio turnover | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Mid Cap Value 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 Mid Cap Value 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> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Mid Cap Value Fund-5

------

**LVIP JPMorgan Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP JPMorgan Mid Cap Value Fund Service Class** | **LVIP JPMorgan Mid Cap Value Fund Service Class** | **LVIP JPMorgan Mid Cap Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **5/1/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
|  | **12/31/25** | **12/31/24** | **5/1/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.718 | &nbsp;&nbsp; $10.159 | &nbsp;&nbsp; $9.310 |
| **Income from investment operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.075 | 0.084 | 0.070 |
| Net realized and unrealized gain | 0.339 | 1.328 | 0.959 |
| Total from investment operations | 0.414 | 1.412 | 1.029 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.084)<br>| &nbsp;&nbsp; (0.106)<br>| &nbsp;&nbsp; (0.180)<br>|
| Net realized gain | &nbsp;&nbsp; (1.073)<br>| &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.157)<br>| &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (0.180)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.975 | &nbsp;&nbsp; $9.718 | &nbsp;&nbsp; $10.159 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 14.02% | &nbsp;&nbsp; 11.09% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $45448 | &nbsp;&nbsp; $21731 | &nbsp;&nbsp; $4328 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Service 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 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 Mid Cap Value Fund-6

------

**LVIP JPMorgan 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 JPMorgan 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's investment objective is to seek capital appreciation with the secondary goal of achieving current income by investing primarily in 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.

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. Distributions received from investments in Real Estate Investment Trusts

LVIP JPMorgan Mid Cap Value Fund-7

------

**LVIP JPMorgan 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)**

("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 $6,309 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 0.65% 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 0.76% of the Fund's average daily net assets for the Standard Class and 1.01% 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; $24093 |
| Legal | &nbsp;&nbsp; 3996 |

---

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 $445 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; $166840 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 9441 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 7444 |

---

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 Mid Cap Value Fund-8

------

**LVIP JPMorgan 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**

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; $184031273 |
| Sales | &nbsp;&nbsp; 180997235 |

---

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; $214581570 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $94184877 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (7408807)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $86776070 |

---

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; $294185893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294185893 |
| Money Market Fund | &nbsp;&nbsp; 7171746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7171746 |
| **Total Investments** | &nbsp;&nbsp; $301357639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $301357639 |

---

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; $3253411 | &nbsp;&nbsp; $4481323 |
| Long-term capital gains | &nbsp;&nbsp; 31758606 | &nbsp;&nbsp; 46223266 |
| Total | &nbsp;&nbsp; $35012017 | &nbsp;&nbsp; $50704589 |

---

LVIP JPMorgan Mid Cap Value Fund-9

------

**LVIP JPMorgan 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;

**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; $188064 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 42156746 |
| Other temporary differences | &nbsp;&nbsp; (12167)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 86776070 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $129108713 |

---

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; 3383020 | &nbsp;&nbsp; 3651082 |
| Service Class | &nbsp;&nbsp; 2620452 | &nbsp;&nbsp; 1692369 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 3396654 | &nbsp;&nbsp; 4916564 |
| Service Class | &nbsp;&nbsp; 515619 | &nbsp;&nbsp; 252414 |
|  | &nbsp;&nbsp; 9915745 | &nbsp;&nbsp; 10512429 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6319822)<br>| &nbsp;&nbsp; (7799838)<br>|
| Service Class | &nbsp;&nbsp; (308254)<br>| &nbsp;&nbsp; (134641)<br>|
|  | &nbsp;&nbsp; (6628076)<br>| &nbsp;&nbsp; (7934479)<br>|
| Net increase | &nbsp;&nbsp; 3287669 | &nbsp;&nbsp; 2577950 |

---

**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 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.

LVIP JPMorgan Mid Cap Value Fund-10

------

**LVIP JPMorgan 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;

 **8. Risk Factors (continued)**

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 JPMorgan Mid Cap Value Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Mid Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan 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 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 brokers. 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.

![](img302218be2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Mid Cap Value Fund–12

------

![](imga451580b1.jpg)

LVIP JPMorgan Retirement Income Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan Retirement Income Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_SOI-continued-234_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_FS-continued-234_1)**  | &nbsp;&nbsp; **2** |
| **[Statements of Changes in Net Assets](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_FS-continued-234_1)**  | &nbsp;&nbsp; **2** |
| **[Financial Highlights](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_FIHI-continued-234_1)**  | &nbsp;&nbsp; **3** |
| **[Notes to Financial Statements](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_NTF-continued-234_1)**  | &nbsp;&nbsp; **5** |
| **[Report of Independent Registered Public Accounting Firm](#xx_148944ea-ae9f-4691-b73a-7f10c693f4a0_AUDIT-continued-234_1)**  | &nbsp;&nbsp; **10** |

---

------

**LVIP JPMorgan Retirement Income 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–99.64%** | **INVESTMENT COMPANIES–99.64%** | **INVESTMENT COMPANIES–99.64%** |
| **Equity Funds–23.45%** | **Equity Funds–23.45%** | **Equity Funds–23.45%** |
| JPMorgan BetaBuilders MSCI <br> U.S. REIT ETF<br>| 4410 | $408322 |
| JPMorgan BetaBuilders <br> U.S. Mid Cap Equity ETF<br>| 53468 | 5700758 |
| ✧JPMorgan Equity Index Fund | 273949 | 28096154 |
| JPMorgan Realty Income <br> ETF<br>| 26173 | 1222541 |
| ✧JPMorgan Small Cap Equity <br> Fund<br>| 23734 | 1071352 |
| ✧JPMorgan Small Cap Growth <br> Fund<br>| 46359 | 1042153 |
| ✧JPMorgan Small Cap Value <br> Fund<br>| 36787 | 1044011 |
| ✧JPMorgan U.S. Equity Fund | 345781 | 9360298 |
|  |  | **47945589** |
| **Fixed Income Funds–57.18%** | **Fixed Income Funds–57.18%** | **Fixed Income Funds–57.18%** |
| ✧JPMorgan Core Bond Fund | 7807334 | 81508567 |
| ✧JPMorgan High Yield Fund | 3822664 | 25191358 |
| JPMorgan Inflation Managed <br> Bond ETF<br>| 212420 | 10236520 |
|  |  | **116936445** |
| **Global Equity Fund–4.00%** | **Global Equity Fund–4.00%** | **Global Equity Fund–4.00%** |
| JPMorgan Global Select <br> Equity ETF<br>| 120914 | 8182251 |
|  |  | **8182251** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–12.52%** | **International Equity Funds–12.52%** | **International Equity Funds–12.52%** |
| JPMorgan ActiveBuilders <br> Emerging Markets Equity <br> ETF<br>| 77263 | $3785887 |
| JPMorgan BetaBuilders <br> International Equity ETF<br>| 62179 | 4496785 |
| ✧JPMorgan Emerging Markets <br> Equity Fund<br>| 36362 | 1522141 |
| ✧JPMorgan Emerging Markets <br> Research Enhanced Equity <br> Fund<br>| 108858 | 2286015 |
| ✧JPMorgan International <br> Equity Fund<br>| 246081 | 5411315 |
| JPMorgan International <br> Research Enhanced Equity <br> ETF<br>| 108104 | 8094827 |
|  |  | **25596970** |
| **Money Market Fund–2.49%** | **Money Market Fund–2.49%** | **Money Market Fund–2.49%** |
| JPMorgan Prime Money <br> Market Fund - IM Shares <br> (seven-day effective yield <br> 3.92%)<br>| 5084327 | 5086360 |
|  |  | **5086360** |
| **Total Investment Companies** <br>**(Cost $171,840,118)** | **Total Investment Companies** <br>**(Cost $171,840,118)** | **203747615** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.64% (Cost $171,840,118)** | **203747615** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.36%** | **739706** |
| **NET ASSETS APPLICABLE TO 14,970,762 SHARES OUTSTANDING–100.00%** | **$204487321** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND STANDARD CLASS** <br>**($168,157,562 / 12,308,627 Shares)** | **$13.662** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND SERVICE CLASS** <br>**($36,329,759 / 2,662,135 Shares)** | **$13.647** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$173193954** |
| Distributable earnings/(accumulated loss) | **31293367** |
| **TOTAL NET ASSETS** | **$204487321** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,546 expense reimbursement receivable from Lincoln Financial Investments Corporation, $325,457 payable for securities <br> purchased, $206,361 payable for fund shares redeemed, $5,380 other accrued expenses payable, $65,196 due to manager and affiliates, <br> $24,232 payable for audit fee and $14,606 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 |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Retirement Income Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $6985248 |
| **EXPENSES:** |  |
| Management fees | 1501194 |
| Distribution fees-Service Class | 87623 |
| Accounting and administration expenses | 58122 |
| Shareholder servicing fees | 58046 |
| Professional fees | 53132 |
| Reports and statements to shareholders | 13349 |
| Custodian fees | 5849 |
| Trustees' fees and expenses | 5775 |
| Consulting fees | 5619 |
| Other | 5449 |
|  | 1794158 |
| Less:  |  |
| Management fees waived | (900716)<br>|
| Expenses reimbursed | (45214)<br>|
| Total operating expenses | 848228 |
| **NET INVESTMENT INCOME**  | 6137020 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 3006562 |
| Distributions from investment companies | 1017140 |
| Net realized gain | 4023702 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 12587826 |
| **NET REALIZED AND UNREALIZED GAIN** | 16611528 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $22748548 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income Fund** | **LVIP JPMorgan Retirement Income 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 | $6137020 | $6571337 |
| Net realized gain | 4023702 | 7023727 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 12587826 | 2144981 |
| Net increase in net assets resulting <br> from operations<br>| 22748548 | 15740045 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5092499)<br>| (5156530)<br>|
| Service Class | (1023975)<br>| (982924)<br>|
|  | (6116474)<br>| (6139454)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9043172 | 6538955 |
| Service Class | 5966306 | 6145934 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5092499 | 5156530 |
| Service Class | 1023975 | 982924 |
|  | 21125952 | 18824343 |
| Cost of shares redeemed: |  |  |
| Standard Class | (24875184)<br>| (28509322)<br>|
| Service Class | (7770087)<br>| (7326057)<br>|
|  | (32645271)<br>| (35835379)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (11519319)<br>| (17011036)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 5112755 | (7410445)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 199374566 | 206785011 |
| End of year | $204487321 | $199374566 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Retirement Income Fund-2

------

**LVIP JPMorgan Retirement Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income Fund Standard Class** | **LVIP JPMorgan Retirement Income 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; $12.566 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $11.151 | &nbsp;&nbsp; $13.564 | &nbsp;&nbsp; $13.267 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.412 | 0.409 | 0.358 | 0.291 | 0.245 |
| Net realized and unrealized gain (loss) | 1.109 | 0.547 | 0.933 | &nbsp;&nbsp; (2.107)<br>| 0.532 |
| Total from investment operations | 1.521 | 0.956 | 1.291 | &nbsp;&nbsp; (1.816)<br>| 0.777 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.312)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.168)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.597)<br>| &nbsp;&nbsp; (0.480)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.662 | &nbsp;&nbsp; $12.566 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $11.151 | &nbsp;&nbsp; $13.564 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.10% | &nbsp;&nbsp; 7.96% | &nbsp;&nbsp; 11.60% | &nbsp;&nbsp; (13.33%)<br>| &nbsp;&nbsp; 5.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $168157 | &nbsp;&nbsp; $165166 | &nbsp;&nbsp; $173857 | &nbsp;&nbsp; $146449 | &nbsp;&nbsp; $170271 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.80% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.45% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 70% | &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. 

<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 JPMorgan Retirement Income Fund-3

------

**LVIP JPMorgan Retirement Income Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income Fund Service Class** | **LVIP JPMorgan Retirement Income 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; $12.554 | &nbsp;&nbsp; $12.003 | &nbsp;&nbsp; $11.140 | &nbsp;&nbsp; $13.552 | &nbsp;&nbsp; $13.256 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.379 | 0.377 | 0.329 | 0.260 | 0.211 |
| Net realized and unrealized gain (loss) | 1.105 | 0.546 | 0.930 | &nbsp;&nbsp; (2.105)<br>| 0.531 |
| Total from investment operations | 1.484 | 0.923 | 1.259 | &nbsp;&nbsp; (1.845)<br>| 0.742 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.391)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.278)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.168)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.391)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.567)<br>| &nbsp;&nbsp; (0.446)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.647 | &nbsp;&nbsp; $12.554 | &nbsp;&nbsp; $12.003 | &nbsp;&nbsp; $11.140 | &nbsp;&nbsp; $13.552 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.82% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 11.32% | &nbsp;&nbsp; (13.55%)<br>| &nbsp;&nbsp; 5.60% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $36330 | &nbsp;&nbsp; $34209 | &nbsp;&nbsp; $32928 | &nbsp;&nbsp; $55246 | &nbsp;&nbsp; $62363 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.77% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.55% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 70% | &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. 

<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 JPMorgan Retirement Income Fund-4

------

**LVIP JPMorgan Retirement Income 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 Retirement 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 operates under a fund of funds structure and invests a substantial portion of its assets in open-end investment companies, including exchange-traded funds ("ETFs"), advised by J.P. Morgan or other unaffiliated managers (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation (LFI). 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 directly in individual securities and other financial instruments, including derivatives. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek to provide current income and some 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 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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

LVIP JPMorgan Retirement Income Fund-5

------

**LVIP JPMorgan Retirement Income 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 0.75% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.45% 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 of Trustees (the "Board") and LFI. The management fee, net of waivers, 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 0.38% of the Fund's average daily net assets for the Standard Class and 0.63% 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; $49718 | &nbsp;&nbsp; $33100 | &nbsp;&nbsp; $45214 | &nbsp;&nbsp; $128032 |

---

J.P. Morgan Investment Management, Inc. ("JPM") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPM 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; $16532 |
| Legal | &nbsp;&nbsp; 2745 |

---

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 $7,315 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 Retirement Income Fund-6

------

**LVIP JPMorgan Retirement Income 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 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.

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; $2546 |
| Management fees payable to LFI | &nbsp;&nbsp; 52265 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 7769 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 110 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5052 |

---

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; $24625286 |
| Sales | &nbsp;&nbsp; 31123825 |

---

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; $173126029 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $31779328 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (1157741)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $30621587 |

---

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; $203747615 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203747615 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP JPMorgan Retirement Income Fund-7

------

**LVIP JPMorgan Retirement Income 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; $6116474 | &nbsp;&nbsp; $6139454 |

---

**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; $899444 |
| Capital loss carryforward | &nbsp;&nbsp; (101285)<br>|
| Other temporary differences | &nbsp;&nbsp; (126379)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 30621587 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $31293367 |

---

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**  |
| $101285 | &nbsp;&nbsp; $101285 |

---

In 2025, the Fund utilized $3,823,270 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; 672683 | &nbsp;&nbsp; 521612 |
| Service Class | &nbsp;&nbsp; 452207 | &nbsp;&nbsp; 486927 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 371743 | &nbsp;&nbsp; 411142 |
| Service Class | &nbsp;&nbsp; 74837 | &nbsp;&nbsp; 78439 |
|  | &nbsp;&nbsp; 1571470 | &nbsp;&nbsp; 1498120 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1879373)<br>| &nbsp;&nbsp; (2260889)<br>|
| Service Class | &nbsp;&nbsp; (589771)<br>| &nbsp;&nbsp; (583793)<br>|
|  | &nbsp;&nbsp; (2469144)<br>| &nbsp;&nbsp; (2844682)<br>|
| Net decrease | &nbsp;&nbsp; (897674)<br>| &nbsp;&nbsp; (1346562)<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 JPMorgan Retirement Income Fund-8

------

**LVIP JPMorgan Retirement Income 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**

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. 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 JPMorgan Retirement Income Fund-9

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Retirement Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan Retirement 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 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.

![](imge12aecf62.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Retirement Income Fund–10

------

![](img81fb595e1.jpg)

![](img64c8b4b42.jpg)

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

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

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_c2ea5976-e371-4250-9644-adb897503ba4_SOI-continued-233_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_c2ea5976-e371-4250-9644-adb897503ba4_FS-continued-233_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_c2ea5976-e371-4250-9644-adb897503ba4_FS-continued-233_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_c2ea5976-e371-4250-9644-adb897503ba4_FIHI-continued-233_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_c2ea5976-e371-4250-9644-adb897503ba4_NTF-continued-233_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_c2ea5976-e371-4250-9644-adb897503ba4_AUDIT-continued-233_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP JPMorgan Select Mid Cap Value 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–94.52%** | **COMMON STOCK–94.52%** | **COMMON STOCK–94.52%** |
| **Aerospace & Defense–1.06%** | **Aerospace & Defense–1.06%** | **Aerospace & Defense–1.06%** |
| General Electric Co. | 2043 | $629305 |
| HEICO Corp. Class A | 570 | 143885 |
| L3Harris Technologies, Inc. | 3035 | 890985 |
| Textron, Inc. | 14590 | 1271810 |
| TransDigm Group, Inc. | 383 | 509333 |
| Woodward, Inc. | 6225 | 1881942 |
|  |  | **5327260** |
| **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** |
| FedEx Corp. | 1430 | 413070 |
| †GXO Logistics, Inc. | 1429 | 75222 |
|  |  | **488292** |
| **Automobiles–0.13%** | **Automobiles–0.13%** | **Automobiles–0.13%** |
| Ford Motor Co. | 49452 | 648810 |
|  |  | **648810** |
| **Banks–3.92%** | **Banks–3.92%** | **Banks–3.92%** |
| Bank of America Corp. | 40895 | 2249225 |
| Citigroup, Inc. | 9150 | 1067714 |
| Citizens Financial Group, <br> Inc.<br>| 14379 | 839877 |
| Commerce Bancshares, Inc. | 772 | 40393 |
| East West Bancorp, Inc. | 1794 | 201628 |
| Fifth Third Bancorp | 73438 | 3437633 |
| First Citizens BancShares, <br> Inc. Class A<br>| 1978 | 4245144 |
| First Horizon Corp. | 15680 | 374752 |
| FNB Corp. | 1761 | 30113 |
| M&T Bank Corp. | 21078 | 4246795 |
| Pinnacle Financial Partners, <br> Inc.<br>| 404 | 38546 |
| Popular, Inc. | 4660 | 580263 |
| Southstate Bank Corp. | 570 | 53643 |
| Synovus Financial Corp. | 1465 | 73323 |
| Webster Financial Corp. | 2844 | 179001 |
| Wells Fargo & Co. | 20019 | 1865771 |
| Wintrust Financial Corp. | 895 | 125139 |
|  |  | **19648960** |
| **Beverages–1.29%** | **Beverages–1.29%** | **Beverages–1.29%** |
| †Celsius Holdings, Inc. | 3709 | 169650 |
| Coca-Cola Co. | 10285 | 719024 |
| Constellation Brands, Inc. <br> Class A<br>| 13806 | 1904676 |
| Keurig Dr. Pepper, Inc. | 111109 | 3112163 |
| PepsiCo, Inc. | 3840 | 551117 |
|  |  | **6456630** |
| **Biotechnology–0.87%** | **Biotechnology–0.87%** | **Biotechnology–0.87%** |
| AbbVie, Inc. | 3252 | 743049 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 667 | 265233 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 2684 | 159510 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Caris Life Sciences, Inc. | 7022 | $189454 |
| †Exact Sciences Corp. | 6785 | 689085 |
| †Exelixis, Inc. | 1127 | 49396 |
| Gilead Sciences, Inc. | 6231 | 764793 |
| †Incyte Corp. | 1073 | 105980 |
| †Neurocrine Biosciences, Inc. | 3679 | 521793 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 782 | 603602 |
| †Roivant Sciences Ltd. | 11331 | 245883 |
| †Sarepta Therapeutics, Inc. | 241 | 5186 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 895 | 20585 |
|  |  | **4363549** |
| **Broadline Retail–0.37%** | **Broadline Retail–0.37%** | **Broadline Retail–0.37%** |
| †Amazon.com, Inc. | 7064 | 1630513 |
| eBay, Inc. | 2771 | 241354 |
|  |  | **1871867** |
| **Building Products–1.00%** | **Building Products–1.00%** | **Building Products–1.00%** |
| Armstrong World Industries, <br> Inc.<br>| 682 | 130330 |
| Masco Corp. | 34558 | 2193051 |
| Owens Corning | 17304 | 1936490 |
| Trane Technologies PLC | 1990 | 774508 |
|  |  | **5034379** |
| **Capital Markets–4.94%** | **Capital Markets–4.94%** | **Capital Markets–4.94%** |
| Ameriprise Financial, Inc. | 12258 | 6010588 |
| Bank of New York Mellon <br> Corp.<br>| 4733 | 549454 |
| Cboe Global Markets, Inc. | 1762 | 442262 |
| Charles Schwab Corp. | 6934 | 692776 |
| CME Group, Inc. | 2331 | 636549 |
| †Coinbase Global, Inc. Class A | 1891 | 427631 |
| Goldman Sachs Group, Inc. | 1034 | 908886 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 7691 | 494608 |
| Invesco Ltd. | 2126 | 55850 |
| Janus Henderson Group PLC | 6757 | 321431 |
| LPL Financial Holdings, Inc. | 1007 | 359670 |
| Morgan Stanley | 5574 | 989552 |
| MSCI, Inc. | 469 | 269079 |
| Nasdaq, Inc. | 14005 | 1360306 |
| Raymond James Financial, <br> Inc.<br>| 35176 | 5648914 |
| †Robinhood Markets, Inc. <br> Class A<br>| 3307 | 374022 |
| S&P Global, Inc. | 1100 | 574849 |
| SEI Investments Co. | 619 | 50770 |
| State Street Corp. | 35695 | 4605012 |
| Virtu Financial, Inc. Class A | 1166 | 38851 |
|  |  | **24811060** |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-1

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Chemicals–1.45%** | **Chemicals–1.45%** | **Chemicals–1.45%** |
| †Axalta Coating Systems Ltd. | 10234 | $330661 |
| Celanese Corp. | 734 | 31033 |
| CF Industries Holdings, Inc. | 885 | 68446 |
| Corteva, Inc. | 5590 | 374698 |
| DuPont de Nemours, Inc. | 44696 | 1796779 |
| Eastman Chemical Co. | 589 | 37596 |
| Ecolab, Inc. | 1237 | 324737 |
| Element Solutions, Inc. | 7901 | 197446 |
| FMC Corp. | 660 | 9154 |
| International Flavors & <br> Fragrances, Inc.<br>| 4216 | 284116 |
| Linde PLC | 1355 | 577758 |
| PPG Industries, Inc. | 1336 | 136887 |
| RPM International, Inc. | 29348 | 3052192 |
| †Solstice Advanced Materials, <br> Inc.<br>| 655 | 31820 |
|  |  | **7253323** |
| **Commercial Services & Supplies–0.72%** | **Commercial Services & Supplies–0.72%** | **Commercial Services & Supplies–0.72%** |
| Republic Services, Inc. | 3337 | 707210 |
| Veralto Corp. | 26275 | 2621720 |
| Waste Connections, Inc. | 1709 | 299690 |
|  |  | **3628620** |
| **Communications Equipment–0.33%** | **Communications Equipment–0.33%** | **Communications Equipment–0.33%** |
| †Ciena Corp. | 908 | 212354 |
| †Lumentum Holdings, Inc. | 2558 | 942853 |
| Motorola Solutions, Inc. | 1289 | 494100 |
|  |  | **1649307** |
| **Construction & Engineering–0.39%** | **Construction & Engineering–0.39%** | **Construction & Engineering–0.39%** |
| Comfort Systems USA, Inc. | 95 | 88662 |
| EMCOR Group, Inc. | 159 | 97275 |
| †MasTec, Inc. | 3894 | 846439 |
| Quanta Services, Inc. | 2051 | 865645 |
| WillScot Holdings Corp. | 3930 | 74002 |
|  |  | **1972023** |
| **Construction Materials–0.88%** | **Construction Materials–0.88%** | **Construction Materials–0.88%** |
| Martin Marietta Materials, <br> Inc.<br>| 6573 | 4092744 |
| Vulcan Materials Co. | 1082 | 308608 |
|  |  | **4401352** |
| **Consumer Finance–0.36%** | **Consumer Finance–0.36%** | **Consumer Finance–0.36%** |
| Ally Financial, Inc. | 6052 | 274095 |
| American Express Co. | 2171 | 803161 |
| SLM Corp. | 5077 | 137384 |
| Synchrony Financial | 7039 | 587264 |
|  |  | **1801904** |
| **Consumer Staples Distribution & Retail–2.00%** | **Consumer Staples Distribution & Retail–2.00%** | **Consumer Staples Distribution & Retail–2.00%** |
| Albertsons Cos., Inc. Class A | 152290 | 2614819 |
| Costco Wholesale Corp. | 349 | 300957 |
| Dollar General Corp. | 2267 | 300990 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Dollar Tree, Inc. | 1945 | $239254 |
| Kroger Co. | 44566 | 2784484 |
| †Maplebear, Inc. | 8059 | 362494 |
| †Performance Food Group Co. | 2557 | 229925 |
| †U.S. Foods Holding Corp. | 28406 | 2139540 |
| Walmart, Inc. | 9409 | 1048257 |
|  |  | **10020720** |
| **Containers & Packaging–3.02%** | **Containers & Packaging–3.02%** | **Containers & Packaging–3.02%** |
| Amcor PLC | 44700 | 372798 |
| Ball Corp. | 42897 | 2272254 |
| Crown Holdings, Inc. | 21723 | 2236817 |
| International Paper Co. | 71362 | 2810949 |
| Packaging Corp. of America | 14750 | 3041893 |
| Sealed Air Corp. | 839 | 34760 |
| Silgan Holdings, Inc. | 106989 | 4319146 |
| Smurfit WestRock PLC | 2082 | 80511 |
|  |  | **15169128** |
| **Distributors–0.80%** | **Distributors–0.80%** | **Distributors–0.80%** |
| Genuine Parts Co. | 32827 | 4036408 |
|  |  | **4036408** |
| **Diversified Consumer Services–0.27%** | **Diversified Consumer Services–0.27%** | **Diversified Consumer Services–0.27%** |
| ADT, Inc. | 56130 | 452969 |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 2441 | 247517 |
| †Duolingo, Inc. | 605 | 106178 |
| †Grand Canyon Education, <br> Inc.<br>| 1686 | 280399 |
| H&R Block, Inc. | 6033 | 262918 |
|  |  | **1349981** |
| **Diversified Telecommunication Services–0.20%** | **Diversified Telecommunication Services–0.20%** | **Diversified Telecommunication Services–0.20%** |
| AT&T, Inc. | 23780 | 590695 |
| Iridium Communications, <br> Inc.<br>| 2215 | 38497 |
| Verizon Communications, <br> Inc.<br>| 9541 | 388605 |
|  |  | **1017797** |
| **Electric Utilities–2.62%** | **Electric Utilities–2.62%** | **Electric Utilities–2.62%** |
| Entergy Corp. | 7821 | 722895 |
| Exelon Corp. | 9738 | 424480 |
| FirstEnergy Corp. | 4476 | 200391 |
| NextEra Energy, Inc. | 11128 | 893356 |
| NRG Energy, Inc. | 3910 | 622628 |
| PG&E Corp. | 213103 | 3424565 |
| Southern Co. | 10175 | 887260 |
| Xcel Energy, Inc. | 81156 | 5994182 |
|  |  | **13169757** |
| **Electrical Equipment–2.47%** | **Electrical Equipment–2.47%** | **Electrical Equipment–2.47%** |
| Acuity, Inc. | 8497 | 3059260 |
| AMETEK, Inc. | 22530 | 4625634 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-2

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Eaton Corp. PLC | 1423 | $453240 |
| GE Vernova, Inc. | 414 | 270578 |
| Hubbell, Inc. | 8015 | 3559542 |
| nVent Electric PLC | 3995 | 407370 |
|  |  | **12375624** |
| **Electronic Equipment, Instruments & Components–3.62%** | **Electronic Equipment, Instruments & Components–3.62%** | **Electronic Equipment, Instruments & Components–3.62%** |
| †Arrow Electronics, Inc. | 1917 | 211215 |
| Avnet, Inc. | 2233 | 107363 |
| CDW Corp. | 34917 | 4755695 |
| †Coherent Corp. | 989 | 182540 |
| Jabil, Inc. | 16893 | 3851942 |
| TD SYNNEX Corp. | 8708 | 1308203 |
| †Teledyne Technologies, Inc. | 7262 | 3708921 |
| Vontier Corp. | 9100 | 338338 |
| †Zebra Technologies Corp. <br> Class A<br>| 15177 | 3685279 |
|  |  | **18149496** |
| **Energy Equipment & Services–0.92%** | **Energy Equipment & Services–0.92%** | **Energy Equipment & Services–0.92%** |
| Baker Hughes Co. | 94227 | 4291097 |
| Halliburton Co. | 4849 | 137033 |
| TechnipFMC PLC | 3843 | 171244 |
|  |  | **4599374** |
| **Entertainment–1.07%** | **Entertainment–1.07%** | **Entertainment–1.07%** |
| Electronic Arts, Inc. | 1495 | 305473 |
| †Liberty Live Holdings, Inc. <br> Class C<br>| 680 | 56549 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 2807 | 250890 |
| †ROBLOX Corp. Class A | 4608 | 373386 |
| †Roku, Inc. | 849 | 92108 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1653 | 423218 |
| Walt Disney Co. | 6821 | 776025 |
| †Warner Bros Discovery, Inc. | 16933 | 488009 |
| Warner Music Group Corp. <br> Class A<br>| 84869 | 2602932 |
|  |  | **5368590** |
| **Financial Services–2.85%** | **Financial Services–2.85%** | **Financial Services–2.85%** |
| Apollo Global Management, <br> Inc.<br>| 1132 | 163868 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 3287 | 1652211 |
| †Chime Financial, Inc. Class A | 15175 | 381955 |
| Corebridge Financial, Inc. | 7555 | 227934 |
| Equitable Holdings, Inc. | 2335 | 111263 |
| Fidelity National Information <br> Services, Inc.<br>| 110163 | 7321433 |
| Mastercard, Inc. Class A | 1773 | 1012170 |
| MGIC Investment Corp. | 118264 | 3455674 |
|  |  | **14326508** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products–1.85%** | **Food Products–1.85%** | **Food Products–1.85%** |
| Bunge Global SA | 2503 | $222967 |
| General Mills, Inc. | 38740 | 1801410 |
| Hershey Co. | 16851 | 3066545 |
| Lamb Weston Holdings, Inc. | 3649 | 152857 |
| Mondelez International, Inc. <br> Class A<br>| 3885 | 209130 |
| †Post Holdings, Inc. | 35589 | 3525090 |
| Tyson Foods, Inc. Class A | 4899 | 287179 |
|  |  | **9265178** |
| **Gas Utilities–0.03%** | **Gas Utilities–0.03%** | **Gas Utilities–0.03%** |
| MDU Resources Group, Inc. | 8215 | 160357 |
|  |  | **160357** |
| **Ground Transportation–0.93%** | **Ground Transportation–0.93%** | **Ground Transportation–0.93%** |
| CSX Corp. | 14192 | 514460 |
| JB Hunt Transport Services, <br> Inc.<br>| 18813 | 3656118 |
| Norfolk Southern Corp. | 988 | 285255 |
| †XPO, Inc. | 1406 | 191090 |
|  |  | **4646923** |
| **Health Care Equipment & Supplies–2.53%** | **Health Care Equipment & Supplies–2.53%** | **Health Care Equipment & Supplies–2.53%** |
| †Align Technology, Inc. | 1242 | 193938 |
| †Boston Scientific Corp. | 7695 | 733718 |
| Dentsply Sirona, Inc. | 1065 | 12173 |
| †Dexcom, Inc. | 5593 | 371207 |
| GE HealthCare Technologies, <br> Inc.<br>| 71374 | 5854096 |
| †Globus Medical, Inc. Class A | 50731 | 4429324 |
| †Insulet Corp. | 298 | 84704 |
| Medtronic PLC | 3619 | 347641 |
| †Penumbra, Inc. | 564 | 175353 |
| Stryker Corp. | 1394 | 489949 |
|  |  | **12692103** |
| **Health Care Providers & Services–4.80%** | **Health Care Providers & Services–4.80%** | **Health Care Providers & Services–4.80%** |
| Cardinal Health, Inc. | 4699 | 965645 |
| Cencora, Inc. | 16656 | 5625564 |
| †Centene Corp. | 7589 | 312287 |
| Chemed Corp. | 4696 | 2009231 |
| Cigna Group | 2091 | 575506 |
| †DaVita, Inc. | 845 | 96000 |
| †Henry Schein, Inc. | 49417 | 3734937 |
| Humana, Inc. | 11962 | 3063827 |
| McKesson Corp. | 1165 | 955638 |
| Quest Diagnostics, Inc. | 34158 | 5927438 |
| †Tenet Healthcare Corp. | 1584 | 314772 |
| UnitedHealth Group, Inc. | 1464 | 483281 |
|  |  | **24064126** |
| **Health Care REITs–1.12%** | **Health Care REITs–1.12%** | **Health Care REITs–1.12%** |
| Healthcare Realty Trust, Inc. | 1910 | 32374 |
| Healthpeak Properties, Inc. | 258000 | 4148640 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-3

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Omega Healthcare Investors, <br> Inc.<br>| 5681 | $251896 |
| Ventas, Inc. | 8596 | 665158 |
| Welltower, Inc. | 2821 | 523606 |
|  |  | **5621674** |
| **Hotel & Resort REITs–0.28%** | **Hotel & Resort REITs–0.28%** | **Hotel & Resort REITs–0.28%** |
| Host Hotels & Resorts, Inc. | 79986 | 1418152 |
|  |  | **1418152** |
| **Hotels, Restaurants & Leisure–2.31%** | **Hotels, Restaurants & Leisure–2.31%** | **Hotels, Restaurants & Leisure–2.31%** |
| Aramark | 4345 | 160157 |
| †Carnival Corp. | 24389 | 744840 |
| †Cava Group, Inc. | 3380 | 198372 |
| †Chipotle Mexican Grill, Inc. | 2674 | 98938 |
| Darden Restaurants, Inc. | 22433 | 4128121 |
| †DoorDash, Inc. Class A | 2143 | 485346 |
| Expedia Group, Inc. | 9224 | 2613251 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 5675 | 1630144 |
| McDonald's Corp. | 3017 | 922086 |
| †MGM Resorts International | 9379 | 342240 |
| Travel & Leisure Co. | 4017 | 283319 |
|  |  | **11606814** |
| **Household Durables–1.00%** | **Household Durables–1.00%** | **Household Durables–1.00%** |
| DR Horton, Inc. | 4141 | 596428 |
| Lennar Corp. Class A | 939 | 96529 |
| †Mohawk Industries, Inc. | 30889 | 3376168 |
| PulteGroup, Inc. | 2777 | 325631 |
| †SharkNinja, Inc. | 2601 | 291052 |
| Toll Brothers, Inc. | 2580 | 348868 |
|  |  | **5034676** |
| **Household Products–0.18%** | **Household Products–0.18%** | **Household Products–0.18%** |
| Procter & Gamble Co. | 6141 | 880067 |
|  |  | **880067** |
| **Independent Power and Renewable Electricity Producers–0.25%** | **Independent Power and Renewable Electricity Producers–0.25%** | **Independent Power and Renewable Electricity Producers–0.25%** |
| AES Corp. | 13500 | 193590 |
| Clearway Energy, Inc. Class C | 545 | 18127 |
| †Talen Energy Corp. | 1380 | 517279 |
| Vistra Corp. | 3210 | 517869 |
|  |  | **1246865** |
| **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** | **Industrial Conglomerates–0.19%** |
| 3M Co. | 2627 | 420583 |
| Honeywell International, Inc. | 2622 | 511526 |
|  |  | **932109** |
| **Industrial REITs–0.05%** | **Industrial REITs–0.05%** | **Industrial REITs–0.05%** |
| EastGroup Properties, Inc. | 709 | 126301 |
| First Industrial Realty Trust, <br> Inc.<br>| 1950 | 111677 |
|  |  | **237978** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance–4.12%** | **Insurance–4.12%** | **Insurance–4.12%** |
| American Financial Group, <br> Inc.<br>| 376 | $51392 |
| †Arch Capital Group Ltd. | 31585 | 3029633 |
| Arthur J Gallagher & Co. | 3633 | 940184 |
| Assurant, Inc. | 285 | 68642 |
| Assured Guaranty Ltd. | 1069 | 96071 |
| Axis Capital Holdings Ltd. | 1510 | 161706 |
| †Brighthouse Financial, Inc. | 360 | 23324 |
| Brown & Brown, Inc. | 32197 | 2566101 |
| Everest Group Ltd. | 240 | 81444 |
| F&G Annuities & Life, Inc. | 155 | 4782 |
| Fidelity National Financial, <br> Inc.<br>| 2595 | 141661 |
| Hartford Insurance Group, <br> Inc.<br>| 29772 | 4102581 |
| Kemper Corp. | 1224 | 49621 |
| Loews Corp. | 52754 | 5555524 |
| †Markel Group, Inc. | 69 | 148326 |
| MetLife, Inc. | 5600 | 442064 |
| Old Republic International <br> Corp.<br>| 1398 | 63805 |
| Progressive Corp. | 2038 | 464093 |
| Reinsurance Group of <br> America, Inc.<br>| 756 | 153816 |
| RLI Corp. | 814 | 52080 |
| Travelers Cos., Inc. | 1937 | 561846 |
| Unum Group | 4314 | 334335 |
| W.R. Berkley Corp. | 21383 | 1499376 |
| Willis Towers Watson PLC | 217 | 71306 |
|  |  | **20663713** |
| **Interactive Media & Services–0.93%** | **Interactive Media & Services–0.93%** | **Interactive Media & Services–0.93%** |
| Alphabet, Inc. Class A | 10319 | 3230591 |
| Meta Platforms, Inc. Class A | 1411 | 931387 |
| †Pinterest, Inc. Class A | 4716 | 122097 |
| †Reddit, Inc. Class A | 1734 | 398595 |
|  |  | **4682670** |
| **IT Services–1.08%** | **IT Services–1.08%** | **IT Services–1.08%** |
| †Cloudflare, Inc. Class A | 3299 | 650398 |
| †GoDaddy, Inc. Class A | 30901 | 3834196 |
| International Business <br> Machines Corp.<br>| 1502 | 444907 |
| †Twilio, Inc. Class A | 2316 | 329428 |
| VeriSign, Inc. | 718 | 174438 |
|  |  | **5433367** |
| **Life Sciences Tools & Services–1.63%** | **Life Sciences Tools & Services–1.63%** | **Life Sciences Tools & Services–1.63%** |
| Agilent Technologies, Inc. | 2375 | 323166 |
| †Charles River Laboratories <br> International, Inc.<br>| 194 | 38699 |
| Danaher Corp. | 1057 | 241968 |
| †Illumina, Inc. | 2687 | 352427 |
| †IQVIA Holdings, Inc. | 29404 | 6627956 |
| Qiagen NV | 1282 | 57652 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-4

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| †Repligen Corp. | 433 | $70951 |
| Thermo Fisher Scientific, <br> Inc.<br>| 819 | 474570 |
|  |  | **8187389** |
| **Machinery–5.45%** | **Machinery–5.45%** | **Machinery–5.45%** |
| AGCO Corp. | 2204 | 229921 |
| Allison Transmission <br> Holdings, Inc.<br>| 14850 | 1453815 |
| Caterpillar, Inc. | 616 | 352888 |
| Cummins, Inc. | 1730 | 883079 |
| Deere & Co. | 1664 | 774708 |
| Dover Corp. | 21836 | 4263261 |
| †Gates Industrial Corp. PLC | 14372 | 308567 |
| Ingersoll Rand, Inc. | 51225 | 4058044 |
| ITT, Inc. | 19289 | 3346834 |
| Lincoln Electric Holdings, <br> Inc.<br>| 15727 | 3768818 |
| †Middleby Corp. | 26056 | 3873746 |
| Mueller Industries, Inc. | 2444 | 280571 |
| Nordson Corp. | 10640 | 2558175 |
| PACCAR, Inc. | 2961 | 324259 |
| Parker-Hannifin Corp. | 508 | 446512 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 1951 | 416441 |
|  |  | **27339639** |
| **Media–1.29%** | **Media–1.29%** | **Media–1.29%** |
| Comcast Corp. Class A | 19682 | 588295 |
| †Liberty Broadband Corp. <br> Class C<br>| 289 | 14045 |
| Nexstar Media Group, Inc. | 159 | 32285 |
| Omnicom Group, Inc. | 68356 | 5519747 |
| †Trade Desk, Inc. Class A | 7859 | 298328 |
|  |  | **6452700** |
| **Metals & Mining–1.27%** | **Metals & Mining–1.27%** | **Metals & Mining–1.27%** |
| Alcoa Corp. | 36086 | 1917610 |
| Anglogold Ashanti PLC | 2013 | 171669 |
| Freeport-McMoRan, Inc. | 33353 | 1693999 |
| †MP Materials Corp. | 1566 | 79114 |
| Nucor Corp. | 4435 | 723393 |
| Royal Gold, Inc. | 281 | 62463 |
| Steel Dynamics, Inc. | 10096 | 1710767 |
|  |  | **6359015** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.06%** | **Mortgage Real Estate Investment Trusts (REITs)–0.06%** | **Mortgage Real Estate Investment Trusts (REITs)–0.06%** |
| Annaly Capital Management, <br> Inc.<br>| 1417 | 31684 |
| Rithm Capital Corp. | 25376 | 276598 |
|  |  | **308282** |
| **Multi-Utilities–3.60%** | **Multi-Utilities–3.60%** | **Multi-Utilities–3.60%** |
| Ameren Corp. | 876 | 87477 |
| CenterPoint Energy, Inc. | 1995 | 76488 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 67566 | $4724890 |
| Consolidated Edison, Inc. | 2705 | 268661 |
| DTE Energy Co. | 1224 | 157872 |
| NiSource, Inc. | 104800 | 4376448 |
| Public Service Enterprise <br> Group, Inc.<br>| 5954 | 478106 |
| Sempra | 31733 | 2801707 |
| WEC Energy Group, Inc. | 48227 | 5086019 |
|  |  | **18057668** |
| **Office REITs–0.02%** | **Office REITs–0.02%** | **Office REITs–0.02%** |
| BXP, Inc. | 773 | 52162 |
| Cousins Properties, Inc. | 621 | 16010 |
| Highwoods Properties, Inc. | 1154 | 29796 |
|  |  | **97968** |
| **Oil, Gas & Consumable Fuels–5.19%** | **Oil, Gas & Consumable Fuels–5.19%** | **Oil, Gas & Consumable Fuels–5.19%** |
| †Antero Resources Corp. | 6159 | 212239 |
| Cheniere Energy, Inc. | 24916 | 4843421 |
| Chevron Corp. | 3029 | 461650 |
| ConocoPhillips | 7673 | 718270 |
| Coterra Energy, Inc. | 163809 | 4311453 |
| Diamondback Energy, Inc. | 27515 | 4136330 |
| EOG Resources, Inc. | 4418 | 463934 |
| EQT Corp. | 1012 | 54243 |
| Expand Energy Corp. | 3249 | 358560 |
| Exxon Mobil Corp. | 14859 | 1788132 |
| HF Sinclair Corp. | 9693 | 446653 |
| Kinder Morgan, Inc. | 6112 | 168019 |
| Marathon Petroleum Corp. | 31424 | 5110485 |
| Matador Resources Co. | 1760 | 74694 |
| Ovintiv, Inc. | 1926 | 75480 |
| Phillips 66 | 2678 | 345569 |
| Range Resources Corp. | 1230 | 43370 |
| Targa Resources Corp. | 3034 | 559773 |
| Williams Cos., Inc. | 31236 | 1877596 |
|  |  | **26049871** |
| **Passenger Airlines–0.67%** | **Passenger Airlines–0.67%** | **Passenger Airlines–0.67%** |
| Delta Air Lines, Inc. | 45854 | 3182268 |
| †United Airlines Holdings, <br> Inc.<br>| 1770 | 197921 |
|  |  | **3380189** |
| **Personal Care Products–0.03%** | **Personal Care Products–0.03%** | **Personal Care Products–0.03%** |
| †BellRing Brands, Inc. | 2349 | 62789 |
| †Coty, Inc. Class A | 31074 | 95708 |
|  |  | **158497** |
| **Pharmaceuticals–1.12%** | **Pharmaceuticals–1.12%** | **Pharmaceuticals–1.12%** |
| Bristol-Myers Squibb Co. | 12182 | 657097 |
| †Jazz Pharmaceuticals PLC | 15093 | 2565810 |
| Johnson & Johnson | 8613 | 1782460 |
| Merck & Co., Inc. | 2482 | 261255 |
| Perrigo Co. PLC | 2538 | 35329 |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-5

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Royalty Pharma PLC Class A | 5890 | $227590 |
| Viatris, Inc. | 7941 | 98866 |
|  |  | **5628407** |
| **Professional Services–0.39%** | **Professional Services–0.39%** | **Professional Services–0.39%** |
| Jacobs Solutions, Inc. | 3721 | 492884 |
| KBR, Inc. | 14413 | 579402 |
| Leidos Holdings, Inc. | 3523 | 635549 |
| UL Solutions, Inc. Class A | 3280 | 258661 |
|  |  | **1966496** |
| **Real Estate Management & Development–0.37%** | **Real Estate Management & Development–0.37%** | **Real Estate Management & Development–0.37%** |
| †CBRE Group, Inc. Class A | 8777 | 1411254 |
| †Jones Lang LaSalle, Inc. | 1321 | 444477 |
|  |  | **1855731** |
| **Residential REITs–0.98%** | **Residential REITs–0.98%** | **Residential REITs–0.98%** |
| American Homes 4 Rent <br> Class A<br>| 5552 | 178219 |
| AvalonBay Communities, Inc. | 23456 | 4252808 |
| Camden Property Trust | 965 | 106227 |
| Equity Residential | 2629 | 165732 |
| Invitation Homes, Inc. | 4504 | 125166 |
| Mid-America Apartment <br> Communities, Inc.<br>| 614 | 85291 |
|  |  | **4913443** |
| **Retail REITs–1.97%** | **Retail REITs–1.97%** | **Retail REITs–1.97%** |
| Agree Realty Corp. | 4134 | 297772 |
| Brixmor Property Group, Inc. | 10572 | 277198 |
| Federal Realty Investment <br> Trust<br>| 151 | 15221 |
| Regency Centers Corp. | 69800 | 4818294 |
| Simon Property Group, Inc. | 24314 | 4500764 |
|  |  | **9909249** |
| **Semiconductors & Semiconductor Equipment–2.16%** | **Semiconductors & Semiconductor Equipment–2.16%** | **Semiconductors & Semiconductor Equipment–2.16%** |
| Analog Devices, Inc. | 1914 | 519077 |
| †Cirrus Logic, Inc. | 1060 | 125610 |
| Entegris, Inc. | 1507 | 126965 |
| †Intel Corp. | 9879 | 364535 |
| Lam Research Corp. | 8158 | 1396486 |
| Microchip Technology, Inc. | 1897 | 120877 |
| Micron Technology, Inc. | 3633 | 1036894 |
| MKS, Inc. | 20681 | 3304824 |
| NVIDIA Corp. | 865 | 161322 |
| NXP Semiconductors NV | 848 | 184067 |
| †ON Semiconductor Corp. | 39658 | 2147481 |
| Qnity Electronics, Inc. <br> Class W/I<br>| 1561 | 127456 |
| Skyworks Solutions, Inc. | 2520 | 159793 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 1766 | 536670 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Texas Instruments, Inc. | 2685 | $465821 |
| Universal Display Corp. | 738 | 86183 |
|  |  | **10864061** |
| **Software–1.08%** | **Software–1.08%** | **Software–1.08%** |
| †Autodesk, Inc. | 518 | 153333 |
| †Cadence Design Systems, <br> Inc.<br>| 2886 | 902106 |
| †Circle Internet Group, Inc. | 1419 | 112527 |
| †Confluent, Inc. Class A | 6661 | 201429 |
| †Datadog, Inc. Class A | 2763 | 375740 |
| †Docusign, Inc. | 3293 | 225241 |
| †Fair Isaac Corp. | 110 | 185968 |
| †HubSpot, Inc. | 644 | 258437 |
| Intuit, Inc. | 590 | 390828 |
| †Manhattan Associates, Inc. | 545 | 94454 |
| Microsoft Corp. | 900 | 435258 |
| †Nutanix, Inc. Class A | 7933 | 410057 |
| Oracle Corp. | 2096 | 408531 |
| †ServiceNow, Inc. | 2228 | 341307 |
| †Synopsys, Inc. | 1139 | 535011 |
| †Unity Software, Inc. | 8498 | 375357 |
|  |  | **5405584** |
| **Specialized REITs–2.22%** | **Specialized REITs–2.22%** | **Specialized REITs–2.22%** |
| American Tower Corp. | 1640 | 287935 |
| CubeSmart | 5321 | 191822 |
| Equinix, Inc. | 765 | 586112 |
| Extra Space Storage, Inc. | 2329 | 303282 |
| Gaming & Leisure Properties, <br> Inc.<br>| 1976 | 88307 |
| Iron Mountain, Inc. | 1651 | 136951 |
| Millrose Properties, Inc. | 4550 | 135909 |
| Public Storage | 14948 | 3879006 |
| SBA Communications Corp. | 17028 | 3293726 |
| VICI Properties, Inc. | 9857 | 277179 |
| Weyerhaeuser Co. | 82201 | 1947342 |
|  |  | **11127571** |
| **Specialty Retail–2.81%** | **Specialty Retail–2.81%** | **Specialty Retail–2.81%** |
| †AutoNation, Inc. | 881 | 181909 |
| †AutoZone, Inc. | 1111 | 3767957 |
| Bath & Body Works, Inc. | 4704 | 94456 |
| Best Buy Co., Inc. | 46900 | 3139017 |
| †Burlington Stores, Inc. | 697 | 201328 |
| †Carvana Co. | 1174 | 495451 |
| Lowe's Cos., Inc. | 3284 | 791969 |
| Murphy USA, Inc. | 88 | 35510 |
| Penske Automotive Group, <br> Inc.<br>| 785 | 124258 |
| Ross Stores, Inc. | 26790 | 4825951 |
| †Ulta Beauty, Inc. | 592 | 358166 |
| †Valvoline, Inc. | 3806 | 110602 |
|  |  | **14126574** |

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-6

------

**LVIP JPMorgan Select Mid Cap 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)** |
| **Technology Hardware, Storage & Peripherals–0.96%** | **Technology Hardware, Storage & Peripherals–0.96%** | **Technology Hardware, Storage & Peripherals–0.96%** |
| Apple, Inc. | 706 | $191933 |
| Hewlett Packard Enterprise <br> Co.<br>| 30038 | 721513 |
| NetApp, Inc. | 1020 | 109232 |
| †Pure Storage, Inc. Class A | 1780 | 119278 |
| †Sandisk Corp. | 870 | 206521 |
| Seagate Technology Holdings <br> PLC<br>| 2798 | 770541 |
| Western Digital Corp. | 15591 | 2685861 |
|  |  | **4804879** |
| **Textiles, Apparel & Luxury Goods–0.91%** | **Textiles, Apparel & Luxury Goods–0.91%** | **Textiles, Apparel & Luxury Goods–0.91%** |
| †Crocs, Inc. | 2849 | 243647 |
| Ralph Lauren Corp. | 10657 | 3768422 |
| Tapestry, Inc. | 4329 | 553116 |
|  |  | **4565185** |
| **Tobacco–0.27%** | **Tobacco–0.27%** | **Tobacco–0.27%** |
| Philip Morris International, <br> Inc.<br>| 8567 | 1374147 |
|  |  | **1374147** |
| **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** |
| †Core & Main, Inc. Class A | 4291 | 223003 |
| Ferguson Enterprises, Inc. | 3801 | 846217 |
| WESCO International, Inc. | 540 | 132105 |
|  |  | **1201325** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Water Utilities–0.45%** | **Water Utilities–0.45%** | **Water Utilities–0.45%** |
| Essential Utilities, Inc. | 59410 | $2278968 |
|  |  | **2278968** |
| **Wireless Telecommunication Services–0.08%** | **Wireless Telecommunication Services–0.08%** | **Wireless Telecommunication Services–0.08%** |
| Millicom International <br> Cellular SA<br>| 7246 | 401718 |
|  |  | **401718** |
| **Total Common Stock** <br>**(Cost $337,227,875)** | **Total Common Stock** <br>**(Cost $337,227,875)** | **474342047** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Mirati Therapeutics, Inc. | 3008 | 8964 |
| **Total Rights** <br>**(Cost $2,105)** | **Total Rights** <br>**(Cost $2,105)** | **8964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–5.18%** | **MONEY MARKET FUND–5.18%** | **MONEY MARKET FUND–5.18%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 26003796 | 26003796 |
| **Total Money Market Fund** <br>**(Cost $26,003,796)** | **Total Money Market Fund** <br>**(Cost $26,003,796)** | **26003796** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.70% (Cost $363,233,776)** | **500354807** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.30%** | **1522727** |
| **NET ASSETS APPLICABLE TO 29,268,220 SHARES OUTSTANDING–100.00%** | **$501877534** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND STANDARD** <br> **CLASS** <br>**($49,878,083 / 2,876,666 Shares)** | **$17.339** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND SERVICE** <br> **CLASS** <br>**($451,999,451 / 26,391,554 Shares)** | **$17.127** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$325658998** |
| Distributable earnings/(accumulated loss) | **176218536** |
| **TOTAL NET ASSETS** | **$501877534** |

---

&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 JPMorgan Select Mid Cap Value Managed Volatility Fund-7

------

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

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,718,021 cash collateral held at broker for futures contracts, $4,017 payable for securities purchased, $370,642 payable for fund <br> shares redeemed, $20,344 other accrued expenses payable, $411,654 due to manager and affiliates, $107,442 due to custodian, $202,199 <br> variation margin due to broker on futures contracts, $19,687 payable for audit fee and $26,778 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>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 22 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $2747800 | &nbsp;&nbsp; $2872044 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(124244)<br>|
| 8 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 2757000 | &nbsp;&nbsp; 2759588 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2588)<br>|
| 42 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 13965840 | &nbsp;&nbsp; 14178098 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (212258)<br>|
| 2 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 141140 | &nbsp;&nbsp; 138975 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2165 | &nbsp;&nbsp; $(339090)<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 |
| ICE–Intercontinental Exchange |
| IT–Information Technology |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $9350106 |
| Foreign taxes withheld | (6886)<br>|
|  | 9343220 |
| **EXPENSES:** |  |
| Management fees | 3685479 |
| Distribution fees-Service Class | 1171195 |
| Shareholder servicing fees | 149706 |
| Accounting and administration expenses | 127321 |
| Professional fees | 53812 |
| Custodian fees | 27796 |
| Reports and statements to shareholders | 20959 |
| Trustees' fees and expenses | 15200 |
| Consulting fees | 14558 |
| Pricing fees | 6460 |
| Other | 19002 |
|  | 5291488 |
| Less:  |  |
| Management fees waived | (77434)<br>|
| Total operating expenses | 5214054 |
| **NET INVESTMENT INCOME**  | 4129166 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 66678127 |
| Foreign currencies | (5721)<br>|
| Futures contracts | (24967816)<br>|
| Net realized gain | 41704590 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (40442074)<br>|
| Foreign currencies | 322 |
| Futures contracts | 916979 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (39524773)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 2179817 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $6308983 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap Value Managed** <br> **Volatility Fund** | **LVIP JPMorgan Select Mid Cap 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 (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $4129166 | $5135385 |
| Net realized gain | 41704590 | 71433950 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (39524773)<br>| 6456796 |
| Net increase in net assets resulting <br> from operations<br>| 6308983 | 83026131 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (6136025)<br>| (2642817)<br>|
| Service Class | (57219453)<br>| (27341705)<br>|
|  | (63355478)<br>| (29984522)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 12027543 | 10612624 |
| Service Class | 19446833 | 13455857 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 6136025 | 2642817 |
| Service Class | 57219453 | 27341705 |
|  | 94829854 | 54053003 |
| Cost of shares redeemed: |  |  |
| Standard Class | (10861020)<br>| (13490713)<br>|
| Service Class | (73861924)<br>| (127455667)<br>|
|  | (84722944)<br>| (140946380)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 10106910 | (86893377)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (46939585)<br>| (33851768)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 548817119 | 582668887 |
| End of year | $501877534 | $548817119 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-9

------

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

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class** | **LVIP JPMorgan Select Mid Cap 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; $19.487 | &nbsp;&nbsp; $17.847 | &nbsp;&nbsp; $17.440 | &nbsp;&nbsp; $22.332 | &nbsp;&nbsp; $17.640 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.190 | 0.217 | 0.249 | 0.231 | 0.147 |
| Net realized and unrealized gain (loss) | 0.058 | 2.525 | 1.750 | &nbsp;&nbsp; (2.374)<br>| 4.981 |
| Total from investment operations | 0.248 | 2.742 | 1.999 | &nbsp;&nbsp; (2.143)<br>| 5.128 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.219)<br>|
| Net realized gain | &nbsp;&nbsp; (2.201)<br>| &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (1.325)<br>| &nbsp;&nbsp; (2.494)<br>| &nbsp;&nbsp; (0.217)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.396)<br>| &nbsp;&nbsp; (1.102)<br>| &nbsp;&nbsp; (1.592)<br>| &nbsp;&nbsp; (2.749)<br>| &nbsp;&nbsp; (0.436)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.339 | &nbsp;&nbsp; $19.487 | &nbsp;&nbsp; $17.847 | &nbsp;&nbsp; $17.440 | &nbsp;&nbsp; $22.332 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; 12.08% | &nbsp;&nbsp; (9.17%)<br>| &nbsp;&nbsp; 29.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $49878 | &nbsp;&nbsp; $47879 | &nbsp;&nbsp; $44052 | &nbsp;&nbsp; $39492 | &nbsp;&nbsp; $48364 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.70% |
| Portfolio turnover | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 30% |

---

&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 Select Mid Cap Value Managed Volatility Fund-10

------

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

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class** | **LVIP JPMorgan Select Mid Cap 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; $19.281 | &nbsp;&nbsp; $17.667 | &nbsp;&nbsp; $17.282 | &nbsp;&nbsp; $22.159 | &nbsp;&nbsp; $17.507 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.142 | 0.166 | 0.203 | 0.180 | 0.094 |
| Net realized and unrealized gain (loss) | 0.056 | 2.498 | 1.730 | &nbsp;&nbsp; (2.356)<br>| 4.938 |
| Total from investment operations | 0.198 | 2.664 | 1.933 | &nbsp;&nbsp; (2.176)<br>| 5.032 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.163)<br>|
| Net realized gain | &nbsp;&nbsp; (2.201)<br>| &nbsp;&nbsp; (0.838)<br>| &nbsp;&nbsp; (1.325)<br>| &nbsp;&nbsp; (2.494)<br>| &nbsp;&nbsp; (0.217)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.352)<br>| &nbsp;&nbsp; (1.050)<br>| &nbsp;&nbsp; (1.548)<br>| &nbsp;&nbsp; (2.701)<br>| &nbsp;&nbsp; (0.380)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.127 | &nbsp;&nbsp; $19.281 | &nbsp;&nbsp; $17.667 | &nbsp;&nbsp; $17.282 | &nbsp;&nbsp; $22.159 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 15.14% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; (9.39%)<br>| &nbsp;&nbsp; 28.75% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $452000 | &nbsp;&nbsp; $500938 | &nbsp;&nbsp; $538617 | &nbsp;&nbsp; $531063 | &nbsp;&nbsp; $668840 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.45% |
| Portfolio turnover | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 30% |

---

&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 Select Mid Cap Value Managed Volatility Fund-11

------

**LVIP JPMorgan Select Mid Cap 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 JPMorgan Select Mid Cap 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 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. 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.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-12

------

**LVIP JPMorgan Select Mid Cap 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)**

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. 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 $4,809 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 1.05% of the first $60 million of the Fund's average daily net assets; 0.75% of the next $90 million; and 0.65% of the Fund's average daily net assets in excess of $150 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.015% 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.

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.

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; $43141 |
| Legal | &nbsp;&nbsp; 7124 |

---

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 JPMorgan Select Mid Cap Value Managed Volatility Fund-13

------

**LVIP JPMorgan Select Mid Cap 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)**

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 $12,449 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; $301744 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 97131 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 278 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12501 |

---

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; $241267769 |
| Sales | &nbsp;&nbsp; 310058916 |

---

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; $367388054 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $144884108 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (11917354)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $132966754 |

---

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 Select Mid Cap Value Managed Volatility Fund-14

------

**LVIP JPMorgan Select Mid Cap 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 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; $474342047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $474342047 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8964 | &nbsp;&nbsp; 8964 |
| Money Market Fund | &nbsp;&nbsp; 26003796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26003796 |
| **Total Investments** | &nbsp;&nbsp; $500345843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8964 | &nbsp;&nbsp; $500354807 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $2165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2165 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(339090)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(339090)<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 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; $4327430 | &nbsp;&nbsp; $13536026 |
| Long-term capital gains | &nbsp;&nbsp; 59028048 | &nbsp;&nbsp; 16448496 |
| Total | &nbsp;&nbsp; $63355478 | &nbsp;&nbsp; $29984522 |

---

**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; $43251784 |
| Other temporary differences | &nbsp;&nbsp; (2)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 132966754 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $176218536 |

---

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 JPMorgan Select Mid Cap Value Managed Volatility Fund-15

------

**LVIP JPMorgan Select Mid Cap 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;

**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; 654252 | &nbsp;&nbsp; 554426 |
| Service Class | &nbsp;&nbsp; 1068610 | &nbsp;&nbsp; 702155 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 356895 | &nbsp;&nbsp; 135206 |
| Service Class | &nbsp;&nbsp; 3376322 | &nbsp;&nbsp; 1413556 |
|  | &nbsp;&nbsp; 5456079 | &nbsp;&nbsp; 2805343 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (591437)<br>| &nbsp;&nbsp; (700911)<br>|
| Service Class | &nbsp;&nbsp; (4033753)<br>| &nbsp;&nbsp; (6622371)<br>|
|  | &nbsp;&nbsp; (4625190)<br>| &nbsp;&nbsp; (7323282)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 830889 | &nbsp;&nbsp; (4517939)<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>| $2165 | Receivables and other assets net of <br> liabilities<br>| $(339090)<br>|

---

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-16

------

**LVIP JPMorgan Select Mid Cap 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;

 **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; $(24902154)<br>| &nbsp;&nbsp; $910302 |
| 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; (65662)<br>| &nbsp;&nbsp; 6677 |
| Total |  | &nbsp;&nbsp; $(24967816)<br>| &nbsp;&nbsp; $916979 |

---

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) | $18332606 | $11297227 |

---

**9. 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.

**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.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund-17

------

**LVIP JPMorgan Select Mid Cap 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;

**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 Select Mid Cap Value Managed Volatility Fund-18

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan Select Mid Cap 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, 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.

![](imgf460a1d93.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–19

------

![](img269f0ee71.jpg)

LVIP JPMorgan Short Duration Bond Fund

(formerly, LVIP Macquarie Limited-Term Diversified Income Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan Short Duration Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_SOI-continued-454_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_FS-continued-454_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_FS-continued-454_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_FIHI-continued-454_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_NTF-continued-454_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_a8bf52fd-88c9-46c1-b958-dec 434ec88b1_AUDIT-continued-454_1)**  | &nbsp;&nbsp; **20** |

---

------

**LVIP JPMorgan Short Duration 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–12.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–12.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–12.84%** |
| Federal Home Loan Mortgage <br> Corp. Reference REMICS <br> Series R007 Class ZA 6.00% <br> 5/15/36<br>| 2790005 | $2917034 |
| Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  |
| Series 2733 Class ME 5.00% <br> 1/15/34<br>| 877292 | 894523 |
| Series 2777 Class PG 5.00% <br> 4/15/34<br>| 2515787 | 2573566 |
| Series 2950 Class LH 5.50% <br> 3/15/35<br>| 2129956 | 2209218 |
| Series 3228 Class PG 5.50% <br> 10/15/36<br>| 1292007 | 1341607 |
| Series 3256 Class KE 5.50% <br> 12/15/36<br>| 1252626 | 1294896 |
| Series 4248 Class HZ 3.00% <br> 9/15/33<br>| 1432463 | 1386148 |
| Series 4283 Class TZ 3.50% <br> 12/15/33<br>| 4719262 | 4636043 |
| Series 4483 Class CA 3.00% <br> 6/15/44<br>| 1071915 | 1040498 |
| Series 4507 Class ED 3.00% <br> 8/15/44<br>| 1710208 | 1651491 |
| Series 4669 Class QU 4.50% <br> 9/15/44<br>| 1503936 | 1512785 |
| Series 4680 Class PA 3.00% <br> 3/15/46<br>| 2907538 | 2780944 |
| Series 4767 Class LA 3.50% <br> 8/15/46<br>| 2076346 | 2049393 |
| Series 5092 Class WG 1.00% <br> 4/25/31<br>| 6283434 | 5934937 |
| Series 5334 Class GA 6.00% <br> 7/25/45<br>| 2494506 | 2520008 |
| Series 5401 Class VD 6.00% <br> 1/25/35<br>| 4161187 | 4242541 |
| Series 5422 Class CA 5.50% <br> 5/25/49<br>| 3192943 | 3195304 |
| Series 5507 Class LA 5.50% <br> 1/25/51<br>| 1740243 | 1747047 |
| Series 5513 Class CG 5.00% <br> 6/25/51<br>| 2553838 | 2582912 |
| Series 5514 Class VC 5.00% <br> 2/25/36<br>| 4236926 | 4301453 |
| Series 5534 Class DA 5.00% <br> 4/25/52<br>| 3359759 | 3378988 |
| Series 5536 Class PA 5.00% <br> 5/25/54<br>| 4639999 | 4680585 |
| Series 5558 Class BA 5.50% <br> 7/25/50<br>| 2368046 | 2416338 |
| Series 5584 Class LV 5.50% <br> 8/25/36<br>| 2949131 | 3025193 |
| •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 2023-HQA3 Class A1 <br> 5.72% (30 day USD SOFR <br> Average + 1.85%) 11/25/43<br>| 2174330 | 2193582 |

---

---

| | | |
|:---|:---|:---|
|  | **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. STACR REMICS <br> Trust (continued)  | •Federal Home Loan Mortgage Corp. STACR REMICS <br> Trust (continued)  | •Federal Home Loan Mortgage Corp. STACR REMICS <br> Trust (continued)  |
| Series 2024-DNA3 Class M1 <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 10/25/44<br>| 21913 | $21913 |
| Series 2025-DNA1 Class M2 <br> 5.22% (30 day USD SOFR <br> Average + 1.35%) 1/25/45<br>| 3600000 | 3596425 |
| Series 2025-DNA2 Class A1 <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 5/25/45<br>| 2581250 | 2589630 |
| ♦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-54 Class 2A 6.50% <br> 2/25/43<br>| 416 | 422 |
| Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 5071 | 5340 |
| •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 2023-R08 Class 1M1 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 1050475 | 1052249 |
| Series 2025-R01 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 1570000 | 1572106 |
| Series 2025-R02 Class 1M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 2640000 | 2647609 |
| •Federal National Mortgage <br> Association Grantor Trust <br> Series 2001-T5 Class A2 <br> 7.00% 6/19/41<br>| 4867 | 5026 |
| Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  |
| Series 2005-106 Class XZ <br> 5.50% 12/25/35<br>| 1265269 | 1322127 |
| Series 2005-29 Class ZE <br> 5.50% 4/25/35<br>| 1305686 | 1336456 |
| Series 2010-118 Class KH <br> 3.50% 10/25/40<br>| 1482748 | 1459015 |
| Series 2010-149 Class ZC <br> 4.50% 1/25/41<br>| 3651584 | 3670995 |
| Series 2011-98 Class BY <br> 4.00% 10/25/31<br>| 2552422 | 2548400 |
| Series 2012-98 Class ZP <br> 6.00% 9/25/42<br>| 2813483 | 2989377 |
| Series 2015-28 Class P 2.50% <br> 5/25/45<br>| 8086270 | 7651988 |
| Series 2020-89 Class A 3.50% <br> 6/25/41<br>| 1922744 | 1875997 |
| Series 2023-12 Class GB <br> 6.00% 6/25/45<br>| 2726408 | 2761975 |
| Series 2023-29 Class JA <br> 5.50% 5/25/36<br>| 4790719 | 4821748 |
| Series 2023-42 Class B 6.00% <br> 7/25/45<br>| 3277805 | 3313122 |

---

LVIP JPMorgan Short Duration Bond Fund-1

------

**LVIP JPMorgan Short Duration 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 2023-61 Class G 5.50% <br> 1/25/49<br>| 1620536 | $1626427 |
| Series 2024-13 Class A 5.50% <br> 5/25/44<br>| 3942085 | 3997208 |
| Series 2025-29 Class VA <br> 5.50% 12/25/35<br>| 2856875 | 2926926 |
| Series 2025-4 Class HP <br> 5.50% 2/25/51<br>| 3429490 | 3455602 |
| Series 2025-62 Class BA <br> 5.50% 11/25/51<br>| 2183151 | 2201059 |
| Series 2025-62 Class HV <br> 5.00% 8/25/36<br>| 2670387 | 2707419 |
| Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  |
| Series 2022-173 Class VL <br> 5.50% 9/20/33<br>| 1328918 | 1356223 |
| Series 2024-84 Class BA <br> 5.75% 11/20/45<br>| 3505656 | 3524121 |
| Series 2025-113 Class HA <br> 5.50% 3/20/52<br>| 2394749 | 2421305 |
| Series 2025-113 Class KA <br> 5.50% 8/20/51<br>| 3106634 | 3141219 |
| Series 2025-2 Class EA 4.50% <br> 9/20/40<br>| 3027621 | 3035413 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $141,690,818)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $141,690,818)** | **142141876** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.58%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.58%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.58%** |
| •FREMF K-100 Mortgage Trust <br> Series 2019-K100 Class B <br> 3.49% 11/25/52<br>| 5000000 | 4819546 |
| •FREMF Mortgage Trust | •FREMF Mortgage Trust | •FREMF Mortgage Trust |
| Series 2018-K80 Class B <br> 4.23% 8/25/50<br>| 3000000 | 2968885 |
| Series 2018-K86 Class B <br> 4.30% 11/25/51<br>| 4340000 | 4318217 |
| Series 2019-K103 Class B <br> 3.46% 12/25/51<br>| 3250000 | 3117519 |
| Series 2020-K737 Class C <br> 3.33% 1/25/53<br>| 2315000 | 2286238 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $17,426,190)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $17,426,190)** | **17510405** |
| **AGENCY MORTGAGE-BACKED SECURITIES–13.11%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.11%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.11%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 8/1/32 | 3320696 | 3219459 |
| 3.00% 10/1/35 | 4048363 | 3875706 |
| 3.00% 5/1/36 | 10083187 | 9629553 |
| 5.00% 9/1/35 | 2188508 | 2215928 |
| 5.50% 9/1/41 | 1019617 | 1067281 |
| 6.00% 3/1/39 | 2626063 | 2745828 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 7/1/32 | 3445539 | 3326834 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 2/1/32 | 1795620 | $1739106 |
| 2.50% 2/1/35 | 4043871 | 3932125 |
| 2.50% 8/1/36 | 2180549 | 2065854 |
| 3.00% 10/1/35 | 14313290 | 13698285 |
| 3.00% 11/1/35 | 6946614 | 6653392 |
| 3.00% 5/1/36 | 16361926 | 15637880 |
| 3.50% 12/1/31 | 3824275 | 3769358 |
| 3.50% 5/1/32 | 1249343 | 1230117 |
| 4.00% 11/1/38 | 3124715 | 3096512 |
| 4.36% 5/1/30 | 4000000 | 4035191 |
| 4.50% 7/1/40 | 156024 | 152752 |
| 4.50% 8/1/41 | 355751 | 358025 |
| 4.50% 2/1/46 | 2880944 | 2901108 |
| 4.50% 5/1/46 | 280782 | 282862 |
| 4.50% 4/1/48 | 1609363 | 1623017 |
| 4.50% 1/1/50 | 737533 | 741899 |
| 4.62% 4/1/29 | 3472834 | 3544339 |
| 4.65% 7/1/30 | 2500000 | 2546123 |
| 4.83% 2/1/30 | 4457000 | 4579447 |
| 5.00% 6/1/39 | 3218189 | 3263061 |
| 5.00% 7/1/47 | 303981 | 312585 |
| 5.03% 1/1/30 | 3607000 | 3728625 |
| 5.05% 3/1/29 | 4816000 | 4952940 |
| 5.15% 3/1/30 | 3400000 | 3534094 |
| 5.29% 5/1/30 | 3060000 | 3188302 |
| 5.30% 3/1/29 | 2313366 | 2403112 |
| 5.50% 5/1/44 | 5447524 | 5698072 |
| 6.00% 3/1/39 | 4363405 | 4531722 |
| 6.00% 5/1/40 | 2472129 | 2581866 |
| 6.00% 1/1/42 | 598562 | 632728 |
| 6.00% 11/1/43 | 1743235 | 1796759 |
| 6.00% 8/1/54 | 9513937 | 9769505 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $144,039,617)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $144,039,617)** | **145061352** |
| **CORPORATE BONDS–20.27%** | **CORPORATE BONDS–20.27%** | **CORPORATE BONDS–20.27%** |
| **Aerospace & Defense–0.49%** | **Aerospace & Defense–0.49%** | **Aerospace & Defense–0.49%** |
| RTX Corp. 5.75% 11/8/26 | 5355000 | 5427978 |
|  |  | **5427978** |
| **Agriculture–0.31%** | **Agriculture–0.31%** | **Agriculture–0.31%** |
| Bunge Ltd. Finance Corp. <br> 4.20% 9/17/29<br>| 3450000 | 3451959 |
|  |  | **3451959** |
| **Auto Manufacturers–0.70%** | **Auto Manufacturers–0.70%** | **Auto Manufacturers–0.70%** |
| Hyundai Capital America <br> 4.90% 6/23/28<br>| 5340000 | 5423475 |
| Volkswagen Group of America <br> Finance LLC 4.45% 9/11/27<br>| 2300000 | 2306647 |
|  |  | **7730122** |
| **Banks–10.71%** | **Banks–10.71%** | **Banks–10.71%** |
| μAIB Group PLC 6.61% 9/13/29 | 4000000 | 4247860 |

---

LVIP JPMorgan Short Duration Bond Fund-2

------

**LVIP JPMorgan Short Duration 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 America Corp. |  |  |
| 4.95% 7/22/28 | 5000000 | $5070796 |
| 5.82% 9/15/29 | 2670000 | 2785034 |
| μBarclays PLC 4.48% 11/11/29 | 1685000 | 1694298 |
| μBNP Paribas SA 4.79% 5/9/29 | 5000000 | 5055533 |
| BPCE SA |  |  |
| 3.50% 10/23/27 | 2745000 | 2714645 |
| 5.13% 1/18/28 | 1065000 | 1085389 |
| μCaixaBank SA 4.63% 7/3/29 | 3520000 | 3555004 |
| μCanadian Imperial Bank of <br> Commerce 4.86% 3/30/29<br>| 5000000 | 5082657 |
| Citibank NA 5.44% 4/30/26 | 1315000 | 1320011 |
| μCitigroup, Inc. |  |  |
| 4.64% 5/7/28 | 5000000 | 5040588 |
| 4.79% 3/4/29 | 5000000 | 5071640 |
| μDanske Bank AS 5.71% 3/1/30 | 1940000 | 2015662 |
| μDeutsche Bank AG |  |  |
| 6.72% 1/18/29 | 708000 | 741233 |
| 6.82% 11/20/29 | 1440000 | 1535461 |
| μFifth Third Bank NA 4.97% <br> 1/28/28<br>| 2810000 | 2836448 |
| μGoldman Sachs Group, Inc. <br> 4.94% 4/23/28<br>| 5000000 | 5057109 |
| μHSBC Holdings PLC |  |  |
| 5.13% 11/19/28 | 5000000 | 5092579 |
| 5.55% 3/4/30 | 1268000 | 1314579 |
| μLloyds Banking Group PLC <br> 4.82% 6/13/29<br>| 2000000 | 2032575 |
| μMorgan Stanley |  |  |
| 4.13% 10/18/29 | 2775000 | 2774106 |
| 5.19% 4/17/31 | 1715000 | 1768288 |
| 6.30% 10/18/28 | 1854000 | 1925965 |
| 6.41% 11/1/29 | 694000 | 735577 |
| μMorgan Stanley Bank NA <br> 5.50% 5/26/28<br>| 1985000 | 2024603 |
| NatWest Markets PLC 4.79% <br> 3/21/28<br>| 5000000 | 5080714 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 5.22% 1/29/31 | 2670000 | 2762588 |
| 5.30% 1/21/28 | 2240000 | 2268956 |
| μRoyal Bank of Canada 4.50% <br> 8/6/29<br>| 2710000 | 2736321 |
| μSociete Generale SA 5.25% <br> 5/22/29<br>| 2940000 | 2999179 |
| State Street Corp. 4.99% <br> 3/18/27<br>| 2080000 | 2107850 |
| Swedbank AB 5.41% 3/14/29 | 2055000 | 2126567 |
| Toronto-Dominion Bank <br> 4.57% 6/2/28<br>| 2655000 | 2688666 |
| μU.S. Bancorp |  |  |
| 4.65% 2/1/29 | 223000 | 225787 |
| 5.05% 2/12/31 | 1950000 | 2002944 |
| 5.38% 1/23/30 | 650000 | 673196 |
| 6.79% 10/26/27 | 1000000 | 1021858 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μUBS Group AG |  |  |
| 4.15% 12/23/29 | 2575000 | $2572350 |
| 4.75% 5/12/28 | 5000000 | 5040438 |
| μWells Fargo & Co. |  |  |
| 4.81% 7/25/28 | 5000000 | 5055986 |
| 5.24% 1/24/31 | 1490000 | 1542925 |
| 5.71% 4/22/28 | 5000000 | 5103493 |
|  |  | **118587458** |
| **Commercial Services–0.31%** | **Commercial Services–0.31%** | **Commercial Services–0.31%** |
| Quanta Services, Inc. 4.30% <br> 8/9/28<br>| 3415000 | 3433090 |
|  |  | **3433090** |
| **Diversified Financial Services–1.73%** | **Diversified Financial Services–1.73%** | **Diversified Financial Services–1.73%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 3.00% 10/29/28 | 1310000 | 1270030 |
| 5.10% 1/19/29 | 5820000 | 5949746 |
| Air Lease Corp. 2.88% 1/15/26 | 755000 | 754593 |
| μAmerican Express Co. 4.35% <br> 7/20/29<br>| 5395000 | 5434361 |
| Aviation Capital Group LLC <br> 3.50% 11/1/27<br>| 2410000 | 2373114 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.70% 1/30/31 | 2020000 | 2006997 |
| 4.95% 1/15/28 | 1390000 | 1406298 |
|  |  | **19195139** |
| **Electric–1.99%** | **Electric–1.99%** | **Electric–1.99%** |
| AEP Texas, Inc. 5.45% <br> 5/15/29<br>| 1645000 | 1702998 |
| Enel Finance International <br> NV 4.13% 9/30/28<br>| 1442000 | 1439436 |
| Fells Point Funding Trust <br> 3.05% 1/31/27<br>| 3065000 | 3027965 |
| FirstEnergy Pennsylvania <br> Electric Co. 5.20% 4/1/28<br>| 3465000 | 3537609 |
| National Rural Utilities <br> Cooperative Finance Corp. <br> 4.45% 3/13/26<br>| 2045000 | 2045531 |
| Southern Co. 4.85% 6/15/28 | 4825000 | 4912234 |
| Virginia Power Fuel <br> Securitization LLC 5.09% <br> 5/1/29<br>| 5290764 | 5325978 |
|  |  | **21991751** |
| **Insurance–1.54%** | **Insurance–1.54%** | **Insurance–1.54%** |
| Aon North America, Inc. <br> 5.13% 3/1/27<br>| 1565000 | 1584251 |
| CNO Global Funding 4.38% <br> 9/8/28<br>| 2745000 | 2748384 |
| F&G Global Funding 4.65% <br> 9/8/28<br>| 2750000 | 2767463 |

---

LVIP JPMorgan Short Duration Bond Fund-3

------

**LVIP JPMorgan Short Duration 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)** |
| Jackson National Life Global <br> Funding 4.70% 6/5/28<br>| 2785000 | $2812913 |
| Mutual of Omaha Cos Global <br> Funding 4.51% 6/9/28<br>| 3740000 | 3773902 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 2580000 | 2607996 |
| Northwestern Mutual Global <br> Funding 4.96% 1/13/30<br>| 685000 | 702333 |
|  |  | **16997242** |
| **Miscellaneous Manufacturing–0.40%** | **Miscellaneous Manufacturing–0.40%** | **Miscellaneous Manufacturing–0.40%** |
| Parker-Hannifin Corp. 4.25% <br> 9/15/27<br>| 4455000 | 4481465 |
|  |  | **4481465** |
| **Pipelines–0.64%** | **Pipelines–0.64%** | **Pipelines–0.64%** |
| Energy Transfer LP 5.55% <br> 2/15/28<br>| 4720000 | 4845642 |
| Kinder Morgan, Inc. 5.10% <br> 8/1/29<br>| 2140000 | 2200547 |
|  |  | **7046189** |
| **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** | **Real Estate Investment Trusts–0.42%** |
| Crown Castle, Inc. 1.05% <br> 7/15/26<br>| 4740000 | 4661611 |
|  |  | **4661611** |
| **Savings & Loans–0.13%** | **Savings & Loans–0.13%** | **Savings & Loans–0.13%** |
| μNationwide Building Society <br> 4.65% 7/14/29<br>| 1415000 | 1428439 |
|  |  | **1428439** |
| **Semiconductors–0.46%** | **Semiconductors–0.46%** | **Semiconductors–0.46%** |
| Broadcom, Inc. 5.05% 7/12/29 | 4460000 | 4591915 |
| Marvell Technology, Inc. <br> 4.75% 7/15/30<br>| 515000 | 521729 |
|  |  | **5113644** |
| **Telecommunications–0.44%** | **Telecommunications–0.44%** | **Telecommunications–0.44%** |
| T-Mobile USA, Inc. 3.75% <br> 4/15/27<br>| 4850000 | 4834763 |
|  |  | **4834763** |
| **Total Corporate Bonds** <br>**(Cost $221,335,524)** | **Total Corporate Bonds** <br>**(Cost $221,335,524)** | **224380850** |
| **NON-AGENCY ASSET-BACKED SECURITIES–21.21%** | **NON-AGENCY ASSET-BACKED SECURITIES–21.21%** | **NON-AGENCY ASSET-BACKED SECURITIES–21.21%** |
| •AGL CLO 17 Ltd. Series <br> 2022-17A Class AR 4.82% (3 <br> mo. USD Term SOFR + <br> 0.95%) 1/21/35<br>| 2150000 | 2145896 |
| Ally Bank Auto Credit-Linked <br> Notes Series 2025-B Class C <br> 4.70% 9/15/33<br>| 2478198 | 2493032 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
| Series 2025-1 Class C 5.09% <br> 8/12/31<br>| 3500000 | $3530223 |
| Series 2025-2 Class C 5.11% <br> 3/12/31<br>| 4000000 | 4039616 |
| Series 2025-3 Class D 5.19% <br> 7/12/32<br>| 3000000 | 3016060 |
| Ansley Park Capital LLC <br> Series 2025-A Class A2 4.43% <br> 4/20/35<br>| 3507000 | 3517992 |
| ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
| Series 2024-B Class A2 5.54% <br> 4/15/33<br>| 2915610 | 2936591 |
| Series 2025-A Class B 4.70% <br> 1/17/34<br>| 2500000 | 2522425 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2021-1A Class B 1.63% <br> 8/20/27<br>| 3000000 | 2965403 |
| •Bain Capital Credit CLO Ltd. <br> Series 2021-7A Class A1R <br> 4.84% (3 mo. USD Term <br> SOFR + 0.98%) 1/22/35<br>| 2600000 | 2595601 |
| •Ballyrock CLO 27 Ltd. Series <br> 2024-27A Class A1A 5.21% (3 <br> mo. USD Term SOFR + <br> 1.35%) 10/25/37<br>| 1700000 | 1701778 |
| Bridge Trust Series <br> 2025-SFR1 Class A 4.05% <br> 9/17/42<br>| 3898010 | 3768169 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| Series 2025-2 Class B 4.81% <br> 8/15/29<br>| 2000000 | 2017233 |
| Series 2025-2 Class C 5.17% <br> 3/17/31<br>| 1000000 | 1012884 |
| Series 2025-2 Class D 5.62% <br> 3/17/31<br>| 2250000 | 2285371 |
| •Canyon Capital CLO Ltd. <br> Series 2019-2A Class AR2 <br> 4.91% (3 mo. USD Term <br> SOFR + 1.01%) 10/15/34<br>| 1100000 | 1097575 |
| •Canyon CLO Ltd. Series <br> 2020-2A Class AR2 4.93% (3 <br> mo. USD Term SOFR + <br> 1.03%) 10/15/34<br>| 1600000 | 1598926 |
| Carvana Auto Receivables <br> Trust Series 2024-N3 Class B <br> 4.67% 12/10/30<br>| 4860000 | 4880219 |
| •CBAM Ltd. Series 2020-13A <br> Class A 5.58% (3 mo. USD <br> Term SOFR + 1.69%) <br> 1/20/34<br>| 7000000 | 7004025 |
| Credit Acceptance Auto Loan <br> Trust Series 2025-2A Class A <br> 4.50% 11/15/35<br>| 3275000 | 3292114 |

---

LVIP JPMorgan Short Duration Bond Fund-4

------

**LVIP JPMorgan Short Duration 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)** |
| Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
| Series 2024-2 Class C 4.67% <br> 5/17/32<br>| 2300000 | $2314613 |
| Series 2025-1 Class B 4.79% <br> 9/15/32<br>| 4250000 | 4284031 |
| •Dryden 83 CLO Ltd. Series <br> 2020-83A Class AR 5.41% (3 <br> mo. USD Term SOFR + <br> 1.53%) 4/18/37<br>| 4750000 | 4761200 |
| Enterprise Fleet <br> Financing LLC Series 2023-3 <br> Class A2 6.40% 3/20/30<br>| 2431215 | 2461119 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Series 2025-2A Class C 5.16% <br> 7/15/31<br>| 4435000 | 4487587 |
| Series 2025-3A Class B 4.86% <br> 2/15/30<br>| 1915000 | 1938946 |
| Series 2025-4A Class C 4.57% <br> 6/16/31<br>| 1930000 | 1935131 |
| FHF Issuer Trust Series <br> 2025-1A Class A2 4.92% <br> 2/15/31<br>| 1583366 | 1579106 |
| Ford Credit Floorplan Master <br> Owner Trust A Series 2024-1 <br> Class A1 5.29% 4/15/29<br>| 9000000 | 9159198 |
| Foundation Finance Trust <br> Series 2025-3A Class A 4.56% <br> 8/15/52<br>| 2337816 | 2344034 |
| GLS Auto Receivables Issuer <br> Trust Series 2025-2A Class C <br> 5.11% 1/15/31<br>| 3750000 | 3790715 |
| •HalseyPoint CLO 5 Ltd. Series <br> 2021-5A Class A1A 5.31% (3 <br> mo. USD Term SOFR + <br> 1.47%) 1/30/35<br>| 4000000 | 4002628 |
| Hertz Vehicle Financing <br> III LLC Series 2025-3A <br> Class A 5.06% 12/26/29<br>| 3750000 | 3796541 |
| Hilton Grand Vacations Trust | Hilton Grand Vacations Trust | Hilton Grand Vacations Trust |
| Series 2025-1A Class A 4.88% <br> 5/27/42<br>| 2054377 | 2084102 |
| Series 2025-2A Class A 4.54% <br> 5/25/44<br>| 912953 | 916738 |
| Huntington Auto Trust Series <br> 2024-1A Class A3 5.23% <br> 1/16/29<br>| 8672833 | 8757472 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2024-C Class A3 4.62% <br> 4/17/28<br>| 5500000 | 5534425 |
| •Jamestown CLO XVII Ltd. <br> Series 2021-17A Class AR <br> 5.06% (3 mo. USD Term <br> SOFR + 1.20%) 1/25/35<br>| 3000000 | 2998416 |
| Lendmark Funding Trust <br> Series 2025-2A Class A 4.78% <br> 10/20/34<br>| 3885000 | 3916647 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Magnetite XL Ltd. Series <br> 2024-40A Class A1 5.35% (3 <br> mo. USD Term SOFR + <br> 1.45%) 7/15/37<br>| 5000000 | $5011715 |
| Mariner Finance Issuance <br> Trust Series 2025-AA Class A <br> 4.98% 5/20/38<br>| 3500000 | 3544456 |
| •Neuberger Berman Loan <br> Advisers CLO 42 Ltd. Series <br> 2021-42A Class AR 4.84% (3 <br> mo. USD Term SOFR + <br> 0.95%) 7/16/36<br>| 1150000 | 1149893 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR1 <br> Class B 2.85% 2/17/39<br>| 2000000 | 1962756 |
| •NextGear Floorplan Master <br> Owner Trust Series 2024-1A <br> Class A1 4.88% (30 day USD <br> SOFR Average + 0.90%) <br> 3/15/29<br>| 11000000 | 11051737 |
| •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>| 2300000 | 2301343 |
| Octane Receivables Trust <br> Series 2025-RVM1 Class B <br> 4.83% 12/20/46<br>| 1143000 | 1145129 |
| Oportun Issuance Trust <br> Series 2025-B Class A 4.88% <br> 5/9/33<br>| 4000000 | 4014824 |
| PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
| Series 2024-B Class A 4.95% <br> 2/15/29<br>| 8900000 | 8992684 |
| •Series 2025-A Class A 4.63% <br> (30 day USD SOFR Average <br> + 0.65%) 1/15/29<br>| 11500000 | 11508873 |
| Porsche Innovative Lease <br> Owner Trust Series 2024-1A <br> Class A3 4.67% 11/22/27<br>| 3200000 | 3212777 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2024-SFR4 Class A <br> 3.10% 7/17/41<br>| 3239922 | 3101672 |
| Series 2025-SFR6 Class A <br> 4.00% 12/17/42<br>| 2383000 | 2321005 |
| Republic Finance Issuance <br> Trust Series 2025-A Class A <br> 4.59% 11/20/34<br>| 1411000 | 1415549 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2025-1 Class D 5.43% <br> 3/17/31<br>| 6550000 | 6652134 |
| Series 2025-2 Class D 5.47% <br> 5/15/31<br>| 2000000 | 2026623 |
| Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC | Sierra Timeshare Receivables Funding LLC |
| Series 2024-1A Class B 5.35% <br> 1/20/43<br>| 1123099 | 1135141 |

---

LVIP JPMorgan Short Duration Bond Fund-5

------

**LVIP JPMorgan Short Duration 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)** |
| Sierra Timeshare Receivables Funding LLC (continued) | Sierra Timeshare Receivables Funding LLC (continued) | Sierra Timeshare Receivables Funding LLC (continued) |
| Series 2024-2A Class B 5.29% <br> 6/20/41<br>| 1852747 | $1869700 |
| Stream Innovations Issuer <br> Trust Series 2025-1A Class A <br> 5.05% 9/15/45<br>| 2597766 | 2623092 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-A <br> Class A3 4.83% 10/16/28<br>| 1002290 | 1008791 |
| United Auto Credit <br> Securitization Trust Series <br> 2025-1 Class B 5.05% <br> 2/10/28<br>| 1222000 | 1224068 |
| Verdant Receivables LLC <br> Series 2025-1A Class A3 <br> 4.96% 5/12/33<br>| 2000000 | 2037252 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2024-3 Class A1A <br> 5.34% 4/22/30<br>| 5500000 | 5607232 |
| Series 2025-1 Class B 4.94% <br> 1/21/31<br>| 5000000 | 5077509 |
| Veros Auto Receivables Trust <br> Series 2025-1 Class A 5.31% <br> 9/15/28<br>| 1131566 | 1135436 |
| Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| Series 2024-3A Class C 4.92% <br> 11/15/29<br>| 3500000 | 3525035 |
| Series 2025-1A Class D <br> 5.54% 11/15/30<br>| 3000000 | 3046318 |
| Wheels Fleet Lease Funding 1 <br> LLC Series 2024-3A Class A1 <br> 4.80% 9/19/39<br>| 4452661 | 4499632 |
| World Omni Auto Receivables <br> Trust Series 2022-D Class A3 <br> 5.61% 2/15/28<br>| 12954 | 13006 |
| •Zais CLO 16 Ltd. Series <br> 2020-16A Class A1R2 5.01% <br> (3 mo. USD Term SOFR + <br> 1.13%) 10/20/34<br>| 3100000 | 3095567 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $233,125,065)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $233,125,065)** | **234794731** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.58%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.58%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.58%** |
| φOBX Trust Series 2023-NQM8 <br> Class A1 7.05% 9/25/63<br>| 2476799 | 2504372 |
| φVerus Securitization Trust <br> Series 2023-6 Class A1 6.67% <br> 9/25/68<br>| 3897322 | 3931896 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $6,374,018)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $6,374,018)** | **6436268** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.85%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.85%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.85%** |
| •BMO Mortgage Trust Series <br> 2022-C1 Class A5 3.37% <br> 2/15/55<br>| 2000000 | $1858683 |
| CD Mortgage Trust Series <br> 2019-CD8 Class A4 2.91% <br> 8/15/57<br>| 5000000 | 4669825 |
| ROCK Trust Series <br> 2024-CNTR Class A 5.39% <br> 11/13/41<br>| 2750000 | 2819411 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $9,279,188)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $9,279,188)** | **9347919** |
| **U.S. TREASURY OBLIGATIONS–26.73%** | **U.S. TREASURY OBLIGATIONS–26.73%** | **U.S. TREASURY OBLIGATIONS–26.73%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.38% 9/15/28 | 18105000 | 18030741 |
| 3.50% 11/15/28 | 24562500 | 24535635 |
| 3.50% 12/15/28 | 21890000 | 21864347 |
| 3.63% 8/31/27 | 4350000 | 4359685 |
| 3.63% 8/15/28 | 1442100 | 1445762 |
| 3.63% 9/30/30 | 2335000 | 2325970 |
| 3.75% 4/30/27 | 6860000 | 6881437 |
| 3.75% 6/30/27 | 442900 | 444613 |
| 3.88% 7/31/27 | 815000 | 819744 |
| 3.88% 6/15/28 | 23655000 | 23858285 |
| 3.88% 7/15/28 | 30340000 | 30595994 |
| 3.88% 6/30/30 | 7145000 | 7198867 |
| 4.13% 2/28/27 | 73682300 | 74177353 |
| 4.25% 2/15/28 | 78155000 | 79348696 |
| **Total U.S. Treasury Obligations** <br>**(Cost $293,743,279)** | **Total U.S. Treasury Obligations** <br>**(Cost $293,743,279)** | **295887129** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.32%** | **MONEY MARKET FUND–1.32%** | **MONEY MARKET FUND–1.32%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 14593835 | 14593835 |
| **Total Money Market Fund** <br>**(Cost $14,593,835)** | **Total Money Market Fund** <br>**(Cost $14,593,835)** | **14593835** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS—1.02%** | **SHORT-TERM INVESTMENTS—1.02%** | **SHORT-TERM INVESTMENTS—1.02%** |
| **U.S. Treasury Obligations–1.02%** | **U.S. Treasury Obligations–1.02%** | **U.S. Treasury Obligations–1.02%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| ≠0.00% 5/14/26 | 9235000 | 9116645 |
| ∞≠0.01% 1/8/26 | 2227000 | 2225711 |
| **Total Short-Term** <br> **Investments** <br>**(Cost $11,323,846)**<br>|  | **11342356** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP JPMorgan Short Duration Bond Fund-6

------

**LVIP JPMorgan Short Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.51% (Cost $1,092,931,380)** | **$1101496721** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.49%** | **5394670** |
| **NET ASSETS APPLICABLE TO 118,047,998 SHARES OUTSTANDING–100.00%** | **$1106891391** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SHORT DURATION BOND FUND STANDARD CLASS** <br>**($211,596,952 / 22,454,971 Shares)** | **$9.423** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SHORT DURATION BOND FUND SERVICE CLASS** <br>**($895,294,439 / 95,593,027 Shares)** | **$9.366** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1181564376** |
| Distributable earnings/(accumulated loss) | **(74672985)**<br>|
| **TOTAL NET ASSETS** | **$1106891391** |

---

&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. |
| 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. |
| ≠The rate shown is the effective yield at the time of purchase. |
| ∞Fully or partially pledged as collateral for futures contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $25,765 expense reimbursement receivable from Lincoln Financial Investments Corporation, $61,522 variation margin due from <br> broker on futures contracts, $21,913,350 payable for securities purchased, $3,640,554 payable for fund shares redeemed, $21,091 other <br> accrued expenses payable, $657,893 due to manager and affiliates, $33,402 payable for audit fee and $31,264 payable for fund accounting fee <br> 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:** |
| (221) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(24848688)<br>| &nbsp;&nbsp; $(24996002)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $147314 | &nbsp;&nbsp; $— |
| 1302 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 271843359 | &nbsp;&nbsp; 271956672 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (113313)<br>|
| (957) | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (104604586)<br>| &nbsp;&nbsp; (104910611)<br>| &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 306025 | &nbsp;&nbsp; — |
| (1) | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; (115594)<br>| &nbsp;&nbsp; (116522)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; — |
| (24) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (2760375)<br>| &nbsp;&nbsp; (2759211)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1164)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $454267 | &nbsp;&nbsp; $(114477)<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 JPMorgan Short Duration Bond Fund-7

------

**LVIP JPMorgan Short Duration Bond 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:** |
| BMO–Bank of Montreal  |
| BNP–BNP Paribas |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| FREMF–Freddie Mac Multifamily |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $48004323 |
| Dividends | 1704351 |
|  | 49708674 |
| **EXPENSES:** |  |
| Management fees | 5319967 |
| Distribution fees-Service Class | 2703088 |
| Shareholder servicing fees | 318676 |
| Accounting and administration expenses | 199712 |
| Professional fees | 91274 |
| Reports and statements to shareholders | 82341 |
| Trustees' fees and expenses | 31735 |
| Pricing fees | 21903 |
| Custodian fees | 11804 |
| Consulting fees | 9549 |
| Other | 24854 |
|  | 8814903 |
| Less:  |  |
| Management fees waived | (440571)<br>|
| Expenses reimbursed | (287743)<br>|
| Total operating expenses | 8086589 |
| **NET INVESTMENT INCOME**  | 41622085 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 1156714 |
| Futures contracts | (2155840)<br>|
| Swap contracts | (150528)<br>|
| Net realized loss | (1149654)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 12031855 |
| Futures contracts | 357564 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 12389419 |
| **NET REALIZED AND UNREALIZED GAIN** | 11239765 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $52861850 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration Bond Fund** | **LVIP JPMorgan Short Duration 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 | $41622085 | $40814924 |
| Net realized gain (loss) | (1149654)<br>| 5591184 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 12389419 | (1285267)<br>|
| Net increase in net assets <br> resulting from operations<br>| 52861850 | 45120841 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (8246204)<br>| (7259540)<br>|
| Service Class | (31274578)<br>| (34820121)<br>|
|  | (39520782)<br>| (42079661)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 67798169 | 41447582 |
| Service Class | 96926169 | 94324045 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 8246204 | 7259540 |
| Service Class | 31274578 | 34820121 |
|  | 204245120 | 177851288 |
| Cost of shares redeemed: |  |  |
| Standard Class | (50854914)<br>| (40407806)<br>|
| Service Class | (182033273)<br>| (145671937)<br>|
|  | (232888187)<br>| (186079743)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (28643067)<br>| (8228455)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (15301999)<br>| (5187275)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1122193390 | 1127380665 |
| End of year | $1106891391 | $1122193390 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Short Duration Bond Fund-9

------

**LVIP JPMorgan Short Duration Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration Bond Fund Standard Class** | **LVIP JPMorgan Short Duration 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; $9.308 | &nbsp;&nbsp; $9.294 | &nbsp;&nbsp; $9.173 | &nbsp;&nbsp; $9.818 | &nbsp;&nbsp; $10.060 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.385 | 0.364 | 0.294 | 0.170 | 0.109 |
| Net realized and unrealized gain (loss) | 0.098 | 0.034 | 0.165 | &nbsp;&nbsp; (0.574)<br>| &nbsp;&nbsp; (0.176)<br>|
| Total from investment operations | 0.483 | 0.398 | 0.459 | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.067)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.368)<br>| &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.174)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.368)<br>| &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.175)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.423 | &nbsp;&nbsp; $9.308 | &nbsp;&nbsp; $9.294 | &nbsp;&nbsp; $9.173 | &nbsp;&nbsp; $9.818 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; (4.12%)<br>| &nbsp;&nbsp; (0.67%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $211597 | &nbsp;&nbsp; $184638 | &nbsp;&nbsp; $175888 | &nbsp;&nbsp; $160489 | &nbsp;&nbsp; $180707 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 141% | &nbsp;&nbsp; 123% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 274% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") 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 Limited-Term 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 Limited-Term 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. 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 Short Duration Bond Fund-10

------

**LVIP JPMorgan Short Duration Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration Bond Fund Service Class** | **LVIP JPMorgan Short Duration 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; $9.254 | &nbsp;&nbsp; $9.241 | &nbsp;&nbsp; $9.122 | &nbsp;&nbsp; $9.762 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.354 | 0.333 | 0.265 | 0.141 | 0.079 |
| Net realized and unrealized gain (loss) | 0.096 | 0.035 | 0.162 | &nbsp;&nbsp; (0.571)<br>| &nbsp;&nbsp; (0.183)<br>|
| Total from investment operations | 0.450 | 0.368 | 0.427 | &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.104)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.133)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.134)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.366 | &nbsp;&nbsp; $9.254 | &nbsp;&nbsp; $9.241 | &nbsp;&nbsp; $9.122 | &nbsp;&nbsp; $9.762 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; (4.40%)<br>| &nbsp;&nbsp; (1.04%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $895294 | &nbsp;&nbsp; $937555 | &nbsp;&nbsp; $951493 | &nbsp;&nbsp; $990680 | &nbsp;&nbsp; $1221710 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 3.54% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.66% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 0.79% |
| Portfolio turnover | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 141% | &nbsp;&nbsp; 123% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 274% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") 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 Limited-Term 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 Limited-Term 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. 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 Short Duration Bond Fund-11

------

**LVIP JPMorgan Short Duration 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 Short Duration Bond Fund (formerly, LVIP Macquarie Limited-Term 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 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. 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. 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 JPMorgan Short Duration Bond Fund-12

------

**LVIP JPMorgan Short Duration 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)**

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. 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.

**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 0.500% of the first $500 million of the Fund's average daily net assets; 0.475% of the next $500 million; 0.450% of the next $1.5 billion; and 0.425% 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 0.06% 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 0.47% 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 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 were not to exceed 0.53% the Fund's average daily net assets for the Standard Class and 0.83% 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.

LVIP JPMorgan Short Duration Bond Fund-13

------

**LVIP JPMorgan Short Duration 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)**

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; $196789 | &nbsp;&nbsp; $227236 | &nbsp;&nbsp; $287743 | &nbsp;&nbsp; $711768 |

---

Effective May 1, 2025, J.P. Morgan Investment Management Inc. ("JPMIM") (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; $90960 |
| Legal | &nbsp;&nbsp; 15092 |

---

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 $62,083 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $25765 |
| Management fees payable to LFI | &nbsp;&nbsp; 401411 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 228652 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 350 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 27480 |

---

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; $356383845 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1310641290 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 438299390 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1278553571 |

---

LVIP JPMorgan Short Duration Bond Fund-14

------

**LVIP JPMorgan Short Duration 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)**

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; $1093759473 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $9459304 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (1722056)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $7737248 |

---

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; $142141876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142141876 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 17510405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17510405 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 145061352 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145061352 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 224380850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 224380850 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 234794731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 234794731 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 6436268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6436268 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 9347919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9347919 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 295887129 | &nbsp;&nbsp; — | &nbsp;&nbsp; 295887129 |
| Money Market Fund | &nbsp;&nbsp; 14593835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14593835 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 11342356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11342356 |
| **Total Investments** | &nbsp;&nbsp; $14593835 | &nbsp;&nbsp; $1086902886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1101496721 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $454267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $454267 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(114477)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(114477)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

LVIP JPMorgan Short Duration Bond Fund-15

------

**LVIP JPMorgan Short Duration 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, 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; $39520782 | &nbsp;&nbsp; $42079661 |

---

**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; $4294777 |
| Capital loss carryforward | &nbsp;&nbsp; (84661436)<br>|
| Other temporary differences | &nbsp;&nbsp; (2043574)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 7737248 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(74672985)<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**  |
| $13318630 | &nbsp;&nbsp; $71342806 | &nbsp;&nbsp; $84661436 |

---

**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; 7093324 | &nbsp;&nbsp; 4392515 |
| Service Class | &nbsp;&nbsp; 10185777 | &nbsp;&nbsp; 10074331 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 876033 | &nbsp;&nbsp; 781677 |
| Service Class | &nbsp;&nbsp; 3342535 | &nbsp;&nbsp; 3771212 |
|  | &nbsp;&nbsp; 21497669 | &nbsp;&nbsp; 19019735 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (5350259)<br>| &nbsp;&nbsp; (4262926)<br>|
| Service Class | &nbsp;&nbsp; (19253127)<br>| &nbsp;&nbsp; (15489437)<br>|
|  | &nbsp;&nbsp; (24603386)<br>| &nbsp;&nbsp; (19752363)<br>|
| Net decrease | &nbsp;&nbsp; (3105717)<br>| &nbsp;&nbsp; (732628)<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 JPMorgan Short Duration Bond Fund-16

------

**LVIP JPMorgan Short Duration 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.

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 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.

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>| $454267 | Receivables and other assets net of <br> liabilities<br>| $(114477)<br>|

---

LVIP JPMorgan Short Duration Bond Fund-17

------

**LVIP JPMorgan Short Duration 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; $(2155840)<br>| &nbsp;&nbsp; $357564 |
| 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; (150528)<br>| &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; $(2306368)<br>| &nbsp;&nbsp; $357564 |

---

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) | $199292684 | $97701395 |
| CDS contracts (average notional value) |  | 646154 |

---

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**

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.

LVIP JPMorgan Short Duration Bond Fund-18

------

**LVIP JPMorgan Short Duration 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 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 JPMorgan Short Duration Bond Fund-19

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Short Duration Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan Short Duration Bond Fund (formerly, LVIP Macquarie Limited-Term 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.

![](img2f74cabf2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Short Duration Bond Fund–20

------

![](img35bb54881.jpg)

LVIP JPMorgan Small Cap Core Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan Small Cap Core Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_SOI-continued-634_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_FS-continued-634_1)**  | &nbsp;&nbsp; **11** |
| **[Statements of Changes in Net Assets](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_FS-continued-634_1)**  | &nbsp;&nbsp; **11** |
| **[Financial Highlights](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_FIHI-continued-634_1)**  | &nbsp;&nbsp; **12** |
| **[Notes to Financial Statements](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_NTF-continued-634_1)**  | &nbsp;&nbsp; **14** |
| **[Report of Independent Registered Public Accounting Firm](#xx_35d0a8c3-cfe9-424c-ae20-0147e6126d62_AUDIT-continued-634_1)**  | &nbsp;&nbsp; **21** |

---

------

**LVIP JPMorgan Small Cap Core 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–99.06%** | **COMMON STOCK–99.06%** | **COMMON STOCK–99.06%** |
| **Aerospace & Defense–1.17%** | **Aerospace & Defense–1.17%** | **Aerospace & Defense–1.17%** |
| †AeroVironment, Inc. | 2273 | $549816 |
| †Archer Aviation, Inc. Class A | 12878 | 96843 |
| †Beta Technologies, Inc. <br> Class A<br>| 9684 | 273186 |
| †Firefly Aerospace, Inc. | 12974 | 290228 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 6112 | 463962 |
| Moog, Inc. Class A | 2035 | 495624 |
| Park Aerospace Corp. | 3571 | 76205 |
| †StandardAero, Inc. | 6219 | 178361 |
|  |  | **2424225** |
| **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** |
| †Radiant Logistics, Inc. | 16467 | 104236 |
|  |  | **104236** |
| **Automobile Components–1.15%** | **Automobile Components–1.15%** | **Automobile Components–1.15%** |
| †Adient PLC | 22491 | 431153 |
| Dana, Inc. | 12508 | 297190 |
| Garrett Motion, Inc. | 45054 | 785291 |
| LCI Industries | 716 | 86879 |
| †Motorcar Parts of America, <br> Inc.<br>| 15455 | 190715 |
| Patrick Industries, Inc. | 2103 | 228028 |
| Phinia, Inc. | 5790 | 362975 |
|  |  | **2382231** |
| **Banks–10.18%** | **Banks–10.18%** | **Banks–10.18%** |
| Amerant Bancorp, Inc. | 2773 | 54101 |
| Ameris Bancorp | 10372 | 770328 |
| Associated Banc-Corp. | 3164 | 81505 |
| Atlantic Union Bankshares <br> Corp.<br>| 2004 | 70741 |
| †Axos Financial, Inc. | 5516 | 475259 |
| Banc of California, Inc. | 37151 | 716643 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 24196 | 1205445 |
| BankUnited, Inc. | 4030 | 179617 |
| BayCom Corp. | 639 | 18787 |
| Beacon Financial Corp. | 5694 | 150151 |
| †Bridgewater Bancshares, <br> Inc.<br>| 6807 | 119327 |
| Burke & Herbert Financial <br> Services Corp.<br>| 788 | 49100 |
| Business First Bancshares, <br> Inc.<br>| 7799 | 203866 |
| Byline Bancorp, Inc. | 17984 | 524234 |
| Capital City Bank Group, Inc. | 946 | 40271 |
| Capitol Federal Financial, <br> Inc.<br>| 5790 | 39430 |
| Central Pacific Financial <br> Corp.<br>| 2501 | 77931 |
| ChoiceOne Financial <br> Services, Inc.<br>| 1656 | 48885 |
| CNB Financial Corp. | 9627 | 251939 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Community Trust Bancorp, <br> Inc.<br>| 3019 | $170574 |
| ConnectOne Bancorp, Inc. | 16694 | 437717 |
| †Customers Bancorp, Inc. | 14047 | 1027117 |
| Dime Community <br> Bancshares, Inc.<br>| 2059 | 61955 |
| Eastern Bankshares, Inc. | 46660 | 859944 |
| Enterprise Financial Services <br> Corp.<br>| 9804 | 529416 |
| Equity Bancshares, Inc. <br> Class A<br>| 10670 | 476415 |
| FB Financial Corp. | 1240 | 69192 |
| Financial Institutions, Inc. | 11060 | 344740 |
| First BanCorp | 25675 | 532243 |
| First Financial Bancorp | 2780 | 69556 |
| First Financial Corp. | 7320 | 442274 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 1537 | 53180 |
| First Merchants Corp. | 9241 | 346353 |
| First Mid Bancshares, Inc. | 5934 | 231426 |
| Five Star Bancorp | 2193 | 78466 |
| Fulton Financial Corp. | 7575 | 146425 |
| Hancock Whitney Corp. | 4711 | 299996 |
| Hanmi Financial Corp. | 12216 | 330198 |
| HBT Financial, Inc. | 719 | 18586 |
| Heritage Commerce Corp. | 33880 | 406899 |
| Hilltop Holdings, Inc. | 12279 | 416749 |
| HomeTrust Bancshares, Inc. | 997 | 42811 |
| Horizon Bancorp, Inc. | 27571 | 467604 |
| Independent Bank Corp. | 712 | 52033 |
| Mercantile Bank Corp. | 6986 | 336027 |
| Metropolitan Bank Holding <br> Corp.<br>| 5024 | 383633 |
| Mid Penn Bancorp, Inc. | 1305 | 40481 |
| MidWestOne Financial Group, <br> Inc.<br>| 3796 | 146146 |
| National Bank Holdings Corp. <br> Class A<br>| 2577 | 97952 |
| Nicolet Bankshares, Inc. | 1639 | 198811 |
| Northrim BanCorp, Inc. | 4941 | 131480 |
| OceanFirst Financial Corp. | 24096 | 432523 |
| OFG Bancorp | 8554 | 350543 |
| Old National Bancorp | 31446 | 701560 |
| Old Second Bancorp, Inc. | 18793 | 366463 |
| Origin Bancorp, Inc. | 2109 | 79319 |
| Pathward Financial, Inc. | 10651 | 756221 |
| Pinnacle Financial Partners, <br> Inc.<br>| 568 | 54193 |
| Provident Financial Services, <br> Inc.<br>| 3723 | 73529 |
| QCR Holdings, Inc. | 6477 | 539534 |
| Simmons First National Corp. <br> Class A<br>| 20826 | 392570 |
| SmartFinancial, Inc. | 1071 | 39616 |
| South Plains Financial, Inc. | 17728 | 687846 |

---

LVIP JPMorgan Small Cap Core Fund-1

------

**LVIP JPMorgan Small Cap Core 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)** |
| Southern Missouri Bancorp, <br> Inc.<br>| 1298 | $76738 |
| Southside Bancshares, Inc. | 3532 | 107337 |
| Southstate Bank Corp. | 1239 | 116602 |
| †Texas Capital Bancshares, <br> Inc.<br>| 934 | 84564 |
| Towne Bank | 8315 | 277472 |
| TriCo Bancshares | 3488 | 165227 |
| UMB Financial Corp. | 3457 | 397693 |
| United Bankshares, Inc. | 2757 | 105869 |
| United Community Banks, <br> Inc.<br>| 2272 | 70932 |
| Unity Bancorp, Inc. | 2243 | 116008 |
| Univest Financial Corp. | 4479 | 146642 |
| WesBanco, Inc. | 4408 | 146522 |
| Wintrust Financial Corp. | 2536 | 354584 |
| WSFS Financial Corp. | 1642 | 90704 |
|  |  | **21054770** |
| **Beverages–0.12%** | **Beverages–0.12%** | **Beverages–0.12%** |
| †Vita Coco Co., Inc. | 4621 | 244959 |
|  |  | **244959** |
| **Biotechnology–8.69%** | **Biotechnology–8.69%** | **Biotechnology–8.69%** |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 14492 | 387081 |
| †Alkermes PLC | 11156 | 312145 |
| †Amicus Therapeutics, Inc. | 44415 | 632470 |
| †Apogee Therapeutics, Inc. | 2570 | 193984 |
| †ArriVent Biopharma, Inc. | 4604 | 92632 |
| †Arrowhead Pharmaceuticals, <br> Inc.<br>| 10760 | 714356 |
| †ARS Pharmaceuticals, Inc. | 33179 | 386535 |
| †Beam Therapeutics, Inc. | 7493 | 207706 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 32813 | 255941 |
| †Biohaven Ltd. | 37346 | 421636 |
| †Bridgebio Pharma, Inc. | 14690 | 1123638 |
| †Capricor Therapeutics, Inc. | 14340 | 413852 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 17352 | 404996 |
| †Celcuity, Inc. | 2581 | 257429 |
| †Celldex Therapeutics, Inc. | 4178 | 113475 |
| †CG oncology, Inc. | 6244 | 259251 |
| †Cogent Biosciences, Inc. | 12196 | 433202 |
| †CRISPR Therapeutics AG | 7070 | 370751 |
| †Cullinan Therapeutics, Inc. | 10186 | 105425 |
| †Cytokinetics, Inc. | 8559 | 543839 |
| †Dynavax Technologies Corp. | 43723 | 672460 |
| †Gossamer Bio, Inc. | 28684 | 88920 |
| †GRAIL, Inc. | 2502 | 214146 |
| †Halozyme Therapeutics, Inc. | 5089 | 342490 |
| †Ideaya Biosciences, Inc. | 6072 | 209909 |
| †Intellia Therapeutics, Inc. | 7441 | 66895 |
| †Iovance Biotherapeutics, Inc. | 46065 | 125757 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Janux Therapeutics, Inc. | 11187 | $154381 |
| †Krystal Biotech, Inc. | 2217 | 546579 |
| †Kymera Therapeutics, Inc. | 7024 | 546537 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 1837 | 1069759 |
| †Mirum Pharmaceuticals, Inc. | 5428 | 428758 |
| †Nuvalent, Inc. Class A | 4137 | 416141 |
| †ORIC Pharmaceuticals, Inc. | 10132 | 82880 |
| †Prothena Corp. PLC | 12256 | 117045 |
| †PTC Therapeutics, Inc. | 4546 | 345314 |
| †Recursion Pharmaceuticals, <br> Inc. Class A<br>| 74033 | 302795 |
| †REGENXBIO, Inc. | 7775 | 111960 |
| †Replimune Group, Inc. | 43425 | 422091 |
| †Rhythm Pharmaceuticals, <br> Inc.<br>| 3792 | 405896 |
| †Scholar Rock Holding Corp. | 5636 | 248266 |
| †Soleno Therapeutics, Inc. | 6282 | 290857 |
| †Stoke Therapeutics, Inc. | 7666 | 243319 |
| †Syndax Pharmaceuticals, <br> Inc.<br>| 6637 | 139443 |
| †Travere Therapeutics, Inc. | 14587 | 557369 |
| †Twist Bioscience Corp. | 1288 | 40855 |
| †Tyra Biosciences, Inc. | 4880 | 128295 |
| †Vaxcyte, Inc. | 10169 | 469198 |
| †Veracyte, Inc. | 19713 | 829917 |
| †Vericel Corp. | 5839 | 210262 |
| †Viridian Therapeutics, Inc. | 9323 | 290132 |
| †Xencor, Inc. | 14041 | 214968 |
|  |  | **17963938** |
| **Broadline Retail–0.10%** | **Broadline Retail–0.10%** | **Broadline Retail–0.10%** |
| Kohl's Corp. | 10462 | 213529 |
|  |  | **213529** |
| **Building Products–1.75%** | **Building Products–1.75%** | **Building Products–1.75%** |
| Apogee Enterprises, Inc. | 2208 | 80393 |
| Griffon Corp. | 12113 | 892123 |
| †Masterbrand, Inc. | 15302 | 168934 |
| †Modine Manufacturing Co. | 9945 | 1327757 |
| †Resideo Technologies, Inc. | 16819 | 590683 |
| Simpson Manufacturing Co., <br> Inc.<br>| 430 | 69432 |
| UFP Industries, Inc. | 5266 | 479469 |
|  |  | **3608791** |
| **Capital Markets–1.94%** | **Capital Markets–1.94%** | **Capital Markets–1.94%** |
| Acadian Asset Management, <br> Inc.<br>| 2005 | 94235 |
| BGC Group, Inc. Class A | 56671 | 506072 |
| †Bullish | 6729 | 254827 |
| DigitalBridge Group, Inc. | 11356 | 174201 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 6744 | 314878 |
| Marex Group PLC | 9359 | 359011 |

---

LVIP JPMorgan Small Cap Core Fund-2

------

**LVIP JPMorgan Small Cap Core 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)** |
| Moelis & Co. Class A | 2615 | $179755 |
| Piper Sandler Cos. | 2176 | 739209 |
| StepStone Group, Inc. <br> Class A<br>| 1149 | 73731 |
| †StoneX Group, Inc. | 8262 | 785964 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 3109 | 196147 |
| Virtus Investment Partners, <br> Inc.<br>| 1403 | 228900 |
| WisdomTree, Inc. | 8727 | 106382 |
|  |  | **4013312** |
| **Chemicals–1.96%** | **Chemicals–1.96%** | **Chemicals–1.96%** |
| Avient Corp. | 7127 | 222647 |
| Balchem Corp. | 4587 | 703462 |
| Chemours Co. | 10048 | 118466 |
| †Ecovyst, Inc. | 3087 | 30037 |
| Hawkins, Inc. | 653 | 92765 |
| HB Fuller Co. | 10997 | 653882 |
| Innospec, Inc. | 3820 | 292383 |
| Mativ Holdings, Inc. | 16996 | 206501 |
| Orion SA | 16463 | 86925 |
| †Perimeter Solutions, Inc. | 33865 | 932303 |
| Quaker Chemical Corp. | 2360 | 324052 |
| Sensient Technologies Corp. | 4181 | 392805 |
|  |  | **4056228** |
| **Commercial Services & Supplies–1.26%** | **Commercial Services & Supplies–1.26%** | **Commercial Services & Supplies–1.26%** |
| ABM Industries, Inc. | 19829 | 838767 |
| †ACV Auctions, Inc. Class A | 62481 | 501098 |
| Brink's Co. | 3548 | 414158 |
| †Cimpress PLC | 1445 | 96222 |
| MillerKnoll, Inc. | 14518 | 265389 |
| Tetra Tech, Inc. | 14663 | 491797 |
|  |  | **2607431** |
| **Communications Equipment–0.81%** | **Communications Equipment–0.81%** | **Communications Equipment–0.81%** |
| †ADTRAN Holdings, Inc. | 24399 | 212027 |
| †Clearfield, Inc. | 14414 | 420168 |
| †CommScope Holding Co., <br> Inc.<br>| 23801 | 431512 |
| †Extreme Networks, Inc. | 9629 | 160323 |
| †NETGEAR, Inc. | 7767 | 190525 |
| †Viasat, Inc. | 7801 | 268822 |
|  |  | **1683377** |
| **Construction & Engineering–4.58%** | **Construction & Engineering–4.58%** | **Construction & Engineering–4.58%** |
| †API Group Corp. | 33748 | 1291198 |
| Arcosa, Inc. | 6802 | 723189 |
| †Dycom Industries, Inc. | 4821 | 1629016 |
| †Fluor Corp. | 15223 | 603288 |
| Granite Construction, Inc. | 2280 | 262998 |
| †IES Holdings, Inc. | 1056 | 410805 |
| †Matrix Service Co. | 12267 | 143524 |
| †MYR Group, Inc. | 6038 | 1319303 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †NWPX Infrastructure, Inc. | 1582 | $98859 |
| †Orion Group Holdings, Inc. | 15159 | 150680 |
| Primoris Services Corp. | 10716 | 1330284 |
| †Sterling Infrastructure, Inc. | 3416 | 1046082 |
| Tutor Perini Corp. | 6759 | 452988 |
|  |  | **9462214** |
| **Consumer Finance–1.33%** | **Consumer Finance–1.33%** | **Consumer Finance–1.33%** |
| †Enova International, Inc. | 8209 | 1290455 |
| FirstCash Holdings, Inc. | 4140 | 659833 |
| †LendingClub Corp. | 7645 | 144796 |
| †LendingTree, Inc. | 782 | 41516 |
| Nelnet, Inc. Class A | 797 | 105969 |
| †NerdWallet, Inc. Class A | 3476 | 47100 |
| PROG Holdings, Inc. | 5509 | 162461 |
| †Upstart Holdings, Inc. | 6875 | 300644 |
|  |  | **2752774** |
| **Consumer Staples Distribution & Retail–0.65%** | **Consumer Staples Distribution & Retail–0.65%** | **Consumer Staples Distribution & Retail–0.65%** |
| Andersons, Inc. | 9996 | 531487 |
| †Chefs' Warehouse, Inc. | 8326 | 518960 |
| †United Natural Foods, Inc. | 8554 | 288013 |
|  |  | **1338460** |
| **Containers & Packaging–0.18%** | **Containers & Packaging–0.18%** | **Containers & Packaging–0.18%** |
| Greif, Inc. Class A | 3436 | 232617 |
| †O-I Glass, Inc. | 9969 | 147143 |
|  |  | **379760** |
| **Distributors–0.17%** | **Distributors–0.17%** | **Distributors–0.17%** |
| †GigaCloud Technology, Inc. <br> Class A<br>| 9040 | 355091 |
|  |  | **355091** |
| **Diversified Consumer Services–1.20%** | **Diversified Consumer Services–1.20%** | **Diversified Consumer Services–1.20%** |
| †Adtalem Global Education, <br> Inc.<br>| 5645 | 584088 |
| †American Public Education, <br> Inc.<br>| 5352 | 202306 |
| †Laureate Education, Inc. | 12290 | 413804 |
| †McGraw Hill, Inc. | 53436 | 881694 |
| OneSpaWorld Holdings Ltd. | 19017 | 394413 |
|  |  | **2476305** |
| **Diversified REITs–1.15%** | **Diversified REITs–1.15%** | **Diversified REITs–1.15%** |
| Alexander & Baldwin, Inc. | 38620 | 797117 |
| American Assets Trust, Inc. | 3505 | 66349 |
| Broadstone Net Lease, Inc. | 48291 | 838815 |
| Essential Properties Realty <br> Trust, Inc.<br>| 22996 | 682061 |
|  |  | **2384342** |
| **Diversified Telecommunication Services–0.36%** | **Diversified Telecommunication Services–0.36%** | **Diversified Telecommunication Services–0.36%** |
| †Globalstar, Inc. | 2830 | 172743 |

---

LVIP JPMorgan Small Cap Core Fund-3

------

**LVIP JPMorgan Small Cap Core 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)** |
| Iridium Communications, <br> Inc.<br>| 2255 | $39192 |
| †Lumen Technologies, Inc. | 69308 | 538523 |
|  |  | **750458** |
| **Electric Utilities–0.99%** | **Electric Utilities–0.99%** | **Electric Utilities–0.99%** |
| Genie Energy Ltd. Class B | 4115 | 56705 |
| IDACORP, Inc. | 5058 | 640141 |
| †Oklo, Inc. | 3132 | 224752 |
| Otter Tail Corp. | 7189 | 580943 |
| Portland General Electric <br> Co.<br>| 11177 | 536384 |
|  |  | **2038925** |
| **Electrical Equipment–1.92%** | **Electrical Equipment–1.92%** | **Electrical Equipment–1.92%** |
| Atkore, Inc. | 5933 | 375262 |
| †Bloom Energy Corp. Class A | 11808 | 1025997 |
| EnerSys | 8910 | 1307543 |
| †Fluence Energy, Inc. | 7985 | 157943 |
| †Nextpower, Inc. Class A | 5392 | 469697 |
| †NuScale Power Corp. | 4009 | 56808 |
| †Sunrun, Inc. | 12258 | 225547 |
| †Thermon Group Holdings, <br> Inc.<br>| 9508 | 353317 |
|  |  | **3972114** |
| **Electronic Equipment, Instruments & Components–2.84%** | **Electronic Equipment, Instruments & Components–2.84%** | **Electronic Equipment, Instruments & Components–2.84%** |
| †Arlo Technologies, Inc. | 32417 | 453514 |
| †Fabrinet | 3023 | 1376311 |
| †Insight Enterprises, Inc. | 769 | 62650 |
| †Knowles Corp. | 20011 | 428836 |
| †Mirion Technologies, Inc. | 16319 | 382191 |
| †nLight, Inc. | 10976 | 411710 |
| †Plexus Corp. | 4860 | 714420 |
| †Red Cat Holdings, Inc. | 7050 | 55907 |
| †Sanmina Corp. | 6057 | 908974 |
| †ScanSource, Inc. | 5402 | 211002 |
| †TTM Technologies, Inc. | 7331 | 505839 |
| Vishay Intertechnology, Inc. | 25575 | 370582 |
|  |  | **5881936** |
| **Energy Equipment & Services–1.75%** | **Energy Equipment & Services–1.75%** | **Energy Equipment & Services–1.75%** |
| †Bristow Group, Inc. | 2616 | 95798 |
| Cactus, Inc. Class A | 1220 | 55730 |
| †Forum Energy Technologies, <br> Inc.<br>| 10062 | 371791 |
| Liberty Energy, Inc. | 22976 | 424137 |
| †National Energy Services <br> Reunited Corp.<br>| 16924 | 265030 |
| Noble Corp. PLC | 6230 | 175935 |
| †Oceaneering International, <br> Inc.<br>| 13486 | 324068 |
| †Oil States International, Inc. | 43386 | 293723 |
| Patterson-UTI Energy, Inc. | 25778 | 157504 |
| †ProPetro Holding Corp. | 13547 | 128832 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Ranger Energy Services, Inc. <br> Class A<br>| 15091 | $210972 |
| †Tidewater, Inc. | 3378 | 170623 |
| †Transocean Ltd. | 144009 | 594757 |
| †Valaris Ltd. | 2286 | 115214 |
| Weatherford International <br> PLC<br>| 2896 | 226641 |
|  |  | **3610755** |
| **Entertainment–0.13%** | **Entertainment–0.13%** | **Entertainment–0.13%** |
| †AMC Entertainment <br> Holdings, Inc. Class A<br>| 47015 | 73344 |
| †IMAX Corp. | 2774 | 102527 |
| Playtika Holding Corp. | 24214 | 95645 |
|  |  | **271516** |
| **Financial Services–2.46%** | **Financial Services–2.46%** | **Financial Services–2.46%** |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 4370 | 194902 |
| Burford Capital Ltd. | 28090 | 250563 |
| Enact Holdings, Inc. | 6971 | 276330 |
| Essent Group Ltd. | 7732 | 502657 |
| EVERTEC, Inc. | 12431 | 361618 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 11168 | 351010 |
| Jackson Financial, Inc. <br> Class A<br>| 7683 | 819392 |
| †Marqeta, Inc. Class A | 82058 | 389776 |
| †NMI Holdings, Inc. Class A | 10457 | 426541 |
| PennyMac Financial Services, <br> Inc.<br>| 4551 | 600004 |
| Radian Group, Inc. | 12724 | 457937 |
| †Sezzle, Inc. | 2774 | 176080 |
| Walker & Dunlop, Inc. | 4642 | 279216 |
|  |  | **5086026** |
| **Food Products–0.61%** | **Food Products–0.61%** | **Food Products–0.61%** |
| Cal-Maine Foods, Inc. | 3516 | 279768 |
| Dole PLC | 18059 | 270705 |
| Fresh Del Monte Produce, <br> Inc.<br>| 1928 | 68695 |
| †Mama's Creations, Inc. | 18312 | 247029 |
| †SunOpta, Inc. | 51248 | 194742 |
| †Vital Farms, Inc. | 6060 | 193556 |
|  |  | **1254495** |
| **Gas Utilities–1.15%** | **Gas Utilities–1.15%** | **Gas Utilities–1.15%** |
| Chesapeake Utilities Corp. | 3385 | 422312 |
| New Jersey Resources Corp. | 12867 | 593426 |
| ONE Gas, Inc. | 8360 | 645810 |
| Southwest Gas Holdings, Inc. | 9039 | 723301 |
|  |  | **2384849** |
| **Health Care Equipment & Supplies–2.72%** | **Health Care Equipment & Supplies–2.72%** | **Health Care Equipment & Supplies–2.72%** |
| †AtriCure, Inc. | 11911 | 471199 |

---

LVIP JPMorgan Small Cap Core Fund-4

------

**LVIP JPMorgan Small Cap Core 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)** |
| †Avanos Medical, Inc. | 5541 | $62226 |
| †Axogen, Inc. | 15154 | 495990 |
| †Beta Bionics, Inc. | 7139 | 217525 |
| †Butterfly Network, Inc. | 58655 | 222889 |
| †Ceribell, Inc. | 23033 | 505114 |
| Embecta Corp. | 7557 | 89777 |
| †Glaukos Corp. | 5488 | 619650 |
| †Haemonetics Corp. | 6612 | 529952 |
| †Inogen, Inc. | 24828 | 166844 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 14349 | 178215 |
| †iRhythm Technologies, Inc. | 3327 | 590343 |
| †Lantheus Holdings, Inc. | 4537 | 301937 |
| †Novocure Ltd. | 15018 | 194183 |
| †Outset Medical, Inc. | 8928 | 33123 |
| †Pulmonx Corp. | 35602 | 78680 |
| †SI-BONE, Inc. | 7708 | 152002 |
| †Sight Sciences, Inc. | 2999 | 23782 |
| †Tandem Diabetes Care, Inc. | 11354 | 249561 |
| †TransMedics Group, Inc. | 3540 | 430641 |
|  |  | **5613633** |
| **Health Care Providers & Services–2.88%** | **Health Care Providers & Services–2.88%** | **Health Care Providers & Services–2.88%** |
| †Addus HomeCare Corp. | 846 | 90852 |
| †Billiontoone, Inc. Class A | 7089 | 580164 |
| †BrightSpring Health Services, <br> Inc.<br>| 7282 | 272711 |
| †Castle Biosciences, Inc. | 5294 | 205937 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 13206 | 259894 |
| Ensign Group, Inc. | 4670 | 813514 |
| †GeneDx Holdings Corp. | 986 | 128239 |
| †Guardant Health, Inc. | 9799 | 1000870 |
| †Hinge Health, Inc. Class A | 12623 | 586338 |
| National HealthCare Corp. | 1357 | 186031 |
| †NeoGenomics, Inc. | 7500 | 88200 |
| †Oncology Institute, Inc. | 31200 | 111072 |
| †Option Care Health, Inc. | 15231 | 485260 |
| †Pediatrix Medical Group, <br> Inc.<br>| 7453 | 159420 |
| †Progyny, Inc. | 22099 | 567502 |
| †Surgery Partners, Inc. | 2895 | 44728 |
| U.S. Physical Therapy, Inc. | 4815 | 376003 |
|  |  | **5956735** |
| **Health Care REITs–0.63%** | **Health Care REITs–0.63%** | **Health Care REITs–0.63%** |
| American Healthcare REIT, <br> Inc.<br>| 1570 | 73884 |
| CareTrust REIT, Inc. | 17050 | 616528 |
| Community Healthcare Trust, <br> Inc.<br>| 2627 | 43135 |
| LTC Properties, Inc. | 3420 | 117580 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| National Health Investors, <br> Inc.<br>| 751 | $57354 |
| Sabra Health Care REIT, Inc. | 21276 | 402967 |
|  |  | **1311448** |
| **Health Care Technology–0.26%** | **Health Care Technology–0.26%** | **Health Care Technology–0.26%** |
| †Health Catalyst, Inc. | 43969 | 105086 |
| HealthStream, Inc. | 15255 | 351933 |
| †HeartFlow, Inc. | 2627 | 76577 |
|  |  | **533596** |
| **Hotel & Resort REITs–0.85%** | **Hotel & Resort REITs–0.85%** | **Hotel & Resort REITs–0.85%** |
| Chatham Lodging Trust | 31445 | 214141 |
| DiamondRock Hospitality Co. | 30827 | 276210 |
| Ryman Hospitality Properties, <br> Inc.<br>| 8412 | 795943 |
| Xenia Hotels & Resorts, Inc. | 32651 | 461685 |
|  |  | **1747979** |
| **Hotels, Restaurants & Leisure–1.75%** | **Hotels, Restaurants & Leisure–1.75%** | **Hotels, Restaurants & Leisure–1.75%** |
| †Biglari Holdings, Inc. Class B | 689 | 229044 |
| †Black Rock Coffee Bar, Inc. <br> Class A<br>| 3918 | 87176 |
| †Brinker International, Inc. | 2009 | 288332 |
| †Hilton Grand Vacations, Inc. | 7465 | 334059 |
| Jack in the Box, Inc. | 20552 | 389460 |
| †Kura Sushi USA, Inc. Class A | 6859 | 358932 |
| Marriott Vacations Worldwide <br> Corp.<br>| 2651 | 152936 |
| Monarch Casino & Resort, <br> Inc.<br>| 3484 | 333419 |
| †Shake Shack, Inc. Class A | 8190 | 664782 |
| Super Group SGHC Ltd. | 37552 | 448746 |
| †United Parks & Resorts, Inc. | 9101 | 330366 |
|  |  | **3617252** |
| **Household Durables–2.13%** | **Household Durables–2.13%** | **Household Durables–2.13%** |
| †Beazer Homes USA, Inc. | 3679 | 74573 |
| †Cavco Industries, Inc. | 708 | 418244 |
| Century Communities, Inc. | 2249 | 133478 |
| †Champion Homes, Inc. | 6479 | 547476 |
| †Green Brick Partners, Inc. | 5720 | 358415 |
| Installed Building Products, <br> Inc.<br>| 2220 | 575846 |
| KB Home | 5690 | 320973 |
| †M/I Homes, Inc. | 3844 | 491840 |
| Meritage Homes Corp. | 3549 | 233524 |
| †Taylor Morrison Home Corp. | 11404 | 671353 |
| †Tri Pointe Homes, Inc. | 18589 | 584996 |
|  |  | **4410718** |
| **Household Products–0.05%** | **Household Products–0.05%** | **Household Products–0.05%** |
| †Central Garden & Pet Co. <br> Class A<br>| 3788 | 110572 |
|  |  | **110572** |

---

LVIP JPMorgan Small Cap Core Fund-5

------

**LVIP JPMorgan Small Cap Core 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)** |
| **Independent Power and Renewable Electricity Producers–0.16%** | **Independent Power and Renewable Electricity Producers–0.16%** | **Independent Power and Renewable Electricity Producers–0.16%** |
| Clearway Energy, Inc. Class A | 10211 | $334398 |
|  |  | **334398** |
| **Industrial REITs–0.28%** | **Industrial REITs–0.28%** | **Industrial REITs–0.28%** |
| LXP Industrial Trust | 6967 | 345424 |
| Terreno Realty Corp. | 3955 | 232198 |
|  |  | **577622** |
| **Insurance–1.53%** | **Insurance–1.53%** | **Insurance–1.53%** |
| †Accelerant Holdings Class A | 14332 | 234328 |
| CNO Financial Group, Inc. | 11733 | 498301 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 16162 | 316290 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 4351 | 121393 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 1825 | 53400 |
| Horace Mann Educators <br> Corp.<br>| 2904 | 134107 |
| Mercury General Corp. | 1704 | 160278 |
| †Oscar Health, Inc. Class A | 20178 | 289958 |
| †Palomar Holdings, Inc. | 1912 | 257661 |
| RLI Corp. | 2686 | 171850 |
| Safety Insurance Group, Inc. | 2805 | 218538 |
| Selective Insurance Group, <br> Inc.<br>| 2266 | 189596 |
| †SiriusPoint Ltd. | 12065 | 264103 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1256 | 64194 |
| Stewart Information Services <br> Corp.<br>| 1967 | 138201 |
| Universal Insurance Holdings, <br> Inc.<br>| 1549 | 52356 |
|  |  | **3164554** |
| **Interactive Media & Services–0.62%** | **Interactive Media & Services–0.62%** | **Interactive Media & Services–0.62%** |
| †Cargurus, Inc. | 15822 | 606774 |
| †Cars.com, Inc. | 4195 | 51179 |
| †Nextdoor Holdings, Inc. | 17584 | 36926 |
| †QuinStreet, Inc. | 6242 | 89697 |
| †Yelp, Inc. | 16225 | 493078 |
|  |  | **1277654** |
| **IT Services–0.71%** | **IT Services–0.71%** | **IT Services–0.71%** |
| †Applied Digital Corp. | 25253 | 619204 |
| †BigBear.ai Holdings, Inc. | 27997 | 151184 |
| †DigitalOcean Holdings, Inc. | 8020 | 385922 |
| †Unisys Corp. | 65346 | 180355 |
| †Whitefiber, Inc. | 8324 | 131519 |
|  |  | **1468184** |
| **Leisure Products–0.56%** | **Leisure Products–0.56%** | **Leisure Products–0.56%** |
| †Peloton Interactive, Inc. <br> Class A<br>| 48715 | 300084 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 7732 | $489049 |
| †Topgolf Callaway Brands <br> Corp.<br>| 31886 | 372110 |
|  |  | **1161243** |
| **Life Sciences Tools & Services–0.42%** | **Life Sciences Tools & Services–0.42%** | **Life Sciences Tools & Services–0.42%** |
| †10X Genomics, Inc. Class A | 29130 | 475110 |
| †Adaptive Biotechnologies <br> Corp.<br>| 13942 | 226418 |
| †CryoPort, Inc. | 15775 | 151440 |
| †OmniAb, Inc. | 9767 | 18069 |
|  |  | **871037** |
| **Machinery–1.72%** | **Machinery–1.72%** | **Machinery–1.72%** |
| Atmus Filtration <br> Technologies, Inc.<br>| 8220 | 426700 |
| †Blue Bird Corp. | 5266 | 247502 |
| Greenbrier Cos., Inc. | 476 | 22248 |
| Kennametal, Inc. | 8784 | 249554 |
| Mueller Industries, Inc. | 6808 | 781558 |
| Terex Corp. | 9589 | 511861 |
| †Titan International, Inc. | 19494 | 152638 |
| Watts Water Technologies, <br> Inc. Class A<br>| 3868 | 1067645 |
| Worthington Enterprises, <br> Inc.<br>| 1989 | 102573 |
|  |  | **3562279** |
| **Marine Transportation–0.24%** | **Marine Transportation–0.24%** | **Marine Transportation–0.24%** |
| Costamare, Inc. | 27339 | 431683 |
| Safe Bulkers, Inc. | 13991 | 67436 |
|  |  | **499119** |
| **Media–1.07%** | **Media–1.07%** | **Media–1.07%** |
| †AMC Networks, Inc. Class A | 2113 | 20116 |
| †EchoStar Corp. Class A | 9202 | 1000257 |
| Gray Media, Inc. | 7608 | 36823 |
| John Wiley & Sons, Inc. <br> Class A<br>| 6617 | 202679 |
| †Magnite, Inc. | 23425 | 380188 |
| †PubMatic, Inc. Class A | 5916 | 52475 |
| Scholastic Corp. | 6678 | 197869 |
| †Stagwell, Inc. | 37010 | 180979 |
| †TechTarget, Inc. | 12299 | 66414 |
| †Thryv Holdings, Inc. | 10889 | 65878 |
|  |  | **2203678** |
| **Metals & Mining–2.90%** | **Metals & Mining–2.90%** | **Metals & Mining–2.90%** |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 1171 | 234060 |
| †Century Aluminum Co. | 3721 | 145789 |
| †Coeur Mining, Inc. | 72963 | 1300930 |
| Commercial Metals Co. | 13788 | 954405 |
| †Constellium SE | 51687 | 974300 |
| Hecla Mining Co. | 38117 | 731465 |

---

LVIP JPMorgan Small Cap Core Fund-6

------

**LVIP JPMorgan Small Cap Core 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)** |
| †Ivanhoe Electric, Inc. | 6637 | $106059 |
| Materion Corp. | 4108 | 510707 |
| Olympic Steel, Inc. | 1511 | 64648 |
| †Perpetua Resources Corp. | 5036 | 121922 |
| †SSR Mining, Inc. | 17923 | 392872 |
| Warrior Met Coal, Inc. | 5240 | 462011 |
|  |  | **5999168** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.75%** | **Mortgage Real Estate Investment Trusts (REITs)–0.75%** | **Mortgage Real Estate Investment Trusts (REITs)–0.75%** |
| Adamas Trust, Inc. | 17610 | 128553 |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| 9174 | 88804 |
| BrightSpire Capital, Inc. | 32689 | 183059 |
| Ellington Financial, Inc. | 14583 | 198037 |
| Ladder Capital Corp. | 76425 | 839911 |
| TPG RE Finance Trust, Inc. | 12543 | 107995 |
|  |  | **1546359** |
| **Multi-Utilities–0.64%** | **Multi-Utilities–0.64%** | **Multi-Utilities–0.64%** |
| Avista Corp. | 1344 | 51798 |
| Black Hills Corp. | 9874 | 685453 |
| Unitil Corp. | 12082 | 585252 |
|  |  | **1322503** |
| **Office REITs–0.66%** | **Office REITs–0.66%** | **Office REITs–0.66%** |
| COPT Defense Properties | 25647 | 712987 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 41714 | 347895 |
| Postal Realty Trust, Inc. <br> Class A<br>| 7374 | 119016 |
| SL Green Realty Corp. | 4168 | 191186 |
|  |  | **1371084** |
| **Oil, Gas & Consumable Fuels–3.07%** | **Oil, Gas & Consumable Fuels–3.07%** | **Oil, Gas & Consumable Fuels–3.07%** |
| California Resources Corp. | 3840 | 171686 |
| †Centrus Energy Corp. Class A | 1036 | 251499 |
| Chord Energy Corp. | 1596 | 147949 |
| †Clean Energy Fuels Corp. | 91694 | 192557 |
| †CNX Resources Corp. | 13958 | 513236 |
| Core Natural Resources, Inc. | 1215 | 107540 |
| †CVR Energy, Inc. | 4292 | 109188 |
| Delek U.S. Holdings, Inc. | 6362 | 188697 |
| †Energy Fuels, Inc. | 22718 | 330320 |
| Excelerate Energy, Inc. <br> Class A<br>| 8633 | 242156 |
| †Gulfport Energy Corp. | 1914 | 398093 |
| International Seaways, Inc. | 2370 | 115063 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 10471 | 229210 |
| Murphy Oil Corp. | 8039 | 251219 |
| †New Fortress Energy, Inc. | 18829 | 21465 |
| Ovintiv, Inc. | 4658 | 182547 |
| †Par Pacific Holdings, Inc. | 19049 | 669382 |
| PBF Energy, Inc. Class A | 5748 | 155886 |
| Peabody Energy Corp. | 15001 | 445530 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Scorpio Tankers, Inc. | 514 | $26127 |
| Teekay Corp. Ltd. | 46788 | 422496 |
| Teekay Tankers Ltd. Class A | 10724 | 572876 |
| †Uranium Energy Corp. | 29105 | 339946 |
| World Kinect Corp. | 10901 | 255410 |
|  |  | **6340078** |
| **Passenger Airlines–0.36%** | **Passenger Airlines–0.36%** | **Passenger Airlines–0.36%** |
| †Joby Aviation, Inc. | 27329 | 360743 |
| †SkyWest, Inc. | 3826 | 384168 |
|  |  | **744911** |
| **Personal Care Products–0.25%** | **Personal Care Products–0.25%** | **Personal Care Products–0.25%** |
| †BellRing Brands, Inc. | 2801 | 74871 |
| †Nature's Sunshine Products, <br> Inc.<br>| 6012 | 129739 |
| †Oddity Tech Ltd. Class A | 7836 | 314850 |
|  |  | **519460** |
| **Pharmaceuticals–2.89%** | **Pharmaceuticals–2.89%** | **Pharmaceuticals–2.89%** |
| †Alumis, Inc. | 9679 | 94467 |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 32611 | 410899 |
| †ANI Pharmaceuticals, Inc. | 6007 | 474193 |
| †Atea Pharmaceuticals, Inc. | 87008 | 310619 |
| †Axsome Therapeutics, Inc. | 1714 | 313045 |
| †Corcept Therapeutics, Inc. | 6617 | 230272 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 12088 | 562696 |
| †Edgewise Therapeutics, Inc. | 6682 | 165814 |
| †Indivior PLC | 9241 | 331567 |
| †Liquidia Corp. | 8149 | 281059 |
| †Mind Medicine MindMed, <br> Inc.<br>| 8442 | 113038 |
| †Ocular Therapeutix, Inc. | 34027 | 413088 |
| †Phathom Pharmaceuticals, <br> Inc.<br>| 6667 | 110605 |
| Phibro Animal Health Corp. <br> Class A<br>| 16517 | 617075 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 4215 | 209485 |
| †Terns Pharmaceuticals, Inc. | 17662 | 713545 |
| †Theravance Biopharma, Inc. | 8005 | 149774 |
| †WaVe Life Sciences Ltd. | 10635 | 180795 |
| †Zevra Therapeutics, Inc. | 33539 | 300509 |
|  |  | **5982545** |
| **Professional Services–1.17%** | **Professional Services–1.17%** | **Professional Services–1.17%** |
| †BlackSky Technology, Inc. | 1567 | 29381 |
| †ExlService Holdings, Inc. | 5764 | 244624 |
| †IBEX Holdings Ltd. | 12565 | 479732 |
| †Innodata, Inc. | 4708 | 239873 |
| KBR, Inc. | 6050 | 243210 |
| Kelly Services, Inc. Class A | 14168 | 124678 |
| †Legalzoom.com, Inc. | 17727 | 176029 |

---

LVIP JPMorgan Small Cap Core Fund-7

------

**LVIP JPMorgan Small Cap Core 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)** |
| †Planet Labs PBC | 11310 | $223033 |
| TriNet Group, Inc. | 2099 | 124114 |
| †Verra Mobility Corp. | 24111 | 540328 |
|  |  | **2425002** |
| **Real Estate Management & Development–0.35%** | **Real Estate Management & Development–0.35%** | **Real Estate Management & Development–0.35%** |
| †Cushman & Wakefield Ltd. | 3868 | 62623 |
| Newmark Group, Inc. Class A | 28195 | 488901 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 2753 | 20895 |
| †Real Brokerage, Inc. | 38884 | 141927 |
|  |  | **714346** |
| **Residential REITs–0.22%** | **Residential REITs–0.22%** | **Residential REITs–0.22%** |
| Centerspace | 1174 | 78329 |
| Independence Realty Trust, <br> Inc.<br>| 15408 | 269332 |
| UMH Properties, Inc. | 3140 | 49958 |
| Veris Residential, Inc. | 3797 | 56499 |
|  |  | **454118** |
| **Retail REITs–1.28%** | **Retail REITs–1.28%** | **Retail REITs–1.28%** |
| Curbline Properties Corp. | 15168 | 352049 |
| Getty Realty Corp. | 7298 | 199746 |
| InvenTrust Properties Corp. | 12980 | 366166 |
| Kite Realty Group Trust | 12185 | 292075 |
| Macerich Co. | 12081 | 223015 |
| NETSTREIT Corp. | 6380 | 112543 |
| Phillips Edison & Co., Inc. | 18019 | 640936 |
| Tanger, Inc. | 13606 | 454032 |
|  |  | **2640562** |
| **Semiconductors & Semiconductor Equipment–3.94%** | **Semiconductors & Semiconductor Equipment–3.94%** | **Semiconductors & Semiconductor Equipment–3.94%** |
| †ACM Research, Inc. Class A | 4200 | 165690 |
| †Aehr Test Systems | 4332 | 87463 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 2928 | 58004 |
| †Ambarella, Inc. | 2747 | 194597 |
| †Axcelis Technologies, Inc. | 933 | 74957 |
| †Credo Technology Group <br> Holding Ltd.<br>| 12072 | 1737040 |
| †Diodes, Inc. | 9534 | 470408 |
| †FormFactor, Inc. | 10882 | 606998 |
| †Impinj, Inc. | 7060 | 1228511 |
| †Kopin Corp. | 29826 | 69793 |
| †MaxLinear, Inc. | 4606 | 80283 |
| †Navitas Semiconductor Corp. | 8759 | 62539 |
| NVE Corp. | 1310 | 77722 |
| †Rambus, Inc. | 12732 | 1169944 |
| †Rigetti Computing, Inc. | 30443 | 674312 |
| †Semtech Corp. | 3983 | 293507 |
| †SiTime Corp. | 1548 | 546738 |
| †Ultra Clean Holdings, Inc. | 21882 | 554271 |
|  |  | **8152777** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software–5.06%** | **Software–5.06%** | **Software–5.06%** |
| A10 Networks, Inc. | 4019 | $71096 |
| Adeia, Inc. | 7002 | 120785 |
| †Appian Corp. Class A | 7179 | 254280 |
| †Asana, Inc. Class A | 16048 | 220018 |
| †Bit Digital, Inc. | 174282 | 329393 |
| †Bitdeer Technologies Group <br> Class A<br>| 7698 | 86295 |
| †BlackLine, Inc. | 4936 | 272911 |
| †Box, Inc. Class A | 19477 | 582557 |
| †Braze, Inc. Class A | 5367 | 184034 |
| †Cipher Mining, Inc. | 35201 | 519567 |
| †Cleanspark, Inc. | 40920 | 414110 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 24805 | 598297 |
| †Commvault Systems, Inc. | 2439 | 305753 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 14042 | 306397 |
| †Digital Turbine, Inc. | 24299 | 121495 |
| †D-Wave Quantum, Inc. | 30606 | 800347 |
| †Freshworks, Inc. Class A | 33252 | 407337 |
| †Hut 8 Corp. | 9323 | 428299 |
| InterDigital, Inc. | 1277 | 406571 |
| †LiveRamp Holdings, Inc. | 9500 | 279015 |
| †MARA Holdings, Inc. | 35050 | 314749 |
| †ON24, Inc. | 67065 | 533837 |
| †Ooma, Inc. | 29148 | 341906 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 5166 | 107969 |
| †Porch Group, Inc. | 13432 | 122634 |
| †Qualys, Inc. | 3080 | 409332 |
| †Riot Platforms, Inc. | 24048 | 304688 |
| †SoundHound AI, Inc. Class A | 18189 | 181344 |
| †Tenable Holdings, Inc. | 10813 | 254430 |
| †Terawulf, Inc. | 26918 | 309288 |
| †WM Technology, Inc. | 37669 | 31081 |
| †Workiva, Inc. | 3396 | 292905 |
| †Xperi, Inc. | 51764 | 303337 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 11874 | 241636 |
|  |  | **10457693** |
| **Specialized REITs–0.34%** | **Specialized REITs–0.34%** | **Specialized REITs–0.34%** |
| Four Corners Property Trust, <br> Inc.<br>| 6834 | 157592 |
| PotlatchDeltic Corp. | 5555 | 220978 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 10372 | 320910 |
|  |  | **699480** |
| **Specialty Retail–2.25%** | **Specialty Retail–2.25%** | **Specialty Retail–2.25%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 2118 | 266593 |
| American Eagle Outfitters, <br> Inc.<br>| 20306 | 535469 |

---

LVIP JPMorgan Small Cap Core Fund-8

------

**LVIP JPMorgan Small Cap Core 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)** |
| †Asbury Automotive Group, <br> Inc.<br>| 1153 | $268107 |
| †Boot Barn Holdings, Inc. | 1945 | 343234 |
| Buckle, Inc. | 6303 | 336706 |
| †EVgo, Inc. | 24441 | 71123 |
| Group 1 Automotive, Inc. | 594 | 233620 |
| †RealReal, Inc. | 16351 | 258019 |
| Signet Jewelers Ltd. | 11702 | 969862 |
| Sonic Automotive, Inc. <br> Class A<br>| 1658 | 102564 |
| †Urban Outfitters, Inc. | 8995 | 676964 |
| †Victoria's Secret & Co. | 7797 | 422363 |
| †Warby Parker, Inc. Class A | 7596 | 165517 |
|  |  | **4650141** |
| **Technology Hardware, Storage & Peripherals–0.73%** | **Technology Hardware, Storage & Peripherals–0.73%** | **Technology Hardware, Storage & Peripherals–0.73%** |
| †Diebold Nixdorf, Inc. | 4893 | 332186 |
| †IonQ, Inc. | 23482 | 1053637 |
| †Turtle Beach Corp. | 8442 | 118441 |
|  |  | **1504264** |
| **Textiles, Apparel & Luxury Goods–0.46%** | **Textiles, Apparel & Luxury Goods–0.46%** | **Textiles, Apparel & Luxury Goods–0.46%** |
| †Capri Holdings Ltd. | 25482 | 621761 |
| Wolverine World Wide, Inc. | 18419 | 334305 |
|  |  | **956066** |
| **Tobacco–0.08%** | **Tobacco–0.08%** | **Tobacco–0.08%** |
| Turning Point Brands, Inc. | 1599 | 173332 |
|  |  | **173332** |
| **Trading Companies & Distributors–1.95%** | **Trading Companies & Distributors–1.95%** | **Trading Companies & Distributors–1.95%** |
| Applied Industrial <br> Technologies, Inc.<br>| 3484 | 894587 |
| †BlueLinx Holdings, Inc. | 1196 | 73470 |
| Boise Cascade Co. | 2490 | 183264 |
| †DNOW, Inc. | 52398 | 694273 |
| †DXP Enterprises, Inc. | 1130 | 124063 |
| GATX Corp. | 2398 | 406701 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Herc Holdings, Inc. | 2133 | $316495 |
| †Hudson Technologies, Inc. | 1714 | 11741 |
| McGrath RentCorp | 1305 | 136934 |
| Rush Enterprises, Inc. <br> Class A<br>| 12262 | 661412 |
| WESCO International, Inc. | 2160 | 528422 |
|  |  | **4031362** |
| **Water Utilities–0.36%** | **Water Utilities–0.36%** | **Water Utilities–0.36%** |
| American States Water Co. | 1716 | 124376 |
| Consolidated Water Co. Ltd. | 17756 | 626609 |
|  |  | **750985** |
| **Wireless Telecommunication Services–0.12%** | **Wireless Telecommunication Services–0.12%** | **Wireless Telecommunication Services–0.12%** |
| †Gogo, Inc. | 5136 | 23934 |
| Telephone & Data Systems, <br> Inc.<br>| 5344 | 219104 |
|  |  | **243038** |
| **Total Common Stock** <br>**(Cost $168,063,543)** | **Total Common Stock** <br>**(Cost $168,063,543)** | **204858022** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Aduro Biotech, Inc. | 20960 | 7965 |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **7965** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.78%** | **MONEY MARKET FUND–0.78%** | **MONEY MARKET FUND–0.78%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1612047 | 1612047 |
| **Total Money Market Fund** <br>**(Cost $1,612,047)** | **Total Money Market Fund** <br>**(Cost $1,612,047)** | **1612047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $169,675,590)** | **206478034** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **332487** |
| **NET ASSETS APPLICABLE TO 9,476,579 SHARES OUTSTANDING–100.00%** | **$206810521** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SMALL CAP CORE FUND STANDARD CLASS** <br>**($132,061,807 / 6,017,558 Shares)** | **$21.946** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN SMALL CAP CORE FUND SERVICE CLASS** <br>**($74,748,714 / 3,459,021 Shares)** | **$21.610** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$162123136** |
| Distributable earnings/(accumulated loss) | **44687385** |
| **TOTAL NET ASSETS** | **$206810521** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP JPMorgan Small Cap Core Fund-9

------

**LVIP JPMorgan Small Cap Core 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 $315,000 cash collateral held at broker for futures contracts, $113,804 payable for fund shares redeemed, $16,850 other accrued <br> expenses payable, $137,716 due to manager and affiliates, $331,601 due to custodian, $11,838 variation margin due to broker on futures <br> contracts, $18,099 payable for audit fee and $12,127 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:** |
| 12 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $1498800 | &nbsp;&nbsp; $1544076 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45276)<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 |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-10

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $2249512 |
| Foreign taxes withheld | (4681)<br>|
|  | 2244831 |
| **EXPENSES:** |  |
| Management fees | 1261089 |
| Distribution fees-Service Class | 147784 |
| Shareholder servicing fees | 56264 |
| Accounting and administration expenses | 53806 |
| Professional fees | 46568 |
| Custodian fees | 30308 |
| Consulting fees | 12416 |
| Reports and statements to shareholders | 11120 |
| Trustees' fees and expenses | 5599 |
| Pricing fees | 5085 |
| Other | 8701 |
| Total operating expenses | 1638740 |
| **NET INVESTMENT INCOME**  | 606091 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 9315658 |
| Futures contracts | 1058167 |
| Net realized gain | 10373825 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 6756036 |
| Futures contracts | 319870 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 7075906 |
| **NET REALIZED AND UNREALIZED GAIN** | 17449731 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $18055822 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core Fund** | **LVIP JPMorgan Small Cap Core 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 | $606091 | $1001039 |
| Net realized gain | 10373825 | 22122699 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 7075906 | (4073136)<br>|
| Net increase in net assets resulting <br> from operations<br>| 18055822 | 19050602 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (11257592)<br>| (3580296)<br>|
| Service Class | (5762161)<br>| (916822)<br>|
|  | (17019753)<br>| (4497118)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9489801 | 8896823 |
| Service Class | 29899622 | 37456422 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 11257592 | 3580296 |
| Service Class | 5762161 | 916822 |
|  | 56409176 | 50850363 |
| Cost of shares redeemed: |  |  |
| Standard Class | (42308747)<br>| (44773648)<br>|
| Service Class | (7591130)<br>| (3056317)<br>|
|  | (49899877)<br>| (47829965)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 6509299 | 3020398 |
| **NET INCREASE IN NET ASSETS** | 7545368 | 17573882 |
| **NET ASSETS:** |  |  |
| Beginning of year | 199265153 | 181691271 |
| End of year | $206810521 | $199265153 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-11

------

**LVIP JPMorgan Small Cap Core Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core Fund Standard Class** | **LVIP JPMorgan Small Cap Core 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; $21.694 | &nbsp;&nbsp; $19.849 | &nbsp;&nbsp; $17.960 | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp; $24.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.082 | 0.123 | 0.098 | 0.11 | 0.09 |
| Net realized and unrealized gain (loss) | 2.107 | 2.233 | 2.208 | &nbsp;&nbsp; (5.40)<br>| 5.04 |
| Total from investment operations | 2.189 | 2.356 | 2.306 | &nbsp;&nbsp; (5.29)<br>| 5.13 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gain | &nbsp;&nbsp; (1.806)<br>| &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.162)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.937)<br>| &nbsp;&nbsp; (0.511)<br>| &nbsp;&nbsp; (0.417)<br>| &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (0.84)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.946 | &nbsp;&nbsp; $21.694 | &nbsp;&nbsp; $19.849 | &nbsp;&nbsp; $17.96 | &nbsp;&nbsp; $28.40 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; 11.71% | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp; (19.35%)<br>| &nbsp;&nbsp; 21.38% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $132062 | &nbsp;&nbsp; $154325 | &nbsp;&nbsp; $172897 | &nbsp;&nbsp; $165062 | &nbsp;&nbsp; $218952 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.80% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.33% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.33% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 82% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Small Cap Core 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 Small Cap Core 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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-12

------

**LVIP JPMorgan Small Cap Core Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core Fund Service Class** | **LVIP JPMorgan Small Cap Core 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; $21.402 | &nbsp;&nbsp; $19.608 | &nbsp;&nbsp; $17.720 | &nbsp;&nbsp; $28.06 | &nbsp;&nbsp; $23.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.029 | 0.070 | 0.051 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 2.073 | 2.203 | 2.181 | &nbsp;&nbsp; (5.32)<br>| 4.98 |
| Total from investment operations | 2.102 | 2.273 | 2.232 | &nbsp;&nbsp; (5.28)<br>| 4.99 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.088)<br>| &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized gain | &nbsp;&nbsp; (1.806)<br>| &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.162)<br>| &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp; (0.70)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.894)<br>| &nbsp;&nbsp; (0.479)<br>| &nbsp;&nbsp; (0.344)<br>| &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (0.78)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.610 | &nbsp;&nbsp; $21.402 | &nbsp;&nbsp; $19.608 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $28.06 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 11.44% | &nbsp;&nbsp; 12.80% | &nbsp;&nbsp; (19.56%)<br>| &nbsp;&nbsp; 21.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $74749 | &nbsp;&nbsp; $44940 | &nbsp;&nbsp; $8794 | &nbsp;&nbsp; $1199 | &nbsp;&nbsp; $1718 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.05% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 82% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Small Cap Core 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 Small Cap Core 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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Small Cap Core Fund-13

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**LVIP JPMorgan Small Cap Core 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 Small Cap Core 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 capital growth over the long term.

**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 JPMorgan Small Cap Core Fund-14

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**LVIP JPMorgan Small Cap Core 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 $42,814 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 0.65% 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 0.82% of the Fund's average daily net assets for the Standard Class and 1.07% 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; $15997 |
| Legal | &nbsp;&nbsp; 2661 |

---

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 $751 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 Small Cap Core Fund-15

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**LVIP JPMorgan Small Cap Core 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; $116466 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 16054 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5196 |

---

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; $197714184 |
| Sales | &nbsp;&nbsp; 199411323 |

---

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; $172506377 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $46502471 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (12530815)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $33971656 |

---

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 JPMorgan Small Cap Core Fund-16

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**LVIP JPMorgan Small Cap Core 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 | &nbsp;&nbsp; $204858022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $204858022 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7965 | &nbsp;&nbsp; 7965 |
| Money Market Fund | &nbsp;&nbsp; 1612047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1612047 |
| **Total Investments** | &nbsp;&nbsp; $206470069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7965 | &nbsp;&nbsp; $206478034 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(45276)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45276)<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 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 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; $2350822 | &nbsp;&nbsp; $4497118 |
| Long-term capital gains | &nbsp;&nbsp; 14668931 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $17019753 | &nbsp;&nbsp; $4497118 |

---

**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; $10715729 |
| Net unrealized appreciation | &nbsp;&nbsp; 33971656 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $44687385 |

---

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 JPMorgan Small Cap Core Fund-17

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**LVIP JPMorgan Small Cap Core 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; 464918 | &nbsp;&nbsp; 418598 |
| Service Class | &nbsp;&nbsp; 1443137 | &nbsp;&nbsp; 1751165 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 520445 | &nbsp;&nbsp; 154614 |
| Service Class | &nbsp;&nbsp; 271008 | &nbsp;&nbsp; 40120 |
|  | &nbsp;&nbsp; 2699508 | &nbsp;&nbsp; 2364497 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2081617)<br>| &nbsp;&nbsp; (2170080)<br>|
| Service Class | &nbsp;&nbsp; (354913)<br>| &nbsp;&nbsp; (139980)<br>|
|  | &nbsp;&nbsp; (2436530)<br>| &nbsp;&nbsp; (2310060)<br>|
| Net increase | &nbsp;&nbsp; 262978 | &nbsp;&nbsp; 54437 |

---

**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> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $— | Receivables and other assets net of <br> liabilities<br>| $(45276)<br>|

---

LVIP JPMorgan Small Cap Core Fund-18

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**LVIP JPMorgan Small Cap Core 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; $1058167 | &nbsp;&nbsp; $319870 |

---

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) | $4646278 | $— |

---

**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 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.

LVIP JPMorgan Small Cap Core Fund-19

------

**LVIP JPMorgan Small Cap Core 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 JPMorgan Small Cap Core Fund-20

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Small Cap Core Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan Small Cap Core 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.

![](img01df3aa92.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Small Cap Core Fund–21

------

![](imgf57c4d7f1.jpg)

LVIP JPMorgan U.S. Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan U.S. Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_SOI-continued-635_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_FS-continued-635_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_FS-continued-635_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_FIHI-continued-635_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_NTF-continued-635_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_b6268c44-d004-42c3-b38a-0271055cb5cf_AUDIT-continued-635_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP JPMorgan U.S. 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–99.43%** | **COMMON STOCK–99.43%** | **COMMON STOCK–99.43%** |
| **Aerospace & Defense–2.79%** | **Aerospace & Defense–2.79%** | **Aerospace & Defense–2.79%** |
| Howmet Aerospace, Inc. | 21220 | $4350524 |
| Northrop Grumman Corp. | 11108 | 6333893 |
|  |  | **10684417** |
| **Automobiles–1.64%** | **Automobiles–1.64%** | **Automobiles–1.64%** |
| †Tesla, Inc. | 13954 | 6275393 |
|  |  | **6275393** |
| **Banks–3.80%** | **Banks–3.80%** | **Banks–3.80%** |
| U.S. Bancorp | 50991 | 2720880 |
| Wells Fargo & Co. | 127120 | 11847584 |
|  |  | **14568464** |
| **Biotechnology–3.00%** | **Biotechnology–3.00%** | **Biotechnology–3.00%** |
| AbbVie, Inc. | 25598 | 5848887 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 3755 | 2898372 |
| †Vertex Pharmaceuticals, Inc. | 6009 | 2724240 |
|  |  | **11471499** |
| **Broadline Retail–4.38%** | **Broadline Retail–4.38%** | **Broadline Retail–4.38%** |
| †Amazon.com, Inc. | 72589 | 16754993 |
|  |  | **16754993** |
| **Building Products–1.71%** | **Building Products–1.71%** | **Building Products–1.71%** |
| Carrier Global Corp. | 37778 | 1996190 |
| Trane Technologies PLC | 11730 | 4565316 |
|  |  | **6561506** |
| **Capital Markets–3.79%** | **Capital Markets–3.79%** | **Capital Markets–3.79%** |
| Ameriprise Financial, Inc. | 4821 | 2363929 |
| Blackstone, Inc. | 43842 | 6757806 |
| Morgan Stanley | 30294 | 5378094 |
|  |  | **14499829** |
| **Construction Materials–1.49%** | **Construction Materials–1.49%** | **Construction Materials–1.49%** |
| Vulcan Materials Co. | 19957 | 5692136 |
|  |  | **5692136** |
| **Consumer Finance–2.50%** | **Consumer Finance–2.50%** | **Consumer Finance–2.50%** |
| American Express Co. | 25833 | 9556918 |
|  |  | **9556918** |
| **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** |
| Walmart, Inc. | 71022 | 7912561 |
|  |  | **7912561** |
| **Electric Utilities–3.38%** | **Electric Utilities–3.38%** | **Electric Utilities–3.38%** |
| Entergy Corp. | 27418 | 2534246 |
| NextEra Energy, Inc. | 88974 | 7142833 |
| Southern Co. | 37508 | 3270697 |
|  |  | **12947776** |
| **Electrical Equipment–1.31%** | **Electrical Equipment–1.31%** | **Electrical Equipment–1.31%** |
| Eaton Corp. PLC | 15714 | 5005066 |
|  |  | **5005066** |
| **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** |
| Amphenol Corp. Class A | 24196 | 3269847 |
|  |  | **3269847** |
| **Energy Equipment & Services–2.03%** | **Energy Equipment & Services–2.03%** | **Energy Equipment & Services–2.03%** |
| Baker Hughes Co. | 170513 | 7765162 |
|  |  | **7765162** |
| **Entertainment–2.14%** | **Entertainment–2.14%** | **Entertainment–2.14%** |
| Walt Disney Co. | 71864 | 8175967 |
|  |  | **8175967** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–2.67%** | **Financial Services–2.67%** | **Financial Services–2.67%** |
| Mastercard, Inc. Class A | 17883 | $10209047 |
|  |  | **10209047** |
| **Food Products–0.81%** | **Food Products–0.81%** | **Food Products–0.81%** |
| Mondelez International, Inc. <br> Class A<br>| 57445 | 3092264 |
|  |  | **3092264** |
| **Health Care Equipment & Supplies–4.09%** | **Health Care Equipment & Supplies–4.09%** | **Health Care Equipment & Supplies–4.09%** |
| †Edwards Lifesciences Corp. | 59447 | 5067857 |
| Medtronic PLC | 54626 | 5247374 |
| Stryker Corp. | 15216 | 5347967 |
|  |  | **15663198** |
| **Hotels, Restaurants & Leisure–3.38%** | **Hotels, Restaurants & Leisure–3.38%** | **Hotels, Restaurants & Leisure–3.38%** |
| †Chipotle Mexican Grill, Inc. | 46957 | 1737409 |
| †DoorDash, Inc. Class A | 8777 | 1987815 |
| Marriott International, Inc. <br> Class A<br>| 6781 | 2103737 |
| McDonald's Corp. | 23300 | 7121179 |
|  |  | **12950140** |
| **Industrial REITs–0.74%** | **Industrial REITs–0.74%** | **Industrial REITs–0.74%** |
| Prologis, Inc. | 22110 | 2822563 |
|  |  | **2822563** |
| **Insurance–3.36%** | **Insurance–3.36%** | **Insurance–3.36%** |
| Arthur J Gallagher & Co. | 25398 | 6572749 |
| Progressive Corp. | 15467 | 3522145 |
| Travelers Cos., Inc. | 9584 | 2779935 |
|  |  | **12874829** |
| **Interactive Media & Services–8.37%** | **Interactive Media & Services–8.37%** | **Interactive Media & Services–8.37%** |
| Alphabet, Inc. Class A | 60371 | 18896123 |
| Meta Platforms, Inc. Class A | 19918 | 13147673 |
|  |  | **32043796** |
| **Machinery–1.01%** | **Machinery–1.01%** | **Machinery–1.01%** |
| Deere & Co. | 8277 | 3853523 |
|  |  | **3853523** |
| **Pharmaceuticals–1.75%** | **Pharmaceuticals–1.75%** | **Pharmaceuticals–1.75%** |
| Eli Lilly & Co. | 6225 | 6689883 |
|  |  | **6689883** |
| **Semiconductors & Semiconductor Equipment–13.74%** | **Semiconductors & Semiconductor Equipment–13.74%** | **Semiconductors & Semiconductor Equipment–13.74%** |
| Broadcom, Inc. | 36272 | 12553739 |
| NVIDIA Corp. | 176872 | 32986628 |
| NXP Semiconductors NV | 32513 | 7057272 |
|  |  | **52597639** |
| **Software–12.14%** | **Software–12.14%** | **Software–12.14%** |
| Intuit, Inc. | 6517 | 4316991 |
| Microsoft Corp. | 59980 | 29007528 |
| Oracle Corp. | 35129 | 6846993 |
| Roper Technologies, Inc. | 4790 | 2132173 |
| †ServiceNow, Inc. | 27204 | 4167381 |
|  |  | **46471066** |
| **Specialty Retail–2.34%** | **Specialty Retail–2.34%** | **Specialty Retail–2.34%** |
| Lowe's Cos., Inc. | 37186 | 8967776 |
|  |  | **8967776** |
| **Technology Hardware, Storage & Peripherals–7.57%** | **Technology Hardware, Storage & Peripherals–7.57%** | **Technology Hardware, Storage & Peripherals–7.57%** |
| Apple, Inc. | 106668 | 28998762 |
|  |  | **28998762** |

---

LVIP JPMorgan U.S. Equity Fund-1

------

**LVIP JPMorgan U.S. 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)** |
| **Trading Companies & Distributors–0.58%** | **Trading Companies & Distributors–0.58%** | **Trading Companies & Distributors–0.58%** |
| United Rentals, Inc. | 2751 | $2226439 |
|  |  | **2226439** |
| **Total Common Stock** <br>**(Cost $245,383,059)** | **Total Common Stock** <br>**(Cost $245,383,059)** | **380602459** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.51%** | **MONEY MARKET FUND–0.51%** | **MONEY MARKET FUND–0.51%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1936612 | 1936612 |
| **Total Money Market Fund** <br>**(Cost $1,936,612)** | **Total Money Market Fund** <br>**(Cost $1,936,612)** | **1936612** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.94% (Cost $247,319,671)** | **$382539071** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.06%** | **246656** |
| **NET ASSETS APPLICABLE TO 7,843,878 SHARES OUTSTANDING–100.00%** | **$382785727** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN U.S. EQUITY FUND STANDARD CLASS** <br>**($166,487,820 / 3,372,392 Shares)** | **$49.368** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN U.S. EQUITY FUND SERVICE CLASS** <br>**($216,297,907 / 4,471,486 Shares)** | **$48.373** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$249340263** |
| Distributable earnings/(accumulated loss) | **133445464** |
| **TOTAL NET ASSETS** | **$382785727** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $895,141 payable for securities purchased, $150,644 payable for fund shares redeemed, $8,021 other accrued expenses payable, <br> $233,414 due to manager and affiliates, $19,149 payable for audit fee and $14,987 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 JPMorgan U.S. Equity Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $3673858 |
| Foreign taxes withheld | (20844)<br>|
|  | 3653014 |
| **EXPENSES:** |  |
| Management fees | 1753354 |
| Distribution fees-Service Class | 417095 |
| Shareholder servicing fees | 92450 |
| Accounting and administration expenses | 72584 |
| Professional fees | 50209 |
| Reports and statements to shareholders | 14977 |
| Custodian fees | 11578 |
| Trustees' fees and expenses | 8719 |
| Consulting fees | 8600 |
| Pricing fees | 1590 |
| Other | 9020 |
| Total operating expenses | 2440176 |
| **NET INVESTMENT INCOME**  | 1212838 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 1818120 |
| Futures contracts | 391628 |
| Net realized gain | 2209748 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 42656565 |
| Futures contracts | 13386 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 42669951 |
| **NET REALIZED AND UNREALIZED GAIN** | 44879699 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $46092537 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. Equity Fund** | **LVIP JPMorgan U.S. 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 IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $1212838 | $1102598 |
| Net realized gain | 2209748 | 10647660 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 42669951 | 30450475 |
| Net increase in net assets resulting <br> from operations<br>| 46092537 | 42200733 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5215873)<br>| (6615863)<br>|
| Service Class | (6062323)<br>| (4257507)<br>|
|  | (11278196)<br>| (10873370)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 25108717 | 14834645 |
| Service Class | 101506127 | 78663249 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5215873 | 6615863 |
| Service Class | 6062323 | 4257507 |
|  | 137893040 | 104371264 |
| Cost of shares redeemed: |  |  |
| Standard Class | (21728980)<br>| (26760057)<br>|
| Service Class | (24388018)<br>| (16942252)<br>|
|  | (46116998)<br>| (43702309)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 91776042 | 60668955 |
| **NET INCREASE IN NET ASSETS** | 126590383 | 91996318 |
| **NET ASSETS:** |  |  |
| Beginning of year | 256195344 | 164199026 |
| End of year | $382785727 | $256195344 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-3

------

**LVIP JPMorgan U.S. Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. Equity Fund Standard Class** | **LVIP JPMorgan U.S. 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**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $44.492 | &nbsp;&nbsp; $37.626 | &nbsp;&nbsp; $31.600 | &nbsp;&nbsp; $45.86 | &nbsp;&nbsp; $37.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.238 | 0.261 | 0.318 | 0.26 | 0.20 |
| Net realized and unrealized gain (loss) | 6.221 | 8.733 | 7.901 | &nbsp;&nbsp; (8.55)<br>| 10.44 |
| Total from investment operations | 6.459 | 8.994 | 8.219 | &nbsp;&nbsp; (8.29)<br>| 10.64 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.217)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.549)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gain | &nbsp;&nbsp; (1.366)<br>| &nbsp;&nbsp; (1.905)<br>| &nbsp;&nbsp; (1.644)<br>| &nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp; (1.87)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.583)<br>| &nbsp;&nbsp; (2.128)<br>| &nbsp;&nbsp; (2.193)<br>| &nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp; (2.18)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $49.368 | &nbsp;&nbsp; $44.492 | &nbsp;&nbsp; $37.626 | &nbsp;&nbsp; $31.60 | &nbsp;&nbsp; $45.86 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.54% | &nbsp;&nbsp; 23.99% | &nbsp;&nbsp; 27.16% | &nbsp;&nbsp; (18.67%)<br>| &nbsp;&nbsp; 29.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $166488 | &nbsp;&nbsp; $141965 | &nbsp;&nbsp; $125043 | &nbsp;&nbsp; $105316 | &nbsp;&nbsp; $143135 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.69% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.77% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.74% <br><sup>4</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.48% |
| Portfolio turnover | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust U.S. Equity 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 U.S. Equity 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 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> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-4

------

**LVIP JPMorgan U.S. Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. Equity Fund Service Class** | **LVIP JPMorgan U.S. 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**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $43.648 | &nbsp;&nbsp; $36.977 | &nbsp;&nbsp; $31.050 | &nbsp;&nbsp; $45.14 | &nbsp;&nbsp; $36.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.119 | 0.153 | 0.230 | 0.17 | 0.10 |
| Net realized and unrealized gain (loss) | 6.094 | 8.572 | 7.760 | &nbsp;&nbsp; (8.41)<br>| 10.28 |
| Total from investment operations | 6.213 | 8.725 | 7.990 | &nbsp;&nbsp; (8.24)<br>| 10.38 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.122)<br>| &nbsp;&nbsp; (0.149)<br>| &nbsp;&nbsp; (0.419)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gain | &nbsp;&nbsp; (1.366)<br>| &nbsp;&nbsp; (1.905)<br>| &nbsp;&nbsp; (1.644)<br>| &nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp; (1.87)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.488)<br>| &nbsp;&nbsp; (2.054)<br>| &nbsp;&nbsp; (2.063)<br>| &nbsp;&nbsp; (5.85)<br>| &nbsp;&nbsp; (2.09)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $48.373 | &nbsp;&nbsp; $43.648 | &nbsp;&nbsp; $36.977 | &nbsp;&nbsp; $31.05 | &nbsp;&nbsp; $45.14 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.26% | &nbsp;&nbsp; 23.68% | &nbsp;&nbsp; 26.84% | &nbsp;&nbsp; (18.87%)<br>| &nbsp;&nbsp; 29.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $216298 | &nbsp;&nbsp; $114230 | &nbsp;&nbsp; $39156 | &nbsp;&nbsp; $14147 | &nbsp;&nbsp; $17139 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.02% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.99% <br><sup>4</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.23% |
| Portfolio turnover | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust U.S. Equity 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 U.S. Equity 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 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> Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan U.S. Equity Fund-5

------

**LVIP JPMorgan U.S. 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 JPMorgan U.S. 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"), 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 provide high total return from a portfolio of selected 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. 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.

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. 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.

LVIP JPMorgan U.S. Equity Fund-6

------

**LVIP JPMorgan U.S. 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)**

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 $2,951 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 0.55% 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 0.75% of the Fund's average daily net assets for the Standard Class and 1.00% for the Service Class.

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; $25442 |
| Legal | &nbsp;&nbsp; 4284 |

---

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 $830 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; $178432 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 45574 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 9408 |

---

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 U.S. Equity Fund-7

------

**LVIP JPMorgan U.S. 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**

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; $199889078 |
| Sales | &nbsp;&nbsp; 116282190 |

---

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; $250592893 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $137728733 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (5782237)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $131946496 |

---

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; $380602459 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $380602459 |
| Money Market Fund | &nbsp;&nbsp; 1936612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1936612 |
| **Total Investments** | &nbsp;&nbsp; $382539071 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382539071 |

---

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 non-taxable distributions from common stocks. 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; $4448510 | &nbsp;&nbsp; $4653060 |
| Long-term capital gains | &nbsp;&nbsp; 6829686 | &nbsp;&nbsp; 6220310 |
| Total | &nbsp;&nbsp; $11278196 | &nbsp;&nbsp; $10873370 |

---

LVIP JPMorgan U.S. Equity Fund-8

------

**LVIP JPMorgan U.S. Equity 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; $496849 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1002118 |
| Other temporary differences | &nbsp;&nbsp; 1 |
| Net unrealized appreciation | &nbsp;&nbsp; 131946496 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $133445464 |

---

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; 549641 | &nbsp;&nbsp; 344346 |
| Service Class | &nbsp;&nbsp; 2269695 | &nbsp;&nbsp; 1856625 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 105551 | &nbsp;&nbsp; 149216 |
| Service Class | &nbsp;&nbsp; 125305 | &nbsp;&nbsp; 97765 |
|  | &nbsp;&nbsp; 3050192 | &nbsp;&nbsp; 2447952 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (473566)<br>| &nbsp;&nbsp; (626112)<br>|
| Service Class | &nbsp;&nbsp; (540573)<br>| &nbsp;&nbsp; (396258)<br>|
|  | &nbsp;&nbsp; (1014139)<br>| &nbsp;&nbsp; (1022370)<br>|
| Net increase | &nbsp;&nbsp; 2036053 | &nbsp;&nbsp; 1425582 |

---

**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,

LVIP JPMorgan U.S. Equity Fund-9

------

**LVIP JPMorgan U.S. 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)**

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.

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; $391628 | &nbsp;&nbsp; $13386 |

---

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) | $1193451 | $— |

---

**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.

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.

LVIP JPMorgan U.S. Equity Fund-10

------

**LVIP JPMorgan U.S. 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.

LVIP JPMorgan U.S. Equity Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan U.S. Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan U.S. 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 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, 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.

![](imge06214f02.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan U.S. Equity Fund–12

------

![](img591ce8d51.jpg)

LVIP Loomis Sayles Global Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Loomis Sayles Global Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_SOI-continued-273_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_FS-continued-273_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_FS-continued-273_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_FIHI-continued-273_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_NTF-continued-273_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_cb73245f-a2b9-428f-ac31-c5d2ade16400_AUDIT-continued-273_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Loomis Sayles Global 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>|
| **ΔCOMMON STOCK–99.18%** | **ΔCOMMON STOCK–99.18%** | **ΔCOMMON STOCK–99.18%** |
| **Brazil–1.40%** | **Brazil–1.40%** | **Brazil–1.40%** |
| Ambev SA ADR | 1398443 | $3454154 |
|  |  | **3454154** |
| **Canada–5.74%** | **Canada–5.74%** | **Canada–5.74%** |
| †Shopify, Inc. Class A | 88011 | 14167131 |
|  |  | **14167131** |
| **China–7.86%** | **China–7.86%** | **China–7.86%** |
| Alibaba Group Holding Ltd. <br> ADR<br>| 9866 | 1446158 |
| †Baidu, Inc. ADR | 21666 | 2830880 |
| Tencent Holdings Ltd. | 101200 | 7766445 |
| Trip.com Group Ltd. ADR | 73013 | 5250365 |
| Yum China Holdings, Inc. | 44108 | 2105716 |
|  |  | **19399564** |
| **Denmark–1.63%** | **Denmark–1.63%** | **Denmark–1.63%** |
| Novo Nordisk AS Class B | 79079 | 4010765 |
|  |  | **4010765** |
| **France–1.51%** | **France–1.51%** | **France–1.51%** |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 4068 | 3066197 |
| Sodexo SA | 13078 | 670064 |
|  |  | **3736261** |
| **Hong Kong–0.09%** | **Hong Kong–0.09%** | **Hong Kong–0.09%** |
| Budweiser Brewing Co. <br> APAC Ltd.<br>| 242913 | 236996 |
|  |  | **236996** |
| **Ireland–1.70%** | **Ireland–1.70%** | **Ireland–1.70%** |
| Experian PLC | 92856 | 4186557 |
|  |  | **4186557** |
| **Italy–0.45%** | **Italy–0.45%** | **Italy–0.45%** |
| Ferrari NV | 2998 | 1107941 |
|  |  | **1107941** |
| **Japan–1.52%** | **Japan–1.52%** | **Japan–1.52%** |
| FANUC Corp. | 96100 | 3739802 |
|  |  | **3739802** |
| **Netherlands–4.09%** | **Netherlands–4.09%** | **Netherlands–4.09%** |
| †Adyen NV | 4447 | 7171119 |
| NXP Semiconductors NV | 13404 | 2909472 |
|  |  | **10080591** |
| **Switzerland–6.49%** | **Switzerland–6.49%** | **Switzerland–6.49%** |
| †CRISPR Therapeutics AG | 50259 | 2635582 |
| Nestle SA | 14582 | 1447396 |
| Novartis AG | 58221 | 8022614 |
| Roche Holding AG | 9431 | 3894722 |
|  |  | **16000314** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom–2.12%** | **United Kingdom–2.12%** | **United Kingdom–2.12%** |
| †ARM Holdings PLC ADR | 27702 | $3028106 |
| Reckitt Benckiser Group <br> PLC<br>| 9716 | 786212 |
| Unilever PLC | 21599 | 1413215 |
|  |  | **5227533** |
| **United States–58.97%** | **United States–58.97%** | **United States–58.97%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 18486 | 7350958 |
| Alphabet, Inc. Class A | 59565 | 18643845 |
| †Amazon.com, Inc. | 63037 | 14550200 |
| †Autodesk, Inc. | 6508 | 1926433 |
| †Block, Inc. | 25320 | 1648079 |
| †Boeing Co. | 39669 | 8612933 |
| Deere & Co. | 5245 | 2441915 |
| †Doximity, Inc. Class A | 53565 | 2371858 |
| Expeditors International of <br> Washington, Inc.<br>| 9539 | 1421406 |
| Meta Platforms, Inc. <br> Class A<br>| 26992 | 17817149 |
| Microsoft Corp. | 17692 | 8556205 |
| †Netflix, Inc. | 118269 | 11088902 |
| NIKE, Inc. Class B | 20976 | 1336381 |
| Oracle Corp. | 52565 | 10245444 |
| QUALCOMM, Inc. | 9344 | 1598291 |
| Salesforce, Inc. | 14951 | 3960669 |
| SEI Investments Co. | 20322 | 1666811 |
| †Tesla, Inc. | 35543 | 15984398 |
| †Vertex Pharmaceuticals, <br> Inc.<br>| 10331 | 4683662 |
| Visa, Inc. Class A | 23746 | 8327960 |
| Yum! Brands, Inc. | 8048 | 1217502 |
|  |  | **145451001** |
| **Uruguay–5.61%** | **Uruguay–5.61%** | **Uruguay–5.61%** |
| †MercadoLibre, Inc. | 6871 | 13839981 |
|  |  | **13839981** |
| **Total Common Stock** <br>**(Cost $102,196,496)** | **Total Common Stock** <br>**(Cost $102,196,496)** | **244638591** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.37%** | **MONEY MARKET FUND–0.37%** | **MONEY MARKET FUND–0.37%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 910159 | 910159 |
| **Total Money Market Fund** <br>**(Cost $910,159)** | **Total Money Market Fund** <br>**(Cost $910,159)** | **910159** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Loomis Sayles Global Growth Fund-1

------

**LVIP Loomis Sayles Global Growth Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.55% (Cost $103,106,655)** | **$245548750** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.45%** | **1098999** |
| **NET ASSETS APPLICABLE TO 12,838,940 SHARES OUTSTANDING–100.00%** | **$246647749** |
| **NET ASSET VALUE PER SHARE–LVIP LOOMIS SAYLES GLOBAL GROWTH FUND STANDARD CLASS** <br>**($237,969,804 / 12,378,439 Shares)** | **$19.225** |
| **NET ASSET VALUE PER SHARE–LVIP LOOMIS SAYLES GLOBAL GROWTH FUND SERVICE CLASS** <br>**($8,677,945 / 460,501 Shares)** | **$18.845** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$93522314** |
| Distributable earnings/(accumulated loss) | **153125435** |
| **TOTAL NET ASSETS** | **$246647749** |

---

&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 $1,136 expense reimbursement receivable from Lincoln Financial Investments Corporation, $67,573 payable for fund shares <br> redeemed, $12,319 other accrued expenses payable, $152,432 due to manager and affiliates, $19,687 payable for audit fee and $12,023 <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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Loomis Sayles Global Growth Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $1970947 |
| Foreign taxes withheld | (126357)<br>|
|  | 1844590 |
| **EXPENSES:** |  |
| Management fees | 1679623 |
| Shareholder servicing fees | 71631 |
| Accounting and administration expenses | 59951 |
| Professional fees | 46825 |
| Custodian fees | 23518 |
| Distribution fees-Service Class | 23096 |
| Pricing fees | 10477 |
| Trustees' fees and expenses | 7214 |
| Reports and statements to shareholders | 5921 |
| Consulting fees | 5266 |
| Other | 10239 |
|  | 1943761 |
| Less:  |  |
| Expenses reimbursed | (20212)<br>|
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 1473 |
| Total operating expenses | 1925022 |
| **NET INVESTMENT LOSS** | (80432)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 21549316 |
| Foreign currencies | (5116)<br>|
| Net realized gain | 21544200 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 18061125 |
| Foreign currencies | 77376 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 18138501 |
| **NET REALIZED AND UNREALIZED GAIN** | 39682701 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $39602269 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global Growth Fund** | **LVIP Loomis Sayles Global 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income (loss) | $(80432)<br>| $11154 |
| Net realized gain | 21544200 | 25953166 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 18138501 | 28355212 |
| Net increase in net assets resulting <br> from operations<br>| 39602269 | 54319532 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (24266315)<br>| (7483086)<br>|
| Service Class | (718391)<br>| (118092)<br>|
|  | (24984706)<br>| (7601178)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 12411179 | 9458241 |
| Service Class | 5511236 | 1395755 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 24266315 | 7483086 |
| Service Class | 718391 | 118092 |
|  | 42907121 | 18455174 |
| Cost of shares redeemed: |  |  |
| Standard Class | (62288648)<br>| (71428175)<br>|
| Service Class | (2249650)<br>| (1837928)<br>|
|  | (64538298)<br>| (73266103)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (21631177)<br>| (54810929)<br>|
| **NET DECREASE IN NET ASSETS** | (7013614)<br>| (8092575)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 253661363 | 261753938 |
| End of year | $246647749 | $253661363 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Loomis Sayles Global Growth Fund-3

------

**LVIP Loomis Sayles Global Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global Growth Fund Standard Class** | **LVIP Loomis Sayles Global 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; $18.067 | &nbsp;&nbsp; $15.155 | &nbsp;&nbsp; $11.408 | &nbsp;&nbsp; $16.534 | &nbsp;&nbsp; $15.735 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.004)<br>| 0.002 | 0.030 | 0.040 | 0.005 |
| Net realized and unrealized gain (loss) | 3.276 | 3.414 | 4.127 | &nbsp;&nbsp; (4.324)<br>| 0.960 |
| Total from investment operations | 3.272 | 3.416 | 4.157 | &nbsp;&nbsp; (4.284)<br>| 0.965 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.057)<br>| &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (2.114)<br>| &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.114)<br>| &nbsp;&nbsp; (0.504)<br>| &nbsp;&nbsp; (0.410)<br>| &nbsp;&nbsp; (0.842)<br>| &nbsp;&nbsp; (0.166)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.225 | &nbsp;&nbsp; $18.067 | &nbsp;&nbsp; $15.155 | &nbsp;&nbsp; $11.408 | &nbsp;&nbsp; $16.534 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.59% | &nbsp;&nbsp; 22.73% | &nbsp;&nbsp; 36.85% | &nbsp;&nbsp; (25.74%)<br>| &nbsp;&nbsp; 6.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $237970 | &nbsp;&nbsp; $249135 | &nbsp;&nbsp; $257593 | &nbsp;&nbsp; $251064 | &nbsp;&nbsp; $334283 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% <br><sup>3</sup><br>|
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% <br><sup>3</sup><br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; (0.03%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.04% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 42% | &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 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> The Fund recouped previously waived expenses during the year ended December 31, 2021, 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 Loomis Sayles Global Growth Fund-4

------

**LVIP Loomis Sayles Global Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global Growth Fund Service Class** | **LVIP Loomis Sayles Global 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; $17.803 | &nbsp;&nbsp; $14.989 | &nbsp;&nbsp; $11.295 | &nbsp;&nbsp; $16.379 | &nbsp;&nbsp; $15.644 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.056)<br>| &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.054)<br>|
| Net realized and unrealized gain (loss) | 3.227 | 3.369 | 4.082 | &nbsp;&nbsp; (4.281)<br>| 0.955 |
| Total from investment operations | 3.156 | 3.313 | 4.064 | &nbsp;&nbsp; (4.287)<br>| 0.901 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.017)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (2.114)<br>| &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.114)<br>| &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.797)<br>| &nbsp;&nbsp; (0.166)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.845 | &nbsp;&nbsp; $17.803 | &nbsp;&nbsp; $14.989 | &nbsp;&nbsp; $11.295 | &nbsp;&nbsp; $16.379 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.18% | &nbsp;&nbsp; 22.31% | &nbsp;&nbsp; 36.38% | &nbsp;&nbsp; (26.00%)<br>| &nbsp;&nbsp; 5.75% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8678 | &nbsp;&nbsp; $4526 | &nbsp;&nbsp; $4161 | &nbsp;&nbsp; $1653 | &nbsp;&nbsp; $2705 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% <br><sup>3</sup><br>|
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.11% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.32% )<sup>3</sup><br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; (0.38%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; (0.31%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 42% | &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 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> The Fund recouped previously waived expenses during the year ended December 31, 2021, 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 Loomis Sayles Global Growth Fund-5

------

**LVIP Loomis Sayles Global 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 Loomis Sayles Global 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's investment objective is to seek to provide investment results over a full market cycle that, before fees and expenses, are superior to an index that tracks global equities.

**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 Loomis Sayles Global Growth Fund-6

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**LVIP Loomis Sayles Global 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)**

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. 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 $4,075 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 0.68% 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 Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.77% of the average daily net assets for the Standard Class and 1.12% 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 recouped $1,473 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** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $15010 | &nbsp;&nbsp; $1107 | &nbsp;&nbsp; $20212 | &nbsp;&nbsp; $36329 |

---

Loomis, Sayles & Company, L.P. ("Loomis Sayles") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays Loomis Sayles a fee based on the Fund's average daily net assets.

LVIP Loomis Sayles Global Growth Fund-7

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**LVIP Loomis Sayles Global 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)**

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; $20514 |
| Legal | &nbsp;&nbsp; 3398 |

---

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 $384 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; $1136 |
| Management fees payable to LFI | &nbsp;&nbsp; 143728 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 2574 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6130 |

---

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; $11403241 |
| Sales | &nbsp;&nbsp; 58768195 |

---

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; $111981937 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $134519987 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (873393)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $133646594 |

---

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 Loomis Sayles Global Growth Fund-8

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**LVIP Loomis Sayles Global 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 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 |  |  |  |  |
| Brazil | &nbsp;&nbsp; $3454154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3454154 |
| Canada | &nbsp;&nbsp; 14167131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14167131 |
| China | &nbsp;&nbsp; 11633119 | &nbsp;&nbsp; 7766445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19399564 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 4010765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4010765 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 3736261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3736261 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 236996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236996 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 4186557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4186557 |
| Italy | &nbsp;&nbsp; 1107941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1107941 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3739802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3739802 |
| Netherlands | &nbsp;&nbsp; 2909472 | &nbsp;&nbsp; 7171119 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10080591 |
| Switzerland | &nbsp;&nbsp; 2635582 | &nbsp;&nbsp; 13364732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16000314 |
| United Kingdom | &nbsp;&nbsp; 3028106 | &nbsp;&nbsp; 2199427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5227533 |
| United States | &nbsp;&nbsp; 145451001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145451001 |
| Uruguay | &nbsp;&nbsp; 13839981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13839981 |
| Money Market Fund | &nbsp;&nbsp; 910159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 910159 |
| **Total Investments** | &nbsp;&nbsp; $199136646 | &nbsp;&nbsp; $46412104 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $245548750 |

---

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 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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $— | $585508 |
| Long-term capital gains | 24984706 | 7015670 |
| Total | $24984706 | $7601178 |

---

**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; $243009 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 19235832 |
| Net unrealized appreciation | &nbsp;&nbsp; 133646594 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $153125435 |

---

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 Loomis Sayles Global Growth Fund-9

------

**LVIP Loomis Sayles Global 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 (continued)**

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; 639522 | &nbsp;&nbsp; 578316 |
| Service Class | &nbsp;&nbsp; 289859 | &nbsp;&nbsp; 82746 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1206079 | &nbsp;&nbsp; 437984 |
| Service Class | &nbsp;&nbsp; 36393 | &nbsp;&nbsp; 7009 |
|  | &nbsp;&nbsp; 2171853 | &nbsp;&nbsp; 1106055 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3256573)<br>| &nbsp;&nbsp; (4223932)<br>|
| Service Class | &nbsp;&nbsp; (119967)<br>| &nbsp;&nbsp; (113116)<br>|
|  | &nbsp;&nbsp; (3376540)<br>| &nbsp;&nbsp; (4337048)<br>|
| Net decrease | &nbsp;&nbsp; (1204687)<br>| &nbsp;&nbsp; (3230993)<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 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 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

LVIP Loomis Sayles Global Growth Fund-10

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**LVIP Loomis Sayles Global 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)**

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.

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 Loomis Sayles Global Growth Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Loomis Sayles Global Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Loomis Sayles Global 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. 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.

![](img6c3092f72.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Loomis Sayles Global Growth Fund–12

------

![](img4b26c7ea1.jpg)

![](imgc38865692.jpg)

LVIP Multi-Manager International Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Multi-Manager International Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_14682ea2-5360-46a3-8a51-4de648458968_SOI-continued-282_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_14682ea2-5360-46a3-8a51-4de648458968_FS-continued-282_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_14682ea2-5360-46a3-8a51-4de648458968_FS-continued-282_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_14682ea2-5360-46a3-8a51-4de648458968_FS-continued-282_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_14682ea2-5360-46a3-8a51-4de648458968_FIHI-continued-282_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_14682ea2-5360-46a3-8a51-4de648458968_NTF-continued-282_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_14682ea2-5360-46a3-8a51-4de648458968_AUDIT-continued-282_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP Multi-Manager 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 INVESTMENTS–94.97%** | **AFFILIATED INVESTMENTS–94.97%** | **AFFILIATED INVESTMENTS–94.97%** |
| **INVESTMENT COMPANIES–94.97%** | **INVESTMENT COMPANIES–94.97%** | **INVESTMENT COMPANIES–94.97%** |
| **International Equity Funds–94.97%** | **International Equity Funds–94.97%** | **International Equity Funds–94.97%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Dimensional <br> International Core Equity <br> Fund<br>| 10567415 | $167535798 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 5279396 | 55317509 |
| LVIP MFS International <br> Growth Fund<br>| 15180428 | 322310844 |
| **Total Affiliated Investments** <br>**(Cost $403,366,346)**<br>|  | **545164151** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–4.65%** | **UNAFFILIATED INVESTMENT–4.65%** | **UNAFFILIATED INVESTMENT–4.65%** |
| **INVESTMENT COMPANY–4.65%** | **INVESTMENT COMPANY–4.65%** | **INVESTMENT COMPANY–4.65%** |
| **Money Market Fund–4.65%** | **Money Market Fund–4.65%** | **Money Market Fund–4.65%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 26710972 | $26710972 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $26,710,972)**<br>|  | **26710972** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.62% (Cost $430,077,318)** | **571875123** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.38%** | **2164665** |
| **NET ASSETS APPLICABLE TO 41,785,898 SHARES OUTSTANDING–100.00%** | **$574039788** |

---

&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:** |
| 77 | CME British Pound Currency Futures | &nbsp;&nbsp; $6476663 | &nbsp;&nbsp; $6409010 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $67653 | &nbsp;&nbsp; $— |
| 72 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 10602000 | &nbsp;&nbsp; 10518238 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 83762 | &nbsp;&nbsp; — |
| 95 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 7621969 | &nbsp;&nbsp; 7698813 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (76844)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 151415 | &nbsp;&nbsp; (76844)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 6 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 2067750 | &nbsp;&nbsp; 2067363 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 387 | &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>|
| 158 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 10845662 | &nbsp;&nbsp; 10692005 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 153657 | &nbsp;&nbsp; — |
| 49 | FTSE 100 Index Futures | &nbsp;&nbsp; 6565988 | &nbsp;&nbsp; 6406553 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 159435 | &nbsp;&nbsp; — |
| 15 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 1058550 | &nbsp;&nbsp; 1042311 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; — |
| 24 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 7722166 | &nbsp;&nbsp; 7739414 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17248)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 329718 | &nbsp;&nbsp; (22298)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $481133 | &nbsp;&nbsp; $(99142)<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;

LVIP Multi-Manager International Equity Managed Volatility Fund-1

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| 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 Multi-Manager International Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager International Equity Managed Volatility Fund** | **LVIP Multi-Manager International 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; $545164151 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 26710972 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2384493 |
| Receivable for fund shares sold | &nbsp;&nbsp; 143596 |
| Dividends and interest receivable  | &nbsp;&nbsp; 85155 |
| Receivable for securities sold | &nbsp;&nbsp; 68746 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 30047 |
| Prepaid expenses | &nbsp;&nbsp; 2093 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 574589253 |
| **LIABILITIES:** |  |
| Due to manager and affiliates | &nbsp;&nbsp; 226294 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 215960 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 68311 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13827 |
| Other accrued expenses payable | &nbsp;&nbsp; 8002 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 549465 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $574039788 |
| Affiliated investments, at cost | &nbsp;&nbsp; $403366346 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 26710972 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $19929 |
| Shares Outstanding | &nbsp;&nbsp; 1449 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.758 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $574019859 |
| Shares Outstanding | &nbsp;&nbsp; 41784449 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.738 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $415921834 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 158117954 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $574039788 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $11834418 |
| Dividends from unaffiliated investments | 1178959 |
|  | 13013377 |
| **EXPENSES:** |  |
| Management fees | 4942228 |
| Distribution fees-Service Class | 1453550 |
| Shareholder servicing fees | 168617 |
| Accounting and administration expenses | 95241 |
| Professional fees | 49132 |
| Reports and statements to shareholders | 25922 |
| Trustees' fees and expenses | 16995 |
| Custodian fees | 9615 |
| Consulting fees | 7977 |
| Pricing fees | 2561 |
| Other | 14349 |
|  | 6786187 |
| Less:  |  |
| Management fees waived | (3866566)<br>|
| Expenses reimbursed | (390409)<br>|
| Total operating expenses | 2529212 |
| **NET INVESTMENT INCOME**  | 10484165 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 17136014 |
| Distributions from affiliated investment <br> companies<br>| 26191242 |
| Foreign currencies | (55005)<br>|
| Futures contracts | (19809130)<br>|
| Net realized gain | 23463121 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 69676738 |
| Foreign currencies | 2422 |
| Futures contracts | 1356742 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 71035902 |
| **NET REALIZED AND UNREALIZED GAIN** | 94499023 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $104983188 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <br> **Managed Volatility Fund** | **LVIP Multi-Manager International Equity** <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 (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $10484165 | $8860993 |
| Net realized gain | 23463121 | 53963207 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 71035902 | (16161224)<br>|
| Net increase in net assets resulting <br> from operations<br>| 104983188 | 46662976 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1872)<br>| (894)<br>|
| Service Class | (54335888)<br>| (30607224)<br>|
|  | (54337760)<br>| (30608118)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 11739901 | 18095963 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1872 | 894 |
| Service Class | 54335888 | 30607224 |
|  | 66077661 | 48704081 |
| Cost of shares redeemed: |  |  |
| Service Class | (131500794)<br>| (83715374)<br>|
|  | (131500794)<br>| (83715374)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (65423133)<br>| (35011293)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (14777705)<br>| (18956435)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 588817493 | 607773928 |
| End of year | $574039788 | $588817493 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager International Equity Managed Volatility Fund-4

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager 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; $12.668 | &nbsp;&nbsp; $12.376 | &nbsp;&nbsp; $11.788 | &nbsp;&nbsp; $14.252 | &nbsp;&nbsp; $12.809 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.282 | 0.222 | 0.244 | 0.131 | 0.088 |
| Net realized and unrealized gain (loss) | 2.211 | 0.781 | 1.343 | &nbsp;&nbsp; (2.450)<br>| 1.502 |
| Total from investment operations | 2.493 | 1.003 | 1.587 | &nbsp;&nbsp; (2.319)<br>| 1.590 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.147)<br>|
| Net realized gain | &nbsp;&nbsp; (1.099)<br>| &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.403)<br>| &nbsp;&nbsp; (0.711)<br>| &nbsp;&nbsp; (0.999)<br>| &nbsp;&nbsp; (0.145)<br>| &nbsp;&nbsp; (0.147)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.758 | &nbsp;&nbsp; $12.668 | &nbsp;&nbsp; $12.376 | &nbsp;&nbsp; $11.788 | &nbsp;&nbsp; $14.252 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 20.01% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 13.89% | &nbsp;&nbsp; (16.26%)<br>| &nbsp;&nbsp; 12.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $16 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.14% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; (0.16%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 31% | &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 Multi-Manager International Equity Managed Volatility Fund-5

------

**LVIP Multi-Manager International Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager International Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager 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; $12.653 | &nbsp;&nbsp; $12.361 | &nbsp;&nbsp; $11.778 | &nbsp;&nbsp; $14.239 | &nbsp;&nbsp; $12.798 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.247 | 0.189 | 0.211 | 0.101 | 0.051 |
| Net realized and unrealized gain (loss) | 2.206 | 0.780 | 1.340 | &nbsp;&nbsp; (2.447)<br>| 1.502 |
| Total from investment operations | 2.453 | 0.969 | 1.551 | &nbsp;&nbsp; (2.346)<br>| 1.553 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.204)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.112)<br>|
| Net realized gain | &nbsp;&nbsp; (1.099)<br>| &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.368)<br>| &nbsp;&nbsp; (0.677)<br>| &nbsp;&nbsp; (0.968)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.112)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.738 | &nbsp;&nbsp; $12.653 | &nbsp;&nbsp; $12.361 | &nbsp;&nbsp; $11.778 | &nbsp;&nbsp; $14.239 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.71% | &nbsp;&nbsp; 7.73% | &nbsp;&nbsp; 13.59% | &nbsp;&nbsp; (16.47%)<br>| &nbsp;&nbsp; 12.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $574020 | &nbsp;&nbsp; $588801 | &nbsp;&nbsp; $607759 | &nbsp;&nbsp; $577892 | &nbsp;&nbsp; $701878 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.39% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.37% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.41%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 31% | &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 Multi-Manager International Equity Managed Volatility Fund-6

------

**LVIP Multi-Manager 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 Multi-Manager 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 fund 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, 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 Multi-Manager International Equity Managed Volatility Fund-7

------

**LVIP Multi-Manager 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 0.85% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.665% 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 0.185% of the Fund's average daily net assets for the Standard Class and 0.435% 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; $391470 | &nbsp;&nbsp; $406258 | &nbsp;&nbsp; $390409 | &nbsp;&nbsp; $1188137 |

---

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; $48298 |
| Legal | &nbsp;&nbsp; 7984 |

---

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 Multi-Manager International Equity Managed Volatility Fund-8

------

**LVIP Multi-Manager 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)**

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 $8,457 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $30047 |
| Management fees payable to LFI | &nbsp;&nbsp; 90221 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 121915 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 15 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14143 |

---

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> **COMPANIES-94.97%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **International Equity** <br> **Funds-94.97%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International <br> Core Equity Fund<br>| $168667857 | $6594168 | $52891460 | $4908555 | $40256678 | $— | $167535798 | 10567415 | $5143529 | $— |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 56119926 | 2356701 | 18010300 | 1677369 | 13171396 | 2417 | 55317509 | 5279396 | 1799963 | 304188 |
| ✧✧LVIP MFS International Growth <br> Fund<br>| 335835971 | 44820114 | 85143995 | 10550090 | 16248664 |  | 322310844 | 15180428 | 4890926 | 25887054 |
| Total | $560623754 | $53770983 | $156045755 | $17136014 | $69676738 | $2417 | $545164151 |  | $11834418 | $26191242 |

---

&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; $53770983 |
| Sales | &nbsp;&nbsp; 156045755 |

---

LVIP Multi-Manager International Equity Managed Volatility Fund-9

------

**LVIP Multi-Manager 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)**

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; $436602801 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $135348908 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (95941)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $135252967 |

---

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 Companies | &nbsp;&nbsp; $545164151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $545164151 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 26710972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26710972 |
| **Total Investments** | &nbsp;&nbsp; $571875123 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $571875123 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $481133 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $481133 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(99142)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(99142)<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:

LVIP Multi-Manager International Equity Managed Volatility Fund-10

------

**LVIP Multi-Manager 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;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $11074440 | &nbsp;&nbsp; $13676739 |
| Long-term capital gains | &nbsp;&nbsp; 43263320 | &nbsp;&nbsp; 16931379 |
| Total | &nbsp;&nbsp; $54337760 | &nbsp;&nbsp; $30608118 |

---

**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; $123695 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 22741293 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 135252967 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $158117954 |

---

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; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; 861312 | &nbsp;&nbsp; 1389185 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 69 |
| Service Class | &nbsp;&nbsp; 4009091 | &nbsp;&nbsp; 2342695 |
|  | &nbsp;&nbsp; 4870541 | &nbsp;&nbsp; 3731949 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (9619058)<br>| &nbsp;&nbsp; (6364803)<br>|
|  | &nbsp;&nbsp; (9619058)<br>| &nbsp;&nbsp; (6364803)<br>|
| Net decrease | &nbsp;&nbsp; (4748517)<br>| &nbsp;&nbsp; (2632854)<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

LVIP Multi-Manager International Equity Managed Volatility Fund-11

------

**LVIP Multi-Manager 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)**

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 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>| $329718 | Variation margin due to broker on futures <br> contracts<br>| $(22298)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 151415 | Variation margin due to broker on futures <br> contracts<br>| (76844)<br>|
| Total |  | $481133 |  | $(99142)<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; $(14825211)<br>| &nbsp;&nbsp; $661487 |
| 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; (4983919)<br>| &nbsp;&nbsp; 695255 |
| Total |  | &nbsp;&nbsp; $(19809130)<br>| &nbsp;&nbsp; $1356742 |

---

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) | $50050739 | $6869130 |

---

**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

LVIP Multi-Manager International Equity Managed Volatility Fund-12

------

**LVIP Multi-Manager 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;

 **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.

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 Multi-Manager International Equity Managed Volatility Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Multi-Manager International Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP Multi-Manager 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.

![](imgc0c8fcec3.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Multi-Manager International Equity Managed Volatility Fund–14

------

![](imgaa3a93951.jpg)

LVIP MFS International Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP MFS International Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_SOI-continued-258_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_FS-continued-258_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_FS-continued-258_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_FIHI-continued-258_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_NTF-continued-258_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_4e2e4383-9ad9-416d-bd45-c4d7a6cb202f_AUDIT-continued-258_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP MFS International 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>|
| **ΔCOMMON STOCK–98.39%** | **ΔCOMMON STOCK–98.39%** | **ΔCOMMON STOCK–98.39%** |
| **Australia–2.01%** | **Australia–2.01%** | **Australia–2.01%** |
| Aristocrat Leisure Ltd. | 306185 | $11853760 |
| Lottery Corp. Ltd. | 733189 | 2519211 |
| Northern Star Resources <br> Ltd.<br>| 530106 | 9328618 |
| WiseTech Global Ltd. | 130233 | 5920980 |
|  |  | **29622569** |
| **Brazil–1.18%** | **Brazil–1.18%** | **Brazil–1.18%** |
| B3 SA - Brasil Bolsa Balcao | 2403300 | 6118579 |
| Banco BTG Pactual SA | 418031 | 4004683 |
| TOTVS SA | 580900 | 4439420 |
| XP, Inc. Class A | 173638 | 2842454 |
|  |  | **17405136** |
| **Canada–9.59%** | **Canada–9.59%** | **Canada–9.59%** |
| Agnico Eagle Mines Ltd. | 242218 | 41075853 |
| Canadian Natural <br> Resources Ltd.<br>| 218834 | 7412184 |
| Element Fleet <br> Management Corp.<br>| 1061379 | 27877099 |
| Franco-Nevada Corp. | 165721 | 34351595 |
| RB Global, Inc. | 295792 | 30453074 |
|  |  | **141169805** |
| **China–1.58%** | **China–1.58%** | **China–1.58%** |
| Alibaba Group Holding <br> Ltd.<br>| 238100 | 4371744 |
| Kingsoft Corp. Ltd. | 346400 | 1270802 |
| Tencent Holdings Ltd. | 187300 | 14374063 |
| Yum China Holdings, Inc. | 66130 | 3149491 |
|  |  | **23166100** |
| **Denmark–0.75%** | **Denmark–0.75%** | **Denmark–0.75%** |
| Novo Nordisk AS Class B | 217395 | 11025939 |
|  |  | **11025939** |
| **France–14.09%** | **France–14.09%** | **France–14.09%** |
| Air Liquide SA | 162264 | 30498153 |
| Capgemini SE | 164898 | 27381005 |
| Dassault Systemes SE | 688307 | 19230084 |
| EssilorLuxottica SA | 54667 | 17285585 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 54582 | 41140401 |
| Pernod Ricard SA | 116145 | 9945065 |
| Schneider Electric SE | 210686 | 57638471 |
| Sodexo SA | 83049 | 4255100 |
|  |  | **207373864** |
| **Germany–9.53%** | **Germany–9.53%** | **Germany–9.53%** |
| Deutsche Boerse AG | 113512 | 29833366 |
| GEA Group AG | 383554 | 25921438 |
| Merck KGaA | 68295 | 9747278 |
| SAP SE | 201628 | 48989259 |
| Symrise AG | 208556 | 16897524 |
| †Zalando SE | 299832 | 8847159 |
|  |  | **140236024** |
| **Hong Kong–3.61%** | **Hong Kong–3.61%** | **Hong Kong–3.61%** |
| AIA Group Ltd. | 5005000 | 51516933 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| China Resources Gas Group <br> Ltd.<br>| 564200 | $1642256 |
|  |  | **53159189** |
| **India–1.41%** | **India–1.41%** | **India–1.41%** |
| HDFC Bank Ltd. ADR | 360571 | 13175264 |
| Reliance Industries Ltd. | 261702 | 4579423 |
| UPL Ltd. | 334724 | 2964094 |
|  |  | **20718781** |
| **Ireland–2.31%** | **Ireland–2.31%** | **Ireland–2.31%** |
| Experian PLC | 426949 | 19249660 |
| †James Hardie Industries <br> PLC CDI<br>| 452267 | 9284657 |
| Kingspan Group PLC | 63496 | 5471383 |
|  |  | **34005700** |
| **Japan–9.70%** | **Japan–9.70%** | **Japan–9.70%** |
| Daiichi Sankyo Co. Ltd. | 741800 | 15751779 |
| Hitachi Ltd. | 892800 | 27999605 |
| LY Corp. | 2313200 | 6155303 |
| Nitori Holdings Co. Ltd. | 575400 | 10043115 |
| Nomura Research Institute <br> Ltd.<br>| 437800 | 16660309 |
| Obic Co. Ltd. | 396600 | 12448740 |
| Oracle Corp. Japan | 94900 | 7976253 |
| Pan Pacific International <br> Holdings Corp.<br>| 1457500 | 8682181 |
| Resonac Holdings Corp. | 370500 | 15448164 |
| Sugi Holdings Co. Ltd. | 318900 | 7496968 |
| Terumo Corp. | 968000 | 14070048 |
|  |  | **142732465** |
| **Luxembourg–0.47%** | **Luxembourg–0.47%** | **Luxembourg–0.47%** |
| Tenaris SA | 358352 | 6914709 |
|  |  | **6914709** |
| **Macau–0.49%** | **Macau–0.49%** | **Macau–0.49%** |
| Sands China Ltd. | 2825200 | 7126350 |
|  |  | **7126350** |
| **Mexico–0.32%** | **Mexico–0.32%** | **Mexico–0.32%** |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 511846 | 4742268 |
|  |  | **4742268** |
| **Netherlands–5.23%** | **Netherlands–5.23%** | **Netherlands–5.23%** |
| Akzo Nobel NV | 114496 | 7966685 |
| ASML Holding NV | 17647 | 19014998 |
| Heineken NV | 426532 | 35191839 |
| Qiagen NV | 326565 | 14851168 |
|  |  | **77024690** |
| **Peru–0.56%** | **Peru–0.56%** | **Peru–0.56%** |
| Credicorp Ltd. | 28924 | 8301188 |
|  |  | **8301188** |
| **Republic of Korea–0.47%** | **Republic of Korea–0.47%** | **Republic of Korea–0.47%** |
| Amorepacific Corp. | 27232 | 2255335 |

---

LVIP MFS International Growth Fund-1

------

**LVIP MFS International Growth 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)** |
| NAVER Corp. | 27591 | $4638087 |
|  |  | **6893422** |
| **Singapore–2.82%** | **Singapore–2.82%** | **Singapore–2.82%** |
| DBS Group Holdings Ltd. | 850360 | 37249696 |
| Singapore Technologies <br> Engineering Ltd.<br>| 654900 | 4279178 |
|  |  | **41528874** |
| **Spain–2.32%** | **Spain–2.32%** | **Spain–2.32%** |
| Amadeus IT Group SA | 460911 | 34112485 |
|  |  | **34112485** |
| **Sweden–3.15%** | **Sweden–3.15%** | **Sweden–3.15%** |
| Assa Abloy AB Class B | 892015 | 34459289 |
| Atlas Copco AB Class A | 668338 | 11898131 |
|  |  | **46357420** |
| **Switzerland–9.05%** | **Switzerland–9.05%** | **Switzerland–9.05%** |
| †Glencore PLC | 1758177 | 9611357 |
| Nestle SA | 505760 | 50201293 |
| Roche Holding AG | 134935 | 55724127 |
| Sika AG | 40272 | 8176240 |
| Sonova Holding AG | 36594 | 9465646 |
|  |  | **133178663** |
| **Taiwan–2.33%** | **Taiwan–2.33%** | **Taiwan–2.33%** |
| Delta Electronics, Inc. | 187000 | 5704235 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 582000 | 28609523 |
|  |  | **34313758** |
| **Thailand–0.22%** | **Thailand–0.22%** | **Thailand–0.22%** |
| Kasikornbank PCL | 514500 | 3173299 |
|  |  | **3173299** |
| **United Kingdom–11.32%** | **United Kingdom–11.32%** | **United Kingdom–11.32%** |
| AstraZeneca PLC | 229235 | 42422066 |
| †Burberry Group PLC | 328251 | 5581599 |
| Compass Group PLC | 524223 | 16610039 |
| Diageo PLC | 650022 | 14006623 |
| Haleon PLC | 2910969 | 14710237 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| London Stock Exchange <br> Group PLC<br>| 104283 | $12544050 |
| Reckitt Benckiser Group <br> PLC<br>| 350827 | 28388696 |
| Rolls-Royce Holdings PLC | 2090023 | 32323701 |
|  |  | **166587011** |
| **United States–3.67%** | **United States–3.67%** | **United States–3.67%** |
| †Flutter Entertainment <br> PLC<br>| 92620 | 19917005 |
| Linde PLC | 80030 | 34123992 |
|  |  | **54040997** |
| **Uruguay–0.21%** | **Uruguay–0.21%** | **Uruguay–0.21%** |
| †MercadoLibre, Inc. | 1520 | 3061675 |
|  |  | **3061675** |
| **Total Common Stock** <br>**(Cost $898,603,153)** | **Total Common Stock** <br>**(Cost $898,603,153)** | **1447972381** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>| 446 | 446 |
| **Total Money Market Fund** <br>**(Cost $446)** | **Total Money Market Fund** <br>**(Cost $446)** | **446** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–1.23%** | **SHORT-TERM INVESTMENT–1.23%** | **SHORT-TERM INVESTMENT–1.23%** |
| **AGENCY OBLIGATIONS–1.23%** | **AGENCY OBLIGATIONS–1.23%** | **AGENCY OBLIGATIONS–1.23%** |
| ≠Federal Home Loan Bank <br> Discount Notes 3.55% 1/2/26<br>| 18036000 | 18034247 |
|  |  | **18034247** |
| **Total Short-Term Investment** <br>**(Cost $18,034,247)** | **Total Short-Term Investment** <br>**(Cost $18,034,247)** | **18034247** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.62% (Cost $916,637,846)** | **1466007074** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.38%** | **5636924** |
| **NET ASSETS APPLICABLE TO 69,311,255 SHARES OUTSTANDING–100.00%** | **$1471643998** |
| **NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND STANDARD CLASS** <br>**($1,123,836,781 / 52,931,335 Shares)** | **$21.232** |
| **NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND SERVICE CLASS** <br>**($347,807,217 / 16,379,920 Shares)** | **$21.234** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$841117629** |
| Distributable earnings/(accumulated loss) | **630526369** |
| **TOTAL NET ASSETS** | **$1471643998** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP MFS International Growth Fund-2

------

**LVIP MFS International Growth Fund**

**Statement of Net Assets (continued)**

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| °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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,157,227 payable for fund shares redeemed, $59,185 other accrued expenses payable, $1,002,481 due to manager and affiliates, <br> $369,342 foreign capital gain taxes payable, $19,686 payable for audit fee and $35,974 payable for fund accounting fee as of December 31, <br> 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CDI–Chess Depository Interest |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP MFS International Growth Fund** | **LVIP MFS International Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $29268533 |
| Foreign taxes withheld | (2724564)<br>|
|  | 26543969 |
| **EXPENSES:** |  |
| Management fees | 11749658 |
| Distribution fees-Service Class | 818985 |
| Shareholder servicing fees | 415956 |
| Accounting and administration expenses | 246783 |
| Professional fees | 139663 |
| Custodian fees | 132658 |
| Trustees' fees and expenses | 41323 |
| Reports and statements to shareholders | 37375 |
| Pricing fees | 16780 |
| Consulting fees | 14966 |
| Other | 38979 |
|  | 13653126 |
| Less:  |  |
| Management fees waived | (1474332)<br>|
| Total operating expenses | 12178794 |
| **NET INVESTMENT INCOME**  | 14365175 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 117558181 |
| Foreign currencies | (31741)<br>|
| Net realized gain | 117526440 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 113591301 |
| Foreign currencies | 771657 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 114362958 |
| **NET REALIZED AND UNREALIZED GAIN** | 231889398 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $246254573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Includes $67,448 change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP MFS International Growth Fund** | **LVIP MFS International Growth Fund** | **LVIP MFS International 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 income | $14365175 | $14838151 |
| Net realized gain | 117526440 | 124578570 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 114362958 | (25425698)<br>|
| Net increase in net assets <br> resulting from operations<br>| 246254573 | 113991023 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (106578928)<br>| (63024423)<br>|
| Service Class | (31301763)<br>| (16007401)<br>|
|  | (137880691)<br>| (79031824)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 106064975 | 74278387 |
| Service Class | 56747540 | 37414037 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 106578928 | 63024423 |
| Service Class | 31301763 | 16007401 |
|  | 300693206 | 190724248 |
| Cost of shares redeemed: |  |  |
| Standard Class | (251339311)<br>| (222780822)<br>|
| Service Class | (64924369)<br>| (45064157)<br>|
|  | (316263680)<br>| (267844979)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (15570474)<br>| (77120731)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 92803408 | (42161532)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1378840590 | 1421002122 |
| End of year | $1471643998 | $1378840590 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-4

------

**LVIP MFS International Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International Growth Fund Standard Class** | **LVIP MFS International 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; $19.665 | &nbsp;&nbsp; $19.216 | &nbsp;&nbsp; $17.736 | &nbsp;&nbsp; $22.641 | &nbsp;&nbsp; $21.750 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.228 | 0.218 | 0.217 | 0.193 | 0.160 |
| Net realized and unrealized gain (loss) | 3.483 | 1.385 | 2.328 | &nbsp;&nbsp; (3.576)<br>| 2.256 |
| Total from investment operations | 3.711 | 1.603 | 2.545 | &nbsp;&nbsp; (3.383)<br>| 2.416 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.196)<br>| &nbsp;&nbsp; (0.157)<br>|
| Net realized gain | &nbsp;&nbsp; (1.820)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; (1.326)<br>| &nbsp;&nbsp; (1.368)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.144)<br>| &nbsp;&nbsp; (1.154)<br>| &nbsp;&nbsp; (1.065)<br>| &nbsp;&nbsp; (1.522)<br>| &nbsp;&nbsp; (1.525)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.232 | &nbsp;&nbsp; $19.665 | &nbsp;&nbsp; $19.216 | &nbsp;&nbsp; $17.736 | &nbsp;&nbsp; $22.641 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.11% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 14.71% | &nbsp;&nbsp; (14.28%)<br>| &nbsp;&nbsp; 11.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1123837 | &nbsp;&nbsp; $1078100 | &nbsp;&nbsp; $1134818 | &nbsp;&nbsp; $1166939 | &nbsp;&nbsp; $1442752 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.70% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.60% |
| Portfolio turnover | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-5

------

**LVIP MFS International Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International Growth Fund Service Class** | **LVIP MFS International 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; $19.671 | &nbsp;&nbsp; $19.224 | &nbsp;&nbsp; $17.746 | &nbsp;&nbsp; $22.658 | &nbsp;&nbsp; $21.767 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.174 | 0.167 | 0.170 | 0.146 | 0.103 |
| Net realized and unrealized gain (loss) | 3.482 | 1.384 | 2.327 | &nbsp;&nbsp; (3.581)<br>| 2.258 |
| Total from investment operations | 3.656 | 1.551 | 2.497 | &nbsp;&nbsp; (3.435)<br>| 2.361 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.102)<br>|
| Net realized gain | &nbsp;&nbsp; (1.820)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; (1.326)<br>| &nbsp;&nbsp; (1.368)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.093)<br>| &nbsp;&nbsp; (1.104)<br>| &nbsp;&nbsp; (1.019)<br>| &nbsp;&nbsp; (1.477)<br>| &nbsp;&nbsp; (1.470)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.234 | &nbsp;&nbsp; $19.671 | &nbsp;&nbsp; $19.224 | &nbsp;&nbsp; $17.746 | &nbsp;&nbsp; $22.658 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 18.81% | &nbsp;&nbsp; 7.83% | &nbsp;&nbsp; 14.42% | &nbsp;&nbsp; (14.50%)<br>| &nbsp;&nbsp; 10.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $347807 | &nbsp;&nbsp; $300741 | &nbsp;&nbsp; $286184 | &nbsp;&nbsp; $260576 | &nbsp;&nbsp; $317403 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.45% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.35% |
| Portfolio turnover | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS International Growth Fund-6

------

**LVIP MFS International 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 MFS International 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'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. 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").

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 MFS International Growth Fund-7

------

**LVIP MFS International 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)**

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 MFS International Growth Fund is $15,319 and $15,319 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. 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 1.00% of the first $50 million of the Fund's average daily net assets; 0.95% of the next $50 million; 0.90% of the next $50 million; 0.85% of the next $100 million; and 0.80% 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: 0.11% on the first $400 million of the Fund's average daily net assets and 0.10% of the Fund's average daily net assets in excess of $400 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.

Massachusetts Financial Services Company (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:

LVIP MFS International Growth Fund-8

------

**LVIP MFS International 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)**

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $118190 |
| Legal | &nbsp;&nbsp; 19606 |

---

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 $18,213 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; $892967 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 73346 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 36168 |

---

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; $191048734 |
| Sales | &nbsp;&nbsp; 316901994 |

---

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; $950786706 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $571415420 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (55934429)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $515480991 |

---

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 MFS International Growth Fund-9

------

**LVIP MFS International 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 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; $29622569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29622569 |
| Brazil | &nbsp;&nbsp; 2842454 | &nbsp;&nbsp; 14562682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17405136 |
| Canada | &nbsp;&nbsp; 141169805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 141169805 |
| China | &nbsp;&nbsp; 2235664 | &nbsp;&nbsp; 20930436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23166100 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 11025939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11025939 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 207373864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 207373864 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 140236024 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140236024 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 53159189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53159189 |
| India | &nbsp;&nbsp; 13175264 | &nbsp;&nbsp; 7543517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20718781 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 34005700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34005700 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 142732465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142732465 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 6914709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6914709 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 7126350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7126350 |
| Mexico | &nbsp;&nbsp; 4742268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4742268 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 77024690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77024690 |
| Peru | &nbsp;&nbsp; 8301188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8301188 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 6893422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6893422 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 41528874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41528874 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 34112485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34112485 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 46357420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46357420 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 133178663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133178663 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 34313758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34313758 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 3173299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3173299 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 166587011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166587011 |
| United States | &nbsp;&nbsp; 54040997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54040997 |
| Uruguay | &nbsp;&nbsp; 3061675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3061675 |
| Money Market Fund | &nbsp;&nbsp; 446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 446 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 18034247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18034247 |
| **Total Investments** | &nbsp;&nbsp; $229569761 | &nbsp;&nbsp; $1236437313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1466007074 |

---

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 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; $23442832 | &nbsp;&nbsp; $26443103 |
| Long-term capital gains | &nbsp;&nbsp; 114437859 | &nbsp;&nbsp; 52588721 |
| Total | &nbsp;&nbsp; $137880691 | &nbsp;&nbsp; $79031824 |

---

LVIP MFS International Growth Fund-10

------

**LVIP MFS International 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:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1370834 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 113674544 |
| Net unrealized appreciation | &nbsp;&nbsp; 515480991 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $630526369 |

---

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; 4841668 | &nbsp;&nbsp; 3678754 |
| Service Class | &nbsp;&nbsp; 2622344 | &nbsp;&nbsp; 1851883 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 5059040 | &nbsp;&nbsp; 3039906 |
| Service Class | &nbsp;&nbsp; 1487346 | &nbsp;&nbsp; 772425 |
|  | &nbsp;&nbsp; 14010398 | &nbsp;&nbsp; 9342968 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (11793292)<br>| &nbsp;&nbsp; (10950634)<br>|
| Service Class | &nbsp;&nbsp; (3018501)<br>| &nbsp;&nbsp; (2222060)<br>|
|  | &nbsp;&nbsp; (14811793)<br>| &nbsp;&nbsp; (13172694)<br>|
| Net decrease | &nbsp;&nbsp; (801395)<br>| &nbsp;&nbsp; (3829726)<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.

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.

LVIP MFS International Growth Fund-11

------

**LVIP MFS International 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)**

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.

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 MFS International Growth Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP MFS International Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP MFS International 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. 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.

![](imgcc043c8d2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP MFS International Growth Fund–13

------

![](imga199cbed1.jpg)

LVIP MFS Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP MFS Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_SOI-continued-263_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_FS-continued-263_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_FS-continued-263_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_FIHI-continued-263_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_NTF-continued-263_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_586e9617-6754-4468-a2ef-0a4b2864b313_AUDIT-continued-263_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP MFS 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–99.44%** | **COMMON STOCK–99.44%** | **COMMON STOCK–99.44%** |
| **Aerospace & Defense–8.68%** | **Aerospace & Defense–8.68%** | **Aerospace & Defense–8.68%** |
| †Boeing Co. | 256192 | $55624407 |
| General Dynamics Corp. | 140847 | 47417551 |
| Northrop Grumman Corp. | 49227 | 28069728 |
| RTX Corp. | 328454 | 60238463 |
|  |  | **191350149** |
| **Banks–10.30%** | **Banks–10.30%** | **Banks–10.30%** |
| Citigroup, Inc. | 379317 | 44262501 |
| JPMorgan Chase & Co. | 332742 | 107216127 |
| PNC Financial Services <br> Group, Inc.<br>| 191816 | 40037754 |
| Wells Fargo & Co. | 382726 | 35670063 |
|  |  | **227186445** |
| **Beverages–1.80%** | **Beverages–1.80%** | **Beverages–1.80%** |
| Coca-Cola Europacific <br> Partners PLC<br>| 108278 | 9820815 |
| Diageo PLC | 281310 | 6061646 |
| PepsiCo, Inc. | 165377 | 23734907 |
|  |  | **39617368** |
| **Biotechnology–1.54%** | **Biotechnology–1.54%** | **Biotechnology–1.54%** |
| AbbVie, Inc. | 148737 | 33984917 |
|  |  | **33984917** |
| **Building Products–0.27%** | **Building Products–0.27%** | **Building Products–0.27%** |
| Trane Technologies PLC | 15521 | 6040773 |
|  |  | **6040773** |
| **Capital Markets–8.69%** | **Capital Markets–8.69%** | **Capital Markets–8.69%** |
| ARES Management Corp. <br> Class A<br>| 52639 | 8508042 |
| Blackrock, Inc. | 31748 | 33981154 |
| KKR & Co., Inc. | 293675 | 37437689 |
| LPL Financial Holdings, Inc. | 41998 | 15000426 |
| Morgan Stanley | 299852 | 53232725 |
| Nasdaq, Inc. | 447721 | 43487141 |
|  |  | **191647177** |
| **Chemicals–0.39%** | **Chemicals–0.39%** | **Chemicals–0.39%** |
| Sherwin-Williams Co. | 26378 | 8547263 |
|  |  | **8547263** |
| **Construction Materials–0.89%** | **Construction Materials–0.89%** | **Construction Materials–0.89%** |
| CRH PLC | 156465 | 19526832 |
|  |  | **19526832** |
| **Consumer Finance–2.36%** | **Consumer Finance–2.36%** | **Consumer Finance–2.36%** |
| American Express Co. | 140871 | 52115226 |
|  |  | **52115226** |
| **Electric Utilities–6.95%** | **Electric Utilities–6.95%** | **Electric Utilities–6.95%** |
| American Electric Power Co., <br> Inc.<br>| 90719 | 10460808 |
| Duke Energy Corp. | 359261 | 42108982 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 350932 | $15297126 |
| PG&E Corp. | 1605986 | 25808195 |
| Southern Co. | 354586 | 30919899 |
| Xcel Energy, Inc. | 389979 | 28803849 |
|  |  | **153398859** |
| **Electrical Equipment–0.96%** | **Electrical Equipment–0.96%** | **Electrical Equipment–0.96%** |
| Eaton Corp. PLC | 66422 | 21156071 |
|  |  | **21156071** |
| **Food Products–0.64%** | **Food Products–0.64%** | **Food Products–0.64%** |
| Nestle SA | 142739 | 14168148 |
|  |  | **14168148** |
| **Ground Transportation–1.96%** | **Ground Transportation–1.96%** | **Ground Transportation–1.96%** |
| Canadian National Railway <br> Co.<br>| 66552 | 6578665 |
| Union Pacific Corp. | 158792 | 36731766 |
|  |  | **43310431** |
| **Health Care Equipment & Supplies–1.62%** | **Health Care Equipment & Supplies–1.62%** | **Health Care Equipment & Supplies–1.62%** |
| Abbott Laboratories | 255865 | 32057326 |
| †Medline, Inc. Class A | 85760 | 3601920 |
|  |  | **35659246** |
| **Health Care Providers & Services–7.79%** | **Health Care Providers & Services–7.79%** | **Health Care Providers & Services–7.79%** |
| Cigna Group | 235113 | 64710151 |
| Elevance Health, Inc. | 62887 | 22045038 |
| Humana, Inc. | 70485 | 18053323 |
| McKesson Corp. | 81619 | 66951249 |
|  |  | **171759761** |
| **Hotels, Restaurants & Leisure–1.60%** | **Hotels, Restaurants & Leisure–1.60%** | **Hotels, Restaurants & Leisure–1.60%** |
| Marriott International, Inc. <br> Class A<br>| 113819 | 35311207 |
|  |  | **35311207** |
| **Household Products–1.48%** | **Household Products–1.48%** | **Household Products–1.48%** |
| Kimberly-Clark Corp. | 172649 | 17418558 |
| Reckitt Benckiser Group PLC | 188648 | 15265275 |
|  |  | **32683833** |
| **Industrial Conglomerates–1.18%** | **Industrial Conglomerates–1.18%** | **Industrial Conglomerates–1.18%** |
| Honeywell International, Inc. | 133364 | 26017983 |
|  |  | **26017983** |
| **Industrial REITs–1.84%** | **Industrial REITs–1.84%** | **Industrial REITs–1.84%** |
| Prologis, Inc. | 318206 | 40622178 |
|  |  | **40622178** |
| **Insurance–10.68%** | **Insurance–10.68%** | **Insurance–10.68%** |
| Aon PLC Class A | 109319 | 38576489 |
| Chubb Ltd. | 126208 | 39392041 |
| Marsh & McLennan Cos., Inc. | 218562 | 40547622 |

---

LVIP MFS Value Fund-1

------

**LVIP MFS 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)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Progressive Corp. | 329828 | $75108432 |
| Travelers Cos., Inc. | 144939 | 42041006 |
|  |  | **235665590** |
| **IT Services–1.89%** | **IT Services–1.89%** | **IT Services–1.89%** |
| Accenture PLC Class A | 155476 | 41714211 |
|  |  | **41714211** |
| **Machinery–3.13%** | **Machinery–3.13%** | **Machinery–3.13%** |
| Caterpillar, Inc. | 24340 | 13943656 |
| Illinois Tool Works, Inc. | 90983 | 22409113 |
| Otis Worldwide Corp. | 67280 | 5876908 |
| PACCAR, Inc. | 245686 | 26905074 |
|  |  | **69134751** |
| **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** |
| Dominion Energy, Inc. | 654594 | 38352662 |
|  |  | **38352662** |
| **Oil, Gas & Consumable Fuels–5.77%** | **Oil, Gas & Consumable Fuels–5.77%** | **Oil, Gas & Consumable Fuels–5.77%** |
| Chevron Corp. | 188414 | 28716178 |
| ConocoPhillips | 423401 | 39634568 |
| EOG Resources, Inc. | 133706 | 14040467 |
| Exxon Mobil Corp. | 372284 | 44800656 |
|  |  | **127191869** |
| **Personal Care Products–0.25%** | **Personal Care Products–0.25%** | **Personal Care Products–0.25%** |
| Kenvue, Inc. | 321133 | 5539544 |
|  |  | **5539544** |
| **Pharmaceuticals–3.94%** | **Pharmaceuticals–3.94%** | **Pharmaceuticals–3.94%** |
| Johnson & Johnson | 278958 | 57730358 |
| Merck & Co., Inc. | 115267 | 12133004 |
| Pfizer, Inc. | 681733 | 16975152 |
|  |  | **86838514** |
| **Professional Services–1.10%** | **Professional Services–1.10%** | **Professional Services–1.10%** |
| Equifax, Inc. | 111840 | 24267043 |
|  |  | **24267043** |
| **Semiconductors & Semiconductor Equipment–6.60%** | **Semiconductors & Semiconductor Equipment–6.60%** | **Semiconductors & Semiconductor Equipment–6.60%** |
| Analog Devices, Inc. | 176552 | 47880903 |
| KLA Corp. | 30503 | 37063585 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| NXP Semiconductors NV | 151798 | $32949274 |
| Texas Instruments, Inc. | 159006 | 27585951 |
|  |  | **145479713** |
| **Specialized REITs–0.26%** | **Specialized REITs–0.26%** | **Specialized REITs–0.26%** |
| Public Storage | 22193 | 5759084 |
|  |  | **5759084** |
| **Specialty Retail–1.85%** | **Specialty Retail–1.85%** | **Specialty Retail–1.85%** |
| Lowe's Cos., Inc. | 169496 | 40875655 |
|  |  | **40875655** |
| **Tobacco–0.77%** | **Tobacco–0.77%** | **Tobacco–0.77%** |
| Philip Morris International, <br> Inc.<br>| 105321 | 16893488 |
|  |  | **16893488** |
| **Trading Companies & Distributors–0.52%** | **Trading Companies & Distributors–0.52%** | **Trading Companies & Distributors–0.52%** |
| WW Grainger, Inc. | 11315 | 11417401 |
|  |  | **11417401** |
| **Total Common Stock** <br>**(Cost $1,147,125,922)** | **Total Common Stock** <br>**(Cost $1,147,125,922)** | **2193233392** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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>| 692 | 692 |
| **Total Money Market Fund** <br>**(Cost $692)** | **Total Money Market Fund** <br>**(Cost $692)** | **692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–0.51%** | **SHORT-TERM INVESTMENT–0.51%** | **SHORT-TERM INVESTMENT–0.51%** |
| **AGENCY OBLIGATIONS–0.51%** | **AGENCY OBLIGATIONS–0.51%** | **AGENCY OBLIGATIONS–0.51%** |
| ≠Federal Home Loan Bank <br> Discount Notes 3.55% 1/2/26<br>| 11224000 | 11222909 |
|  |  | **11222909** |
| **Total Short-Term Investment** <br>**(Cost $11,222,909)** | **Total Short-Term Investment** <br>**(Cost $11,222,909)** | **11222909** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.95% (Cost $1,158,349,523)** | **2204456993** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.05%** | **1209508** |
| **NET ASSETS APPLICABLE TO 40,381,471 SHARES OUTSTANDING–100.00%** | **$2205666501** |
| **NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND STANDARD CLASS** <br>**($1,060,955,454 / 19,402,147 Shares)** | **$54.682** |
| **NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND SERVICE CLASS** <br>**($1,144,711,047 / 20,979,324 Shares)** | **$54.564** |

---

LVIP MFS Value Fund-2

------

**LVIP MFS Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1096544205** |
| Distributable earnings/(accumulated loss) | **1109122296** |
| **TOTAL NET ASSETS** | **$2205666501** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| °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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,216,044 payable for securities purchased, $3,774,746 payable for fund shares redeemed, $27,236 other accrued expenses <br> payable, $1,334,613 due to manager and affiliates, $17,071 payable for audit fee and $48,334 payable for fund accounting fee as of December <br> 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 MFS Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP MFS Value Fund** | **LVIP MFS Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $48976253 |
| Foreign taxes withheld | (269022)<br>|
|  | 48707231 |
| **EXPENSES:** |  |
| Management fees | 12539532 |
| Distribution fees-Service Class | 2766232 |
| Shareholder servicing fees | 612972 |
| Accounting and administration expenses | 351883 |
| Professional fees | 84789 |
| Trustees' fees and expenses | 60673 |
| Reports and statements to shareholders | 58340 |
| Custodian fees | 20474 |
| Pricing fees | 17191 |
| Consulting fees | 14949 |
| Other | 70373 |
|  | 16597408 |
| Less:  |  |
| Management fees waived | (845478)<br>|
| Total operating expenses | 15751930 |
| **NET INVESTMENT INCOME**  | 32955301 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 73548731 |
| Foreign currencies | 57006 |
| Net realized gain | 73605737 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 149640381 |
| Foreign currencies | 68040 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 149708421 |
| **NET REALIZED AND UNREALIZED GAIN** | 223314158 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $256269459 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP MFS Value Fund** | **LVIP MFS Value Fund** | **LVIP MFS 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 IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $32955301 | $32302458 |
| Net realized gain | 73605737 | 149564452 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 149708421 | 51862003 |
| Net increase in net assets <br> resulting from operations<br>| 256269459 | 233728913 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (87030710)<br>| (71408338)<br>|
| Service Class | (92483065)<br>| (75009318)<br>|
|  | (179513775)<br>| (146417656)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 160877799 | 111936624 |
| Service Class | 111762231 | 92967143 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 87030710 | 71408338 |
| Service Class | 92483065 | 75009318 |
|  | 452153805 | 351321423 |
| Cost of shares redeemed: |  |  |
| Standard Class | (188655354)<br>| (185631010)<br>|
| Service Class | (175316121)<br>| (226534061)<br>|
|  | (363971475)<br>| (412165071)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 88182330 | (60843648)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 164938014 | 26467609 |
| **NET ASSETS:** |  |  |
| Beginning of year | 2040728487 | 2014260878 |
| End of year | $2205666501 | $2040728487 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS Value Fund-4

------

**LVIP MFS Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value Fund Standard Class** | **LVIP MFS Value 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; $52.730 | &nbsp;&nbsp; $50.605 | &nbsp;&nbsp; $50.824 | &nbsp;&nbsp; $57.719 | &nbsp;&nbsp; $47.407 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.926 | 0.908 | 0.902 | 0.876 | 0.744 |
| Net realized and unrealized gain (loss) | 5.826 | 5.182 | 2.988 | &nbsp;&nbsp; (4.561)<br>| 11.259 |
| Total from investment operations | 6.752 | 6.090 | 3.890 | &nbsp;&nbsp; (3.685)<br>| 12.003 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.905)<br>| &nbsp;&nbsp; (0.926)<br>| &nbsp;&nbsp; (0.885)<br>| &nbsp;&nbsp; (0.951)<br>| &nbsp;&nbsp; (0.758)<br>|
| Net realized gain | &nbsp;&nbsp; (3.895)<br>| &nbsp;&nbsp; (3.039)<br>| &nbsp;&nbsp; (3.224)<br>| &nbsp;&nbsp; (2.259)<br>| &nbsp;&nbsp; (0.933)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (4.800)<br>| &nbsp;&nbsp; (3.965)<br>| &nbsp;&nbsp; (4.109)<br>| &nbsp;&nbsp; (3.210)<br>| &nbsp;&nbsp; (1.691)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $54.682 | &nbsp;&nbsp; $52.730 | &nbsp;&nbsp; $50.605 | &nbsp;&nbsp; $50.824 | &nbsp;&nbsp; $57.719 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.06% | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 8.07% | &nbsp;&nbsp; (6.07%)<br>| &nbsp;&nbsp; 25.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1060955 | &nbsp;&nbsp; $965722 | &nbsp;&nbsp; $926670 | &nbsp;&nbsp; $823716 | &nbsp;&nbsp; $962574 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.38% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.38% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS Value Fund-5

------

**LVIP MFS Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value Fund Service Class** | **LVIP MFS Value 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; $52.635 | &nbsp;&nbsp; $50.524 | &nbsp;&nbsp; $50.758 | &nbsp;&nbsp; $57.652 | &nbsp;&nbsp; $47.359 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.787 | 0.770 | 0.776 | 0.743 | 0.607 |
| Net realized and unrealized gain (loss) | 5.810 | 5.168 | 2.975 | &nbsp;&nbsp; (4.560)<br>| 11.239 |
| Total from investment operations | 6.597 | 5.938 | 3.751 | &nbsp;&nbsp; (3.817)<br>| 11.846 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.773)<br>| &nbsp;&nbsp; (0.788)<br>| &nbsp;&nbsp; (0.761)<br>| &nbsp;&nbsp; (0.818)<br>| &nbsp;&nbsp; (0.620)<br>|
| Net realized gain | &nbsp;&nbsp; (3.895)<br>| &nbsp;&nbsp; (3.039)<br>| &nbsp;&nbsp; (3.224)<br>| &nbsp;&nbsp; (2.259)<br>| &nbsp;&nbsp; (0.933)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (4.668)<br>| &nbsp;&nbsp; (3.827)<br>| &nbsp;&nbsp; (3.985)<br>| &nbsp;&nbsp; (3.077)<br>| &nbsp;&nbsp; (1.553)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $54.564 | &nbsp;&nbsp; $52.635 | &nbsp;&nbsp; $50.524 | &nbsp;&nbsp; $50.758 | &nbsp;&nbsp; $57.652 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.78% | &nbsp;&nbsp; 11.57% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; (6.31%)<br>| &nbsp;&nbsp; 25.15% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1144712 | &nbsp;&nbsp; $1075007 | &nbsp;&nbsp; $1087591 | &nbsp;&nbsp; $1063891 | &nbsp;&nbsp; $1263214 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.13% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.13% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP MFS Value Fund-6

------

**LVIP MFS 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 MFS 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"), 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. 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. 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").

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 MFS Value Fund-7

------

**LVIP MFS 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)**

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. 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 0.75% of the first $75 million of the Fund's average daily net assets; 0.70% of the next $75 million; 0.65% of the next $50 million; 0.60% of the next $300 million; 0.5875% of the next $1 billion; and 0.5625% of the Fund's average daily net assets in excess of $1.5 billion. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.04% 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.

Massachusetts Financial Services Company (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:

LVIP MFS Value Fund-8

------

**LVIP MFS 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)**

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $173848 |
| Legal | &nbsp;&nbsp; 28857 |

---

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 $31,415 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; $1036610 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 243533 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 54470 |

---

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; $258332729 |
| Sales | &nbsp;&nbsp; 302949564 |

---

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; $1166944989 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $1062750931 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (25168460)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $1037582471 |

---

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 MFS Value Fund-9

------

**LVIP MFS 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; $191350149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191350149 |
| Banks | &nbsp;&nbsp; 227186445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 227186445 |
| Beverages | &nbsp;&nbsp; 33555722 | &nbsp;&nbsp; 6061646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39617368 |
| Biotechnology | &nbsp;&nbsp; 33984917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33984917 |
| Building Products | &nbsp;&nbsp; 6040773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6040773 |
| Capital Markets | &nbsp;&nbsp; 191647177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191647177 |
| Chemicals | &nbsp;&nbsp; 8547263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8547263 |
| Construction Materials | &nbsp;&nbsp; 19526832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19526832 |
| Consumer Finance | &nbsp;&nbsp; 52115226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52115226 |
| Electric Utilities | &nbsp;&nbsp; 153398859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153398859 |
| Electrical Equipment | &nbsp;&nbsp; 21156071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21156071 |
| Food Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 14168148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14168148 |
| Ground Transportation | &nbsp;&nbsp; 43310431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43310431 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 35659246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35659246 |
| Health Care Providers & Services | &nbsp;&nbsp; 171759761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171759761 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 35311207 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35311207 |
| Household Products | &nbsp;&nbsp; 17418558 | &nbsp;&nbsp; 15265275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32683833 |
| Industrial Conglomerates | &nbsp;&nbsp; 26017983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26017983 |
| Industrial REITs | &nbsp;&nbsp; 40622178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40622178 |
| Insurance | &nbsp;&nbsp; 235665590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 235665590 |
| IT Services | &nbsp;&nbsp; 41714211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41714211 |
| Machinery | &nbsp;&nbsp; 69134751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69134751 |
| Multi-Utilities | &nbsp;&nbsp; 38352662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38352662 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 127191869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127191869 |
| Personal Care Products | &nbsp;&nbsp; 5539544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5539544 |
| Pharmaceuticals | &nbsp;&nbsp; 86838514 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 86838514 |
| Professional Services | &nbsp;&nbsp; 24267043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24267043 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 145479713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145479713 |
| Specialized REITs | &nbsp;&nbsp; 5759084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5759084 |
| Specialty Retail | &nbsp;&nbsp; 40875655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40875655 |
| Tobacco | &nbsp;&nbsp; 16893488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16893488 |
| Trading Companies & Distributors | &nbsp;&nbsp; 11417401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11417401 |
| Money Market Fund | &nbsp;&nbsp; 692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 692 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 11222909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11222909 |
| **Total Investments** | &nbsp;&nbsp; $2157739015 | &nbsp;&nbsp; $46717978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2204456993 |

---

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; $33841608 | &nbsp;&nbsp; $39212388 |
| Long-term capital gains | &nbsp;&nbsp; 145672167 | &nbsp;&nbsp; 107205268 |
| Total | &nbsp;&nbsp; $179513775 | &nbsp;&nbsp; $146417656 |

---

LVIP MFS Value Fund-10

------

**LVIP MFS 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**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $71539825 |
| Net unrealized appreciation | &nbsp;&nbsp; 1037582471 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $1109122296 |

---

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; 2923956 | &nbsp;&nbsp; 2070234 |
| Service Class | &nbsp;&nbsp; 2040484 | &nbsp;&nbsp; 1713378 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1613852 | &nbsp;&nbsp; 1302289 |
| Service Class | &nbsp;&nbsp; 1720733 | &nbsp;&nbsp; 1371852 |
|  | &nbsp;&nbsp; 8299025 | &nbsp;&nbsp; 6457753 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3450100)<br>| &nbsp;&nbsp; (3369933)<br>|
| Service Class | &nbsp;&nbsp; (3205867)<br>| &nbsp;&nbsp; (4187351)<br>|
|  | &nbsp;&nbsp; (6655967)<br>| &nbsp;&nbsp; (7557284)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1643058 | &nbsp;&nbsp; (1099531)<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 MFS Value Fund-11

------

**LVIP MFS 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.

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.

**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 MFS Value Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP MFS Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP MFS 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 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.

![](img192e43f52.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP MFS Value Fund–13

------

![](img3b6b02be1.jpg)

LVIP Mondrian Global Income Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Mondrian Global Income Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_SOI-continued-236_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_FS-continued-236_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_FS-continued-236_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_FIHI-continued-236_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_NTF-continued-236_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_0d5a38c4-4519-453e-bb15-332116ee5497_AUDIT-continued-236_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP Mondrian Global Income 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>|
| **ΔCORPORATE BONDS–0.33%** | **ΔCORPORATE BONDS–0.33%** | **ΔCORPORATE BONDS–0.33%** | **ΔCORPORATE BONDS–0.33%** |
| **Germany–0.33%** | **Germany–0.33%** | **Germany–0.33%** | **Germany–0.33%** |
| Kreditanstalt fuer <br> Wiederaufbau 2.60% 6/20/37<br>| JPY | 200000000 | $1355005 |
|  |  |  | **1355005** |
| **South Africa–0.00%** | **South Africa–0.00%** | **South Africa–0.00%** | **South Africa–0.00%** |
| =‡K2016470219 South Africa <br> Ltd. 3.00% 12/31/22<br>|  | 106828 | 0 |
|  |  |  | **0** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| ‡Sanchez Energy Corp. 7.75% <br> 6/15/21<br>|  | 150000 | 15 |
|  |  |  | **15** |
| **Total Corporate Bonds** <br>**(Cost $2,715,181)**<br>|  |  | **1355020** |
| **ΔSOVEREIGN BONDS–59.01%** | **ΔSOVEREIGN BONDS–59.01%** | **ΔSOVEREIGN BONDS–59.01%** | **ΔSOVEREIGN BONDS–59.01%** |
| **Australia–4.02%** | **Australia–4.02%** | **Australia–4.02%** | **Australia–4.02%** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| 1.75% 6/21/51 | AUD | 3000000 | 1023648 |
| 2.75% 11/21/27 | AUD | 6682000 | 4354619 |
| 2.75% 6/21/35 | AUD | 5000000 | 2835604 |
| 3.00% 3/21/47 | AUD | 3600000 | 1732462 |
| 3.25% 6/21/39 | AUD | 5500000 | 3067411 |
| 4.75% 4/21/27 | AUD | 5100000 | 3434934 |
|  |  |  | **16448678** |
| **Austria–3.00%** | **Austria–3.00%** | **Austria–3.00%** | **Austria–3.00%** |
| Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds | Republic of Austria Government Bonds |
| 0.75% 2/20/28 | EUR | 6910000 | 7883713 |
| 6.25% 7/15/27 | EUR | 3500000 | 4368004 |
|  |  |  | **12251717** |
| **Belgium–2.19%** | **Belgium–2.19%** | **Belgium–2.19%** | **Belgium–2.19%** |
| Belgium Government Bonds | Belgium Government Bonds | Belgium Government Bonds | Belgium Government Bonds |
| 0.10% 6/22/30 | EUR | 900000 | 946154 |
| 0.40% 6/22/40 | EUR | 8250000 | 6054451 |
| Kingdom of Belgium <br> Government Bonds 0.10% <br> 6/22/30<br>| EUR | 1875000 | 1971155 |
|  |  |  | **8971760** |
| **Canada–2.13%** | **Canada–2.13%** | **Canada–2.13%** | **Canada–2.13%** |
| Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
| 0.50% 12/1/30 | CAD | 6144000 | 3969484 |
| 1.00% 6/1/27 | CAD | 6422000 | 4581702 |
| 3.50% 12/1/45 | CAD | 200000 | 140798 |
|  |  |  | **8691984** |
| **China–4.29%** | **China–4.29%** | **China–4.29%** | **China–4.29%** |
| China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
| 2.35% 2/25/34 | CNY | 55000000 | 8178323 |
| 2.68% 5/21/30 | CNY | 62700000 | 9383257 |
|  |  |  | **17561580** |
| **Finland–1.25%** | **Finland–1.25%** | **Finland–1.25%** | **Finland–1.25%** |
| Finland Government Bonds <br> 0.50% 9/15/27<br>| EUR | 4459000 | 5097211 |
|  |  |  | **5097211** |
| **France–4.22%** | **France–4.22%** | **France–4.22%** | **France–4.22%** |
| 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. |
| 0.50% 6/25/44 | EUR | 1000000 | 630125 |
| 0.75% 5/25/52 | EUR | 3750000 | 1927179 |
| 1.50% 5/25/31 | EUR | 10026297 | 10979180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| French Republic Government Bonds O.A.T. (continued) | French Republic Government Bonds O.A.T. (continued) | French Republic Government Bonds O.A.T. (continued) | French Republic Government Bonds O.A.T. (continued) |
| 2.75% 2/25/29 | EUR | 3140000 | $3717587 |
|  |  |  | **17254071** |
| **Germany–1.96%** | **Germany–1.96%** | **Germany–1.96%** | **Germany–1.96%** |
| Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
| 1.25% 8/15/48 | EUR | 1650000 | 1281133 |
| 2.60% 8/15/34 | EUR | 2371000 | 2746598 |
| 4.00% 1/4/37 | EUR | 3100000 | 3994098 |
|  |  |  | **8021829** |
| **Italy–2.89%** | **Italy–2.89%** | **Italy–2.89%** | **Italy–2.89%** |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 1.80% 3/1/41 | EUR | 950000 | 847266 |
| 2.45% 9/1/33 | EUR | 6958000 | 7773750 |
| 4.75% 9/1/44 | EUR | 2500000 | 3208942 |
|  |  |  | **11829958** |
| **Japan–3.77%** | **Japan–3.77%** | **Japan–3.77%** | **Japan–3.77%** |
| Japan Government 20 yr Bond | Japan Government 20 yr Bond | Japan Government 20 yr Bond | Japan Government 20 yr Bond |
| 0.60% 12/20/37 | JPY | 735100000 | 3870210 |
| 1.60% 6/20/30 | JPY | 300000000 | 1922957 |
| Japan Government 30 yr Bond | Japan Government 30 yr Bond | Japan Government 30 yr Bond | Japan Government 30 yr Bond |
| 0.30% 6/20/46 | JPY | 760000000 | 2876394 |
| 1.70% 9/20/44 | JPY | 1200000000 | 6362130 |
| Japan Government 40 yr <br> Bond 0.50% 3/20/60<br>| JPY | 141500000 | 390037 |
|  |  |  | **15421728** |
| **Mexico–2.98%** | **Mexico–2.98%** | **Mexico–2.98%** | **Mexico–2.98%** |
| Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
| 7.50% 6/3/27 | MXN | 17500000 | 970534 |
| 7.75% 5/29/31 | MXN | 33000000 | 1765406 |
| 7.75% 11/13/42 | MXN | 80000000 | 3797307 |
| 8.00% 11/7/47 | MXN | 101700000 | 4859179 |
| 8.50% 11/18/38 | MXN | 15100000 | 785854 |
|  |  |  | **12178280** |
| **Netherlands–1.23%** | **Netherlands–1.23%** | **Netherlands–1.23%** | **Netherlands–1.23%** |
| Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
| 0.50% 1/15/40 | EUR | 1950000 | 1577260 |
| 2.75% 1/15/47 | EUR | 3300000 | 3458442 |
|  |  |  | **5035702** |
| **New Zealand–5.93%** | **New Zealand–5.93%** | **New Zealand–5.93%** | **New Zealand–5.93%** |
| New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
| 1.75% 5/15/41 | NZD | 19640000 | 7485253 |
| 2.00% 5/15/32 | NZD | 8900000 | 4536562 |
| 3.00% 4/20/29 | NZD | 7000000 | 3975164 |
| 4.50% 4/15/27 | NZD | 14000000 | 8239646 |
|  |  |  | **24236625** |
| **Norway–2.98%** | **Norway–2.98%** | **Norway–2.98%** | **Norway–2.98%** |
| Norway Government Bonds | Norway Government Bonds | Norway Government Bonds | Norway Government Bonds |
| 1.38% 8/19/30 | NOK | 52000000 | 4612936 |
| 3.63% 4/13/34 | NOK | 40000000 | 3837825 |
| 3.63% 5/31/39 | NOK | 40000000 | 3745056 |
|  |  |  | **12195817** |
| **Republic of Korea–2.75%** | **Republic of Korea–2.75%** | **Republic of Korea–2.75%** | **Republic of Korea–2.75%** |
| Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
| 3.50% 9/10/28 | KRW | 4181830000 | 2939002 |
| 3.88% 12/10/26 | KRW | 11815920000 | 8302865 |
|  |  |  | **11241867** |

---

LVIP Mondrian Global Income Fund-1

------

**LVIP Mondrian Global Income 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)** |
| **Spain–4.93%** | **Spain–4.93%** | **Spain–4.93%** | **Spain–4.93%** |
| Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
| 2.70% 1/31/30 | EUR | 6000000 | $7092168 |
| 3.15% 4/30/35 | EUR | 11200000 | 13073605 |
|  |  |  | **20165773** |
| **United Kingdom–8.49%** | **United Kingdom–8.49%** | **United Kingdom–8.49%** | **United Kingdom–8.49%** |
| U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| 0.38% 10/22/30 | GBP | 5050000 | 5779951 |
| 1.25% 10/22/41 | GBP | 10700000 | 8627434 |
| 1.25% 7/31/51 | GBP | 5550000 | 3318597 |
| 1.75% 9/7/37 | GBP | 5202000 | 5181062 |
| 4.25% 12/7/27 | GBP | 2500000 | 3408350 |
| 4.50% 9/7/34 | GBP | 6200000 | 8413388 |
|  |  |  | **34728782** |
| **Total Sovereign Bonds** <br>**(Cost $259,113,040)**<br>|  |  | **241333362** |
| **SUPRANATIONAL BANKS–2.39%** | **SUPRANATIONAL BANKS–2.39%** | **SUPRANATIONAL BANKS–2.39%** | **SUPRANATIONAL BANKS–2.39%** |
| Asian Development Bank <br> 2.35% 6/21/27<br>| JPY | 1200000000 | 7815263 |
| European Investment Bank <br> 2.15% 1/18/27<br>| JPY | 305000000 | 1972000 |
| **Total Supranational Banks** <br>**(Cost $13,410,916)**<br>|  |  | **9787263** |
| **U.S. TREASURY OBLIGATIONS–36.11%** | **U.S. TREASURY OBLIGATIONS–36.11%** | **U.S. TREASURY OBLIGATIONS–36.11%** | **U.S. TREASURY OBLIGATIONS–36.11%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 8/15/40 |  | 17000000 | 10676797 |
| 2.25% 5/15/41 |  | 12900000 | 9488051 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 2.50% 2/15/46 | 11400000 | $7938586 |
| 2.75% 8/15/42 | 10000000 | 7719141 |
| 3.13% 8/15/44 | 8800000 | 6965062 |
| 3.63% 8/15/43 | 3600000 | 3107531 |
| 3.63% 2/15/53 | 12381100 | 10023855 |
| 4.50% 5/15/38 | 7300000 | 7437445 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1.13% 2/15/31 | 9500000 | 8364082 |
| 1.25% 8/15/31 | 17000000 | 14810586 |
| 2.75% 2/15/28 | 20345000 | 20038236 |
| 4.13% 9/30/27 | 22802000 | 23046052 |
| 4.25% 1/31/26 | 18052000 | 18059214 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $160,416,902)**<br>|  | **147674638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.81%** | **MONEY MARKET FUND–1.81%** | **MONEY MARKET FUND–1.81%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 7407413 | 7407413 |
| **Total Money Market Fund** <br>**(Cost $7,407,413)** | **Total Money Market Fund** <br>**(Cost $7,407,413)** | **7407413** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.65% (Cost $443,063,452)** | **407557696** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.35%** | **1411209** |
| **NET ASSETS APPLICABLE TO 43,730,455 SHARES OUTSTANDING –100.00%** | **$408968905** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN GLOBAL INCOME FUND STANDARD CLASS** <br>**($51,681,694 / 5,467,575 Shares)** | **$9.452** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN GLOBAL INCOME FUND SERVICE CLASS** <br>**($357,287,211 / 38,262,880 Shares)** | **$9.338** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$495934136** |
| Distributable earnings/(accumulated loss) | **(86965231)**<br>|
| **TOTAL NET ASSETS** | **$408968905** |

---

&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. |
| =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 security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $900,949 payable for fund shares redeemed, $33,357 other accrued expenses payable, $275,439 due to manager and affiliates, <br> $40,109 payable for audit fee and $21,555 payable for fund accounting fee as of December 31, 2025.<br>

LVIP Mondrian Global Income Fund-2

------

**LVIP Mondrian Global Income 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>|
| SSB | AUD | &nbsp;&nbsp; (9629500)<br>| USD | &nbsp;&nbsp; 6275150 | 1/30/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(152214)<br>|
| SSB | CAD | &nbsp;&nbsp; (11844500)<br>| USD | &nbsp;&nbsp; 8502158 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (139502)<br>|
| SSB | CNY | &nbsp;&nbsp; (31362500)<br>| USD | &nbsp;&nbsp; 4428837 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (54082)<br>|
| SSB | EUR | &nbsp;&nbsp; (39408500)<br>| USD | &nbsp;&nbsp; 45922370 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (458557)<br>|
| SSB | EUR | &nbsp;&nbsp; 1181000 | USD | &nbsp;&nbsp; (1383600)<br>| 1/30/26 | &nbsp;&nbsp; 6350 | &nbsp;&nbsp; — |
| SSB | GBP | &nbsp;&nbsp; (22542500)<br>| USD | &nbsp;&nbsp; 29965408 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (419549)<br>|
| SSB | GBP | &nbsp;&nbsp; 4307500 | USD | &nbsp;&nbsp; (5736729)<br>| 1/30/26 | &nbsp;&nbsp; 69336 | &nbsp;&nbsp; — |
| SSB | JPY | &nbsp;&nbsp; 5836797000 | USD | &nbsp;&nbsp; (38633177)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1267656)<br>|
| SSB | MXN | &nbsp;&nbsp; (318094000)<br>| USD | &nbsp;&nbsp; 17090808 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (521005)<br>|
| SSB | MXN | &nbsp;&nbsp; 169883000 | USD | &nbsp;&nbsp; (9133641)<br>| 1/30/26 | &nbsp;&nbsp; 272219 | &nbsp;&nbsp; — |
| SSB | NOK | &nbsp;&nbsp; 125344500 | USD | &nbsp;&nbsp; (12550511)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (114327)<br>|
| SSB | NZD | &nbsp;&nbsp; (42418000)<br>| USD | &nbsp;&nbsp; 24484942 | 1/30/26 | &nbsp;&nbsp; 30160 | &nbsp;&nbsp; — |
| SSB | NZD | &nbsp;&nbsp; 476000 | USD | &nbsp;&nbsp; (270484)<br>| 1/30/26 | &nbsp;&nbsp; 3939 | &nbsp;&nbsp; — |
| SSB | NZD | &nbsp;&nbsp; 491500 | USD | &nbsp;&nbsp; (285128)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1769)<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; $382004 | &nbsp;&nbsp; $(3128661)<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:** |
| AUD–Australian Dollar |
| CAD–Canadian Dollar |
| CNY–Chinese Yuan |
| EUR–Euro |
| GBP–British Pound Sterling |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| MXN–Mexican Peso |
| NOK–Norwegian Krone |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |
| SSB–State Street Bank |
| USD–United States Dollar |
| yr–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian Global Income Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $12511687 |
| Dividends | 230330 |
| Foreign taxes withheld | (35631)<br>|
|  | 12706386 |
| **EXPENSES:** |  |
| Management fees | 2698423 |
| Distribution fees-Service Class | 914761 |
| Shareholder servicing fees | 120391 |
| Accounting and administration expenses | 92929 |
| Professional fees | 88096 |
| Custodian fees | 69935 |
| Reports and statements to shareholders | 19302 |
| Trustees' fees and expenses | 12085 |
| Pricing fees | 11851 |
| Consulting fees | 9518 |
| Other | 39335 |
|  | 4076626 |
| Less:  |  |
| Management fees waived | (432035)<br>|
| Total operating expenses | 3644591 |
| **NET INVESTMENT INCOME**  | 9061795 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (9426875)<br>|
| Foreign currencies | 398682 |
| Foreign currency exchange contracts | (1541531)<br>|
| Net realized loss | (10569724)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 32417792 |
| Foreign currencies | 111657 |
| Foreign currency exchange contracts | (5700938)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 26828511 |
| **NET REALIZED AND UNREALIZED GAIN** | 16258787 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $25320582 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income Fund** | **LVIP Mondrian Global Income 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 | $9061795 | $9502447 |
| Net realized loss | (10569724)<br>| (8126040)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 26828511 | (25420986)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| 25320582 | (24044579)<br>|
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (253553)<br>|  |
| Service Class | (889327)<br>|  |
| Return of capital: |  |  |
| Standard Class |  | (1075459)<br>|
| Service Class |  | (7617149)<br>|
|  | (1142880)<br>| (8692608)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 11779805 | 15821496 |
| Service Class | 28772509 | 40603342 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 253553 | 1075459 |
| Service Class | 889327 | 7617149 |
|  | 41695194 | 65117446 |
| Cost of shares redeemed: |  |  |
| Standard Class | (11212422)<br>| (13990436)<br>|
| Service Class | (71835849)<br>| (61964409)<br>|
|  | (83048271)<br>| (75954845)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (41353077)<br>| (10837399)<br>|
| **NET DECREASE IN NET ASSETS** | (17175375)<br>| (43574586)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 426144280 | 469718866 |
| End of year | $408968905 | $426144280 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian Global Income Fund-4

------

**LVIP Mondrian Global Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income Fund Standard Class** | **LVIP Mondrian Global Income 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**<sup>1</sup> <br>| **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.929 | &nbsp;&nbsp; $9.625 | &nbsp;&nbsp; $9.253 | &nbsp;&nbsp; $10.903 | &nbsp;&nbsp; $12.086 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.225 | 0.218 | 0.182 | 0.123 | 0.088 |
| Net realized and unrealized gain (loss) | 0.345 | &nbsp;&nbsp; (0.708)<br>| 0.190 | &nbsp;&nbsp; (1.773)<br>| &nbsp;&nbsp; (0.693)<br>|
| Total from investment operations | 0.570 | &nbsp;&nbsp; (0.490)<br>| 0.372 | &nbsp;&nbsp; (1.650)<br>| &nbsp;&nbsp; (0.605)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.047)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.175)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.217)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.186)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.047)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.578)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.452 | &nbsp;&nbsp; $8.929 | &nbsp;&nbsp; $9.625 | &nbsp;&nbsp; $9.253 | &nbsp;&nbsp; $10.903 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.39% | &nbsp;&nbsp; (5.15%)<br>| &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; (15.13%)<br>| &nbsp;&nbsp; (5.09%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $51682 | &nbsp;&nbsp; $48062 | &nbsp;&nbsp; $48787 | &nbsp;&nbsp; $120770 | &nbsp;&nbsp; $201394 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.67% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective July 26, 2022, Mondrian Investment Partners Ltd. is responsible for the day-to-day management of the portion of the Fund's investment portfolio previously managed by Allianz Global Investors U.S. LLC ("AllianzGI U.S.") 

<sup>2</sup> Effective August 17, 2021, Allianz Global Investors U.S. LLC ("AllianzGI U.S."), is responsible for the day-to-day management of a portion of the Fund's investment portfolio, replacing Franklin Advisers, Inc. 

<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. 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 Mondrian Global Income Fund-5

------

**LVIP Mondrian Global Income Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income Fund Service Class** | **LVIP Mondrian Global Income 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**<sup>1</sup> <br>| **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.820 | &nbsp;&nbsp; $9.510 | &nbsp;&nbsp; $9.165 | &nbsp;&nbsp; $10.826 | &nbsp;&nbsp; $12.006 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.199 | 0.192 | 0.156 | 0.098 | 0.059 |
| Net realized and unrealized gain (loss) | 0.342 | &nbsp;&nbsp; (0.700)<br>| 0.189 | &nbsp;&nbsp; (1.759)<br>| &nbsp;&nbsp; (0.689)<br>|
| Total from investment operations | 0.541 | &nbsp;&nbsp; (0.508)<br>| 0.345 | &nbsp;&nbsp; (1.661)<br>| &nbsp;&nbsp; (0.630)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.156)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.217)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.177)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.550)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.338 | &nbsp;&nbsp; $8.820 | &nbsp;&nbsp; $9.510 | &nbsp;&nbsp; $9.165 | &nbsp;&nbsp; $10.826 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.14% | &nbsp;&nbsp; (5.40%)<br>| &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; (15.34%)<br>| &nbsp;&nbsp; (5.33%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $357287 | &nbsp;&nbsp; $378082 | &nbsp;&nbsp; $420932 | &nbsp;&nbsp; $431610 | &nbsp;&nbsp; $574126 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.92% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.51% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.42% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective July 26, 2022, Mondrian Investment Partners Ltd. is responsible for the day-to-day management of the portion of the Fund's investment portfolio previously managed by Allianz Global Investors U.S. LLC ("AllianzGI U.S.") 

<sup>2</sup> Effective August 17, 2021, Allianz Global Investors U.S. LLC ("AllianzGI U.S."), is responsible for the day-to-day management of a portion of the Fund's investment portfolio, replacing Franklin Advisers, Inc. 

<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. 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 Mondrian Global Income Fund-6

------

**LVIP Mondrian Global Income 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 Mondrian Global 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 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–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. 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.

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 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

LVIP Mondrian Global Income Fund-7

------

**LVIP Mondrian Global Income 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 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 Mondrian Global Income Fund is $685,873 and $675,123 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. Withholding taxes on foreign 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. 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 0.65% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.1025% on the first $350 million of average daily net assets of the Fund; 0.1125% on the next $175 million; 0.1225% on the next $175 million; and 0.1375% on the excess of $700 million 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.

Mondrian Investment Partners Ltd. (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; $34519 |
| Legal | &nbsp;&nbsp; 5713 |

---

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 Mondrian Global Income Fund-8

------

**LVIP Mondrian Global Income 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 $11,867 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; $189348 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 75830 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 205 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 10056 |

---

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; $77748001 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 27743936 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 100995739 |
| Sales of U.S. government securities | &nbsp;&nbsp; 57664438 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $443135793 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $9584877 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (45180038)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(35595161)<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 Mondrian Global Income Fund-9

------

**LVIP Mondrian Global Income 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1355020 | &nbsp;&nbsp; $— <br><sup>\*</sup><br>| &nbsp;&nbsp; $1355020 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 241333362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241333362 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 9787263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9787263 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 147674638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147674638 |
| Money Market Fund | &nbsp;&nbsp; 7407413 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7407413 |
| **Total Investments** | &nbsp;&nbsp; $7407413 | &nbsp;&nbsp; $400150283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $407557696 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382004 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382004 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3128661)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3128661)<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 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; $1142880 | &nbsp;&nbsp; $— |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; 8692608 |
| Total | &nbsp;&nbsp; $1142880 | &nbsp;&nbsp; $8692608 |

---

**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; $6058591 |
| Capital loss carryforward | &nbsp;&nbsp; (48669021)<br>|
| Other temporary differences | &nbsp;&nbsp; (8759640)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (35595161)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(86965231)<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 Mondrian Global Income Fund-10

------

**LVIP Mondrian Global Income 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**  |
| $19427283 | &nbsp;&nbsp; $29241738 | &nbsp;&nbsp; $48669021 |

---

**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; 1256480 | &nbsp;&nbsp; 1710470 |
| Service Class | &nbsp;&nbsp; 3098489 | &nbsp;&nbsp; 4463778 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 26974 | &nbsp;&nbsp; 116961 |
| Service Class | &nbsp;&nbsp; 95760 | &nbsp;&nbsp; 838432 |
|  | &nbsp;&nbsp; 4477703 | &nbsp;&nbsp; 7129641 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1198789)<br>| &nbsp;&nbsp; (1513394)<br>|
| Service Class | &nbsp;&nbsp; (7796789)<br>| &nbsp;&nbsp; (6699660)<br>|
|  | &nbsp;&nbsp; (8995578)<br>| &nbsp;&nbsp; (8213054)<br>|
| Net decrease | &nbsp;&nbsp; (4517875)<br>| &nbsp;&nbsp; (1083413)<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 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 to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP Mondrian Global Income Fund-11

------

**LVIP Mondrian Global Income 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>| Receivables and other assets net of <br> liabilities<br>| $382004 | Receivables and other assets net of <br> liabilities<br>| $(3128661)<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; $(1541531)<br>| &nbsp;&nbsp; $(5700938)<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) | $73784241 | $136317304 |

---

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** |
| State Street Bank & Trust Company | &nbsp;&nbsp; $382004 | &nbsp;&nbsp; $(3128661)<br>| &nbsp;&nbsp; $(2746657)<br>|
| Total | &nbsp;&nbsp; $382004 | &nbsp;&nbsp; $(3128661)<br>| &nbsp;&nbsp; $(2746657)<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>|
| State Street Bank & Trust <br> Company<br>| &nbsp;&nbsp; $(2746657)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2746657)<br>|
| Total | &nbsp;&nbsp; $(2746657)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2746657)<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.

LVIP Mondrian Global Income Fund-12

------

**LVIP Mondrian Global Income 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.

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 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.

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.

LVIP Mondrian Global Income Fund-13

------

**LVIP Mondrian Global Income 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 Mondrian Global Income Fund-14

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Mondrian Global Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Mondrian Global 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 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.

![](imgec89f7882.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Mondrian Global Income Fund–15

------

![](img79acb1a41.jpg)

LVIP Mondrian International Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Mondrian International Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_SOI-continued-255_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_FS-continued-255_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_FS-continued-255_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_FIHI-continued-255_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_NTF-continued-255_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_c384ffed-71d1-41c2-9866-9bcc2116d821_AUDIT-continued-255_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Mondrian International 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>|
| **ΔCOMMON STOCK–99.37%** | **ΔCOMMON STOCK–99.37%** | **ΔCOMMON STOCK–99.37%** |
| **Australia–1.48%** | **Australia–1.48%** | **Australia–1.48%** |
| Aurizon Holdings Ltd. | 7076467 | $17219174 |
|  |  | **17219174** |
| **Austria–1.42%** | **Austria–1.42%** | **Austria–1.42%** |
| ANDRITZ AG | 211908 | 16524281 |
|  |  | **16524281** |
| **Finland–2.01%** | **Finland–2.01%** | **Finland–2.01%** |
| UPM-Kymmene OYJ | 810253 | 23423933 |
|  |  | **23423933** |
| **France–15.59%** | **France–15.59%** | **France–15.59%** |
| Bouygues SA | 601487 | 31268504 |
| Capgemini SE | 193699 | 32163357 |
| Carrefour SA | 986933 | 16467538 |
| Kering SA | 29166 | 10191699 |
| Pernod Ricard SA | 347444 | 29750340 |
| Sanofi SA | 318392 | 30806068 |
| Vinci SA | 221732 | 31193939 |
|  |  | **181841445** |
| **Germany–10.11%** | **Germany–10.11%** | **Germany–10.11%** |
| Allianz SE | 85197 | 39393150 |
| Deutsche Post AG | 558768 | 30467217 |
| Evonik Industries AG | 1030877 | 16087944 |
| Merck KGaA | 223522 | 31901765 |
|  |  | **117850076** |
| **Hong Kong–6.15%** | **Hong Kong–6.15%** | **Hong Kong–6.15%** |
| AIA Group Ltd. | 2219000 | 22840375 |
| CK Hutchison Holdings <br> Ltd.<br>| 4255000 | 28927428 |
| Jardine Matheson Holdings <br> Ltd.<br>| 292500 | 19961726 |
|  |  | **71729529** |
| **Italy–6.69%** | **Italy–6.69%** | **Italy–6.69%** |
| Enel SpA | 3264615 | 33943289 |
| Eni SpA | 491275 | 9312667 |
| Snam SpA | 5235595 | 34789847 |
|  |  | **78045803** |
| **Japan–23.37%** | **Japan–23.37%** | **Japan–23.37%** |
| FUJIFILM Holdings Corp. | 1151300 | 24428756 |
| Fujitsu Ltd. | 855000 | 23497883 |
| Honda Motor Co. Ltd. | 1373800 | 13483395 |
| KDDI Corp. | 1486900 | 25734823 |
| Komatsu Ltd. | 408200 | 12953184 |
| Minebea Mitsumi, Inc. | 990500 | 19930415 |
| Mitsubishi Electric Corp. | 533600 | 15558091 |
| NTT, Inc. | 13508100 | 13636297 |
| Panasonic Holdings Corp. | 2424100 | 31426102 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Secom Co. Ltd. | 459800 | $16338613 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 275300 | 8551133 |
| Sompo Holdings, Inc. | 481300 | 16336377 |
| Sony Group Corp. | 1096500 | 28126289 |
| Toyota Industries Corp. | 198600 | 22514582 |
|  |  | **272515940** |
| **Netherlands–1.74%** | **Netherlands–1.74%** | **Netherlands–1.74%** |
| Koninklijke Philips NV | 744558 | 20273714 |
|  |  | **20273714** |
| **Singapore–2.97%** | **Singapore–2.97%** | **Singapore–2.97%** |
| United Overseas Bank Ltd. | 1272281 | 34651228 |
|  |  | **34651228** |
| **Spain–3.56%** | **Spain–3.56%** | **Spain–3.56%** |
| Banco Santander SA | 3531371 | 41565961 |
|  |  | **41565961** |
| **Switzerland–4.98%** | **Switzerland–4.98%** | **Switzerland–4.98%** |
| Nestle SA | 394729 | 39180453 |
| Roche Holding AG | 45793 | 18911142 |
|  |  | **58091595** |
| **United Kingdom–19.30%** | **United Kingdom–19.30%** | **United Kingdom–19.30%** |
| Associated British Foods <br> PLC<br>| 1026576 | 29322432 |
| BP PLC | 2890612 | 16857943 |
| British American Tobacco <br> PLC<br>| 452815 | 25670388 |
| GSK PLC | 1510386 | 37030459 |
| Imperial Brands PLC | 135209 | 5677452 |
| Lloyds Banking Group PLC | 31295460 | 41394949 |
| Shell PLC | 532874 | 19637609 |
| SSE PLC | 1218278 | 35717370 |
| WPP PLC | 3054899 | 13723320 |
|  |  | **225031922** |
| **Total Common Stock** <br>**(Cost $819,156,038)** | **Total Common Stock** <br>**(Cost $819,156,038)** | **1158764601** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.16%** | **MONEY MARKET FUND–0.16%** | **MONEY MARKET FUND–0.16%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1806101 | 1806101 |
| **Total Money Market Fund** <br>**(Cost $1,806,101)** | **Total Money Market Fund** <br>**(Cost $1,806,101)** | **1806101** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Mondrian International Value Fund-1

------

**LVIP Mondrian International Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.53% (Cost $820,962,139)** | **$1160570702** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.47%** | **5483302** |
| **NET ASSETS APPLICABLE TO 54,875,981 SHARES OUTSTANDING–100.00%** | **$1166054004** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND STANDARD CLASS** <br>**($869,725,340 / 40,918,980 Shares)** | **$21.255** |
| **NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND SERVICE CLASS** <br>**($296,328,664 / 13,957,001 Shares)** | **$21.232** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$787814799** |
| Distributable earnings/(accumulated loss) | **378239205** |
| **TOTAL NET ASSETS** | **$1166054004** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,968,154 payable for fund shares redeemed, $41,954 other accrued expenses payable, $747,770 due to manager and affiliates, <br> $19,687 payable for audit fee and $30,215 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Mondrian International Value Fund** | **LVIP Mondrian International Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $47338553 |
| Foreign taxes withheld | (3841453)<br>|
|  | 43497100 |
| **EXPENSES:** |  |
| Management fees | 7671676 |
| Distribution fees-Service Class | 706926 |
| Shareholder servicing fees | 327298 |
| Accounting and administration expenses | 198658 |
| Professional fees | 122088 |
| Custodian fees | 114001 |
| Reports and statements to shareholders | 36525 |
| Trustees' fees and expenses | 32368 |
| Pricing fees | 14821 |
| Consulting fees | 13278 |
| Other | 29905 |
|  | 9267544 |
| Less:  |  |
| Management fees waived | (162861)<br>|
| Total operating expenses | 9104683 |
| **NET INVESTMENT INCOME**  | 34392417 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 93624099 |
| Foreign currencies | 234818 |
| Net realized gain | 93858917 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 219645852 |
| Foreign currencies | 516779 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 220162631 |
| **NET REALIZED AND UNREALIZED GAIN** | 314021548 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $348413965 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Mondrian International Value Fund** | **LVIP Mondrian International Value Fund** | **LVIP Mondrian International 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 | $34392417 | $32384565 |
| Net realized gain | 93858917 | 78032754 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 220162631 | (57464254)<br>|
| Net increase in net assets <br> resulting from operations<br>| 348413965 | 52953065 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (55621380)<br>| (35527889)<br>|
| Service Class | (18428682)<br>| (10404067)<br>|
|  | (74050062)<br>| (45931956)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 52581973 | 116213495 |
| Service Class | 37429872 | 44548885 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 55621380 | 35527889 |
| Service Class | 18428682 | 10404067 |
|  | 164061907 | 206694336 |
| Cost of shares redeemed: |  |  |
| Standard Class | (264007153)<br>| (151404345)<br>|
| Service Class | (84746251)<br>| (59181710)<br>|
|  | (348753404)<br>| (210586055)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (184691497)<br>| (3891719)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 89672406 | 3129390 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1076381598 | 1073252208 |
| End of year | $1166054004 | $1076381598 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Mondrian International Value Fund-3

------

**LVIP Mondrian International Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value Fund Standard Class** | **LVIP Mondrian International Value 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; $16.657 | &nbsp;&nbsp; $16.597 | &nbsp;&nbsp; $14.273 | &nbsp;&nbsp; $16.478 | &nbsp;&nbsp; $15.341 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.615 | 0.524 | 0.475 | 0.435 | 0.466 |
| Net realized and unrealized gain (loss) | 5.390 | 0.285 | 2.384 | &nbsp;&nbsp; (2.215)<br>| 1.249 |
| Total from investment operations | 6.005 | 0.809 | 2.859 | &nbsp;&nbsp; (1.780)<br>| 1.715 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.813)<br>| &nbsp;&nbsp; (0.565)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.578)<br>|
| Net realized gain | &nbsp;&nbsp; (0.594)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.407)<br>| &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.535)<br>| &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.578)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.255 | &nbsp;&nbsp; $16.657 | &nbsp;&nbsp; $16.597 | &nbsp;&nbsp; $14.273 | &nbsp;&nbsp; $16.478 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 36.38% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 20.11% | &nbsp;&nbsp; (10.76%)<br>| &nbsp;&nbsp; 11.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $869725 | &nbsp;&nbsp; $819125 | &nbsp;&nbsp; $813764 | &nbsp;&nbsp; $588377 | &nbsp;&nbsp; $718353 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.90% | &nbsp;&nbsp; 2.78% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.77% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 22% |

---

&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 Mondrian International Value Fund-4

------

**LVIP Mondrian International Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value Fund Service Class** | **LVIP Mondrian International Value 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; $16.642 | &nbsp;&nbsp; $16.583 | &nbsp;&nbsp; $14.262 | &nbsp;&nbsp; $16.465 | &nbsp;&nbsp; $15.327 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.565 | 0.480 | 0.434 | 0.397 | 0.423 |
| Net realized and unrealized gain (loss) | 5.380 | 0.283 | 2.381 | &nbsp;&nbsp; (2.213)<br>| 1.250 |
| Total from investment operations | 5.945 | 0.763 | 2.815 | &nbsp;&nbsp; (1.816)<br>| 1.673 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.761)<br>| &nbsp;&nbsp; (0.520)<br>| &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.535)<br>|
| Net realized gain | &nbsp;&nbsp; (0.594)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.355)<br>| &nbsp;&nbsp; (0.704)<br>| &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.535)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.232 | &nbsp;&nbsp; $16.642 | &nbsp;&nbsp; $16.583 | &nbsp;&nbsp; $14.262 | &nbsp;&nbsp; $16.465 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 36.05% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 19.81% | &nbsp;&nbsp; (10.98%)<br>| &nbsp;&nbsp; 10.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $296329 | &nbsp;&nbsp; $257257 | &nbsp;&nbsp; $259488 | &nbsp;&nbsp; $245783 | &nbsp;&nbsp; $289275 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 2.53% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 2.52% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 22% |

---

&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 Mondrian International Value Fund-5

------

**LVIP Mondrian International 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 Mondrian International 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"), 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 as measured by the change in the value of Fund shares over a period of three years or longer.

**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.

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 Mondrian International Value Fund-6

------

**LVIP Mondrian International 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)**

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 Mondrian International Value Fund is $73,068 and $72,911 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 0.90% of the first $200 million of the Fund's average daily net assets; 0.75% of the next $200 million; and 0.60% 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: 0.015% on the first $1 billion of the Fund's average daily net assets and 0.01% 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.

Mondrian Investment Partners Ltd. (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; $92877 |
| Legal | &nbsp;&nbsp; 15409 |

---

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 Mondrian International Value Fund-7

------

**LVIP Mondrian International 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 $20,001 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; $655721 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 63117 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 250 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 28682 |

---

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; $298047483 |
| Sales | &nbsp;&nbsp; 521630665 |

---

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; $859994903 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $328260505 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (27389591)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $300870914 |

---

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 Mondrian International Value Fund-8

------

**LVIP Mondrian International 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 |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17219174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17219174 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 16524281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16524281 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 23423933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23423933 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 181841445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181841445 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 117850076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117850076 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 71729529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71729529 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 78045803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78045803 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 272515940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 272515940 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 20273714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20273714 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 34651228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34651228 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 41565961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41565961 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 58091595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58091595 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 225031922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225031922 |
| Money Market Fund | &nbsp;&nbsp; 1806101 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1806101 |
| **Total Investments** | &nbsp;&nbsp; $1806101 | &nbsp;&nbsp; $1158764601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1160570702 |

---

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 common stock 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 sale 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; $51460803 | &nbsp;&nbsp; $45931956 |
| Long-term capital gains | &nbsp;&nbsp; 22589259 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $74050062 | &nbsp;&nbsp; $45931956 |

---

**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; $1391287 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 75977004 |
| Net unrealized appreciation | &nbsp;&nbsp; 300870914 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $378239205 |

---

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 Mondrian International Value Fund-9

------

**LVIP Mondrian International Value 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; 2634719 | &nbsp;&nbsp; 6780568 |
| Service Class | &nbsp;&nbsp; 1894080 | &nbsp;&nbsp; 2610176 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2681684 | &nbsp;&nbsp; 2044890 |
| Service Class | &nbsp;&nbsp; 890022 | &nbsp;&nbsp; 598917 |
|  | &nbsp;&nbsp; 8100505 | &nbsp;&nbsp; 12034551 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (13573652)<br>| &nbsp;&nbsp; (8680415)<br>|
| Service Class | &nbsp;&nbsp; (4285134)<br>| &nbsp;&nbsp; (3399094)<br>|
|  | &nbsp;&nbsp; (17858786)<br>| &nbsp;&nbsp; (12079509)<br>|
| Net decrease | &nbsp;&nbsp; (9758281)<br>| &nbsp;&nbsp; (44958)<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 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

LVIP Mondrian International Value Fund-10

------

**LVIP Mondrian International 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)**

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 Mondrian International Value Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Mondrian International Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Mondrian International 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 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.

![](img3e1197a42.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Mondrian International Value Fund–12

------

![](imgdd6ec73a1.jpg)

![](imge30edee52.jpg)

LVIP Multi-Manager Global Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_e001843c-de29-486f-a1f7-7987ba82877d_SOI-continued-241_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_e001843c-de29-486f-a1f7-7987ba82877d_FS-continued-241_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_e001843c-de29-486f-a1f7-7987ba82877d_FS-continued-241_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_e001843c-de29-486f-a1f7-7987ba82877d_FS-continued-241_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_e001843c-de29-486f-a1f7-7987ba82877d_FIHI-continued-241_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_e001843c-de29-486f-a1f7-7987ba82877d_NTF-continued-241_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e001843c-de29-486f-a1f7-7987ba82877d_AUDIT-continued-241_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP Multi-Manager Global 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 INVESTMENTS–96.56%** | **AFFILIATED INVESTMENTS–96.56%** | **AFFILIATED INVESTMENTS–96.56%** |
| **INVESTMENT COMPANIES–96.56%** | **INVESTMENT COMPANIES–96.56%** | **INVESTMENT COMPANIES–96.56%** |
| **Equity Fund–38.79%** | **Equity Fund–38.79%** | **Equity Fund–38.79%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional U.S. Core <br> Equity 2 Fund<br>| 1621315 | $37048674 |
|  |  | **37048674** |
| **International Equity Funds–57.77%** | **International Equity Funds–57.77%** | **International Equity Funds–57.77%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Dimensional <br> International Core Equity <br> Fund<br>| 597189 | 9467822 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 895103 | 9378890 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 1889593 | 36327433 |
|  |  | **55174145** |
| **Total Affiliated Investments** <br>**(Cost $53,330,699)**<br>|  | **92222819** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–3.22%** | **UNAFFILIATED INVESTMENT–3.22%** | **UNAFFILIATED INVESTMENT–3.22%** |
| **INVESTMENT COMPANY–3.22%** | **INVESTMENT COMPANY–3.22%** | **INVESTMENT COMPANY–3.22%** |
| **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>| 3073387 | $3073387 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $3,073,387)**<br>|  | **3073387** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.78% (Cost $56,404,086)** | **95296206** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.22%** | **211025** |
| **NET ASSETS APPLICABLE TO 5,793,930 SHARES OUTSTANDING–100.00%** | **$95507231** |

---

&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:** |
| 2 | CME British Pound Currency Futures | &nbsp;&nbsp; $168225 | &nbsp;&nbsp; $166468 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $1757 | &nbsp;&nbsp; $— |
| 2 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 294500 | &nbsp;&nbsp; 292173 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; — |
| 3 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 240694 | &nbsp;&nbsp; 243121 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2427)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 4084 | &nbsp;&nbsp; (2427)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 3 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 374700 | &nbsp;&nbsp; 392047 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17347)<br>|
| 4 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 1378500 | &nbsp;&nbsp; 1378242 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 258 | &nbsp;&nbsp; — |
| 2 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 665040 | &nbsp;&nbsp; 675141 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10101)<br>|
| 5 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 343217 | &nbsp;&nbsp; 338354 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 4863 | &nbsp;&nbsp; — |
| 2 | FTSE 100 Index Futures | &nbsp;&nbsp; 267999 | &nbsp;&nbsp; 261491 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 6508 | &nbsp;&nbsp; — |
| 2 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 141140 | &nbsp;&nbsp; 138975 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2165 | &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; 13794 | &nbsp;&nbsp; (28187)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $17878 | &nbsp;&nbsp; $(30614)<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 Multi-Manager Global Equity Managed Volatility Fund-1

------

**LVIP Multi-Manager Global 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 |
| 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 Multi-Manager Global Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager Global Equity Managed Volatility Fund** | **LVIP Multi-Manager Global 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; $92222819 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 3073387 |
| Receivable for fund shares sold | &nbsp;&nbsp; 1205621 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 256959 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 11191 |
| Dividends and interest receivable  | &nbsp;&nbsp; 9927 |
| Prepaid expenses | &nbsp;&nbsp; 354 |
| Cash | &nbsp;&nbsp; 38 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 96780296 |
| **LIABILITIES:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 722347 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 445258 |
| Due to manager and affiliates | &nbsp;&nbsp; 46264 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 22966 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13775 |
| Other accrued expenses payable | &nbsp;&nbsp; 5384 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1273065 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $95507231 |
| Affiliated investments, at cost | &nbsp;&nbsp; $53330699 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 3073387 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $2058813 |
| Shares Outstanding | &nbsp;&nbsp; 124755 |
| Net Asset Value Per Share | &nbsp;&nbsp; $16.503 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $93448418 |
| Shares Outstanding | &nbsp;&nbsp; 5669175 |
| Net Asset Value Per Share | &nbsp;&nbsp; $16.484 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $49775128 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 45732103 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $95507231 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager 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 from affiliated investments | $908999 |
| Dividends from unaffiliated investments | 155875 |
|  | 1064874 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 327826 |
| Management fees | 191358 |
| Accounting and administration expenses | 47384 |
| Professional fees | 38333 |
| Shareholder servicing fees | 27747 |
| Consulting fees | 7672 |
| Custodian fees | 7186 |
| Reports and statements to shareholders | 5083 |
| Trustees' fees and expenses | 2791 |
| Pricing fees | 965 |
| Other | 5147 |
|  | 661492 |
| Less:  |  |
| Expenses reimbursed | (132740)<br>|
| Total operating expenses | 528752 |
| **NET INVESTMENT INCOME**  | 536122 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 4382727 |
| Distributions from affiliated investment companies | 6850196 |
| Foreign currencies | (3752)<br>|
| Futures contracts | (2884133)<br>|
| Net realized gain | 8345038 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 4951352 |
| Foreign currencies | 361 |
| Futures contracts | 193109 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 5144822 |
| **NET REALIZED AND UNREALIZED GAIN** | 13489860 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $14025982 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager Global Equity Managed** <br> **Volatility Fund** | **LVIP Multi-Manager 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 FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $536122 | $626007 |
| Net realized gain | 8345038 | 7417383 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 5144822 | 6700073 |
| Net increase in net assets resulting <br> from operations<br>| 14025982 | 14743463 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (57543)<br>| (134279)<br>|
| Service Class | (2233292)<br>| (6313148)<br>|
|  | (2290835)<br>| (6447427)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 737780 | 806000 |
| Service Class | 10805487 | 8094671 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 57543 | 134279 |
| Service Class | 2233292 | 6313148 |
|  | 13834102 | 15348098 |
| Cost of shares redeemed: |  |  |
| Standard Class | (871449)<br>| (735964)<br>|
| Service Class | (24788232)<br>| (20154457)<br>|
|  | (25659681)<br>| (20890421)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (11825579)<br>| (5542323)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (90432)<br>| 2753713 |
| **NET ASSETS:** |  |  |
| Beginning of year | 95597663 | 92843950 |
| End of year | $95507231 | $95597663 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-4

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class** | **LVIP Multi-Manager 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; $14.638 | &nbsp;&nbsp; $13.466 | &nbsp;&nbsp; $11.160 | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.236 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.141 | 0.146 | 0.145 | 0.178 | 0.121 |
| Net realized and unrealized gain (loss) | 2.173 | 2.124 | 2.761 | &nbsp;&nbsp; (2.679)<br>| 1.824 |
| Total from investment operations | 2.314 | 2.270 | 2.906 | &nbsp;&nbsp; (2.501)<br>| 1.945 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.215)<br>| &nbsp;&nbsp; (0.178)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.251)<br>|
| Net realized gain | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (1.098)<br>| &nbsp;&nbsp; (0.600)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.251)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.503 | &nbsp;&nbsp; $14.638 | &nbsp;&nbsp; $13.466 | &nbsp;&nbsp; $11.160 | &nbsp;&nbsp; $13.930 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.81% | &nbsp;&nbsp; 16.84% | &nbsp;&nbsp; 26.01% | &nbsp;&nbsp; (17.93%)<br>| &nbsp;&nbsp; 15.90% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2059 | &nbsp;&nbsp; $1884 | &nbsp;&nbsp; $1507 | &nbsp;&nbsp; $3189 | &nbsp;&nbsp; $3850 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.38% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.72% |
| Portfolio turnover | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &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 Multi-Manager Global Equity Managed Volatility Fund-5

------

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class** | **LVIP Multi-Manager 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; $14.622 | &nbsp;&nbsp; $13.452 | &nbsp;&nbsp; $11.145 | &nbsp;&nbsp; $13.907 | &nbsp;&nbsp; $12.219 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.086 | 0.094 | 0.101 | 0.136 | 0.073 |
| Net realized and unrealized gain (loss) | 2.166 | 2.119 | 2.752 | &nbsp;&nbsp; (2.672)<br>| 1.820 |
| Total from investment operations | 2.252 | 2.213 | 2.853 | &nbsp;&nbsp; (2.536)<br>| 1.893 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.125)<br>| &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.124)<br>| &nbsp;&nbsp; (0.134)<br>| &nbsp;&nbsp; (0.205)<br>|
| Net realized gain | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.390)<br>| &nbsp;&nbsp; (1.043)<br>| &nbsp;&nbsp; (0.546)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.205)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.484 | &nbsp;&nbsp; $14.622 | &nbsp;&nbsp; $13.452 | &nbsp;&nbsp; $11.145 | &nbsp;&nbsp; $13.907 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.40% | &nbsp;&nbsp; 16.44% | &nbsp;&nbsp; 25.58% | &nbsp;&nbsp; (18.22%)<br>| &nbsp;&nbsp; 15.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $93448 | &nbsp;&nbsp; $93714 | &nbsp;&nbsp; $91337 | &nbsp;&nbsp; $98707 | &nbsp;&nbsp; $127109 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.37% |
| Portfolio turnover | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &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 Multi-Manager Global Equity Managed Volatility Fund-6

------

**LVIP Multi-Manager 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 Multi-Manager 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 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 unaffiliated managers (collectively, the "Underlying Funds"). The Fund is advised by LFI. The Underlying Funds invest in U.S. and foreign stocks. In addition to investment companies, the Fund may invest in individual securities, such as money market securities, 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 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. 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.

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

LVIP Multi-Manager Global Equity Managed Volatility Fund-7

------

**LVIP Multi-Manager 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)**

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 0.20% 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).

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 0.21% of average daily net assets for the Standard Class and 0.56% for the Service Class. The reimbursement is accrued daily and received monthly. 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.

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; $158596 | &nbsp;&nbsp; $119895 | &nbsp;&nbsp; $132740 | &nbsp;&nbsp; $411231 |

---

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; $7934 |
| Legal | &nbsp;&nbsp; 1314 |

---

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 $1,259 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 Multi-Manager Global Equity Managed Volatility Fund-8

------

**LVIP Multi-Manager 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)**

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; $11191 |
| Management fees payable to LFI | &nbsp;&nbsp; 16190 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 27722 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 5 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2347 |

---

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> **COMPANIES-96.56%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Fund-38.79%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional U.S. Core Equity 2 <br> Fund<br>| $35756796 | $8998662 | $9626073 | $957718 | $961571 | $— | $37048674 | 1621315 | $322628 | $3067927 |
| **International Equity** <br> **Funds-57.77%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International <br> Core Equity Fund<br>| 9203189 | 983217 | 3279361 | 449357 | 2111420 |  | 9467822 | 597189 | 287008 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International Equity <br> Fund<br>| 9186530 | 1067428 | 3391165 | 420013 | 2097857 | (1773)<br>| 9378890 | 895103 | 299363 | 50891 |
| ✧✧LVIP Loomis Sayles Global Growth <br> Fund<br>| 36822504 | 7423915 | 10255521 | 2555639 | (219496)<br>| 392 | 36327433 | 1889593 |  | 3731378 |
| Total | $90969019 | $18473222 | $26552120 | $4382727 | $4951352 | $(1381)<br>| $92222819 |  | $908999 | $6850196 |

---

&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; $18473222 |
| Sales | &nbsp;&nbsp; 26552120 |

---

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; $57892471 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $37491097 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (88070)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $37403027 |

---

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 Multi-Manager Global Equity Managed Volatility Fund-9

------

**LVIP Multi-Manager 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)**

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 Companies | &nbsp;&nbsp; $92222819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92222819 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 3073387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3073387 |
| **Total Investments** | &nbsp;&nbsp; $95296206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95296206 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $17878 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17878 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(30614)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30614)<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; $722584 | &nbsp;&nbsp; $1538373 |
| Long-term capital gains | &nbsp;&nbsp; 1568251 | &nbsp;&nbsp; 4909054 |
| Total | &nbsp;&nbsp; $2290835 | &nbsp;&nbsp; $6447427 |

---

**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; $14356 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 8556839 |
| Other temporary differences | &nbsp;&nbsp; (242119)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 37403027 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $45732103 |

---

LVIP Multi-Manager Global Equity Managed Volatility Fund-10

------

**LVIP Multi-Manager 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;

 **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.

**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; 47296 | &nbsp;&nbsp; 56126 |
| Service Class | &nbsp;&nbsp; 703373 | &nbsp;&nbsp; 555079 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 3464 | &nbsp;&nbsp; 9110 |
| Service Class | &nbsp;&nbsp; 134882 | &nbsp;&nbsp; 428865 |
|  | &nbsp;&nbsp; 889015 | &nbsp;&nbsp; 1049180 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (54681)<br>| &nbsp;&nbsp; (48492)<br>|
| Service Class | &nbsp;&nbsp; (1578214)<br>| &nbsp;&nbsp; (1364491)<br>|
|  | &nbsp;&nbsp; (1632895)<br>| &nbsp;&nbsp; (1412983)<br>|
| Net decrease | &nbsp;&nbsp; (743880)<br>| &nbsp;&nbsp; (363803)<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 Multi-Manager Global Equity Managed Volatility Fund-11

------

**LVIP Multi-Manager 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)**

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>| $13794 | Variation margin due to broker on futures <br> contracts<br>| $(28187)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 4084 | Variation margin due to broker on futures <br> contracts<br>| (2427)<br>|
| Total |  | $17878 |  | $(30614)<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; $(2733890)<br>| &nbsp;&nbsp; $164746 |
| 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; (150243)<br>| &nbsp;&nbsp; 28363 |
| Total |  | &nbsp;&nbsp; $(2884133)<br>| &nbsp;&nbsp; $193109 |

---

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) | $4392929 | $1535664 |

---

**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 Multi-Manager Global Equity Managed Volatility Fund-12

------

**LVIP Multi-Manager 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;

**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**

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 Franklin Templeton Global Equity Managed Volatility 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.

The Reorganization is subject to certain conditions, included 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 day on February 27, 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 3, 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 events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Multi-Manager Global Equity Managed Volatility Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Multi-Manager Global Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP Multi-Manager Global 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, 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.

![](imgfa2266c43.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Multi-Manager Global Equity Managed Volatility Fund–14

------

![](img7bf288dd1.jpg)

LVIP Nomura Diversified Floating Rate Fund

(formerly, LVIP Macquarie Diversified Floating Rate Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura Diversified Floating Rate Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_SOI-continued-237_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_FS-continued-237_1)**  | &nbsp;&nbsp; **10** |
| **[Statements of Changes in Net Assets](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_FS-continued-237_1)**  | &nbsp;&nbsp; **10** |
| **[Financial Highlights](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_FIHI-continued-237_1)**  | &nbsp;&nbsp; **11** |
| **[Notes to Financial Statements](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_NTF-continued-237_1)**  | &nbsp;&nbsp; **13** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ca1fd33b-5813-453c-bfd7-463d96152a0e_AUDIT-continued-237_1)**  | &nbsp;&nbsp; **21** |

---

------

**LVIP Nomura Diversified Floating Rate 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–1.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.84%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.84%** |
| •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 2023-HQA3 Class A1 <br> 5.72% (30 day USD SOFR <br> Average + 1.85%) 11/25/43<br>| 2609196 | $2632299 |
| Series 2024-DNA3 Class M1 <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 10/25/44<br>| 15819 | 15819 |
| Series 2025-DNA2 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 605000 | 605861 |
| Series 2025-DNA3 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 9/25/45<br>| 730000 | 731013 |
| Series 2025-HQA1 Class M2 <br> 5.52% (30 day USD SOFR <br> Average + 1.65%) 2/25/45<br>| 800000 | 802220 |
| •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 2023-R07 Class 2M1 <br> 5.82% (30 day USD SOFR <br> Average + 1.95%) 9/25/43<br>| 1587656 | 1594122 |
| Series 2023-R08 Class 1M1 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 875396 | 876874 |
| Series 2024-R04 Class 1A1 <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 5/25/44<br>| 1730090 | 1731804 |
| Series 2025-R01 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 1670000 | 1672240 |
| Series 2025-R02 Class 1M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 1570000 | 1574525 |
| Series 2025-R03 Class 2M1 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 113481 | 113870 |
| Series 2025-R04 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 1445000 | 1447066 |
| Series 2025-R05 Class 2M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 7/25/45<br>| 710000 | 712398 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $14,461,694)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $14,461,694)** | **14510111** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.78%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.78%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.78%** |
| 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 K144 Class A2 2.45% <br> 4/25/32<br>| 1250000 | 1132080 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 1500000 | 1452341 |
| ♦•Series K-170 Class A2 5.00% <br> 2/25/35<br>| 2450000 | 2538928 |

---

---

| | | |
|:---|:---|:---|
|  | **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 K753 Class A2 4.40% <br> 10/25/30<br>| 1000000 | $1015694 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,022,480)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $6,022,480)** | **6139043** |
| **AGENCY MORTGAGE-BACKED SECURITIES–7.95%** | **AGENCY MORTGAGE-BACKED SECURITIES–7.95%** | **AGENCY MORTGAGE-BACKED SECURITIES–7.95%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 8/1/36 | 2555704 | 2367073 |
| 2.50% 5/1/52 | 934744 | 794430 |
| 4.50% 10/1/52 | 1201357 | 1177462 |
| 5.00% 6/1/53 | 1504460 | 1505923 |
| 5.50% 11/1/52 | 763005 | 777634 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 4/1/51 | 14424531 | 11750763 |
| 2.00% 7/1/51 | 967308 | 788509 |
| 2.50% 3/1/51 | 9116154 | 7776760 |
| 3.00% 8/1/52 | 5401407 | 4780921 |
| 3.50% 5/1/52 | 3440989 | 3188995 |
| 4.00% 1/1/56 | 3340000 | 3169129 |
| 4.50% 10/1/52 | 1196548 | 1173613 |
| 5.00% 4/1/55 | 1578628 | 1574709 |
| 5.50% 3/1/53 | 1745883 | 1777004 |
| 5.50% 2/1/55 | 2010947 | 2039512 |
| 6.00% 12/1/52 | 5142217 | 5312283 |
| 6.50% 3/1/55 | 1997689 | 2075126 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 10/20/50 | 3715860 | 3079557 |
| 2.50% 7/20/51 | 3615145 | 3120004 |
| 3.00% 4/20/52 | 2629201 | 2365489 |
| 5.50% 2/20/55 | 2263456 | 2288318 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $62,732,108)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $62,732,108)** | **62883214** |
| **CORPORATE BONDS–13.34%** | **CORPORATE BONDS–13.34%** | **CORPORATE BONDS–13.34%** |
| **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** | **Aerospace & Defense–0.31%** |
| Boeing Co. |  |  |
| 6.26% 5/1/27 | 875000 | 897764 |
| 6.39% 5/1/31 | 280000 | 303854 |
| Bombardier, Inc. |  |  |
| 7.00% 6/1/32 | 405000 | 427940 |
| 7.25% 7/1/31 | 405000 | 431587 |
| TransDigm, Inc. 6.63% 3/1/32 | 405000 | 421370 |
|  |  | **2482515** |
| **Agriculture–0.08%** | **Agriculture–0.08%** | **Agriculture–0.08%** |
| Cargill, Inc. 4.13% 10/23/30 | 665000 | 662119 |
|  |  | **662119** |
| **Apparel–0.25%** | **Apparel–0.25%** | **Apparel–0.25%** |
| Gildan Activewear, Inc. 4.70% <br> 10/7/30<br>| 1980000 | 1970284 |
|  |  | **1970284** |

---

LVIP Nomura Diversified Floating Rate Fund-1

------

**LVIP Nomura Diversified Floating Rate 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–0.09%** | **Auto Manufacturers–0.09%** | **Auto Manufacturers–0.09%** |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 5.60% 6/18/31 | 291000 | $303265 |
| 5.63% 4/4/32 | 360000 | 374839 |
|  |  | **678104** |
| **Banks–4.47%** | **Banks–4.47%** | **Banks–4.47%** |
| Banco Santander SA 4.55% <br> 11/6/30<br>| 600000 | 600636 |
| μBank of America Corp. |  |  |
| 1.73% 7/22/27 | 1720000 | 1698058 |
| 6.20% 11/10/28 | 1315000 | 1366432 |
| 6.25% 7/26/30 | 1400000 | 1421988 |
| 6.63% 5/1/30 | 575000 | 599122 |
| Citibank NA 5.44% 4/30/26 | 595000 | 597268 |
| μCitigroup, Inc. |  |  |
| 4.50% 9/11/31 | 1185000 | 1188667 |
| 6.63% 2/15/31 | 500000 | 508136 |
| 6.75% 2/15/30 | 606000 | 616865 |
| μDeutsche Bank AG |  |  |
| 2.55% 1/7/28 | 1080000 | 1062128 |
| 5.30% 5/9/31 | 730000 | 747933 |
| 6.82% 11/20/29 | 252000 | 268706 |
| 7.15% 7/13/27 | 640000 | 649767 |
| μGoldman Sachs Group, Inc. |  |  |
| 1.54% 9/10/27 | 5255000 | 5162926 |
| 4.37% 10/21/31 | 1220000 | 1217092 |
| 6.48% 10/24/29 | 1085000 | 1150628 |
| μHuntington Bancshares, Inc. <br> 6.25% 10/15/30<br>| 710000 | 710600 |
| μJPMorgan Chase & Co. |  |  |
| 1.47% 9/22/27 | 2495000 | 2449468 |
| 5.10% 4/22/31 | 975000 | 1006665 |
| 5.14% 1/24/31 | 670000 | 692508 |
| 5.57% 4/22/28 | 850000 | 866909 |
| μMorgan Stanley |  |  |
| 4.13% 10/18/29 | 455000 | 454854 |
| 5.66% 4/17/36 | 480000 | 503839 |
| 6.41% 11/1/29 | 1005000 | 1065208 |
| μNatWest Group PLC 5.12% <br> 5/23/31<br>| 365000 | 374674 |
| μNordea Bank Abp 6.75% <br> 11/10/33<br>| 580000 | 595520 |
| μPNC Bank NA 4.43% 7/21/28 | 2270000 | 2285183 |
| Popular, Inc. 7.25% 3/13/28 | 800000 | 843056 |
| μToronto-Dominion Bank <br> 6.35% 10/31/85<br>| 510000 | 517092 |
| μU.S. Bancorp |  |  |
| 5.05% 2/12/31 | 895000 | 919300 |
| 6.79% 10/26/27 | 435000 | 444508 |
| μUBS Group AG 5.01% 3/23/37 | 1055000 | 1045694 |
| μWells Fargo & Co. |  |  |
| 5.15% 4/23/31 | 60000 | 61932 |
| 5.61% 4/23/36 | 1575000 | 1650776 |
|  |  | **35344138** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials–0.05%** | **Building Materials–0.05%** | **Building Materials–0.05%** |
| Standard Building Solutions, <br> Inc. 6.25% 8/1/33<br>| 422000 | $431089 |
|  |  | **431089** |
| **Commercial Services–0.11%** | **Commercial Services–0.11%** | **Commercial Services–0.11%** |
| Block, Inc. 6.00% 8/15/33 | 862000 | 884937 |
|  |  | **884937** |
| **Computers–0.32%** | **Computers–0.32%** | **Computers–0.32%** |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 1920000 | 2023841 |
| Leidos, Inc. 5.40% 3/15/32 | 460000 | 478450 |
|  |  | **2502291** |
| **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** | **Distribution/Wholesale–0.04%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 306000 | 313201 |
|  |  | **313201** |
| **Diversified Financial Services–1.14%** | **Diversified Financial Services–1.14%** | **Diversified Financial Services–1.14%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust 4.63% 10/15/27<br>| 440000 | 443598 |
| μAir Lease Corp. 4.13% <br> 12/15/26<br>| 550000 | 536902 |
| Apollo Global Management, <br> Inc.<br>|  |  |
| 4.60% 1/15/31 | 585000 | 588248 |
| 5.15% 8/12/35 | 445000 | 445803 |
| Avolon Holdings Funding Ltd. <br> 5.38% 5/30/30<br>| 238000 | 244332 |
| Brookfield Asset Management <br> Ltd. 4.65% 11/15/30<br>| 1150000 | 1158243 |
| CrossCountry Intermediate <br> HoldCo LLC 6.50% 10/1/30<br>| 2000000 | 2039992 |
| Jefferies Financial Group, <br> Inc. 2.63% 10/15/31<br>| 405000 | 358981 |
| OneMain Finance Corp. 7.13% <br> 9/15/32<br>| 1535000 | 1594743 |
| PennyMac Financial Services, <br> Inc. 6.88% 5/15/32<br>| 1545000 | 1617453 |
|  |  | **9028295** |
| **Electric–0.50%** | **Electric–0.50%** | **Electric–0.50%** |
| μAmerican Electric Power Co., <br> Inc. 5.80% 3/15/56<br>| 495000 | 491416 |
| Black Hills Corp. 4.55% <br> 1/31/31<br>| 615000 | 615122 |
| μDominion Energy, Inc. 6.20% <br> 2/15/56<br>| 535000 | 535365 |
| Duke Energy Florida LLC <br> 4.20% 12/1/30<br>| 670000 | 670235 |
| μVistra Corp. 7.00% 12/15/26 | 1625000 | 1653379 |
|  |  | **3965517** |

---

LVIP Nomura Diversified Floating Rate Fund-2

------

**LVIP Nomura Diversified Floating Rate 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–0.20%** | **Entertainment–0.20%** | **Entertainment–0.20%** |
| Caesars Entertainment, Inc. |  |  |
| 6.50% 2/15/32 | 810000 | $829784 |
| 7.00% 2/15/30 | 687000 | 711496 |
|  |  | **1541280** |
| **Health Care Services–0.06%** | **Health Care Services–0.06%** | **Health Care Services–0.06%** |
| Global Medical Response, <br> Inc. 7.38% 10/1/32<br>| 448000 | 465639 |
|  |  | **465639** |
| **Insurance–0.16%** | **Insurance–0.16%** | **Insurance–0.16%** |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 1215000 | 1228184 |
|  |  | **1228184** |
| **Internet–0.24%** | **Internet–0.24%** | **Internet–0.24%** |
| Amazon.com, Inc. 4.10% <br> 11/20/30<br>| 745000 | 745812 |
| Meta Platforms, Inc. 4.60% <br> 11/15/32<br>| 1160000 | 1169326 |
|  |  | **1915138** |
| **Investment Companies–0.22%** | **Investment Companies–0.22%** | **Investment Companies–0.22%** |
| Apollo Debt Solutions BDC <br> 6.70% 7/29/31<br>| 375000 | 395696 |
| ARES Capital Corp. 5.10% <br> 1/15/31<br>| 790000 | 780290 |
| Blackstone Private Credit <br> Fund 5.05% 9/10/30<br>| 610000 | 600727 |
|  |  | **1776713** |
| **Iron & Steel–0.36%** | **Iron & Steel–0.36%** | **Iron & Steel–0.36%** |
| Cleveland-Cliffs, Inc. 7.00% <br> 3/15/32<br>| 810000 | 830250 |
| Commercial Metals Co. 6.00% <br> 12/15/35<br>| 1955000 | 2004180 |
|  |  | **2834430** |
| **Media–0.70%** | **Media–0.70%** | **Media–0.70%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp. 6.38% <br> 9/1/29<br>| 925000 | 937715 |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 830000 | 849609 |
| Sirius XM Radio LLC |  |  |
| 4.00% 7/15/28 | 1615000 | 1578769 |
| 4.13% 7/1/30 | 930000 | 884493 |
| Time Warner Cable LLC 6.55% <br> 5/1/37<br>| 1275000 | 1301085 |
|  |  | **5551671** |
| **Mining–0.11%** | **Mining–0.11%** | **Mining–0.11%** |
| Fortescue Treasury Pty. Ltd. |  |  |
| 5.88% 4/15/30 | 415000 | 426768 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Fortescue Treasury Pty. <br> Ltd. (continued)<br>|  |  |
| 6.13% 4/15/32 | 415000 | $433046 |
|  |  | **859814** |
| **Office Business Equipment–0.12%** | **Office Business Equipment–0.12%** | **Office Business Equipment–0.12%** |
| CDW LLC/CDW Finance Corp. <br> 3.28% 12/1/28<br>| 965000 | 937580 |
|  |  | **937580** |
| **Oil & Gas–0.40%** | **Oil & Gas–0.40%** | **Oil & Gas–0.40%** |
| Diamondback Energy, Inc. <br> 5.55% 4/1/35<br>| 1491000 | 1532496 |
| Equinor ASA |  |  |
| 4.50% 9/3/30 | 175000 | 177532 |
| 4.75% 11/14/35 | 360000 | 358141 |
| Exxon Mobil Corp. 2.28% <br> 8/16/26<br>| 310000 | 306935 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 2/1/31 | 425000 | 404018 |
| 6.25% 4/15/32 | 405000 | 381260 |
|  |  | **3160382** |
| **Oil & Gas Services–0.11%** | **Oil & Gas Services–0.11%** | **Oil & Gas Services–0.11%** |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp. <br> 7.13% 3/15/29<br>| 810000 | 838440 |
|  |  | **838440** |
| **Packaging & Containers–0.10%** | **Packaging & Containers–0.10%** | **Packaging & Containers–0.10%** |
| Mauser Packaging Solutions <br> Holding Co. 7.88% 4/15/30<br>| 830000 | 823452 |
|  |  | **823452** |
| **Pharmaceuticals–0.54%** | **Pharmaceuticals–0.54%** | **Pharmaceuticals–0.54%** |
| CVS Health Corp. 5.00% <br> 9/15/32<br>| 485000 | 495025 |
| Merck & Co., Inc. |  |  |
| 3.85% 3/15/29 | 515000 | 514829 |
| 4.15% 3/15/31 | 1370000 | 1365705 |
| 4.45% 12/4/32 | 725000 | 726010 |
| Pfizer, Inc. |  |  |
| 4.20% 11/15/30 | 470000 | 472177 |
| 4.88% 11/15/35 | 715000 | 717138 |
|  |  | **4290884** |
| **Pipelines–0.51%** | **Pipelines–0.51%** | **Pipelines–0.51%** |
| Enbridge, Inc. 4.90% 6/20/30 | 480000 | 490706 |
| μEnergy Transfer LP |  |  |
| 6.50% 2/15/56 | 1370000 | 1365467 |
| 6.75% 2/15/56 | 1405000 | 1410364 |

---

LVIP Nomura Diversified Floating Rate Fund-3

------

**LVIP Nomura Diversified Floating Rate 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)** |
| Venture Global Calcasieu <br> Pass LLC 3.88% 11/1/33<br>| 925000 | $793106 |
|  |  | **4059643** |
| **Private Equity–0.25%** | **Private Equity–0.25%** | **Private Equity–0.25%** |
| Brookfield Finance, Inc. <br> 5.33% 1/15/36<br>| 1165000 | 1166660 |
| KKR & Co., Inc. 5.10% 8/7/35 | 780000 | 780002 |
|  |  | **1946662** |
| **Real Estate Investment Trusts–0.38%** | **Real Estate Investment Trusts–0.38%** | **Real Estate Investment Trusts–0.38%** |
| Crown Castle, Inc. 1.05% <br> 7/15/26<br>| 3025000 | 2974973 |
|  |  | **2974973** |
| **Retail–0.15%** | **Retail–0.15%** | **Retail–0.15%** |
| Lowe's Cos., Inc. 4.25% <br> 3/15/31<br>| 765000 | 761798 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 379000 | 395835 |
|  |  | **1157633** |
| **Semiconductors–0.15%** | **Semiconductors–0.15%** | **Semiconductors–0.15%** |
| Foundry JV Holdco LLC |  |  |
| 6.10% 1/25/36 | 505000 | 527945 |
| 6.15% 1/25/32 | 620000 | 657007 |
|  |  | **1184952** |
| **Software–0.07%** | **Software–0.07%** | **Software–0.07%** |
| Oracle Corp. 4.45% 9/26/30 | 605000 | 591893 |
|  |  | **591893** |
| **Telecommunications–1.00%** | **Telecommunications–1.00%** | **Telecommunications–1.00%** |
| AT&T, Inc. 1.70% 3/25/26 | 3790000 | 3770829 |
| Iliad Holding SAS 8.50% <br> 4/15/31<br>| 1880000 | 2023348 |
| Softbank Corp. 4.70% 7/9/30 | 1350000 | 1354251 |
| Vmed O2 U.K. Financing I <br> PLC 4.25% 1/31/31<br>| 865000 | 788888 |
|  |  | **7937316** |
| **Trucking & Leasing–0.15%** | **Trucking & Leasing–0.15%** | **Trucking & Leasing–0.15%** |
| SMBC Aviation Capital <br> Finance DAC 5.25% <br> 11/26/35<br>| 1190000 | 1188236 |
|  |  | **1188236** |
| **Total Corporate Bonds** <br>**(Cost $104,604,122)** | **Total Corporate Bonds** <br>**(Cost $104,604,122)** | **105527405** |
| **LOAN AGREEMENTS–4.01%** | **LOAN AGREEMENTS–4.01%** | **LOAN AGREEMENTS–4.01%** |
| •Alliance Laundry <br> Systems LLC 5.98% (3 mo. <br> USD Term SOFR + 2.25%) <br> 8/19/31<br>| 493374 | 495224 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Amentum Government <br> Services Holdings LLC 5.72% <br> (1 mo. USD Term SOFR + <br> 2.00%) 9/29/31<br>| 1196250 | $1198116 |
| •AmWINS Group, Inc. 5.97% (1 <br> mo. USD Term SOFR + <br> 2.25%) 1/30/32<br>| 2079000 | 2084197 |
| •Ardonagh Midco 3 PLC 6.95% <br> (6 mo. USD Term SOFR + <br> 2.75%) 2/15/31<br>| 992519 | 989422 |
| •Azorra Soar TLB Finance Ltd. <br> 6.47% (3 mo. USD Term <br> SOFR + 2.75%) 10/18/29<br>| 393012 | 394651 |
| •Calpine Corp. 5.47% (1 mo. <br> USD Term SOFR + 1.75%) <br> 1/31/31<br>| 2042000 | 2041775 |
| •Celsius Holdings, Inc. 6.17% <br> (3 mo. USD Term SOFR + <br> 2.50%) 4/1/32<br>| 1163750 | 1170151 |
| •Charter Communications <br> Operating LLC 6.24% (3 mo. <br> USD Term SOFR + 2.25%) <br> 12/15/31<br>| 1677543 | 1678482 |
| •Clydesdale Acquisition <br> Holdings, Inc. 6.97% (1 mo. <br> USD Term SOFR + 3.25%) <br> 4/1/32<br>| 1091405 | 1089942 |
| •Colossus Acquireco LLC <br> 5.41% (3 mo. USD Term <br> SOFR + 1.75%) 7/30/32<br>| 748125 | 747190 |
| •Cotiviti Corp. 6.62% (1 mo. <br> USD Term SOFR + 2.75%) <br> 5/1/31<br>| 1484962 | 1424331 |
| •Dragon Buyer, Inc. 6.42% (3 <br> mo. USD Term SOFR + <br> 2.75%) 9/30/31<br>| 786030 | 786030 |
| •Flutter Financing BV 5.42% (3 <br> mo. USD Term SOFR + <br> 1.75%) 11/30/30<br>| 1960000 | 1956727 |
| •Instructure Holdings, Inc. <br> 6.44% (3 mo. USD Term <br> SOFR + 2.75%) 11/13/31<br>| 708225 | 709025 |
| June Purchaser LLC | June Purchaser LLC | June Purchaser LLC |
| ✠0.00% 11/28/31 | 214286 | 215580 |
| •6.42% (3 mo. USD Term <br> SOFR + 2.75%) 11/28/31<br>| 1276071 | 1283779 |
| •Lightning Power LLC 5.97% <br> (1 mo. USD Term SOFR + <br> 2.25%) 8/18/31<br>| 1484962 | 1491170 |
| •Opal Bidco SAS 6.69% (3 mo. <br> USD Term SOFR + 3.00%) <br> 4/28/32<br>| 1496250 | 1504195 |
| •Quikrete Holdings, Inc. 5.97% <br> (1 mo. USD Term SOFR + <br> 2.25%) 4/14/31<br>| 990000 | 992525 |

---

LVIP Nomura Diversified Floating Rate Fund-4

------

**LVIP Nomura Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Roper Industrial Products <br> Investment Co. LLC 6.42% <br> (3 mo. USD Term SOFR + <br> 2.75%) 11/22/29<br>| 1485000 | $1492930 |
| •SPX Flow, Inc. 6.47% (1 mo. <br> USD Term SOFR + 2.75%) <br> 4/5/29<br>| 1000000 | 1001970 |
| •Standard Industries, Inc. <br> 5.48% (1 mo. USD Term <br> SOFR + 1.75%) 9/22/28<br>| 570712 | 572596 |
| •Stonepeak Nile Parent LLC <br> 6.16% (3 mo. USD Term <br> SOFR + 2.25%) 4/9/32<br>| 1500000 | 1499190 |
| •Trans Union LLC 5.47% (1 mo. <br> USD Term SOFR + 1.75%) <br> 6/24/31<br>| 1970000 | 1973211 |
| •UKG, Inc. 6.34% (3 mo. USD <br> Term SOFR + 2.50%) <br> 2/10/31<br>| 903715 | 904077 |
| •Valvoline, Inc. 5.87% (1 mo. <br> USD Term SOFR + 2.00%) <br> 3/19/32<br>| 1000000 | 1005630 |
| •Vistra Operations Co. LLC <br> 5.47% (1 mo. USD Term <br> SOFR + 1.75%) 12/20/30<br>| 989899 | 994482 |
| **Total Loan Agreements** <br>**(Cost $31,623,373)** | **Total Loan Agreements** <br>**(Cost $31,623,373)** | **31696598** |
| **MUNICIPAL BOND–0.18%** | **MUNICIPAL BOND–0.18%** | **MUNICIPAL BOND–0.18%** |
| Public Finance Authority <br> Series 2025 6.50% 12/31/65<br>| 1330000 | 1455420 |
| **Total Municipal Bond** <br>**(Cost $1,364,924)** | **Total Municipal Bond** <br>**(Cost $1,364,924)** | **1455420** |
| **NON-AGENCY ASSET-BACKED SECURITIES–9.01%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.01%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.01%** |
| •AGL CLO 17 Ltd. Series <br> 2022-17A Class AR 4.82% (3 <br> mo. USD Term SOFR + <br> 0.95%) 1/21/35<br>| 1550000 | 1547041 |
| •AIMCO CLO 15 Ltd. Series <br> 2021-15A Class D1R 6.63% (3 <br> mo. USD Term SOFR + <br> 2.75%) 4/17/38<br>| 550000 | 551357 |
| ARI Fleet Lease Trust Series <br> 2024-B Class A2 5.54% <br> 4/15/33<br>| 3887480 | 3915454 |
| •Bain Capital Credit CLO Ltd. <br> Series 2021-7A Class A1R <br> 4.84% (3 mo. USD Term <br> SOFR + 0.98%) 1/22/35<br>| 800000 | 798646 |
| •Ballyrock CLO 18 Ltd. Series <br> 2021-18A Class C1R 6.75% (3 <br> mo. USD Term SOFR + <br> 2.85%) 4/15/38<br>| 650000 | 650618 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Ballyrock CLO 27 Ltd. Series <br> 2024-27A Class A1A 5.21% (3 <br> mo. USD Term SOFR + <br> 1.35%) 10/25/37<br>| 1250000 | $1251307 |
| •Canyon Capital CLO Ltd. <br> Series 2019-2A Class AR2 <br> 4.91% (3 mo. USD Term <br> SOFR + 1.01%) 10/15/34<br>| 850000 | 848126 |
| •Canyon CLO Ltd. Series <br> 2020-2A Class AR2 4.93% (3 <br> mo. USD Term SOFR + <br> 1.03%) 10/15/34<br>| 1150000 | 1149228 |
| •CIFC Funding Ltd. Series <br> 2025-1A Class D1 6.36% (3 <br> mo. USD Term SOFR + <br> 2.50%) 4/23/38<br>| 550000 | 549215 |
| •CNH Equipment Trust Series <br> 2024-B Class A2B 4.38% (30 <br> day USD SOFR Average + <br> 0.40%) 10/15/27<br>| 1355286 | 1355461 |
| •Dryden 109 CLO Ltd. Series <br> 2022-109A Class DR 6.60% (3 <br> mo. USD Term SOFR + <br> 2.70%) 4/15/38<br>| 550000 | 550550 |
| •Elmwood CLO 22 Ltd. Series <br> 2023-1A Class D1R 6.68% (3 <br> mo. USD Term SOFR + <br> 2.80%) 4/17/38<br>| 550000 | 553612 |
| Enterprise Fleet <br> Financing LLC Series 2022-4 <br> Class A2 5.76% 10/22/29<br>| 449962 | 451483 |
| Ford Credit Auto Lease Trust <br> Series 2024-A Class A3 5.06% <br> 5/15/27<br>| 34962 | 35027 |
| Ford Credit Floorplan Master <br> Owner Trust A Series 2024-1 <br> Class A1 5.29% 4/15/29<br>| 8000000 | 8141510 |
| Huntington Auto Trust Series <br> 2024-1A Class A3 5.23% <br> 1/16/29<br>| 8672833 | 8757472 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2024-A Class A3 5.02% <br> 3/15/27<br>| 3001186 | 3007568 |
| Hyundai Auto Receivables <br> Trust Series 2025-D <br> Class A2A 4.03% 11/15/28<br>| 4480000 | 4489448 |
| •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>| 2000000 | 2001996 |
| •Kennedy Lewis CLO 10 Ltd. <br> Series 2022-10A Class D1R <br> 6.71% (3 mo. USD Term <br> SOFR + 2.85%) 1/22/38<br>| 1200000 | 1202820 |

---

LVIP Nomura Diversified Floating Rate Fund-5

------

**LVIP Nomura Diversified Floating Rate 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)** |
| •Madison Park Funding XXVII <br> Ltd. Series 2018-27A <br> Class D1R 6.73% (3 mo. USD <br> Term SOFR + 2.85%) <br> 4/20/38<br>| 550000 | $551532 |
| •Magnetite XL Ltd. Series <br> 2024-40A Class A1 5.35% (3 <br> mo. USD Term SOFR + <br> 1.45%) 7/15/37<br>| 2000000 | 2004686 |
| •Magnetite XLV Ltd. Series <br> 2025-45A Class D1 6.40% (3 <br> mo. USD Term SOFR + <br> 2.50%) 4/15/38<br>| 550000 | 550387 |
| •Marathon CLO Ltd. Series <br> 2021-16A Class A1AR 5.01% <br> (3 mo. USD Term SOFR + <br> 1.11%) 4/15/34<br>| 2000000 | 2000302 |
| •Mercedes-Benz Auto Lease <br> Trust Series 2024-A <br> Class A2B 4.40% (30 day <br> USD SOFR Average + 0.42%) <br> 2/16/27<br>| 1192665 | 1192855 |
| •Neuberger Berman CLO XX <br> Ltd. Series 2015-20A <br> Class D1R3 6.55% (3 mo. <br> USD Term SOFR + 2.65%) <br> 4/15/39<br>| 250000 | 250826 |
| •Oaktree CLO Ltd. Series <br> 2020-1A Class D1RR 6.50% <br> (3 mo. USD Term SOFR + <br> 2.60%) 1/15/38<br>| 500000 | 497928 |
| •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>| 1700000 | 1700993 |
| •OHA Credit Partners VII Ltd. <br> Series 2012-7A Class D1R4 <br> 6.39% (3 mo. USD Term <br> SOFR + 2.50%) 2/20/38<br>| 550000 | 550848 |
| PFS Financing Corp. Series <br> 2024-B Class A 4.95% <br> 2/15/29<br>| 5000000 | 5052069 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2025-1 Class D 5.43% <br> 3/17/31<br>| 2350000 | 2386644 |
| Series 2025-4 Class D 4.95% <br> 1/15/32<br>| 875000 | 878197 |
| •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>| 500000 | 501281 |
| •TCW CLO Ltd. Series 2019-2A <br> Class D1R2 6.88% (3 mo. <br> USD Term SOFR + 3.00%) <br> 1/20/38<br>| 500000 | 497161 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
| Series 2024-A Class A3 4.83% <br> 10/16/28<br>| 835241 | $840659 |
| Series 2024-B Class A3 5.33% <br> 1/16/29<br>| 2609276 | 2636462 |
| •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>| 1500000 | 1500664 |
| Wheels Fleet Lease Funding 1 <br> LLC Series 2024-3A Class A1 <br> 4.80% 9/19/39<br>| 3492283 | 3529123 |
| •Zais CLO 16 Ltd. Series <br> 2020-16A Class A1R2 5.01% <br> (3 mo. USD Term SOFR + <br> 1.13%) 10/20/34<br>| 2300000 | 2296711 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $70,805,431)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $70,805,431)** | **71227267** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATION–0.02%** |
| •Radnor Re Ltd. Series 2024-1 <br> Class M1B 6.77% (30 day <br> USD SOFR Average + 2.90%) <br> 9/25/34<br>| 135142 | 136044 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligation** <br>**(Cost $135,142)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligation** <br>**(Cost $135,142)** | **136044** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.40%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.40%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.40%** |
| •1301 Trust Series 2025-1301 <br> Class A 5.06% 8/11/42<br>| 6800000 | 6863373 |
| Bank Series 2020-BN25 <br> Class A5 2.65% 1/15/63<br>| 4000000 | 3713332 |
| BBCMS Mortgage Trust Series <br> 2020-C7 Class A5 2.04% <br> 4/15/53<br>| 2000000 | 1802755 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| Series 2019-B15 Class A5 <br> 2.93% 12/15/72<br>| 5185000 | 4857627 |
| Series 2020-B17 Class A5 <br> 2.29% 3/15/53<br>| 8000000 | 7228636 |
| Series 2020-B18 Class A5 <br> 1.93% 7/15/53<br>| 2250000 | 1996972 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 5855000 | 5167261 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 2500000 | 2235727 |
| •Series 2022-B32 Class A5 <br> 3.00% 1/15/55<br>| 5000000 | 4475098 |
| Citigroup Commercial <br> Mortgage Trust Series <br> 2019-C7 Class A4 3.10% <br> 12/15/72<br>| 8000000 | 7609309 |

---

LVIP Nomura Diversified Floating Rate Fund-6

------

**LVIP Nomura Diversified Floating Rate 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)** |
| •MAD Commercial Mortgage <br> Trust Series 2025-11MD <br> Class A 4.75% 10/15/42<br>| 2175000 | $2172239 |
| Wells Fargo Commercial <br> Mortgage Trust Series <br> 2021-C61 Class A4 2.66% <br> 11/15/54<br>| 2780000 | 2498705 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $55,872,419)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $55,872,419)** | **50621034** |
| **ΔREGIONAL BONDS–2.72%** | **ΔREGIONAL BONDS–2.72%** | **ΔREGIONAL BONDS–2.72%** |
| **Canada—2.72%** | **Canada—2.72%** | **Canada—2.72%** |
| Province of British Columbia <br> Canada 4.20% 7/6/33<br>| 8500000 | 8437280 |
| Province of Manitoba Canada <br> 4.30% 7/27/33<br>| 8000000 | 7962678 |
| Province of Quebec Canada <br> 4.50% 4/3/29<br>| 5000000 | 5115494 |
|  |  | **21515452** |
| **Total Regional Bonds** <br>**(Cost $21,471,500)** | **Total Regional Bonds** <br>**(Cost $21,471,500)** | **21515452** |
| **ΔSOVEREIGN BONDS–2.38%** | **ΔSOVEREIGN BONDS–2.38%** | **ΔSOVEREIGN BONDS–2.38%** |
| **Australia—0.50%** | **Australia—0.50%** | **Australia—0.50%** |
| Export Finance & Insurance <br> Corp. 4.63% 10/26/27<br>| 3900000 | 3967743 |
|  |  | **3967743** |
| **Canada—1.88%** | **Canada—1.88%** | **Canada—1.88%** |
| OMERS Finance Trust 1.10% <br> 3/26/26<br>| 5000000 | 4967078 |
| Ontario Teachers' Finance <br> Trust 3.00% 4/13/27<br>| 10000000 | 9906562 |
|  |  | **14873640** |
| **Total Sovereign Bonds** <br>**(Cost $18,889,173)** | **Total Sovereign Bonds** <br>**(Cost $18,889,173)** | **18841383** |
| **SUPRANATIONAL BANKS–7.58%** | **SUPRANATIONAL BANKS–7.58%** | **SUPRANATIONAL BANKS–7.58%** |
| •Inter-American Development Bank | •Inter-American Development Bank | •Inter-American Development Bank |
| 4.03% (1 day USD SOFR <br> Index + 0.20%) 2/10/26<br>| 6000000 | 5999803 |
| 4.10% (1 day USD SOFR <br> Index + 0.36%) 6/10/31<br>| 7000000 | 6979700 |
| 4.12% (1 day USD SOFR <br> Index + 0.30%) 2/15/29<br>| 10000000 | 9983862 |
| •International Bank for Reconstruction & Development | •International Bank for Reconstruction & Development | •International Bank for Reconstruction & Development |
| 3.91% (1 day USD SOFR <br> Index + 0.18%) 6/15/26<br>| 12000000 | 12007080 |
| 4.09% (1 day USD SOFR <br> Index + 0.29%) 11/22/28<br>| 7000000 | 6989657 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| •International Bank for Reconstruction & Development (continued) | •International Bank for Reconstruction & Development (continued) | •International Bank for Reconstruction & Development (continued) |
| 4.12% (1 day USD SOFR <br> Index + 0.30%) 5/15/28<br>| 8000000 | $8009082 |
| 4.20% (1 day USD SOFR <br> Index + 0.37%) 2/11/31<br>| 10000000 | 9980900 |
| **Total Supranational Banks** <br>**(Cost $60,000,000)** | **Total Supranational Banks** <br>**(Cost $60,000,000)** | **59950084** |
| **U.S. TREASURY OBLIGATIONS–34.65%** | **U.S. TREASURY OBLIGATIONS–34.65%** | **U.S. TREASURY OBLIGATIONS–34.65%** |
| •U.S. Treasury Floating Rate Notes | •U.S. Treasury Floating Rate Notes | •U.S. Treasury Floating Rate Notes |
| 3.76% 4/30/27 (3 mo. <br> Treasury money market <br> yield + 0.16%)<br>| 197645000 | 197711624 |
| 3.79% 10/31/27 (3 mo. <br> Treasury money market <br> yield + 0.19%)<br>| 37000000 | 37025885 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.00% 11/15/35 | 24030000 | 23684569 |
| 4.63% 2/28/26 | 15635000 | 15655321 |
| **Total U.S. Treasury Obligations** <br>**(Cost $274,268,599)** | **Total U.S. Treasury Obligations** <br>**(Cost $274,268,599)** | **274077399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** | **COMMON STOCK–0.00%** |
| =†MNSN Holdings, Inc. | 852 | 50268 |
| **Total Common Stock** <br>**(Cost $0)** | **Total Common Stock** <br>**(Cost $0)** | **50268** |
| **PREFERRED STOCK–0.06%** | **PREFERRED STOCK–0.06%** | **PREFERRED STOCK–0.06%** |
| †SVB Financial Trust 11.00% <br> 11/7/29<br>| 971 | 462682 |
| **Total Preferred Stock** <br>**(Cost $547,485)** | **Total Preferred Stock** <br>**(Cost $547,485)** | **462682** |
| **MONEY MARKET FUND–1.56%** | **MONEY MARKET FUND–1.56%** | **MONEY MARKET FUND–1.56%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 12286767 | 12286767 |
| **Total Money Market Fund** <br>**(Cost $12,286,767)** | **Total Money Market Fund** <br>**(Cost $12,286,767)** | **12286767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT—6.04%** | **SHORT-TERM INVESTMENT—6.04%** | **SHORT-TERM INVESTMENT—6.04%** |
| **U.S. Treasury Obligations–6.04%** | **U.S. Treasury Obligations–6.04%** | **U.S. Treasury Obligations–6.04%** |
| ≠U.S. Treasury Bills 3.91% <br> 1/20/26 <br>| 47865000 | 47768183 |
| **Total Short-Term Investment** <br>**(Cost $47,768,183)**<br>|  | **47768183** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Nomura Diversified Floating Rate Fund-7

------

**LVIP Nomura Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.52% (Cost $782,853,400)** | **$779148354** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.48%** | **11739260** |
| **NET ASSETS APPLICABLE TO 80,336,095 SHARES OUTSTANDING–100.00%** | **$790887614** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA DIVERSIFIED FLOATING RATE FUND STANDARD CLASS** <br>**($81,995,909 / 8,325,982 Shares)** | **$9.848** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA DIVERSIFIED FLOATING RATE FUND SERVICE CLASS** <br>**($708,891,705 / 72,010,113 Shares)** | **$9.844** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$811519671** |
| Distributable earnings/(accumulated loss) | **(20632057)**<br>|
| **TOTAL NET ASSETS** | **$790887614** |

---

&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. |
| 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. |
| ✠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. |
| 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 $850,000 cash collateral held at broker for futures contracts, $5,547,902 cash collateral held at brokers for centrally cleared swap <br> contracts, $45,060 variation margin due from broker on futures contracts, $308,018 variation margin due from brokers on centrally cleared <br> swap contracts, $5,274,610 payable for securities purchased, $1,812,190 payable for fund shares redeemed, $28,280 other accrued expenses <br> payable, $214,286 payable for unfunded loan commitments, $539,791 due to manager and affiliates, $29,868 payable for audit fee and <br> $24,497 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts and swap 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:** |
| (130) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(14616875)<br>| &nbsp;&nbsp; $(14729313)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $112438 | &nbsp;&nbsp; $— |
| (57) | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; (6588844)<br>| &nbsp;&nbsp; (6682467)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 93623 | &nbsp;&nbsp; — |
| (33) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (3795515)<br>| &nbsp;&nbsp; (3821812)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 26297 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $232358 | &nbsp;&nbsp; $— |

---

LVIP Nomura Diversified Floating Rate Fund-8

------

**LVIP Nomura Diversified Floating Rate Fund**

**Statement of Net Assets (continued)**

**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** |  |  |  |  |  |  |  |  |  |
| 8190000 | 3.75 | SOFR12M | Receive | Annual | 5/9/35 | $29131 | $— | $29131 | $— |
| 6795000 | 4.56 | SOFR12M | Receive | Annual | 10/24/30 | (338882) |  |  | (338882) |
| 8585000 | 4.27 | SOFR12M | Receive | Annual | 11/13/28 | (222485) |  |  | (222485) |
| 19415000 | 3.52 | SOFR12M | Receive | Annual | 12/28/30 | (47787) |  |  | (47787) |
| 37820000 | 4.13 | SOFR12M | Receive | Annual | 6/12/31 | (1163505) |  |  | (1163505) |
| 30245000 | 4.74 | SOFR12M | Receive | Annual | 6/12/26 | (235468) |  |  | (235468) |
| 13075000 | 3.27 | SOFR12M | Receive | Annual | 9/30/31 | 199422 |  | 199422 |  |
| 12065000 | 3.51 | SOFR12M | Receive | Annual | 10/18/31 | 21338 |  | 21338 |  |
| 49175000 | 3.58 | SOFR12M | Receive | Annual | 7/29/28 | (177255) |  |  | (177255) |
| 6810000 | 3.61 | SOFR12M | Receive | Annual | 7/29/30 | (33712) |  |  | (33712) |
| 3485000 | 4.10 | SOFR12M | Receive | Annual | 7/29/40 | (22652) |  |  | (22652) |
| 23490000 | 3.74 | SOFR12M | Receive | Annual | 8/15/35 | 113635 |  | 113635 |  |
| 19280000 | 3.18 | SOFR12M | Receive | Annual | 9/11/28 | 128886 |  | 128886 |  |
| 19825000 | 0.72 | SOFR12M | Receive | Annual | 3/25/26 | 679491 |  | 679491 |  |
| 3605000 | 3.68 | SOFR12M | Receive | Annual | 6/13/28 | (19651) |  |  | (19651) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $— | $1171903 | $(2261397) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized <br> 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| IRS–Interest Rate Swap |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| STACR–Structured Agency Credit Risk |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura Diversified Floating Rate Fund-9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura Diversified Floating Rate Fund** | **LVIP Nomura Diversified Floating Rate Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $35834812 |
| Dividends | 677864 |
|  | 36512676 |
| **EXPENSES:** |  |
| Management fees | 4592074 |
| Distribution fees-Service Class | 1781076 |
| Shareholder servicing fees | 228946 |
| Accounting and administration expenses | 150390 |
| Professional fees | 79546 |
| Custodian fees | 42599 |
| Pricing fees | 28374 |
| Reports and statements to shareholders | 25825 |
| Trustees' fees and expenses | 22919 |
| Consulting fees | 8386 |
| Other | 19813 |
|  | 6979948 |
| Less:  |  |
| Management fees waived | (236840)<br>|
| Total operating expenses | 6743108 |
| **NET INVESTMENT INCOME**  | 29769568 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 74033 |
| Futures contracts | (2245789)<br>|
| Swap contracts | 6374613 |
| Net realized gain | 4202857 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 10072583 |
| Futures contracts | 156799 |
| Swap contracts | (8810485)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 1418897 |
| **NET REALIZED AND UNREALIZED GAIN** | 5621754 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $35391322 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura Diversified Floating Rate Fund** | **LVIP Nomura Diversified Floating Rate Fund** | **LVIP Nomura Diversified Floating Rate 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 | $29769568 | $32158474 |
| Net realized gain | 4202857 | 11109168 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 1418897 | 2501810 |
| Net increase in net assets resulting <br> from operations<br>| 35391322 | 45769452 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3238400)<br>| (3703777)<br>|
| Service Class | (26379769)<br>| (34863526)<br>|
|  | (29618169)<br>| (38567303)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 17266789 | 20658241 |
| Service Class | 70292707 | 98908660 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3238400 | 3703777 |
| Service Class | 26379769 | 34863526 |
|  | 117177665 | 158134204 |
| Cost of shares redeemed: |  |  |
| Standard Class | (15491297)<br>| (16368899)<br>|
| Service Class | (139359986)<br>| (102361472)<br>|
|  | (154851283)<br>| (118730371)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (37673618)<br>| 39403833 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (31900465)<br>| 46605982 |
| **NET ASSETS:** |  |  |
| Beginning of year | 822788079 | 776182097 |
| End of year | $790887614 | $822788079 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura Diversified Floating Rate Fund-10

------

**LVIP Nomura Diversified Floating Rate Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Diversified Floating Rate Fund Standard Class** | **LVIP Nomura Diversified Floating Rate Fund Standard Class** | **LVIP Nomura Diversified Floating Rate Fund Standard Class** | **LVIP Nomura Diversified Floating Rate Fund Standard Class** | **LVIP Nomura Diversified Floating Rate 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; $9.780 | &nbsp;&nbsp; $9.694 | &nbsp;&nbsp; $9.682 | &nbsp;&nbsp; $9.908 | &nbsp;&nbsp; $9.988 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.399 | 0.419 | 0.373 | 0.186 | 0.110 |
| Net realized and unrealized gain (loss) | 0.075 | 0.169 | 0.165 | &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.070)<br>|
| Total from investment operations | 0.474 | 0.588 | 0.538 | 0.010 | 0.040 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.406)<br>| &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.112)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.406)<br>| &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.526)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.120)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.848 | &nbsp;&nbsp; $9.780 | &nbsp;&nbsp; $9.694 | &nbsp;&nbsp; $9.682 | &nbsp;&nbsp; $9.908 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $81996 | &nbsp;&nbsp; $76568 | &nbsp;&nbsp; $67981 | &nbsp;&nbsp; $67448 | &nbsp;&nbsp; $64208 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &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; 3.99% | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.07% |
| Portfolio turnover | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 Nomura Diversified Floating Rate Fund-11

------

**LVIP Nomura Diversified Floating Rate Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Diversified Floating Rate Fund Service Class** | **LVIP Nomura Diversified Floating Rate Fund Service Class** | **LVIP Nomura Diversified Floating Rate Fund Service Class** | **LVIP Nomura Diversified Floating Rate Fund Service Class** | **LVIP Nomura Diversified Floating Rate 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; $9.776 | &nbsp;&nbsp; $9.691 | &nbsp;&nbsp; $9.679 | &nbsp;&nbsp; $9.904 | &nbsp;&nbsp; $9.985 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.373 | 0.393 | 0.347 | 0.162 | 0.085 |
| Net realized and unrealized gain (loss) | 0.075 | 0.168 | 0.165 | &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.071)<br>|
| Total from investment operations | 0.448 | 0.561 | 0.512 | &nbsp;&nbsp; (0.014)<br>| 0.014 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.476)<br>| &nbsp;&nbsp; (0.493)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.089)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.476)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.095)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.844 | &nbsp;&nbsp; $9.776 | &nbsp;&nbsp; $9.691 | &nbsp;&nbsp; $9.679 | &nbsp;&nbsp; $9.904 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; 0.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $708892 | &nbsp;&nbsp; $746220 | &nbsp;&nbsp; $708201 | &nbsp;&nbsp; $732859 | &nbsp;&nbsp; $803024 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 3.94% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 0.85% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 0.82% |
| Portfolio turnover | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 Nomura Diversified Floating Rate Fund-12

------

**LVIP Nomura Diversified Floating Rate 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 Nomura Diversified Floating Rate Fund (formerly, LVIP Macquarie Diversified Floating Rate 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.

**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. 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.

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 Nomura Diversified Floating Rate Fund-13

------

**LVIP Nomura Diversified Floating Rate 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. Interest income is recorded on an 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 0.60% of the first $500 million of the Fund's average daily net assets; and 0.55% 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: 0.03% on the first $2 billion of the Fund's average daily net assets and 0.05% of the Fund's average daily net assets in excess of $2 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.

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (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 NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $65550 |
| Legal | &nbsp;&nbsp; 10860 |

---

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 $13,979 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

LVIP Nomura Diversified Floating Rate Fund-14

------

**LVIP Nomura Diversified Floating Rate 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)**

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; $369944 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 150400 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 19447 |

---

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; $262032463 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 618428244 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 420539962 |
| Sales of U.S. government securities | &nbsp;&nbsp; 495898378 |

---

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; $782867093 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $3341863 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (8891910)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(5550047)<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 Nomura Diversified Floating Rate Fund-15

------

**LVIP Nomura Diversified Floating Rate 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; $14510111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14510111 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6139043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6139043 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 62883214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62883214 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 105527405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105527405 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 31696598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31696598 |
| Municipal Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; 1455420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1455420 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 71227267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71227267 |
| Non-Agency Collateralized Mortgage Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 136044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 136044 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 50621034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50621034 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 21515452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21515452 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18841383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18841383 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 59950084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59950084 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 274077399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274077399 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50268 | &nbsp;&nbsp; 50268 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 462682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 462682 |
| Money Market Fund | &nbsp;&nbsp; 12286767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12286767 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 47768183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47768183 |
| **Total Investments** | &nbsp;&nbsp; $12286767 | &nbsp;&nbsp; $766811319 | &nbsp;&nbsp; $50268 | &nbsp;&nbsp; $779148354 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $232358 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232358 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1171903 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1171903 |
| **Liabilities:** |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2261397)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2261397)<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 and passive foreign investment companies ("PFICs"), 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; $29618169 | &nbsp;&nbsp; $38567303 |

---

**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; $3881004 |
| Capital loss carryforward | &nbsp;&nbsp; (18934828)<br>|
| Other temporary differences | &nbsp;&nbsp; (28186)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (5550047)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(20632057)<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 Nomura Diversified Floating Rate Fund-16

------

**LVIP Nomura Diversified Floating Rate 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)** |
| **Long-Term**  | **Total**  |
| $18934828 | &nbsp;&nbsp; $18934828 |

---

**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; 1727468 | &nbsp;&nbsp; 2077778 |
| Service Class | &nbsp;&nbsp; 7040177 | &nbsp;&nbsp; 9940420 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 329210 | &nbsp;&nbsp; 379214 |
| Service Class | &nbsp;&nbsp; 2682771 | &nbsp;&nbsp; 3570619 |
|  | &nbsp;&nbsp; 11779626 | &nbsp;&nbsp; 15968031 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1560112)<br>| &nbsp;&nbsp; (1640025)<br>|
| Service Class | &nbsp;&nbsp; (14046210)<br>| &nbsp;&nbsp; (10255137)<br>|
|  | &nbsp;&nbsp; (15606322)<br>| &nbsp;&nbsp; (11895162)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3826696)<br>| &nbsp;&nbsp; 4072869 |

---

**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.

LVIP Nomura Diversified Floating Rate Fund-17

------

**LVIP Nomura Diversified Floating Rate 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)**

Swap Contracts–The Fund enters into interest rate swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

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.

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.

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** |
| Futures contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $232358 | Receivables and other assets net of <br> liabilities<br>| $— |
| Swap contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 1171903 | Receivables and other assets net of <br> liabilities<br>| (2261397)<br>|
| Total |  | $1404261 |  | $(2261397)<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 (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; $(2245789)<br>| &nbsp;&nbsp; $156799 |
| 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; 6374613 | &nbsp;&nbsp; (8810485)<br>|
| Total |  | &nbsp;&nbsp; $4128824 | &nbsp;&nbsp; $(8653686)<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) | $2280052 | $26697951 |
| Interest rate swap contracts (average notional value)\* | 125085769 | 181972692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

LVIP Nomura Diversified Floating Rate Fund-18

------

**LVIP Nomura Diversified Floating Rate 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)**

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.

**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.

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.

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 Nomura Diversified Floating Rate Fund-19

------

**LVIP Nomura Diversified Floating Rate 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 Nomura Diversified Floating Rate Fund-20

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura Diversified Floating Rate Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura Diversified Floating Rate Fund (formerly, LVIP Macquarie Diversified Floating Rate 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.

![](imge4e078cb2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura Diversified Floating Rate Fund–21

------

![](img0c2531ef1.jpg)

LVIP Nomura High Yield Fund

(formerly, LVIP Macquarie High Yield Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura High Yield Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_SOI-continued-456_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_FS-continued-456_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_FS-continued-456_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_FIHI-continued-456_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_NTF-continued-456_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ad572426-5b9c-4628-9fa6-b465358a9a5c_AUDIT-continued-456_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP Nomura 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>|
| **CORPORATE BONDS–87.14%** | **CORPORATE BONDS–87.14%** | **CORPORATE BONDS–87.14%** |
| **Advertising–1.30%** | **Advertising–1.30%** | **Advertising–1.30%** |
| Clear Channel Outdoor <br> Holdings, Inc. 7.50% 3/15/33<br>| 430000 | $454205 |
| CMG Media Corp. 8.88% <br> 6/18/29<br>| 920000 | 790335 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>| 865000 | 843503 |
|  |  | **2088043** |
| **Aerospace & Defense–1.99%** | **Aerospace & Defense–1.99%** | **Aerospace & Defense–1.99%** |
| Bombardier, Inc. |  |  |
| 7.00% 6/1/32 | 65000 | 68682 |
| 7.25% 7/1/31 | 395000 | 420931 |
| 8.75% 11/15/30 | 695000 | 750884 |
| Goat Holdco LLC 6.75% <br> 2/1/32<br>| 385000 | 395420 |
| TransDigm, Inc. |  |  |
| 6.63% 3/1/32 | 180000 | 187275 |
| 6.88% 12/15/30 | 1320000 | 1381389 |
|  |  | **3204581** |
| **Apparel–0.35%** | **Apparel–0.35%** | **Apparel–0.35%** |
| William Carter Co. 7.38% <br> 2/15/31<br>| 550000 | 568646 |
|  |  | **568646** |
| **Auto Parts & Equipment–3.17%** | **Auto Parts & Equipment–3.17%** | **Auto Parts & Equipment–3.17%** |
| American Axle & <br> Manufacturing, Inc. 6.38% <br> 10/15/32<br>| 560000 | 570337 |
| Clarios Global LP/Clarios <br> U.S. Finance Co.<br>|  |  |
| 6.75% 2/15/30 | 622000 | 649250 |
| 6.75% 9/15/32 | 555000 | 575531 |
| Garrett Motion Holdings, <br> Inc./Garrett LX I SARL <br> 7.75% 5/31/32<br>| 1235000 | 1312643 |
| Goodyear Tire & Rubber Co. <br> 5.25% 7/15/31<br>| 830000 | 787345 |
| Phinia, Inc. 6.63% 10/15/32 | 410000 | 424532 |
| ZF North America Capital, <br> Inc. 6.75% 4/23/30<br>| 795000 | 785596 |
|  |  | **5105234** |
| **Banks–4.12%** | **Banks–4.12%** | **Banks–4.12%** |
| μBanco Santander SA 8.00% <br> 2/1/34<br>| 1200000 | 1324651 |
| μBank of Montreal 7.70% <br> 5/26/84<br>| 585000 | 621100 |
| μBarclays PLC 7.63% 3/15/35 | 1255000 | 1339050 |
| μNordea Bank Abp 6.75% <br> 11/10/33<br>| 795000 | 816273 |
| μRoyal Bank of Canada 6.50% <br> 11/24/85<br>| 800000 | 796742 |
| μToronto-Dominion Bank <br> 6.35% 10/31/85<br>| 800000 | 811125 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μUBS Group AG |  |  |
| 6.85% 9/10/29 | 200000 | $204505 |
| 7.13% 8/10/34 | 700000 | 717335 |
|  |  | **6630781** |
| **Biotechnology–0.50%** | **Biotechnology–0.50%** | **Biotechnology–0.50%** |
| Genmab AS/Genmab <br> Finance LLC 6.25% 12/15/32<br>| 790000 | 809629 |
|  |  | **809629** |
| **Building Materials–1.60%** | **Building Materials–1.60%** | **Building Materials–1.60%** |
| AmeriTex HoldCo <br> Intermediate LLC 7.63% <br> 8/15/33<br>| 395000 | 416194 |
| Quikrete Holdings, Inc. 6.75% <br> 3/1/33<br>| 835000 | 871983 |
| Standard Building Solutions, <br> Inc. 6.50% 8/15/32<br>| 835000 | 859654 |
| Standard Industries, Inc. <br> 3.38% 1/15/31<br>| 475000 | 435183 |
|  |  | **2583014** |
| **Chemicals–2.25%** | **Chemicals–2.25%** | **Chemicals–2.25%** |
| Celanese U.S. Holdings LLC |  |  |
| 6.50% 4/15/30 | 63000 | 63315 |
| 6.75% 4/15/33 | 519000 | 516277 |
| 7.00% 2/15/31 | 515000 | 527290 |
| Cerdia Finanz GmbH 9.38% <br> 10/3/31<br>| 845000 | 873519 |
| Olin Corp. 6.63% 4/1/33 | 620000 | 615331 |
| Olympus Water U.S. Holding <br> Corp.<br>|  |  |
| 7.25% 6/15/31 | 200000 | 204601 |
| 7.25% 2/15/33 | 825000 | 829077 |
|  |  | **3629410** |
| **Commercial Services–5.08%** | **Commercial Services–5.08%** | **Commercial Services–5.08%** |
| ADT Security Corp. 4.13% <br> 8/1/29<br>| 970000 | 946057 |
| Albion Financing 1 <br> SARL/Aggreko Holdings, <br> Inc. 7.00% 5/21/30<br>| 385000 | 401829 |
| AMN Healthcare, Inc. 6.50% <br> 1/15/31<br>| 564000 | 564105 |
| Cimpress PLC 7.38% 9/15/32 | 585000 | 596702 |
| Herc Holdings, Inc. |  |  |
| 6.00% 3/15/34 | 401000 | 406344 |
| 7.00% 6/15/30 | 255000 | 268369 |
| 7.25% 6/15/33 | 175000 | 185567 |
| ION Platform Finance U.S., <br> Inc. 7.88% 9/30/32<br>| 800000 | 759086 |
| Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc. 5.75% 4/15/26<br>| 30000 | 30011 |

---

LVIP Nomura High Yield Fund-1

------

**LVIP Nomura 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)** |
| Raven Acquisition <br> Holdings LLC 6.88% <br> 11/15/31<br>| 755000 | $777907 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 1190000 | 1228666 |
| Synergy Infrastructure <br> Holdings LLC 7.88% 12/1/30<br>| 319000 | 330715 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 788000 | 833960 |
| Williams Scotsman, Inc. <br> 6.63% 4/15/30<br>| 820000 | 847543 |
|  |  | **8176861** |
| **Computers–1.65%** | **Computers–1.65%** | **Computers–1.65%** |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 1070000 | 1127870 |
| CACI International, Inc. <br> 6.38% 6/15/33<br>| 1034000 | 1069858 |
| Seagate Data Storage <br> Technology Pte. Ltd. 5.75% <br> 12/1/34<br>| 450000 | 461193 |
|  |  | **2658921** |
| **Cosmetics & Personal Care–0.46%** | **Cosmetics & Personal Care–0.46%** | **Cosmetics & Personal Care–0.46%** |
| Opal Bidco SAS 6.50% <br> 3/31/32<br>| 725000 | 742559 |
|  |  | **742559** |
| **Distribution/Wholesale–0.45%** | **Distribution/Wholesale–0.45%** | **Distribution/Wholesale–0.45%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 705000 | 721591 |
|  |  | **721591** |
| **Diversified Financial Services–4.35%** | **Diversified Financial Services–4.35%** | **Diversified Financial Services–4.35%** |
| μAir Lease Corp. 4.65% 6/15/26 | 905000 | 892665 |
| Azorra Finance Ltd. 7.75% <br> 4/15/30<br>| 860000 | 908090 |
| CrossCountry Intermediate <br> HoldCo LLC 6.50% 10/1/30<br>| 805000 | 821097 |
| Focus Financial Partners LLC <br> 6.75% 9/15/31<br>| 810000 | 832776 |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp. 6.63% <br> 10/15/31<br>| 800000 | 787256 |
| OneMain Finance Corp. |  |  |
| 6.63% 5/15/29 | 581000 | 601767 |
| 6.75% 9/15/33 | 382000 | 386824 |
| 7.13% 9/15/32 | 192000 | 199473 |
| PennyMac Financial Services, <br> Inc.<br>|  |  |
| 6.88% 5/15/32 | 395000 | 413524 |
| 6.88% 2/15/33 | 590000 | 615932 |
| UWM Holdings LLC 6.25% <br> 3/15/31<br>| 546000 | 545130 |
|  |  | **7004534** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric–3.28%** | **Electric–3.28%** | **Electric–3.28%** |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 6.38% <br> 2/15/32<br>| 568000 | $568937 |
| Hawaiian Electric Co., Inc. <br> 6.00% 10/1/33<br>| 479000 | 485674 |
| Lightning Power LLC 7.25% <br> 8/15/32<br>| 1010000 | 1073984 |
| NRG Energy, Inc. 6.00% <br> 1/15/36<br>| 850000 | 861257 |
| μVistra Corp. |  |  |
| 7.00% 12/15/26 | 795000 | 808884 |
| 8.00% 10/15/26 | 760000 | 779108 |
| Vistra Operations Co. LLC <br> 6.95% 10/15/33<br>| 625000 | 696461 |
|  |  | **5274305** |
| **Electronics–0.39%** | **Electronics–0.39%** | **Electronics–0.39%** |
| Sensata Technologies BV <br> 4.00% 4/15/29<br>| 637000 | 621516 |
|  |  | **621516** |
| **Engineering & Construction–0.53%** | **Engineering & Construction–0.53%** | **Engineering & Construction–0.53%** |
| Arcosa, Inc. 6.88% 8/15/32 | 805000 | 848574 |
|  |  | **848574** |
| **Entertainment–1.50%** | **Entertainment–1.50%** | **Entertainment–1.50%** |
| Caesars Entertainment, Inc. |  |  |
| 6.00% 10/15/32 | 845000 | 821719 |
| 6.50% 2/15/32 | 390000 | 399525 |
| 7.00% 2/15/30 | 560000 | 579968 |
| Six Flags Entertainment <br> Corp./Six Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co. 6.63% <br> 5/1/32<br>| 605000 | 610091 |
|  |  | **2411303** |
| **Food–0.51%** | **Food–0.51%** | **Food–0.51%** |
| Fiesta Purchaser, Inc. |  |  |
| 7.88% 3/1/31 | 398000 | 415075 |
| 9.63% 9/15/32 | 385000 | 403486 |
|  |  | **818561** |
| **Forest Products & Paper–0.87%** | **Forest Products & Paper–0.87%** | **Forest Products & Paper–0.87%** |
| Magnera Corp. 7.25% <br> 11/15/31<br>| 1422000 | 1395921 |
|  |  | **1395921** |
| **Health Care Products–0.53%** | **Health Care Products–0.53%** | **Health Care Products–0.53%** |
| Avantor Funding, Inc. 3.88% <br> 11/1/29<br>| 885000 | 846286 |
|  |  | **846286** |

---

LVIP Nomura High Yield Fund-2

------

**LVIP Nomura 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–4.59%** | **Health Care Services–4.59%** | **Health Care Services–4.59%** |
| Acadia Healthcare Co., Inc. <br> 7.38% 3/15/33<br>| 830000 | $838303 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 955000 | 850795 |
| 6.13% 4/1/30 | 200000 | 160246 |
| 6.88% 4/15/29 | 200000 | 178000 |
| 9.75% 1/15/34 | 580000 | 609191 |
| DaVita, Inc. |  |  |
| 3.75% 2/15/31 | 490000 | 452698 |
| 4.63% 6/1/30 | 480000 | 466747 |
| Global Medical Response, <br> Inc. 7.38% 10/1/32<br>| 674000 | 700538 |
| Molina Healthcare, Inc. 6.50% <br> 2/15/31<br>| 560000 | 575137 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 825000 | 834461 |
| Tenet Healthcare Corp. 5.50% <br> 11/15/32<br>| 1697000 | 1720268 |
|  |  | **7386384** |
| **Home Builders–0.63%** | **Home Builders–0.63%** | **Home Builders–0.63%** |
| Forestar Group, Inc. 6.50% <br> 3/15/33<br>| 405000 | 413037 |
| K Hovnanian Enterprises, Inc. <br> 8.00% 4/1/31<br>| 596000 | 608258 |
|  |  | **1021295** |
| **Insurance–3.13%** | **Insurance–3.13%** | **Insurance–3.13%** |
| Acrisure LLC/Acrisure <br> Finance, Inc. 6.75% 7/1/32<br>| 770000 | 793183 |
| Amynta Agency Borrower, <br> Inc. & Amynta Warranty <br> Borrower, Inc. 7.50% <br> 7/15/33<br>| 593000 | 599936 |
| Ardonagh Finco Ltd. 7.75% <br> 2/15/31<br>| 945000 | 990695 |
| Howden U.K. Refinance <br> PLC/Howden U.K. Refinance <br> 2 PLC/Howden <br> U.S. Refinance LLC<br>|  |  |
| 7.25% 2/15/31 | 525000 | 540647 |
| 8.13% 2/15/32 | 480000 | 495520 |
| HUB International Ltd. 7.38% <br> 1/31/32<br>| 410000 | 430317 |
| Jones Deslauriers Insurance <br> Management, Inc.<br>|  |  |
| 6.88% 10/1/33 | 775000 | 748334 |
| 8.50% 3/15/30 | 412000 | 431821 |
|  |  | **5030453** |
| **Internet–0.83%** | **Internet–0.83%** | **Internet–0.83%** |
| Arches Buyer, Inc. 6.13% <br> 12/1/28<br>| 490000 | 477990 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Snap, Inc. 6.88% 3/1/33 | 835000 | $865265 |
|  |  | **1343255** |
| **Iron & Steel–2.17%** | **Iron & Steel–2.17%** | **Iron & Steel–2.17%** |
| Carpenter Technology Corp. <br> 5.63% 3/1/34<br>| 756000 | 767888 |
| Cleveland-Cliffs, Inc. 7.00% <br> 3/15/32<br>| 1130000 | 1158251 |
| Commercial Metals Co. 6.00% <br> 12/15/35<br>| 1521000 | 1559262 |
|  |  | **3485401** |
| **Leisure Time–1.96%** | **Leisure Time–1.96%** | **Leisure Time–1.96%** |
| Carnival Corp. 6.13% 2/15/33 | 609000 | 628847 |
| Life Time, Inc. 6.00% <br> 11/15/31<br>| 835000 | 855467 |
| Lindblad Expeditions LLC <br> 7.00% 9/15/30<br>| 392000 | 408926 |
| Royal Caribbean Cruises Ltd. <br> 5.50% 4/1/28<br>| 1239000 | 1261195 |
|  |  | **3154435** |
| **Lodging–0.54%** | **Lodging–0.54%** | **Lodging–0.54%** |
| Boyd Gaming Corp. 4.75% <br> 6/15/31<br>| 895000 | 874404 |
|  |  | **874404** |
| **Machinery Construction & Mining–1.05%** | **Machinery Construction & Mining–1.05%** | **Machinery Construction & Mining–1.05%** |
| Manitowoc Co., Inc. 9.25% <br> 10/1/31<br>| 815000 | 875392 |
| Terex Corp. 6.25% 10/15/32 | 795000 | 815631 |
|  |  | **1691023** |
| **Machinery Diversified–0.49%** | **Machinery Diversified–0.49%** | **Machinery Diversified–0.49%** |
| Esab Corp. 6.25% 4/15/29 | 770000 | 791727 |
|  |  | **791727** |
| **Media–6.58%** | **Media–6.58%** | **Media–6.58%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.50% 8/15/30 | 1215000 | 1143937 |
| 4.50% 5/1/32 | 230000 | 206434 |
| 5.38% 6/1/29 | 765000 | 756371 |
| 6.38% 9/1/29 | 830000 | 841409 |
| CSC Holdings LLC |  |  |
| 4.50% 11/15/31 | 625000 | 381250 |
| 5.00% 11/15/31 | 655000 | 231231 |
| Gray Media, Inc. |  |  |
| 5.38% 11/15/31 | 1075000 | 806110 |
| 7.25% 8/15/33 | 340000 | 347422 |
| McGraw-Hill Education, Inc. <br> 7.38% 9/1/31<br>| 989000 | 1043451 |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 790000 | 808664 |

---

LVIP Nomura High Yield Fund-3

------

**LVIP Nomura 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% <br> 11/1/28<br>| 640000 | $635357 |
| Sirius XM Radio LLC |  |  |
| 4.00% 7/15/28 | 920000 | 899361 |
| 4.13% 7/1/30 | 955000 | 908269 |
| Univision Communications, <br> Inc. 7.38% 6/30/30<br>| 865000 | 879226 |
| Versant Media Group, Inc. <br> 7.25% 1/30/31<br>| 153000 | 157848 |
| VZ Secured Financing BV <br> 5.00% 1/15/32<br>| 595000 | 538447 |
|  |  | **10584787** |
| **Mining–4.25%** | **Mining–4.25%** | **Mining–4.25%** |
| Alumina Pty. Ltd. 6.13% <br> 3/15/30<br>| 580000 | 599086 |
| Arsenal AIC Parent LLC <br> 8.00% 10/1/30<br>| 1140000 | 1209723 |
| Capstone Copper Corp. 6.75% <br> 3/31/33<br>| 1037000 | 1076350 |
| Constellium SE 6.38% 8/15/32 | 1250000 | 1290026 |
| Fortescue Treasury Pty. Ltd. <br> 5.88% 4/15/30<br>| 685000 | 704426 |
| Novelis Corp. |  |  |
| 3.88% 8/15/31 | 195000 | 177735 |
| 4.75% 1/30/30 | 1850000 | 1787101 |
|  |  | **6844447** |
| **Miscellaneous Manufacturing–1.48%** | **Miscellaneous Manufacturing–1.48%** | **Miscellaneous Manufacturing–1.48%** |
| Amsted Industries, Inc. 6.38% <br> 3/15/33<br>| 585000 | 602542 |
| Enpro, Inc. 6.13% 6/1/33 | 890000 | 918387 |
| Entegris, Inc. |  |  |
| 4.75% 4/15/29 | 437000 | 437954 |
| 5.95% 6/15/30 | 410000 | 418204 |
|  |  | **2377087** |
| **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** | **Office Business Equipment–0.15%** |
| Zebra Technologies Corp. <br> 6.50% 6/1/32<br>| 235000 | 242925 |
|  |  | **242925** |
| **Oil & Gas–5.00%** | **Oil & Gas–5.00%** | **Oil & Gas–5.00%** |
| Civitas Resources, Inc. 8.63% <br> 11/1/30<br>| 765000 | 801766 |
| Crescent Energy Finance LLC <br> 8.38% 1/15/34<br>| 354000 | 351642 |
| Gulfport Energy Operating <br> Corp. 6.75% 9/1/29<br>| 840000 | 867452 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 4/15/30 | 1080000 | 1049440 |
| 6.00% 2/1/31 | 469000 | 445846 |
| 6.25% 4/15/32 | 128000 | 120497 |
| Matador Resources Co. 6.25% <br> 4/15/33<br>| 590000 | 590785 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Murphy Oil Corp. 6.00% <br> 10/1/32<br>| 322000 | $321671 |
| Nabors Industries, Inc. |  |  |
| 7.63% 11/15/32 | 415000 | 407894 |
| 8.88% 8/15/31 | 157000 | 152304 |
| Noble Finance II LLC 8.00% <br> 4/15/30<br>| 625000 | 649321 |
| Permian Resources <br> Operating LLC 7.00% <br> 1/15/32<br>| 535000 | 557650 |
| SM Energy Co. 6.75% 8/1/29 | 290000 | 292129 |
| Sunoco LP 7.25% 5/1/32 | 460000 | 486375 |
| Transocean International Ltd. |  |  |
| 7.88% 10/15/32 | 739000 | 771812 |
| 8.50% 5/15/31 | 180000 | 178295 |
|  |  | **8044879** |
| **Oil & Gas Services–1.22%** | **Oil & Gas Services–1.22%** | **Oil & Gas Services–1.22%** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance Corp. <br> 6.63% 9/1/32<br>| 820000 | 845711 |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.25% 10/1/33 | 778000 | 787328 |
| 7.13% 3/15/29 | 320000 | 331236 |
|  |  | **1964275** |
| **Packaging & Containers–3.10%** | **Packaging & Containers–3.10%** | **Packaging & Containers–3.10%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC 6.25% 1/30/31<br>| 535000 | 547185 |
| Clydesdale Acquisition <br> Holdings, Inc. 8.75% 4/15/30<br>| 1131000 | 1149864 |
| Mauser Packaging Solutions <br> Holding Co.<br>|  |  |
| 7.88% 4/15/30 | 560000 | 555582 |
| 9.25% 4/15/30 | 1317000 | 1264320 |
| Sealed Air Corp. 6.50% <br> 7/15/32<br>| 300000 | 311213 |
| Sealed Air Corp./Sealed Air <br> Corp. U.S. 7.25% 2/15/31<br>| 200000 | 208268 |
| Trivium Packaging Finance <br> BV<br>|  |  |
| 8.25% 7/15/30 | 531000 | 569225 |
| 12.25% 1/15/31 | 357000 | 387358 |
|  |  | **4993015** |
| **Pharmaceuticals–1.11%** | **Pharmaceuticals–1.11%** | **Pharmaceuticals–1.11%** |
| Cheplapharm Arzneimittel <br> GmbH 5.50% 1/15/28<br>| 413000 | 407344 |
| Grifols SA 4.75% 10/15/28 | 610000 | 602433 |

---

LVIP Nomura High Yield Fund-4

------

**LVIP Nomura 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)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV <br> 5.13% 4/30/31<br>| 945000 | $782644 |
|  |  | **1792421** |
| **Pipelines–3.31%** | **Pipelines–3.31%** | **Pipelines–3.31%** |
| Genesis Energy LP/Genesis <br> Energy Finance Corp.<br>|  |  |
| 7.75% 2/1/28 | 405000 | 406667 |
| 7.88% 5/15/32 | 195000 | 203270 |
| NGL Energy <br> Operating LLC/NGL Energy <br> Finance Corp. 8.38% 2/15/32<br>| 790000 | 818096 |
| NuStar Logistics LP |  |  |
| 6.00% 6/1/26 | 642000 | 643308 |
| 6.38% 10/1/30 | 586000 | 616764 |
| Rockies Express Pipeline LLC <br> 6.75% 3/15/33<br>| 618000 | 652188 |
| Venture Global LNG, Inc. |  |  |
| 7.00% 1/15/30 | 405000 | 389784 |
| 8.38% 6/1/31 | 780000 | 775652 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 6.13% 12/15/30 | 375000 | 381879 |
| 7.50% 5/1/33 | 410000 | 443006 |
|  |  | **5330614** |
| **Real Estate Investment Trusts–1.05%** | **Real Estate Investment Trusts–1.05%** | **Real Estate Investment Trusts–1.05%** |
| Millrose Properties, Inc. <br> 6.38% 8/1/30<br>| 594000 | 607795 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp. 6.50% 6/15/33<br>| 775000 | 805641 |
| Starwood Property Trust, Inc. <br> 6.50% 7/1/30<br>| 261000 | 272251 |
|  |  | **1685687** |
| **Retail–3.35%** | **Retail–3.35%** | **Retail–3.35%** |
| Asbury Automotive Group, <br> Inc.<br>|  |  |
| 4.63% 11/15/29 | 220000 | 216293 |
| 4.75% 3/1/30 | 660000 | 650623 |
| Bath & Body Works, Inc. |  |  |
| 6.88% 11/1/35 | 590000 | 596884 |
| 6.95% 3/1/33 | 431000 | 427934 |
| Carvana Co. 9.00% 6/1/30 | 308850 | 323717 |
| Murphy Oil USA, Inc. 3.75% <br> 2/15/31<br>| 920000 | 863479 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 199000 | 207839 |
| Victra Holdings LLC/Victra <br> Finance Corp. 8.75% 9/15/29<br>| 630000 | 664655 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| White Cap Supply <br> Holdings LLC 7.38% <br> 11/15/30<br>| 1393000 | $1440952 |
|  |  | **5392376** |
| **Software–1.93%** | **Software–1.93%** | **Software–1.93%** |
| AthenaHealth Group, Inc. <br> 6.50% 2/15/30<br>| 420000 | 418736 |
| Capstone Borrower, Inc. <br> 8.00% 6/15/30<br>| 481000 | 495417 |
| Cloud Software Group, Inc. <br> 6.50% 3/31/29<br>| 2170000 | 2198401 |
|  |  | **3112554** |
| **Telecommunications–3.80%** | **Telecommunications–3.80%** | **Telecommunications–3.80%** |
| Cipher Compute LLC 7.13% <br> 11/15/30<br>| 239000 | 243417 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>| 875000 | 928147 |
| Digicel International Finance <br> Ltd./Difl U.S. LLC 8.63% <br> 8/1/32<br>| 200000 | 207489 |
| Iliad Holding SAS 8.50% <br> 4/15/31<br>| 1210000 | 1302261 |
| μRogers Communications, Inc. <br> 7.13% 4/15/55<br>| 715000 | 752889 |
| Sable International Finance <br> Ltd. 7.13% 10/15/32<br>| 845000 | 855070 |
| Vmed O2 U.K. Financing I <br> PLC 4.75% 7/15/31<br>| 1000000 | 923214 |
| Windstream Services LLC <br> 7.50% 10/15/33<br>| 575000 | 589437 |
| WULF Compute LLC 7.75% <br> 10/15/30<br>| 309000 | 318347 |
|  |  | **6120271** |
| **Trucking & Leasing–0.54%** | **Trucking & Leasing–0.54%** | **Trucking & Leasing–0.54%** |
| FTAI Aviation Investors LLC <br> 7.00% 6/15/32<br>| 820000 | 862028 |
|  |  | **862028** |
| **Total Corporate Bonds** <br>**(Cost $137,940,493)** | **Total Corporate Bonds** <br>**(Cost $137,940,493)** | **140266013** |
| **LOAN AGREEMENTS–5.37%** | **LOAN AGREEMENTS–5.37%** | **LOAN AGREEMENTS–5.37%** |
| •Applied Systems, Inc. 8.17% <br> (3 mo. USD Term SOFR + <br> 4.50%) 2/23/32<br>| 763000 | 774208 |
| •Bausch & Lomb Corp. 7.97% <br> (1 mo. USD Term SOFR + <br> 4.25%) 1/15/31<br>| 743084 | 749772 |
| •Clarios Global LP 6.47% (1 <br> mo. USD Term SOFR + <br> 2.75%) 1/28/32<br>| 314212 | 315391 |

---

LVIP Nomura High Yield Fund-5

------

**LVIP Nomura 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)** |
| Clover Holdings 2 LLC 7.75% <br> 12/9/31<br>| 915400 | $910823 |
| •Clydesdale Acquisition <br> Holdings, Inc. 6.97% (1 mo. <br> USD Term SOFR + 3.25%) <br> 4/1/32<br>| 110963 | 110814 |
| •CommScope, Inc. 8.47% (1 <br> mo. USD Term SOFR + <br> 4.75%) 12/17/29<br>| 400000 | 400188 |
| Cotiviti Corp. 7.63% 5/1/31 | 806000 | 779305 |
| •Flynn Restaurant Group LP <br> 7.47% (1 mo. USD Term <br> SOFR + 3.75%) 1/28/32<br>| 458535 | 460039 |
| •Form Technologies LLC 9.62% <br> (3 mo. USD Term SOFR + <br> 5.75%) 7/19/30<br>| 362180 | 324604 |
| •Heartland Dental LLC 8.82% <br> (1 mo. USD Term SOFR + <br> 3.75%) 8/25/32<br>| 1226364 | 1230546 |
| •Hunter Douglas, Inc. 6.67% (3 <br> mo. USD Term SOFR + <br> 3.00%) 1/20/32<br>| 378486 | 379906 |
| •INEOS Quattro Holdings U.K. <br> Ltd. 7.97% (1 mo. USD Term <br> SOFR + 4.25%) 10/7/31<br>| 397000 | 263012 |
| •Instructure Holdings, Inc. <br> 8.84% (3 mo. USD Term <br> SOFR + 5.00%) 11/12/32<br>| 296000 | 296000 |
| •Scientific Games Holdings LP <br> 6.93% (3 mo. USD Term <br> SOFR + 3.00%) 4/4/29<br>| 402691 | 395092 |
| •Staples, Inc. 9.60% (3 mo. <br> USD Term SOFR + 5.75%) <br> 9/4/29<br>| 844312 | 799851 |
| •Univision Communications, <br> Inc. 7.92% (3 mo. USD Term <br> SOFR + 4.25%) 6/24/29<br>| 69825 | 69807 |
| USALCO LLC | USALCO LLC | USALCO LLC |
| ✠0.00% 9/30/31 | 35962 | 36085 |
| •7.22% (1 mo. USD Term <br> SOFR + 3.50%) 9/30/31<br>| 345557 | 346746 |
| **Total Loan Agreements** <br>**(Cost $8,836,447)** | **Total Loan Agreements** <br>**(Cost $8,836,447)** | **8642189** |
| **NON-AGENCY ASSET-BACKED SECURITIES–3.29%** | **NON-AGENCY ASSET-BACKED SECURITIES–3.29%** | **NON-AGENCY ASSET-BACKED SECURITIES–3.29%** |
| •AGL CLO 3 Ltd. Series <br> 2020-3A Class ER 9.15% (3 <br> mo. USD Term SOFR + <br> 5.25%) 4/15/38<br>| 250000 | 231281 |
| •AIMCO CLO 19 Ltd. Series <br> 2024-19A Class E 8.88% (3 <br> mo. USD Term SOFR + <br> 5.00%) 10/20/37<br>| 150000 | 150826 |
| •Ballyrock CLO 18 Ltd. Series <br> 2021-18A Class DR 9.65% (3 <br> mo. USD Term SOFR + <br> 5.75%) 4/15/38<br>| 250000 | 237603 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Ballyrock CLO 25 Ltd. Series <br> 2023-25A Class DR 8.66% (3 <br> mo. USD Term SOFR + <br> 4.80%) 1/25/38<br>| 250000 | $236674 |
| •Barings CLO Ltd. | •Barings CLO Ltd. | •Barings CLO Ltd. |
| Series 2018-2A Class ER <br> 10.80% (3 mo. USD Term <br> SOFR + 6.90%) 7/15/36<br>| 150000 | 149198 |
| Series 2024-2A Class E 9.80% <br> (3 mo. USD Term SOFR + <br> 5.90%) 7/15/39<br>| 150000 | 152022 |
| •Bear Mountain Park CLO Ltd. <br> Series 2022-1A Class ER <br> 9.85% (3 mo. USD Term <br> SOFR + 5.95%) 7/15/37<br>| 150000 | 147921 |
| •Benefit Street Partners CLO <br> Ltd. Series 2015-6BR <br> Class ER 8.63% (3 mo. USD <br> Term SOFR + 4.75%) <br> 4/20/38<br>| 220000 | 216534 |
| •Benefit Street Partners CLO <br> XII-B Ltd. Series <br> 2017-12BRA Class E 10.15% <br> (3 mo. USD Term SOFR + <br> 6.25%) 10/15/37<br>| 150000 | 152348 |
| •Brookhaven Park CLO Ltd. <br> Series 2024-1A Class E <br> 10.38% (3 mo. USD Term <br> SOFR + 6.50%) 4/19/37<br>| 250000 | 251408 |
| •Carlyle U.S. CLO Ltd. | •Carlyle U.S. CLO Ltd. | •Carlyle U.S. CLO Ltd. |
| Series 2024-1A Class E <br> 10.82% (3 mo. USD Term <br> SOFR + 6.92%) 4/15/37<br>| 250000 | 252500 |
| Series 2024-5A Class E 9.51% <br> (3 mo. USD Term SOFR + <br> 5.65%) 10/25/36<br>| 250000 | 252407 |
| •CBAMR LLC Series 2021-15A <br> Class ER 9.38% (3 mo. USD <br> Term SOFR + 5.50%) <br> 1/20/38<br>| 250000 | 243953 |
| •Dryden 109 CLO Ltd. Series <br> 2022-109A Class ER 9.25% (3 <br> mo. USD Term SOFR + <br> 5.35%) 4/15/38<br>| 250000 | 243347 |
| •Elmwood CLO IX Ltd. Series <br> 2021-2A Class ER 8.53% (3 <br> mo. USD Term SOFR + <br> 4.65%) 4/20/38<br>| 150000 | 150030 |
| •Invesco U.S. CLO Ltd. Series <br> 2024-3A Class E 10.38% (3 <br> mo. USD Term SOFR + <br> 6.50%) 7/20/37<br>| 250000 | 251004 |
| •KKR CLO 27 Ltd. Series 27A <br> Class ER2 10.15% (3 mo. <br> USD Term SOFR + 6.25%) <br> 1/15/35<br>| 250000 | 241590 |

---

LVIP Nomura High Yield Fund-6

------

**LVIP Nomura High Yield 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)** |
| •Madison Park Funding XXX <br> Ltd. Series 2018-30A <br> Class ER 10.29% (3 mo. USD <br> Term SOFR + 6.40%) <br> 7/16/37<br>| 150000 | $146892 |
| •Magnetite XLV Ltd. Series <br> 2025-45A Class E 8.40% (3 <br> mo. USD Term SOFR + <br> 4.50%) 4/15/38<br>| 200000 | 199987 |
| •Neuberger Berman CLO XX <br> Ltd. Series 2015-20A <br> Class ER3 8.65% (3 mo. USD <br> Term SOFR + 4.75%) <br> 4/15/39<br>| 250000 | 248663 |
| •Oaktree CLO Ltd. | •Oaktree CLO Ltd. | •Oaktree CLO Ltd. |
| Series 2019-3A Class ER2 <br> 10.63% (3 mo. USD Term <br> SOFR + 6.75%) 1/20/38<br>| 200000 | 199975 |
| Series 2020-1A Class ERR <br> 8.90% (3 mo. USD Term <br> SOFR + 5.00%) 1/15/38<br>| 200000 | 192147 |
| •OHA Credit Funding 11 Ltd. <br> Series 2022-11A Class ER <br> 9.28% (3 mo. USD Term <br> SOFR + 5.40%) 7/19/37<br>| 150000 | 150590 |
| •OHA Credit Funding 9 Ltd. <br> Series 2021-9A Class ER <br> 9.38% (3 mo. USD Term <br> SOFR + 5.50%) 10/19/37<br>| 150000 | 150641 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2024-2A Class D2 <br> 8.23% (3 mo. USD Term <br> SOFR + 4.35%) 7/20/37<br>| 250000 | $251414 |
| •Storm King Park CLO Ltd. <br> Series 2022-1A Class ER <br> 10.05% (3 mo. USD Term <br> SOFR + 6.15%) 10/15/37<br>| 200000 | 197447 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $5,389,519)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $5,389,519)** | **5298402** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.80%** | **MONEY MARKET FUND–1.80%** | **MONEY MARKET FUND–1.80%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2888820 | 2888820 |
| **Total Money Market Fund** <br>**(Cost $2,888,820)** | **Total Money Market Fund** <br>**(Cost $2,888,820)** | **2888820** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–97.60% (Cost $155,055,279)** | **157095424** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–2.40%** | **3865601** |
| **NET ASSETS APPLICABLE TO 37,055,396 SHARES OUTSTANDING–100.00%** | **$160961025** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA HIGH YIELD FUND STANDARD CLASS** <br>**($70,120,746 / 16,144,138 Shares)** | **$4.343** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA HIGH YIELD FUND SERVICE CLASS** <br>**($90,840,279 / 20,911,258 Shares)** | **$4.344** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$206301409** |
| Distributable earnings/(accumulated loss) | **(45340384)**<br>|
| **TOTAL NET ASSETS** | **$160961025** |

---

&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. |
| 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. |
| •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 Nomura High Yield Fund-7

------

**LVIP Nomura High Yield Fund**

**Statement of Net Assets (continued)**

✠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.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $13,891 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,266,981 payable for securities <br> purchased, $547,373 payable for fund shares redeemed, $11,560 other accrued expenses payable, $35,962 payable for unfunded loan <br> commitments, $115,382 due to manager and affiliates, $22,623 payable for audit fee and $12,551 payable for fund accounting fee as of <br> December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CLO–Collateralized Loan Obligation |
| LNG–Liquefied Natural Gas |
| SOFR–Secured Overnight Financing Rate |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura High Yield Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura High Yield Fund** | **LVIP Nomura High Yield Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $11071260 |
| Dividends | 214306 |
|  | 11285566 |
| **EXPENSES:** |  |
| Management fees | 1040393 |
| Distribution fees-Service Class | 269440 |
| Professional fees | 58267 |
| Accounting and administration expenses | 51691 |
| Shareholder servicing fees | 46417 |
| Pricing fees | 20910 |
| Reports and statements to shareholders | 12128 |
| Custodian fees | 6731 |
| Trustees' fees and expenses | 4656 |
| Consulting fees | 4392 |
| Other | 8730 |
|  | 1523755 |
| Less:  |  |
| Expenses reimbursed | (69868)<br>|
| Total operating expenses | 1453887 |
| **NET INVESTMENT INCOME**  | 9831679 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (112011)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 4089840 |
| **NET REALIZED AND UNREALIZED GAIN** | 3977829 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $13809508 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura High Yield Fund** | **LVIP Nomura High Yield Fund** | **LVIP Nomura 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $9831679 | $10209623 |
| Net realized loss | (112011)<br>| (4443719)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 4089840 | 4649977 |
| Net increase in net assets resulting <br> from operations<br>| 13809508 | 10415881 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (4092766)<br>| (4642903)<br>|
| Service Class | (5069236)<br>| (5662671)<br>|
|  | (9162002)<br>| (10305574)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9850381 | 13778277 |
| Service Class | 11101798 | 15182450 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 4092766 | 4642903 |
| Service Class | 5069236 | 5662671 |
|  | 30114181 | 39266301 |
| Cost of shares redeemed: |  |  |
| Standard Class | (18636302)<br>| (16433282)<br>|
| Service Class | (20559428)<br>| (20985826)<br>|
|  | (39195730)<br>| (37419108)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (9081549)<br>| 1847193 |
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (4434043)<br>| 1957500 |
| **NET ASSETS:** |  |  |
| Beginning of year | 165395068 | 163437568 |
| End of year | $160961025 | $165395068 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura High Yield Fund-9

------

**LVIP Nomura High Yield Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura High Yield Fund Standard Class** | **LVIP Nomura High Yield Fund Standard Class** | **LVIP Nomura High Yield Fund Standard Class** | **LVIP Nomura High Yield Fund Standard Class** | **LVIP Nomura High Yield 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; $4.222 | &nbsp;&nbsp; $4.228 | &nbsp;&nbsp; $4.013 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.100 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.277 | 0.276 | 0.276 | 0.242 | 0.225 |
| Net realized and unrealized gain (loss) | 0.113 | 0.005 | 0.232 | &nbsp;&nbsp; (0.795)<br>| 0.016 |
| Total from investment operations | 0.390 | 0.281 | 0.508 | &nbsp;&nbsp; (0.553)<br>| 0.241 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.287)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.496)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.001 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.287)<br>| &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.496)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $4.343 | &nbsp;&nbsp; $4.222 | &nbsp;&nbsp; $4.228 | &nbsp;&nbsp; $4.013 | &nbsp;&nbsp; $4.845 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 9.26% | &nbsp;&nbsp; 6.66% | &nbsp;&nbsp; 12.67% | &nbsp;&nbsp; (11.41%)<br>| &nbsp;&nbsp; 4.92% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $70121 | &nbsp;&nbsp; $72734 | &nbsp;&nbsp; $70718 | &nbsp;&nbsp; $65564 | &nbsp;&nbsp; $80790 |
| 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; 0.74% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 6.31% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 6.58% | &nbsp;&nbsp; 5.47% | &nbsp;&nbsp; 4.57% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 6.27% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 4.55% |
| Portfolio turnover | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 High Yield 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 High Yield Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Amount is less than $(0.005) per share.

<sup>5</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 Nomura High Yield Fund-10

------

**LVIP Nomura High Yield Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura High Yield Fund Service Class** | **LVIP Nomura High Yield Fund Service Class** | **LVIP Nomura High Yield Fund Service Class** | **LVIP Nomura High Yield Fund Service Class** | **LVIP Nomura High Yield 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; $4.223 | &nbsp;&nbsp; $4.229 | &nbsp;&nbsp; $4.014 | &nbsp;&nbsp; $4.845 | &nbsp;&nbsp; $5.080 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.264 | 0.263 | 0.263 | 0.229 | 0.216 |
| Net realized and unrealized gain (loss) | 0.113 | 0.004 | 0.233 | &nbsp;&nbsp; (0.795)<br>| 0.009 |
| Total from investment operations | 0.377 | 0.267 | 0.496 | &nbsp;&nbsp; (0.566)<br>| 0.225 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.460)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.001 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>4</sup><br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.281)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.460)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $4.344 | &nbsp;&nbsp; $4.223 | &nbsp;&nbsp; $4.229 | &nbsp;&nbsp; $4.014 | &nbsp;&nbsp; $4.845 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 8.94% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 12.34% | &nbsp;&nbsp; (11.66%)<br>| &nbsp;&nbsp; 4.59% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $90840 | &nbsp;&nbsp; $92661 | &nbsp;&nbsp; $92720 | &nbsp;&nbsp; $86959 | &nbsp;&nbsp; $113599 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 6.01% | &nbsp;&nbsp; 6.04% | &nbsp;&nbsp; 6.28% | &nbsp;&nbsp; 5.17% | &nbsp;&nbsp; 4.28% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 5.97% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.26% | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 4.26% |
| Portfolio turnover | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 High Yield 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 High Yield Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Amount is less than $(0.005) per share.

<sup>5</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 Nomura High Yield Fund-11

------

**LVIP Nomura 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 Nomura High Yield Fund (formerly, LVIP Macquarie 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 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 and, as a secondary objective, high 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–U.S. government and agency securities are valued at the mean between their bid and ask prices, 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.

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.

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 Nomura High Yield Fund-12

------

**LVIP Nomura 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)**

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; 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. 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 is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.74% of the average daily net assets for the Standard Class and 1.04% 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; $27637 | &nbsp;&nbsp; $58066 | &nbsp;&nbsp; $69868 | &nbsp;&nbsp; $155571 |

---

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (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 NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $13288 |
| Legal | &nbsp;&nbsp; 2200 |

---

LVIP Nomura High Yield Fund-13

------

**LVIP Nomura 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)**

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 $7,536 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $13891 |
| Management fees payable to LFI | &nbsp;&nbsp; 88327 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 22985 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 129 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 3941 |

---

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; $65490468 |
| Sales | &nbsp;&nbsp; 74281978 |

---

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; $155213770 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $3926206 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2044549)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $1881657 |

---

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 Nomura High Yield Fund-14

------

**LVIP Nomura 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 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:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140266013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140266013 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 8642189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8642189 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5298402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5298402 |
| Money Market Fund | &nbsp;&nbsp; 2888820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2888820 |
| **Total Investments** | &nbsp;&nbsp; $2888820 | &nbsp;&nbsp; $154206604 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $157095424 |

---

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 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; $9162002 | &nbsp;&nbsp; $10305574 |

---

**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; $1009514 |
| Capital loss carryforward | &nbsp;&nbsp; (48231555)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 1881657 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(45340384)<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**  |
| $12338636 | &nbsp;&nbsp; $35892919 | &nbsp;&nbsp; $48231555 |

---

**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; 2239031 | &nbsp;&nbsp; 3155539 |
| Service Class | &nbsp;&nbsp; 2507842 | &nbsp;&nbsp; 3498930 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 943822 | &nbsp;&nbsp; 1103089 |
| Service Class | &nbsp;&nbsp; 1168759 | &nbsp;&nbsp; 1344733 |
|  | &nbsp;&nbsp; 6859454 | &nbsp;&nbsp; 9102291 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4266015)<br>| &nbsp;&nbsp; (3757271)<br>|
| Service Class | &nbsp;&nbsp; (4708551)<br>| &nbsp;&nbsp; (4827241)<br>|
|  | &nbsp;&nbsp; (8974566)<br>| &nbsp;&nbsp; (8584512)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2115112)<br>| &nbsp;&nbsp; 517779 |

---

LVIP Nomura High Yield Fund-15

------

**LVIP Nomura High Yield 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 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.

**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 the appointment of Nomura Corporate Research and Asset Management Inc. ("NCRAM") as the new sub-adviser to the Fund, effective on or about April 1, 2026 ("Effective Date"). NCRAM will replace Nomura Investments Fund Advisers ("NIFA").

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Nomura High Yield Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura High Yield Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura High Yield Fund (formerly, LVIP Macquarie 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 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.

![](img2657a3082.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura High Yield Fund–17

------

![](imgdc429f551.jpg)

LVIP Nomura Mid Cap Value Fund

(formerly, LVIP Macquarie Mid Cap Value Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_85dfd755-9364-4c93-875d-406637e4c97f_SOI-continued-247_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_85dfd755-9364-4c93-875d-406637e4c97f_FS-continued-247_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_85dfd755-9364-4c93-875d-406637e4c97f_FS-continued-247_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_85dfd755-9364-4c93-875d-406637e4c97f_FIHI-continued-247_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_85dfd755-9364-4c93-875d-406637e4c97f_NTF-continued-247_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_85dfd755-9364-4c93-875d-406637e4c97f_AUDIT-continued-247_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Nomura 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–99.44%** | **COMMON STOCK–99.44%** | **COMMON STOCK–99.44%** |
| **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** |
| Curtiss-Wright Corp. | 24750 | $13643933 |
| L3Harris Technologies, Inc. | 48600 | 14267502 |
|  |  | **27911435** |
| **Automobile Components–0.66%** | **Automobile Components–0.66%** | **Automobile Components–0.66%** |
| †Aptiv PLC | 86490 | 6581024 |
|  |  | **6581024** |
| **Banks–5.26%** | **Banks–5.26%** | **Banks–5.26%** |
| Citizens Financial Group, <br> Inc.<br>| 203900 | 11909799 |
| Columbia Banking System, <br> Inc.<br>| 486750 | 13604662 |
| Old National Bancorp | 593600 | 13243216 |
| Webster Financial Corp. | 217500 | 13689450 |
|  |  | **52447127** |
| **Building Products–1.34%** | **Building Products–1.34%** | **Building Products–1.34%** |
| Johnson Controls <br> International PLC<br>| 111595 | 13363501 |
|  |  | **13363501** |
| **Capital Markets–4.54%** | **Capital Markets–4.54%** | **Capital Markets–4.54%** |
| Affiliated Managers Group, <br> Inc.<br>| 51350 | 14803178 |
| Raymond James Financial, <br> Inc.<br>| 94925 | 15244006 |
| State Street Corp. | 117850 | 15203828 |
|  |  | **45251012** |
| **Chemicals–1.06%** | **Chemicals–1.06%** | **Chemicals–1.06%** |
| †Axalta Coating Systems Ltd. | 174500 | 5638095 |
| Celanese Corp. | 115500 | 4883340 |
|  |  | **10521435** |
| **Communications Equipment–1.34%** | **Communications Equipment–1.34%** | **Communications Equipment–1.34%** |
| †Ciena Corp. | 57000 | 13330590 |
|  |  | **13330590** |
| **Construction & Engineering–3.11%** | **Construction & Engineering–3.11%** | **Construction & Engineering–3.11%** |
| AECOM | 99100 | 9447203 |
| †MasTec, Inc. | 57300 | 12455301 |
| Quanta Services, Inc. | 21440 | 9048966 |
|  |  | **30951470** |
| **Construction Materials–1.31%** | **Construction Materials–1.31%** | **Construction Materials–1.31%** |
| Vulcan Materials Co. | 45850 | 13077337 |
|  |  | **13077337** |
| **Consumer Finance–2.81%** | **Consumer Finance–2.81%** | **Consumer Finance–2.81%** |
| Ally Financial, Inc. | 306800 | 13894972 |
| Synchrony Financial | 169300 | 14124699 |
|  |  | **28019671** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail–1.85%** | **Consumer Staples Distribution & Retail–1.85%** | **Consumer Staples Distribution & Retail–1.85%** |
| Kroger Co. | 126000 | $7872480 |
| †U.S. Foods Holding Corp. | 139650 | 10518438 |
|  |  | **18390918** |
| **Containers & Packaging–2.31%** | **Containers & Packaging–2.31%** | **Containers & Packaging–2.31%** |
| Amcor PLC | 918232 | 7658055 |
| Crown Holdings, Inc. | 112150 | 11548085 |
| Graphic Packaging Holding <br> Co.<br>| 256000 | 3855360 |
|  |  | **23061500** |
| **Electric Utilities–4.52%** | **Electric Utilities–4.52%** | **Electric Utilities–4.52%** |
| Edison International | 165850 | 9954317 |
| NRG Energy, Inc. | 77500 | 12341100 |
| OGE Energy Corp. | 185950 | 7940065 |
| Xcel Energy, Inc. | 200850 | 14834781 |
|  |  | **45070263** |
| **Electrical Equipment–3.86%** | **Electrical Equipment–3.86%** | **Electrical Equipment–3.86%** |
| AMETEK, Inc. | 67000 | 13755770 |
| †Nextpower, Inc. Class A | 134176 | 11688071 |
| Regal Rexnord Corp. | 92600 | 12993632 |
|  |  | **38437473** |
| **Electronic Equipment, Instruments & Components–3.45%** | **Electronic Equipment, Instruments & Components–3.45%** | **Electronic Equipment, Instruments & Components–3.45%** |
| †Flex Ltd. | 176141 | 10642439 |
| †Keysight Technologies, Inc. | 53380 | 10846282 |
| TD SYNNEX Corp. | 85750 | 12882223 |
|  |  | **34370944** |
| **Financial Services–0.98%** | **Financial Services–0.98%** | **Financial Services–0.98%** |
| Global Payments, Inc. | 126650 | 9802710 |
|  |  | **9802710** |
| **Food Products–1.29%** | **Food Products–1.29%** | **Food Products–1.29%** |
| Hershey Co. | 40850 | 7433883 |
| Tyson Foods, Inc. Class A | 91700 | 5375454 |
|  |  | **12809337** |
| **Ground Transportation–0.63%** | **Ground Transportation–0.63%** | **Ground Transportation–0.63%** |
| JB Hunt Transport Services, <br> Inc.<br>| 32200 | 6257748 |
|  |  | **6257748** |
| **Health Care Equipment & Supplies–2.13%** | **Health Care Equipment & Supplies–2.13%** | **Health Care Equipment & Supplies–2.13%** |
| Becton Dickinson & Co. | 26650 | 5171966 |
| STERIS PLC | 41200 | 10445024 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 61850 | 5561552 |
|  |  | **21178542** |
| **Health Care Providers & Services–1.99%** | **Health Care Providers & Services–1.99%** | **Health Care Providers & Services–1.99%** |
| Cencora, Inc. | 28100 | 9490775 |
| Quest Diagnostics, Inc. | 59700 | 10359741 |
|  |  | **19850516** |

---

LVIP Nomura Mid Cap Value Fund-1

------

**LVIP Nomura 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)** |
| **Health Care REITs–1.00%** | **Health Care REITs–1.00%** | **Health Care REITs–1.00%** |
| Ventas, Inc. | 129450 | $10016841 |
|  |  | **10016841** |
| **Hotel & Resort REITs–0.96%** | **Hotel & Resort REITs–0.96%** | **Hotel & Resort REITs–0.96%** |
| Host Hotels & Resorts, Inc. | 538250 | 9543173 |
|  |  | **9543173** |
| **Hotels, Restaurants & Leisure–2.86%** | **Hotels, Restaurants & Leisure–2.86%** | **Hotels, Restaurants & Leisure–2.86%** |
| Darden Restaurants, Inc. | 40720 | 7493294 |
| Marriott International, Inc. <br> Class A<br>| 51840 | 16082842 |
| Royal Caribbean Cruises Ltd. | 17650 | 4922938 |
|  |  | **28499074** |
| **Household Durables–1.94%** | **Household Durables–1.94%** | **Household Durables–1.94%** |
| DR Horton, Inc. | 71833 | 10346107 |
| PulteGroup, Inc. | 76550 | 8976253 |
|  |  | **19322360** |
| **Industrial REITs–0.92%** | **Industrial REITs–0.92%** | **Industrial REITs–0.92%** |
| First Industrial Realty Trust, <br> Inc.<br>| 159600 | 9140292 |
|  |  | **9140292** |
| **Insurance–7.23%** | **Insurance–7.23%** | **Insurance–7.23%** |
| Allstate Corp. | 51350 | 10688502 |
| Assurant, Inc. | 52400 | 12620540 |
| Axis Capital Holdings Ltd. | 115100 | 12326059 |
| Hartford Insurance Group, <br> Inc.<br>| 82650 | 11389170 |
| Reinsurance Group of <br> America, Inc.<br>| 57400 | 11678604 |
| Willis Towers Watson PLC | 40650 | 13357590 |
|  |  | **72060465** |
| **IT Services–2.33%** | **IT Services–2.33%** | **IT Services–2.33%** |
| †Akamai Technologies, Inc. | 98100 | 8559225 |
| †Twilio, Inc. Class A | 103050 | 14657832 |
|  |  | **23217057** |
| **Life Sciences Tools & Services–1.29%** | **Life Sciences Tools & Services–1.29%** | **Life Sciences Tools & Services–1.29%** |
| Agilent Technologies, Inc. | 94450 | 12851812 |
|  |  | **12851812** |
| **Machinery–4.95%** | **Machinery–4.95%** | **Machinery–4.95%** |
| †Gates Industrial Corp. PLC | 318250 | 6832828 |
| ITT, Inc. | 90500 | 15702655 |
| Oshkosh Corp. | 113850 | 14302975 |
| Parker-Hannifin Corp. | 14200 | 12481232 |
|  |  | **49319690** |
| **Media–0.65%** | **Media–0.65%** | **Media–0.65%** |
| Omnicom Group, Inc. | 79842 | 6447242 |
|  |  | **6447242** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining–1.25%** | **Metals & Mining–1.25%** | **Metals & Mining–1.25%** |
| Reliance, Inc. | 43100 | $12450297 |
|  |  | **12450297** |
| **Multi-Utilities–3.77%** | **Multi-Utilities–3.77%** | **Multi-Utilities–3.77%** |
| CMS Energy Corp. | 199250 | 13933552 |
| Public Service Enterprise <br> Group, Inc.<br>| 138250 | 11101475 |
| WEC Energy Group, Inc. | 118400 | 12486464 |
|  |  | **37521491** |
| **Oil, Gas & Consumable Fuels–6.57%** | **Oil, Gas & Consumable Fuels–6.57%** | **Oil, Gas & Consumable Fuels–6.57%** |
| Cheniere Energy, Inc. | 58250 | 11323217 |
| Coterra Energy, Inc. | 428400 | 11275488 |
| Devon Energy Corp. | 200930 | 7360066 |
| Expand Energy Corp. | 88700 | 9788932 |
| Targa Resources Corp. | 78950 | 14566275 |
| Valero Energy Corp. | 68750 | 11191813 |
|  |  | **65505791** |
| **Paper & Forest Products–0.96%** | **Paper & Forest Products–0.96%** | **Paper & Forest Products–0.96%** |
| Louisiana-Pacific Corp. | 118150 | 9541794 |
|  |  | **9541794** |
| **Passenger Airlines–1.18%** | **Passenger Airlines–1.18%** | **Passenger Airlines–1.18%** |
| Delta Air Lines, Inc. | 169350 | 11752890 |
|  |  | **11752890** |
| **Professional Services–2.36%** | **Professional Services–2.36%** | **Professional Services–2.36%** |
| †CACI International, Inc. <br> Class A<br>| 31300 | 16676953 |
| KBR, Inc. | 170670 | 6860934 |
|  |  | **23537887** |
| **Residential REITs–0.98%** | **Residential REITs–0.98%** | **Residential REITs–0.98%** |
| American Homes 4 Rent <br> Class A<br>| 304020 | 9759042 |
|  |  | **9759042** |
| **Retail REITs–1.73%** | **Retail REITs–1.73%** | **Retail REITs–1.73%** |
| Kimco Realty Corp. | 396200 | 8030974 |
| Realty Income Corp. | 162847 | 9179685 |
|  |  | **17210659** |
| **Semiconductors & Semiconductor Equipment–2.45%** | **Semiconductors & Semiconductor Equipment–2.45%** | **Semiconductors & Semiconductor Equipment–2.45%** |
| †ON Semiconductor Corp. | 139450 | 7551218 |
| Teradyne, Inc. | 87250 | 16888110 |
|  |  | **24439328** |
| **Specialized REITs–1.55%** | **Specialized REITs–1.55%** | **Specialized REITs–1.55%** |
| Extra Space Storage, Inc. | 47318 | 6161750 |
| VICI Properties, Inc. | 331460 | 9320655 |
|  |  | **15482405** |
| **Specialty Retail–3.06%** | **Specialty Retail–3.06%** | **Specialty Retail–3.06%** |
| †AutoZone, Inc. | 2700 | 9157050 |

---

LVIP Nomura Mid Cap Value Fund-2

------

**LVIP Nomura 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)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Dick's Sporting Goods, Inc. | 31750 | $6285548 |
| Ross Stores, Inc. | 83450 | 15032683 |
|  |  | **30475281** |
| **Trading Companies & Distributors–2.21%** | **Trading Companies & Distributors–2.21%** | **Trading Companies & Distributors–2.21%** |
| United Rentals, Inc. | 12850 | 10399762 |
| WESCO International, Inc. | 47578 | 11639482 |
|  |  | **22039244** |
| **Total Common Stock** <br>**(Cost $592,862,322)** | **Total Common Stock** <br>**(Cost $592,862,322)** | **990818668** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.07%** | **MONEY MARKET FUND–0.07%** | **MONEY MARKET FUND–0.07%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 660269 | 660269 |
| **Total Money Market Fund** <br>**(Cost $660,269)** | **Total Money Market Fund** <br>**(Cost $660,269)** | **660269** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENT–0.50%** | **SHORT-TERM INVESTMENT–0.50%** | **SHORT-TERM INVESTMENT–0.50%** |
| **Discounted Commercial Paper–0.50%** | **Discounted Commercial Paper–0.50%** | **Discounted Commercial Paper–0.50%** |
| ≠Cargill Global Funding PLC <br> 3.71% 1/2/26<br>| 5000000 | $4999491 |
|  |  | **4999491** |
| **Total Short-Term Investment** <br>**(Cost $4,999,492)** | **Total Short-Term Investment** <br>**(Cost $4,999,492)** | **4999491** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.01% (Cost $598,522,083)** | **996478428** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)** | **(71627)**<br>|
| **NET ASSETS APPLICABLE TO 22,822,683 SHARES OUTSTANDING–100.00%** | **$996406801** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA MID CAP VALUE FUND STANDARD CLASS** <br>**($771,916,002 / 17,635,566 Shares)** | **$43.770** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA MID CAP VALUE FUND SERVICE CLASS** <br>**($224,490,799 / 5,187,117 Shares)** | **$43.279** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$534464368** |
| Distributable earnings/(accumulated loss) | **461942433** |
| **TOTAL NET ASSETS** | **$996406801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| °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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,981,042 payable for fund shares redeemed, $11,015 other accrued expenses payable, $397,411 due to manager and affiliates, <br> $17,071 payable for audit fee and $26,056 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 Nomura Mid Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura Mid Cap Value Fund** | **LVIP Nomura Mid Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $16911872 |
| **EXPENSES:** |  |
| Management fees | 3437112 |
| Distribution fees-Service Class | 751228 |
| Shareholder servicing fees | 278121 |
| Accounting and administration expenses | 171367 |
| Professional fees | 59050 |
| Reports and statements to shareholders | 30923 |
| Trustees' fees and expenses | 27669 |
| Consulting fees | 8559 |
| Custodian fees | 6053 |
| Pricing fees | 4288 |
| Other | 30402 |
| Total operating expenses | 4804772 |
| **NET INVESTMENT INCOME**  | 12107100 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 69885343 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 37884893 |
| **NET REALIZED AND UNREALIZED GAIN** | 107770236 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $119877336 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura Mid Cap Value Fund** | **LVIP Nomura Mid Cap Value Fund** | **LVIP Nomura 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 IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $12107100 | $11014293 |
| Net realized gain | 69885343 | 110009059 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 37884893 | 7276461 |
| Net increase in net assets resulting <br> from operations<br>| 119877336 | 128299813 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (96181002)<br>| (30932491)<br>|
| Service Class | (27476044)<br>| (8203446)<br>|
|  | (123657046)<br>| (39135937)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 67992862 | 48789280 |
| Service Class | 24326984 | 24277346 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 96181002 | 30932491 |
| Service Class | 27476044 | 8203446 |
|  | 215976892 | 112202563 |
| Cost of shares redeemed: |  |  |
| Standard Class | (132507869)<br>| (137319274)<br>|
| Service Class | (37538842)<br>| (37627664)<br>|
|  | (170046711)<br>| (174946938)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 45930181 | (62744375)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 42150471 | 26419501 |
| **NET ASSETS:** |  |  |
| Beginning of year | 954256330 | 927836829 |
| End of year | $996406801 | $954256330 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura Mid Cap Value Fund-4

------

**LVIP Nomura Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Mid Cap Value Fund Standard Class** | **LVIP Nomura Mid Cap Value Fund Standard Class** | **LVIP Nomura Mid Cap Value Fund Standard Class** | **LVIP Nomura Mid Cap Value Fund Standard Class** | **LVIP Nomura Mid Cap Value 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; $44.028 | &nbsp;&nbsp; $39.969 | &nbsp;&nbsp; $39.837 | &nbsp;&nbsp; $46.009 | &nbsp;&nbsp; $35.342 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.593 | 0.536 | 0.614 | 0.576 | 0.523 |
| Net realized and unrealized gain (loss) | 5.075 | 5.391 | 3.520 | &nbsp;&nbsp; (4.730)<br>| 10.732 |
| Total from investment operations | 5.668 | 5.927 | 4.134 | &nbsp;&nbsp; (4.154)<br>| 11.255 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.613)<br>| &nbsp;&nbsp; (0.608)<br>| &nbsp;&nbsp; (0.632)<br>| &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (0.588)<br>|
| Net realized gain | &nbsp;&nbsp; (5.313)<br>| &nbsp;&nbsp; (1.260)<br>| &nbsp;&nbsp; (3.370)<br>| &nbsp;&nbsp; (1.388)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.926)<br>| &nbsp;&nbsp; (1.868)<br>| &nbsp;&nbsp; (4.002)<br>| &nbsp;&nbsp; (2.018)<br>| &nbsp;&nbsp; (0.588)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $43.770 | &nbsp;&nbsp; $44.028 | &nbsp;&nbsp; $39.969 | &nbsp;&nbsp; $39.837 | &nbsp;&nbsp; $46.009 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 13.35% | &nbsp;&nbsp; 14.82% | &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; (8.87%)<br>| &nbsp;&nbsp; 31.91% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $771916 | &nbsp;&nbsp; $743279 | &nbsp;&nbsp; $731154 | &nbsp;&nbsp; $716382 | &nbsp;&nbsp; $875293 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.41% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 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 Nomura Mid Cap Value Fund-5

------

**LVIP Nomura Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Mid Cap Value Fund Service Class** | **LVIP Nomura Mid Cap Value Fund Service Class** | **LVIP Nomura Mid Cap Value Fund Service Class** | **LVIP Nomura Mid Cap Value Fund Service Class** | **LVIP Nomura Mid Cap Value 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; $43.613 | &nbsp;&nbsp; $39.619 | &nbsp;&nbsp; $39.537 | &nbsp;&nbsp; $45.685 | &nbsp;&nbsp; $35.102 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.433 | 0.381 | 0.472 | 0.424 | 0.373 |
| Net realized and unrealized gain (loss) | 5.014 | 5.330 | 3.480 | &nbsp;&nbsp; (4.695)<br>| 10.649 |
| Total from investment operations | 5.447 | 5.711 | 3.952 | &nbsp;&nbsp; (4.271)<br>| 11.022 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.468)<br>| &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.439)<br>|
| Net realized gain | &nbsp;&nbsp; (5.313)<br>| &nbsp;&nbsp; (1.260)<br>| &nbsp;&nbsp; (3.370)<br>| &nbsp;&nbsp; (1.388)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.781)<br>| &nbsp;&nbsp; (1.717)<br>| &nbsp;&nbsp; (3.870)<br>| &nbsp;&nbsp; (1.877)<br>| &nbsp;&nbsp; (0.439)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $43.279 | &nbsp;&nbsp; $43.613 | &nbsp;&nbsp; $39.619 | &nbsp;&nbsp; $39.537 | &nbsp;&nbsp; $45.685 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.95% | &nbsp;&nbsp; 14.42% | &nbsp;&nbsp; 10.86% | &nbsp;&nbsp; (9.19%)<br>| &nbsp;&nbsp; 31.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $224491 | &nbsp;&nbsp; $210977 | &nbsp;&nbsp; $196683 | &nbsp;&nbsp; $185214 | &nbsp;&nbsp; $202292 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.88% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 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 Nomura Mid Cap Value Fund-6

------

**LVIP Nomura 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 Nomura Mid Cap Value Fund (formerly, LVIP Macquarie 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 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 maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

**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.

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 Nomura Mid Cap Value Fund-7

------

**LVIP Nomura 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)**

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. 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. The management fee is calculated daily and paid monthly.

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (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 NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $79098 |
| Legal | &nbsp;&nbsp; 13148 |

---

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 $16,955 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 Nomura Mid Cap Value Fund-8

------

**LVIP Nomura 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)**

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $304867 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 67623 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 48 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 24873 |

---

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; $174813257 |
| Sales | &nbsp;&nbsp; 234500831 |

---

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; $601080182 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $413816933 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (18418687)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $395398246 |

---

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; $990818668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $990818668 |
| Money Market Fund | &nbsp;&nbsp; 660269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 660269 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4999491 |
| **Total Investments** | &nbsp;&nbsp; $991478937 | &nbsp;&nbsp; $4999491 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $996478428 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Nomura Mid Cap Value Fund-9

------

**LVIP Nomura 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;

**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 distributions from underlying real estate investment trusts ("REITS"). 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; $15512750 | &nbsp;&nbsp; $12419854 |
| Long-term capital gains | &nbsp;&nbsp; 108144296 | &nbsp;&nbsp; 26716083 |
| Total | &nbsp;&nbsp; $123657046 | &nbsp;&nbsp; $39135937 |

---

**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; $66544187 |
| Net unrealized appreciation | &nbsp;&nbsp; 395398246 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $461942433 |

---

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; 1527993 | &nbsp;&nbsp; 1092877 |
| Service Class | &nbsp;&nbsp; 558155 | &nbsp;&nbsp; 566295 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2241251 | &nbsp;&nbsp; 694200 |
| Service Class | &nbsp;&nbsp; 649025 | &nbsp;&nbsp; 186648 |
|  | &nbsp;&nbsp; 4976424 | &nbsp;&nbsp; 2540020 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3015643)<br>| &nbsp;&nbsp; (3198317)<br>|
| Service Class | &nbsp;&nbsp; (857537)<br>| &nbsp;&nbsp; (879874)<br>|
|  | &nbsp;&nbsp; (3873180)<br>| &nbsp;&nbsp; (4078191)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1103244 | &nbsp;&nbsp; (1538171)<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 Nomura Mid Cap Value Fund-10

------

**LVIP Nomura 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;

**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 Nomura Mid Cap Value Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura Mid Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura Mid Cap Value Fund (formerly, LVIP Macquarie 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 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.

![](imgf02a3e652.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura Mid Cap Value Fund–12

------

![](imgc83ea6591.jpg)

LVIP Nomura SMID Cap Core Fund

(formerly, LVIP Macquarie SMID Cap Core Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura SMID Cap Core Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_SOI-continued-455_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_FS-continued-455_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_FS-continued-455_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_FIHI-continued-455_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_NTF-continued-455_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_7496b152-27e4-4632-bd9b-ef2c6b10e8bc_AUDIT-continued-455_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP Nomura SMID Cap Core 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–98.04%** | **COMMON STOCK–98.04%** | **COMMON STOCK–98.04%** |
| **Aerospace & Defense–0.65%** | **Aerospace & Defense–0.65%** | **Aerospace & Defense–0.65%** |
| Carpenter Technology Corp. | 13790 | $4341644 |
|  |  | **4341644** |
| **Automobile Components–0.78%** | **Automobile Components–0.78%** | **Automobile Components–0.78%** |
| BorgWarner, Inc. | 115330 | 5196770 |
|  |  | **5196770** |
| **Banks–8.60%** | **Banks–8.60%** | **Banks–8.60%** |
| East West Bancorp, Inc. | 130894 | 14711177 |
| Old National Bancorp | 356550 | 7954630 |
| Southstate Bank Corp. | 90188 | 8487593 |
| Webster Financial Corp. | 198206 | 12475085 |
| WSFS Financial Corp. | 111833 | 6177655 |
| Zions Bancorp NA | 124781 | 7304680 |
|  |  | **57110820** |
| **Biotechnology–6.17%** | **Biotechnology–6.17%** | **Biotechnology–6.17%** |
| †Amicus Therapeutics, Inc. | 245978 | 3502727 |
| †Exact Sciences Corp. | 54954 | 5581128 |
| †Halozyme Therapeutics, Inc. | 91404 | 6151489 |
| †Insmed, Inc. | 63181 | 10996021 |
| †Natera, Inc. | 27739 | 6354728 |
| †Neurocrine Biosciences, Inc. | 49347 | 6998885 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 58771 | 1351733 |
|  |  | **40936711** |
| **Building Products–1.78%** | **Building Products–1.78%** | **Building Products–1.78%** |
| Carlisle Cos., Inc. | 8819 | 2820845 |
| Tecnoglass, Inc. | 38600 | 1942352 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 151196 | 7029102 |
|  |  | **11792299** |
| **Capital Markets–2.64%** | **Capital Markets–2.64%** | **Capital Markets–2.64%** |
| Hamilton Lane, Inc. Class A | 60703 | 8153020 |
| Stifel Financial Corp. | 74686 | 9352181 |
|  |  | **17505201** |
| **Chemicals–1.08%** | **Chemicals–1.08%** | **Chemicals–1.08%** |
| Minerals Technologies, Inc. | 117201 | 7143401 |
|  |  | **7143401** |
| **Commercial Services & Supplies–3.04%** | **Commercial Services & Supplies–3.04%** | **Commercial Services & Supplies–3.04%** |
| ABM Industries, Inc. | 90526 | 3829250 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 45149 | 4421893 |
| †Clean Harbors, Inc. | 27418 | 6428972 |
| Tetra Tech, Inc. | 163172 | 5472789 |
|  |  | **20152904** |
| **Construction & Engineering–2.86%** | **Construction & Engineering–2.86%** | **Construction & Engineering–2.86%** |
| †API Group Corp. | 111615 | 4270390 |
| Arcosa, Inc. | 65842 | 7000321 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Quanta Services, Inc. | 9664 | $4078788 |
| WillScot Holdings Corp. | 191972 | 3614833 |
|  |  | **18964332** |
| **Consumer Finance–1.27%** | **Consumer Finance–1.27%** | **Consumer Finance–1.27%** |
| Ally Financial, Inc. | 186000 | 8423940 |
|  |  | **8423940** |
| **Consumer Staples Distribution & Retail–2.79%** | **Consumer Staples Distribution & Retail–2.79%** | **Consumer Staples Distribution & Retail–2.79%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 79932 | 7196278 |
| Casey's General Stores, Inc. | 20535 | 11349900 |
|  |  | **18546178** |
| **Electrical Equipment–1.34%** | **Electrical Equipment–1.34%** | **Electrical Equipment–1.34%** |
| Atkore, Inc. | 15441 | 976643 |
| †Bloom Energy Corp. Class A | 11384 | 989156 |
| nVent Electric PLC | 19196 | 1957416 |
| Regal Rexnord Corp. | 35514 | 4983325 |
|  |  | **8906540** |
| **Electronic Equipment, Instruments & Components–2.30%** | **Electronic Equipment, Instruments & Components–2.30%** | **Electronic Equipment, Instruments & Components–2.30%** |
| †Coherent Corp. | 82856 | 15292731 |
|  |  | **15292731** |
| **Energy Equipment & Services–1.19%** | **Energy Equipment & Services–1.19%** | **Energy Equipment & Services–1.19%** |
| Liberty Energy, Inc. | 428256 | 7905606 |
|  |  | **7905606** |
| **Entertainment–1.04%** | **Entertainment–1.04%** | **Entertainment–1.04%** |
| †IMAX Corp. | 186256 | 6884022 |
|  |  | **6884022** |
| **Financial Services–0.87%** | **Financial Services–0.87%** | **Financial Services–0.87%** |
| Essent Group Ltd. | 88591 | 5759301 |
|  |  | **5759301** |
| **Food Products–0.42%** | **Food Products–0.42%** | **Food Products–0.42%** |
| J&J Snack Foods Corp. | 30742 | 2778155 |
|  |  | **2778155** |
| **Gas Utilities–1.08%** | **Gas Utilities–1.08%** | **Gas Utilities–1.08%** |
| Spire, Inc. | 86489 | 7152640 |
|  |  | **7152640** |
| **Ground Transportation–1.61%** | **Ground Transportation–1.61%** | **Ground Transportation–1.61%** |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 101640 | 5313739 |
| †Saia, Inc. | 6815 | 2225234 |
| †XPO, Inc. | 23213 | 3154879 |
|  |  | **10693852** |
| **Health Care Equipment & Supplies–2.21%** | **Health Care Equipment & Supplies–2.21%** | **Health Care Equipment & Supplies–2.21%** |
| †Glaukos Corp. | 38717 | 4371537 |
| †Inspire Medical Systems, Inc. | 27271 | 2515204 |
| †Lantheus Holdings, Inc. | 51119 | 3401969 |

---

LVIP Nomura SMID Cap Core Fund-1

------

**LVIP Nomura SMID Cap Core 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)** |
| =†OmniAb, Inc. Earnout Shares | 14046 | $0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 14046 | 0 |
| †TransMedics Group, Inc. | 36133 | 4395580 |
|  |  | **14684290** |
| **Health Care Providers & Services–0.93%** | **Health Care Providers & Services–0.93%** | **Health Care Providers & Services–0.93%** |
| Encompass Health Corp. | 58091 | 6165779 |
|  |  | **6165779** |
| **Health Care REITs–0.68%** | **Health Care REITs–0.68%** | **Health Care REITs–0.68%** |
| Healthpeak Properties, Inc. | 280424 | 4509218 |
|  |  | **4509218** |
| **Hotels, Restaurants & Leisure–3.12%** | **Hotels, Restaurants & Leisure–3.12%** | **Hotels, Restaurants & Leisure–3.12%** |
| Aramark | 140576 | 5181631 |
| †Brinker International, Inc. | 29924 | 4294693 |
| †Life Time Group Holdings, <br> Inc.<br>| 183942 | 4889178 |
| Texas Roadhouse, Inc. | 38207 | 6342362 |
|  |  | **20707864** |
| **Household Durables–1.99%** | **Household Durables–1.99%** | **Household Durables–1.99%** |
| KB Home | 42723 | 2410004 |
| La-Z-Boy, Inc. | 80046 | 2983314 |
| †Taylor Morrison Home Corp. | 46510 | 2738044 |
| Toll Brothers, Inc. | 37340 | 5049115 |
|  |  | **13180477** |
| **Industrial REITs–1.74%** | **Industrial REITs–1.74%** | **Industrial REITs–1.74%** |
| First Industrial Realty Trust, <br> Inc.<br>| 132301 | 7576878 |
| Terreno Realty Corp. | 67783 | 3979540 |
|  |  | **11556418** |
| **Insurance–3.19%** | **Insurance–3.19%** | **Insurance–3.19%** |
| Axis Capital Holdings Ltd. | 113217 | 12124408 |
| Reinsurance Group of <br> America, Inc.<br>| 44404 | 9034438 |
|  |  | **21158846** |
| **Interactive Media & Services–0.41%** | **Interactive Media & Services–0.41%** | **Interactive Media & Services–0.41%** |
| †Yelp, Inc. | 90035 | 2736164 |
|  |  | **2736164** |
| **IT Services–0.41%** | **IT Services–0.41%** | **IT Services–0.41%** |
| †ASGN, Inc. | 56012 | 2698098 |
|  |  | **2698098** |
| **Leisure Products–1.15%** | **Leisure Products–1.15%** | **Leisure Products–1.15%** |
| †Malibu Boats, Inc. Class A | 64525 | 1820250 |
| †YETI Holdings, Inc. | 132453 | 5850449 |
|  |  | **7670699** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** |
| Bio-Techne Corp. | 72379 | $4256609 |
| †Repligen Corp. | 33588 | 5503730 |
|  |  | **9760339** |
| **Machinery–4.99%** | **Machinery–4.99%** | **Machinery–4.99%** |
| Federal Signal Corp. | 66321 | 7201797 |
| †Gates Industrial Corp. PLC | 187780 | 4031637 |
| Graco, Inc. | 63489 | 5204193 |
| Kadant, Inc. | 14614 | 4165282 |
| Lincoln Electric Holdings, <br> Inc.<br>| 34939 | 8372782 |
| †SPX Technologies, Inc. | 20896 | 4180454 |
|  |  | **33156145** |
| **Marine Transportation–1.19%** | **Marine Transportation–1.19%** | **Marine Transportation–1.19%** |
| †Kirby Corp. | 71658 | 7895278 |
|  |  | **7895278** |
| **Media–1.23%** | **Media–1.23%** | **Media–1.23%** |
| Nexstar Media Group, Inc. | 17280 | 3508704 |
| Omnicom Group, Inc. | 57881 | 4673891 |
|  |  | **8182595** |
| **Metals & Mining–2.27%** | **Metals & Mining–2.27%** | **Metals & Mining–2.27%** |
| Kaiser Aluminum Corp. | 55118 | 6330853 |
| Reliance, Inc. | 30294 | 8751028 |
|  |  | **15081881** |
| **Multi-Utilities–0.96%** | **Multi-Utilities–0.96%** | **Multi-Utilities–0.96%** |
| Black Hills Corp. | 92068 | 6391361 |
|  |  | **6391361** |
| **Oil, Gas & Consumable Fuels–2.80%** | **Oil, Gas & Consumable Fuels–2.80%** | **Oil, Gas & Consumable Fuels–2.80%** |
| Expand Energy Corp. | 74063 | 8173593 |
| International Seaways, Inc. | 40480 | 1965304 |
| Permian Resources Corp. | 600143 | 8420006 |
|  |  | **18558903** |
| **Pharmaceuticals–3.15%** | **Pharmaceuticals–3.15%** | **Pharmaceuticals–3.15%** |
| †Axsome Therapeutics, Inc. | 43907 | 8019174 |
| †Ligand Pharmaceuticals, Inc. | 40152 | 7591539 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 106844 | 5310147 |
|  |  | **20920860** |
| **Professional Services–2.37%** | **Professional Services–2.37%** | **Professional Services–2.37%** |
| †ExlService Holdings, Inc. | 189902 | 8059441 |
| KBR, Inc. | 99243 | 3989569 |
| UL Solutions, Inc. Class A | 46756 | 3687178 |
|  |  | **15736188** |
| **Real Estate Management & Development–1.00%** | **Real Estate Management & Development–1.00%** | **Real Estate Management & Development–1.00%** |
| †Jones Lang LaSalle, Inc. | 19783 | 6656386 |
|  |  | **6656386** |

---

LVIP Nomura SMID Cap Core Fund-2

------

**LVIP Nomura SMID Cap Core 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–1.17%** | **Residential REITs–1.17%** | **Residential REITs–1.17%** |
| Camden Property Trust | 70507 | $7761411 |
|  |  | **7761411** |
| **Retail REITs–1.85%** | **Retail REITs–1.85%** | **Retail REITs–1.85%** |
| Brixmor Property Group, Inc. | 244755 | 6417476 |
| Kite Realty Group Trust | 243552 | 5837941 |
|  |  | **12255417** |
| **Semiconductors & Semiconductor Equipment–5.04%** | **Semiconductors & Semiconductor Equipment–5.04%** | **Semiconductors & Semiconductor Equipment–5.04%** |
| †Astera Labs, Inc. | 35790 | 5954024 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 57462 | 9842091 |
| †Semtech Corp. | 174797 | 12880791 |
| †Silicon Laboratories, Inc. | 36571 | 4779830 |
|  |  | **33456736** |
| **Software–6.21%** | **Software–6.21%** | **Software–6.21%** |
| †Box, Inc. Class A | 98492 | 2945896 |
| †Dynatrace, Inc. | 99533 | 4313760 |
| †Guidewire Software, Inc. | 48582 | 9765468 |
| †Procore Technologies, Inc. | 61171 | 4449579 |
| †PTC, Inc. | 18500 | 3222885 |
| †Q2 Holdings, Inc. | 75849 | 5473264 |
| †Rubrik, Inc. Class A | 29879 | 2285146 |
| †SPS Commerce, Inc. | 12971 | 1156105 |
| †Varonis Systems, Inc. | 135845 | 4455716 |
| †Workiva, Inc. | 36238 | 3125527 |
|  |  | **41193346** |
| **Specialty Retail–1.25%** | **Specialty Retail–1.25%** | **Specialty Retail–1.25%** |
| Dick's Sporting Goods, Inc. | 41825 | 8280095 |
|  |  | **8280095** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods–0.66%** | **Textiles, Apparel & Luxury Goods–0.66%** | **Textiles, Apparel & Luxury Goods–0.66%** |
| Steven Madden Ltd. | 104558 | $4353795 |
|  |  | **4353795** |
| **Trading Companies & Distributors–3.09%** | **Trading Companies & Distributors–3.09%** | **Trading Companies & Distributors–3.09%** |
| Applied Industrial <br> Technologies, Inc.<br>| 20775 | 5334397 |
| Boise Cascade Co. | 53706 | 3952762 |
| FTAI Aviation Ltd. | 12150 | 2391727 |
| WESCO International, Inc. | 36243 | 8866487 |
|  |  | **20545373** |
| **Total Common Stock** <br>**(Cost $397,207,124)** | **Total Common Stock** <br>**(Cost $397,207,124)** | **650741009** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†Blueprint Medicines Corp. | 44455 | 20449 |
| **Total Rights** <br>**(Cost $20,450)** | **Total Rights** <br>**(Cost $20,450)** | **20449** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.02%** | **MONEY MARKET FUND–2.02%** | **MONEY MARKET FUND–2.02%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 13392541 | 13392541 |
| **Total Money Market Fund** <br>**(Cost $13,392,541)** | **Total Money Market Fund** <br>**(Cost $13,392,541)** | **13392541** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $410,620,115)** | **664153999** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(368038)**<br>|
| **NET ASSETS APPLICABLE TO 23,534,459 SHARES OUTSTANDING–100.00%** | **$663785961** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA SMID CAP CORE FUND STANDARD CLASS** <br>**($427,722,697 / 14,569,415 Shares)** | **$29.358** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA SMID CAP CORE FUND SERVICE CLASS** <br>**($236,063,264 / 8,965,044 Shares)** | **$26.332** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$377248709** |
| Distributable earnings/(accumulated loss) | **286537252** |
| **TOTAL NET ASSETS** | **$663785961** |

---

&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 Nomura SMID Cap Core Fund-3

------

**LVIP Nomura SMID Cap Core Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,992 expense reimbursement receivable from Lincoln Financial Investments Corporation, $926,494 payable for fund shares <br> redeemed, $8,702 other accrued expenses payable, $501,071 due to manager and affiliates, $17,806 payable for audit fee and $19,659 <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 Nomura SMID Cap Core Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura SMID Cap Core Fund** | **LVIP Nomura SMID Cap Core Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $8449149 |
| **EXPENSES:** |  |
| Management fees | 4761681 |
| Distribution fees-Service Class | 672342 |
| Shareholder servicing fees | 186913 |
| Accounting and administration expenses | 122869 |
| Professional fees | 52729 |
| Reports and statements to shareholders | 27516 |
| Trustees' fees and expenses | 18680 |
| Consulting fees | 7821 |
| Custodian fees | 5722 |
| Pricing fees | 3274 |
| Other | 23116 |
|  | 5882663 |
| Less:  |  |
| Expenses reimbursed | (54114)<br>|
| Total operating expenses | 5828549 |
| **NET INVESTMENT INCOME**  | 2620600 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 38067710 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 14472155 |
| **NET REALIZED AND UNREALIZED GAIN** | 52539865 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $55160465 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura SMID Cap Core Fund** | **LVIP Nomura SMID Cap Core Fund** | **LVIP Nomura SMID Cap Core 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 | $2620600 | $2983098 |
| Net realized gain | 38067710 | 15642125 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 14472155 | 68966349 |
| Net increase in net assets resulting <br> from operations<br>| 55160465 | 87591572 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (12738147)<br>| (22474891)<br>|
| Service Class | (7144363)<br>| (11953924)<br>|
|  | (19882510)<br>| (34428815)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 38215125 | 35511118 |
| Service Class | 34967602 | 24282079 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 12738147 | 22474891 |
| Service Class | 7144363 | 11953924 |
|  | 93065237 | 94222012 |
| Cost of shares redeemed: |  |  |
| Standard Class | (81702755)<br>| (70397677)<br>|
| Service Class | (39507898)<br>| (39047651)<br>|
|  | (121210653)<br>| (109445328)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (28145416)<br>| (15223316)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 7132539 | 37939441 |
| **NET ASSETS:** |  |  |
| Beginning of year | 656653422 | 618713981 |
| End of year | $663785961 | $656653422 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura SMID Cap Core Fund-5

------

**LVIP Nomura SMID Cap Core Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura SMID Cap Core Fund Standard Class** | **LVIP Nomura SMID Cap Core Fund Standard Class** | **LVIP Nomura SMID Cap Core Fund Standard Class** | **LVIP Nomura SMID Cap Core Fund Standard Class** | **LVIP Nomura SMID Cap Core 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; $27.813 | &nbsp;&nbsp; $25.561 | &nbsp;&nbsp; $23.395 | &nbsp;&nbsp; $28.114 | &nbsp;&nbsp; $24.740 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.142 | 0.153 | 0.180 | 0.167 | 0.052 |
| Net realized and unrealized gain (loss) | 2.285 | 3.572 | 3.529 | &nbsp;&nbsp; (4.065)<br>| 5.604 |
| Total from investment operations | 2.427 | 3.725 | 3.709 | &nbsp;&nbsp; (3.898)<br>| 5.656 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.273)<br>|
| Net realized gain | &nbsp;&nbsp; (0.722)<br>| &nbsp;&nbsp; (1.308)<br>| &nbsp;&nbsp; (1.270)<br>| &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (2.008)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (1.473)<br>| &nbsp;&nbsp; (1.543)<br>| &nbsp;&nbsp; (0.821)<br>| &nbsp;&nbsp; (2.282)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $29.358 | &nbsp;&nbsp; $27.813 | &nbsp;&nbsp; $25.561 | &nbsp;&nbsp; $23.395 | &nbsp;&nbsp; $28.114 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 14.73% | &nbsp;&nbsp; 16.45% | &nbsp;&nbsp; (13.73%)<br>| &nbsp;&nbsp; 23.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $427723 | &nbsp;&nbsp; $435084 | &nbsp;&nbsp; $411197 | &nbsp;&nbsp; $373770 | &nbsp;&nbsp; $467478 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.19% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.19% |
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 SMID Cap Core 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 SMID Cap Core 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. 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 Nomura SMID Cap Core Fund-6

------

**LVIP Nomura SMID Cap Core Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura SMID Cap Core Fund Service Class** | **LVIP Nomura SMID Cap Core Fund Service Class** | **LVIP Nomura SMID Cap Core Fund Service Class** | **LVIP Nomura SMID Cap Core Fund Service Class** | **LVIP Nomura SMID Cap Core 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; $25.039 | &nbsp;&nbsp; $23.148 | &nbsp;&nbsp; $21.331 | &nbsp;&nbsp; $25.715 | &nbsp;&nbsp; $22.750 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | 0.053 | 0.065 | 0.097 | 0.085 | &nbsp;&nbsp; (0.031)<br>|
| Net realized and unrealized gain (loss) | 2.046 | 3.225 | 3.198 | &nbsp;&nbsp; (3.718)<br>| 5.154 |
| Total from investment operations | 2.099 | 3.290 | 3.295 | &nbsp;&nbsp; (3.633)<br>| 5.123 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.084)<br>| &nbsp;&nbsp; (0.091)<br>| &nbsp;&nbsp; (0.208)<br>| &nbsp;&nbsp; (0.041)<br>| &nbsp;&nbsp; (0.148)<br>|
| Net realized gain | &nbsp;&nbsp; (0.722)<br>| &nbsp;&nbsp; (1.308)<br>| &nbsp;&nbsp; (1.270)<br>| &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (2.009)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.806)<br>| &nbsp;&nbsp; (1.399)<br>| &nbsp;&nbsp; (1.478)<br>| &nbsp;&nbsp; (0.751)<br>| &nbsp;&nbsp; (2.158)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $26.332 | &nbsp;&nbsp; $25.039 | &nbsp;&nbsp; $23.148 | &nbsp;&nbsp; $21.331 | &nbsp;&nbsp; $25.715 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 8.53% | &nbsp;&nbsp; 14.38% | &nbsp;&nbsp; 16.10% | &nbsp;&nbsp; (13.99%)<br>| &nbsp;&nbsp; 22.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $236063 | &nbsp;&nbsp; $221569 | &nbsp;&nbsp; $207517 | &nbsp;&nbsp; $187903 | &nbsp;&nbsp; $244643 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; (0.13%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; (0.13%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 SMID Cap Core 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 SMID Cap Core 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. 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 Nomura SMID Cap Core Fund-7

------

**LVIP Nomura SMID Cap Core 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 Nomura SMID Cap Core Fund (formerly, LVIP Macquarie SMID Cap Core 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 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 Nomura SMID Cap Core Fund-8

------

**LVIP Nomura SMID Cap Core 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. 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 0.75% of the first $500 million of the Fund's average daily net assets; 0.70% of the next $500 million; 0.65% of the next $1.5 billion; and 0.60% of the Fund's average daily net assets in excess of $2.5 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 0.80% of the Fund's average daily net assets for the Standard Class 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.

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; $43886 | &nbsp;&nbsp; $45252 | &nbsp;&nbsp; $54114 | &nbsp;&nbsp; $143252 |

---

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (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 NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $53328 |
| Legal | &nbsp;&nbsp; 8841 |

---

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 $17,302 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

LVIP Nomura SMID Cap Core Fund-9

------

**LVIP Nomura SMID Cap Core 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)**

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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $4992 |
| Management fees payable to LFI | &nbsp;&nbsp; 423011 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 61245 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 170 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 16645 |

---

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; $117629657 |
| Sales | &nbsp;&nbsp; 151491932 |

---

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; $414028342 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $268844550 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (18718893)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $250125657 |

---

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 Nomura SMID Cap Core Fund-10

------

**LVIP Nomura SMID Cap Core 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; $4341644 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4341644 |
| Automobile Components | &nbsp;&nbsp; 5196770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5196770 |
| Banks | &nbsp;&nbsp; 57110820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57110820 |
| Biotechnology | &nbsp;&nbsp; 40936711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40936711 |
| Building Products | &nbsp;&nbsp; 11792299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11792299 |
| Capital Markets | &nbsp;&nbsp; 17505201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17505201 |
| Chemicals | &nbsp;&nbsp; 7143401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7143401 |
| Commercial Services & Supplies | &nbsp;&nbsp; 20152904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20152904 |
| Construction & Engineering | &nbsp;&nbsp; 18964332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18964332 |
| Consumer Finance | &nbsp;&nbsp; 8423940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8423940 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 18546178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18546178 |
| Electrical Equipment | &nbsp;&nbsp; 8906540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8906540 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 15292731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15292731 |
| Energy Equipment & Services | &nbsp;&nbsp; 7905606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7905606 |
| Entertainment | &nbsp;&nbsp; 6884022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6884022 |
| Financial Services | &nbsp;&nbsp; 5759301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5759301 |
| Food Products | &nbsp;&nbsp; 2778155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2778155 |
| Gas Utilities | &nbsp;&nbsp; 7152640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7152640 |
| Ground Transportation | &nbsp;&nbsp; 10693852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10693852 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 14684290 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 14684290 |
| Health Care Providers & Services | &nbsp;&nbsp; 6165779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6165779 |
| Health Care REITs | &nbsp;&nbsp; 4509218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4509218 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 20707864 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20707864 |
| Household Durables | &nbsp;&nbsp; 13180477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13180477 |
| Industrial REITs | &nbsp;&nbsp; 11556418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11556418 |
| Insurance | &nbsp;&nbsp; 21158846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21158846 |
| Interactive Media & Services | &nbsp;&nbsp; 2736164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2736164 |
| IT Services | &nbsp;&nbsp; 2698098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2698098 |
| Leisure Products | &nbsp;&nbsp; 7670699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7670699 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 9760339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9760339 |
| Machinery | &nbsp;&nbsp; 33156145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33156145 |
| Marine Transportation | &nbsp;&nbsp; 7895278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7895278 |
| Media | &nbsp;&nbsp; 8182595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8182595 |
| Metals & Mining | &nbsp;&nbsp; 15081881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15081881 |
| Multi-Utilities | &nbsp;&nbsp; 6391361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6391361 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 18558903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18558903 |
| Pharmaceuticals | &nbsp;&nbsp; 20920860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20920860 |
| Professional Services | &nbsp;&nbsp; 15736188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15736188 |
| Real Estate Management & Development | &nbsp;&nbsp; 6656386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6656386 |
| Residential REITs | &nbsp;&nbsp; 7761411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7761411 |
| Retail REITs | &nbsp;&nbsp; 12255417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12255417 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 33456736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33456736 |
| Software | &nbsp;&nbsp; 41193346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41193346 |
| Specialty Retail | &nbsp;&nbsp; 8280095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8280095 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4353795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4353795 |
| Trading Companies & Distributors | &nbsp;&nbsp; 20545373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20545373 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20449 | &nbsp;&nbsp; 20449 |
| Money Market Fund | &nbsp;&nbsp; 13392541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13392541 |
| **Total Investments** | &nbsp;&nbsp; $664133550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20449 | &nbsp;&nbsp; $664153999 |

---

&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 Nomura SMID Cap Core Fund-11

------

**LVIP Nomura SMID Cap Core 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 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; $5041249 | &nbsp;&nbsp; $3368991 |
| Long-term capital gains | &nbsp;&nbsp; 14841261 | &nbsp;&nbsp; 31059824 |
| Total | &nbsp;&nbsp; $19882510 | &nbsp;&nbsp; $34428815 |

---

**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; $36411595 |
| Net unrealized appreciation | &nbsp;&nbsp; 250125657 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $286537252 |

---

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; 1388105 | &nbsp;&nbsp; 1318371 |
| Service Class | &nbsp;&nbsp; 1407672 | &nbsp;&nbsp; 981587 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 449311 | &nbsp;&nbsp; 825707 |
| Service Class | &nbsp;&nbsp; 282532 | &nbsp;&nbsp; 488897 |
|  | &nbsp;&nbsp; 3527620 | &nbsp;&nbsp; 3614562 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2911310)<br>| &nbsp;&nbsp; (2587766)<br>|
| Service Class | &nbsp;&nbsp; (1573954)<br>| &nbsp;&nbsp; (1586615)<br>|
|  | &nbsp;&nbsp; (4485264)<br>| &nbsp;&nbsp; (4174381)<br>|
| Net decrease | &nbsp;&nbsp; (957644)<br>| &nbsp;&nbsp; (559819)<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 Nomura SMID Cap Core Fund-12

------

**LVIP Nomura SMID Cap Core 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**

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 Nomura SMID Cap Core Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura SMID Cap Core Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura SMID Cap Core Fund (formerly, LVIP Macquarie SMID Cap Core 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.

![](imgc54b5e0b2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura SMID Cap Core Fund–14

------

![](imgd392064a1.jpg)

LVIP Nomura Social Awareness Fund

(formerly, LVIP Macquarie Social Awareness Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura Social Awareness Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_SOI-continued-254_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_FS-continued-254_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_FS-continued-254_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_FIHI-continued-254_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_NTF-continued-254_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ba3ffd22-1cb3-49fa-9fb7-02f9a959518d_AUDIT-continued-254_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Nomura Social Awareness 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–99.32%** | **COMMON STOCK–99.32%** | **COMMON STOCK–99.32%** |
| **Automobile Components–0.32%** | **Automobile Components–0.32%** | **Automobile Components–0.32%** |
| BorgWarner, Inc. | 58425 | $2632631 |
|  |  | **2632631** |
| **Automobiles–0.98%** | **Automobiles–0.98%** | **Automobiles–0.98%** |
| †Tesla, Inc. | 17969 | 8081019 |
|  |  | **8081019** |
| **Banks–6.06%** | **Banks–6.06%** | **Banks–6.06%** |
| East West Bancorp, Inc. | 82376 | 9258239 |
| JPMorgan Chase & Co. | 67432 | 21727939 |
| U.S. Bancorp | 199594 | 10650336 |
| Webster Financial Corp. | 129745 | 8166150 |
|  |  | **49802664** |
| **Beverages–0.79%** | **Beverages–0.79%** | **Beverages–0.79%** |
| PepsiCo, Inc. | 45564 | 6539345 |
|  |  | **6539345** |
| **Biotechnology–3.02%** | **Biotechnology–3.02%** | **Biotechnology–3.02%** |
| †Insmed, Inc. | 43161 | 7511741 |
| †Natera, Inc. | 25330 | 5802850 |
| †Neurocrine Biosciences, Inc. | 31180 | 4422259 |
| †Vertex Pharmaceuticals, Inc. | 15670 | 7104151 |
|  |  | **24841001** |
| **Broadline Retail–3.91%** | **Broadline Retail–3.91%** | **Broadline Retail–3.91%** |
| †Amazon.com, Inc. | 139286 | 32149995 |
|  |  | **32149995** |
| **Building Products–1.44%** | **Building Products–1.44%** | **Building Products–1.44%** |
| Carlisle Cos., Inc. | 10808 | 3457047 |
| Trane Technologies PLC | 21491 | 8364297 |
|  |  | **11821344** |
| **Capital Markets–2.47%** | **Capital Markets–2.47%** | **Capital Markets–2.47%** |
| Blackrock, Inc. | 7758 | 8303698 |
| Intercontinental Exchange, <br> Inc.<br>| 42553 | 6891884 |
| Raymond James Financial, <br> Inc.<br>| 31639 | 5080907 |
|  |  | **20276489** |
| **Chemicals–1.59%** | **Chemicals–1.59%** | **Chemicals–1.59%** |
| Corteva, Inc. | 67681 | 4536658 |
| DuPont de Nemours, Inc. | 57297 | 2303339 |
| Linde PLC | 14601 | 6225720 |
|  |  | **13065717** |
| **Commercial Services & Supplies–0.47%** | **Commercial Services & Supplies–0.47%** | **Commercial Services & Supplies–0.47%** |
| Waste Management, Inc. | 17588 | 3864259 |
|  |  | **3864259** |
| **Communications Equipment–0.97%** | **Communications Equipment–0.97%** | **Communications Equipment–0.97%** |
| Cisco Systems, Inc. | 103251 | 7953425 |
|  |  | **7953425** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering–1.81%** | **Construction & Engineering–1.81%** | **Construction & Engineering–1.81%** |
| Quanta Services, Inc. | 35208 | $14859888 |
|  |  | **14859888** |
| **Consumer Finance–0.62%** | **Consumer Finance–0.62%** | **Consumer Finance–0.62%** |
| Ally Financial, Inc. | 111815 | 5064101 |
|  |  | **5064101** |
| **Consumer Staples Distribution & Retail–1.00%** | **Consumer Staples Distribution & Retail–1.00%** | **Consumer Staples Distribution & Retail–1.00%** |
| Casey's General Stores, Inc. | 14944 | 8259698 |
|  |  | **8259698** |
| **Diversified Telecommunication Services–0.49%** | **Diversified Telecommunication Services–0.49%** | **Diversified Telecommunication Services–0.49%** |
| AT&T, Inc. | 161757 | 4018044 |
|  |  | **4018044** |
| **Electrical Equipment–1.57%** | **Electrical Equipment–1.57%** | **Electrical Equipment–1.57%** |
| AMETEK, Inc. | 18779 | 3855516 |
| Eaton Corp. PLC | 16514 | 5259874 |
| Emerson Electric Co. | 28580 | 3793138 |
|  |  | **12908528** |
| **Entertainment–1.80%** | **Entertainment–1.80%** | **Entertainment–1.80%** |
| †Netflix, Inc. | 94074 | 8820378 |
| Walt Disney Co. | 52938 | 6022757 |
|  |  | **14843135** |
| **Financial Services–2.28%** | **Financial Services–2.28%** | **Financial Services–2.28%** |
| Visa, Inc. Class A | 53454 | 18746852 |
|  |  | **18746852** |
| **Ground Transportation–1.26%** | **Ground Transportation–1.26%** | **Ground Transportation–1.26%** |
| CSX Corp. | 180176 | 6531380 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 74121 | 3875046 |
|  |  | **10406426** |
| **Health Care Equipment & Supplies–2.47%** | **Health Care Equipment & Supplies–2.47%** | **Health Care Equipment & Supplies–2.47%** |
| Abbott Laboratories | 59157 | 7411780 |
| †Boston Scientific Corp. | 57709 | 5502553 |
| †Edwards Lifesciences Corp. | 48607 | 4143747 |
| †Lantheus Holdings, Inc. | 49494 | 3293826 |
|  |  | **20351906** |
| **Health Care Providers & Services–0.82%** | **Health Care Providers & Services–0.82%** | **Health Care Providers & Services–0.82%** |
| Cigna Group | 24561 | 6759924 |
|  |  | **6759924** |
| **Health Care Technology–0.25%** | **Health Care Technology–0.25%** | **Health Care Technology–0.25%** |
| †Veeva Systems, Inc. Class A | 9146 | 2041662 |
|  |  | **2041662** |
| **Hotels, Restaurants & Leisure–1.52%** | **Hotels, Restaurants & Leisure–1.52%** | **Hotels, Restaurants & Leisure–1.52%** |
| Aramark | 92683 | 3416296 |

---

LVIP Nomura Social Awareness Fund-1

------

**LVIP Nomura Social Awareness 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)** |
| Starbucks Corp. | 50811 | $4278794 |
| Texas Roadhouse, Inc. | 29086 | 4828276 |
|  |  | **12523366** |
| **Household Durables–0.52%** | **Household Durables–0.52%** | **Household Durables–0.52%** |
| Toll Brothers, Inc. | 31937 | 4318521 |
|  |  | **4318521** |
| **Industrial REITs–0.51%** | **Industrial REITs–0.51%** | **Industrial REITs–0.51%** |
| First Industrial Realty Trust, <br> Inc.<br>| 72795 | 4168970 |
|  |  | **4168970** |
| **Insurance–1.94%** | **Insurance–1.94%** | **Insurance–1.94%** |
| Axis Capital Holdings Ltd. | 81414 | 8718625 |
| Reinsurance Group of <br> America, Inc.<br>| 35425 | 7207571 |
|  |  | **15926196** |
| **Interactive Media & Services–8.82%** | **Interactive Media & Services–8.82%** | **Interactive Media & Services–8.82%** |
| Alphabet, Inc. Class A | 160500 | 50236500 |
| Meta Platforms, Inc. Class A | 33837 | 22335465 |
|  |  | **72571965** |
| **IT Services–1.06%** | **IT Services–1.06%** | **IT Services–1.06%** |
| Accenture PLC Class A | 22415 | 6013945 |
| †Snowflake, Inc. Class A | 12354 | 2709973 |
|  |  | **8723918** |
| **Leisure Products–0.42%** | **Leisure Products–0.42%** | **Leisure Products–0.42%** |
| †YETI Holdings, Inc. | 78306 | 3458776 |
|  |  | **3458776** |
| **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** |
| †Repligen Corp. | 24411 | 3999987 |
| Thermo Fisher Scientific, <br> Inc.<br>| 13912 | 8061308 |
|  |  | **12061295** |
| **Machinery–3.17%** | **Machinery–3.17%** | **Machinery–3.17%** |
| Caterpillar, Inc. | 15745 | 9019838 |
| Lincoln Electric Holdings, <br> Inc.<br>| 20276 | 4858941 |
| Parker-Hannifin Corp. | 13899 | 12216665 |
|  |  | **26095444** |
| **Media–0.48%** | **Media–0.48%** | **Media–0.48%** |
| Comcast Corp. Class A | 132570 | 3962517 |
|  |  | **3962517** |
| **Oil, Gas & Consumable Fuels–3.08%** | **Oil, Gas & Consumable Fuels–3.08%** | **Oil, Gas & Consumable Fuels–3.08%** |
| ConocoPhillips | 63890 | 5980743 |
| Diamondback Energy, Inc. | 46904 | 7051078 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Expand Energy Corp. | 63609 | $7019889 |
| Permian Resources Corp. | 374728 | 5257434 |
|  |  | **25309144** |
| **Passenger Airlines–0.58%** | **Passenger Airlines–0.58%** | **Passenger Airlines–0.58%** |
| Delta Air Lines, Inc. | 68311 | 4740783 |
|  |  | **4740783** |
| **Pharmaceuticals–3.37%** | **Pharmaceuticals–3.37%** | **Pharmaceuticals–3.37%** |
| Eli Lilly & Co. | 18029 | 19375406 |
| Merck & Co., Inc. | 79138 | 8330066 |
|  |  | **27705472** |
| **Real Estate Management & Development–0.57%** | **Real Estate Management & Development–0.57%** | **Real Estate Management & Development–0.57%** |
| †Jones Lang LaSalle, Inc. | 13846 | 4658764 |
|  |  | **4658764** |
| **Semiconductors & Semiconductor Equipment–12.82%** | **Semiconductors & Semiconductor Equipment–12.82%** | **Semiconductors & Semiconductor Equipment–12.82%** |
| Broadcom, Inc. | 91622 | 31710374 |
| NVIDIA Corp. | 333508 | 62199242 |
| †ON Semiconductor Corp. | 67286 | 3643537 |
| Qnity Electronics, Inc. <br> Class W/I<br>| 28648 | 2339109 |
| Texas Instruments, Inc. | 31731 | 5505011 |
|  |  | **105397273** |
| **Software–12.67%** | **Software–12.67%** | **Software–12.67%** |
| †Adobe, Inc. | 8023 | 2807970 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 16909 | 7926263 |
| Intuit, Inc. | 7569 | 5013857 |
| Microsoft Corp. | 105925 | 51227448 |
| Oracle Corp. | 33080 | 6447623 |
| †Palo Alto Networks, Inc. | 27526 | 5070289 |
| †PTC, Inc. | 18722 | 3261560 |
| Roper Technologies, Inc. | 12473 | 5552106 |
| Salesforce, Inc. | 25148 | 6661957 |
| †ServiceNow, Inc. | 43845 | 6716615 |
| †Tyler Technologies, Inc. | 7668 | 3480889 |
|  |  | **104166577** |
| **Specialized REITs–0.45%** | **Specialized REITs–0.45%** | **Specialized REITs–0.45%** |
| American Tower Corp. | 21241 | 3729282 |
|  |  | **3729282** |
| **Specialty Retail–2.59%** | **Specialty Retail–2.59%** | **Specialty Retail–2.59%** |
| Dick's Sporting Goods, Inc. | 22165 | 4388005 |
| Home Depot, Inc. | 29123 | 10021224 |
| Tractor Supply Co. | 137797 | 6891228 |
|  |  | **21300457** |
| **Technology Hardware, Storage & Peripherals–5.72%** | **Technology Hardware, Storage & Peripherals–5.72%** | **Technology Hardware, Storage & Peripherals–5.72%** |
| Apple, Inc. | 173126 | 47066034 |
|  |  | **47066034** |

---

LVIP Nomura Social Awareness Fund-2

------

**LVIP Nomura Social Awareness 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)** |
| **Textiles, Apparel & Luxury Goods–0.35%** | **Textiles, Apparel & Luxury Goods–0.35%** | **Textiles, Apparel & Luxury Goods–0.35%** |
| NIKE, Inc. Class B | 45276 | $2884534 |
|  |  | **2884534** |
| **Trading Companies & Distributors–0.41%** | **Trading Companies & Distributors–0.41%** | **Trading Companies & Distributors–0.41%** |
| FTAI Aviation Ltd. | 17057 | 3357670 |
|  |  | **3357670** |
| **Water Utilities–0.41%** | **Water Utilities–0.41%** | **Water Utilities–0.41%** |
| American Water Works Co., <br> Inc.<br>| 25637 | 3345629 |
|  |  | **3345629** |
| **Total Common Stock** <br>**(Cost $267,276,635)** | **Total Common Stock** <br>**(Cost $267,276,635)** | **816760640** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<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>| 6143575 | $6143575 |
| **Total Money Market Fund** <br>**(Cost $6,143,575)** | **Total Money Market Fund** <br>**(Cost $6,143,575)** | **6143575** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.07% (Cost $273,420,210)** | **822904215** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)** | **(573789)**<br>|
| **NET ASSETS APPLICABLE TO 14,687,473 SHARES OUTSTANDING–100.00%** | **$822330426** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA SOCIAL AWARENESS FUND STANDARD CLASS** <br>**($694,776,137 / 12,386,034 Shares)** | **$56.094** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA SOCIAL AWARENESS FUND SERVICE CLASS** <br>**($127,554,289 / 2,301,439 Shares)** | **$55.424** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$194526908** |
| Distributable earnings/(accumulated loss) | **627803518** |
| **TOTAL NET ASSETS** | **$822330426** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $856,942 payable for fund shares redeemed, $9,776 other accrued expenses payable, $318,527 due to manager and affiliates, <br> $17,071 payable for audit fee and $22,922 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 Nomura Social Awareness Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura Social Awareness Fund** | **LVIP Nomura Social Awareness Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $9071965 |
| **EXPENSES:** |  |
| Management fees | 2965043 |
| Distribution fees-Service Class | 433308 |
| Shareholder servicing fees | 232488 |
| Accounting and administration expenses | 146765 |
| Professional fees | 55248 |
| Reports and statements to shareholders | 25279 |
| Trustees' fees and expenses | 23224 |
| Consulting fees | 7679 |
| Custodian fees | 6317 |
| Pricing fees | 3648 |
| Other | 25175 |
| Total operating expenses | 3924174 |
| **NET INVESTMENT INCOME**  | 5147791 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 82621188 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 24648863 |
| **NET REALIZED AND UNREALIZED GAIN** | 107270051 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $112417842 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura Social Awareness Fund** | **LVIP Nomura Social Awareness Fund** | **LVIP Nomura Social Awareness 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 | $5147791 | $5910867 |
| Net realized gain | 82621188 | 63182689 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 24648863 | 85112593 |
| Net increase in net assets resulting <br> from operations<br>| 112417842 | 154206149 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (59998888)<br>| (27718152)<br>|
| Service Class | (10602607)<br>| (4690014)<br>|
|  | (70601495)<br>| (32408166)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 8086071 | 14650642 |
| Service Class | 6132178 | 7879337 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 59998888 | 27718152 |
| Service Class | 10602607 | 4690014 |
|  | 84819744 | 54938145 |
| Cost of shares redeemed: |  |  |
| Standard Class | (101015694)<br>| (104984663)<br>|
| Service Class | (20973339)<br>| (25543074)<br>|
|  | (121989033)<br>| (130527737)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (37169289)<br>| (75589592)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 4647058 | 46208391 |
| **NET ASSETS:** |  |  |
| Beginning of year | 817683368 | 771474977 |
| End of year | $822330426 | $817683368 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura Social Awareness Fund-4

------

**LVIP Nomura Social Awareness Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Social Awareness Fund Standard Class** | **LVIP Nomura Social Awareness Fund Standard Class** | **LVIP Nomura Social Awareness Fund Standard Class** | **LVIP Nomura Social Awareness Fund Standard Class** | **LVIP Nomura Social Awareness 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; $53.259 | &nbsp;&nbsp; $45.827 | &nbsp;&nbsp; $38.311 | &nbsp;&nbsp; $54.896 | &nbsp;&nbsp; $45.599 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.379 | 0.398 | 0.419 | 0.476 | 0.418 |
| Net realized and unrealized gain (loss) | 7.494 | 9.173 | 10.816 | &nbsp;&nbsp; (11.429)<br>| 11.535 |
| Total from investment operations | 7.873 | 9.571 | 11.235 | &nbsp;&nbsp; (10.953)<br>| 11.953 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.429)<br>| &nbsp;&nbsp; (0.480)<br>| &nbsp;&nbsp; (0.433)<br>|
| Net realized gain | &nbsp;&nbsp; (4.651)<br>| &nbsp;&nbsp; (1.709)<br>| &nbsp;&nbsp; (3.290)<br>| &nbsp;&nbsp; (5.152)<br>| &nbsp;&nbsp; (2.223)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (5.038)<br>| &nbsp;&nbsp; (2.139)<br>| &nbsp;&nbsp; (3.719)<br>| &nbsp;&nbsp; (5.632)<br>| &nbsp;&nbsp; (2.656)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $56.094 | &nbsp;&nbsp; $53.259 | &nbsp;&nbsp; $45.827 | &nbsp;&nbsp; $38.311 | &nbsp;&nbsp; $54.896 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.06% | &nbsp;&nbsp; 21.07% | &nbsp;&nbsp; 30.17% | &nbsp;&nbsp; (19.71%)<br>| &nbsp;&nbsp; 26.43% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $694776 | &nbsp;&nbsp; $692356 | &nbsp;&nbsp; $651939 | &nbsp;&nbsp; $555475 | &nbsp;&nbsp; $760315 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.81% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 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 Nomura Social Awareness Fund-5

------

**LVIP Nomura Social Awareness Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura Social Awareness Fund Service Class** | **LVIP Nomura Social Awareness Fund Service Class** | **LVIP Nomura Social Awareness Fund Service Class** | **LVIP Nomura Social Awareness Fund Service Class** | **LVIP Nomura Social Awareness 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; $52.695 | &nbsp;&nbsp; $45.365 | &nbsp;&nbsp; $37.973 | &nbsp;&nbsp; $54.473 | &nbsp;&nbsp; $45.280 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.186 | 0.217 | 0.266 | 0.314 | 0.235 |
| Net realized and unrealized gain (loss) | 7.392 | 9.067 | 10.699 | &nbsp;&nbsp; (11.330)<br>| 11.436 |
| Total from investment operations | 7.578 | 9.284 | 10.965 | &nbsp;&nbsp; (11.016)<br>| 11.671 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.255)<br>|
| Net realized gain | &nbsp;&nbsp; (4.651)<br>| &nbsp;&nbsp; (1.709)<br>| &nbsp;&nbsp; (3.290)<br>| &nbsp;&nbsp; (5.152)<br>| &nbsp;&nbsp; (2.223)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (4.849)<br>| &nbsp;&nbsp; (1.954)<br>| &nbsp;&nbsp; (3.573)<br>| &nbsp;&nbsp; (5.484)<br>| &nbsp;&nbsp; (2.478)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $55.424 | &nbsp;&nbsp; $52.695 | &nbsp;&nbsp; $45.365 | &nbsp;&nbsp; $37.973 | &nbsp;&nbsp; $54.473 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.65% | &nbsp;&nbsp; 20.65% | &nbsp;&nbsp; 29.72% | &nbsp;&nbsp; (19.99%)<br>| &nbsp;&nbsp; 25.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $127554 | &nbsp;&nbsp; $125327 | &nbsp;&nbsp; $119535 | &nbsp;&nbsp; $99831 | &nbsp;&nbsp; $133121 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.46% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) replaced Delaware Investments Fund Advisers (DIFA) 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 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 Nomura Social Awareness Fund-6

------

**LVIP Nomura Social Awareness 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 Nomura Social Awareness Fund (formerly, LVIP Macquarie Social Awareness 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 maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

**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. Distributions received from

LVIP Nomura Social Awareness Fund-7

------

**LVIP Nomura Social Awareness 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. 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. The management fee is calculated daily and paid monthly.

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (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 NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $66311 |
| Legal | &nbsp;&nbsp; 11015 |

---

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 $13,209 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; $259478 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 38322 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 242 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 20485 |

---

LVIP Nomura Social Awareness Fund-8

------

**LVIP Nomura Social Awareness 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; $83497089 |
| Sales | &nbsp;&nbsp; 187068320 |

---

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; $274822572 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $549399948 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (1318306)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $548081642 |

---

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; $816760640 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $816760640 |
| Money Market Fund | &nbsp;&nbsp; 6143575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6143575 |
| **Total Investments** | &nbsp;&nbsp; $822904215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $822904215 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Nomura Social Awareness Fund-9

------

**LVIP Nomura Social Awareness 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; $7849934 | &nbsp;&nbsp; $5930500 |
| Long-term capital gains | &nbsp;&nbsp; 62751561 | &nbsp;&nbsp; 26477666 |
| Total | &nbsp;&nbsp; $70601495 | &nbsp;&nbsp; $32408166 |

---

**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; $184824 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 79537052 |
| Net unrealized appreciation | &nbsp;&nbsp; 548081642 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $627803518 |

---

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; 151562 | &nbsp;&nbsp; 292302 |
| Service Class | &nbsp;&nbsp; 115468 | &nbsp;&nbsp; 157697 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1090855 | &nbsp;&nbsp; 537409 |
| Service Class | &nbsp;&nbsp; 195727 | &nbsp;&nbsp; 92359 |
|  | &nbsp;&nbsp; 1553612 | &nbsp;&nbsp; 1079767 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1856111)<br>| &nbsp;&nbsp; (2056009)<br>|
| Service Class | &nbsp;&nbsp; (388109)<br>| &nbsp;&nbsp; (506678)<br>|
|  | &nbsp;&nbsp; (2244220)<br>| &nbsp;&nbsp; (2562687)<br>|
| Net decrease | &nbsp;&nbsp; (690608)<br>| &nbsp;&nbsp; (1482920)<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 Nomura Social Awareness Fund-10

------

**LVIP Nomura Social Awareness 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.

The Fund only invests in companies that meet its definition of "socially responsible" and may be subject to certain risks as a result of investing exclusively in socially responsible companies. Investing exclusively in socially responsible companies is a type of environmental, social and governance ("ESG") investing. An assessment of ESG factors for the Fund may differ from the views of other investors and advisers. By avoiding certain companies not considered socially responsible, it could miss out on strong performance from those companies.

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 Nomura Social Awareness Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura Social Awareness Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura Social Awareness Fund (formerly, LVIP Macquarie Social Awareness 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.

![](img48c469f22.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura Social Awareness Fund–12

------

![](imgc184d68b1.jpg)

LVIP Nomura U.S. Growth Fund

(formerly, LVIP Macquarie U.S. Growth Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura U.S. Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_SOI-continued-451_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_FS-continued-451_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_FS-continued-451_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_FIHI-continued-451_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_NTF-continued-451_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e8c0bc79-9fdc-4149-ba62-394256d0a95a_AUDIT-continued-451_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Nomura U.S. 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–99.39%** | **COMMON STOCK–99.39%** | **COMMON STOCK–99.39%** |
| **Aerospace & Defense–0.64%** | **Aerospace & Defense–0.64%** | **Aerospace & Defense–0.64%** |
| General Electric Co. | 10351 | $3188419 |
|  |  | **3188419** |
| **Automobiles–3.69%** | **Automobiles–3.69%** | **Automobiles–3.69%** |
| †Tesla, Inc. | 40881 | 18385003 |
|  |  | **18385003** |
| **Banks–2.79%** | **Banks–2.79%** | **Banks–2.79%** |
| Citigroup, Inc. | 35441 | 4135611 |
| Popular, Inc. | 78464 | 9770337 |
|  |  | **13905948** |
| **Biotechnology–2.42%** | **Biotechnology–2.42%** | **Biotechnology–2.42%** |
| AbbVie, Inc. | 9017 | 2060294 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 4376 | 1740117 |
| †Exelixis, Inc. | 113230 | 4962871 |
| Gilead Sciences, Inc. | 5764 | 707473 |
| †Incyte Corp. | 26073 | 2575230 |
|  |  | **12045985** |
| **Broadline Retail–4.41%** | **Broadline Retail–4.41%** | **Broadline Retail–4.41%** |
| †Amazon.com, Inc. | 95107 | 21952598 |
|  |  | **21952598** |
| **Communications Equipment–1.34%** | **Communications Equipment–1.34%** | **Communications Equipment–1.34%** |
| †Arista Networks, Inc. | 50742 | 6648724 |
|  |  | **6648724** |
| **Construction & Engineering–1.21%** | **Construction & Engineering–1.21%** | **Construction & Engineering–1.21%** |
| Comfort Systems USA, Inc. | 4275 | 3989815 |
| EMCOR Group, Inc. | 3353 | 2051332 |
|  |  | **6041147** |
| **Consumer Finance–0.20%** | **Consumer Finance–0.20%** | **Consumer Finance–0.20%** |
| Ally Financial, Inc. | 21955 | 994342 |
|  |  | **994342** |
| **Consumer Staples Distribution & Retail–2.60%** | **Consumer Staples Distribution & Retail–2.60%** | **Consumer Staples Distribution & Retail–2.60%** |
| Costco Wholesale Corp. | 14985 | 12922165 |
|  |  | **12922165** |
| **Diversified Consumer Services–0.77%** | **Diversified Consumer Services–0.77%** | **Diversified Consumer Services–0.77%** |
| †Grand Canyon Education, <br> Inc.<br>| 23085 | 3839266 |
|  |  | **3839266** |
| **Electrical Equipment–0.70%** | **Electrical Equipment–0.70%** | **Electrical Equipment–0.70%** |
| GE Vernova, Inc. | 2789 | 1822807 |
| Vertiv Holdings Co. Class A | 10332 | 1673887 |
|  |  | **3496694** |
| **Electronic Equipment, Instruments & Components–2.33%** | **Electronic Equipment, Instruments & Components–2.33%** | **Electronic Equipment, Instruments & Components–2.33%** |
| Amphenol Corp. Class A | 85929 | 11612445 |
|  |  | **11612445** |
| **Entertainment–0.88%** | **Entertainment–0.88%** | **Entertainment–0.88%** |
| †Netflix, Inc. | 33592 | 3149586 |
| †Roku, Inc. | 11178 | 1212701 |
|  |  | **4362287** |
| **Financial Services–2.08%** | **Financial Services–2.08%** | **Financial Services–2.08%** |
| Mastercard, Inc. Class A | 6041 | 3448686 |
| †Toast, Inc. Class A | 108762 | 3862139 |
| Visa, Inc. Class A | 8628 | 3025926 |
|  |  | **10336751** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.87%** | **Ground Transportation–0.87%** | **Ground Transportation–0.87%** |
| †Uber Technologies, Inc. | 53257 | $4351629 |
|  |  | **4351629** |
| **Health Care Providers & Services–3.19%** | **Health Care Providers & Services–3.19%** | **Health Care Providers & Services–3.19%** |
| Cardinal Health, Inc. | 29016 | 5962788 |
| McKesson Corp. | 12111 | 9934532 |
|  |  | **15897320** |
| **Health Care Technology–0.29%** | **Health Care Technology–0.29%** | **Health Care Technology–0.29%** |
| †Veeva Systems, Inc. Class A | 6401 | 1428895 |
|  |  | **1428895** |
| **Hotels, Restaurants & Leisure–3.02%** | **Hotels, Restaurants & Leisure–3.02%** | **Hotels, Restaurants & Leisure–3.02%** |
| Booking Holdings, Inc. | 2007 | 10748147 |
| †DoorDash, Inc. Class A | 18943 | 4290211 |
|  |  | **15038358** |
| **Interactive Media & Services–13.99%** | **Interactive Media & Services–13.99%** | **Interactive Media & Services–13.99%** |
| Alphabet, Inc. Class A | 152964 | 47931627 |
| Meta Platforms, Inc. Class A | 29883 | 19725470 |
| †Reddit, Inc. Class A | 8770 | 2015960 |
|  |  | **69673057** |
| **Oil, Gas & Consumable Fuels–0.62%** | **Oil, Gas & Consumable Fuels–0.62%** | **Oil, Gas & Consumable Fuels–0.62%** |
| HF Sinclair Corp. | 66641 | 3070817 |
|  |  | **3070817** |
| **Pharmaceuticals–3.07%** | **Pharmaceuticals–3.07%** | **Pharmaceuticals–3.07%** |
| Eli Lilly & Co. | 14245 | 15308817 |
|  |  | **15308817** |
| **Semiconductors & Semiconductor Equipment–19.96%** | **Semiconductors & Semiconductor Equipment–19.96%** | **Semiconductors & Semiconductor Equipment–19.96%** |
| †Advanced Micro Devices, Inc. | 10735 | 2299008 |
| †Astera Labs, Inc. | 10902 | 1813657 |
| Broadcom, Inc. | 71229 | 24652357 |
| KLA Corp. | 1431 | 1738779 |
| Lam Research Corp. | 102576 | 17558960 |
| Monolithic Power Systems, <br> Inc.<br>| 459 | 416019 |
| NVIDIA Corp. | 266855 | 49768457 |
| QUALCOMM, Inc. | 6604 | 1129614 |
|  |  | **99376851** |
| **Software–16.83%** | **Software–16.83%** | **Software–16.83%** |
| †Adobe, Inc. | 8099 | 2834569 |
| †AppLovin Corp. Class A | 7799 | 5255122 |
| Intuit, Inc. | 7196 | 4766774 |
| †Manhattan Associates, Inc. | 19161 | 3320793 |
| Microsoft Corp. | 86460 | 41813785 |
| Oracle Corp. | 16125 | 3142924 |
| †Palantir Technologies, Inc. <br> Class A<br>| 64116 | 11396619 |
| Salesforce, Inc. | 25869 | 6852957 |
| †ServiceNow, Inc. | 22910 | 3509583 |
| †Workday, Inc. Class A | 4305 | 924628 |
|  |  | **83817754** |
| **Specialty Retail–0.32%** | **Specialty Retail–0.32%** | **Specialty Retail–0.32%** |
| †Carvana Co. | 3821 | 1612538 |
|  |  | **1612538** |
| **Technology Hardware, Storage & Peripherals–9.40%** | **Technology Hardware, Storage & Peripherals–9.40%** | **Technology Hardware, Storage & Peripherals–9.40%** |
| Apple, Inc. | 170753 | 46420911 |
| †Pure Storage, Inc. Class A | 5390 | 361184 |
|  |  | **46782095** |

---

LVIP Nomura U.S. Growth Fund-1

------

**LVIP Nomura U.S. 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)** |
| **Textiles, Apparel & Luxury Goods–1.77%** | **Textiles, Apparel & Luxury Goods–1.77%** | **Textiles, Apparel & Luxury Goods–1.77%** |
| †Deckers Outdoor Corp. | 16172 | $1676551 |
| Ralph Lauren Corp. | 11875 | 4199119 |
| Tapestry, Inc. | 22911 | 2927338 |
|  |  | **8803008** |
| **Total Common Stock** <br>**(Cost $230,007,094)** | **Total Common Stock** <br>**(Cost $230,007,094)** | **494892913** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.39%** | **MONEY MARKET FUND–0.39%** | **MONEY MARKET FUND–0.39%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1909454 | 1909454 |
| **Total Money Market Fund** <br>**(Cost $1,909,454)** | **Total Money Market Fund** <br>**(Cost $1,909,454)** | **1909454** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.78% (Cost $231,916,548)** | **496802367** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.22%** | **1113949** |
| **NET ASSETS APPLICABLE TO 38,214,278 SHARES OUTSTANDING–100.00%** | **$497916316** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA U.S. GROWTH FUND STANDARD CLASS** <br>**($107,613,087 / 7,474,679 Shares)** | **$14.397** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA U.S. GROWTH FUND SERVICE CLASS** <br>**($390,303,229 / 30,739,599 Shares)** | **$12.697** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$186939315** |
| Distributable earnings/(accumulated loss) | **310977001** |
| **TOTAL NET ASSETS** | **$497916316** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $912,308 payable for fund shares redeemed, $6,661 other accrued expenses payable, $389,119 due to manager and affiliates, <br> $16,198 payable for audit fee and $16,578 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura U.S. Growth Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura U.S. Growth Fund** | **LVIP Nomura U.S. Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $2471346 |
| Foreign taxes withheld | (15496)<br>|
|  | 2455850 |
| **EXPENSES:** |  |
| Management fees | 3040592 |
| Distribution fees-Service Class | 1096333 |
| Shareholder servicing fees | 135686 |
| Accounting and administration expenses | 92509 |
| Professional fees | 46215 |
| Reports and statements to shareholders | 21944 |
| Trustees' fees and expenses | 13370 |
| Consulting fees | 5499 |
| Custodian fees | 4183 |
| Pricing fees | 2153 |
| Other | 19481 |
| Total operating expenses | 4477965 |
| **NET INVESTMENT LOSS** | (2022115)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 49320420 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 51732054 |
| **NET REALIZED AND UNREALIZED GAIN** | 101052474 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $99030359 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura U.S. Growth Fund** | **LVIP Nomura U.S. Growth Fund** | **LVIP Nomura U.S. 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 | $(2022115)<br>| $(1941356)<br>|
| Net realized gain | 49320420 | 79846745 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 51732054 | 61505875 |
| Net increase in net assets resulting <br> from operations<br>| 99030359 | 139411264 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (11455169)<br>| (7633821)<br>|
| Service Class | (44101466)<br>| (31100625)<br>|
|  | (55556635)<br>| (38734446)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 18197091 | 47592100 |
| Service Class | 52726376 | 30481385 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 11455169 | 7633821 |
| Service Class | 44101466 | 31100625 |
|  | 126480102 | 116807931 |
| Cost of shares redeemed: |  |  |
| Standard Class | (31212513)<br>| (157207052)<br>|
| Service Class | (96750940)<br>| (99253127)<br>|
|  | (127963453)<br>| (256460179)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (1483351)<br>| (139652248)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 41990373 | (38975430)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 455925943 | 494901373 |
| End of year | $497916316 | $455925943 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura U.S. Growth Fund-3

------

**LVIP Nomura U.S. Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura U.S. Growth Fund Standard Class** | **LVIP Nomura U.S. Growth Fund Standard Class** | **LVIP Nomura U.S. Growth Fund Standard Class** | **LVIP Nomura U.S. Growth Fund Standard Class** | **LVIP Nomura U.S. Growth 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; $13.056 | &nbsp;&nbsp; $10.564 | &nbsp;&nbsp; $7.121 | &nbsp;&nbsp; $12.491 | &nbsp;&nbsp; $13.770 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; (0.023)<br>| 0.014 | 0.011 | &nbsp;&nbsp; (0.028)<br>|
| Net realized and unrealized gain (loss) | 2.922 | 3.577 | 3.429 | &nbsp;&nbsp; (3.464)<br>| 2.193 |
| Total from investment operations | 2.895 | 3.554 | 3.443 | &nbsp;&nbsp; (3.453)<br>| 2.165 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (1.554)<br>| &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.443)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.554)<br>| &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.444)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.397 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $10.564 | &nbsp;&nbsp; $7.121 | &nbsp;&nbsp; $12.491 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 22.61% | &nbsp;&nbsp; 34.07% | &nbsp;&nbsp; 48.35% | &nbsp;&nbsp; (27.66%)<br>| &nbsp;&nbsp; 18.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $107613 | &nbsp;&nbsp; $98161 | &nbsp;&nbsp; $168808 | &nbsp;&nbsp; $56620 | &nbsp;&nbsp; $74978 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.20%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; (0.23%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 U.S. Growth 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 U.S. Growth 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 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 Nomura U.S. Growth Fund-4

------

**LVIP Nomura U.S. Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura U.S. Growth Fund Service Class** | **LVIP Nomura U.S. Growth Fund Service Class** | **LVIP Nomura U.S. Growth Fund Service Class** | **LVIP Nomura U.S. Growth Fund Service Class** | **LVIP Nomura U.S. Growth 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; $11.703 | &nbsp;&nbsp; $9.584 | &nbsp;&nbsp; $6.480 | &nbsp;&nbsp; $11.638 | &nbsp;&nbsp; $13.080 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.060)<br>| &nbsp;&nbsp; (0.054)<br>| &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; (0.062)<br>|
| Net realized and unrealized gain (loss) | 2.608 | 3.235 | 3.116 | &nbsp;&nbsp; (3.226)<br>| 2.064 |
| Total from investment operations | 2.548 | 3.181 | 3.104 | &nbsp;&nbsp; (3.241)<br>| 2.002 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (1.554)<br>| &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.443)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.554)<br>| &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.917)<br>| &nbsp;&nbsp; (3.444)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.697 | &nbsp;&nbsp; $11.703 | &nbsp;&nbsp; $9.584 | &nbsp;&nbsp; $6.480 | &nbsp;&nbsp; $11.638 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 22.24% | &nbsp;&nbsp; 33.66% | &nbsp;&nbsp; 47.90% | &nbsp;&nbsp; (27.88%)<br>| &nbsp;&nbsp; 17.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $390303 | &nbsp;&nbsp; $357765 | &nbsp;&nbsp; $326094 | &nbsp;&nbsp; $262696 | &nbsp;&nbsp; $376868 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.50%)<br>| &nbsp;&nbsp; (0.49%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.53%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 U.S. Growth 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 U.S. Growth 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 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 Nomura U.S. Growth Fund-5

------

**LVIP Nomura U.S. 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 Nomura U.S. Growth Fund (formerly, LVIP Macquarie U.S. 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'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. 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 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.

LVIP Nomura U.S. Growth Fund-6

------

**LVIP Nomura U.S. 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)**

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.

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. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.73% of the average daily net assets for the Standard Class and 1.03% 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. As of December 31, 2025, no expense reimbursements were subject to recoupment.

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. In managing the Fund, NIFA may utilize sub-sub-adviser, Macquarie Investment Management Global Limited ("MIMGL"). For these services, LFI, not the Fund, pays NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $38423 |
| Legal | &nbsp;&nbsp; 6403 |

---

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 Nomura U.S. Growth Fund-7

------

**LVIP Nomura U.S. 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 $13,653 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; $276547 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 100087 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 141 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12344 |

---

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; $133473911 |
| Sales | &nbsp;&nbsp; 195169762 |

---

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; $232896180 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $268296690 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (4390504)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $263906186 |

---

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 Nomura U.S. Growth Fund-8

------

**LVIP Nomura U.S. 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:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $494892913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $494892913 |
| Money Market Fund | &nbsp;&nbsp; 1909454 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1909454 |
| **Total Investments** | &nbsp;&nbsp; $496802367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $496802367 |

---

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; $1147164 | &nbsp;&nbsp; $22717593 |
| Long-term capital gains | &nbsp;&nbsp; 54409471 | &nbsp;&nbsp; 16016853 |
| Total | &nbsp;&nbsp; $55556635 | &nbsp;&nbsp; $38734446 |

---

**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; $47070815 |
| Net unrealized appreciation | &nbsp;&nbsp; 263906186 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $310977001 |

---

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; $152206 | &nbsp;&nbsp; $(152206)<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; 1373517 | &nbsp;&nbsp; 4109064 |
| Service Class | &nbsp;&nbsp; 4485612 | &nbsp;&nbsp; 2733690 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 823994 | &nbsp;&nbsp; 597356 |
| Service Class | &nbsp;&nbsp; 3594252 | &nbsp;&nbsp; 2708276 |
|  | &nbsp;&nbsp; 10277375 | &nbsp;&nbsp; 10148386 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2241594)<br>| &nbsp;&nbsp; (13166648)<br>|
| Service Class | &nbsp;&nbsp; (7910756)<br>| &nbsp;&nbsp; (8895781)<br>|
|  | &nbsp;&nbsp; (10152350)<br>| &nbsp;&nbsp; (22062429)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 125025 | &nbsp;&nbsp; (11914043)<br>|

---

LVIP Nomura U.S. Growth Fund-9

------

**LVIP Nomura U.S. Growth 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**

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.

LVIP Nomura U.S. Growth Fund-10

------

**LVIP Nomura U.S. Growth 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 Nomura U.S. Growth Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura U.S. Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura U.S. Growth Fund (formerly, LVIP Macquarie U.S. 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 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.

![](imge54cc2212.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura U.S. Growth Fund–12

------

![](img0a2908ca1.jpg)

LVIP Nomura U.S. REIT Fund

(formerly, LVIP Macquarie U.S. REIT Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Nomura U.S. REIT Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_SOI-continued-457_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_FS-continued-457_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_FS-continued-457_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_FIHI-continued-457_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_NTF-continued-457_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_d495fe2c-5665-4803-b0e1-7fcc7378c984_AUDIT-continued-457_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Nomura U.S. REIT 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–97.59%** | **COMMON STOCK–97.59%** | **COMMON STOCK–97.59%** |
| **Real Estate Oper/Develop–0.72%** | **Real Estate Oper/Develop–0.72%** | **Real Estate Oper/Develop–0.72%** |
| Alexander & Baldwin, Inc. | 122392 | $2526171 |
|  |  | **2526171** |
| **REIT Apartments–13.07%** | **REIT Apartments–13.07%** | **REIT Apartments–13.07%** |
| American Homes 4 Rent <br> Class A<br>| 128845 | 4135924 |
| AvalonBay Communities, Inc. | 47305 | 8576870 |
| Camden Property Trust | 44443 | 4892285 |
| Equity Residential | 125151 | 7889519 |
| Essex Property Trust, Inc. | 27944 | 7312386 |
| Invitation Homes, Inc. | 245152 | 6812774 |
| Mid-America Apartment <br> Communities, Inc.<br>| 38947 | 5410128 |
| NexPoint Residential Trust, <br> Inc.<br>| 15368 | 462577 |
|  |  | **45492463** |
| **REIT Diversified–19.89%** | **REIT Diversified–19.89%** | **REIT Diversified–19.89%** |
| Broadstone Net Lease, Inc. | 60537 | 1051528 |
| Digital Realty Trust, Inc. | 89523 | 13850103 |
| EPR Properties | 33910 | 1692109 |
| Equinix, Inc. | 26024 | 19938548 |
| Gaming & Leisure Properties, <br> Inc.<br>| 165667 | 7403658 |
| Gladstone Commercial Corp. | 116892 | 1247238 |
| InvenTrust Properties Corp. | 7012 | 197808 |
| Lamar Advertising Co. <br> Class A<br>| 35876 | 4541184 |
| Outfront Media, Inc. | 158668 | 3823899 |
| VICI Properties, Inc. | 471512 | 13258917 |
| WP Carey, Inc. | 33985 | 2187275 |
|  |  | **69192267** |
| **REIT Health Care–17.07%** | **REIT Health Care–17.07%** | **REIT Health Care–17.07%** |
| Alexandria Real Estate <br> Equities, Inc.<br>| 69228 | 3388018 |
| American Healthcare REIT, <br> Inc.<br>| 21365 | 1005437 |
| CareTrust REIT, Inc. | 138745 | 5017019 |
| Healthpeak Properties, Inc. | 173956 | 2797213 |
| Medical Properties Trust, <br> Inc.<br>| 137928 | 689640 |
| National Health Investors, <br> Inc.<br>| 24549 | 1874807 |
| Universal Health Realty <br> Income Trust<br>| 22338 | 875873 |
| Ventas, Inc. | 126090 | 9756844 |
| Welltower, Inc. | 183055 | 33976839 |
|  |  | **59381690** |
| **REIT Hotels–6.11%** | **REIT Hotels–6.11%** | **REIT Hotels–6.11%** |
| Apple Hospitality REIT, Inc. | 247028 | 2927282 |
| Chatham Lodging Trust | 171808 | 1170013 |
| DiamondRock Hospitality Co. | 116240 | 1041510 |
| Host Hotels & Resorts, Inc. | 333825 | 5918717 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **REIT Hotels (continued)** | **REIT Hotels (continued)** | **REIT Hotels (continued)** |
| Park Hotels & Resorts, Inc. | 145885 | $1525957 |
| RLJ Lodging Trust | 62094 | 462600 |
| Ryman Hospitality Properties, <br> Inc.<br>| 60717 | 5745043 |
| Sunstone Hotel Investors, <br> Inc.<br>| 164299 | 1468833 |
| Xenia Hotels & Resorts, Inc. | 71557 | 1011816 |
|  |  | **21271771** |
| **REIT Manufactured Homes–2.05%** | **REIT Manufactured Homes–2.05%** | **REIT Manufactured Homes–2.05%** |
| Equity LifeStyle Properties, <br> Inc.<br>| 57021 | 3456043 |
| Sun Communities, Inc. | 29739 | 3684959 |
|  |  | **7141002** |
| **REIT Office Property–2.72%** | **REIT Office Property–2.72%** | **REIT Office Property–2.72%** |
| BXP, Inc. | 29490 | 1989985 |
| COPT Defense Properties | 10155 | 282309 |
| Cousins Properties, Inc. | 158501 | 4086156 |
| Orion Properties, Inc. | 63164 | 142751 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 284136 | 2369694 |
| SL Green Realty Corp. | 5240 | 240359 |
| Vornado Realty Trust | 10883 | 362186 |
|  |  | **9473440** |
| **REIT Regional Malls–4.97%** | **REIT Regional Malls–4.97%** | **REIT Regional Malls–4.97%** |
| Simon Property Group, Inc. | 93401 | 17289459 |
|  |  | **17289459** |
| **REIT Shopping Centers–5.90%** | **REIT Shopping Centers–5.90%** | **REIT Shopping Centers–5.90%** |
| Alexander's, Inc. | 819 | 178493 |
| Brixmor Property Group, Inc. | 225826 | 5921158 |
| Kimco Realty Corp. | 270851 | 5490150 |
| Kite Realty Group Trust | 93967 | 2252389 |
| Phillips Edison & Co., Inc. | 23026 | 819035 |
| Regency Centers Corp. | 78371 | 5409950 |
| SITE Centers Corp. | 41743 | 267990 |
| Urban Edge Properties | 9796 | 187985 |
|  |  | **20527150** |
| **REIT Single Tenant–4.59%** | **REIT Single Tenant–4.59%** | **REIT Single Tenant–4.59%** |
| Realty Income Corp. | 283181 | 15962913 |
|  |  | **15962913** |
| **REIT Storage–9.05%** | **REIT Storage–9.05%** | **REIT Storage–9.05%** |
| CubeSmart | 104199 | 3756374 |
| Extra Space Storage, Inc. | 56701 | 7383604 |
| Iron Mountain, Inc. | 79790 | 6618581 |
| Public Storage | 52858 | 13716651 |
|  |  | **31475210** |
| **REIT Warehouse/Industry–11.45%** | **REIT Warehouse/Industry–11.45%** | **REIT Warehouse/Industry–11.45%** |
| Americold Realty Trust, Inc. | 59000 | 758740 |

---

LVIP Nomura U.S. REIT Fund-1

------

**LVIP Nomura U.S. REIT 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)** |
| **REIT Warehouse/Industry (continued)** | **REIT Warehouse/Industry (continued)** | **REIT Warehouse/Industry (continued)** |
| Innovative Industrial <br> Properties, Inc.<br>| 20071 | $950562 |
| Plymouth Industrial REIT, <br> Inc.<br>| 77319 | 1691740 |
| Prologis, Inc. | 251860 | 32152448 |
| Rexford Industrial Realty, <br> Inc.<br>| 86134 | 3335108 |
| Terreno Realty Corp. | 15948 | 936307 |
|  |  | **39824905** |
| **Total Common Stock** <br>**(Cost $273,478,717)** | **Total Common Stock** <br>**(Cost $273,478,717)** | **339558441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–2.11%** | **MONEY MARKET FUND–2.11%** | **MONEY MARKET FUND–2.11%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 7327382 | $7327382 |
| **Total Money Market Fund** <br>**(Cost $7,327,382)** | **Total Money Market Fund** <br>**(Cost $7,327,382)** | **7327382** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.70% (Cost $280,806,099)** | **346885823** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.30%** | **1045560** |
| **NET ASSETS APPLICABLE TO 25,800,970 SHARES OUTSTANDING–100.00%** | **$347931383** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA U.S. REIT FUND STANDARD CLASS** <br>**($219,517,839 / 16,295,689 Shares)** | **$13.471** |
| **NET ASSET VALUE PER SHARE–LVIP NOMURA U.S. REIT FUND SERVICE CLASS** <br>**($128,413,544 / 9,505,281 Shares)** | **$13.510** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$312062794** |
| Distributable earnings/(accumulated loss) | **35868589** |
| **TOTAL NET ASSETS** | **$347931383** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $4,861 expense reimbursement receivable from Lincoln Financial Investments Corporation, $450,808 payable for fund shares <br> redeemed, $5,577 other accrued expenses payable, $263,203 due to manager and affiliates, $19,410 payable for audit fee and $13,963 <br> 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 Nomura U.S. REIT Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Nomura U.S. REIT Fund** | **LVIP Nomura U.S. REIT Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $12355021 |
| **EXPENSES:** |  |
| Management fees | 2639067 |
| Distribution fees-Service Class | 405916 |
| Shareholder servicing fees | 102044 |
| Accounting and administration expenses | 77412 |
| Professional fees | 48989 |
| Reports and statements to shareholders | 22440 |
| Trustees' fees and expenses | 10326 |
| Consulting fees | 5728 |
| Custodian fees | 3084 |
| Pricing fees | 1782 |
| Other | 49136 |
|  | 3365924 |
| Less:  |  |
| Expenses reimbursed | (39440)<br>|
| Total operating expenses | 3326484 |
| **NET INVESTMENT INCOME**  | 9028537 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 4177358 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (10217407)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (6040049)<br>|
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $2988488 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Nomura U.S. REIT Fund** | **LVIP Nomura U.S. REIT Fund** | **LVIP Nomura U.S. REIT 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 | $9028537 | $8122000 |
| Net realized gain | 4177358 | 5450536 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (10217407)<br>| 14645872 |
| Net increase in net assets resulting <br> from operations<br>| 2988488 | 28218408 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5933375)<br>| (5307556)<br>|
| Service Class | (3054938)<br>| (3039251)<br>|
| Return of capital: |  |  |
| Standard Class | (610305)<br>| (1526955)<br>|
| Service Class | (381297)<br>| (1030950)<br>|
|  | (9979915)<br>| (10904712)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 37946858 | 29926988 |
| Service Class | 10806571 | 13210677 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 6543680 | 6834511 |
| Service Class | 3436235 | 4070201 |
|  | 58733344 | 54042377 |
| Cost of shares redeemed: |  |  |
| Standard Class | (38512647)<br>| (45686832)<br>|
| Service Class | (26720070)<br>| (33522710)<br>|
|  | (65232717)<br>| (79209542)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (6499373)<br>| (25167165)<br>|
| **NET DECREASE IN NET ASSETS** | (13490800)<br>| (7853469)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 361422183 | 369275652 |
| End of year | $347931383 | $361422183 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Nomura U.S. REIT Fund-3

------

**LVIP Nomura U.S. REIT Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura U.S. REIT Fund Standard Class** | **LVIP Nomura U.S. REIT Fund Standard Class** | **LVIP Nomura U.S. REIT Fund Standard Class** | **LVIP Nomura U.S. REIT Fund Standard Class** | **LVIP Nomura U.S. REIT 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; $13.747 | &nbsp;&nbsp; $13.166 | &nbsp;&nbsp; $12.081 | &nbsp;&nbsp; $16.787 | &nbsp;&nbsp; $12.090 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.369 | 0.319 | 0.355 | 0.288 | 0.140 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.231)<br>| 0.708 | 1.166 | &nbsp;&nbsp; (4.542)<br>| 4.994 |
| Total from investment operations | 0.138 | 1.027 | 1.521 | &nbsp;&nbsp; (4.254)<br>| 5.134 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.376)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.436)<br>|
| Return of capital | &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.070)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.446)<br>| &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.437)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.471 | &nbsp;&nbsp; $13.747 | &nbsp;&nbsp; $13.166 | &nbsp;&nbsp; $12.081 | &nbsp;&nbsp; $16.787 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 7.87% | &nbsp;&nbsp; 12.58% | &nbsp;&nbsp; (25.30%)<br>| &nbsp;&nbsp; 43.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $219517 | &nbsp;&nbsp; $218013 | &nbsp;&nbsp; $216340 | &nbsp;&nbsp; $196242 | &nbsp;&nbsp; $274086 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.82% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 0.98% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 0.98% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 REIT 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 REIT 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. 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 Nomura U.S. REIT Fund-4

------

**LVIP Nomura U.S. REIT Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Nomura U.S. REIT Fund Service Class** | **LVIP Nomura U.S. REIT Fund Service Class** | **LVIP Nomura U.S. REIT Fund Service Class** | **LVIP Nomura U.S. REIT Fund Service Class** | **LVIP Nomura U.S. REIT 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; $13.783 | &nbsp;&nbsp; $13.198 | &nbsp;&nbsp; $12.111 | &nbsp;&nbsp; $16.818 | &nbsp;&nbsp; $12.080 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.328 | 0.278 | 0.319 | 0.246 | 0.097 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.230)<br>| 0.709 | 1.166 | &nbsp;&nbsp; (4.545)<br>| 4.982 |
| Total from investment operations | 0.098 | 0.987 | 1.485 | &nbsp;&nbsp; (4.299)<br>| 5.079 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.340)<br>|
| Return of capital | &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; (0.408)<br>| &nbsp;&nbsp; (0.341)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.510 | &nbsp;&nbsp; $13.783 | &nbsp;&nbsp; $13.198 | &nbsp;&nbsp; $12.111 | &nbsp;&nbsp; $16.818 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 12.24% | &nbsp;&nbsp; (25.53%)<br>| &nbsp;&nbsp; 42.54% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $128414 | &nbsp;&nbsp; $143409 | &nbsp;&nbsp; $152935 | &nbsp;&nbsp; $147979 | &nbsp;&nbsp; $218731 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 0.68% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective December 1, 2025, Nomura Investment Fund Advisers (NIFA) 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 REIT 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 REIT 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. 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 Nomura U.S. REIT Fund-5

------

**LVIP Nomura U.S. REIT 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 Nomura U.S. REIT Fund (formerly, LVIP Macquarie U.S. REIT 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, with capital appreciation as 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. 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 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

LVIP Nomura U.S. REIT Fund-6

------

**LVIP Nomura U.S. REIT 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)**

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 0.75% of the first $500 million of the Fund's average daily net assets; 0.70% of the next $500 million; 0.65% of the next $1.5 billion; and 0.60% of the Fund's average daily net assets in excess of $2.5 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 Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.83% of the average daily net assets for the Standard Class and 1.13% 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; $41738 | &nbsp;&nbsp; $32840 | &nbsp;&nbsp; $39440 | &nbsp;&nbsp; $114018 |

---

Effective December 1, 2025, Nomura Investments Fund Advisers ("NIFA") (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. In managing the Fund, NIFA may utilize sub-sub-adviser, Macquarie Investment Management Global Limited ("MIMGL"). For these services, LFI, not the Fund, pays NIFA a fee based on the Fund's average daily net assets. Prior to December 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; $29269 |
| Legal | &nbsp;&nbsp; 4845 |

---

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 $15,572 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

LVIP Nomura U.S. REIT Fund-7

------

**LVIP Nomura U.S. REIT 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)**

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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $4861 |
| Management fees payable to LFI | &nbsp;&nbsp; 221531 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 32873 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 233 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 8566 |

---

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; $17615999 |
| Sales | &nbsp;&nbsp; 21998056 |

---

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; $291604656 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $76155319 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (20874152)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $55281167 |

---

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 Net Assets 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 Nomura U.S. REIT Fund-8

------

**LVIP Nomura U.S. REIT 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 | &nbsp;&nbsp; $339558441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $339558441 |
| Money Market Fund | &nbsp;&nbsp; 7327382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7327382 |
| **Total Investments** | &nbsp;&nbsp; $346885823 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $346885823 |

---

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 distributions from underlying real estate investment trusts ("REITS"). 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; $8988313 | &nbsp;&nbsp; $8346807 |
| Return of capital | &nbsp;&nbsp; 991602 | &nbsp;&nbsp; 2557905 |
| Total | &nbsp;&nbsp; $9979915 | &nbsp;&nbsp; $10904712 |

---

**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; $(19376548)<br>|
| Other temporary differences | &nbsp;&nbsp; (36030)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 55281167 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $35868589 |

---

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 prior year Financial statement to tax return:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(40224)<br>| &nbsp;&nbsp; $40224 |

---

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**  |
| $12698662 | &nbsp;&nbsp; $6677886 | &nbsp;&nbsp; $19376548 |

---

In 2025, the Fund utilized $4,067,847 of capital loss carryforwards.

LVIP Nomura U.S. REIT Fund-9

------

**LVIP Nomura U.S. REIT 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; 2755723 | &nbsp;&nbsp; 2228354 |
| Service Class | &nbsp;&nbsp; 785087 | &nbsp;&nbsp; 970087 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 487461 | &nbsp;&nbsp; 508482 |
| Service Class | &nbsp;&nbsp; 255217 | &nbsp;&nbsp; 301988 |
|  | &nbsp;&nbsp; 4283488 | &nbsp;&nbsp; 4008911 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2806799)<br>| &nbsp;&nbsp; (3309366)<br>|
| Service Class | &nbsp;&nbsp; (1939833)<br>| &nbsp;&nbsp; (2455398)<br>|
|  | &nbsp;&nbsp; (4746632)<br>| &nbsp;&nbsp; (5764764)<br>|
| Net decrease | &nbsp;&nbsp; (463144)<br>| &nbsp;&nbsp; (1755853)<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**

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.

**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

LVIP Nomura U.S. REIT Fund-10

------

**LVIP Nomura U.S. REIT 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 (continued)**

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 Nomura U.S. REIT Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Nomura U.S. REIT Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Nomura U.S. REIT Fund (formerly, LVIP Macquarie U.S. REIT 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.

![](img67b044ff2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Nomura U.S. REIT Fund–12

------

![](imgf7cf60d01.jpg)

LVIP PIMCO Low Duration Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP PIMCO Low Duration Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_SOI-continued-250_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_FS-continued-250_1)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_FS-continued-250_1)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_FIHI-continued-250_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_NTF-continued-250_1)**  | &nbsp;&nbsp; **19** |
| **[Report of Independent Registered Public Accounting Firm](#xx_7e8a03fe-fce8-4814-b0a4-8edcd8a161b7_AUDIT-continued-250_1)**  | &nbsp;&nbsp; **31** |

---

------

**LVIP PIMCO Low Duration 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–17.33%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–17.33%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–17.33%** |
| Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  |
| Series 4141 Class PA 1.50% <br> 12/15/42<br>| 4546307 | $3909211 |
| •Series 4347 Class WF 4.72% <br> (30 day USD SOFR Average <br> + 0.51%) 1/15/40<br>| 483259 | 478061 |
| •Series 4367 Class GF 4.67% <br> (30 day USD SOFR Average <br> + 0.46%) 3/15/37<br>| 1282449 | 1267996 |
| •Series 4419 Class AF 4.66% <br> (30 day USD SOFR Average <br> + 0.45%) 6/15/40<br>| 783370 | 773921 |
| •Series 4730 Class WF 4.67% <br> (30 day USD SOFR Average <br> + 0.46%) 8/15/38<br>| 1434593 | 1418178 |
| •Series 4906 Class WF 4.72% <br> (30 day USD SOFR Average <br> + 0.51%) 12/15/38<br>| 1823651 | 1799824 |
| Series 4948 Class E 2.50% <br> 10/25/48<br>| 258794 | 238729 |
| Series 5115 Class CD 1.00% <br> 8/15/44<br>| 4097671 | 3570289 |
| •Series 5480 Class FG 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 12/25/54<br>| 2377578 | 2388953 |
| •Series 5484 Class FA 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 12/25/54<br>| 1657632 | 1666517 |
| •Series 5493 Class FK 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 1/25/55<br>| 2276979 | 2283365 |
| •Series 5500 Class AF 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 2/25/55<br>| 344859 | 344584 |
| •Series 5500 Class FA 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 2/25/55<br>| 2838948 | 2850672 |
| •Series 5500 Class GF 4.82% <br> (30 day USD SOFR Average <br> + 0.95%) 10/25/54<br>| 2801374 | 2811557 |
| •Series 5508 Class DF 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 2/25/55<br>| 1898857 | 1900077 |
| •Series 5508 Class FB 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 2/25/55<br>| 356509 | 356105 |
| •Series 5511 Class FG 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 3/25/55<br>| 1866687 | 1874593 |
| •Series 5513 Class MF 4.81% <br> (30 day USD SOFR Average <br> + 0.94%) 11/25/54<br>| 10219456 | 10252796 |
| •Series 5517 Class FE 4.82% <br> (30 day USD SOFR Average <br> + 0.95%) 3/25/55<br>| 635432 | 638426 |

---

---

| | | |
|:---|:---|:---|
|  | **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 5517 Class VF 4.82% <br> (30 day USD SOFR Average <br> + 0.95%) 3/25/55<br>| 4354839 | $4354329 |
| •Series 5532 Class FA 4.82% <br> (30 day USD SOFR Average <br> + 0.95%) 4/25/55<br>| 5206002 | 5212778 |
| •Series 5534 Class FM 4.80% <br> (30 day USD SOFR Average <br> + 0.93%) 5/25/55<br>| 5069328 | 5086475 |
| •Series 5544 Class F 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 6/25/55<br>| 3082437 | 3095137 |
| •Series 5549 Class CF 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 10/25/52<br>| 4059943 | 4085842 |
| •Series 5557 Class FM 4.97% <br> (30 day USD SOFR Average <br> + 1.10%) 7/25/55<br>| 1455171 | 1461691 |
| •Series 5560 Class FB 4.87% <br> (30 day USD SOFR Average <br> + 1.00%) 6/25/55<br>| 1327523 | 1334169 |
| •Series 5564 Class FB 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 8/25/55<br>| 1543461 | 1553474 |
| •Series 5564 Class PF 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 8/25/55<br>| 981262 | 988195 |
| •Series 5565 Class FA 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 8/25/55<br>| 1796261 | 1806497 |
| •Series 5565 Class FB 4.82% <br> (30 day USD SOFR Average <br> + 0.95%) 8/25/55<br>| 689193 | 693998 |
| •Series 5584 Class DF 4.77% <br> (30 day USD SOFR Average <br> + 0.90%) 10/25/55<br>| 481039 | 482457 |
| •Series 5593 Class FB 4.77% <br> (30 day USD SOFR Average <br> + 0.90%) 11/25/55<br>| 686066 | 688202 |
| •Series 5601 Class F 4.77% <br> (30 day USD SOFR Average <br> + 0.90%) 11/25/55<br>| 789857 | 792271 |
| •Federal Home Loan Mortgage Corp. STRIPS | •Federal Home Loan Mortgage Corp. STRIPS | •Federal Home Loan Mortgage Corp. STRIPS |
| Series 328 Class F4 4.67% <br> (30 day USD SOFR Average <br> + 0.46%) 2/15/38<br>| 1304799 | 1293200 |
| Series 330 Class F4 4.67% <br> (30 day USD SOFR Average <br> + 0.46%) 10/15/37<br>| 600629 | 595227 |
| Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  |
| •Series 2011-86 Class NF <br> 4.54% (30 day USD SOFR <br> Average + 0.66%) 9/25/41<br>| 511157 | 509105 |
| Series 2013-6 Class JB 1.50% <br> 2/25/43<br>| 4315657 | 3768042 |

---

LVIP PIMCO Low Duration Bond Fund-1

------

**LVIP PIMCO Low Duration 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 2014-49 Class AF <br> 4.64% (30 day USD SOFR <br> Average + 0.43%) 8/25/44<br>| 220665 | $218869 |
| •Series 2017-95 Class FA <br> 4.67% (30 day USD SOFR <br> Average + 0.46%) 11/25/47<br>| 1237130 | 1226440 |
| •Series 2019-53 Class FA <br> 4.72% (30 day USD SOFR <br> Average + 0.51%) 9/25/49<br>| 1257651 | 1221917 |
| •Series 2020-29 Class FC <br> 5.12% (30 day USD SOFR <br> Average + 0.91%) 5/25/50<br>| 1575110 | 1582577 |
| •Series 2024-100 Class FA <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 6/25/54<br>| 2377670 | 2384726 |
| •Series 2024-101 Class FB <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 1/25/55<br>| 3063996 | 3065561 |
| •Series 2024-103 Class FC <br> 5.02% (30 day USD SOFR <br> Average + 1.15%) 1/25/55<br>| 3581586 | 3592808 |
| •Series 2024-104 Class FA <br> 4.92% (30 day USD SOFR <br> Average + 1.05%) 1/25/55<br>| 3598163 | 3600226 |
| •Series 2024-90 Class FB <br> 5.12% (30 day USD SOFR <br> Average + 1.25%) 11/25/53<br>| 2548383 | 2561608 |
| •Series 2024-95 Class KF <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 12/25/54<br>| 1370341 | 1372793 |
| •Series 2025-12 Class EF <br> 4.78% (30 day USD SOFR <br> Average + 0.91%) 3/25/55<br>| 701277 | 703191 |
| •Series 2025-12 Class FG <br> 4.82% (30 day USD SOFR <br> Average + 0.95%) 3/25/55<br>| 317291 | 318511 |
| •Series 2025-16 Class FA <br> 5.02% (30 day USD SOFR <br> Average + 1.15%) 3/25/55<br>| 2171803 | 2177993 |
| •Series 2025-16 Class FM <br> 4.82% (30 day USD SOFR <br> Average + 0.95%) 1/25/55<br>| 486564 | 488327 |
| •Series 2025-18 Class FM <br> 4.77% (30 day USD SOFR <br> Average + 0.90%) 9/25/54<br>| 10671163 | 10698123 |
| •Series 2025-19 Class FC <br> 5.03% (30 day USD SOFR <br> Average + 1.16%) 3/25/55<br>| 2342860 | 2355144 |
| •Series 2025-35 Class FB <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 5/25/55<br>| 1243178 | 1246267 |
| •Series 2025-35 Class FM <br> 4.92% (30 day USD SOFR <br> Average + 1.05%) 5/25/55<br>| 934866 | 937665 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2025-4 Class FB 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 12/25/53<br>| 884352 | $888998 |
| •Series 2025-54 Class FM <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 7/25/55<br>| 820970 | 824676 |
| •Series 2025-6 Class FA 5.12% <br> (30 day USD SOFR Average <br> + 1.25%) 2/25/55<br>| 723485 | 728117 |
| •Series 2025-88 Class FM <br> 4.77% (30 day USD SOFR <br> Average + 0.90%) 8/25/55<br>| 889212 | 891995 |
| •Series 2025-93 Class FA <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 11/25/55<br>| 1320795 | 1322995 |
| •Series 2025-95 Class F 4.77% <br> (30 day USD SOFR Average <br> + 0.90%) 12/25/53<br>| 1109235 | 1111316 |
| •Series 2025-99 Class KF <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 11/25/55<br>| 597457 | 599241 |
| Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  |
| •Series 2016-H17 Class FC <br> 4.94% (1 mo. USD Term <br> SOFR + 0.94%) 8/20/66<br>| 428919 | 430480 |
| •Series 2016-H19 Class FA <br> 4.89% (1 mo. USD Term <br> SOFR + 0.89%) 9/20/66<br>| 273566 | 274677 |
| •Series 2022-H22 Class EF <br> 4.67% (30 day USD SOFR <br> Average + 0.75%) 10/20/72<br>| 1419048 | 1424975 |
| •Series 2023-H02 Class FA <br> 4.82% (30 day USD SOFR <br> Average + 0.90%) 1/20/73<br>| 3294410 | 3291854 |
| •Series 2023-H23 Class JF <br> 4.90% (30 day USD SOFR <br> Average + 0.98%) 9/20/73<br>| 7309303 | 7405196 |
| •Series 2023-H26 Class DF <br> 4.22% (30 day USD SOFR <br> Average + 0.30%) 9/20/73<br>| 2678274 | 2669651 |
| •Series 2024-13 Class FA <br> 4.87% (30 day USD SOFR <br> Average + 0.95%) 1/20/54<br>| 300740 | 301314 |
| •Series 2025-100 Class FA <br> 5.07% (30 day USD SOFR <br> Average + 1.15%) 6/20/55<br>| 568668 | 572360 |
| •Series 2025-118 Class FA <br> 5.07% (30 day USD SOFR <br> Average + 1.15%) 7/20/55<br>| 488554 | 492004 |
| Series 2025-79 Class NA <br> 3.50% 11/20/49<br>| 2699632 | 2614104 |
| •Series 2025-89 Class PF <br> 4.87% (30 day USD SOFR <br> Average + 0.95%) 5/20/55<br>| 1170528 | 1176470 |

---

LVIP PIMCO Low Duration Bond Fund-2

------

**LVIP PIMCO Low Duration 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 2025-98 Class GF <br> 4.82% (30 day USD SOFR <br> Average + 0.90%) 6/20/55<br>| 6364293 | $6388762 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $153,008,671)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $153,008,671)** | **151786874** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.49%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.49%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.49%** |
| ♦•Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Pass-Through <br> Certificates Series Q029 <br> Class A 4.56% (30 day USD <br> SOFR Average + 0.55%) <br> 8/25/27<br>| 2111294 | 2111289 |
| •Federal National Mortgage Association-ACES | •Federal National Mortgage Association-ACES | •Federal National Mortgage Association-ACES |
| Series 2017-M2 Class A2 <br> 2.86% 2/25/27<br>| 1443202 | 1427253 |
| Series 2017-M4 Class A2 <br> 2.57% 12/25/26<br>| 790734 | 779782 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $4,317,746)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $4,317,746)** | **4318324** |
| **AGENCY MORTGAGE-BACKED SECURITIES–19.34%** | **AGENCY MORTGAGE-BACKED SECURITIES–19.34%** | **AGENCY MORTGAGE-BACKED SECURITIES–19.34%** |
| Federal National Mortgage <br> Association 4.30% 12/1/32<br>| 8700000 | 8664277 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 5.00% 2/1/56 | 43400000 | 43238945 |
| 6.00% 2/1/56 | 114500000 | 117502150 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $169,009,949)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $169,009,949)** | **169405372** |
| **CORPORATE BONDS–32.30%** | **CORPORATE BONDS–32.30%** | **CORPORATE BONDS–32.30%** |
| **Aerospace & Defense–1.21%** | **Aerospace & Defense–1.21%** | **Aerospace & Defense–1.21%** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 9800000 | 9781347 |
| 2.75% 2/1/26 | 300000 | 299647 |
| 6.26% 5/1/27 | 500000 | 513008 |
|  |  | **10594002** |
| **Agriculture–0.57%** | **Agriculture–0.57%** | **Agriculture–0.57%** |
| BAT International Finance <br> PLC 1.67% 3/25/26<br>| 5000000 | 4972393 |
|  |  | **4972393** |
| **Airlines–0.20%** | **Airlines–0.20%** | **Airlines–0.20%** |
| ♦American Airlines <br> Pass-Through Trust 3.70% <br> 4/1/28<br>| 658696 | 656101 |
| ♦United Airlines Pass-Through <br> Trust 3.75% 3/3/28<br>| 1068754 | 1067570 |
|  |  | **1723671** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers–3.77%** | **Auto Manufacturers–3.77%** | **Auto Manufacturers–3.77%** |
| •American Honda Finance <br> Corp. 4.47% (1 day USD <br> SOFR + 0.73%) 3/8/27<br>| 7200000 | $7217643 |
| •BMW U.S. Capital LLC 4.65% <br> (1 day USD SOFR Index + <br> 0.92%) 3/21/28<br>| 2000000 | 2009445 |
| Daimler Truck Finance North <br> America LLC 5.15% 1/16/26<br>| 4200000 | 4201376 |
| Ford Motor Credit Co. LLC |  |  |
| 4.27% 1/9/27 | 1866000 | 1856298 |
| 4.39% 1/8/26 | 600000 | 600037 |
| 5.13% 11/5/26 | 6200000 | 6233686 |
| Hyundai Capital America |  |  |
| •4.77% (1 day USD SOFR + <br> 1.04%) 6/24/27<br>| 900000 | 903647 |
| 5.15% 3/27/30 | 1100000 | 1126881 |
| Nissan Motor Acceptance Co. <br> LLC 1.85% 9/16/26<br>| 2500000 | 2439402 |
| Volkswagen Group of America <br> Finance LLC<br>|  |  |
| •4.56% (1 day USD SOFR + <br> 0.83%) 3/20/26<br>| 3383000 | 3386189 |
| •4.79% (1 day USD SOFR + <br> 1.06%) 3/25/27<br>| 200000 | 200692 |
| 4.95% 3/25/27 | 2800000 | 2823308 |
|  |  | **32998604** |
| **Banks–7.16%** | **Banks–7.16%** | **Banks–7.16%** |
| μBank of America Corp. 5.08% <br> 1/20/27<br>| 2000000 | 2000966 |
| Barclays PLC |  |  |
| 4.38% 1/12/26 | 3000000 | 3000206 |
| μ5.83% 5/9/27 | 1600000 | 1609004 |
| BPCE SA |  |  |
| 3.50% 10/23/27 | 1600000 | 1582307 |
| μ5.98% 1/18/27 | 4314000 | 4316596 |
| μ6.61% 10/19/27 | 2700000 | 2750838 |
| •Goldman Sachs Group, Inc. <br> 4.55% (1 day USD SOFR + <br> 0.81%) 3/9/27<br>| 900000 | 900957 |
| μING Groep NV 1.73% 4/1/27 | 3124000 | 3104476 |
| •JPMorgan Chase & Co. 4.80% <br> (1 day USD SOFR + 0.89%) <br> 4/22/27<br>| 9300000 | 9316844 |
| μLloyds Banking Group PLC <br> 5.46% 1/5/28<br>| 2300000 | 2330910 |
| μMizuho Financial Group, Inc. <br> 1.23% 5/22/27<br>| 3700000 | 3659019 |
| National Bank of Canada |  |  |
| μ4.70% 3/5/27 | 500000 | 500453 |
| •4.76% (1 day USD SOFR <br> Index + 1.03%) 7/2/27<br>| 5000000 | 5011935 |
| μPNC Bank NA 4.78% 1/15/27 | 8000000 | 8002112 |

---

LVIP PIMCO Low Duration Bond Fund-3

------

**LVIP PIMCO Low Duration 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)** |
| •Royal Bank of Canada |  |  |
| 4.31% (1 day USD SOFR <br> Index + 0.46%) 8/3/26<br>| 6000000 | $6008087 |
| 4.55% (1 day USD SOFR <br> Index + 0.82%) 3/27/28<br>| 1600000 | 1605559 |
| 4.66% (1 day USD SOFR <br> Index + 0.72%) 10/18/27<br>| 1400000 | 1403551 |
| •Skandinaviska Enskilda <br> Banken AB 4.63% (1 day <br> USD SOFR + 0.89%) 3/5/27<br>| 2043000 | 2054570 |
| •Sumitomo Mitsui Banking <br> Corp. 4.49% (3 mo. AUD <br> Bank Bill Swap + 0.85%) <br> 2/20/26<br>| 2700000 | 1803088 |
| μUBS Group AG 5.71% 1/12/27 | 1800000 | 1800680 |
|  |  | **62762158** |
| **Commercial Services–0.72%** | **Commercial Services–0.72%** | **Commercial Services–0.72%** |
| Global Payments, Inc. 1.20% <br> 3/1/26<br>| 6313000 | 6283527 |
|  |  | **6283527** |
| **Diversified Financial Services–3.48%** | **Diversified Financial Services–3.48%** | **Diversified Financial Services–3.48%** |
| Air Lease Corp. 2.88% 1/15/26 | 6400000 | 6396547 |
| Aircastle Ltd. 2.85% 1/26/28 | 1200000 | 1165943 |
| Avolon Holdings Funding Ltd. <br> 2.13% 2/21/26<br>| 281000 | 280083 |
| DLR Kredit AS 1.00% 1/1/27 | 16800000 | 2615906 |
| Nomura Holdings, Inc. |  |  |
| 2.33% 1/22/27 | 1284000 | 1261335 |
| 5.59% 7/2/27 | 2200000 | 2247264 |
| 5.71% 1/9/26 | 1800000 | 1800526 |
| ORIX Corp. 4.65% 9/10/29 | 2000000 | 2032683 |
| •PSP Capital, Inc. 4.13% (1 day <br> USD SOFR + 0.35%) 12/1/27<br>| 6500000 | 6507306 |
| Realkredit Danmark AS 1.00% <br> 1/1/27<br>| 39700000 | 6176107 |
|  |  | **30483700** |
| **Electric–3.54%** | **Electric–3.54%** | **Electric–3.54%** |
| AES Corp. 1.38% 1/15/26 | 5200000 | 5193974 |
| Algonquin Power & Utilities <br> Corp. 5.37% 6/15/26<br>| 8800000 | 8841509 |
| Enel Finance International <br> NV<br>|  |  |
| 1.63% 7/12/26 | 2000000 | 1974638 |
| 5.13% 6/26/29 | 1400000 | 1435707 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 800000 | 796808 |
| FirstEnergy <br> Transmission LLC 4.55% <br> 1/15/30<br>| 3300000 | 3325539 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 1300000 | 1260286 |
| 2.95% 3/1/26 | 200000 | 199502 |
| 3.15% 1/1/26 | 3000000 | 3000000 |

---

---

| | | |
|:---|:---|:---|
|  | **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.<br>|  |  |
| 3.65% 3/1/28 | 1500000 | $1482694 |
| 4.70% 6/1/27 | 1300000 | 1310109 |
| 5.35% 3/1/26 | 2000000 | 2003561 |
| 5.85% 11/1/27 | 200000 | 205505 |
|  |  | **31029832** |
| **Electronics–0.36%** | **Electronics–0.36%** | **Electronics–0.36%** |
| Arrow Electronics, Inc. 5.15% <br> 8/21/29<br>| 2200000 | 2250145 |
| Vontier Corp. 1.80% 4/1/26 | 900000 | 894251 |
|  |  | **3144396** |
| **Health Care Services–1.30%** | **Health Care Services–1.30%** | **Health Care Services–1.30%** |
| Adventist Health System <br> 4.74% 12/1/30<br>| 2650000 | 2659966 |
| HCA, Inc. 5.38% 9/1/26 | 8700000 | 8718782 |
|  |  | **11378748** |
| **Insurance–1.69%** | **Insurance–1.69%** | **Insurance–1.69%** |
| •Athene Global Funding |  |  |
| 4.70% (1 day USD SOFR <br> Index + 0.75%) 7/16/26<br>| 5000000 | 5007611 |
| 4.80% (1 day USD SOFR <br> Index + 1.03%) 8/27/26<br>| 1000000 | 1003377 |
| 4.80% (1 day USD SOFR <br> Index + 1.03%) 8/27/26<br>| 400000 | 401351 |
| 4.94% (1 day USD SOFR <br> Index + 1.21%) 3/25/27<br>| 2300000 | 2314381 |
| Brighthouse Financial Global <br> Funding 1.55% 5/24/26<br>| 1000000 | 989204 |
| Equitable Financial Life <br> Global Funding 1.00% <br> 1/9/26<br>| 4500000 | 4497424 |
| GA Global Funding Trust <br> 1.63% 1/15/26<br>| 600000 | 599446 |
|  |  | **14812794** |
| **Internet–0.13%** | **Internet–0.13%** | **Internet–0.13%** |
| Beignet Investor LLC 6.58% <br> 5/30/49<br>| 1110000 | 1172710 |
|  |  | **1172710** |
| **Investment Companies–0.67%** | **Investment Companies–0.67%** | **Investment Companies–0.67%** |
| FS KKR Capital Corp. 3.40% <br> 1/15/26<br>| 1500000 | 1499422 |
| KKR Financial Holdings LLC <br> 5.40% 5/23/33<br>| 4500000 | 4375760 |
|  |  | **5875182** |
| **Lodging–1.20%** | **Lodging–1.20%** | **Lodging–1.20%** |
| Hyatt Hotels Corp. 5.05% <br> 3/30/28<br>| 1700000 | 1730828 |
| Las Vegas Sands Corp. |  |  |
| 3.50% 8/18/26 | 4700000 | 4677911 |

---

LVIP PIMCO Low Duration Bond Fund-4

------

**LVIP PIMCO Low Duration 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)** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Las Vegas Sands <br> Corp. (continued)<br>|  |  |
| 5.90% 6/1/27 | 4000000 | $4079776 |
|  |  | **10488515** |
| **Oil & Gas–0.36%** | **Oil & Gas–0.36%** | **Oil & Gas–0.36%** |
| Canadian Natural Resources <br> Ltd. 5.00% 12/15/29<br>| 800000 | 820453 |
| Petronas Energy Canada Ltd. <br> 2.11% 3/23/28<br>| 2400000 | 2305360 |
|  |  | **3125813** |
| **Packaging & Containers–0.48%** | **Packaging & Containers–0.48%** | **Packaging & Containers–0.48%** |
| Berry Global, Inc. 1.57% <br> 1/15/26<br>| 4200000 | 4195793 |
|  |  | **4195793** |
| **Pharmaceuticals–1.16%** | **Pharmaceuticals–1.16%** | **Pharmaceuticals–1.16%** |
| Bayer U.S. Finance II LLC <br> 4.38% 12/15/28<br>| 4200000 | 4204602 |
| =Constellation <br> Pharmaceutical, Inc. 5.55% <br> 7/1/33<br>| 5773357 | 5942293 |
|  |  | **10146895** |
| **Pipelines–0.72%** | **Pipelines–0.72%** | **Pipelines–0.72%** |
| ONEOK, Inc. 4.40% 10/15/29 | 2700000 | 2709038 |
| South Bow USA <br> Infrastructure Holdings LLC <br> 4.91% 9/1/27<br>| 2000000 | 2018294 |
| Spectra Energy Partners LP <br> 3.38% 10/15/26<br>| 1600000 | 1592773 |
|  |  | **6320105** |
| **Real Estate–0.07%** | **Real Estate–0.07%** | **Real Estate–0.07%** |
| Lendlease Finance Ltd. 3.40% <br> 10/27/27<br>| 1000000 | 642117 |
|  |  | **642117** |
| **Real Estate Investment Trusts–2.09%** | **Real Estate Investment Trusts–2.09%** | **Real Estate Investment Trusts–2.09%** |
| American Tower Corp. |  |  |
| 1.60% 4/15/26 | 7400000 | 7349725 |
| 5.00% 1/31/30 | 1700000 | 1740719 |
| Crown Castle, Inc. 3.70% <br> 6/15/26<br>| 6500000 | 6485292 |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.50% 9/1/26<br>| 1100000 | 1101073 |
| Weyerhaeuser Co. 4.75% <br> 5/15/26<br>| 1667000 | 1670399 |
|  |  | **18347208** |
| **Shipbuilding–0.51%** | **Shipbuilding–0.51%** | **Shipbuilding–0.51%** |
| Huntington Ingalls <br> Industries, Inc. 5.35% <br> 1/15/30<br>| 4300000 | 4444116 |
|  |  | **4444116** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software–0.42%** | **Software–0.42%** | **Software–0.42%** |
| Oracle Corp. 1.65% 3/25/26 | 3700000 | $3676672 |
|  |  | **3676672** |
| **Telecommunications–0.35%** | **Telecommunications–0.35%** | **Telecommunications–0.35%** |
| Rogers Communications, Inc. <br> 3.20% 3/15/27<br>| 3100000 | 3068863 |
|  |  | **3068863** |
| **Transportation–0.14%** | **Transportation–0.14%** | **Transportation–0.14%** |
| Canadian Pacific Railway Co. <br> 3.13% 6/1/26<br>| 1200000 | 1194631 |
|  |  | **1194631** |
| **Total Corporate Bonds** <br>**(Cost $281,606,500)** | **Total Corporate Bonds** <br>**(Cost $281,606,500)** | **282882445** |
| **MUNICIPAL BONDS–0.54%** | **MUNICIPAL BONDS–0.54%** | **MUNICIPAL BONDS–0.54%** |
| County of Williamson 0.92% <br> 2/15/27<br>| 2200000 | 2134683 |
| •Tulane University Series C <br> 4.41% 2/15/36<br>| 2820000 | 2631498 |
| **Total Municipal Bonds** <br>**(Cost $4,720,714)** | **Total Municipal Bonds** <br>**(Cost $4,720,714)** | **4766181** |
| **NON-AGENCY ASSET-BACKED SECURITIES–28.68%** | **NON-AGENCY ASSET-BACKED SECURITIES–28.68%** | **NON-AGENCY ASSET-BACKED SECURITIES–28.68%** |
| •37 Capital CLO 1 Ltd. Series <br> 2021-1A Class AR 5.18% (3 <br> mo. USD Term SOFR + <br> 1.28%) 10/15/34<br>| 3400000 | 3399918 |
| •522 Funding CLO Ltd. Series <br> 2018-3A Class AR 5.19% (3 <br> mo. USD Term SOFR + <br> 1.30%) 10/20/31<br>| 78734 | 78749 |
| •Accredited Mortgage Loan <br> Trust Series 2004-3 Class <br> 2A2 5.05% (1 mo. USD Term <br> SOFR + 1.31%) 10/25/34<br>| 2322 | 2311 |
| •AGL CLO 14 Ltd. Series <br> 2021-14A Class AR 5.00% (3 <br> mo. USD Term SOFR + <br> 1.13%) 12/2/34<br>| 3500000 | 3500326 |
| •AlbaCore Euro CLO IV DAC <br> Series 4A Class AR 3.00% (3 <br> mo. EURIBOR + 0.99%) <br> 7/15/35<br>| 1649857 | 1937993 |
| •AMMC CLO 27 Ltd. Series <br> 2022-27A Class A1R 4.96% (3 <br> mo. USD Term SOFR + <br> 1.08%) 1/20/37<br>| 300000 | 298916 |
| •Amortizing Residential <br> Collateral Trust Series <br> 2004-1 Class A5 4.85% (1 mo. <br> USD Term SOFR + 1.11%) <br> 10/25/34<br>| 21243 | 21018 |

---

LVIP PIMCO Low Duration Bond Fund-5

------

**LVIP PIMCO Low Duration 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)** |
| •Arbor Realty Commercial <br> Real Estate Notes Ltd. <br> Series 2021-FL4 Class A <br> 5.21% (1 mo. USD Term <br> SOFR + 1.46%) 11/15/36<br>| 1312814 | $1312828 |
| •Asset-Backed Securities Corp. <br> Home Equity Loan Trust <br> Series 2004-HE2 Class M1 <br> 4.67% (1 mo. USD Term <br> SOFR + 0.94%) 4/25/34<br>| 1259950 | 1355050 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2023-7A Class A 5.90% <br> 8/21/28<br>| 7600000 | 7782505 |
| BA Credit Card Trust Series <br> 2023-A2 Class A2 4.98% <br> 11/15/28<br>| 4300000 | 4344633 |
| •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. |
| Series 2019-3A Class ARR <br> 4.90% (3 mo. USD Term <br> SOFR + 1.03%) 10/21/34<br>| 3500000 | 3494400 |
| Series 2021-6A Class A1R <br> 4.96% (3 mo. USD Term <br> SOFR + 1.09%) 10/21/34<br>| 3500000 | 3501932 |
| •Bain Capital Euro CLO DAC <br> Series 2018-2A Class AR <br> 2.74% (3 mo. EURIBOR + <br> 0.74%) 1/20/32<br>| 877282 | 1030308 |
| Bank of America Auto Trust <br> Series 2023-1A Class A3 <br> 5.53% 2/15/28<br>| 1870001 | 1883229 |
| •Barings Euro CLO DAC Series <br> 2020-1A Class ARR 3.25% (3 <br> mo. EURIBOR + 1.24%) <br> 10/21/38<br>| 3700000 | 4338465 |
| •Bear Stearns Asset-Backed <br> Securities I Trust Series <br> 2005-AQ1 Class M3 4.97% (1 <br> mo. USD Term SOFR + <br> 1.24%) 3/25/35<br>| 81804 | 81792 |
| •Bear Stearns Asset-Backed <br> Securities Trust Series <br> 2003-2 Class A3 5.35% (1 mo. <br> USD Term SOFR + 1.61%) <br> 3/25/43<br>| 24977 | 25178 |
| CARDS II Trust Series <br> 2025-1A Class A 4.63% <br> 3/15/31<br>| 4000000 | 4043665 |
| •Carlyle Euro CLO DAC | •Carlyle Euro CLO DAC | •Carlyle Euro CLO DAC |
| Series 2017-3A Class A1R <br> 2.71% (3 mo. EURIBOR + <br> 0.70%) 1/15/31<br>| 283775 | 333210 |
| Series 2019-2A Class A1R <br> 2.95% (3 mo. EURIBOR + <br> 0.89%) 8/15/32<br>| 1730391 | 2033303 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2023-4 Class A3 6.00% <br> 7/17/28<br>| 4656971 | $4717028 |
| Series 2024-4 Class A2A <br> 4.67% 12/15/27<br>| 1011496 | 1013045 |
| Series 2025-1 Class A3 4.84% <br> 1/15/30<br>| 4000000 | 4058677 |
| •Cars Alliance Auto Loans <br> Germany V Series 2024-G1V <br> Class A 2.46% (1 mo. <br> EURIBOR + 0.52%) 1/18/36<br>| 3897345 | 4581598 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| Series 2024-P4 Class A3 <br> 4.64% 1/10/30<br>| 1300000 | 1307881 |
| Series 2025-P1 Class A3 <br> 4.55% 5/10/30<br>| 3000000 | 3017685 |
| Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
| Series 2023-AA Class A3 <br> 5.68% 1/25/29<br>| 1372031 | 1386419 |
| Series 2024-5A Class A3 <br> 4.18% 8/27/29<br>| 800000 | 802619 |
| Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
| Series 2023-1 Class A4 5.78% <br> 10/15/30<br>| 4735000 | 4812079 |
| Series 2023-2 Class A3 5.83% <br> 2/15/28<br>| 1177054 | 1185081 |
| •Countrywide Asset-Backed <br> Certificates Trust Series <br> 2004-6 Class 1A1 4.39% (1 <br> mo. USD Term SOFR + <br> 0.65%) 12/25/34<br>| 999143 | 978627 |
| •Cumulus Static CLO DAC <br> Series 2024-1A Class A 3.26% <br> (3 mo. EURIBOR + 1.20%) <br> 11/15/33<br>| 2282720 | 2684979 |
| •Dryden 27 R Euro CLO DAC <br> Series 2017-27A Class AR <br> 2.69% (3 mo. EURIBOR + <br> 0.66%) 4/15/33<br>| 987493 | 1158430 |
| •Dryden 86 CLO Ltd. Series <br> 2020-86A Class A1R2 5.01% <br> (3 mo. USD Term SOFR + <br> 1.13%) 7/17/34<br>| 1300000 | 1301591 |
| •Dryden 95 CLO Ltd. Series <br> 2021-95A Class AR 4.93% (3 <br> mo. USD Term SOFR + <br> 1.04%) 8/20/34<br>| 3500000 | 3497504 |
| •Elevation CLO Ltd. Series <br> 2018-3A Class A1R2 5.16% (3 <br> mo. USD Term SOFR + <br> 1.30%) 1/25/35<br>| 3000000 | 2994297 |
| ELFI Graduate Loan <br> Program LLC Series 2021-A <br> Class A 1.53% 12/26/46<br>| 1808254 | 1626363 |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
| Series 2022-4 Class A2 5.76% <br> 10/22/29<br>| 539954 | 541780 |

---

LVIP PIMCO Low Duration Bond Fund-6

------

**LVIP PIMCO Low Duration 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)** |
| Enterprise Fleet Financing LLC (continued) | Enterprise Fleet Financing LLC (continued) | Enterprise Fleet Financing LLC (continued) |
| Series 2023-1 Class A2 5.51% <br> 1/22/29<br>| 306709 | $307175 |
| Series 2025-4 Class A2 4.05% <br> 8/20/28<br>| 4500000 | 4507107 |
| •Evergreen Credit Card Trust <br> Series 2025-1A Class A 4.54% <br> (1 day USD SOFR + 0.59%) <br> 10/15/29<br>| 5200000 | 5216740 |
| •FACT SA Series 2024-1 <br> Class A 2.57% (1 mo. <br> EURIBOR + 0.65%) 9/22/31<br>| 3081198 | 3626998 |
| •Finance America Mortgage <br> Loan Trust Series 2004-2 <br> Class M1 4.67% (1 mo. USD <br> Term SOFR + 0.94%) <br> 8/25/34<br>| 260833 | 253254 |
| Ford Auto Securitization <br> Trust II Series 2024-BA <br> Class A2 3.72% 11/15/28<br>| 1329412 | 975177 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| Series 2023-1 Class A 4.85% <br> 8/15/35<br>| 6000000 | 6119790 |
| Series 2023-2 Class A 5.28% <br> 2/15/36<br>| 3400000 | 3514163 |
| •Gallatin CLO VIII Ltd. Series <br> 2017-1A Class A1R 5.26% (3 <br> mo. USD Term SOFR + <br> 1.35%) 7/15/31<br>| 618075 | 618434 |
| GM Financial Consumer <br> Automobile Receivables <br> Trust Series 2024-4 Class A3 <br> 4.40% 8/16/29<br>| 3000000 | 3022495 |
| •GoldenTree Loan <br> Management U.S. CLO 8 Ltd. <br> Series 2020-8A Class ARR <br> 5.03% (3 mo. USD Term <br> SOFR + 1.15%) 10/20/34<br>| 3000000 | 3002457 |
| •Greywolf CLO III Ltd. Series <br> 2020-3RA Class A1R2 5.09% <br> (3 mo. USD Term SOFR + <br> 1.23%) 4/22/33<br>| 3485283 | 3487298 |
| •Greywolf CLO IV Ltd. Series <br> 2019-1A Class A1R2 5.12% (3 <br> mo. USD Term SOFR + <br> 1.24%) 4/17/34<br>| 300000 | 299770 |
| •Harvest CLO XVI DAC Series <br> 16A Class AR3 3.34% (3 mo. <br> EURIBOR + 1.26%) <br> 10/15/38<br>| 3900000 | 4575085 |
| Harvest CLO XXI DAC Series <br> 21A Class A2R 1.04% <br> 7/15/31<br>| 1032032 | 1198923 |
| •Hayfin Emerald CLO VI DAC <br> Series 6A Class AR 3.26% (3 <br> mo. EURIBOR + 1.25%) <br> 10/15/38<br>| 2900000 | 3408404 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Honda Auto Receivables <br> Owner Trust Series 2024-4 <br> Class A3 4.33% 5/15/29<br>| 3300000 | $3318259 |
| HPEFS Equipment Trust <br> Series 2025-2A Class A2 <br> 4.07% 11/22/32<br>| 8000000 | 8008436 |
| Huntington Auto Trust Series <br> 2024-1A Class A3 5.23% <br> 1/16/29<br>| 1734567 | 1751494 |
| Hyundai Auto Lease <br> Securitization Trust Series <br> 2025-A Class A3 4.83% <br> 1/18/28<br>| 3500000 | 3535400 |
| Hyundai Auto Receivables <br> Trust Series 2024-C Class A3 <br> 4.41% 5/15/29<br>| 2500000 | 2519707 |
| •Invesco Euro CLO I DAC <br> Series 1A Class A1R 2.66% <br> (3 mo. EURIBOR + 0.65%) <br> 7/15/31<br>| 518415 | 607815 |
| •KKR CLO 16 Ltd. Series 16 <br> Class A1R3 4.99% (3 mo. <br> USD Term SOFR + 1.14%) <br> 10/20/34<br>| 4400000 | 4402156 |
| •KKR CLO 36 Ltd. Series 36A <br> Class AR 5.05% (3 mo. USD <br> Term SOFR + 1.15%) <br> 10/15/34<br>| 1000000 | 999751 |
| Kubota Credit Owner Trust <br> Series 2023-2A Class A3 <br> 5.28% 1/18/28<br>| 2529342 | 2548204 |
| •LCM Loan Income Fund I <br> Ltd. Series 1A Class A 5.18% <br> (3 mo. USD Term SOFR + <br> 1.29%) 4/20/31<br>| 81441 | 81445 |
| •MV Credit Euro CLO III DAC <br> Series 3A Class AR 3.36% (3 <br> mo. EURIBOR + 1.30%) <br> 2/15/38<br>| 4400000 | 5170859 |
| •Navesink CLO 2 Ltd. Series <br> 2024-2A Class A1 5.17% (3 <br> mo. USD Term SOFR + <br> 1.27%) 4/15/36<br>| 3500000 | 3500000 |
| Navient Education Loan Trust <br> Series 2025-A Class A 5.02% <br> 7/15/55<br>| 714180 | 721877 |
| Navient Private Education <br> Loan Trust Series 2020-A <br> Class A2A 2.46% 11/15/68<br>| 976562 | 948181 |
| Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
| Series 2020-HA Class A <br> 1.31% 1/15/69<br>| 513316 | 485847 |
| Series 2020-IA Class A1A <br> 1.33% 4/15/69<br>| 1081076 | 1011960 |
| Series 2021-GA Class A <br> 1.58% 4/15/70<br>| 1451159 | 1318174 |

---

LVIP PIMCO Low Duration Bond Fund-7

------

**LVIP PIMCO Low Duration 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)** |
| Navient Private Education Refi Loan Trust (continued) | Navient Private Education Refi Loan Trust (continued) | Navient Private Education Refi Loan Trust (continued) |
| Series 2022-A Class A 2.23% <br> 7/15/70<br>| 2641402 | $2419724 |
| Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
| Series 2025-A Class A 5.15% <br> 2/16/55<br>| 2224269 | 2255008 |
| Series 2025-C Class A 4.80% <br> 10/15/55<br>| 1939157 | 1942935 |
| Navient Student Loan Trust <br> Series 2023-BA Class A1A <br> 6.48% 3/15/72<br>| 832360 | 861415 |
| Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
| Series 2025-BA Class A1A <br> 4.84% 5/17/55<br>| 3742842 | 3753464 |
| Series 2025-CA Class A1A <br> 4.67% 6/22/65<br>| 4013743 | 3997578 |
| •OFSI BSL X Ltd. Series <br> 2021-10A Class AR 5.15% (3 <br> mo. USD Term SOFR + <br> 1.27%) 4/20/34<br>| 4000000 | 4002544 |
| PFS Financing Corp. Series <br> 2023-C Class A 5.52% <br> 10/15/28<br>| 5000000 | 5056667 |
| Post Road Equipment <br> Finance LLC Series 2025-1A <br> Class A2 4.90% 5/15/31<br>| 1105539 | 1114146 |
| •Rockford Tower CLO Ltd. <br> Series 2021-2A Class A1R <br> 5.01% (3 mo. USD Term <br> SOFR + 1.13%) 7/20/34<br>| 2300000 | 2300120 |
| 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>| 813228 | 790223 |
| •Series 2020-PTA Class A2B <br> 4.70% (1 mo. USD Term <br> SOFR + 0.96%) 9/15/54<br>| 1759853 | 1753944 |
| Series 2022-C Class A1A <br> 4.48% 5/16/50<br>| 1506867 | 1503051 |
| Series 2023-C Class A1A <br> 5.67% 11/15/52<br>| 3093884 | 3176614 |
| Series 2024-A Class A1A <br> 5.24% 3/15/56<br>| 784778 | 798128 |
| •Series 2024-A Class A1B <br> 5.43% (30 day USD SOFR <br> Average + 1.45%) 3/15/56<br>| 3374545 | 3405625 |
| Series 2024-C Class A1A <br> 5.50% 6/17/52<br>| 1755842 | 1801523 |
| Series 2024-D Class A1A <br> 5.38% 7/15/53<br>| 2061531 | 2103260 |
| Series 2024-E Class A1A <br> 5.09% 10/16/56<br>| 656549 | 666742 |
| Series 2024-F Class A1A <br> 5.06% 3/16/54<br>| 1008759 | 1020943 |
| SoFi Consumer Loan Program <br> Trust Series 2025-1 Class A <br> 4.80% 2/27/34<br>| 1357881 | 1362839 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Starwood Ltd. Series <br> 2022-FL3 Class A 5.33% (30 <br> day USD SOFR Average + <br> 1.35%) 11/15/38<br>| 108774 | $108438 |
| Synchrony Card Funding LLC <br> Series 2023-A1 Class A 5.54% <br> 7/15/29<br>| 7300000 | 7361402 |
| •Toro European CLO 6 DAC <br> Series 6A Class AR 2.95% (3 <br> mo. EURIBOR + 0.92%) <br> 1/12/32<br>| 2358943 | 2768276 |
| Toyota Auto Receivables <br> Owner Trust Series 2023-C <br> Class A3 5.16% 4/17/28<br>| 2515090 | 2530002 |
| Toyota Lease Owner Trust <br> Series 2025-A Class A3 4.75% <br> 2/22/28<br>| 8000000 | 8076469 |
| •Trillium Credit Card Trust II <br> Series 2025-1A Class A 4.30% <br> (1 day USD SOFR + 0.59%) <br> 9/26/30<br>| 4000000 | 4013185 |
| •Trinitas CLO VI Ltd. Series <br> 2017-6A Class AR4 4.97% (3 <br> mo. USD Term SOFR + <br> 1.11%) 1/25/34<br>| 4400000 | 4403040 |
| •Venture XXVII CLO Ltd. <br> Series 2017-27A Class AR <br> 5.20% (3 mo. USD Term <br> SOFR + 1.31%) 7/20/30<br>| 4387 | 4388 |
| •Wellfleet CLO Ltd. Series <br> 2021-2A Class A1R 5.05% (3 <br> mo. USD Term SOFR + <br> 1.15%) 7/15/34<br>| 4300000 | 4295064 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $249,871,106)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $249,871,106)** | **251175004** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.75%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.75%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.75%** |
| •Bear Stearns ARM Trust <br> Series 2003-1 Class 5A1 <br> 6.29% 4/25/33<br>| 8511 | 8271 |
| •GCAT Trust Series 2022-HX1 <br> Class A1 2.89% 12/27/66<br>| 1110028 | 1046840 |
| •GS Mortgage-Backed <br> Securities Trust Series <br> 2024-PJ7 Class A25 5.22% <br> (30 day USD SOFR Average <br> + 1.35%) 11/25/54<br>| 1376987 | 1381508 |
| •GSR Mortgage Loan Trust <br> Series 2005-5F Class 8A1 <br> 4.35% (1 mo. USD Term <br> SOFR + 0.61%) 6/25/35<br>| 90819 | 88255 |
| •JP Morgan Mortgage Trust <br> Series 2025-NQM2 Class A1 <br> 5.57% 9/25/65<br>| 2743177 | 2770312 |

---

LVIP PIMCO Low Duration Bond Fund-8

------

**LVIP PIMCO Low Duration 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)** |
| •Merrill Lynch Mortgage <br> Investors Trust Series <br> 2003-A3 Class 1A 5.84% <br> 5/25/33<br>| 2528 | $2440 |
| MFA Trust | MFA Trust | MFA Trust |
| •Series 2020-NQM2 Class A1 <br> 1.38% 4/25/65<br>| 183971 | 179972 |
| •Series 2021-RPL1 Class A1 <br> 1.13% 7/25/60<br>| 1369151 | 1262911 |
| φSeries 2023-NQM4 Class A1 <br> 6.11% 12/25/68<br>| 602420 | 607289 |
| •New Residential Mortgage <br> Loan Trust Series 2018-3A <br> Class A1 4.50% 5/25/58<br>| 242544 | 239396 |
| •New York Mortgage Trust <br> Series 2005-3 Class A1 4.33% <br> (1 mo. USD Term SOFR + <br> 0.59%) 2/25/36<br>| 40655 | 40436 |
| φOBX Trust | φOBX Trust | φOBX Trust |
| Series 2023-NQM6 Class A1 <br> 6.52% 7/25/63<br>| 1427042 | 1434501 |
| Series 2024-NQM5 Class A1 <br> 5.99% 1/25/64<br>| 841615 | 850405 |
| •Oceanview Mortgage Trust <br> Series 2025-3 Class AF1 <br> 4.82% (30 day USD SOFR <br> Average + 0.95%) 5/25/55<br>| 1016443 | 1016616 |
| φPRET Trust Series 2025-RPL4 <br> Class A1 4.00% 3/25/65<br>| 2936159 | 2874411 |
| φPRPM Trust Series <br> 2023-NQM3 Class A1 6.22% <br> 11/25/68<br>| 257848 | 260431 |
| •Sequoia Mortgage Trust <br> Series 2004-6 Class A1 4.76% <br> 7/20/34<br>| 2379 | 2208 |
| •Towd Point Mortgage Trust | •Towd Point Mortgage Trust | •Towd Point Mortgage Trust |
| Series 2018-5 Class A1 3.25% <br> 7/25/58<br>| 4947691 | 4819790 |
| Series 2019-4 Class A1 2.90% <br> 10/25/59<br>| 1479708 | 1435663 |
| Series 2019-HY2 Class A1 <br> 4.85% (1 mo. USD Term <br> SOFR + 1.11%) 5/25/58<br>| 388371 | 397230 |
| Series 2020-1 Class A1 2.71% <br> 1/25/60<br>| 751016 | 726734 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| •Series 2021-6 Class A1 1.63% <br> 10/25/66<br>| 1862703 | 1651365 |
| φSeries 2024-1 Class A1 5.71% <br> 1/25/69<br>| 955150 | 961157 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $24,302,752)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $24,302,752)** | **24058141** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.38%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.38%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.38%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.38%** |
| •AG Trust Series 2024-NLP <br> Class A 5.77% (1 mo. USD <br> Term SOFR + 2.02%) <br> 8/15/41<br>|  | 1615563 | $1623674 |
| •AREIT LLC Series 2022-CRE7 <br> Class A 5.98% (1 mo. USD <br> Term SOFR + 2.24%) <br> 6/17/39<br>|  | 2716226 | 2716253 |
| Benchmark Mortgage Trust <br> Series 2019-B12 Class AAB <br> 3.04% 8/15/52<br>|  | 3767069 | 3699769 |
| •BSREP Commercial Mortgage <br> Trust Series 2021-DC Class A <br> 4.82% (1 mo. USD Term <br> SOFR + 1.06%) 8/15/38<br>|  | 3152844 | 2981257 |
| •CRSNT Trust Series <br> 2021-MOON Class A 4.69% (1 <br> mo. USD Term SOFR + <br> 0.93%) 4/15/36<br>|  | 4500000 | 4468370 |
| •GPMT Ltd. Series 2021-FL3 <br> Class A 5.35% (1 mo. USD <br> Term SOFR + 1.61%) <br> 7/16/35<br>|  | 295775 | 295607 |
| •JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2019-FL12 Class A <br> 5.25% (1 mo. USD Term <br> SOFR + 1.50%) 12/15/31<br>|  | 551299 | 544246 |
| •NYO Commercial Mortgage <br> Trust Series 2021-1290 <br> Class A 4.96% (1 mo. USD <br> Term SOFR + 1.21%) <br> 11/15/38<br>|  | 4500000 | 4491831 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $20,806,893)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $20,806,893)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $20,806,893)** | **20821007** |
| **ΔSOVEREIGN BONDS–2.10%** | **ΔSOVEREIGN BONDS–2.10%** | **ΔSOVEREIGN BONDS–2.10%** | **ΔSOVEREIGN BONDS–2.10%** |
| **Brazil—1.19%** | **Brazil—1.19%** | **Brazil—1.19%** | **Brazil—1.19%** |
| ^Brazil Letras do Tesouro <br> Nacional 0.00% 4/1/26<br>| BRL | 59100000 | 10432215 |
|  |  |  | **10432215** |
| **Italy—0.30%** | **Italy—0.30%** | **Italy—0.30%** | **Italy—0.30%** |
| Cassa Depositi e Prestiti SpA <br> 5.88% 4/30/29<br>|  | 2500000 | 2633834 |
|  |  |  | **2633834** |
| **Luxembourg—0.61%** | **Luxembourg—0.61%** | **Luxembourg—0.61%** | **Luxembourg—0.61%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>|  | 5200000 | 5296668 |
|  |  |  | **5296668** |
| **Total Sovereign Bonds** <br>**(Cost $18,363,849)** | **Total Sovereign Bonds** <br>**(Cost $18,363,849)** | **Total Sovereign Bonds** <br>**(Cost $18,363,849)** | **18362717** |

---

LVIP PIMCO Low Duration Bond Fund-9

------

**LVIP PIMCO Low Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS–8.12%** | **U.S. TREASURY OBLIGATIONS–8.12%** | **U.S. TREASURY OBLIGATIONS–8.12%** |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| 0.13% 7/15/26 | 7470485 | $7426739 |
| 0.13% 10/15/26 | 2263793 | 2242744 |
| 2.13% 4/15/29 | 2915702 | 2977148 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| #3.63% 8/31/30 | 29000000 | 28896914 |
| 3.88% 6/30/30 | 29300000 | 29520894 |
| **Total U.S. Treasury Obligations** <br>**(Cost $70,685,393)** | **Total U.S. Treasury Obligations** <br>**(Cost $70,685,393)** | **71064439** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **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>| 474626 | 474626 |
| **Total Money Market Fund** <br>**(Cost $474,626)** | **Total Money Market Fund** <br>**(Cost $474,626)** | **474626** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **OPTIONS PURCHASED–0.03%** | **OPTIONS PURCHASED–0.03%** | **OPTIONS PURCHASED–0.03%** |
| **Over-The-Counter–0.03%** | **Over-The-Counter–0.03%** | **Over-The-Counter–0.03%** |
| **Call Swaption–0.00%** | **Call Swaption–0.00%** | **Call Swaption–0.00%** |
| 1 Year Interest Rate Swap <br> Strike price $2.50, <br> expiration date 2/18/27, <br> notional amount <br> $361,900,000 JPM<br>| 361900000 | 3355 |
|  |  | **3355** |
| **Put Swaptions–0.03%** | **Put Swaptions–0.03%** | **Put Swaptions–0.03%** |
| 1 Year Interest Rate Swap <br> Strike price $3.65, <br> expiration date 9/9/26, <br> notional amount <br> $362,700,000 MSC<br>| 362700000 | 241130 |
| 1 Year Interest Rate Swap <br> Strike price $4.25, <br> expiration date 12/9/26, <br> notional amount <br> $225,300,000 BNP<br>| 225300000 | 59022 |
|  |  | **300152** |
| **Total Options Purchased** <br>**(Cost $664,944)** | **Total Options Purchased** <br>**(Cost $664,944)** | **303507** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS—2.74%** | **SHORT-TERM INVESTMENTS—2.74%** | **SHORT-TERM INVESTMENTS—2.74%** |
| **Discounted Commercial Paper–2.74%** | **Discounted Commercial Paper–2.74%** | **Discounted Commercial Paper–2.74%** |
| ≠AMETEK, Inc. | ≠AMETEK, Inc. | ≠AMETEK, Inc. |
| 4.15% 1/6/26 | 5400000 | $5396888 |
| ≠ERAC USA Finance LLC | ≠ERAC USA Finance LLC | ≠ERAC USA Finance LLC |
| 4.20% 1/12/26 | 8900000 | 8888579 |
| ≠Keurig Dr. Pepper, Inc. | ≠Keurig Dr. Pepper, Inc. | ≠Keurig Dr. Pepper, Inc. |
| 4.00% 1/7/26 | 4900000 | 4896733 |
| ≠VW Credit, Inc. | ≠VW Credit, Inc. | ≠VW Credit, Inc. |
| 4.22% 1/13/26 | 4800000 | 4793248 |
| **Total Short-Term** <br> **Investments** <br>**(Cost $23,975,447)**<br>|  | **23975448** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–116.85% (Cost $1,021,808,590)** | **1023394085** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(16.85%)** | **(147608398)**<br>|
| **NET ASSETS APPLICABLE TO 92,623,286 SHARES OUTSTANDING–100.00%** | **$875785687** |

---

LVIP PIMCO Low Duration Bond Fund-10

------

**LVIP PIMCO Low Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP PIMCO LOW DURATION BOND FUND STANDARD CLASS** <br>**($32,904,462 / 3,477,871 Shares)** | **$9.461** |
| **NET ASSET VALUE PER SHARE–LVIP PIMCO LOW DURATION BOND FUND SERVICE CLASS** <br>**($842,881,225 / 89,145,415 Shares)** | **$9.455** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$918458422** |
| Distributable earnings/(accumulated loss) | **(42672735)**<br>|
| **TOTAL NET ASSETS** | **$875785687** |

---

&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. |
| 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. |
| =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". |
| 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. |
| ^Zero coupon security. |
| #Fully or partially pledged as collateral for derivatives. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,491,001 cash collateral held at broker for futures contracts, $4,712,000 cash collateral held at brokers for centrally cleared swap <br> contracts, $28,340 expense reimbursement receivable from Lincoln Financial Investments Corporation, $618,221 variation margin due <br> from broker on futures contracts, $812,448 variation margin due from brokers on centrally cleared swap contracts, $161,456,296 payable for <br> securities purchased, $2,764,619 payable for fund shares redeemed, $2,000,000 cash collateral due to brokers for certain open bilateral <br> derivatives, $640,000 cash collateral due to brokers for TBAs, $65,410 other accrued expenses payable, $529,650 due to manager and <br> affiliates, $40,109 payable for audit fee and $27,151 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 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 | AUD | &nbsp;&nbsp; (15813676)<br>| USD | &nbsp;&nbsp; 10279111 | 1/14/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(275134)<br>|
| BNP | BRL | &nbsp;&nbsp; (9700000)<br>| USD | &nbsp;&nbsp; 1700717 | 4/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30441)<br>|
| BNP | CHF | &nbsp;&nbsp; (87121)<br>| USD | &nbsp;&nbsp; 108654 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1504)<br>|
| BNP | CHF | &nbsp;&nbsp; (79000)<br>| USD | &nbsp;&nbsp; 100318 | 1/14/26 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; — |
| BNP | CNH | &nbsp;&nbsp; 384475 | USD | &nbsp;&nbsp; (55000)<br>| 1/5/26 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; — |
| BNP | CNH | &nbsp;&nbsp; (5696261)<br>| USD | &nbsp;&nbsp; 808330 | 1/21/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9342)<br>|
| BNP | CNH | &nbsp;&nbsp; 1900000 | USD | &nbsp;&nbsp; (270550)<br>| 1/21/26 | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; — |
| BNP | IDR | &nbsp;&nbsp; 2602601599 | USD | &nbsp;&nbsp; (155594)<br>| 1/22/26 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; — |
| BNP | ILS | &nbsp;&nbsp; (2272000)<br>| USD | &nbsp;&nbsp; 700080 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13313)<br>|
| BNP | ILS | &nbsp;&nbsp; (575237)<br>| USD | &nbsp;&nbsp; 181174 | 1/15/26 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; — |
| BNP | INR | &nbsp;&nbsp; 11649533 | USD | &nbsp;&nbsp; (128311)<br>| 1/30/26 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; — |

---

LVIP PIMCO Low Duration Bond Fund-11

------

**LVIP PIMCO Low Duration Bond 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>|
| BNP | INR | &nbsp;&nbsp; 1801790 | USD | &nbsp;&nbsp; (20000)<br>| 2/2/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15)<br>|
| BNP | KRW | &nbsp;&nbsp; (253641816)<br>| USD | &nbsp;&nbsp; 173960 | 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1747)<br>|
| BNP | KRW | &nbsp;&nbsp; 253641816 | USD | &nbsp;&nbsp; (176774)<br>| 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1068)<br>|
| BNP | KRW | &nbsp;&nbsp; (253641816)<br>| USD | &nbsp;&nbsp; 176983 | 2/13/26 | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; — |
| BNP | MXN | &nbsp;&nbsp; 8746000 | USD | &nbsp;&nbsp; (477047)<br>| 3/9/26 | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; — |
| BNP | NZD | &nbsp;&nbsp; 1722711 | USD | &nbsp;&nbsp; (978893)<br>| 1/14/26 | &nbsp;&nbsp; 13558 | &nbsp;&nbsp; — |
| BNP | PLN | &nbsp;&nbsp; 5419884 | USD | &nbsp;&nbsp; (1478601)<br>| 1/16/26 | &nbsp;&nbsp; 30969 | &nbsp;&nbsp; — |
| BNP | THB | &nbsp;&nbsp; (1298808)<br>| USD | &nbsp;&nbsp; 40199 | 1/21/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1081)<br>|
| BNP | TWD | &nbsp;&nbsp; 11009045 | USD | &nbsp;&nbsp; (350000)<br>| 1/20/26 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; — |
| BNP | TWD | &nbsp;&nbsp; (81137940)<br>| USD | &nbsp;&nbsp; 2662467 | 1/22/26 | &nbsp;&nbsp; 80663 | &nbsp;&nbsp; — |
| BNP | TWD | &nbsp;&nbsp; 19681864 | USD | &nbsp;&nbsp; (630601)<br>| 1/22/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4325)<br>|
| BNP | TWD | &nbsp;&nbsp; 1722114 | USD | &nbsp;&nbsp; (55000)<br>| 2/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (252)<br>|
| BNP | TWD | &nbsp;&nbsp; 13191921 | USD | &nbsp;&nbsp; (420000)<br>| 2/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (625)<br>|
| BNP | TWD | &nbsp;&nbsp; (82864587)<br>| USD | &nbsp;&nbsp; 2659066 | 3/18/26 | &nbsp;&nbsp; 24973 | &nbsp;&nbsp; — |
| BNP | ZAR | &nbsp;&nbsp; 6806118 | USD | &nbsp;&nbsp; (406666)<br>| 1/26/26 | &nbsp;&nbsp; 3559 | &nbsp;&nbsp; — |
| BNP | ZAR | &nbsp;&nbsp; 4067262 | USD | &nbsp;&nbsp; (245202)<br>| 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| BRC | CNH | &nbsp;&nbsp; 1816667 | USD | &nbsp;&nbsp; (260000)<br>| 1/5/26 | &nbsp;&nbsp; 508 | &nbsp;&nbsp; — |
| GSB | BRL | &nbsp;&nbsp; 2115086 | USD | &nbsp;&nbsp; (388588)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3106)<br>|
| GSB | BRL | &nbsp;&nbsp; (2115086)<br>| USD | &nbsp;&nbsp; 384393 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1089)<br>|
| GSB | BRL | &nbsp;&nbsp; 24051851 | USD | &nbsp;&nbsp; (4340784)<br>| 3/3/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13962)<br>|
| GSB | BRL | &nbsp;&nbsp; (131121)<br>| USD | &nbsp;&nbsp; 23834 | 3/3/26 | &nbsp;&nbsp; 246 | &nbsp;&nbsp; — |
| GSB | BRL | &nbsp;&nbsp; (21000000)<br>| USD | &nbsp;&nbsp; 3645976 | 4/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (101892)<br>|
| GSB | BRL | &nbsp;&nbsp; (28400000)<br>| USD | &nbsp;&nbsp; 5107158 | 4/2/26 | &nbsp;&nbsp; 38613 | &nbsp;&nbsp; — |
| GSB | CAD | &nbsp;&nbsp; (836000)<br>| USD | &nbsp;&nbsp; 600851 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8634)<br>|
| GSB | CHF | &nbsp;&nbsp; 325652 | USD | &nbsp;&nbsp; (406190)<br>| 1/14/26 | &nbsp;&nbsp; 5571 | &nbsp;&nbsp; — |
| GSB | CNH | &nbsp;&nbsp; (3934634)<br>| USD | &nbsp;&nbsp; 559207 | 1/21/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5591)<br>|
| GSB | CNH | &nbsp;&nbsp; 1896000 | USD | &nbsp;&nbsp; (269786)<br>| 1/21/26 | &nbsp;&nbsp; 2376 | &nbsp;&nbsp; — |
| GSB | EUR | &nbsp;&nbsp; (32593595)<br>| USD | &nbsp;&nbsp; 37900101 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (429856)<br>|
| GSB | GBP | &nbsp;&nbsp; 1520200 | USD | &nbsp;&nbsp; (2011739)<br>| 1/14/26 | &nbsp;&nbsp; 37383 | &nbsp;&nbsp; — |
| GSB | ILS | &nbsp;&nbsp; (450747)<br>| USD | &nbsp;&nbsp; 139364 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2167)<br>|
| GSB | ILS | &nbsp;&nbsp; (821770)<br>| USD | &nbsp;&nbsp; 255446 | 1/22/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2581)<br>|
| GSB | ILS | &nbsp;&nbsp; (781039)<br>| USD | &nbsp;&nbsp; 245022 | 2/19/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (252)<br>|
| GSB | INR | &nbsp;&nbsp; (1826510)<br>| USD | &nbsp;&nbsp; 20000 | 1/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (281)<br>|
| GSB | INR | &nbsp;&nbsp; 9032700 | USD | &nbsp;&nbsp; (100000)<br>| 1/30/26 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; — |
| GSB | KRW | &nbsp;&nbsp; (42409590)<br>| USD | &nbsp;&nbsp; 28988 | 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (391)<br>|
| GSB | KRW | &nbsp;&nbsp; 42409590 | USD | &nbsp;&nbsp; (29557)<br>| 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (179)<br>|
| GSB | KRW | &nbsp;&nbsp; (42409590)<br>| USD | &nbsp;&nbsp; 29588 | 2/13/26 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; — |
| GSB | MXN | &nbsp;&nbsp; 7851000 | USD | &nbsp;&nbsp; (423470)<br>| 2/23/26 | &nbsp;&nbsp; 10282 | &nbsp;&nbsp; — |
| GSB | MXN | &nbsp;&nbsp; 11739000 | USD | &nbsp;&nbsp; (634770)<br>| 2/24/26 | &nbsp;&nbsp; 13726 | &nbsp;&nbsp; — |
| GSB | MXN | &nbsp;&nbsp; 6253000 | USD | &nbsp;&nbsp; (337031)<br>| 3/2/26 | &nbsp;&nbsp; 8135 | &nbsp;&nbsp; — |
| GSB | MXN | &nbsp;&nbsp; 9720000 | USD | &nbsp;&nbsp; (525210)<br>| 3/18/26 | &nbsp;&nbsp; 10411 | &nbsp;&nbsp; — |
| GSB | MXN | &nbsp;&nbsp; 3829000 | USD | &nbsp;&nbsp; (207209)<br>| 4/13/26 | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; — |
| GSB | PLN | &nbsp;&nbsp; 1111771 | USD | &nbsp;&nbsp; (309756)<br>| 1/22/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (115)<br>|
| GSB | PLN | &nbsp;&nbsp; 527863 | USD | &nbsp;&nbsp; (144553)<br>| 1/23/26 | &nbsp;&nbsp; 2462 | &nbsp;&nbsp; — |
| GSB | THB | &nbsp;&nbsp; 4068922 | USD | &nbsp;&nbsp; (126513)<br>| 1/21/26 | &nbsp;&nbsp; 2811 | &nbsp;&nbsp; — |
| GSB | ZAR | &nbsp;&nbsp; 238985 | USD | &nbsp;&nbsp; (13862)<br>| 1/26/26 | &nbsp;&nbsp; 542 | &nbsp;&nbsp; — |
| GSB | ZAR | &nbsp;&nbsp; 2690604 | USD | &nbsp;&nbsp; (159670)<br>| 2/23/26 | &nbsp;&nbsp; 2206 | &nbsp;&nbsp; — |
| JPM | AUD | &nbsp;&nbsp; (16904324)<br>| USD | &nbsp;&nbsp; 11059439 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (222716)<br>|
| JPM | AUD | &nbsp;&nbsp; 16309000 | USD | &nbsp;&nbsp; (10722904)<br>| 1/14/26 | &nbsp;&nbsp; 161926 | &nbsp;&nbsp; — |
| JPM | BRL | &nbsp;&nbsp; (2115086)<br>| USD | &nbsp;&nbsp; 379532 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5950)<br>|
| JPM | BRL | &nbsp;&nbsp; 2115086 | USD | &nbsp;&nbsp; (384393)<br>| 1/5/26 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; — |
| JPM | BRL | &nbsp;&nbsp; 2115086 | USD | &nbsp;&nbsp; (376745)<br>| 2/3/26 | &nbsp;&nbsp; 5921 | &nbsp;&nbsp; — |
| JPM | CAD | &nbsp;&nbsp; (6029204)<br>| USD | &nbsp;&nbsp; 4328196 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (67384)<br>|
| JPM | CHF | &nbsp;&nbsp; (536469)<br>| USD | &nbsp;&nbsp; 671098 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7224)<br>|
| JPM | CNH | &nbsp;&nbsp; 349580 | USD | &nbsp;&nbsp; (50000)<br>| 1/5/26 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; — |
| JPM | CNH | &nbsp;&nbsp; 9601000 | USD | &nbsp;&nbsp; (1368275)<br>| 1/21/26 | &nbsp;&nbsp; 9903 | &nbsp;&nbsp; — |
| JPM | CNH | &nbsp;&nbsp; (16384175)<br>| USD | &nbsp;&nbsp; 2326372 | 1/21/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25499)<br>|
| JPM | EUR | &nbsp;&nbsp; (4658000)<br>| USD | &nbsp;&nbsp; 5398359 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (79434)<br>|
| JPM | ILS | &nbsp;&nbsp; (2609373)<br>| USD | &nbsp;&nbsp; 801739 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17587)<br>|
| JPM | ILS | &nbsp;&nbsp; (1127590)<br>| USD | &nbsp;&nbsp; 350044 | 2/19/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4059)<br>|
| JPM | INR | &nbsp;&nbsp; (5400606)<br>| USD | &nbsp;&nbsp; 60000 | 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33)<br>|

---

LVIP PIMCO Low Duration Bond Fund-12

------

**LVIP PIMCO Low Duration Bond 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>|
| JPM | INR | &nbsp;&nbsp; (14427008)<br>| USD | &nbsp;&nbsp; 160000 | 1/12/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(312)<br>|
| JPM | INR | &nbsp;&nbsp; (1816012)<br>| USD | &nbsp;&nbsp; 20000 | 1/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (165)<br>|
| JPM | INR | &nbsp;&nbsp; 24516922 | USD | &nbsp;&nbsp; (275304)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3323)<br>|
| JPM | INR | &nbsp;&nbsp; (9726434)<br>| USD | &nbsp;&nbsp; 109256 | 1/30/26 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; — |
| JPM | INR | &nbsp;&nbsp; 246778425 | USD | &nbsp;&nbsp; (2720840)<br>| 1/30/26 | &nbsp;&nbsp; 16826 | &nbsp;&nbsp; — |
| JPM | INR | &nbsp;&nbsp; 10810710 | USD | &nbsp;&nbsp; (120000)<br>| 2/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (88)<br>|
| JPM | JPY | &nbsp;&nbsp; (62200000)<br>| USD | &nbsp;&nbsp; 400098 | 1/14/26 | &nbsp;&nbsp; 2496 | &nbsp;&nbsp; — |
| JPM | KRW | &nbsp;&nbsp; (1232309772)<br>| USD | &nbsp;&nbsp; 841029 | 1/8/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12636)<br>|
| JPM | KRW | &nbsp;&nbsp; 1409788393 | USD | &nbsp;&nbsp; (958616)<br>| 1/8/26 | &nbsp;&nbsp; 17995 | &nbsp;&nbsp; — |
| JPM | KRW | &nbsp;&nbsp; (177478621)<br>| USD | &nbsp;&nbsp; 123678 | 1/8/26 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; — |
| JPM | KRW | &nbsp;&nbsp; 177478621 | USD | &nbsp;&nbsp; (123846)<br>| 2/13/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (757)<br>|
| JPM | MXN | &nbsp;&nbsp; 23855263 | USD | &nbsp;&nbsp; (1282610)<br>| 1/30/26 | &nbsp;&nbsp; 38177 | &nbsp;&nbsp; — |
| JPM | MXN | &nbsp;&nbsp; 3546874 | USD | &nbsp;&nbsp; (191063)<br>| 2/27/26 | &nbsp;&nbsp; 4822 | &nbsp;&nbsp; — |
| JPM | MXN | &nbsp;&nbsp; (17086)<br>| USD | &nbsp;&nbsp; 926 | 3/9/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16)<br>|
| JPM | MXN | &nbsp;&nbsp; 16325936 | USD | &nbsp;&nbsp; (884194)<br>| 3/18/26 | &nbsp;&nbsp; 15447 | &nbsp;&nbsp; — |
| JPM | MXN | &nbsp;&nbsp; 1787748 | USD | &nbsp;&nbsp; (97118)<br>| 4/9/26 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; — |
| JPM | MXN | &nbsp;&nbsp; 6551000 | USD | &nbsp;&nbsp; (355430)<br>| 4/15/26 | &nbsp;&nbsp; 4523 | &nbsp;&nbsp; — |
| JPM | NZD | &nbsp;&nbsp; (640000)<br>| USD | &nbsp;&nbsp; 371157 | 1/14/26 | &nbsp;&nbsp; 2454 | &nbsp;&nbsp; — |
| JPM | PLN | &nbsp;&nbsp; 3311360 | USD | &nbsp;&nbsp; (904439)<br>| 1/16/26 | &nbsp;&nbsp; 17858 | &nbsp;&nbsp; — |
| JPM | PLN | &nbsp;&nbsp; (4225217)<br>| USD | &nbsp;&nbsp; 1153226 | 1/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23601)<br>|
| JPM | PLN | &nbsp;&nbsp; 127840 | USD | &nbsp;&nbsp; (34618)<br>| 1/23/26 | &nbsp;&nbsp; 987 | &nbsp;&nbsp; — |
| JPM | TWD | &nbsp;&nbsp; (1880640)<br>| USD | &nbsp;&nbsp; 60000 | 1/8/26 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — |
| JPM | TWD | &nbsp;&nbsp; 7791250 | USD | &nbsp;&nbsp; (250000)<br>| 1/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1810)<br>|
| JPM | TWD | &nbsp;&nbsp; 5660280 | USD | &nbsp;&nbsp; (180000)<br>| 1/20/26 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; — |
| JPM | TWD | &nbsp;&nbsp; 12542433 | USD | &nbsp;&nbsp; (401435)<br>| 1/22/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2336)<br>|
| JPM | TWD | &nbsp;&nbsp; 1567550 | USD | &nbsp;&nbsp; (50000)<br>| 2/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (166)<br>|
| JPM | ZAR | &nbsp;&nbsp; 409069 | USD | &nbsp;&nbsp; (23838)<br>| 1/26/26 | &nbsp;&nbsp; 818 | &nbsp;&nbsp; — |
| MSC | DKK | &nbsp;&nbsp; (56500000)<br>| USD | &nbsp;&nbsp; 8956660 | 1/4/27 | &nbsp;&nbsp; — | &nbsp;&nbsp; (94732)<br>|
| MSC | EUR | &nbsp;&nbsp; 1521000 | USD | &nbsp;&nbsp; (1786460)<br>| 1/14/26 | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; — |
| MSC | ILS | &nbsp;&nbsp; 353000 | USD | &nbsp;&nbsp; (109643)<br>| 1/15/26 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; — |
| MSC | INR | &nbsp;&nbsp; 170982251 | USD | &nbsp;&nbsp; (1920551)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23739)<br>|
| MSC | INR | &nbsp;&nbsp; 14423520 | USD | &nbsp;&nbsp; (160000)<br>| 2/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14)<br>|
| MSC | JPY | &nbsp;&nbsp; 161647187 | USD | &nbsp;&nbsp; (1038188)<br>| 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4888)<br>|
| MSC | JPY | &nbsp;&nbsp; (92800000)<br>| USD | &nbsp;&nbsp; 598740 | 1/14/26 | &nbsp;&nbsp; 5533 | &nbsp;&nbsp; — |
| MSC | MXN | &nbsp;&nbsp; 4909000 | USD | &nbsp;&nbsp; (266354)<br>| 4/10/26 | &nbsp;&nbsp; 3521 | &nbsp;&nbsp; — |
| MSC | NZD | &nbsp;&nbsp; 3732000 | USD | &nbsp;&nbsp; (2148983)<br>| 1/14/26 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; — |
| MSC | NZD | &nbsp;&nbsp; (1106000)<br>| USD | &nbsp;&nbsp; 639341 | 1/14/26 | &nbsp;&nbsp; 2176 | &nbsp;&nbsp; — |
| MSC | PLN | &nbsp;&nbsp; 5877000 | USD | &nbsp;&nbsp; (1610587)<br>| 1/16/26 | &nbsp;&nbsp; 26303 | &nbsp;&nbsp; — |
| MSC | SGD | &nbsp;&nbsp; (6912904)<br>| USD | &nbsp;&nbsp; 5342730 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (40527)<br>|
| MSC | TWD | &nbsp;&nbsp; 16795170 | USD | &nbsp;&nbsp; (530000)<br>| 1/20/26 | &nbsp;&nbsp; 4539 | &nbsp;&nbsp; — |
| MSC | TWD | &nbsp;&nbsp; 8174530 | USD | &nbsp;&nbsp; (260000)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (116)<br>|
| MSC | TWD | &nbsp;&nbsp; 8152924 | USD | &nbsp;&nbsp; (260000)<br>| 2/2/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (808)<br>|
| WBC | CNH | &nbsp;&nbsp; 2930634 | USD | &nbsp;&nbsp; (420000)<br>| 1/6/26 | &nbsp;&nbsp; 277 | &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; $655522 | &nbsp;&nbsp; $(1548919)<br>|

---

LVIP PIMCO Low Duration Bond Fund-13

------

**LVIP PIMCO Low Duration 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:** |
| (143) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(16078562)<br>| &nbsp;&nbsp; $(16186893)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $108331 | &nbsp;&nbsp; $— |
| 2613 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 545565819 | &nbsp;&nbsp; 544741216 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 824603 | &nbsp;&nbsp; — |
| 1278 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 139691391 | &nbsp;&nbsp; 139932170 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (240779)<br>|
| 226 | Montreal Exchange 5 Year Canadian Bond Futures | &nbsp;&nbsp; 18653994 | &nbsp;&nbsp; 18766967 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (112973)<br>|
| 19 | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; 1388220 | &nbsp;&nbsp; 1385700 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; — |
| 648 | SFE 3 Year Australian Bond Futures | &nbsp;&nbsp; 45404576 | &nbsp;&nbsp; 45384016 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 20560 | &nbsp;&nbsp; — |
| 355 | Three-Month SOFR Futures | &nbsp;&nbsp; 85861188 | &nbsp;&nbsp; 85943161 | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (81973)<br>|
| (585) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (67284141)<br>| &nbsp;&nbsp; (67452954)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 168813 | &nbsp;&nbsp; — |
| (93) | Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; (10974000)<br>| &nbsp;&nbsp; (11065622)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 91622 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1216449 | &nbsp;&nbsp; $(435725)<br>|

---

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |
| MSC Korea International <br> Bonds 3.75% 01/19/2027 - <br> Quarterly<br>| 6000000 | (1.00%) | 12/20/30 | $(216262) | $(222801) | $6539 | $— |
| **Protection Sold** |  |  |  |  |  |  |  |
| BNP ITRAXX Europe.44 <br> - Quarterly<sup>4</sup> <br>| EUR 2,800,000 | (5.00%) | 12/20/30 | 659464 | 620784 | 38680 |  |
| JPM ITRAXX Europe.44 <br> - Quarterly<sup>4</sup> <br>| EUR 6,300,000 | (5.00%) | 12/20/30 | 1483794 | 1370576 | 113218 |  |
|  |  |  |  |  | 1991360 | 151898 |  |
| **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | $1768559 | $158437 | $— |

---

**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** |  |  |  |  |  |  |  |  |  |
| 10300000 | 3.75 | SOFR12M | Receive | Annual | 12/18/29 | $(135104) | $13583 | $— | $(148687) |
| 82200000 | 4.10 | SOFR12M | Receive | Annual | 2/11/26 | 75114 |  | 75114 |  |
| 107125100 | 3.38 | SOFR12M | Receive | Annual | 5/31/30 | 127767 | 105608 | 22159 |  |
| AUD 15,700,000 | 4.25 | BBSW6M | Pay | Semiannual | 3/18/36 | (465240) | 32250 |  | (497490) |
| GBP 30,500,000 | 3.75 | SONIA12M | Pay | Annual | 9/17/30 | 171297 | (8311) | 179608 |  |
| 8100000 | 3.75 | SOFR12M | Receive | Annual | 12/17/32 | (72512) | (178778) | 106266 |  |
| 80748200 | 3.29 | SOFR12M | Receive | Annual | 5/31/30 | 360442 | (4658) | 365100 |  |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $(40306) | $748247 | $(646177) |

---

&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 7 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened through December 31, 2025.

LVIP PIMCO Low Duration Bond Fund-14

------

**LVIP PIMCO Low Duration Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| <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> 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ARM–Adjustable Rate Mortgage |
| AUD–Australian Dollar |
| BBSW6M–Bank Bill Swap Rate 6 Months |
| BNP–BNP Paribas |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| CA–Credit Agricole |
| CAD–Canadian Dollar |
| CBOT–Chicago Board of Trade |
| CHF–Swiss Franc |
| CLO–Collateralized Loan Obligation |
| CNH–Chinese Yuan Renminbi |
| DKK–Danish Krone |
| EUR–Euro |
| EURIBOR–Euro Interbank Offer Rate |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| GSB–Goldman Sachs Bank USA |
| IDR–Indonesia Rupiah |
| ILS–Israeli Shekel |
| INR–Indian Rupee |
| IRS–Interest Rate Swap |
| ITRAXX Europe–Markit iTraxx Europe Index |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| NZD–New Zealand Dollar |
| PLN–Polish Zloty |
| REMIC–Real Estate Mortgage Investment Conduits |
| SFE–Sydney Futures Exchange |
| SGD–Singapore Dollar |
| 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 |
| THB–Thailand Baht |
| TWD–Taiwan New Dollar |
| USD–United States Dollar |
| WBC–Westpac Banking Corporation |
| ZAR–South African Rand |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $42711931 |
| **EXPENSES:** |  |
| Management fees | 4418260 |
| Distribution fees-Service Class | 2133663 |
| Interest expense on reverse repurchase agreements <br> and securities sold short<br>| 919032 |
| Shareholder servicing fees | 256259 |
| Accounting and administration expenses | 166619 |
| Custodian fees | 121309 |
| Professional fees | 99285 |
| Reports and statements to shareholders | 35493 |
| Consulting fees | 30487 |
| Pricing fees | 27124 |
| Trustees' fees and expenses | 25467 |
| Other | 15794 |
|  | 8248792 |
| Less:  |  |
| Management fees waived | (537739)<br>|
| Expenses reimbursed | (240098)<br>|
| Total operating expenses | 7470955 |
| **NET INVESTMENT INCOME**  | 35240976 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 4328608 |
| Foreign currencies | 587380 |
| Foreign currency exchange contracts | (3456828)<br>|
| Futures contracts | 6842058 |
| Options purchased | (361746)<br>|
| Options written | (270377)<br>|
| Swap contracts | (7969060)<br>|
| Net realized loss | (299965)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 15765361 |
| Foreign currencies | (55763)<br>|
| Foreign currency exchange contracts | (4579961)<br>|
| Futures contracts | (170906)<br>|
| Options purchased | (357943)<br>|
| Swap contracts | (497456)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 10103332 |
| **NET REALIZED AND UNREALIZED GAIN** | 9803367 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $45044343 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration Bond Fund** | **LVIP PIMCO Low Duration 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 | $35240976 | $35773835 |
| Net realized loss | (299965)<br>| (2480408)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 10103332 | 7694855 |
| Net increase in net assets resulting <br> from operations<br>| 45044343 | 40988282 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1217279)<br>| (1226741)<br>|
| Service Class | (29900359)<br>| (36557040)<br>|
|  | (31117638)<br>| (37783781)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 12091631 | 13005895 |
| Service Class | 219490127 | 243800718 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1217279 | 1226741 |
| Service Class | 29900359 | 36557040 |
|  | 262699396 | 294590394 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8180462)<br>| (75005321)<br>|
| Service Class | (275087703)<br>| (220891173)<br>|
|  | (283268165)<br>| (295896494)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (20568769)<br>| (1306100)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (6642064)<br>| 1898401 |
| **NET ASSETS:** |  |  |
| Beginning of year | 882427751 | 880529350 |
| End of year | $875785687 | $882427751 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-16

------

**LVIP PIMCO Low Duration Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration Bond Fund Standard Class** | **LVIP PIMCO Low Duration 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; $9.318 | &nbsp;&nbsp; $9.282 | &nbsp;&nbsp; $9.167 | &nbsp;&nbsp; $9.854 | &nbsp;&nbsp; $10.085 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.404 | 0.405 | 0.353 | 0.174 | 0.105 |
| Net realized and unrealized gain (loss) | 0.105 | 0.068 | 0.092 | &nbsp;&nbsp; (0.655)<br>| &nbsp;&nbsp; (0.170)<br>|
| Total from investment operations | 0.509 | 0.473 | 0.445 | &nbsp;&nbsp; (0.481)<br>| &nbsp;&nbsp; (0.065)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.328)<br>| &nbsp;&nbsp; (0.143)<br>| &nbsp;&nbsp; (0.115)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.051)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.437)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.166)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.461 | &nbsp;&nbsp; $9.318 | &nbsp;&nbsp; $9.282 | &nbsp;&nbsp; $9.167 | &nbsp;&nbsp; $9.854 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.47% | &nbsp;&nbsp; 5.13% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; (4.88%)<br>| &nbsp;&nbsp; (0.64%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $32904 | &nbsp;&nbsp; $27368 | &nbsp;&nbsp; $87466 | &nbsp;&nbsp; $376412 | &nbsp;&nbsp; $135986 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets<sup>4</sup> | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 4.28% | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.00% |
| Portfolio turnover | &nbsp;&nbsp; 243% | &nbsp;&nbsp; 231% | &nbsp;&nbsp; 383% | &nbsp;&nbsp; 1,035% | &nbsp;&nbsp; 461% |

---

&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 excluding interest expense for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 was 0.50%, 0.50%, 0.50%, 0.50%, and 0.53%, respectively. 

<sup>4</sup> The ratio of net investment income to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 was 4.33%, 4.51%, 3.95%, 1.86%, and 1.04%, respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-17

------

**LVIP PIMCO Low Duration Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration Bond Fund Service Class** | **LVIP PIMCO Low Duration 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; $9.312 | &nbsp;&nbsp; $9.277 | &nbsp;&nbsp; $9.162 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $10.080 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.379 | 0.389 | 0.325 | 0.152 | 0.079 |
| Net realized and unrealized gain (loss) | 0.106 | 0.060 | 0.095 | &nbsp;&nbsp; (0.655)<br>| &nbsp;&nbsp; (0.168)<br>|
| Total from investment operations | 0.485 | 0.449 | 0.420 | &nbsp;&nbsp; (0.503)<br>| &nbsp;&nbsp; (0.089)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.303)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.099)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.043)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.142)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.455 | &nbsp;&nbsp; $9.312 | &nbsp;&nbsp; $9.277 | &nbsp;&nbsp; $9.162 | &nbsp;&nbsp; $9.849 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.21% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; (5.12%)<br>| &nbsp;&nbsp; (0.89%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $842882 | &nbsp;&nbsp; $855060 | &nbsp;&nbsp; $793063 | &nbsp;&nbsp; $789146 | &nbsp;&nbsp; $815181 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% |
| Ratio of net investment income to average net assets<sup>4</sup> | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 4.11% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 0.75% |
| Portfolio turnover | &nbsp;&nbsp; 243% | &nbsp;&nbsp; 231% | &nbsp;&nbsp; 383% | &nbsp;&nbsp; 1,035% | &nbsp;&nbsp; 461% |

---

&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 excluding interest expense for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 was 0.75%, 0.75%, 0.75%, 0.75%, and 0.78%, respectively. 

<sup>4</sup> The ratio of net investment income to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 was 4.08%, 4.26%, 3.70%, 1.61%, and 0.79%, respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP PIMCO Low Duration Bond Fund-18

------

**LVIP PIMCO Low Duration 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 PIMCO Low Duration 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 a high level of current income consistent with 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–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. 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 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

LVIP PIMCO Low Duration Bond Fund-19

------

**LVIP PIMCO Low Duration 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)**

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.

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. As of December 31, 2025, there were no open repurchase agreements.

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. As of December 31, 2025, there were no open reverse repurchase agreements.

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. Taxable non-cash dividends are recorded as dividend income. 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.

LVIP PIMCO Low Duration Bond Fund-20

------

**LVIP PIMCO Low Duration 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 0.50% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.05% on the first $500 million of the Fund's average daily net assets and 0.075% of the Fund's average daily net assets in excess of $500 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.

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 0.50% of the Fund's average daily net assets for the Standard Class and 0.75% 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; $131939 | &nbsp;&nbsp; $126470 | &nbsp;&nbsp; $240098 | &nbsp;&nbsp; $498507 |

---

Pacific Investment Management Company 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; $73139 |
| Legal | &nbsp;&nbsp; 12119 |

---

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 $22,643 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; $28340 |
| Management fees payable to LFI | &nbsp;&nbsp; 328115 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 179870 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21665 |

---

LVIP PIMCO Low Duration Bond Fund-21

------

**LVIP PIMCO Low Duration 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)**

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; $344669168 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1932267825 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 478822318 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1767814694 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $1022084233 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $7433196 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (6194430)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1238766 |

---

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 PIMCO Low Duration Bond Fund-22

------

**LVIP PIMCO Low Duration 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; $151786874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151786874 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4318324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4318324 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 169405372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169405372 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 10594002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10594002 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 4972393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4972393 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 1723671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1723671 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 32998604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32998604 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 62762158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62762158 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 6283527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6283527 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 30483700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30483700 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 31029832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31029832 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 3144396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3144396 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 11378748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11378748 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 14812794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14812794 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172710 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 5875182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5875182 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 10488515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10488515 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 3125813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3125813 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 4195793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4195793 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 4204602 | &nbsp;&nbsp; 5942293 | &nbsp;&nbsp; 10146895 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 6320105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6320105 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 642117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 642117 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 18347208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18347208 |
| Shipbuilding | &nbsp;&nbsp; — | &nbsp;&nbsp; 4444116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4444116 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 3676672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3676672 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 3068863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3068863 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1194631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1194631 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4766181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4766181 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 251175004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251175004 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 24058141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24058141 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20821007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20821007 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18362717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18362717 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 71064439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71064439 |
| Money Market Fund | &nbsp;&nbsp; 474626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 474626 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 303507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 303507 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 23975448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23975448 |
| **Total Investments** | &nbsp;&nbsp; $474626 | &nbsp;&nbsp; $1016977166 | &nbsp;&nbsp; $5942293 | &nbsp;&nbsp; $1023394085 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $655522 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $655522 |
| Futures Contracts | &nbsp;&nbsp; $1216449 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1216449 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $906684 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $906684 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1548919)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1548919)<br>|
| Futures Contracts | &nbsp;&nbsp; $(435725)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(435725)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(646177)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(646177)<br>|

---

LVIP PIMCO Low Duration Bond Fund-23

------

**LVIP PIMCO Low Duration 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 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>|
| Corporate Bond | $5942293 | Income Approach | Discounted Cash Flow - Discount Rate (b) | 4.54% (N/A) |
| Total | $5942293 |  |  |  |
| 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 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 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. |

---

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>|
| Corporate Bond | $— | $— | $6000000 | $(226643)<br>| $— | $— | $— | $— | $168936 | $5942293 | $168936 |
| Total | $— | $— | $6000000 | $(226643)<br>| $— | —<br> $| $— | $— | $168936 | $5942293 | $168936 |

---

**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, swaps 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; $31117638 | &nbsp;&nbsp; $37783781 |

---

**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; $535120 |
| Capital loss carryforward | &nbsp;&nbsp; (43717886)<br>|
| Other temporary differences | &nbsp;&nbsp; (728735)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 1238766 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(42672735)<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**  |
| $19410382 | &nbsp;&nbsp; $24307504 | &nbsp;&nbsp; $43717886 |

---

In 2025, the Fund utilized $2,787,330 of capital loss carryforwards.

LVIP PIMCO Low Duration Bond Fund-24

------

**LVIP PIMCO Low Duration 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; 1268245 | &nbsp;&nbsp; 1372563 |
| Service Class | &nbsp;&nbsp; 23079484 | &nbsp;&nbsp; 25722343 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 129037 | &nbsp;&nbsp; 131851 |
| Service Class | &nbsp;&nbsp; 3171181 | &nbsp;&nbsp; 3931287 |
|  | &nbsp;&nbsp; 27647947 | &nbsp;&nbsp; 31158044 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (856610)<br>| &nbsp;&nbsp; (7990589)<br>|
| Service Class | &nbsp;&nbsp; (28930066)<br>| &nbsp;&nbsp; (23317097)<br>|
|  | &nbsp;&nbsp; (29786676)<br>| &nbsp;&nbsp; (31307686)<br>|
| Net decrease | &nbsp;&nbsp; (2138729)<br>| &nbsp;&nbsp; (149642)<br>|

---

**7. 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 and to fix the U.S. dollar value of a security between trade date and settlement date.

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 facilitate investments in portfolio securities; to reduce transaction costs and as a cash management tool.

LVIP PIMCO Low Duration Bond Fund-25

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

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; to manage the Fund's exposure to changes in foreign currencies; to adjust the Fund's overall exposure to certain markets; 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 generate income; to reduce transaction costs; to take advantage of liquidity available in the options market and to receive premiums for writing options.

Swap Contracts–The Fund may enter into CDS contracts and interest rate swap 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 (including single name, baskets, and systemic), to enhance total return or to gain exposure to certain securities or markets. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

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.

LVIP PIMCO Low Duration Bond Fund-26

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

As disclosed in the Statement of Net Assets, at December 31, 2025, the notional value of the protection sold was EUR 9,100,000, 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 appreciation of the protection sold was $151,898.

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 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>| Liabilities net of receivables and other <br> assets<br>| $655522 | Liabilities net of receivables and other <br> assets<br>| $(1548919)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 1216449 | Liabilities net of receivables and other <br> assets<br>| (435725)<br>|
| Options purchased <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 303507 | Liabilities net of receivables and other <br> assets<br>|  |
| Swap contracts <br> (Credit contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 158437 | Liabilities net of receivables and other <br> assets<br>|  |
| Swap contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 748247 | Liabilities net of receivables and other <br> assets<br>| (646177)<br>|
| Total |  | $3082162 |  | $(2630821)<br>|

---

LVIP PIMCO Low Duration Bond Fund-27

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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; $(3456828)<br>| &nbsp;&nbsp; $(4579961)<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; 6842058 | &nbsp;&nbsp; (170906)<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; (361746)<br>| &nbsp;&nbsp; (357943)<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; (270377)<br>| &nbsp;&nbsp; — |
| 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; (1196248)<br>| &nbsp;&nbsp; 159021 |
| 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; (6772812)<br>| &nbsp;&nbsp; (656477)<br>|
| Total |  | &nbsp;&nbsp; $(5215953)<br>| &nbsp;&nbsp; $(5606266)<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) | $56917237 | $157843302 |
| Futures contracts (average notional value) | 1114381479 | 96863313 |
| Options contracts (average value) | 306235 | 32249 |
| CDS contracts (average notional value)\* | 3995053 | 23540571 |
| Interest rate swap contracts (average notional value)\*\* | 147466986 | 285900199 |

---

&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.

At December 31, 2025, the Fund posted securities collateral (comprised of U.S. treasury securities) for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Securities Collateral** |
| Goldman Sachs International | &nbsp;&nbsp; $275000 |
| Total | &nbsp;&nbsp; $275000 |

---

At December 31, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| BNP Paribas SA | &nbsp;&nbsp; $570000 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 1350000 |
| Morgan Stanley & Co. International | &nbsp;&nbsp; 80000 |
| Total | &nbsp;&nbsp; $2000000 |

---

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

LVIP PIMCO Low Duration Bond Fund-28

------

**LVIP PIMCO Low Duration Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

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** |
| BNP Paribas SA | &nbsp;&nbsp; $262708 | &nbsp;&nbsp; $(338903)<br>| &nbsp;&nbsp; $(76195)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 138369 | &nbsp;&nbsp; (570095)<br>| &nbsp;&nbsp; (431726)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; 421421 | &nbsp;&nbsp; (475097)<br>| &nbsp;&nbsp; (53676)<br>|
| Morgan Stanley & Co. International | &nbsp;&nbsp; 294183 | &nbsp;&nbsp; (164824)<br>| &nbsp;&nbsp; 129359 |
| Total | &nbsp;&nbsp; $1116681 | &nbsp;&nbsp; $(1548919)<br>| &nbsp;&nbsp; $(432238)<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>|
| BNP Paribas SA | &nbsp;&nbsp; $(76195)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76195)<br>|
| Goldman Sachs International | &nbsp;&nbsp; (431726)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (156726)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; (53676)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (53676)<br>|
| Morgan Stanley & Co. <br> International<br>| &nbsp;&nbsp; 129359 | &nbsp;&nbsp; — | &nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49359 |
| Total | &nbsp;&nbsp; $(432238)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80000)<br>| &nbsp;&nbsp; $275000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(237238)<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.

**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.

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 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 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.

LVIP PIMCO Low Duration Bond Fund-29

------

**LVIP PIMCO Low Duration Bond 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)**

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.

**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 PIMCO Low Duration Bond Fund-30

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP PIMCO Low Duration Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP PIMCO Low Duration 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.

![](imgd9dd8dba2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP PIMCO Low Duration Bond Fund–31

------

![](img63fa13fe1.jpg)

LVIP SSGA Index Allocation Funds

LVIP SSGA Conservative Index Allocation Fund <br> LVIP SSGA Moderate Index Allocation Fund <br> LVIP SSGA Moderately Aggressive Index Allocation Fund

LVIP Structured Allocation Funds

LVIP Structured Conservative Allocation Fund <br> LVIP Structured Moderate Allocation Fund <br> LVIP Structured Moderately Aggressive Allocation Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_SOI-continued-308_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_FS-continued-308_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Operations](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_FS-continued-308_3)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_FS-continued-308_4)**  | &nbsp;&nbsp; **10** |
| **[Financial Highlights](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_FIHI-continued-308_1)**  | &nbsp;&nbsp; **12** |
| **[Notes to Financial Statements](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_NTF-continued-308_1)**  | &nbsp;&nbsp; **24** |
| **[Report of Independent Registered Public Accounting Firm](#xx_9fbac873-7a49-43ea-b58e-59830a0e873e_AUDIT-continued-308_1)**  | &nbsp;&nbsp; **35** |

---

------

**LVIP SSGA Conservative Index Allocation 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–85.94%** | **AFFILIATED INVESTMENTS–85.94%** | **AFFILIATED INVESTMENTS–85.94%** |
| **INVESTMENT COMPANIES–85.94%** | **INVESTMENT COMPANIES–85.94%** | **INVESTMENT COMPANIES–85.94%** |
| **Equity Funds–22.13%** | **Equity Funds–22.13%** | **Equity Funds–22.13%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 351088 | $4525178 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 775055 | 26122441 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 86346 | 3005897 |
|  |  | **33653516** |
| **Fixed Income Fund–49.64%** | **Fixed Income Fund–49.64%** | **Fixed Income Fund–49.64%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 7477208 | 75474934 |
|  |  | **75474934** |
| **International Equity Fund–14.17%** | **International Equity Fund–14.17%** | **International Equity Fund–14.17%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1623068 | 21544599 |
|  |  | **21544599** |
| **Total Affiliated Investments** <br>**(Cost $102,564,015)**<br>|  | **130673049** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–14.10%** | **UNAFFILIATED INVESTMENTS–14.10%** | **UNAFFILIATED INVESTMENTS–14.10%** |
| **INVESTMENT COMPANIES–14.10%** | **INVESTMENT COMPANIES–14.10%** | **INVESTMENT COMPANIES–14.10%** |
| **Fixed Income Fund–9.91%** | **Fixed Income Fund–9.91%** | **Fixed Income Fund–9.91%** |
| Schwab US TIPS ETF | 569157 | $15076969 |
|  |  | **15076969** |
| **International Equity Fund–4.19%** | **International Equity Fund–4.19%** | **International Equity Fund–4.19%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 94716 | 6366809 |
|  |  | **6366809** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $18,824,228)**<br>|  | **21443778** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $121,388,243)** | **152116827** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(54090)**<br>|
| **NET ASSETS APPLICABLE TO 10,434,601 SHARES OUTSTANDING–100.00%** | **$152062737** |

---

&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 |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-1

------

**LVIP SSGA Moderate Index Allocation 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–83.89%** | **AFFILIATED INVESTMENTS–83.89%** | **AFFILIATED INVESTMENTS–83.89%** |
| **INVESTMENT COMPANIES–83.89%** | **INVESTMENT COMPANIES–83.89%** | **INVESTMENT COMPANIES–83.89%** |
| **Equity Funds–34.04%** | **Equity Funds–34.04%** | **Equity Funds–34.04%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3194218 | $41170279 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 4977347 | 167756502 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 785589 | 27347909 |
|  |  | **236274690** |
| **Fixed Income Fund–29.68%** | **Fixed Income Fund–29.68%** | **Fixed Income Fund–29.68%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 20409392 | 206012406 |
|  |  | **206012406** |
| **International Equity Fund–20.17%** | **International Equity Fund–20.17%** | **International Equity Fund–20.17%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 10547466 | 140007065 |
|  |  | **140007065** |
| **Total Affiliated Investments** <br>**(Cost $403,669,655)**<br>|  | **582294161** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–16.14%** | **UNAFFILIATED INVESTMENTS–16.14%** | **UNAFFILIATED INVESTMENTS–16.14%** |
| **INVESTMENT COMPANIES–16.14%** | **INVESTMENT COMPANIES–16.14%** | **INVESTMENT COMPANIES–16.14%** |
| **Fixed Income Fund–9.88%** | **Fixed Income Fund–9.88%** | **Fixed Income Fund–9.88%** |
| Schwab US TIPS ETF | 2589779 | $68603246 |
|  |  | **68603246** |
| **International Equity Fund–6.26%** | **International Equity Fund–6.26%** | **International Equity Fund–6.26%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 646094 | 43430439 |
|  |  | **43430439** |
| **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>| 19849 | 19849 |
|  |  | **19849** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $97,105,766)**<br>|  | **112053534** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $500,775,421)** | **694347695** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(193548)**<br>|
| **NET ASSETS APPLICABLE TO 38,031,376 SHARES OUTSTANDING–100.00%** | **$694154147** |

---

&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 |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-2

------

**LVIP SSGA Moderately Aggressive Index Allocation 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–84.70%** | **AFFILIATED INVESTMENTS–84.70%** | **AFFILIATED INVESTMENTS–84.70%** |
| **INVESTMENT COMPANIES–84.70%** | **INVESTMENT COMPANIES–84.70%** | **INVESTMENT COMPANIES–84.70%** |
| **Equity Funds–37.92%** | **Equity Funds–37.92%** | **Equity Funds–37.92%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3697298 | $47654480 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 5349778 | 180308909 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 974264 | 33916067 |
|  |  | **261879456** |
| **Fixed Income Fund–24.66%** | **Fixed Income Fund–24.66%** | **Fixed Income Fund–24.66%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 16874106 | 170327221 |
|  |  | **170327221** |
| **International Equity Fund–22.12%** | **International Equity Fund–22.12%** | **International Equity Fund–22.12%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 11511104 | 152798402 |
|  |  | **152798402** |
| **Total Affiliated Investments** <br>**(Cost $394,904,930)**<br>|  | **585005079** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–15.32%** | **UNAFFILIATED INVESTMENTS–15.32%** | **UNAFFILIATED INVESTMENTS–15.32%** |
| **INVESTMENT COMPANIES–15.32%** | **INVESTMENT COMPANIES–15.32%** | **INVESTMENT COMPANIES–15.32%** |
| **Fixed Income Fund–4.92%** | **Fixed Income Fund–4.92%** | **Fixed Income Fund–4.92%** |
| Schwab US TIPS ETF | 1284525 | $34027067 |
|  |  | **34027067** |
| **International Equity Fund–10.40%** | **International Equity Fund–10.40%** | **International Equity Fund–10.40%** |
| iShares Core MSCI Emerging <br> Markets ETF<br>| 1068312 | 71811933 |
|  |  | **71811933** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $83,410,495)**<br>|  | **105839000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $478,315,425)** | **690844079** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(167421)**<br>|
| **NET ASSETS APPLICABLE TO 35,186,214 SHARES OUTSTANDING–100.00%** | **$690676658** |

---

&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 |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-3

------

**LVIP Structured Conservative Allocation 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–90.13%** | **AFFILIATED INVESTMENTS–90.13%** | **AFFILIATED INVESTMENTS–90.13%** |
| **INVESTMENT COMPANIES–90.13%** | **INVESTMENT COMPANIES–90.13%** | **INVESTMENT COMPANIES–90.13%** |
| **Equity Funds–22.14%** | **Equity Funds–22.14%** | **Equity Funds–22.14%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 1293841 | $21587730 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 545536 | 7905911 |
|  |  | **29493641** |
| **Fixed Income Fund–49.68%** | **Fixed Income Fund–49.68%** | **Fixed Income Fund–49.68%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 6557034 | 66186701 |
|  |  | **66186701** |
| **International Equity Funds–18.31%** | **International Equity Funds–18.31%** | **International Equity Funds–18.31%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 548487 | 5523261 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 1801072 | 18871640 |
|  |  | **24394901** |
| **Total Affiliated Investments** <br>**(Cost $103,509,533)**<br>|  | **120075243** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS–9.92%** | **UNAFFILIATED INVESTMENTS–9.92%** | **UNAFFILIATED INVESTMENTS–9.92%** |
| **INVESTMENT COMPANIES–9.92%** | **INVESTMENT COMPANIES–9.92%** | **INVESTMENT COMPANIES–9.92%** |
| **Fixed Income Fund–9.92%** | **Fixed Income Fund–9.92%** | **Fixed Income Fund–9.92%** |
| Schwab US TIPS ETF | 499012 | $13218828 |
|  |  | **13218828** |
| **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>| 2153 | 2153 |
|  |  | **2153** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $12,980,496)**<br>|  | **13220981** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $116,490,029)** | **133296224** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(71162)**<br>|
| **NET ASSETS APPLICABLE TO 11,698,036 SHARES OUTSTANDING–100.00%** | **$133225062** |

---

&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 |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-4

------

**LVIP Structured Moderate Allocation 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–90.14%** | **AFFILIATED INVESTMENTS–90.14%** | **AFFILIATED INVESTMENTS–90.14%** |
| **INVESTMENT COMPANIES–90.14%** | **INVESTMENT COMPANIES–90.14%** | **INVESTMENT COMPANIES–90.14%** |
| **Equity Funds–34.07%** | **Equity Funds–34.07%** | **Equity Funds–34.07%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 12364828 | $206307158 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 5793592 | 83960737 |
|  |  | **290267895** |
| **Fixed Income Fund–29.71%** | **Fixed Income Fund–29.71%** | **Fixed Income Fund–29.71%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 25070945 | 253066115 |
|  |  | **253066115** |
| **International Equity Funds–26.36%** | **International Equity Funds–26.36%** | **International Equity Funds–26.36%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 5241202 | 52778905 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued)** | **International Equity Funds (continued)** | **International Equity Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 16393752 | $171773734 |
|  |  | **224552639** |
| **Total Affiliated Investments** <br>**(Cost $635,427,254)**<br>|  | **767886649** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENT–9.89%** | **UNAFFILIATED INVESTMENT–9.89%** | **UNAFFILIATED INVESTMENT–9.89%** |
| **INVESTMENT COMPANY–9.89%** | **INVESTMENT COMPANY–9.89%** | **INVESTMENT COMPANY–9.89%** |
| **Fixed Income Fund–9.89%** | **Fixed Income Fund–9.89%** | **Fixed Income Fund–9.89%** |
| Schwab US TIPS ETF | 3181243 | 84271399 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $83,171,898)**<br>|  | **84271399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $718,599,152)** | **852158048** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(266037)**<br>|
| **NET ASSETS APPLICABLE TO 66,311,112 SHARES OUTSTANDING–100.00%** | **$851892011** |

---

&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 |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-5

------

**LVIP Structured Moderately Aggressive Allocation 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–95.10%** | **AFFILIATED INVESTMENTS–95.10%** | **AFFILIATED INVESTMENTS–95.10%** |
| **INVESTMENT COMPANIES–95.10%** | **INVESTMENT COMPANIES–95.10%** | **INVESTMENT COMPANIES–95.10%** |
| **Equity Funds–37.98%** | **Equity Funds–37.98%** | **Equity Funds–37.98%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 7761669 | $129503457 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 4027867 | 58371844 |
|  |  | **187875301** |
| **Fixed Income Fund–24.69%** | **Fixed Income Fund–24.69%** | **Fixed Income Fund–24.69%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 12103203 | 122169728 |
|  |  | **122169728** |
| **International Equity Funds–32.43%** | **International Equity Funds–32.43%** | **International Equity Funds–32.43%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 5062053 | 50974879 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued)** | **International Equity Funds (continued)** | **International Equity Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 10448363 | $109477944 |
|  |  | **160452823** |
| **Total Affiliated Investments** <br>**(Cost $366,398,800)**<br>|  | **470497852** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENT–4.93%** | **UNAFFILIATED INVESTMENT–4.93%** | **UNAFFILIATED INVESTMENT–4.93%** |
| **INVESTMENT COMPANY–4.93%** | **INVESTMENT COMPANY–4.93%** | **INVESTMENT COMPANY–4.93%** |
| **Fixed Income Fund–4.93%** | **Fixed Income Fund–4.93%** | **Fixed Income Fund–4.93%** |
| Schwab US TIPS ETF | 921105 | 24400072 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $24,017,783)**<br>|  | **24400072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $390,416,583)** | **494897924** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(161730)**<br>|
| **NET ASSETS APPLICABLE TO 35,793,985 SHARES OUTSTANDING–100.00%** | **$494736194** |

---

&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 |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation 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** | **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 | December 31, 2025 | December 31, 2025 |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **ASSETS:** |  |  |  |  |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $130673049 | &nbsp;&nbsp; $582294161 | &nbsp;&nbsp; $585005079 | &nbsp;&nbsp; $120075243 | &nbsp;&nbsp; $767886649 | &nbsp;&nbsp; $470497852 |
| Unaffiliated investments, at <br> value<br>| &nbsp;&nbsp; 21443778 | &nbsp;&nbsp; 112053534 | &nbsp;&nbsp; 105839000 | &nbsp;&nbsp; 13220981 | &nbsp;&nbsp; 84271399 | &nbsp;&nbsp; 24400072 |
| Receivable for fund shares sold | &nbsp;&nbsp; 73222 | &nbsp;&nbsp; 955937 | &nbsp;&nbsp; 312792 | &nbsp;&nbsp; 38946 | &nbsp;&nbsp; 776725 | &nbsp;&nbsp; 1649570 |
| Receivable for securities sold | &nbsp;&nbsp; 24806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87042 | &nbsp;&nbsp; 22429 |
| Expense reimbursement <br> receivable from Lincoln <br> Financial Investments <br> Corporation<br>| &nbsp;&nbsp; 7499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5225 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 2485 | &nbsp;&nbsp; 2448 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 2953 | &nbsp;&nbsp; 1766 |
| Dividends and interest <br> receivable <br>| &nbsp;&nbsp; 153 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 22532 | &nbsp;&nbsp; 101 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 152223057 | &nbsp;&nbsp; 695307119 | &nbsp;&nbsp; 691243331 | &nbsp;&nbsp; 133335698 | &nbsp;&nbsp; 853052525 | &nbsp;&nbsp; 496571790 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Due to manager and affiliates | &nbsp;&nbsp; 41439 | &nbsp;&nbsp; 170414 | &nbsp;&nbsp; 162514 | &nbsp;&nbsp; 43138 | &nbsp;&nbsp; 246408 | &nbsp;&nbsp; 143620 |
| Payable for securities <br> purchased<br>| &nbsp;&nbsp; 40103 | &nbsp;&nbsp; 142666 | &nbsp;&nbsp; 122210 | &nbsp;&nbsp; 7784 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171557 |
| Payable for fund shares <br> redeemed<br>| &nbsp;&nbsp; 26591 | &nbsp;&nbsp; 809657 | &nbsp;&nbsp; 169015 | &nbsp;&nbsp; 32681 | &nbsp;&nbsp; 858002 | &nbsp;&nbsp; 1468983 |
| Due to custodian | &nbsp;&nbsp; 24958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13868 | &nbsp;&nbsp; 22433 |
| Payable for audit fee | &nbsp;&nbsp; 14047 | &nbsp;&nbsp; 14047 | &nbsp;&nbsp; 14047 | &nbsp;&nbsp; 14047 | &nbsp;&nbsp; 4581 | &nbsp;&nbsp; 14047 |
| Payable for fund accounting <br> fee<br>| &nbsp;&nbsp; 9232 | &nbsp;&nbsp; 9289 | &nbsp;&nbsp; 9288 | &nbsp;&nbsp; 9230 | &nbsp;&nbsp; 15204 | &nbsp;&nbsp; 9268 |
| Other accrued expenses <br> payable<br>| &nbsp;&nbsp; 3950 | &nbsp;&nbsp; 6899 | &nbsp;&nbsp; 6848 | &nbsp;&nbsp; 3756 | &nbsp;&nbsp; 22451 | &nbsp;&nbsp; 5688 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 160320 | &nbsp;&nbsp; 1152972 | &nbsp;&nbsp; 566673 | &nbsp;&nbsp; 110636 | &nbsp;&nbsp; 1160514 | &nbsp;&nbsp; 1835596 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $152062737 | &nbsp;&nbsp; $694154147 | &nbsp;&nbsp; $690676658 | &nbsp;&nbsp; $133225062 | &nbsp;&nbsp; $851892011 | &nbsp;&nbsp; $494736194 |
| Affiliated investments, at cost | &nbsp;&nbsp; $102564015 | &nbsp;&nbsp; $403669655 | &nbsp;&nbsp; $394904930 | &nbsp;&nbsp; $103509533 | &nbsp;&nbsp; $635427254 | &nbsp;&nbsp; $366398800 |
| Unaffiliated investments, at <br> cost<br>| &nbsp;&nbsp; 18824228 | &nbsp;&nbsp; 97105766 | &nbsp;&nbsp; 83410495 | &nbsp;&nbsp; 12980496 | &nbsp;&nbsp; 83171898 | &nbsp;&nbsp; 24017783 |
| **Standard Class:** |  |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $66520055 | &nbsp;&nbsp; $387941515 | &nbsp;&nbsp; $418003112 | &nbsp;&nbsp; $26513188 | &nbsp;&nbsp; $307291739 | &nbsp;&nbsp; $172778821 |
| Shares Outstanding | &nbsp;&nbsp; 4562889 | &nbsp;&nbsp; 21244452 | &nbsp;&nbsp; 21268239 | &nbsp;&nbsp; 2328002 | &nbsp;&nbsp; 23904992 | &nbsp;&nbsp; 12490747 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.579 | &nbsp;&nbsp; $18.261 | &nbsp;&nbsp; $19.654 | &nbsp;&nbsp; $11.389 | &nbsp;&nbsp; $12.855 | &nbsp;&nbsp; $13.833 |
| **Service Class:** |  |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $85542682 | &nbsp;&nbsp; $306212632 | &nbsp;&nbsp; $272673546 | &nbsp;&nbsp; $106711874 | &nbsp;&nbsp; $544600272 | &nbsp;&nbsp; $321957373 |
| Shares Outstanding | &nbsp;&nbsp; 5871712 | &nbsp;&nbsp; 16786924 | &nbsp;&nbsp; 13917975 | &nbsp;&nbsp; 9370034 | &nbsp;&nbsp; 42406120 | &nbsp;&nbsp; 23303238 |
| Net Asset Value Per Share | &nbsp;&nbsp; $14.569 | &nbsp;&nbsp; $18.241 | &nbsp;&nbsp; $19.591 | &nbsp;&nbsp; $11.389 | &nbsp;&nbsp; $12.842 | &nbsp;&nbsp; $13.816 |

---

LVIP Allocation Funds-7

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** | **Statements of Assets and Liabilities (continued)** |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **COMPONENTS OF NET** <br> **ASSETS AT DECEMBER** <br> **31, 2025:**<br>|  |  |  |  |  |  |
| Shares of beneficial interest <br> (unlimited authorization–no <br> par)<br>| &nbsp;&nbsp; $125776095 | &nbsp;&nbsp; $500306080 | &nbsp;&nbsp; $479505926 | &nbsp;&nbsp; $122149168 | &nbsp;&nbsp; $728983884 | &nbsp;&nbsp; $400252013 |
| Distributable <br> earnings/(accumulated loss)<br>| &nbsp;&nbsp; 26286642 | &nbsp;&nbsp; 193848067 | &nbsp;&nbsp; 211170732 | &nbsp;&nbsp; 11075894 | &nbsp;&nbsp; 122908127 | &nbsp;&nbsp; 94484181 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $152062737 | &nbsp;&nbsp; $694154147 | &nbsp;&nbsp; $690676658 | &nbsp;&nbsp; $133225062 | &nbsp;&nbsp; $851892011 | &nbsp;&nbsp; $494736194 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Operations** | **Statements of Operations** | **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 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends from affiliated <br> investments<br>| $3473295 | $13314263 | $12782448 | $3196133 | $17923056 | $10538254 |
| Dividends from unaffiliated <br> investments<br>| 765717 | 3820693 | 3225725 | 533748 | 2954116 | 941659 |
|  | 4239012 | 17134956 | 16008173 | 3729881 | 20877172 | 11479913 |
| **EXPENSES:** |  |  |  |  |  |  |
| Management fees | 220173 | 984733 | 966674 | 200865 | 1081707 | 703898 |
| Distribution fees-Service Class | 211844 | 738686 | 650469 | 272123 | 1309346 | 778446 |
| Shareholder servicing fees | 42567 | 190382 | 186890 | 38834 | 209130 | 136087 |
| Accounting and administration <br> expenses<br>| 41440 | 91070 | 89785 | 40270 | 96780 | 72927 |
| Professional fees | 34469 | 46114 | 45858 | 34154 | 49211 | 41815 |
| Reports and statements to <br> shareholders<br>| 5513 | 13228 | 13081 | 5210 | 19206 | 10026 |
| Consulting fees | 4586 | 4928 | 4931 | 4571 | 7274 | 4790 |
| Custodian fees | 4294 | 7740 | 8290 | 3926 | 7277 | 5031 |
| Trustees' fees and expenses | 4213 | 18760 | 18374 | 3893 | 20252 | 13478 |
| Index fees | 1883 | 8329 | 8166 |  |  |  |
| Pricing fees | 548 | 2335 | 2288 | 506 | 2486 | 1667 |
| Other | 3962 | 10628 | 10461 | 7391 | 33624 | 23542 |
|  | 575492 | 2116933 | 2005267 | 611743 | 2836293 | 1791707 |
| Less:  |  |  |  |  |  |  |
| Expenses reimbursed | (70084)<br>|  |  |  | (5225)<br>|  |
| Total operating expenses | 505408 | 2116933 | 2005267 | 611743 | 2831068 | 1791707 |
| **NET INVESTMENT INCOME**  | 3733604 | 15018023 | 14002906 | 3118138 | 18046104 | 9688206 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN (LOSS):**<br>|  |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |  |
| Sale of affiliated investments | 235599 | 2480013 | 1681911 | 999546 | 7061196 | 4934834 |
| Sale of unaffiliated investments | 212111 | 1112373 | 1522277 | 26151 | 89873 | 43372 |
| Distributions from affiliated <br> investment companies<br>| 1690396 | 11947503 | 13092248 | 1057975 | 8492239 | 6087914 |
| Foreign currencies |  |  |  |  | (13)<br>|  |
| Net realized gain | 2138106 | 15539889 | 16296436 | 2083672 | 15643295 | 11066120 |
| Net change in unrealized <br> appreciation (depreciation) of:<br>|  |  |  |  |  |  |
| Affiliated investments | 9854704 | 53752681 | 57090072 | 11476765 | 76988159 | 60921508 |
| Unaffiliated investments | 1652531 | 10555995 | 15743404 | 318459 | 1493620 | 512599 |
| Foreign currencies |  |  |  |  | 1559 |  |
| Net change in unrealized <br> appreciation (depreciation)<br>| 11507235 | 64308676 | 72833476 | 11795224 | 78483338 | 61434107 |
| **NET REALIZED AND** <br> **UNREALIZED GAIN**<br>| 13645341 | 79848565 | 89129912 | 13878896 | 94126633 | 72500227 |
| **NET INCREASE IN NET** <br> **ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $17378945 | $94866588 | $103132818 | $16997034 | $112172737 | $82188433 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-9

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP 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 SSGA**<br> **Conservative Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Conservative Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive Index**<br> **Allocation 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 | $3733604 | $3684713 | $15018023 | $14492204 | $14002906 | $13441558 |
| Net realized gain | 2138106 | 2337449 | 15539889 | 13386390 | 16296436 | 14684137 |
| Net change in unrealized appreciation (depreciation) | 11507235 | 1949829 | 64308676 | 20822485 | 72833476 | 23145273 |
| Net increase in net assets resulting from operations | 17378945 | 7971991 | 94866588 | 48701079 | 103132818 | 51270968 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (2909955)<br>| (1951479)<br>| (16283996)<br>| (11997937)<br>| (18414144)<br>| (12543193)<br>|
| Service Class | (3577186)<br>| (2643554)<br>| (12356845)<br>| (9526025)<br>| (11561896)<br>| (8312430)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  |  |  |  |  |  |
| Service Class |  |  |  |  |  |  |
|  | (6487141)<br>| (4595033)<br>| (28640841)<br>| (21523962)<br>| (29976040)<br>| (20855623)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 8073852 | 7387216 | 40460773 | 54865506 | 57519096 | 65684751 |
| Service Class | 8523641 | 11900322 | 30104303 | 25793145 | 24648601 | 24765506 |
| Net assets from merger: |  |  |  |  |  |  |
| Standard Class |  |  |  |  |  |  |
| Service Class |  |  |  |  |  |  |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 2909955 | 1951479 | 16283996 | 11997937 | 18414144 | 12543193 |
| Service Class | 3577186 | 2643554 | 12356845 | 9526025 | 11561896 | 8312430 |
|  | 23084634 | 23882571 | 99205917 | 102182613 | 112143737 | 111305880 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (7711455)<br>| (7372496)<br>| (42999535)<br>| (55455185)<br>| (58292208)<br>| (57554641)<br>|
| Service Class | (17238375)<br>| (17403497)<br>| (51394368)<br>| (46718843)<br>| (44564978)<br>| (36159454)<br>|
|  | (24949830)<br>| (24775993)<br>| (94393903)<br>| (102174028)<br>| (102857186)<br>| (93714095)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (1865196)<br>| (893422)<br>| 4812014 | 8585 | 9286551 | 17591785 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 9026608 | 2483536 | 71037761 | 27185702 | 82443329 | 48007130 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 143036129 | 140552593 | 623116386 | 595930684 | 608233329 | 560226199 |
| End of year | $152062737 | $143036129 | $694154147 | $623116386 | $690676658 | $608233329 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-10

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** | **LVIP Allocation Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately Aggressive**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately Aggressive**<br> **Allocation 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 | $3118138 | $3388357 | $18046104 | $15595152 | $9688206 | $9980732 |
| Net realized gain | 2083672 | 355062 | 15643295 | 9019193 | 11066120 | 7369500 |
| Net change in unrealized appreciation (depreciation) | 11795224 | 4797066 | 78483338 | 37837813 | 61434107 | 28053917 |
| Net increase in net assets resulting from operations | 16997034 | 8540485 | 112172737 | 62452158 | 82188433 | 45404149 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (771216)<br>| (3061041)<br>| (8135648)<br>| (27706054)<br>| (4730237)<br>| (25442002)<br>|
| Service Class | (2869996)<br>| (14081296)<br>| (13542118)<br>| (87997137)<br>| (8112550)<br>| (54626628)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  |  |  | (209810)<br>|  |  |
| Service Class |  |  |  | (707014)<br>|  |  |
|  | (3641212)<br>| (17142337)<br>| (21677766)<br>| (116620015)<br>| (12842787)<br>| (80068630)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 2944867 | 3020719 | 45385057 | 33445445 | 23329928 | 28584914 |
| Service Class | 6261077 | 10501099 | 20530000 | 18233204 | 21424798 | 12902305 |
| Net assets from merger: |  |  |  |  |  |  |
| Standard Class |  |  | 92714987 |  |  |  |
| Service Class |  |  | 31196751 |  |  |  |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 771216 | 3061041 | 8135648 | 27915864 | 4730237 | 25442002 |
| Service Class | 2869996 | 14081296 | 13542118 | 88704151 | 8112550 | 54626628 |
|  | 12847156 | 30664155 | 211504561 | 168298664 | 57597513 | 121555849 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (3845978)<br>| (3209845)<br>| (28816041)<br>| (31925776)<br>| (25062370)<br>| (39389338)<br>|
| Service Class | (24119115)<br>| (25961772)<br>| (109714146)<br>| (94943708)<br>| (61604504)<br>| (57702409)<br>|
|  | (27965093)<br>| (29171617)<br>| (138530187)<br>| (126869484)<br>| (86666874)<br>| (97091747)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (15117937)<br>| 1492538 | 72974374 | 41429180 | (29069361)<br>| 24464102 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (1762115)<br>| (7109314)<br>| 163469345 | (12738677)<br>| 40276285 | (10200379)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 134987177 | 142096491 | 688422666 | 701161343 | 454459909 | 464660288 |
| End of year | $133225062 | $134987177 | $851892011 | $688422666 | $494736194 | $454459909 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Allocation Funds-11

------

**LVIP SSGA Conservative Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Conservative**<br> **Index Allocation 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; $13.512 | &nbsp;&nbsp; $13.195 | &nbsp;&nbsp; $12.378 | &nbsp;&nbsp; $15.237 | &nbsp;&nbsp; $14.733 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.384 | 0.374 | 0.314 | 0.340 | 0.305 |
| Net realized and unrealized gain (loss) | 1.342 | 0.410 | 1.006 | &nbsp;&nbsp; (2.596)<br>| 0.634 |
| Total from investment operations | 1.726 | 0.784 | 1.320 | &nbsp;&nbsp; (2.256)<br>| 0.939 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.391)<br>| &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.318)<br>| &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.322)<br>|
| Net realized gain | &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.113)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.659)<br>| &nbsp;&nbsp; (0.467)<br>| &nbsp;&nbsp; (0.503)<br>| &nbsp;&nbsp; (0.603)<br>| &nbsp;&nbsp; (0.435)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.579 | &nbsp;&nbsp; $13.512 | &nbsp;&nbsp; $13.195 | &nbsp;&nbsp; $12.378 | &nbsp;&nbsp; $15.237 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.80% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 10.73% | &nbsp;&nbsp; (14.75%)<br>| &nbsp;&nbsp; 6.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $66520 | &nbsp;&nbsp; $58715 | &nbsp;&nbsp; $55436 | &nbsp;&nbsp; $50418 | &nbsp;&nbsp; $58531 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.24% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.00% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 1.96% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 16% | &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 Allocation Funds-12

------

**LVIP SSGA Conservative Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Conservative**<br> **Index Allocation 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; $13.505 | &nbsp;&nbsp; $13.187 | &nbsp;&nbsp; $12.372 | &nbsp;&nbsp; $15.227 | &nbsp;&nbsp; $14.726 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.347 | 0.340 | 0.281 | 0.306 | 0.266 |
| Net realized and unrealized gain (loss) | 1.339 | 0.410 | 1.004 | &nbsp;&nbsp; (2.593)<br>| 0.632 |
| Total from investment operations | 1.686 | 0.750 | 1.285 | &nbsp;&nbsp; (2.287)<br>| 0.898 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.354)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.328)<br>| &nbsp;&nbsp; (0.284)<br>|
| Net realized gain | &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.113)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.622)<br>| &nbsp;&nbsp; (0.432)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; (0.397)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.569 | &nbsp;&nbsp; $13.505 | &nbsp;&nbsp; $13.187 | &nbsp;&nbsp; $12.372 | &nbsp;&nbsp; $15.227 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.51% | &nbsp;&nbsp; 5.69% | &nbsp;&nbsp; 10.46% | &nbsp;&nbsp; (14.96%)<br>| &nbsp;&nbsp; 6.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $85543 | &nbsp;&nbsp; $84321 | &nbsp;&nbsp; $85116 | &nbsp;&nbsp; $81908 | &nbsp;&nbsp; $103670 |
| 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 waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 1.75% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.71% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 16% | &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 Allocation Funds-13

------

**LVIP SSGA Moderate Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderate**<br> **Index Allocation 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; $16.482 | &nbsp;&nbsp; $15.763 | &nbsp;&nbsp; $14.551 | &nbsp;&nbsp; $18.135 | &nbsp;&nbsp; $16.887 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.422 | 0.408 | 0.354 | 0.409 | 0.351 |
| Net realized and unrealized gain (loss) | 2.149 | 0.912 | 1.597 | &nbsp;&nbsp; (3.221)<br>| 1.403 |
| Total from investment operations | 2.571 | 1.320 | 1.951 | &nbsp;&nbsp; (2.812)<br>| 1.754 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.434)<br>| &nbsp;&nbsp; (0.434)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.399)<br>|
| Net realized gain | &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.107)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.792)<br>| &nbsp;&nbsp; (0.601)<br>| &nbsp;&nbsp; (0.739)<br>| &nbsp;&nbsp; (0.772)<br>| &nbsp;&nbsp; (0.506)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.261 | &nbsp;&nbsp; $16.482 | &nbsp;&nbsp; $15.763 | &nbsp;&nbsp; $14.551 | &nbsp;&nbsp; $18.135 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.64% | &nbsp;&nbsp; 8.37% | &nbsp;&nbsp; 13.57% | &nbsp;&nbsp; (15.41%)<br>| &nbsp;&nbsp; 10.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $387942 | &nbsp;&nbsp; $337914 | &nbsp;&nbsp; $312213 | &nbsp;&nbsp; $271486 | &nbsp;&nbsp; $308832 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.58% | &nbsp;&nbsp; 1.96% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 10% |

---

&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 Allocation Funds-14

------

**LVIP SSGA Moderate Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderate**<br> **Index Allocation 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; $16.467 | &nbsp;&nbsp; $15.749 | &nbsp;&nbsp; $14.542 | &nbsp;&nbsp; $18.121 | &nbsp;&nbsp; $16.875 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.377 | 0.365 | 0.316 | 0.369 | 0.306 |
| Net realized and unrealized gain (loss) | 2.144 | 0.912 | 1.592 | &nbsp;&nbsp; (3.216)<br>| 1.402 |
| Total from investment operations | 2.521 | 1.277 | 1.908 | &nbsp;&nbsp; (2.847)<br>| 1.708 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.389)<br>| &nbsp;&nbsp; (0.392)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.355)<br>|
| Net realized gain | &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.107)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.747)<br>| &nbsp;&nbsp; (0.559)<br>| &nbsp;&nbsp; (0.701)<br>| &nbsp;&nbsp; (0.732)<br>| &nbsp;&nbsp; (0.462)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.241 | &nbsp;&nbsp; $16.467 | &nbsp;&nbsp; $15.749 | &nbsp;&nbsp; $14.542 | &nbsp;&nbsp; $18.121 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.35% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 13.28% | &nbsp;&nbsp; (15.62%)<br>| &nbsp;&nbsp; 10.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $306213 | &nbsp;&nbsp; $285203 | &nbsp;&nbsp; $283718 | &nbsp;&nbsp; $262063 | &nbsp;&nbsp; $332821 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 1.71% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 10% |

---

&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 Allocation Funds-15

------

**LVIP SSGA Moderately Aggressive Index Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Standard Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation 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; $17.508 | &nbsp;&nbsp; $16.604 | &nbsp;&nbsp; $15.194 | &nbsp;&nbsp; $18.970 | &nbsp;&nbsp; $17.483 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.427 | 0.417 | 0.360 | 0.395 | 0.344 |
| Net realized and unrealized gain (loss) | 2.616 | 1.122 | 1.862 | &nbsp;&nbsp; (3.426)<br>| 1.643 |
| Total from investment operations | 3.043 | 1.539 | 2.222 | &nbsp;&nbsp; (3.031)<br>| 1.987 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.445)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.424)<br>| &nbsp;&nbsp; (0.405)<br>|
| Net realized gain | &nbsp;&nbsp; (0.455)<br>| &nbsp;&nbsp; (0.190)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.095)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.897)<br>| &nbsp;&nbsp; (0.635)<br>| &nbsp;&nbsp; (0.812)<br>| &nbsp;&nbsp; (0.745)<br>| &nbsp;&nbsp; (0.500)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.654 | &nbsp;&nbsp; $17.508 | &nbsp;&nbsp; $16.604 | &nbsp;&nbsp; $15.194 | &nbsp;&nbsp; $18.970 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.43% | &nbsp;&nbsp; 9.26% | &nbsp;&nbsp; 14.82% | &nbsp;&nbsp; (15.88%)<br>| &nbsp;&nbsp; 11.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $418003 | &nbsp;&nbsp; $356844 | &nbsp;&nbsp; $318829 | &nbsp;&nbsp; $271813 | &nbsp;&nbsp; $305640 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 1.84% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &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 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 Allocation Funds-16

------

**LVIP SSGA Moderately Aggressive Index Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation Fund**<br> **Service Class** | **LVIP SSGA Moderately**<br> **Aggressive Index**<br> **Allocation 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; $17.458 | &nbsp;&nbsp; $16.558 | &nbsp;&nbsp; $15.157 | &nbsp;&nbsp; $18.923 | &nbsp;&nbsp; $17.443 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.379 | 0.371 | 0.318 | 0.353 | 0.297 |
| Net realized and unrealized gain (loss) | 2.603 | 1.119 | 1.856 | &nbsp;&nbsp; (3.415)<br>| 1.636 |
| Total from investment operations | 2.982 | 1.490 | 2.174 | &nbsp;&nbsp; (3.062)<br>| 1.933 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.394)<br>| &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.383)<br>| &nbsp;&nbsp; (0.358)<br>|
| Net realized gain | &nbsp;&nbsp; (0.455)<br>| &nbsp;&nbsp; (0.190)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.095)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.849)<br>| &nbsp;&nbsp; (0.590)<br>| &nbsp;&nbsp; (0.773)<br>| &nbsp;&nbsp; (0.704)<br>| &nbsp;&nbsp; (0.453)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.591 | &nbsp;&nbsp; $17.458 | &nbsp;&nbsp; $16.558 | &nbsp;&nbsp; $15.157 | &nbsp;&nbsp; $18.923 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.14% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 14.54% | &nbsp;&nbsp; (16.09%)<br>| &nbsp;&nbsp; 11.09% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $272674 | &nbsp;&nbsp; $251390 | &nbsp;&nbsp; $241397 | &nbsp;&nbsp; $213896 | &nbsp;&nbsp; $268538 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.59% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &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 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 Allocation Funds-17

------

**LVIP Structured Conservative Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation 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; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.915 | &nbsp;&nbsp; $12.585 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.278 | 0.294 | 0.270 | 0.353 | 0.296 |
| Net realized and unrealized gain (loss) | 1.138 | 0.438 | 0.790 | &nbsp;&nbsp; (2.084)<br>| 0.638 |
| Total from investment operations | 1.416 | 0.732 | 1.060 | &nbsp;&nbsp; (1.731)<br>| 0.934 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.497)<br>|
| Net realized gain | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; (1.094)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.107)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (1.443)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (0.604)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.389 | &nbsp;&nbsp; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.915 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.72% | &nbsp;&nbsp; 6.46% | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; (13.30%)<br>| &nbsp;&nbsp; 7.43% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $26513 | &nbsp;&nbsp; $24202 | &nbsp;&nbsp; $22898 | &nbsp;&nbsp; $21098 | &nbsp;&nbsp; $24304 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.24% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.24% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 14% | &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 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 Allocation Funds-18

------

**LVIP Structured Conservative Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Conservative**<br> **Allocation 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; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.913 | &nbsp;&nbsp; $12.582 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.250 | 0.266 | 0.243 | 0.324 | 0.262 |
| Net realized and unrealized gain (loss) | 1.136 | 0.438 | 0.788 | &nbsp;&nbsp; (2.082)<br>| 0.639 |
| Total from investment operations | 1.386 | 0.704 | 1.031 | &nbsp;&nbsp; (1.758)<br>| 0.901 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.260)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.463)<br>|
| Net realized gain | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; (1.094)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.107)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.312)<br>| &nbsp;&nbsp; (1.415)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.780)<br>| &nbsp;&nbsp; (0.570)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.389 | &nbsp;&nbsp; $10.315 | &nbsp;&nbsp; $11.026 | &nbsp;&nbsp; $10.375 | &nbsp;&nbsp; $12.913 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.44% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 9.99% | &nbsp;&nbsp; (13.52%)<br>| &nbsp;&nbsp; 7.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $106712 | &nbsp;&nbsp; $110785 | &nbsp;&nbsp; $119199 | &nbsp;&nbsp; $125899 | &nbsp;&nbsp; $161937 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 1.99% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 14% | &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 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 Allocation Funds-19

------

**LVIP Structured Moderate Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation 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; $11.265 | &nbsp;&nbsp; $12.275 | &nbsp;&nbsp; $11.378 | &nbsp;&nbsp; $14.372 | &nbsp;&nbsp; $13.554 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.326 | 0.300 | 0.301 | 0.443 | 0.347 |
| Net realized and unrealized gain (loss) | 1.622 | 0.871 | 1.172 | &nbsp;&nbsp; (2.359)<br>| 1.299 |
| Total from investment operations | 1.948 | 1.171 | 1.473 | &nbsp;&nbsp; (1.916)<br>| 1.646 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.314)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.696)<br>|
| Net realized gain | &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (1.762)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.132)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (2.181)<br>| &nbsp;&nbsp; (0.576)<br>| &nbsp;&nbsp; (1.078)<br>| &nbsp;&nbsp; (0.828)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.855 | &nbsp;&nbsp; $11.265 | &nbsp;&nbsp; $12.275 | &nbsp;&nbsp; $11.378 | &nbsp;&nbsp; $14.372 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.28% | &nbsp;&nbsp; 9.41% | &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; (13.15%)<br>| &nbsp;&nbsp; 12.15% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $307292 | &nbsp;&nbsp; $167781 | &nbsp;&nbsp; $152040 | &nbsp;&nbsp; $139079 | &nbsp;&nbsp; $156805 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.20% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; 2.38% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 11% | &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 Allocation Funds-20

------

**LVIP Structured Moderate Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderate**<br> **Allocation 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; $11.256 | &nbsp;&nbsp; $12.268 | &nbsp;&nbsp; $11.372 | &nbsp;&nbsp; $14.364 | &nbsp;&nbsp; $13.546 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.294 | 0.269 | 0.271 | 0.411 | 0.310 |
| Net realized and unrealized gain (loss) | 1.618 | 0.870 | 1.170 | &nbsp;&nbsp; (2.358)<br>| 1.297 |
| Total from investment operations | 1.912 | 1.139 | 1.441 | &nbsp;&nbsp; (1.947)<br>| 1.607 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (0.657)<br>|
| Net realized gain | &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (1.762)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.132)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (2.151)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (1.045)<br>| &nbsp;&nbsp; (0.789)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.842 | &nbsp;&nbsp; $11.256 | &nbsp;&nbsp; $12.268 | &nbsp;&nbsp; $11.372 | &nbsp;&nbsp; $14.364 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 16.98% | &nbsp;&nbsp; 9.14% | &nbsp;&nbsp; 12.81% | &nbsp;&nbsp; (13.38%)<br>| &nbsp;&nbsp; 11.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $544600 | &nbsp;&nbsp; $520642 | &nbsp;&nbsp; $549122 | &nbsp;&nbsp; $562606 | &nbsp;&nbsp; $731672 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.45% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 2.13% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 11% | &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 Allocation Funds-21

------

**LVIP Structured Moderately Aggressive Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Standard Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; $11.917 | &nbsp;&nbsp; $12.973 | &nbsp;&nbsp; $11.897 | &nbsp;&nbsp; $14.994 | &nbsp;&nbsp; $14.002 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.289 | 0.309 | 0.315 | 0.489 | 0.370 |
| Net realized and unrealized gain (loss) | 2.016 | 1.063 | 1.365 | &nbsp;&nbsp; (2.487)<br>| 1.544 |
| Total from investment operations | 2.305 | 1.372 | 1.680 | &nbsp;&nbsp; (1.998)<br>| 1.914 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.341)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.635)<br>| &nbsp;&nbsp; (0.786)<br>|
| Net realized gain | &nbsp;&nbsp; (0.048)<br>| &nbsp;&nbsp; (2.017)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.136)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.389)<br>| &nbsp;&nbsp; (2.428)<br>| &nbsp;&nbsp; (0.604)<br>| &nbsp;&nbsp; (1.099)<br>| &nbsp;&nbsp; (0.922)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.833 | &nbsp;&nbsp; $11.917 | &nbsp;&nbsp; $12.973 | &nbsp;&nbsp; $11.897 | &nbsp;&nbsp; $14.994 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.33% | &nbsp;&nbsp; 10.48% | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; (13.13%)<br>| &nbsp;&nbsp; 13.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $172779 | &nbsp;&nbsp; $146492 | &nbsp;&nbsp; $143276 | &nbsp;&nbsp; $124080 | &nbsp;&nbsp; $140459 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 2.42% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 13% | &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 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 Allocation Funds-22

------

**LVIP Structured Moderately Aggressive Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br> **Service Class** | **LVIP Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; $11.904 | &nbsp;&nbsp; $12.963 | &nbsp;&nbsp; $11.890 | &nbsp;&nbsp; $14.983 | &nbsp;&nbsp; $13.993 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.255 | 0.275 | 0.283 | 0.456 | 0.331 |
| Net realized and unrealized gain (loss) | 2.012 | 1.062 | 1.361 | &nbsp;&nbsp; (2.484)<br>| 1.541 |
| Total from investment operations | 2.267 | 1.337 | 1.644 | &nbsp;&nbsp; (2.028)<br>| 1.872 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.601)<br>| &nbsp;&nbsp; (0.746)<br>|
| Net realized gain | &nbsp;&nbsp; (0.048)<br>| &nbsp;&nbsp; (2.017)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.136)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (2.396)<br>| &nbsp;&nbsp; (0.571)<br>| &nbsp;&nbsp; (1.065)<br>| &nbsp;&nbsp; (0.882)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.816 | &nbsp;&nbsp; $11.904 | &nbsp;&nbsp; $12.963 | &nbsp;&nbsp; $11.890 | &nbsp;&nbsp; $14.983 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.03% | &nbsp;&nbsp; 10.21% | &nbsp;&nbsp; 13.98% | &nbsp;&nbsp; (13.35%)<br>| &nbsp;&nbsp; 13.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $321957 | &nbsp;&nbsp; $307968 | &nbsp;&nbsp; $321385 | &nbsp;&nbsp; $318469 | &nbsp;&nbsp; $412715 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 2.17% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 13% | &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 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 Allocation Funds-23

------

**LVIP 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 SSGA Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund, LVIP SSGA Moderately Aggressive Index Allocation Fund, LVIP Structured Conservative Allocation Fund, LVIP Structured Moderate Allocation Fund and LVIP Structured Moderately Aggressive 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 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, including exchange-traded funds ("ETFs"), and mutual funds 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. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP SSGA Conservative Index Allocation Fund and LVIP Structured Conservative Allocation Fund is to seek a high level of current income, with some consideration given to growth of capital.

The investment objective of the LVIP SSGA Moderate Index Allocation Fund and LVIP Structured Moderate Allocation 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 SSGA Moderately Aggressive Index Allocation Fund and LVIP Structured Moderately Aggressive Allocation Fund is to seek a balance between 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 –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 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.

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 Allocation Funds-24

------

**LVIP 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)**

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.

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 the Funds' investment portfolios, including monitoring of the Funds' investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.15% 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 (including LFI).

LFI has contractually agreed to reimburse the LVIP SSGA Conservative Index Allocation Fund to the extent that annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.20% of average daily net assets for the Standard Class and 0.45% for the Service Class. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board of Trustees (the "Board") and LFI. Effective October 31, 2025, LFI has contractually agreed to reimburse the LVIP Structured Moderate Allocation Fund to the extent that annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.21% of average daily net assets for the Standard Class and 0.46% for the Service Class. This agreement will continue through at least October 31, 2027, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The reimbursement is accrued daily and received monthly.

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** |
| LVIP SSGA Conservative <br> Index Allocation Fund<br>| &nbsp;&nbsp; $71765 | &nbsp;&nbsp; $67205 | &nbsp;&nbsp; $70084 | &nbsp;&nbsp; $209054 |
| LVIP Structured <br> Moderate Allocation <br> Fund<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5225 | &nbsp;&nbsp; $5225 |

---

SSGA Funds Management Inc. ("SSGA") provides consulting services to LFI but has no management discretion over the Funds' assets and LFI pays no compensation to SSGA under the consulting agreement.

LVIP Allocation Funds-25

------

**LVIP 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)**

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Administrative | &nbsp;&nbsp; $12083 | &nbsp;&nbsp; $53856 | &nbsp;&nbsp; $52773 | &nbsp;&nbsp; $11101 | &nbsp;&nbsp; $58581 | &nbsp;&nbsp; $38583 |
| Legal | &nbsp;&nbsp; 2008 | &nbsp;&nbsp; 8962 | &nbsp;&nbsp; 8787 | &nbsp;&nbsp; 1839 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp; 6415 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $1096 | &nbsp;&nbsp; $2894 | &nbsp;&nbsp; $2883 | &nbsp;&nbsp; $953 | &nbsp;&nbsp; $4568 | &nbsp;&nbsp; $1880 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Expense reimbursement <br> receivable due from LFI<br>| &nbsp;&nbsp; $7499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5225 | &nbsp;&nbsp; $— |
| Management fees payable to <br> LFI<br>| &nbsp;&nbsp; 19431 | &nbsp;&nbsp; 88268 | &nbsp;&nbsp; 87713 | &nbsp;&nbsp; 17035 | &nbsp;&nbsp; 107850 | &nbsp;&nbsp; 63000 |
| Distribution fees payable to <br> LFD<br>| &nbsp;&nbsp; 18251 | &nbsp;&nbsp; 65081 | &nbsp;&nbsp; 57843 | &nbsp;&nbsp; 22797 | &nbsp;&nbsp; 116128 | &nbsp;&nbsp; 68431 |
| Printing and mailing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; 9 |
| Shareholder servicing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 3757 | &nbsp;&nbsp; 17065 | &nbsp;&nbsp; 16958 | &nbsp;&nbsp; 3293 | &nbsp;&nbsp; 20851 | &nbsp;&nbsp; 12180 |

---

The Funds are 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 a 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

LVIP Allocation Funds-26

------

**LVIP 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)**

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, each Fund engaged in securities purchases and securities sales which resulted in net realized gains (losses) as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Purchases | &nbsp;&nbsp; $739689 | &nbsp;&nbsp; $1631960 | &nbsp;&nbsp; $996782 | &nbsp;&nbsp; $260960 | &nbsp;&nbsp; $291009 | &nbsp;&nbsp; $387456 |
| Sales | &nbsp;&nbsp; 511535 | &nbsp;&nbsp; 863893 | &nbsp;&nbsp; 632055 | &nbsp;&nbsp; 380598 | &nbsp;&nbsp; 1391889 | &nbsp;&nbsp; 527885 |
| Net realized gain | &nbsp;&nbsp; 13199 | &nbsp;&nbsp; 28683 | &nbsp;&nbsp; 23168 | &nbsp;&nbsp; 3639 | &nbsp;&nbsp; 4879 | &nbsp;&nbsp; 828 |

---

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 SSGA Conservative Index Allocation 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-85.94%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-22.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $4303207 | $1047263 | $778926 | $(6377)<br>| $(39989)<br>| $— | $4525178 | 351088 | $54671 | $309244 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 24319220 | 3852438 | 4705362 | 342155 | 2313990 |  | 26122441 | 775055 | 263046 | 1228230 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 2865875 | 588222 | 648580 | 30558 | 169822 |  | 3005897 | 86346 | 24397 | 152922 |
| **Fixed Income Fund-49.64%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 71453387 | 9776166 | 8062436 | (987605)<br>| 3297765 | (2343)<br>| 75474934 | 7477208 | 2452157 |  |
| **International Equity** <br> **Fund-14.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 20047078 | 1676611 | 5149074 | 856868 | 4113116 |  | 21544599 | 1623068 | 679024 |  |
| Total | $122988767 | $16940700 | $19344378 | $235599 | $9854704 | $(2343)<br>| $130673049 |  | $3473295 | $1690396 |

---

&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>LVIP SSGA Moderate Index Allocation 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-83.89%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-34.04%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $37461107 | $9059678 | $5012009 | $(18800)<br>| $(319697)<br>| $— | $41170279 | 3194218 | $490024 | $2779656 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 149444667 | 21231765 | 20013342 | 455342 | 16638070 |  | 167756502 | 4977347 | 1665026 | 7793478 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 24948510 | 4946926 | 4426241 | 243475 | 1635239 |  | 27347909 | 785589 | 220776 | 1374369 |
| **Fixed Income Fund-29.68%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 186606059 | 26835852 | 13531377 | (1886740)<br>| 7994726 | (6114)<br>| 206012406 | 20409392 | 6591616 |  |
| **International Equity** <br> **Fund-20.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 124654283 | 8332314 | 24470611 | 3686736 | 27804343 |  | 140007065 | 10547466 | 4346821 |  |
| Total | $523114626 | $70406535 | $67453580 | $2480013 | $53752681 | $(6114)<br>| $582294161 |  | $13314263 | $11947503 |

---

&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. |

---

LVIP Allocation Funds-27

------

**LVIP 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)**

**<u>LVIP SSGA Moderately Aggressive Index Allocation 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-84.70%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-37.92%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $42637789 | $10658096 | $5250073 | $(56646)<br>| $(334686)<br>| $— | $47654480 | 3697298 | $564953 | $3166645 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 157945380 | 22210215 | 17922457 | 336623 | 17739148 |  | 180308909 | 5349778 | 1782921 | 8245580 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 30424389 | 6130163 | 4933489 | 194401 | 2100603 |  | 33916067 | 974264 | 274294 | 1680023 |
| **Fixed Income Fund-24.66%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 151710570 | 23437808 | 9753991 | (1491921)<br>| 6429704 | (4949)<br>| 170327221 | 16874106 | 5432823 |  |
| **International Equity** <br> **Fund-22.12%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 133772744 | 8620037 | 23449136 | 2699454 | 31155303 |  | 152798402 | 11511104 | 4727457 |  |
| Total | $516490872 | $71056319 | $61309146 | $1681911 | $57090072 | $(4949)<br>| $585005079 |  | $12782448 | $13092248 |

---

&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>LVIP Structured Conservative Allocation 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-90.13%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-22.14%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| $21634112 | $2663405 | $5332564 | $680453 | $1942324 | $— | $21587730 | 1293841 | $208739 | $952647 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 8095733 | 965110 | 2172198 | 337867 | 695099 | (15700)<br>| 7905911 | 545536 | 66768 |  |
| **Fixed Income Fund-49.68%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 67507072 | 7512190 | 11046963 | (1141563)<br>| 3358178 | (2213)<br>| 66186701 | 6557034 | 2155769 |  |
| **International Equity** <br> **Funds-18.31%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging Markets <br> Equity Fund<br>| 5344081 | 358692 | 1638078 | 205701 | 1262294 | (9429)<br>| 5523261 | 548487 | 145097 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 18954275 | 1169866 | 6384967 | 917088 | 4218870 | (3492)<br>| 18871640 | 1801072 | 619760 | 105328 |
| Total | $121535273 | $12669263 | $26574770 | $999546 | $11476765 | $(30834)<br>| $120075243 |  | $3196133 | $1057975 |

---

&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. |

---

LVIP Allocation Funds-28

------

**LVIP 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)**

**<u>LVIP Structured Moderate Allocation 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-90.14%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-34.07%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| $165454881 | $50307554 | $29915723 | $2372376 | $18088070 | $— | $206307158 | 12364828 | $1944849 | $7549517 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 68793960 | 20898127 | 14609035 | 1945246 | 6915195 | 17244 | 83960737 | 5793592 | 844318 |  |
| **Fixed Income Fund-29.71%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 206510524 | 66629579 | 25668234 | (2892068)<br>| 8485413 | 901 | 253066115 | 25070945 | 8123733 |  |
| **International Equity** <br> **Funds-26.36%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 40869993 | 10759850 | 10082522 | 842893 | 10375946 | 12745 | 52778905 | 5241202 | 1435121 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 138055303 | 33550120 | 37751272 | 4792749 | 33123535 | 3299 | 171773734 | 16393752 | 5575035 | 942722 |
| Total | $619684661 | $182145230 | $118026786 | $7061196 | $76988159 | $34189 | $767886649 |  | $17923056 | $8492239 |

---

&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>LVIP Structured Moderately Aggressive Allocation 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-95.10%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-37.98%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| $118381590 | $16193546 | $19798141 | $1286489 | $13439973 | $— | $129503457 | 7761669 | $1234576 | $5484793 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 54522524 | 7702708 | 10975110 | 1343173 | 5883985 | (105436)<br>| 58371844 | 4027867 | 495628 |  |
| **Fixed Income Fund-24.69%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 113658716 | 18502941 | 13606653 | (1525926)<br>| 5144365 | (3715)<br>| 122169728 | 12103203 | 3928908 |  |
| **International Equity** <br> **Funds-32.43%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 44988187 | 3598557 | 10188195 | 691823 | 11963531 | (79024)<br>| 50974879 | 5062053 | 1328698 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 100296418 | 6235750 | 24664769 | 3139275 | 24489654 | (18384)<br>| 109477944 | 10448363 | 3550444 | 603121 |
| Total | $431847435 | $52233502 | $79232868 | $4934834 | $60921508 | $(206559)<br>| $470497852 |  | $10538254 | $6087914 |

---

&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. |

---

LVIP Allocation Funds-29

------

**LVIP Allocation 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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Purchases | &nbsp;&nbsp; $18923743 | &nbsp;&nbsp; $82510526 | &nbsp;&nbsp; $81941954 | &nbsp;&nbsp; $14024742 | &nbsp;&nbsp; $204093975 | &nbsp;&nbsp; $55629855 |
| Sales | &nbsp;&nbsp; 22084450 | &nbsp;&nbsp; 80090624 | &nbsp;&nbsp; 75800717 | &nbsp;&nbsp; 28471234 | &nbsp;&nbsp; 125157643 | &nbsp;&nbsp; 81448165 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $128314420 | &nbsp;&nbsp; $515376341 | &nbsp;&nbsp; $494330782 | &nbsp;&nbsp; $123880645 | &nbsp;&nbsp; $741636356 | &nbsp;&nbsp; $408609627 |
| Aggregate unrealized <br> appreciation of investments<br>| &nbsp;&nbsp; $27667300 | &nbsp;&nbsp; $191335474 | &nbsp;&nbsp; $205801079 | &nbsp;&nbsp; $12778994 | &nbsp;&nbsp; $124196770 | &nbsp;&nbsp; $92421025 |
| Aggregate unrealized <br> depreciation of investments<br>| &nbsp;&nbsp; (3864896)<br>| &nbsp;&nbsp; (12364120)<br>| &nbsp;&nbsp; (9287782)<br>| &nbsp;&nbsp; (3363415)<br>| &nbsp;&nbsp; (13673584)<br>| &nbsp;&nbsp; (6132725)<br>|
| Net unrealized appreciation <br> of investments<br>| &nbsp;&nbsp; $23802404 | &nbsp;&nbsp; $178971354 | &nbsp;&nbsp; $196513297 | &nbsp;&nbsp; $9415579 | &nbsp;&nbsp; $110523186 | &nbsp;&nbsp; $86288300 |

---

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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **Investments:** |  |  |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |  |  |
| Affiliated Investment <br> Companies<br>| &nbsp;&nbsp; $130673049 | &nbsp;&nbsp; $582294161 | &nbsp;&nbsp; $585005079 | &nbsp;&nbsp; $120075243 | &nbsp;&nbsp; $767886649 | &nbsp;&nbsp; $470497852 |

---

LVIP Allocation Funds-30

------

**LVIP Allocation 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** | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Unaffiliated Investment <br> Companies<br>| &nbsp;&nbsp; $21443778 | &nbsp;&nbsp; $112053534 | &nbsp;&nbsp; $105839000 | &nbsp;&nbsp; $13220981 | &nbsp;&nbsp; $84271399 | &nbsp;&nbsp; $24400072 |
| **Total Investments** | &nbsp;&nbsp; $152116827 | &nbsp;&nbsp; $694347695 | &nbsp;&nbsp; $690844079 | &nbsp;&nbsp; $133296224 | &nbsp;&nbsp; $852158048 | &nbsp;&nbsp; $494897924 |

---

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 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 years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| **Year ended December 31,** <br> **2025**<br>|  |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $3985831 | &nbsp;&nbsp; $17004541 | &nbsp;&nbsp; $16261942 | &nbsp;&nbsp; $3641212 | &nbsp;&nbsp; $21677766 | &nbsp;&nbsp; $12710795 |
| Long-term capital gains | &nbsp;&nbsp; 2501310 | &nbsp;&nbsp; 11636300 | &nbsp;&nbsp; 13714098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131992 |
| Total | &nbsp;&nbsp; $6487141 | &nbsp;&nbsp; $28640841 | &nbsp;&nbsp; $29976040 | &nbsp;&nbsp; $3641212 | &nbsp;&nbsp; $21677766 | &nbsp;&nbsp; $12842787 |
| **Year ended December 31,** <br> **2024**<br>|  |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $3834698 | &nbsp;&nbsp; $15943828 | &nbsp;&nbsp; $15114344 | &nbsp;&nbsp; $4175313 | &nbsp;&nbsp; $22605783 | &nbsp;&nbsp; $15852934 |
| Long-term capital gains | &nbsp;&nbsp; 760335 | &nbsp;&nbsp; 5580134 | &nbsp;&nbsp; 5741279 | &nbsp;&nbsp; 12967024 | &nbsp;&nbsp; 93097408 | &nbsp;&nbsp; 64215696 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 916824 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $4595033 | &nbsp;&nbsp; $21523962 | &nbsp;&nbsp; $20855623 | &nbsp;&nbsp; $17142337 | &nbsp;&nbsp; $116620015 | &nbsp;&nbsp; $80068630 |

---

**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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Undistributed ordinary <br> income<br>| &nbsp;&nbsp; $48351 | &nbsp;&nbsp; $231740 | &nbsp;&nbsp; $68523 | &nbsp;&nbsp; $40106 | &nbsp;&nbsp; $132280 | &nbsp;&nbsp; $108720 |
| Undistributed long-term <br> capital gains<br>| &nbsp;&nbsp; 2435886 | &nbsp;&nbsp; 14644974 | &nbsp;&nbsp; 14588912 | &nbsp;&nbsp; 1620207 | &nbsp;&nbsp; 12252661 | &nbsp;&nbsp; 8087160 |
| Other temporary <br> differences<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Net unrealized <br> appreciation<br>| &nbsp;&nbsp; 23802404 | &nbsp;&nbsp; 178971354 | &nbsp;&nbsp; 196513297 | &nbsp;&nbsp; 9415579 | &nbsp;&nbsp; 110523186 | &nbsp;&nbsp; 86288300 |
| Distributable <br> earnings/(accumulated <br> loss)<br>| &nbsp;&nbsp; $26286642 | &nbsp;&nbsp; $193848067 | &nbsp;&nbsp; $211170732 | &nbsp;&nbsp; $11075894 | &nbsp;&nbsp; $122908127 | &nbsp;&nbsp; $94484181 |

---

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 Allocation Funds-31

------

**LVIP Allocation 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 SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund**<br>| **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund**<br>| **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund**<br>|
| Capital loss <br> carryforward <br> utilized<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $250523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Conservative**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderate Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation Fund** | **LVIP SSGA**<br> **Moderately**<br> **Aggressive**<br> **Index**<br> **Allocation 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; 555915 | &nbsp;&nbsp; 543328 | &nbsp;&nbsp; 2316373 | &nbsp;&nbsp; 3307774 | &nbsp;&nbsp; 3056283 | &nbsp;&nbsp; 3717371 |
| Service Class | &nbsp;&nbsp; 598064 | &nbsp;&nbsp; 868155 | &nbsp;&nbsp; 1696255 | &nbsp;&nbsp; 1554252 | &nbsp;&nbsp; 1312637 | &nbsp;&nbsp; 1417578 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 198712 | &nbsp;&nbsp; 143593 | &nbsp;&nbsp; 889244 | &nbsp;&nbsp; 722263 | &nbsp;&nbsp; 935984 | &nbsp;&nbsp; 710778 |
| Service Class | &nbsp;&nbsp; 244568 | &nbsp;&nbsp; 194520 | &nbsp;&nbsp; 676048 | &nbsp;&nbsp; 573707 | &nbsp;&nbsp; 590165 | &nbsp;&nbsp; 472203 |
| Shares from merger: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1597259 | &nbsp;&nbsp; 1749596 | &nbsp;&nbsp; 5577920 | &nbsp;&nbsp; 6157996 | &nbsp;&nbsp; 5895069 | &nbsp;&nbsp; 6317930 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (537013)<br>| &nbsp;&nbsp; (542906)<br>| &nbsp;&nbsp; (2463465)<br>| &nbsp;&nbsp; (3334490)<br>| &nbsp;&nbsp; (3105794)<br>| &nbsp;&nbsp; (3248436)<br>|
| Service Class | &nbsp;&nbsp; (1214770)<br>| &nbsp;&nbsp; (1273184)<br>| &nbsp;&nbsp; (2905167)<br>| &nbsp;&nbsp; (2823039)<br>| &nbsp;&nbsp; (2384714)<br>| &nbsp;&nbsp; (2068475)<br>|
|  | &nbsp;&nbsp; (1751783)<br>| &nbsp;&nbsp; (1816090)<br>| &nbsp;&nbsp; (5368632)<br>| &nbsp;&nbsp; (6157529)<br>| &nbsp;&nbsp; (5490508)<br>| &nbsp;&nbsp; (5316911)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (154524)<br>| &nbsp;&nbsp; (66494)<br>| &nbsp;&nbsp; 209288 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 404561 | &nbsp;&nbsp; 1001019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Conservative**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderate**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation Fund** | **LVIP**<br> **Structured**<br> **Moderately**<br> **Aggressive**<br> **Allocation 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; 266719 | &nbsp;&nbsp; 270044 | &nbsp;&nbsp; 3639272 | &nbsp;&nbsp; 2727705 | &nbsp;&nbsp; 1812386 | &nbsp;&nbsp; 2145473 |
| Service Class | &nbsp;&nbsp; 575459 | &nbsp;&nbsp; 942404 | &nbsp;&nbsp; 1717636 | &nbsp;&nbsp; 1467767 | &nbsp;&nbsp; 1645072 | &nbsp;&nbsp; 983707 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 67515 | &nbsp;&nbsp; 285756 | &nbsp;&nbsp; 629791 | &nbsp;&nbsp; 2391169 | &nbsp;&nbsp; 340346 | &nbsp;&nbsp; 2063587 |
| Service Class | &nbsp;&nbsp; 251257 | &nbsp;&nbsp; 1314974 | &nbsp;&nbsp; 1049289 | &nbsp;&nbsp; 7608372 | &nbsp;&nbsp; 584452 | &nbsp;&nbsp; 4438324 |
| Shares from merger: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7109702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2399190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1160950 | &nbsp;&nbsp; 2813178 | &nbsp;&nbsp; 16544880 | &nbsp;&nbsp; 14195013 | &nbsp;&nbsp; 4382256 | &nbsp;&nbsp; 9631091 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (352534)<br>| &nbsp;&nbsp; (286274)<br>| &nbsp;&nbsp; (2368030)<br>| &nbsp;&nbsp; (2610966)<br>| &nbsp;&nbsp; (1954790)<br>| &nbsp;&nbsp; (2960640)<br>|
| Service Class | &nbsp;&nbsp; (2197278)<br>| &nbsp;&nbsp; (2327551)<br>| &nbsp;&nbsp; (9015814)<br>| &nbsp;&nbsp; (7580377)<br>| &nbsp;&nbsp; (4796547)<br>| &nbsp;&nbsp; (4343523)<br>|
|  | &nbsp;&nbsp; (2549812)<br>| &nbsp;&nbsp; (2613825)<br>| &nbsp;&nbsp; (11383844)<br>| &nbsp;&nbsp; (10191343)<br>| &nbsp;&nbsp; (6751337)<br>| &nbsp;&nbsp; (7304163)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1388862)<br>| &nbsp;&nbsp; 199353 | &nbsp;&nbsp; 5161036 | &nbsp;&nbsp; 4003670 | &nbsp;&nbsp; (2369081)<br>| &nbsp;&nbsp; 2326928 |

---

LVIP Allocation Funds-32

------

**LVIP Allocation Funds**

**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 LVIP Structured Moderate Allocation Fund ("Acquiring Fund") acquired all of the assets and liabilities of the LVIP Macquarie Wealth Builder Fund("Acquired Fund"), an open-end investment company, in exchange for the shares of the 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; 9300962 | Standard Class | &nbsp;&nbsp; 7109702 | &nbsp;&nbsp; $92714987 | 0.764 |
| Acquired Fund - Service Class | &nbsp;&nbsp; 3141785 | Service Class | &nbsp;&nbsp; 2399190 | &nbsp;&nbsp; 31196751 | 0.764 |

---

The net assets of the Acquiring Fund before the acquisition were $724,644,110. The net assets of the Acquiring Fund immediately following the acquisition were $848,555,848.

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; $20663286 <br><sup>(a)</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; 39963588 <br><sup>(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 91814295 <br><sup>(c)</sup><br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $152441169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $18,046,104,
 as reported in the Statements of Changes in Net Assets, plus $2,617,182 Net investment income(loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $15,643,295,
 as reported in the Statements of Changes in Net Assets, plus $24,320,293 Net realized gain (loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) $78,483,338,
 as reported in the Statements of Changes in Net Assets, plus $13,330,957 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 Acquiring Fund's Statements of Changes in Net Assets since November 3, 2025.

**8. 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.

**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.

LVIP Allocation Funds-33

------

**LVIP Allocation 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)**

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 Allocation Funds-34

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP SSGA Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund, LVIP SSGA Moderately Aggressive Index Allocation Fund, LVIP Structured Conservative Allocation Fund, LVIP Structured Moderate Allocation Fund and LVIP Structured Moderately Aggressive 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 assets and liabilities of LVIP SSGA Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund, LVIP SSGA Moderately Aggressive Index Allocation Fund, LVIP Structured Conservative Allocation Fund, LVIP Structured Moderate Allocation Fund and LVIP Structured Moderately Aggressive Allocation Fund (collectively referred to as the "Funds") (six 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 (six 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.

![](img8a0dc37b2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Allocation Funds–35

------

![](imgbee052f31.jpg)

LVIP SSGA Bond Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Bond Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_SOI-continued-267_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_FS-continued-267_1)**  | &nbsp;&nbsp; **64** |
| **[Statements of Changes in Net Assets](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_FS-continued-267_1)**  | &nbsp;&nbsp; **64** |
| **[Financial Highlights](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_FIHI-continued-267_1)**  | &nbsp;&nbsp; **65** |
| **[Notes to Financial Statements](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_NTF-continued-267_1)**  | &nbsp;&nbsp; **67** |
| **[Report of Independent Registered Public Accounting Firm](#xx_8c4629b4-9cb9-4517-834b-8d57ca84f4cd_AUDIT-continued-267_1)**  | &nbsp;&nbsp; **73** |

---

------

**LVIP SSGA Bond Index 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 COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.71%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.71%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.71%** |
| 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 K067 Class AM 3.28% <br> 8/25/27<br>| 800000 | $791430 |
| ♦•Series K069 Class A2 3.19% <br> 9/25/27<br>| 1359592 | 1345133 |
| ♦Series K072 Class A2 3.44% <br> 12/25/27<br>| 1270000 | 1261704 |
| ♦Series K089 Class A2 3.56% <br> 1/25/29<br>| 714286 | 707792 |
| ♦Series K098 Class A2 2.43% <br> 8/25/29<br>| 350000 | 334699 |
| ♦Series K102 Class A2 2.54% <br> 10/25/29<br>| 1000000 | 956243 |
| ♦Series K105 Class A2 1.87% <br> 1/25/30<br>| 250000 | 231571 |
| ♦Series K108 Class A2 1.52% <br> 3/25/30<br>| 222222 | 201407 |
| ♦Series K109 Class A2 1.56% <br> 4/25/30<br>| 200000 | 181257 |
| ♦Series K110 Class A2 1.48% <br> 4/25/30<br>| 160714 | 145656 |
| ♦Series K111 Class A2 1.35% <br> 5/25/30<br>| 600000 | 537773 |
| ♦Series K113 Class A2 1.34% <br> 6/25/30<br>| 500000 | 447771 |
| ♦Series K115 Class A2 1.38% <br> 6/25/30<br>| 2383333 | 2132733 |
| ♦Series K117 Class A2 1.41% <br> 8/25/30<br>| 750000 | 672127 |
| ♦Series K121 Class A2 1.55% <br> 10/25/30<br>| 400000 | 356591 |
| ♦Series K123 Class A2 1.62% <br> 12/25/30<br>| 350000 | 312543 |
| ♦Series K126 Class A2 2.07% <br> 1/25/31<br>| 400000 | 366364 |
| ♦Series K140 Class A2 2.25% <br> 1/25/32<br>| 1000000 | 896302 |
| ♦Series K-1515 Class A2 1.94% <br> 2/25/35<br>| 351000 | 285945 |
| ♦Series K-1519 Class A2 2.01% <br> 12/25/35<br>| 250000 | 200280 |
| ♦•Series K-159 Class A2 4.50% <br> 7/25/33<br>| 487500 | 489967 |
| ♦Series K741 Class A2 1.60% <br> 12/25/27<br>| 382692 | 366732 |
| ♦Series K752 Class A2 4.28% <br> 7/25/30<br>| 500000 | 504918 |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| •Series 2017-M15 Class ATS2 <br> 3.16% 11/25/27<br>| 380571 | 376840 |
| •Series 2017-M3 Class A2 <br> 2.48% 12/25/26<br>| 11786 | 11624 |
| •Series 2017-M8 Class A2 <br> 3.06% 5/25/27<br>| 222149 | 219933 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued) | Federal National Mortgage Association-ACES (continued) | Federal National Mortgage Association-ACES (continued) |
| •Series 2018-M1 Class A2 <br> 2.98% 12/25/27<br>| 110431 | $108950 |
| Series 2020-M42 Class A2 <br> 1.27% 7/25/30<br>| 960000 | 852118 |
| •Series 2020-M53 Class A2 <br> 1.68% 11/25/32<br>| 1000000 | 841826 |
| Series 2020-M8 Class A2 <br> 1.82% 2/25/30<br>| 131981 | 120617 |
| •Series 2021-M1 Class A2 <br> 1.39% 11/25/30<br>| 131250 | 115728 |
| •Series 2022-M1 Class A2 <br> 1.67% 10/25/31<br>| 500000 | 435323 |
| •Series 2022-M13 Class A2 <br> 2.59% 6/25/32<br>| 500000 | 455481 |
| •Series 2022-M3 Class A2 <br> 1.71% 11/25/31<br>| 1000000 | 864046 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $19,651,510)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $19,651,510)** | **18129424** |
| **AGENCY MORTGAGE-BACKED SECURITIES–24.13%** | **AGENCY MORTGAGE-BACKED SECURITIES–24.13%** | **AGENCY MORTGAGE-BACKED SECURITIES–24.13%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 2/1/37 | 3275436 | 2964710 |
| 1.50% 2/1/51 | 5691407 | 4406343 |
| 1.50% 10/1/51 | 2492934 | 1923444 |
| 1.50% 11/1/51 | 2439226 | 1883522 |
| 2.00% 2/1/37 | 1493349 | 1383248 |
| 2.00% 10/1/50 | 4962701 | 4051575 |
| 2.00% 11/1/50 | 5529263 | 4512967 |
| 2.00% 1/1/51 | 5021736 | 4098726 |
| 2.00% 2/1/51 | 6785530 | 5534084 |
| 2.00% 11/1/51 | 9495380 | 7708591 |
| 2.00% 2/1/52 | 7402499 | 6003706 |
| 2.00% 3/1/52 | 4813697 | 3903326 |
| 2.50% 4/1/28 | 7145 | 7053 |
| 2.50% 7/1/28 | 34948 | 34470 |
| 2.50% 9/1/28 | 192309 | 189369 |
| 2.50% 10/1/28 | 226221 | 222685 |
| 2.50% 1/1/31 | 281264 | 273357 |
| 2.50% 5/1/31 | 110909 | 107584 |
| 2.50% 6/1/31 | 406462 | 394590 |
| 2.50% 12/1/31 | 444198 | 430714 |
| 2.50% 12/1/32 | 288087 | 277971 |
| 2.50% 1/1/42 | 1033904 | 928597 |
| 2.50% 6/1/42 | 360812 | 324510 |
| 2.50% 7/1/50 | 4117347 | 3519049 |
| 2.50% 8/1/50 | 3309553 | 2824684 |
| 2.50% 10/1/50 | 3648818 | 3113526 |
| 2.50% 11/1/50 | 3375733 | 2880444 |
| 2.50% 6/1/51 | 3277157 | 2772095 |
| 2.50% 9/1/51 | 4626377 | 3924284 |
| 2.50% 10/1/51 | 3466057 | 2952768 |
| 2.50% 11/1/51 | 4780179 | 4070803 |
| 2.50% 12/1/51 | 5526545 | 4705530 |

---

LVIP SSGA Bond Index Fund-1

------

**LVIP SSGA Bond Index 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% 4/1/52 | 21358 | $18240 |
| 3.00% 11/1/26 | 52738 | 52448 |
| 3.00% 2/1/27 | 6490 | 6445 |
| 3.00% 4/1/27 | 16743 | 16620 |
| 3.00% 11/1/27 | 7253 | 7207 |
| 3.00% 2/1/29 | 120620 | 119174 |
| 3.00% 4/1/30 | 344441 | 339454 |
| 3.00% 12/1/30 | 439294 | 431615 |
| 3.00% 5/1/31 | 214961 | 210934 |
| 3.00% 2/1/32 | 221896 | 217341 |
| 3.00% 5/1/32 | 131896 | 129034 |
| 3.00% 11/1/32 | 247412 | 241729 |
| 3.00% 4/1/36 | 319767 | 305987 |
| 3.00% 2/1/37 | 271664 | 258563 |
| 3.00% 5/1/42 | 592214 | 553307 |
| 3.00% 10/1/42 | 533002 | 493494 |
| 3.00% 1/1/43 | 1325840 | 1227225 |
| 3.00% 4/1/43 | 811504 | 751496 |
| 3.00% 7/1/43 | 328532 | 303872 |
| 3.00% 8/1/43 | 136876 | 126595 |
| 3.00% 10/1/43 | 502457 | 464748 |
| 3.00% 4/1/46 | 281956 | 256826 |
| 3.00% 7/1/46 | 2147713 | 1960836 |
| 3.00% 11/1/46 | 773089 | 702185 |
| 3.00% 1/1/47 | 960674 | 868800 |
| 3.00% 2/1/47 | 798495 | 724638 |
| 3.00% 12/1/47 | 81093 | 73281 |
| 3.00% 10/1/49 | 576115 | 516495 |
| 3.00% 1/1/50 | 1712980 | 1534648 |
| 3.00% 2/1/50 | 2220428 | 1988556 |
| 3.00% 4/1/50 | 1210258 | 1083122 |
| 3.00% 2/1/52 | 2040984 | 1816846 |
| 3.00% 3/1/52 | 1894857 | 1679571 |
| 3.00% 8/1/52 | 560585 | 496747 |
| 3.50% 3/1/26 | 2567 | 2562 |
| 3.50% 10/1/27 | 23963 | 23878 |
| 3.50% 2/1/30 | 28103 | 27904 |
| 3.50% 4/1/32 | 96721 | 95906 |
| 3.50% 7/1/38 | 457174 | 444580 |
| 3.50% 10/1/41 | 536718 | 516651 |
| 3.50% 2/1/42 | 365677 | 351554 |
| 3.50% 5/1/42 | 454018 | 435077 |
| 3.50% 10/1/42 | 462962 | 442215 |
| 3.50% 2/1/43 | 442808 | 426805 |
| 3.50% 5/1/43 | 340317 | 324712 |
| 3.50% 8/1/43 | 770673 | 735016 |
| 3.50% 2/1/44 | 162982 | 155404 |
| 3.50% 3/1/44 | 12579 | 11987 |
| 3.50% 6/1/44 | 170689 | 162576 |
| 3.50% 8/1/44 | 199209 | 188550 |
| 3.50% 11/1/44 | 350286 | 333274 |
| 3.50% 1/1/45 | 447487 | 425616 |
| 3.50% 7/1/45 | 607902 | 577814 |
| 3.50% 12/1/45 | 266915 | 253786 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 3.50% 3/1/46 | 298479 | $282966 |
| 3.50% 5/1/46 | 218897 | 207317 |
| 3.50% 6/1/46 | 502139 | 475262 |
| 3.50% 2/1/47 | 502088 | 473148 |
| 3.50% 3/1/47 | 275679 | 260498 |
| 3.50% 10/1/47 | 195917 | 184696 |
| 3.50% 11/1/47 | 287442 | 269567 |
| 3.50% 2/1/48 | 615598 | 577685 |
| 3.50% 5/1/48 | 245378 | 230506 |
| 3.50% 8/1/49 | 160113 | 149648 |
| 3.50% 9/1/49 | 1405328 | 1326634 |
| 3.50% 12/1/49 | 620446 | 579708 |
| 3.50% 3/1/50 | 180332 | 168375 |
| 3.50% 9/1/52 | 2085005 | 1932314 |
| 4.00% 4/1/26 | 2488 | 2484 |
| 4.00% 5/1/39 | 40787 | 40335 |
| 4.00% 2/1/40 | 18198 | 17902 |
| 4.00% 5/1/40 | 12711 | 12498 |
| 4.00% 8/1/40 | 7819 | 7688 |
| 4.00% 9/1/40 | 40808 | 40017 |
| 4.00% 10/1/40 | 212654 | 208726 |
| 4.00% 11/1/40 | 411140 | 402955 |
| 4.00% 12/1/40 | 298201 | 292741 |
| 4.00% 2/1/41 | 257684 | 252632 |
| 4.00% 12/1/41 | 338750 | 330727 |
| 4.00% 1/1/42 | 25146 | 24619 |
| 4.00% 3/1/42 | 24579 | 23862 |
| 4.00% 4/1/42 | 402762 | 394448 |
| 4.00% 6/1/42 | 1943 | 1903 |
| 4.00% 5/1/44 | 447259 | 435291 |
| 4.00% 9/1/44 | 133403 | 129464 |
| 4.00% 10/1/45 | 215596 | 208875 |
| 4.00% 11/1/45 | 89119 | 86331 |
| 4.00% 1/1/46 | 249986 | 242141 |
| 4.00% 2/1/46 | 202183 | 194193 |
| 4.00% 2/1/47 | 118253 | 114468 |
| 4.00% 9/1/47 | 880107 | 851795 |
| 4.00% 11/1/47 | 119844 | 116292 |
| 4.00% 12/1/47 | 258007 | 249654 |
| 4.00% 1/1/48 | 122568 | 119111 |
| 4.00% 5/1/48 | 492809 | 477996 |
| 4.00% 7/1/48 | 148566 | 143733 |
| 4.00% 10/1/48 | 225912 | 218434 |
| 4.00% 3/1/49 | 240711 | 232523 |
| 4.00% 11/1/49 | 578130 | 555854 |
| 4.00% 10/1/52 | 1422737 | 1357795 |
| 4.50% 2/1/39 | 10802 | 10901 |
| 4.50% 4/1/39 | 7130 | 7200 |
| 4.50% 5/1/39 | 19559 | 19751 |
| 4.50% 6/1/39 | 122239 | 123440 |
| 4.50% 7/1/39 | 18082 | 18242 |
| 4.50% 9/1/39 | 169805 | 171473 |
| 4.50% 10/1/39 | 96023 | 96779 |
| 4.50% 1/1/40 | 368346 | 371965 |

---

LVIP SSGA Bond Index Fund-2

------

**LVIP SSGA Bond Index 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) |
| 4.50% 2/1/40 | 195709 | $197632 |
| 4.50% 7/1/40 | 27805 | 28049 |
| 4.50% 8/1/40 | 16911 | 16757 |
| 4.50% 9/1/40 | 174866 | 176261 |
| 4.50% 2/1/41 | 404550 | 407712 |
| 4.50% 3/1/41 | 96183 | 96940 |
| 4.50% 9/1/41 | 122011 | 122947 |
| 4.50% 3/1/44 | 67823 | 67918 |
| 4.50% 7/1/45 | 232661 | 234517 |
| 4.50% 4/1/47 | 60627 | 60337 |
| 4.50% 9/1/47 | 137903 | 137129 |
| 4.50% 12/1/47 | 64660 | 64297 |
| 4.50% 6/1/48 | 178102 | 176912 |
| 4.50% 8/1/48 | 300906 | 299157 |
| 4.50% 3/1/49 | 317334 | 314775 |
| 4.50% 6/1/49 | 402751 | 399105 |
| 4.50% 10/1/52 | 533497 | 522886 |
| 4.50% 12/1/52 | 1934672 | 1907550 |
| 4.50% 5/1/53 | 251352 | 246157 |
| 5.00% 10/1/34 | 31835 | 32052 |
| 5.00% 2/1/35 | 11520 | 11586 |
| 5.00% 8/1/35 | 12960 | 13310 |
| 5.00% 10/1/35 | 6746 | 6935 |
| 5.00% 11/1/35 | 2298 | 2358 |
| 5.00% 12/1/35 | 22187 | 22818 |
| 5.00% 2/1/37 | 16618 | 16948 |
| 5.00% 12/1/37 | 86290 | 88835 |
| 5.00% 1/1/38 | 1214 | 1250 |
| 5.00% 4/1/38 | 759 | 781 |
| 5.00% 6/1/38 | 33214 | 34194 |
| 5.00% 7/1/38 | 4251 | 4377 |
| 5.00% 9/1/38 | 1695 | 1745 |
| 5.00% 10/1/38 | 32676 | 33640 |
| 5.00% 12/1/38 | 28199 | 29030 |
| 5.00% 1/1/39 | 8387 | 8634 |
| 5.00% 2/1/39 | 145334 | 149622 |
| 5.00% 3/1/39 | 328386 | 338079 |
| 5.00% 8/1/39 | 31714 | 32650 |
| 5.00% 9/1/39 | 106769 | 109922 |
| 5.00% 1/1/40 | 91598 | 94303 |
| 5.00% 4/1/40 | 645865 | 654260 |
| 5.00% 5/1/40 | 32972 | 33916 |
| 5.00% 6/1/40 | 145624 | 149553 |
| 5.00% 9/1/40 | 22036 | 22687 |
| 5.00% 3/1/41 | 64291 | 66093 |
| 5.00% 9/1/48 | 47786 | 48599 |
| 5.00% 11/1/48 | 92609 | 93828 |
| 5.00% 9/1/52 | 1291672 | 1295658 |
| 5.00% 10/1/52 | 716493 | 721557 |
| 5.00% 12/1/52 | 1158331 | 1169813 |
| 5.00% 2/1/53 | 2821676 | 2825437 |
| 5.00% 7/1/53 | 2988690 | 2990825 |
| 5.00% 11/1/54 | 1850330 | 1845737 |
| 5.00% 1/1/55 | 2351755 | 2346644 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 5.50% 8/1/33 | 6452 | $6548 |
| 5.50% 6/1/34 | 17400 | 17889 |
| 5.50% 6/1/35 | 13399 | 13991 |
| 5.50% 11/1/35 | 15334 | 15885 |
| 5.50% 1/1/37 | 7688 | 8023 |
| 5.50% 5/1/37 | 11314 | 11843 |
| 5.50% 7/1/37 | 4780 | 4921 |
| 5.50% 1/1/38 | 49638 | 51957 |
| 5.50% 2/1/38 | 12896 | 13463 |
| 5.50% 5/1/38 | 154511 | 161177 |
| 5.50% 6/1/38 | 3454 | 3605 |
| 5.50% 8/1/38 | 11612 | 12134 |
| 5.50% 12/1/38 | 5366 | 5535 |
| 5.50% 8/1/39 | 30913 | 32246 |
| 5.50% 12/1/39 | 81094 | 83804 |
| 5.50% 3/1/40 | 76133 | 79414 |
| 5.50% 4/1/40 | 156639 | 163914 |
| 5.50% 5/1/40 | 50304 | 52518 |
| 5.50% 6/1/41 | 15292 | 15951 |
| 5.50% 12/1/52 | 383482 | 395946 |
| 5.50% 7/1/53 | 2173400 | 2210192 |
| 5.50% 3/1/54 | 3456476 | 3507694 |
| 5.50% 11/1/54 | 5755020 | 5836767 |
| 5.50% 9/1/55 | 2451944 | 2506693 |
| 5.50% 10/1/55 | 3863468 | 3918351 |
| 6.00% 11/1/28 | 870 | 893 |
| 6.00% 7/1/33 | 1280 | 1314 |
| 6.00% 8/1/36 | 3460 | 3652 |
| 6.00% 11/1/36 | 11997 | 12499 |
| 6.00% 4/1/37 | 119 | 124 |
| 6.00% 5/1/37 | 13047 | 13815 |
| 6.00% 8/1/37 | 25489 | 26846 |
| 6.00% 9/1/37 | 18657 | 19725 |
| 6.00% 10/1/37 | 7250 | 7515 |
| 6.00% 11/1/37 | 39626 | 41950 |
| 6.00% 12/1/37 | 4853 | 5077 |
| 6.00% 1/1/38 | 18922 | 20036 |
| 6.00% 4/1/38 | 3033 | 3200 |
| 6.00% 6/1/38 | 5931 | 6261 |
| 6.00% 7/1/38 | 8246 | 8682 |
| 6.00% 8/1/38 | 5595 | 5918 |
| 6.00% 9/1/38 | 6360 | 6723 |
| 6.00% 10/1/38 | 9464 | 9904 |
| 6.00% 3/1/39 | 6324 | 6690 |
| 6.00% 5/1/40 | 162929 | 172473 |
| 6.00% 7/1/40 | 194992 | 206412 |
| 6.00% 2/1/53 | 1458261 | 1503351 |
| 6.00% 6/1/53 | 386135 | 400092 |
| 6.00% 8/1/53 | 1269274 | 1305597 |
| 6.00% 9/1/53 | 1106766 | 1152022 |
| 6.00% 11/1/53 | 2513256 | 2584429 |
| 6.00% 12/1/53 | 488424 | 502562 |
| 6.00% 6/1/54 | 933971 | 958996 |
| 6.00% 8/1/54 | 5141896 | 5279677 |

---

LVIP SSGA Bond Index Fund-3

------

**LVIP SSGA Bond Index 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% 9/1/54 | 2704802 | $2777280 |
| 6.00% 6/1/55 | 2021552 | 2076323 |
| 6.00% 8/1/55 | 6103294 | 6266790 |
| 6.50% 11/1/36 | 31263 | 32987 |
| 6.50% 8/1/37 | 15323 | 16011 |
| 6.50% 10/1/37 | 5208 | 5545 |
| 6.50% 4/1/39 | 20477 | 21797 |
| 6.50% 10/1/53 | 1874920 | 1949960 |
| 6.50% 12/1/53 | 2239872 | 2352211 |
| 6.50% 1/1/54 | 1169904 | 1215663 |
| 6.50% 6/1/55 | 1221064 | 1268399 |
| 7.00% 1/1/54 | 558016 | 586731 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.50% 7/1/36 | 2989483 | 2710174 |
| 1.50% 3/1/37 | 5038631 | 4561155 |
| 1.50% 12/1/41 | 2202463 | 1857252 |
| 1.50% 11/1/51 | 3902925 | 3017469 |
| 2.00% 9/1/35 | 1658641 | 1539522 |
| 2.00% 11/1/35 | 2902090 | 2691079 |
| 2.00% 12/1/35 | 2080079 | 1930662 |
| 2.00% 2/1/36 | 1875118 | 1736918 |
| 2.00% 6/1/36 | 3412716 | 3161109 |
| 2.00% 12/1/36 | 3358129 | 3110456 |
| 2.00% 5/1/37 | 1082839 | 1002324 |
| 2.00% 8/1/40 | 485919 | 431890 |
| 2.00% 10/1/40 | 549935 | 487816 |
| 2.00% 11/1/40 | 3918301 | 3444005 |
| 2.00% 1/1/41 | 1800659 | 1574413 |
| 2.00% 11/1/41 | 2091132 | 1794266 |
| 2.00% 8/1/50 | 10009856 | 8203359 |
| 2.00% 1/1/51 | 5044793 | 4116493 |
| 2.00% 2/1/51 | 5188035 | 4230134 |
| 2.00% 4/1/51 | 6735465 | 5486963 |
| 2.00% 7/1/51 | 8546018 | 6952776 |
| 2.00% 9/1/51 | 3038639 | 2469681 |
| 2.00% 10/1/51 | 8627359 | 7006596 |
| 2.00% 11/1/51 | 6346571 | 5152306 |
| 2.00% 1/1/52 | 6330680 | 5135431 |
| 2.00% 3/1/52 | 4411443 | 3576460 |
| 2.50% 10/1/27 | 57862 | 57147 |
| 2.50% 3/1/28 | 102820 | 101386 |
| 2.50% 4/1/28 | 214051 | 210983 |
| 2.50% 7/1/28 | 54255 | 53379 |
| 2.50% 9/1/28 | 86906 | 85502 |
| 2.50% 10/1/28 | 44599 | 43925 |
| 2.50% 2/1/30 | 207103 | 202019 |
| 2.50% 5/1/30 | 85274 | 83104 |
| 2.50% 7/1/31 | 265414 | 257369 |
| 2.50% 10/1/31 | 284280 | 275251 |
| 2.50% 6/1/32 | 725771 | 703510 |
| 2.50% 12/1/32 | 310558 | 299364 |
| 2.50% 2/1/35 | 1347021 | 1287415 |
| 2.50% 8/1/35 | 675179 | 641130 |
| 2.50% 2/1/40 | 324749 | 296383 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 6/1/40 | 342701 | $312100 |
| 2.50% 8/1/40 | 807953 | 735029 |
| 2.50% 4/1/41 | 259633 | 233609 |
| 2.50% 11/1/49 | 3799939 | 3252806 |
| 2.50% 4/1/51 | 9453856 | 8061074 |
| 2.50% 7/1/51 | 4281339 | 3649991 |
| 2.50% 8/1/51 | 5567193 | 4741874 |
| 2.50% 9/1/51 | 1494435 | 1272891 |
| 2.50% 10/1/51 | 6860304 | 5842246 |
| 2.50% 1/1/52 | 4094204 | 3534166 |
| 2.50% 3/1/52 | 6772439 | 5741033 |
| 3.00% 11/1/26 | 46262 | 45980 |
| 3.00% 6/1/27 | 18301 | 18155 |
| 3.00% 8/1/27 | 40368 | 40036 |
| 3.00% 9/1/27 | 158134 | 156795 |
| 3.00% 10/1/27 | 27848 | 27574 |
| 3.00% 12/1/27 | 9553 | 9451 |
| 3.00% 8/1/29 | 227171 | 223991 |
| 3.00% 4/1/30 | 141496 | 139294 |
| 3.00% 5/1/30 | 133894 | 132644 |
| 3.00% 6/1/30 | 190798 | 187802 |
| 3.00% 12/1/30 | 158020 | 155324 |
| 3.00% 10/1/32 | 228670 | 223278 |
| 3.00% 11/1/34 | 193476 | 185183 |
| 3.00% 12/1/34 | 131249 | 125625 |
| 3.00% 2/1/35 | 263225 | 251638 |
| 3.00% 3/1/36 | 117887 | 111756 |
| 3.00% 11/1/36 | 570614 | 543429 |
| 3.00% 9/1/37 | 307103 | 291029 |
| 3.00% 9/1/42 | 324186 | 298948 |
| 3.00% 10/1/42 | 790589 | 730753 |
| 3.00% 11/1/42 | 517089 | 478204 |
| 3.00% 12/1/42 | 526101 | 486539 |
| 3.00% 1/1/43 | 380318 | 351721 |
| 3.00% 4/1/43 | 496739 | 459154 |
| 3.00% 6/1/43 | 1388863 | 1283152 |
| 3.00% 7/1/43 | 790901 | 730727 |
| 3.00% 9/1/45 | 535150 | 491213 |
| 3.00% 11/1/45 | 99765 | 91079 |
| 3.00% 10/1/46 | 775770 | 703988 |
| 3.00% 11/1/46 | 853404 | 774438 |
| 3.00% 12/1/46 | 876525 | 796413 |
| 3.00% 1/1/47 | 794636 | 718052 |
| 3.00% 9/1/47 | 303282 | 272886 |
| 3.00% 2/1/48 | 1022911 | 931039 |
| 3.00% 12/1/49 | 4045633 | 3606031 |
| 3.00% 2/1/50 | 1764412 | 1590132 |
| 3.00% 7/1/50 | 1571304 | 1404288 |
| 3.00% 1/1/51 | 3518622 | 3189870 |
| 3.00% 2/1/52 | 1696507 | 1518881 |
| 3.00% 5/1/52 | 2002406 | 1774639 |
| 3.50% 12/1/26 | 16122 | 16037 |
| 3.50% 10/1/29 | 214893 | 213542 |
| 3.50% 4/1/32 | 89512 | 88681 |

---

LVIP SSGA Bond Index Fund-4

------

**LVIP SSGA Bond Index 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% 7/1/32 | 55587 | $55063 |
| 3.50% 6/1/33 | 138953 | 137374 |
| 3.50% 7/1/34 | 763511 | 747047 |
| 3.50% 2/1/37 | 348036 | 337474 |
| 3.50% 10/1/40 | 139558 | 135197 |
| 3.50% 12/1/40 | 83955 | 80897 |
| 3.50% 2/1/41 | 133166 | 128371 |
| 3.50% 8/1/42 | 145151 | 138755 |
| 3.50% 9/1/42 | 417945 | 399529 |
| 3.50% 10/1/42 | 863274 | 823381 |
| 3.50% 11/1/42 | 222934 | 215086 |
| 3.50% 1/1/43 | 719621 | 685753 |
| 3.50% 2/1/43 | 122439 | 116753 |
| 3.50% 7/1/43 | 1017016 | 969261 |
| 3.50% 10/1/44 | 401918 | 382370 |
| 3.50% 1/1/45 | 246003 | 234771 |
| 3.50% 5/1/45 | 499375 | 474106 |
| 3.50% 8/1/45 | 601720 | 571083 |
| 3.50% 11/1/45 | 733494 | 695146 |
| 3.50% 2/1/46 | 1442973 | 1365896 |
| 3.50% 5/1/46 | 308413 | 291852 |
| 3.50% 6/1/46 | 126110 | 119707 |
| 3.50% 2/1/47 | 421085 | 397432 |
| 3.50% 3/1/47 | 284420 | 268191 |
| 3.50% 5/1/47 | 542232 | 513964 |
| 3.50% 7/1/47 | 1099747 | 1049431 |
| 3.50% 9/1/47 | 263915 | 248654 |
| 3.50% 12/1/47 | 544938 | 510327 |
| 3.50% 1/1/48 | 644314 | 605626 |
| 3.50% 2/1/48 | 365279 | 342667 |
| 3.50% 6/1/48 | 667938 | 625975 |
| 3.50% 11/1/48 | 504397 | 479252 |
| 3.50% 6/1/49 | 1813168 | 1704205 |
| 3.50% 8/1/49 | 1792656 | 1674813 |
| 3.50% 6/1/50 | 464093 | 433272 |
| 3.50% 5/1/52 | 456322 | 427901 |
| 4.00% 1/1/26 | 5 | 5 |
| 4.00% 3/1/26 | 1216 | 1212 |
| 4.00% 5/1/26 | 33 | 33 |
| 4.00% 7/1/26 | 192 | 191 |
| 4.00% 3/1/31 | 5710 | 5696 |
| 4.00% 9/1/35 | 70663 | 69967 |
| 4.00% 10/1/35 | 110727 | 109560 |
| 4.00% 1/1/37 | 170307 | 167730 |
| 4.00% 1/1/38 | 195731 | 193313 |
| 4.00% 1/1/39 | 8173 | 8082 |
| 4.00% 2/1/39 | 8234 | 8137 |
| 4.00% 3/1/39 | 455 | 450 |
| 4.00% 4/1/39 | 31205 | 30823 |
| 4.00% 6/1/39 | 26444 | 25997 |
| 4.00% 8/1/39 | 97838 | 96573 |
| 4.00% 9/1/39 | 132063 | 130410 |
| 4.00% 11/1/39 | 7625 | 7526 |
| 4.00% 12/1/39 | 150388 | 148350 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 1/1/40 | 48978 | $48211 |
| 4.00% 5/1/40 | 73648 | 72457 |
| 4.00% 8/1/40 | 21429 | 20968 |
| 4.00% 9/1/40 | 28813 | 28308 |
| 4.00% 10/1/40 | 126826 | 124181 |
| 4.00% 11/1/40 | 181024 | 177310 |
| 4.00% 12/1/40 | 289889 | 283876 |
| 4.00% 1/1/41 | 520625 | 509729 |
| 4.00% 2/1/41 | 191590 | 187751 |
| 4.00% 3/1/41 | 3161 | 3091 |
| 4.00% 4/1/41 | 59542 | 58269 |
| 4.00% 5/1/41 | 332505 | 325363 |
| 4.00% 9/1/41 | 58160 | 56886 |
| 4.00% 10/1/41 | 25180 | 24637 |
| 4.00% 11/1/41 | 66794 | 65345 |
| 4.00% 12/1/41 | 2143 | 2097 |
| 4.00% 1/1/42 | 2192 | 2145 |
| 4.00% 10/1/43 | 865392 | 845154 |
| 4.00% 12/1/43 | 216180 | 211021 |
| 4.00% 7/1/44 | 277904 | 269573 |
| 4.00% 9/1/44 | 292995 | 284009 |
| 4.00% 10/1/44 | 423590 | 411052 |
| 4.00% 3/1/45 | 426894 | 409546 |
| 4.00% 7/1/45 | 435922 | 421923 |
| 4.00% 9/1/45 | 613564 | 594029 |
| 4.00% 4/1/46 | 230475 | 223097 |
| 4.00% 7/1/46 | 99691 | 96386 |
| 4.00% 11/1/46 | 800964 | 774411 |
| 4.00% 4/1/47 | 439769 | 425293 |
| 4.00% 9/1/47 | 226888 | 219341 |
| 4.00% 1/1/48 | 260339 | 251611 |
| 4.00% 2/1/48 | 556957 | 538257 |
| 4.00% 5/1/48 | 136052 | 131201 |
| 4.00% 6/1/48 | 1133119 | 1094838 |
| 4.00% 7/1/48 | 330658 | 319556 |
| 4.00% 5/1/49 | 510075 | 491900 |
| 4.00% 8/1/49 | 1538212 | 1483642 |
| 4.00% 7/1/52 | 1006347 | 964416 |
| 4.00% 8/1/52 | 1402495 | 1347746 |
| 4.00% 10/1/52 | 3100680 | 2954585 |
| 4.50% 8/1/33 | 3199 | 3205 |
| 4.50% 1/1/34 | 2025 | 2019 |
| 4.50% 9/1/35 | 10387 | 10477 |
| 4.50% 2/1/38 | 366 | 369 |
| 4.50% 4/1/38 | 11501 | 11489 |
| 4.50% 5/1/38 | 191886 | 192232 |
| 4.50% 7/1/38 | 10698 | 10790 |
| 4.50% 11/1/38 | 19680 | 19850 |
| 4.50% 2/1/39 | 59901 | 60416 |
| 4.50% 3/1/39 | 39414 | 39755 |
| 4.50% 4/1/39 | 198318 | 199989 |
| 4.50% 5/1/39 | 111925 | 112893 |
| 4.50% 6/1/39 | 19414 | 19517 |
| 4.50% 7/1/39 | 66661 | 67226 |

---

LVIP SSGA Bond Index Fund-5

------

**LVIP SSGA Bond Index 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% 9/1/39 | 60062 | $60581 |
| 4.50% 11/1/39 | 321587 | 321773 |
| 4.50% 1/1/40 | 159199 | 160575 |
| 4.50% 2/1/40 | 287107 | 289568 |
| 4.50% 5/1/40 | 126574 | 127266 |
| 4.50% 6/1/40 | 85591 | 86305 |
| 4.50% 8/1/40 | 25473 | 25669 |
| 4.50% 9/1/40 | 73986 | 74501 |
| 4.50% 10/1/40 | 400173 | 402888 |
| 4.50% 11/1/40 | 59826 | 59615 |
| 4.50% 2/1/41 | 224978 | 226641 |
| 4.50% 4/1/41 | 5478 | 5455 |
| 4.50% 5/1/41 | 378788 | 380643 |
| 4.50% 1/1/42 | 464299 | 467122 |
| 4.50% 9/1/43 | 202568 | 202696 |
| 4.50% 10/1/44 | 38442 | 38562 |
| 4.50% 9/1/47 | 283074 | 281153 |
| 4.50% 11/1/47 | 261748 | 259014 |
| 4.50% 8/1/48 | 511657 | 507752 |
| 4.50% 11/1/48 | 299179 | 296841 |
| 4.50% 12/1/48 | 359598 | 356564 |
| 4.50% 7/1/52 | 1564951 | 1540804 |
| 4.50% 8/1/52 | 4715881 | 4623056 |
| 4.50% 2/1/53 | 479166 | 473076 |
| 4.50% 3/1/53 | 796621 | 779542 |
| 5.00% 9/1/33 | 21662 | 22002 |
| 5.00% 4/1/34 | 89414 | 90814 |
| 5.00% 7/1/34 | 56206 | 56996 |
| 5.00% 11/1/34 | 26961 | 27117 |
| 5.00% 4/1/35 | 16405 | 16828 |
| 5.00% 6/1/35 | 29966 | 30601 |
| 5.00% 7/1/35 | 331835 | 337022 |
| 5.00% 9/1/35 | 7970 | 8168 |
| 5.00% 10/1/35 | 21065 | 21624 |
| 5.00% 12/1/35 | 101199 | 103873 |
| 5.00% 2/1/36 | 227112 | 233253 |
| 5.00% 3/1/36 | 12744 | 13081 |
| 5.00% 11/1/36 | 4942 | 5019 |
| 5.00% 4/1/38 | 25783 | 26511 |
| 5.00% 7/1/38 | 1783 | 1804 |
| 5.00% 8/1/39 | 75706 | 77945 |
| 5.00% 12/1/39 | 25910 | 26645 |
| 5.00% 1/1/40 | 94030 | 96605 |
| 5.00% 7/1/40 | 184298 | 189432 |
| 5.00% 9/1/40 | 59841 | 61537 |
| 5.00% 6/1/41 | 111947 | 115121 |
| 5.00% 10/1/52 | 462599 | 465696 |
| 5.00% 4/1/53 | 406020 | 406562 |
| 5.00% 6/1/53 | 2426803 | 2431915 |
| 5.00% 10/1/53 | 1416218 | 1416135 |
| 5.00% 5/1/54 | 1337208 | 1333985 |
| 5.00% 11/1/54 | 1437451 | 1434402 |
| 5.00% 11/1/55 | 1991955 | 1987010 |
| 5.50% 11/1/33 | 7100 | 7354 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 1/1/34 | 12852 | $13191 |
| 5.50% 5/1/34 | 25304 | 26081 |
| 5.50% 7/1/34 | 13595 | 13784 |
| 5.50% 10/1/34 | 32738 | 34187 |
| 5.50% 9/1/35 | 18886 | 19746 |
| 5.50% 10/1/35 | 4655 | 4851 |
| 5.50% 12/1/35 | 18076 | 18899 |
| 5.50% 1/1/36 | 90458 | 94575 |
| 5.50% 4/1/36 | 173905 | 181822 |
| 5.50% 8/1/36 | 65568 | 68555 |
| 5.50% 1/1/37 | 32788 | 33927 |
| 5.50% 3/1/37 | 13122 | 13679 |
| 5.50% 5/1/37 | 20481 | 21385 |
| 5.50% 6/1/37 | 5095 | 5283 |
| 5.50% 8/1/37 | 7833 | 8189 |
| 5.50% 11/1/37 | 443 | 463 |
| 5.50% 12/1/37 | 67 | 68 |
| 5.50% 1/1/38 | 304803 | 317952 |
| 5.50% 2/1/38 | 6879 | 7143 |
| 5.50% 5/1/38 | 33234 | 34688 |
| 5.50% 6/1/38 | 1851 | 1935 |
| 5.50% 7/1/38 | 11997 | 12516 |
| 5.50% 10/1/38 | 6701 | 6990 |
| 5.50% 1/1/39 | 36244 | 37749 |
| 5.50% 5/1/39 | 62677 | 65438 |
| 5.50% 6/1/39 | 61794 | 64459 |
| 5.50% 10/1/39 | 26949 | 28103 |
| 5.50% 7/1/41 | 53290 | 55621 |
| 5.50% 12/1/52 | 525087 | 539299 |
| 5.50% 2/1/53 | 1316447 | 1342266 |
| 5.50% 5/1/53 | 1874926 | 1907963 |
| 5.50% 7/1/53 | 730799 | 750153 |
| 5.50% 9/1/53 | 2721926 | 2766748 |
| 5.50% 10/1/53 | 2677348 | 2722053 |
| 5.50% 8/1/54 | 2130966 | 2161998 |
| 5.50% 12/1/54 | 906107 | 918978 |
| 5.50% 2/1/55 | 5070463 | 5142487 |
| 6.00% 12/1/35 | 17836 | 18671 |
| 6.00% 2/1/36 | 6708 | 7094 |
| 6.00% 6/1/36 | 6820 | 7213 |
| 6.00% 7/1/36 | 20597 | 21678 |
| 6.00% 8/1/36 | 13287 | 14052 |
| 6.00% 9/1/36 | 16487 | 17242 |
| 6.00% 10/1/36 | 7411 | 7768 |
| 6.00% 11/1/36 | 1225 | 1289 |
| 6.00% 1/1/37 | 16728 | 17690 |
| 6.00% 2/1/37 | 49881 | 52753 |
| 6.00% 3/1/37 | 13875 | 14419 |
| 6.00% 5/1/37 | 19479 | 20602 |
| 6.00% 6/1/37 | 13984 | 14812 |
| 6.00% 8/1/37 | 18816 | 19901 |
| 6.00% 9/1/37 | 42065 | 44490 |
| 6.00% 10/1/37 | 35252 | 37285 |
| 6.00% 11/1/37 | 15414 | 16257 |

---

LVIP SSGA Bond Index Fund-6

------

**LVIP SSGA Bond Index 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) |
| 6.00% 1/1/38 | 5037 | $5333 |
| 6.00% 4/1/38 | 1364 | 1425 |
| 6.00% 5/1/38 | 19584 | 20714 |
| 6.00% 6/1/38 | 10425 | 10913 |
| 6.00% 8/1/38 | 13406 | 13960 |
| 6.00% 9/1/38 | 11266 | 11740 |
| 6.00% 10/1/38 | 3950 | 4136 |
| 6.00% 11/1/38 | 4904 | 5156 |
| 6.00% 12/1/38 | 97527 | 103150 |
| 6.00% 4/1/40 | 71529 | 75655 |
| 6.00% 6/1/40 | 126438 | 133725 |
| 6.00% 1/1/53 | 929335 | 955805 |
| 6.00% 5/1/53 | 841874 | 868656 |
| 6.00% 7/1/53 | 734083 | 764064 |
| 6.00% 5/1/54 | 2181610 | 2240066 |
| 6.00% 9/1/54 | 2285830 | 2347081 |
| 6.00% 11/1/54 | 2378062 | 2471081 |
| 6.50% 3/1/32 | 213 | 221 |
| 6.50% 7/1/36 | 10671 | 11224 |
| 6.50% 9/1/36 | 12181 | 12952 |
| 6.50% 11/1/36 | 11530 | 12236 |
| 6.50% 9/1/37 | 2546 | 2708 |
| 6.50% 10/1/37 | 22704 | 24098 |
| 6.50% 2/1/38 | 18099 | 19152 |
| 6.50% 3/1/38 | 80022 | 84925 |
| 6.50% 5/1/38 | 15334 | 16272 |
| 6.50% 7/1/38 | 47106 | 49892 |
| 6.50% 11/1/53 | 526628 | 547652 |
| 6.50% 12/1/53 | 487615 | 506540 |
| 6.50% 6/1/54 | 1449263 | 1505540 |
| 6.50% 8/1/54 | 4879952 | 5101537 |
| 6.50% 9/1/54 | 691969 | 718804 |
| 7.00% 8/1/39 | 22005 | 23108 |
| 7.00% 11/1/53 | 443503 | 466324 |
| 7.00% 9/1/55 | 2517371 | 2648977 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 1/20/51 | 2650176 | 2195628 |
| 2.00% 4/20/51 | 2623737 | 2173615 |
| 2.00% 5/20/51 | 2960901 | 2452935 |
| 2.00% 6/20/51 | 3854744 | 3193432 |
| 2.00% 9/20/51 | 5220911 | 4325223 |
| 2.00% 12/20/51 | 3621361 | 3000088 |
| 2.00% 1/20/52 | 3325761 | 2755201 |
| 2.00% 5/20/52 | 899728 | 745372 |
| 2.50% 12/20/46 | 415668 | 365323 |
| 2.50% 7/20/50 | 1092693 | 944406 |
| 2.50% 8/20/50 | 3104547 | 2682285 |
| 2.50% 10/20/50 | 3357028 | 2903980 |
| 2.50% 4/20/51 | 4370466 | 3772071 |
| 2.50% 7/20/51 | 3767806 | 3251756 |
| 2.50% 8/20/51 | 2320642 | 2002798 |
| 2.50% 9/20/51 | 3493678 | 3015159 |
| 2.50% 3/20/52 | 580790 | 501238 |
| 2.50% 4/20/52 | 812378 | 701104 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 2.50% 5/20/52 | 1858765 | $1604164 |
| 3.00% 9/15/42 | 289683 | 265541 |
| 3.00% 9/20/42 | 444169 | 411681 |
| 3.00% 11/15/42 | 245932 | 226092 |
| 3.00% 11/20/42 | 222879 | 206577 |
| 3.00% 12/15/42 | 104349 | 95886 |
| 3.00% 12/20/42 | 356808 | 330414 |
| 3.00% 1/20/43 | 342074 | 316771 |
| 3.00% 2/20/43 | 623188 | 573933 |
| 3.00% 3/20/43 | 895668 | 828185 |
| 3.00% 6/20/43 | 294203 | 271711 |
| 3.00% 9/20/43 | 542845 | 500670 |
| 3.00% 12/20/44 | 304501 | 276425 |
| 3.00% 2/15/45 | 181133 | 163751 |
| 3.00% 3/20/45 | 289111 | 264377 |
| 3.00% 4/20/45 | 253288 | 231540 |
| 3.00% 6/20/45 | 423286 | 386548 |
| 3.00% 8/20/45 | 583803 | 531829 |
| 3.00% 12/20/45 | 122486 | 111797 |
| 3.00% 5/20/46 | 483587 | 441199 |
| 3.00% 9/20/46 | 575798 | 525220 |
| 3.00% 10/20/46 | 592568 | 539296 |
| 3.00% 11/20/46 | 491023 | 447879 |
| 3.00% 1/20/47 | 912581 | 831084 |
| 3.00% 2/20/47 | 331617 | 302207 |
| 3.00% 6/20/47 | 372410 | 339168 |
| 3.00% 1/20/48 | 308422 | 280118 |
| 3.00% 12/20/49 | 376558 | 339658 |
| 3.00% 2/20/50 | 977209 | 880723 |
| 3.00% 6/20/50 | 2069330 | 1865601 |
| 3.00% 7/20/50 | 3293790 | 2968208 |
| 3.00% 8/20/51 | 1335925 | 1201930 |
| 3.50% 10/15/40 | 37766 | 35293 |
| 3.50% 1/15/41 | 12979 | 12161 |
| 3.50% 7/15/41 | 31730 | 29603 |
| 3.50% 10/15/41 | 39813 | 37203 |
| 3.50% 12/20/41 | 296878 | 280329 |
| 3.50% 3/15/42 | 5163 | 4823 |
| 3.50% 4/20/42 | 139778 | 132101 |
| 3.50% 6/15/42 | 336547 | 315018 |
| 3.50% 6/20/42 | 429156 | 405847 |
| 3.50% 10/15/42 | 16402 | 15307 |
| 3.50% 10/20/42 | 179702 | 169201 |
| 3.50% 12/20/42 | 388409 | 367400 |
| 3.50% 2/20/43 | 667162 | 626171 |
| 3.50% 3/20/43 | 370009 | 343604 |
| 3.50% 5/20/43 | 469692 | 443176 |
| 3.50% 9/20/43 | 537811 | 505535 |
| 3.50% 1/20/44 | 518002 | 486323 |
| 3.50% 12/20/44 | 263528 | 246369 |
| 3.50% 3/20/45 | 224870 | 209695 |
| 3.50% 4/20/45 | 1179549 | 1087394 |
| 3.50% 6/20/45 | 453645 | 422848 |
| 3.50% 10/20/45 | 468058 | 436063 |

---

LVIP SSGA Bond Index Fund-7

------

**LVIP SSGA Bond Index 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% 11/20/45 | 312888 | $291499 |
| 3.50% 12/20/45 | 108479 | 100935 |
| 3.50% 3/20/46 | 409007 | 381053 |
| 3.50% 6/20/46 | 795446 | 740912 |
| 3.50% 7/20/46 | 472189 | 436849 |
| 3.50% 1/20/47 | 367106 | 340892 |
| 3.50% 6/20/47 | 495907 | 462381 |
| 3.50% 9/20/47 | 496007 | 458844 |
| 3.50% 11/20/47 | 460319 | 428633 |
| 3.50% 12/20/47 | 203605 | 189724 |
| 3.50% 1/20/48 | 448779 | 416358 |
| 3.50% 8/20/49 | 253175 | 233194 |
| 3.50% 11/20/49 | 395180 | 364489 |
| 3.50% 12/20/49 | 820934 | 754004 |
| 3.50% 7/20/52 | 199050 | 183033 |
| 3.50% 10/20/52 | 1158060 | 1064566 |
| 4.00% 6/15/39 | 14191 | 13707 |
| 4.00% 8/15/40 | 58297 | 56180 |
| 4.00% 8/20/40 | 84903 | 82643 |
| 4.00% 10/15/40 | 123933 | 119433 |
| 4.00% 12/15/40 | 231881 | 225007 |
| 4.00% 1/15/41 | 210456 | 204218 |
| 4.00% 9/15/41 | 53389 | 51450 |
| 4.00% 10/20/41 | 17480 | 16992 |
| 4.00% 11/20/41 | 312293 | 303562 |
| 4.00% 12/20/41 | 127447 | 123884 |
| 4.00% 5/20/42 | 289831 | 281726 |
| 4.00% 7/20/42 | 185653 | 180461 |
| 4.00% 8/20/42 | 142887 | 138891 |
| 4.00% 8/20/43 | 208853 | 202741 |
| 4.00% 3/20/44 | 279971 | 271273 |
| 4.00% 8/20/44 | 394311 | 381452 |
| 4.00% 10/20/44 | 112746 | 108999 |
| 4.00% 12/20/44 | 407576 | 394032 |
| 4.00% 1/20/45 | 84161 | 81365 |
| 4.00% 2/20/45 | 217335 | 210114 |
| 4.00% 8/20/45 | 142986 | 137741 |
| 4.00% 9/20/45 | 203582 | 196707 |
| 4.00% 10/20/45 | 305516 | 296463 |
| 4.00% 11/20/45 | 198043 | 191283 |
| 4.00% 1/20/46 | 43081 | 41604 |
| 4.00% 6/20/46 | 196070 | 189648 |
| 4.00% 1/20/47 | 159404 | 153696 |
| 4.00% 4/20/47 | 274855 | 264984 |
| 4.00% 6/20/47 | 199608 | 192382 |
| 4.00% 7/20/47 | 69559 | 67161 |
| 4.00% 8/20/47 | 289438 | 279400 |
| 4.00% 5/20/49 | 381384 | 365081 |
| 4.00% 7/20/49 | 308090 | 294833 |
| 4.00% 3/20/50 | 473412 | 452904 |
| 4.00% 10/20/52 | 3108244 | 2956762 |
| 4.00% 11/20/52 | 594906 | 565913 |
| 4.50% 2/15/39 | 16792 | 16771 |
| 4.50% 3/15/39 | 182741 | 182166 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 4.50% 4/15/39 | 44118 | $43992 |
| 4.50% 5/15/39 | 17222 | 17142 |
| 4.50% 6/15/39 | 20012 | 19945 |
| 4.50% 7/15/39 | 43997 | 44145 |
| 4.50% 8/15/39 | 6840 | 6864 |
| 4.50% 9/15/39 | 61932 | 61834 |
| 4.50% 10/15/39 | 180202 | 179463 |
| 4.50% 11/15/39 | 59750 | 59905 |
| 4.50% 12/15/39 | 43105 | 43138 |
| 4.50% 1/15/40 | 155755 | 156062 |
| 4.50% 4/15/40 | 66440 | 66032 |
| 4.50% 5/15/40 | 52373 | 52194 |
| 4.50% 6/15/40 | 137399 | 135900 |
| 4.50% 8/15/40 | 31059 | 31069 |
| 4.50% 9/15/40 | 32605 | 32506 |
| 4.50% 1/15/41 | 200089 | 203026 |
| 4.50% 2/15/41 | 256259 | 254475 |
| 4.50% 3/15/41 | 29561 | 29411 |
| 4.50% 6/15/41 | 30368 | 30071 |
| 4.50% 7/15/41 | 4481 | 4482 |
| 4.50% 7/20/41 | 433294 | 436202 |
| 4.50% 12/20/43 | 274910 | 274353 |
| 4.50% 3/20/44 | 180987 | 180564 |
| 4.50% 4/20/45 | 129981 | 129717 |
| 4.50% 4/20/47 | 85510 | 85152 |
| 4.50% 7/20/47 | 88737 | 88270 |
| 4.50% 9/20/47 | 45098 | 44944 |
| 4.50% 3/20/48 | 131100 | 130348 |
| 4.50% 7/20/48 | 506197 | 502030 |
| 4.50% 10/20/52 | 232578 | 228224 |
| 4.50% 1/20/53 | 3072079 | 3011546 |
| 4.50% 3/20/53 | 810055 | 794093 |
| 4.50% 6/20/53 | 1278037 | 1250350 |
| 4.50% 10/20/54 | 695351 | 678025 |
| 4.50% 2/20/55 | 1474155 | 1436963 |
| 5.00% 3/15/35 | 5519 | 5516 |
| 5.00% 3/15/38 | 4095 | 4210 |
| 5.00% 4/15/38 | 2963 | 3042 |
| 5.00% 5/15/38 | 504 | 516 |
| 5.00% 8/15/38 | 1729 | 1760 |
| 5.00% 1/15/39 | 34421 | 35104 |
| 5.00% 4/15/39 | 34545 | 35537 |
| 5.00% 5/15/39 | 220263 | 226585 |
| 5.00% 6/15/39 | 169195 | 173419 |
| 5.00% 9/15/39 | 47235 | 47919 |
| 5.00% 10/15/39 | 58780 | 60416 |
| 5.00% 11/15/39 | 71761 | 73820 |
| 5.00% 1/15/40 | 243932 | 249962 |
| 5.00% 2/15/40 | 140878 | 143584 |
| 5.00% 4/15/40 | 86550 | 88313 |
| 5.00% 7/15/40 | 82148 | 84424 |
| 5.00% 4/20/43 | 219234 | 225571 |
| 5.00% 7/20/48 | 99499 | 100857 |
| 5.00% 5/20/53 | 2022489 | 2023291 |

---

LVIP SSGA Bond Index Fund-8

------

**LVIP SSGA Bond Index 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) |
| 5.00% 7/20/53 | 3065665 | $3070941 |
| 5.00% 5/20/54 | 1811548 | 1810402 |
| 5.00% 7/20/54 | 231908 | 231713 |
| 5.00% 12/20/54 | 628259 | 627507 |
| 5.00% 1/20/55 | 1891992 | 1889679 |
| 5.00% 6/20/55 | 1778979 | 1776804 |
| 5.50% 10/15/33 | 35668 | 36321 |
| 5.50% 4/15/37 | 9257 | 9589 |
| 5.50% 7/15/37 | 7674 | 8033 |
| 5.50% 1/15/38 | 39766 | 41479 |
| 5.50% 2/15/38 | 43620 | 45708 |
| 5.50% 7/15/38 | 18766 | 19383 |
| 5.50% 8/15/38 | 4698 | 4824 |
| 5.50% 9/15/38 | 74010 | 77637 |
| 5.50% 12/15/38 | 60202 | 63318 |
| 5.50% 1/15/39 | 23202 | 24109 |
| 5.50% 5/15/39 | 44371 | 46615 |
| 5.50% 7/15/39 | 534 | 551 |
| 5.50% 10/15/39 | 44478 | 46732 |
| 5.50% 12/15/39 | 11136 | 11654 |
| 5.50% 4/15/40 | 78687 | 81428 |
| 5.50% 2/15/41 | 11137 | 11646 |
| 5.50% 12/20/52 | 655747 | 667717 |
| 5.50% 5/20/53 | 364517 | 370673 |
| 5.50% 7/20/53 | 1477965 | 1502051 |
| 5.50% 8/20/53 | 721134 | 732602 |
| 5.50% 10/20/53 | 751497 | 763005 |
| 5.50% 5/20/54 | 2070371 | 2094435 |
| 5.50% 9/20/54 | 5361831 | 5424155 |
| 5.50% 2/20/55 | 1740704 | 1759824 |
| 5.50% 6/20/55 | 3173912 | 3206901 |
| 6.00% 1/15/38 | 22609 | 23522 |
| 6.00% 3/15/38 | 267 | 275 |
| 6.00% 5/15/38 | 10082 | 10400 |
| 6.00% 7/15/38 | 832 | 864 |
| 6.00% 8/15/38 | 17835 | 18554 |
| 6.00% 10/15/38 | 23073 | 24179 |
| 6.00% 11/15/38 | 17806 | 18974 |
| 6.00% 12/15/38 | 40877 | 42789 |
| 6.00% 8/15/39 | 2747 | 2830 |
| 6.00% 10/15/39 | 1722 | 1773 |
| 6.00% 6/15/40 | 2236 | 2304 |
| 6.00% 12/15/40 | 114384 | 120697 |
| 6.00% 12/20/52 | 320759 | 329514 |
| 6.00% 9/20/53 | 1026503 | 1050781 |
| 6.00% 2/20/54 | 2438174 | 2495066 |
| 6.00% 9/20/54 | 2755073 | 2809521 |
| 6.00% 2/20/55 | 1317263 | 1343300 |
| 6.00% 3/20/55 | 2100530 | 2142051 |
| 6.50% 5/15/38 | 6436 | 6742 |
| 6.50% 7/15/38 | 50651 | 53139 |
| 6.50% 10/15/38 | 3299 | 3529 |
| 6.50% 2/15/39 | 47849 | 50143 |
| 6.50% 8/15/39 | 2874 | 3016 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 6.50% 1/20/54 | 522174 | $540866 |
| 6.50% 6/20/54 | 1566377 | 1621730 |
| 6.50% 3/20/55 | 447423 | 462805 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 4.50% 1/20/56 | 500000 | 486953 |
| 5.00% 1/20/55 | 4400000 | 4389600 |
| 5.50% 1/20/55 | 2475000 | 2498999 |
| 6.00% 1/20/55 | 1625000 | 1655913 |
| 6.50% 1/20/55 | 1424000 | 1471949 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 4.00% 1/1/40 | 300000 | 296050 |
| 4.50% 1/1/40 | 500000 | 500176 |
| 5.00% 1/1/40 | 1750000 | 1772274 |
| 5.00% 1/1/55 | 3000000 | 2991563 |
| 5.50% 1/1/40 | 500000 | 512584 |
| 5.50% 1/1/55 | 5575000 | 5652953 |
| 6.00% 1/1/55 | 5725000 | 5878015 |
| 6.50% 1/1/55 | 250000 | 259810 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $674,769,368)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $674,769,368)** | **619106160** |
| **AGENCY OBLIGATIONS–0.52%** | **AGENCY OBLIGATIONS–0.52%** | **AGENCY OBLIGATIONS–0.52%** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3.25% 11/16/28 | 1255000 | 1247788 |
| 3.88% 6/4/27 | 2405000 | 2416846 |
| Series 677 5.50% 7/15/36 | 300000 | 328282 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 6.25% 7/15/32 | 750000 | 849469 |
| 6.75% 9/15/29 | 100000 | 110727 |
| 6.75% 3/15/31 | 300000 | 341878 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 0.75% 10/8/27 | 850000 | 810338 |
| 0.88% 8/5/30 | 4400000 | 3882060 |
| 5.63% 7/15/37 | 100000 | 110183 |
| 6.25% 5/15/29 | 500000 | 541638 |
| 6.63% 11/15/30 | 300000 | 338263 |
| 7.13% 1/15/30 | 500000 | 564429 |
| 7.25% 5/15/30 | 500000 | 571161 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 4.63% 9/15/60 | 150000 | 133401 |
| 4.65% 6/15/35 | 500000 | 513347 |
| Series B 4.70% 7/15/33 | 200000 | 208892 |
| 5.38% 4/1/56 | 200000 | 202507 |
| 5.88% 4/1/36 | 75000 | 83765 |
| 6.15% 1/15/38 | 100000 | 114115 |
| 7.13% 5/1/30 | 100000 | 113341 |
| **Total Agency Obligations** <br>**(Cost $13,351,503)** | **Total Agency Obligations** <br>**(Cost $13,351,503)** | **13482430** |
| **CORPORATE BONDS–23.90%** | **CORPORATE BONDS–23.90%** | **CORPORATE BONDS–23.90%** |
| **Advertising–0.01%** | **Advertising–0.01%** | **Advertising–0.01%** |
| Omnicom Group, Inc. |  |  |
| 2.45% 4/30/30 | 100000 | 92447 |
| 5.30% 11/1/34 | 250000 | 255275 |
|  |  | **347722** |

---

LVIP SSGA Bond Index Fund-9

------

**LVIP SSGA Bond Index 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–0.47%** | **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 75000 | $73907 |
| 2.95% 2/1/30 | 150000 | 142113 |
| 3.20% 3/1/29 | 100000 | 96947 |
| 3.25% 2/1/28 | 150000 | 147427 |
| 3.25% 3/1/28 | 95000 | 93240 |
| 3.25% 2/1/35 | 100000 | 87559 |
| 3.55% 3/1/38 | 65000 | 54714 |
| 3.60% 5/1/34 | 100000 | 90854 |
| 3.63% 2/1/31 | 85000 | 81650 |
| 3.63% 3/1/48 | 35000 | 24990 |
| 3.75% 2/1/50 | 150000 | 109089 |
| 3.85% 11/1/48 | 35000 | 25814 |
| 3.90% 5/1/49 | 100000 | 74483 |
| 3.95% 8/1/59 | 150000 | 106152 |
| 5.04% 5/1/27 | 250000 | 252559 |
| 5.15% 5/1/30 | 500000 | 513755 |
| 5.71% 5/1/40 | 450000 | 459350 |
| 5.81% 5/1/50 | 500000 | 491797 |
| 5.93% 5/1/60 | 350000 | 343195 |
| 6.13% 2/15/33 | 50000 | 53835 |
| 6.26% 5/1/27 | 45000 | 46171 |
| 6.30% 5/1/29 | 125000 | 132681 |
| 6.53% 5/1/34 | 80000 | 88509 |
| 6.86% 5/1/54 | 45000 | 50541 |
| 6.88% 3/15/39 | 100000 | 112501 |
| GE Capital Funding LLC <br> 4.55% 5/15/32<br>| 250000 | 252543 |
| General Dynamics Corp. |  |  |
| 2.63% 11/15/27 | 100000 | 98251 |
| 3.75% 5/15/28 | 160000 | 160262 |
| 4.25% 4/1/50 | 300000 | 253045 |
| General Electric Co. 4.30% <br> 7/29/30<br>| 600000 | 605099 |
| Howmet Aerospace, Inc. <br> 4.85% 10/15/31<br>| 150000 | 153909 |
| L3Harris Technologies, Inc. |  |  |
| 4.40% 6/15/28 | 150000 | 151151 |
| 4.85% 4/27/35 | 70000 | 69820 |
| 5.05% 4/27/45 | 70000 | 67013 |
| 5.40% 1/15/27 | 165000 | 167386 |
| 5.40% 7/31/33 | 250000 | 260386 |
| 5.50% 8/15/54 | 200000 | 195396 |
| Lockheed Martin Corp. |  |  |
| 1.85% 6/15/30 | 45000 | 40790 |
| 2.80% 6/15/50 | 50000 | 31649 |
| 3.60% 3/1/35 | 150000 | 138430 |
| 3.80% 3/1/45 | 250000 | 200492 |
| 4.07% 12/15/42 | 279000 | 238347 |
| 4.50% 5/15/36 | 40000 | 39207 |
| 4.70% 5/15/46 | 109000 | 98840 |
| 4.75% 2/15/34 | 350000 | 354866 |
| 4.80% 8/15/34 | 115000 | 116196 |
| 5.10% 11/15/27 | 100000 | 102396 |
| 5.25% 1/15/33 | 200000 | 210212 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lockheed Martin <br> Corp. (continued)<br>|  |  |
| 5.70% 11/15/54 | 70000 | $70621 |
| 5.90% 11/15/63 | 90000 | 92989 |
| Northrop Grumman Corp. |  |  |
| 3.20% 2/1/27 | 100000 | 99294 |
| 3.25% 1/15/28 | 125000 | 123396 |
| 4.70% 3/15/33 | 115000 | 116119 |
| 4.90% 6/1/34 | 250000 | 253483 |
| 5.05% 11/15/40 | 100000 | 98535 |
| 5.20% 6/1/54 | 400000 | 373929 |
| 5.25% 5/1/50 | 200000 | 188740 |
| RTX Corp. |  |  |
| 2.25% 7/1/30 | 100000 | 92070 |
| 2.38% 3/15/32 | 200000 | 178208 |
| 3.03% 3/15/52 | 140000 | 91303 |
| 3.13% 5/4/27 | 350000 | 346262 |
| 3.13% 7/1/50 | 600000 | 403806 |
| 3.50% 3/15/27 | 107000 | 106482 |
| 3.75% 11/1/46 | 100000 | 77490 |
| 4.05% 5/4/47 | 50000 | 40363 |
| 4.13% 11/16/28 | 180000 | 180599 |
| 4.15% 5/15/45 | 250000 | 208652 |
| 4.35% 4/15/47 | 70000 | 59319 |
| 4.45% 11/16/38 | 60000 | 56330 |
| 4.63% 11/16/48 | 100000 | 87113 |
| 4.70% 12/15/41 | 200000 | 186619 |
| 5.38% 2/27/53 | 160000 | 153763 |
| 6.10% 3/15/34 | 500000 | 547047 |
|  |  | **11992051** |
| **Agriculture–0.32%** | **Agriculture–0.32%** | **Agriculture–0.32%** |
| Altria Group, Inc. |  |  |
| 2.45% 2/4/32 | 200000 | 176856 |
| 3.40% 5/6/30 | 25000 | 24068 |
| 3.40% 2/4/41 | 415000 | 320894 |
| 3.88% 9/16/46 | 200000 | 150311 |
| 4.00% 2/4/61 | 385000 | 279050 |
| 4.45% 5/6/50 | 40000 | 32062 |
| 4.50% 5/2/43 | 100000 | 85307 |
| 4.80% 2/14/29 | 225000 | 228846 |
| 5.38% 1/31/44 | 63000 | 60852 |
| 5.80% 2/14/39 | 165000 | 170056 |
| Archer-Daniels-Midland Co. |  |  |
| 2.70% 9/15/51 | 250000 | 153304 |
| 4.50% 3/15/49 | 500000 | 427626 |
| BAT Capital Corp. |  |  |
| 2.26% 3/25/28 | 75000 | 72170 |
| 2.73% 3/25/31 | 150000 | 138297 |
| 3.46% 9/6/29 | 200000 | 194841 |
| 3.56% 8/15/27 | 200000 | 198462 |
| 3.98% 9/25/50 | 100000 | 72836 |
| 4.39% 8/15/37 | 275000 | 253319 |
| 4.76% 9/6/49 | 100000 | 84491 |
| 5.35% 8/15/32 | 250000 | 259749 |

---

LVIP SSGA Bond Index Fund-10

------

**LVIP SSGA Bond Index 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 (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| BAT Capital <br> Corp. (continued)<br>|  |  |
| 5.63% 8/15/35 | 50000 | $52082 |
| 6.25% 8/15/55 | 180000 | 185613 |
| 6.42% 8/2/33 | 250000 | 275859 |
| 7.08% 8/2/53 | 125000 | 141721 |
| 7.75% 10/19/32 | 110000 | 128484 |
| BAT International Finance <br> PLC 5.93% 2/2/29<br>| 195000 | 204619 |
| Bunge Ltd. Finance Corp. |  |  |
| 3.20% 4/21/31 | 600000 | 564594 |
| 3.75% 9/25/27 | 55000 | 54769 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 5.95% 4/20/35<br>| 125000 | 131436 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 2.10% 5/1/30 | 55000 | 50381 |
| 3.13% 8/17/27 | 150000 | 148396 |
| 4.25% 11/10/44 | 85000 | 72297 |
| 4.38% 4/30/30 | 400000 | 402466 |
| 4.50% 3/20/42 | 100000 | 89384 |
| 4.63% 11/1/29 | 250000 | 254244 |
| 4.88% 2/15/28 | 350000 | 356718 |
| 4.90% 11/1/34 | 250000 | 252001 |
| 5.13% 11/17/27 | 155000 | 158351 |
| 5.13% 2/15/30 | 100000 | 103368 |
| 5.25% 9/7/28 | 250000 | 258108 |
| 5.50% 9/7/30 | 250000 | 262870 |
| 5.63% 9/7/33 | 250000 | 265173 |
| 5.75% 11/17/32 | 115000 | 122904 |
| Reynolds American, Inc. |  |  |
| 5.70% 8/15/35 | 50000 | 52152 |
| 5.85% 8/15/45 | 180000 | 177091 |
| 6.15% 9/15/43 | 125000 | 128246 |
|  |  | **8276724** |
| **Airlines–0.06%** | **Airlines–0.06%** | **Airlines–0.06%** |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.00% 4/15/30 | 34421 | 33266 |
| 3.20% 12/15/29 | 292250 | 285733 |
| 3.65% 8/15/30 | 59125 | 58067 |
| ♦Delta Air Lines Pass-Through <br> Trust 2.00% 12/10/29<br>| 100670 | 96145 |
| Delta Air Lines, Inc. 5.25% <br> 7/10/30<br>| 200000 | 205513 |
| ♦JetBlue Pass-Through Trust |  |  |
| 2.75% 11/15/33 | 35978 | 32276 |
| 4.00% 5/15/34 | 16820 | 16013 |
| Southwest Airlines Co. 5.13% <br> 6/15/27<br>| 265000 | 268337 |
| ♦United Airlines Pass-Through <br> Trust<br>|  |  |
| 2.70% 11/1/33 | 69479 | 63767 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| ♦United Airlines Pass-Through <br> Trust (continued)<br>|  |  |
| 3.10% 1/7/30 | 57787 | $56298 |
| 3.50% 9/1/31 | 87831 | 84839 |
| 4.15% 2/25/33 | 76135 | 74756 |
| 5.45% 8/15/38 | 57931 | 59557 |
| 5.88% 4/15/29 | 102018 | 104604 |
|  |  | **1439171** |
| **Apparel–0.02%** | **Apparel–0.02%** | **Apparel–0.02%** |
| NIKE, Inc. |  |  |
| 2.85% 3/27/30 | 200000 | 190763 |
| 3.38% 11/1/46 | 100000 | 74094 |
| 3.63% 5/1/43 | 100000 | 80370 |
| 3.88% 11/1/45 | 100000 | 80532 |
| Ralph Lauren Corp. 2.95% <br> 6/15/30<br>| 55000 | 52315 |
| Tapestry, Inc. |  |  |
| 3.05% 3/15/32 | 100000 | 91133 |
| 4.13% 7/15/27 | 35000 | 34975 |
|  |  | **604182** |
| **Auto Manufacturers–0.56%** | **Auto Manufacturers–0.56%** | **Auto Manufacturers–0.56%** |
| American Honda Finance <br> Corp.<br>|  |  |
| 2.00% 3/24/28 | 115000 | 110222 |
| 2.35% 1/8/27 | 100000 | 98484 |
| 4.45% 10/22/27 | 170000 | 171456 |
| 4.70% 1/12/28 | 175000 | 177373 |
| 4.85% 10/23/31 | 250000 | 254615 |
| 4.90% 7/9/27 | 70000 | 70946 |
| 4.90% 1/10/34 | 160000 | 160738 |
| 5.85% 10/4/30 | 220000 | 233557 |
| Cummins, Inc. |  |  |
| 4.88% 10/1/43 | 64000 | 61352 |
| 5.30% 5/9/35 | 250000 | 259242 |
| Ford Motor Credit Co. LLC |  |  |
| 5.80% 3/5/27 | 600000 | 607473 |
| 5.92% 3/20/28 | 200000 | 204640 |
| 6.05% 3/5/31 | 750000 | 771194 |
| 6.05% 11/5/31 | 200000 | 204864 |
| 6.13% 3/8/34 | 250000 | 254065 |
| 6.50% 2/7/35 | 250000 | 258990 |
| 6.53% 3/19/32 | 700000 | 732030 |
| 6.80% 11/7/28 | 205000 | 215070 |
| 7.12% 11/7/33 | 285000 | 306108 |
| 7.20% 6/10/30 | 400000 | 428604 |
| General Motors Co. |  |  |
| 5.00% 10/1/28 | 150000 | 152722 |
| 5.15% 4/1/38 | 125000 | 120284 |
| 5.40% 4/1/48 | 200000 | 181625 |
| 5.95% 4/1/49 | 100000 | 97051 |
| 6.60% 4/1/36 | 305000 | 331936 |
| 6.75% 4/1/46 | 75000 | 80340 |
| 6.80% 10/1/27 | 200000 | 208140 |

---

LVIP SSGA Bond Index Fund-11

------

**LVIP SSGA Bond Index 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)** |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 2.35% 2/26/27 | 150000 | $146984 |
| 2.35% 1/8/31 | 250000 | 224622 |
| 2.40% 4/10/28 | 100000 | 96255 |
| 2.70% 8/20/27 | 250000 | 244365 |
| 3.10% 1/12/32 | 150000 | 136723 |
| 3.60% 6/21/30 | 250000 | 240815 |
| 3.85% 1/5/28 | 100000 | 99572 |
| 4.35% 1/17/27 | 180000 | 180372 |
| 4.90% 10/6/29 | 125000 | 126981 |
| 5.45% 9/6/34 | 110000 | 111583 |
| 5.55% 7/15/29 | 45000 | 46650 |
| 5.60% 6/18/31 | 155000 | 161533 |
| 5.63% 4/4/32 | 180000 | 187420 |
| 5.75% 2/8/31 | 75000 | 78885 |
| 5.80% 6/23/28 | 200000 | 207249 |
| 5.85% 4/6/30 | 145000 | 152323 |
| 5.90% 1/7/35 | 250000 | 260274 |
| 5.95% 4/4/34 | 45000 | 47096 |
| 6.00% 1/9/28 | 100000 | 103322 |
| 6.10% 1/7/34 | 250000 | 265009 |
| Honda Motor Co. Ltd. |  |  |
| 2.53% 3/10/27 | 85000 | 83585 |
| 2.97% 3/10/32 | 100000 | 91390 |
| 4.69% 7/8/30 | 250000 | 253120 |
| 5.34% 7/8/35 | 200000 | 204356 |
| Mercedes-Benz Finance <br> North America LLC 8.50% <br> 1/18/31<br>| 200000 | 236894 |
| PACCAR Financial Corp. |  |  |
| 4.45% 8/6/27 | 165000 | 166906 |
| 4.60% 1/10/28 | 100000 | 101794 |
| 4.95% 8/10/28 | 250000 | 257068 |
| Toyota Motor Corp. |  |  |
| 2.76% 7/2/29 | 70000 | 67204 |
| 3.67% 7/20/28 | 105000 | 104708 |
| 5.12% 7/13/33 | 250000 | 259768 |
| Toyota Motor Credit Corp. |  |  |
| 1.15% 8/13/27 | 120000 | 115189 |
| 1.90% 1/13/27 | 200000 | 196257 |
| 1.90% 4/6/28 | 100000 | 95877 |
| 2.40% 1/13/32 | 200000 | 179127 |
| 3.05% 3/22/27 | 200000 | 198271 |
| 3.20% 1/11/27 | 100000 | 99367 |
| 4.63% 1/12/28 | 160000 | 162490 |
| 5.00% 3/19/27 | 65000 | 65935 |
| 5.05% 5/16/29 | 250000 | 257876 |
| 5.10% 3/21/31 | 145000 | 150609 |
| 5.45% 11/10/27 | 200000 | 205978 |
| 5.55% 11/20/30 | 800000 | 847336 |
|  |  | **14272259** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Parts & Equipment–0.02%** | **Auto Parts & Equipment–0.02%** | **Auto Parts & Equipment–0.02%** |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25% 3/1/32 | 100000 | $93443 |
| 4.15% 5/1/52 | 125000 | 96125 |
| 5.40% 3/15/49 | 150000 | 138006 |
| BorgWarner, Inc. 2.65% <br> 7/1/27<br>| 125000 | 122477 |
| Lear Corp. |  |  |
| 3.80% 9/15/27 | 100000 | 99431 |
| 4.25% 5/15/29 | 50000 | 49811 |
|  |  | **599293** |
| **Banks–5.22%** | **Banks–5.22%** | **Banks–5.22%** |
| Australia & New Zealand <br> Banking Group Ltd.<br>|  |  |
| 4.62% 12/16/29 | 250000 | 255314 |
| 4.75% 1/18/27 | 250000 | 252411 |
| μBanco Bilbao Vizcaya <br> Argentaria SA 6.03% 3/13/35<br>| 400000 | 425159 |
| Banco Santander SA |  |  |
| 2.96% 3/25/31 | 200000 | 185394 |
| 3.49% 5/28/30 | 200000 | 192559 |
| 4.25% 4/11/27 | 200000 | 200441 |
| 4.38% 4/12/28 | 200000 | 200930 |
| μ5.37% 7/15/28 | 280000 | 285395 |
| 5.44% 7/15/31 | 350000 | 367447 |
| 5.59% 8/8/28 | 200000 | 207280 |
| 6.03% 1/17/35 | 200000 | 214173 |
| 6.61% 11/7/28 | 200000 | 213344 |
| 6.92% 8/8/33 | 200000 | 221559 |
| 6.94% 11/7/33 | 250000 | 286086 |
| Bank of America Corp. |  |  |
| μ1.90% 7/23/31 | 200000 | 179650 |
| μ1.92% 10/24/31 | 350000 | 312988 |
| μ2.09% 6/14/29 | 750000 | 715427 |
| μ2.30% 7/21/32 | 500000 | 447079 |
| μ2.48% 9/21/36 | 300000 | 263269 |
| μ2.50% 2/13/31 | 300000 | 279431 |
| μ2.55% 2/4/28 | 200000 | 196728 |
| μ2.57% 10/20/32 | 250000 | 225476 |
| μ2.65% 3/11/32 | 250000 | 229647 |
| μ2.68% 6/19/41 | 300000 | 221199 |
| μ2.83% 10/24/51 | 75000 | 47737 |
| μ2.88% 10/22/30 | 200000 | 190320 |
| μ2.97% 2/4/33 | 1125000 | 1028817 |
| μ2.97% 7/21/52 | 500000 | 327618 |
| μ3.19% 7/23/30 | 250000 | 241470 |
| μ3.42% 12/20/28 | 480000 | 473963 |
| μ3.48% 3/13/52 | 250000 | 180494 |
| μ3.59% 7/21/28 | 350000 | 347588 |
| μ3.82% 1/20/28 | 250000 | 249401 |
| μ3.85% 3/8/37 | 200000 | 188347 |
| μ3.95% 1/23/49 | 250000 | 200049 |
| μ3.97% 2/7/30 | 375000 | 372888 |
| 4.18% 11/25/27 | 250000 | 250600 |
| μ4.27% 7/23/29 | 400000 | 401833 |

---

LVIP SSGA Bond Index Fund-12

------

**LVIP SSGA Bond Index 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)** |
| Bank of America <br> Corp. (continued)<br>|  |  |
| μ4.38% 4/27/28 | 250000 | $250997 |
| μ4.44% 1/20/48 | 200000 | 173708 |
| μ4.57% 4/27/33 | 250000 | 249387 |
| μ4.98% 1/24/29 | 500000 | 509357 |
| 5.00% 1/21/44 | 350000 | 337476 |
| μ5.16% 1/24/31 | 375000 | 387133 |
| μ5.20% 4/25/29 | 200000 | 205122 |
| μ5.29% 4/25/34 | 200000 | 205909 |
| μ5.43% 8/15/35 | 250000 | 255681 |
| μ5.46% 5/9/36 | 900000 | 936920 |
| μ5.47% 1/23/35 | 200000 | 208344 |
| μ5.51% 1/24/36 | 185000 | 192881 |
| μ5.52% 10/25/35 | 250000 | 256055 |
| μ5.82% 9/15/29 | 250000 | 260771 |
| μ5.87% 9/15/34 | 250000 | 266788 |
| 5.88% 2/7/42 | 218000 | 231638 |
| 6.11% 1/29/37 | 200000 | 215576 |
| μ6.20% 11/10/28 | 130000 | 135085 |
| 7.75% 5/14/38 | 200000 | 242808 |
| Bank of Montreal |  |  |
| 2.65% 3/8/27 | 135000 | 133047 |
| μ4.64% 9/10/30 | 200000 | 202532 |
| 5.20% 2/1/28 | 200000 | 205065 |
| 5.37% 6/4/27 | 350000 | 357270 |
| 5.51% 6/4/31 | 350000 | 368255 |
| Bank of New York Mellon <br> Corp.<br>|  |  |
| 3.00% 10/30/28 | 55000 | 53567 |
| 3.25% 5/16/27 | 150000 | 148975 |
| 3.30% 8/23/29 | 350000 | 339925 |
| μ3.44% 2/7/28 | 180000 | 179127 |
| 3.85% 4/28/28 | 100000 | 100252 |
| μ4.89% 7/21/28 | 200000 | 203102 |
| μ4.97% 4/26/34 | 85000 | 86658 |
| μ5.06% 7/22/32 | 200000 | 207288 |
| μ5.61% 7/21/39 | 60000 | 62701 |
| μ5.80% 10/25/28 | 180000 | 186029 |
| μ5.83% 10/25/33 | 145000 | 156345 |
| μ6.32% 10/25/29 | 160000 | 169875 |
| μ6.47% 10/25/34 | 350000 | 391547 |
| Bank of Nova Scotia |  |  |
| 2.45% 2/2/32 | 200000 | 178627 |
| 2.95% 3/11/27 | 200000 | 197846 |
| μ4.40% 9/8/28 | 185000 | 185947 |
| μ4.59% 5/4/37 | 65000 | 63329 |
| μ4.74% 11/10/32 | 250000 | 252752 |
| 4.85% 2/1/30 | 105000 | 107456 |
| 5.65% 2/1/34 | 250000 | 265427 |
| BankUnited, Inc. 5.13% <br> 6/11/30<br>| 200000 | 200972 |
| Barclays PLC |  |  |
| μ2.65% 6/24/31 | 300000 | 277754 |
| μ2.67% 3/10/32 | 200000 | 182161 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Barclays PLC (continued) |  |  |
| μ2.89% 11/24/32 | 200000 | $182239 |
| μ3.33% 11/24/42 | 200000 | 154309 |
| μ3.81% 3/10/42 | 200000 | 160524 |
| 4.34% 1/10/28 | 200000 | 200476 |
| μ4.94% 9/10/30 | 200000 | 203963 |
| 4.95% 1/10/47 | 200000 | 184072 |
| μ4.97% 5/16/29 | 200000 | 203317 |
| 5.25% 8/17/45 | 200000 | 192107 |
| μ5.34% 9/10/35 | 200000 | 203238 |
| μ5.75% 8/9/33 | 600000 | 629893 |
| μ5.79% 2/25/36 | 200000 | 209357 |
| μ6.22% 5/9/34 | 200000 | 215061 |
| μ6.69% 9/13/34 | 205000 | 226934 |
| μ7.39% 11/2/28 | 200000 | 211367 |
| μ7.44% 11/2/33 | 200000 | 228691 |
| Canadian Imperial Bank of <br> Commerce<br>|  |  |
| 3.60% 4/7/32 | 90000 | 85745 |
| μ4.63% 9/11/30 | 160000 | 162190 |
| μ4.86% 1/13/28 | 100000 | 100782 |
| μ4.86% 3/30/29 | 150000 | 152480 |
| μ5.25% 1/13/31 | 100000 | 103122 |
| 5.26% 4/8/29 | 125000 | 129444 |
| 5.99% 10/3/28 | 350000 | 367578 |
| Citibank NA |  |  |
| 4.84% 8/6/29 | 250000 | 255815 |
| 5.80% 9/29/28 | 500000 | 524336 |
| Citigroup, Inc. |  |  |
| μ2.52% 11/3/32 | 145000 | 129905 |
| μ2.56% 5/1/32 | 140000 | 127054 |
| μ2.67% 1/29/31 | 300000 | 280812 |
| μ2.90% 11/3/42 | 100000 | 73919 |
| μ3.06% 1/25/33 | 135000 | 123669 |
| μ3.07% 2/24/28 | 250000 | 247138 |
| μ3.52% 10/27/28 | 250000 | 247760 |
| μ3.67% 7/24/28 | 200000 | 198728 |
| μ3.79% 3/17/33 | 300000 | 286044 |
| μ3.88% 1/24/39 | 250000 | 221166 |
| 4.13% 7/25/28 | 380000 | 379845 |
| 4.45% 9/29/27 | 300000 | 301930 |
| μ4.50% 9/11/31 | 500000 | 501547 |
| 4.65% 7/30/45 | 250000 | 225053 |
| 4.65% 7/23/48 | 250000 | 220518 |
| 4.75% 5/18/46 | 150000 | 131632 |
| μ4.79% 3/4/29 | 250000 | 253582 |
| μ4.95% 5/7/31 | 1000000 | 1021385 |
| μ5.17% 2/13/30 | 150000 | 153923 |
| μ5.17% 9/11/36 | 500000 | 504674 |
| μ5.33% 3/27/36 | 500000 | 511475 |
| μ5.59% 11/19/34 | 250000 | 256406 |
| μ5.61% 3/4/56 | 250000 | 248936 |
| μ5.83% 2/13/35 | 250000 | 259802 |
| 5.88% 2/22/33 | 200000 | 213655 |
| 5.88% 1/30/42 | 150000 | 157732 |

---

LVIP SSGA Bond Index Fund-13

------

**LVIP SSGA Bond Index 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) |  |  |
| 6.00% 10/31/33 | 100000 | $107537 |
| μ6.02% 1/24/36 | 225000 | 235663 |
| μ6.17% 5/25/34 | 200000 | 212397 |
| μ6.27% 11/17/33 | 335000 | 364739 |
| 6.63% 6/15/32 | 100000 | 110813 |
| 6.68% 9/13/43 | 150000 | 166756 |
| μCitizens Financial Group, Inc. |  |  |
| 5.25% 3/5/31 | 110000 | 113030 |
| 5.72% 7/23/32 | 100000 | 104841 |
| 5.84% 1/23/30 | 250000 | 260751 |
| 6.65% 4/25/35 | 260000 | 285889 |
| μComerica, Inc. 5.98% 1/30/30 | 125000 | 130402 |
| Cooperatieve Rabobank UA |  |  |
| 4.80% 1/9/29 | 250000 | 255728 |
| 4.88% 1/21/28 | 250000 | 255601 |
| 5.25% 5/24/41 | 150000 | 150601 |
| μDeutsche Bank AG |  |  |
| 2.55% 1/7/28 | 350000 | 344208 |
| 3.55% 9/18/31 | 355000 | 338788 |
| 5.30% 5/9/31 | 250000 | 256142 |
| 5.37% 1/10/29 | 165000 | 168378 |
| 5.40% 9/11/35 | 155000 | 158104 |
| 5.71% 2/8/28 | 150000 | 152354 |
| 6.82% 11/20/29 | 150000 | 159944 |
| 7.08% 2/10/34 | 200000 | 219734 |
| Fifth Third Bancorp |  |  |
| 2.55% 5/5/27 | 120000 | 117732 |
| μ4.06% 4/25/28 | 90000 | 89915 |
| μ4.90% 9/6/30 | 180000 | 182903 |
| μ5.63% 1/29/32 | 70000 | 73471 |
| μ6.34% 7/27/29 | 55000 | 57922 |
| 8.25% 3/1/38 | 100000 | 122789 |
| μFifth Third Bank NA 4.97% <br> 1/28/28<br>| 250000 | 252353 |
| μFirst Citizens BancShares, <br> Inc.<br>|  |  |
| 5.23% 3/12/31 | 150000 | 152281 |
| 6.25% 3/12/40 | 250000 | 254967 |
| μFirst Horizon Corp. 5.51% <br> 3/7/31<br>| 160000 | 165280 |
| Goldman Sachs Group, Inc. |  |  |
| μ2.38% 7/21/32 | 855000 | 765748 |
| μ2.64% 2/24/28 | 90000 | 88596 |
| μ2.65% 10/21/32 | 175000 | 157959 |
| μ2.91% 7/21/42 | 290000 | 212675 |
| μ3.10% 2/24/33 | 200000 | 184245 |
| μ3.44% 2/24/43 | 100000 | 78328 |
| μ3.62% 3/15/28 | 400000 | 397779 |
| μ3.69% 6/5/28 | 135000 | 134282 |
| 3.80% 3/15/30 | 600000 | 590524 |
| μ3.81% 4/23/29 | 400000 | 397654 |
| 3.85% 1/26/27 | 300000 | 299737 |
| μ4.02% 10/31/38 | 350000 | 314718 |
| μ4.15% 10/21/29 | 1000000 | 999776 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| μ4.22% 5/1/29 | 500000 | $501040 |
| μ4.41% 4/23/39 | 500000 | 461940 |
| μ4.69% 10/23/30 | 511000 | 517972 |
| 4.75% 10/21/45 | 150000 | 135921 |
| μ4.94% 4/23/28 | 150000 | 151713 |
| μ5.05% 7/23/30 | 140000 | 143446 |
| 5.15% 5/22/45 | 360000 | 338052 |
| μ5.21% 1/28/31 | 100000 | 103265 |
| μ5.22% 4/23/31 | 100000 | 103285 |
| μ5.33% 7/23/35 | 120000 | 123295 |
| μ5.54% 1/28/36 | 130000 | 134924 |
| μ5.56% 11/19/45 | 350000 | 350111 |
| μ5.73% 4/25/30 | 150000 | 156708 |
| μ5.73% 1/28/56 | 145000 | 146551 |
| μ5.85% 4/25/35 | 65000 | 69105 |
| 5.95% 1/15/27 | 200000 | 204047 |
| 6.25% 2/1/41 | 255000 | 279204 |
| 6.45% 5/1/36 | 200000 | 219639 |
| μ6.48% 10/24/29 | 500000 | 530243 |
| μ6.56% 10/24/34 | 500000 | 556951 |
| HSBC Bank USA NA 7.00% <br> 1/15/39<br>| 100000 | 116643 |
| HSBC Holdings PLC |  |  |
| μ2.01% 9/22/28 | 355000 | 342619 |
| μ2.36% 8/18/31 | 200000 | 181908 |
| μ2.85% 6/4/31 | 250000 | 233682 |
| μ3.97% 5/22/30 | 435000 | 429713 |
| μ4.04% 3/13/28 | 200000 | 199720 |
| μ4.58% 6/19/29 | 235000 | 237171 |
| μ4.76% 3/29/33 | 200000 | 198839 |
| μ4.90% 3/3/29 | 405000 | 410911 |
| μ5.13% 11/19/28 | 200000 | 203703 |
| μ5.13% 3/3/31 | 500000 | 512422 |
| μ5.29% 11/19/30 | 250000 | 257945 |
| μ5.40% 8/11/33 | 200000 | 207193 |
| μ5.45% 3/3/36 | 315000 | 324987 |
| μ5.60% 5/17/28 | 425000 | 432943 |
| μ5.73% 5/17/32 | 370000 | 389949 |
| μ5.87% 11/18/35 | 250000 | 261029 |
| 6.10% 1/14/42 | 200000 | 214859 |
| μ6.25% 3/9/34 | 250000 | 271883 |
| μ6.33% 3/9/44 | 200000 | 219060 |
| 6.50% 5/2/36 | 200000 | 216178 |
| 6.50% 9/15/37 | 200000 | 216211 |
| μ6.55% 6/20/34 | 250000 | 270259 |
| 6.80% 6/1/38 | 200000 | 222268 |
| μ7.39% 11/3/28 | 250000 | 264290 |
| HSBC USA, Inc. 4.65% 6/3/28 | 400000 | 406025 |
| Huntington Bancshares, Inc. |  |  |
| 2.55% 2/4/30 | 250000 | 233321 |
| μ5.02% 5/17/33 | 70000 | 70818 |
| μ6.14% 11/18/39 | 65000 | 67734 |
| μ6.21% 8/21/29 | 250000 | 262201 |

---

LVIP SSGA Bond Index Fund-14

------

**LVIP SSGA Bond Index 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)** |
| μHuntington National Bank <br> 4.87% 4/12/28<br>| 250000 | $252063 |
| Industrial & Commercial <br> Bank of China Ltd. 3.54% <br> 11/8/27<br>| 250000 | 248827 |
| ING Groep NV |  |  |
| 4.05% 4/9/29 | 370000 | 368368 |
| μ4.25% 3/28/33 | 200000 | 196436 |
| μ5.07% 3/25/31 | 250000 | 256145 |
| μ5.53% 3/25/36 | 210000 | 218085 |
| μ6.11% 9/11/34 | 200000 | 216087 |
| JPMorgan Chase & Co. |  |  |
| μ1.76% 11/19/31 | 350000 | 310935 |
| μ1.95% 2/4/32 | 150000 | 133755 |
| μ2.07% 6/1/29 | 280000 | 267374 |
| μ2.18% 6/1/28 | 700000 | 682654 |
| μ2.53% 11/19/41 | 350000 | 251777 |
| μ2.55% 11/8/32 | 250000 | 225599 |
| μ2.74% 10/15/30 | 460000 | 436377 |
| μ2.95% 2/24/28 | 150000 | 148171 |
| μ2.96% 5/13/31 | 80000 | 75469 |
| μ2.96% 1/25/33 | 200000 | 183536 |
| μ3.11% 4/22/41 | 300000 | 235541 |
| μ3.11% 4/22/51 | 700000 | 475360 |
| μ3.51% 1/23/29 | 310000 | 307058 |
| μ3.54% 5/1/28 | 150000 | 149154 |
| 3.63% 12/1/27 | 260000 | 258674 |
| μ3.70% 5/6/30 | 250000 | 246236 |
| μ3.96% 11/15/48 | 200000 | 160897 |
| μ4.01% 4/23/29 | 350000 | 349663 |
| μ4.20% 7/23/29 | 300000 | 300973 |
| μ4.32% 4/26/28 | 250000 | 251017 |
| μ4.45% 12/5/29 | 200000 | 202061 |
| μ4.51% 10/22/28 | 600000 | 605880 |
| μ4.57% 6/14/30 | 140000 | 141629 |
| μ4.59% 4/26/33 | 210000 | 211107 |
| μ4.81% 10/22/36 | 800000 | 794371 |
| μ4.92% 1/24/29 | 160000 | 162974 |
| 4.95% 6/1/45 | 500000 | 471026 |
| μ4.98% 7/22/28 | 95000 | 96415 |
| μ5.00% 7/22/30 | 200000 | 205327 |
| μ5.01% 1/23/30 | 100000 | 102470 |
| μ5.04% 1/23/28 | 125000 | 126294 |
| μ5.10% 4/22/31 | 105000 | 108410 |
| μ5.14% 1/24/31 | 85000 | 87855 |
| μ5.29% 7/22/35 | 85000 | 87693 |
| μ5.30% 7/24/29 | 280000 | 288554 |
| μ5.34% 1/23/35 | 95000 | 98460 |
| μ5.35% 6/1/34 | 615000 | 638991 |
| 5.40% 1/6/42 | 200000 | 203381 |
| μ5.50% 1/24/36 | 165000 | 172445 |
| 5.50% 10/15/40 | 100000 | 104216 |
| μ5.53% 11/29/45 | 165000 | 167514 |
| μ5.57% 4/22/28 | 120000 | 122387 |
| μ5.57% 4/22/36 | 105000 | 110162 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & <br> Co. (continued)<br>|  |  |
| μ5.58% 4/22/30 | 110000 | $114755 |
| μ5.58% 7/23/36 | 1000000 | 1034449 |
| 5.60% 7/15/41 | 500000 | 521190 |
| μ5.72% 9/14/33 | 1155000 | 1221059 |
| μ5.77% 4/22/35 | 95000 | 101231 |
| μ6.09% 10/23/29 | 230000 | 242259 |
| μ6.25% 10/23/34 | 160000 | 175670 |
| 8.00% 4/29/27 | 100000 | 105402 |
| KeyBank NA 5.85% 11/15/27 | 250000 | 257545 |
| KeyCorp |  |  |
| 2.25% 4/6/27 | 250000 | 244344 |
| μ5.12% 4/4/31 | 250000 | 256753 |
| Kreditanstalt fuer <br> Wiederaufbau<br>|  |  |
| ^0.00% 4/18/36 | 200000 | 128957 |
| ^0.00% 6/29/37 | 500000 | 303275 |
| 1.75% 9/14/29 | 140000 | 131047 |
| 2.88% 4/3/28 | 525000 | 517303 |
| 3.00% 5/20/27 | 315000 | 312656 |
| 3.75% 2/15/28 | 425000 | 426677 |
| 3.75% 7/15/30 | 500000 | 500841 |
| 3.88% 5/15/28 | 890000 | 896685 |
| 3.88% 6/15/28 | 205000 | 206566 |
| 4.00% 6/28/27 | 1000000 | 1006595 |
| 4.00% 3/15/29 | 80000 | 80987 |
| 4.13% 7/15/33 | 200000 | 201093 |
| 4.63% 3/18/30 | 70000 | 72474 |
| 4.75% 10/29/30 | 400000 | 417255 |
| Landwirtschaftliche <br> Rentenbank<br>|  |  |
| 2.50% 11/15/27 | 300000 | 294240 |
| 4.63% 4/17/29 | 150000 | 154458 |
| 5.00% 10/24/33 | 600000 | 635498 |
| Lloyds Banking Group PLC |  |  |
| μ3.75% 3/18/28 | 200000 | 199269 |
| 4.34% 1/9/48 | 150000 | 123411 |
| 4.38% 3/22/28 | 200000 | 201222 |
| μ4.94% 11/4/36 | 400000 | 395748 |
| μ5.46% 1/5/28 | 250000 | 253360 |
| μ5.59% 11/26/35 | 200000 | 209015 |
| μ5.68% 1/5/35 | 200000 | 210559 |
| μ5.72% 6/5/30 | 230000 | 241051 |
| μ5.87% 3/6/29 | 200000 | 207354 |
| μ7.95% 11/15/33 | 200000 | 232663 |
| μM&T Bank Corp. |  |  |
| 4.83% 1/16/29 | 60000 | 60954 |
| 5.05% 1/27/34 | 170000 | 171083 |
| 5.39% 1/16/36 | 65000 | 66050 |
| 7.41% 10/30/29 | 145000 | 157313 |
| μManufacturers & Traders <br> Trust Co. 4.76% 7/6/28<br>| 400000 | 403632 |

---

LVIP SSGA Bond Index Fund-15

------

**LVIP SSGA Bond Index 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)** |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>|  |  |
| 2.05% 7/17/30 | 200000 | $181563 |
| μ2.34% 1/19/28 | 200000 | 196503 |
| 2.56% 2/25/30 | 200000 | 186921 |
| 3.29% 7/25/27 | 200000 | 198327 |
| 3.74% 3/7/29 | 200000 | 198209 |
| 3.75% 7/18/39 | 200000 | 174611 |
| 4.05% 9/11/28 | 200000 | 200697 |
| 4.15% 3/7/39 | 70000 | 64916 |
| μ5.16% 4/24/31 | 250000 | 257652 |
| μ5.20% 1/16/31 | 200000 | 206325 |
| μ5.35% 9/13/28 | 200000 | 204498 |
| μ5.41% 4/19/34 | 200000 | 209021 |
| μ5.47% 9/13/33 | 200000 | 209460 |
| μ5.57% 1/16/36 | 250000 | 261519 |
| μ5.62% 4/24/36 | 250000 | 261671 |
| Mizuho Financial Group, Inc. |  |  |
| μ1.98% 9/8/31 | 200000 | 179542 |
| μ2.26% 7/9/32 | 200000 | 178270 |
| μ3.15% 7/16/30 | 200000 | 192435 |
| 3.17% 9/11/27 | 200000 | 197649 |
| 4.02% 3/5/28 | 200000 | 200569 |
| μ4.25% 9/11/29 | 200000 | 200559 |
| μ5.38% 7/10/30 | 200000 | 206811 |
| μ5.41% 9/13/28 | 200000 | 204845 |
| μ5.42% 5/13/36 | 250000 | 259044 |
| μ5.59% 7/10/35 | 250000 | 261739 |
| μ5.78% 7/6/29 | 200000 | 207986 |
| Morgan Stanley |  |  |
| μ1.79% 2/13/32 | 655000 | 575254 |
| μ1.93% 4/28/32 | 250000 | 219339 |
| μ2.24% 7/21/32 | 500000 | 444294 |
| μ2.48% 1/21/28 | 170000 | 167196 |
| μ2.48% 9/16/36 | 250000 | 219828 |
| μ2.51% 10/20/32 | 185000 | 165919 |
| μ2.70% 1/22/31 | 235000 | 220429 |
| μ2.94% 1/21/33 | 135000 | 123214 |
| •3.59% 7/22/28 | 200000 | 198632 |
| μ3.62% 4/1/31 | 800000 | 777300 |
| 3.63% 1/20/27 | 350000 | 349089 |
| μ3.77% 1/24/29 | 450000 | 447458 |
| 3.95% 4/23/27 | 300000 | 299787 |
| •3.97% 7/22/38 | 130000 | 117160 |
| μ4.21% 4/20/28 | 175000 | 175401 |
| 4.38% 1/22/47 | 400000 | 345369 |
| μ4.43% 1/23/30 | 165000 | 165914 |
| μ4.99% 4/12/29 | 110000 | 112179 |
| μ5.04% 7/19/30 | 90000 | 92276 |
| μ5.12% 2/1/29 | 165000 | 168437 |
| μ5.16% 4/20/29 | 155000 | 158489 |
| μ5.17% 1/16/30 | 120000 | 123188 |
| μ5.19% 4/17/31 | 135000 | 139195 |
| μ5.23% 1/15/31 | 165000 | 170195 |
| μ5.25% 4/21/34 | 180000 | 185321 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |  |  |
| μ5.30% 4/20/37 | 160000 | $162752 |
| μ5.32% 7/19/35 | 1135000 | 1168371 |
| μ5.42% 7/21/34 | 265000 | 275684 |
| μ5.45% 7/20/29 | 200000 | 206390 |
| μ5.47% 1/18/35 | 100000 | 103948 |
| μ5.52% 11/19/55 | 155000 | 153208 |
| μ5.59% 1/18/36 | 155000 | 161973 |
| μ5.65% 4/13/28 | 75000 | 76477 |
| μ5.66% 4/18/30 | 165000 | 171901 |
| μ5.66% 4/17/36 | 635000 | 666537 |
| μ5.83% 4/19/35 | 115000 | 122205 |
| μ6.30% 10/18/28 | 350000 | 363586 |
| μ6.34% 10/18/33 | 325000 | 356191 |
| μ6.41% 11/1/29 | 290000 | 307373 |
| μ6.63% 11/1/34 | 230000 | 257179 |
| 7.25% 4/1/32 | 100000 | 115092 |
| μMorgan Stanley Bank NA |  |  |
| 4.95% 1/14/28 | 250000 | 252340 |
| 5.02% 1/12/29 | 250000 | 254596 |
| 5.50% 5/26/28 | 280000 | 285586 |
| μMorgan Stanley Private Bank <br> NA 4.47% 11/19/31<br>| 700000 | 701833 |
| National Australia Bank Ltd. |  |  |
| 4.79% 1/10/29 | 250000 | 255495 |
| 4.90% 1/14/30 | 250000 | 257806 |
| 5.09% 6/11/27 | 250000 | 254713 |
| μNatWest Group PLC |  |  |
| 3.07% 5/22/28 | 200000 | 197459 |
| 4.45% 5/8/30 | 200000 | 200749 |
| 4.96% 8/15/30 | 370000 | 377611 |
| 5.81% 9/13/29 | 365000 | 380207 |
| Northern Trust Corp. |  |  |
| 1.95% 5/1/30 | 190000 | 173788 |
| 3.65% 8/3/28 | 100000 | 99777 |
| 4.00% 5/10/27 | 135000 | 135440 |
| Oesterreichische <br> Kontrollbank AG<br>|  |  |
| 3.75% 9/5/29 | 535000 | 536104 |
| 4.13% 1/18/29 | 125000 | 126680 |
| 4.25% 3/1/28 | 145000 | 146925 |
| 4.50% 1/24/30 | 215000 | 220967 |
| PNC Bank NA |  |  |
| 2.70% 10/22/29 | 250000 | 236070 |
| 3.10% 10/25/27 | 250000 | 246888 |
| PNC Financial Services <br> Group, Inc.<br>|  |  |
| 2.55% 1/22/30 | 150000 | 141161 |
| 3.15% 5/19/27 | 250000 | 247656 |
| 3.45% 4/23/29 | 350000 | 344239 |
| μ5.30% 1/21/28 | 60000 | 60776 |
| μ5.37% 7/21/36 | 700000 | 719939 |
| μ5.40% 7/23/35 | 120000 | 124122 |
| μ5.49% 5/14/30 | 125000 | 130152 |
| μ5.58% 6/12/29 | 175000 | 181496 |

---

LVIP SSGA Bond Index Fund-16

------

**LVIP SSGA Bond Index 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)** |
| PNC Financial Services <br> Group, Inc. (continued)<br>|  |  |
| μ5.68% 1/22/35 | 125000 | $131766 |
| μ5.94% 8/18/34 | 250000 | 268395 |
| μRegions Financial Corp. |  |  |
| 5.50% 9/6/35 | 115000 | 118455 |
| 5.72% 6/6/30 | 180000 | 187655 |
| Royal Bank of Canada |  |  |
| 2.05% 1/21/27 | 100000 | 98184 |
| 3.63% 5/4/27 | 200000 | 199769 |
| 3.88% 5/4/32 | 200000 | 194269 |
| μ4.50% 8/6/29 | 400000 | 403885 |
| μ4.72% 3/27/28 | 210000 | 211793 |
| 4.95% 2/1/29 | 180000 | 184766 |
| μ4.97% 1/24/29 | 210000 | 213890 |
| μ4.97% 8/2/30 | 70000 | 71693 |
| μ4.97% 5/2/31 | 250000 | 255612 |
| μ5.15% 2/4/31 | 250000 | 257378 |
| 5.20% 8/1/28 | 250000 | 257734 |
| μSantander Holdings USA, Inc. |  |  |
| 2.49% 1/6/28 | 70000 | 68802 |
| 5.35% 9/6/30 | 250000 | 255705 |
| 5.74% 3/20/31 | 155000 | 160391 |
| 6.34% 5/31/35 | 250000 | 268074 |
| 6.50% 3/9/29 | 125000 | 130255 |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 2.47% 1/11/28 | 200000 | 196554 |
| 4.86% 9/11/30 | 250000 | 252986 |
| 5.69% 4/15/31 | 250000 | 260642 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 1.90% 9/17/28 | 200000 | 188894 |
| 2.13% 7/8/30 | 300000 | 273249 |
| 2.22% 9/17/31 | 200000 | 177742 |
| 2.93% 9/17/41 | 100000 | 73362 |
| 3.04% 7/16/29 | 200000 | 192138 |
| 3.35% 10/18/27 | 150000 | 148608 |
| 3.36% 7/12/27 | 200000 | 198576 |
| 3.94% 7/19/28 | 150000 | 150037 |
| 5.24% 4/15/30 | 250000 | 259274 |
| 5.45% 1/15/32 | 250000 | 261602 |
| 5.52% 1/13/28 | 450000 | 463478 |
| 5.63% 1/15/35 | 250000 | 264769 |
| 5.77% 1/13/33 | 200000 | 212990 |
| 5.78% 7/13/33 | 250000 | 266528 |
| 5.84% 7/9/44 | 90000 | 92884 |
| 6.18% 7/13/43 | 165000 | 179130 |
| Synovus Bank 5.63% 2/15/28 | 250000 | 255358 |
| μSynovus Financial Corp. <br> 6.17% 11/1/30<br>| 40000 | 41529 |
| Toronto-Dominion Bank |  |  |
| 1.95% 1/12/27 | 250000 | 245295 |
| 2.00% 9/10/31 | 100000 | 89373 |
| 2.45% 1/12/32 | 250000 | 223457 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Toronto-Dominion <br> Bank (continued)<br>|  |  |
| 4.78% 12/17/29 | 250000 | $255869 |
| 4.98% 4/5/27 | 100000 | 101268 |
| 4.99% 4/5/29 | 100000 | 102517 |
| 5.16% 1/10/28 | 350000 | 357923 |
| 5.52% 7/17/28 | 200000 | 207211 |
| Truist Financial Corp. |  |  |
| 1.13% 8/3/27 | 200000 | 191560 |
| 1.95% 6/5/30 | 165000 | 149873 |
| μ4.87% 1/26/29 | 40000 | 40636 |
| μ5.12% 1/26/34 | 40000 | 40755 |
| μ5.15% 8/5/32 | 250000 | 258088 |
| μ5.44% 1/24/30 | 140000 | 144946 |
| μ5.71% 1/24/35 | 115000 | 120971 |
| μ5.87% 6/8/34 | 400000 | 425638 |
| μ6.12% 10/28/33 | 250000 | 270128 |
| μ7.16% 10/30/29 | 90000 | 97090 |
| U.S. Bancorp |  |  |
| 1.38% 7/22/30 | 150000 | 132850 |
| μ2.22% 1/27/28 | 200000 | 196430 |
| μ2.68% 1/27/33 | 200000 | 180361 |
| 3.00% 7/30/29 | 150000 | 144442 |
| 3.90% 4/26/28 | 250000 | 250345 |
| μ4.65% 2/1/29 | 250000 | 253125 |
| μ4.84% 2/1/34 | 250000 | 251837 |
| μ5.10% 7/23/30 | 85000 | 87527 |
| μ5.38% 1/23/30 | 110000 | 113925 |
| μ5.42% 2/12/36 | 400000 | 415732 |
| μ5.68% 1/23/35 | 120000 | 126708 |
| μ5.78% 6/12/29 | 250000 | 259851 |
| μ5.85% 10/21/33 | 155000 | 165991 |
| UBS AG 5.65% 9/11/28 | 750000 | 782859 |
| Wachovia Corp. 5.50% 8/1/35 | 150000 | 154504 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 205000 | 200304 |
| μ2.57% 2/11/31 | 115000 | 107408 |
| μ2.88% 10/30/30 | 500000 | 475646 |
| μ3.35% 3/2/33 | 390000 | 364001 |
| μ3.53% 3/24/28 | 140000 | 139090 |
| μ4.08% 9/15/29 | 500000 | 499598 |
| 4.15% 1/24/29 | 300000 | 300696 |
| 4.30% 7/22/27 | 750000 | 752923 |
| 4.40% 6/14/46 | 250000 | 208881 |
| μ4.61% 4/25/53 | 200000 | 172101 |
| 4.65% 11/4/44 | 225000 | 197158 |
| 4.75% 12/7/46 | 350000 | 307532 |
| μ4.89% 9/15/36 | 500000 | 498438 |
| μ4.90% 1/24/28 | 210000 | 211768 |
| μ4.97% 4/23/29 | 155000 | 157885 |
| μ5.01% 4/4/51 | 950000 | 868168 |
| μ5.15% 4/23/31 | 210000 | 216763 |
| μ5.20% 1/23/30 | 140000 | 144179 |
| μ5.21% 12/3/35 | 285000 | 291136 |
| μ5.24% 1/24/31 | 175000 | 181216 |

---

LVIP SSGA Bond Index Fund-17

------

**LVIP SSGA Bond Index 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)** |
| Wells Fargo & <br> Co. (continued)<br>|  |  |
| μ5.39% 4/24/34 | 195000 | $202884 |
| μ5.50% 1/23/35 | 140000 | 146072 |
| μ5.56% 7/25/34 | 600000 | 629048 |
| μ5.61% 4/23/36 | 165000 | 172938 |
| μ5.71% 4/22/28 | 190000 | 193933 |
| μ6.30% 10/23/29 | 385000 | 406788 |
| μ6.49% 10/23/34 | 355000 | 392965 |
| Wells Fargo Bank NA 6.60% <br> 1/15/38<br>| 450000 | 502411 |
| Westpac Banking Corp. |  |  |
| 2.65% 1/16/30 | 70000 | 66445 |
| μ2.67% 11/15/35 | 125000 | 113196 |
| 2.96% 11/16/40 | 95000 | 72380 |
| 3.35% 3/8/27 | 250000 | 249045 |
| 3.40% 1/25/28 | 100000 | 99204 |
| μ4.11% 7/24/34 | 95000 | 93474 |
| 4.42% 7/24/39 | 70000 | 64972 |
| 5.05% 4/16/29 | 250000 | 258558 |
| 5.46% 11/18/27 | 250000 | 257699 |
| 6.82% 11/17/33 | 350000 | 391516 |
|  |  | **133805991** |
| **Beverages–0.45%** | **Beverages–0.45%** | **Beverages–0.45%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. 4.70% <br> 2/1/36<br>| 550000 | 544415 |
| Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 4.38% 4/15/38 | 285000 | 271078 |
| 4.44% 10/6/48 | 395000 | 339817 |
| 4.75% 1/23/29 | 395000 | 402964 |
| 4.90% 1/23/31 | 160000 | 165778 |
| 4.95% 1/15/42 | 300000 | 286446 |
| 5.00% 6/15/34 | 250000 | 258385 |
| 5.45% 1/23/39 | 165000 | 170817 |
| 5.55% 1/23/49 | 730000 | 728402 |
| 8.20% 1/15/39 | 200000 | 257943 |
| Brown-Forman Corp. 4.00% <br> 4/15/38<br>| 85000 | 76465 |
| Coca-Cola Co. |  |  |
| 1.00% 3/15/28 | 145000 | 136933 |
| 1.45% 6/1/27 | 60000 | 58224 |
| 1.50% 3/5/28 | 145000 | 138502 |
| 1.65% 6/1/30 | 700000 | 633470 |
| 2.00% 3/5/31 | 165000 | 149526 |
| 2.50% 6/1/40 | 70000 | 52046 |
| 2.50% 3/15/51 | 165000 | 98915 |
| 2.60% 6/1/50 | 150000 | 92976 |
| 2.75% 6/1/60 | 150000 | 87885 |
| 2.90% 5/25/27 | 100000 | 99050 |
| 3.00% 3/5/51 | 65000 | 43402 |
| 4.65% 8/14/34 | 140000 | 142918 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Coca-Cola Co. (continued) |  |  |
| 5.00% 5/13/34 | 100000 | $104161 |
| 5.20% 1/14/55 | 125000 | 120516 |
| 5.40% 5/13/64 | 145000 | 140849 |
| Coca-Cola Consolidated, Inc. <br> 5.25% 6/1/29<br>| 125000 | 129339 |
| Coca-Cola Femsa SAB de CV <br> 2.75% 1/22/30<br>| 300000 | 284005 |
| Constellation Brands, Inc. |  |  |
| 3.15% 8/1/29 | 100000 | 96314 |
| 3.50% 5/9/27 | 30000 | 29781 |
| 3.60% 2/15/28 | 100000 | 99071 |
| 4.10% 2/15/48 | 100000 | 78561 |
| 4.50% 5/9/47 | 45000 | 37622 |
| 4.65% 11/15/28 | 125000 | 126779 |
| 4.75% 5/9/32 | 200000 | 200838 |
| 4.90% 5/1/33 | 125000 | 125574 |
| Diageo Capital PLC |  |  |
| 2.38% 10/24/29 | 200000 | 187989 |
| 3.88% 5/18/28 | 200000 | 199691 |
| 3.88% 4/29/43 | 30000 | 24564 |
| 5.63% 10/5/33 | 250000 | 266005 |
| 5.88% 9/30/36 | 100000 | 108286 |
| Keurig Dr. Pepper, Inc. |  |  |
| 2.25% 3/15/31 | 85000 | 75824 |
| 3.35% 3/15/51 | 60000 | 40252 |
| 3.43% 6/15/27 | 70000 | 69385 |
| 3.95% 4/15/29 | 200000 | 197722 |
| 4.05% 4/15/32 | 135000 | 129762 |
| 4.42% 12/15/46 | 50000 | 40789 |
| 4.50% 4/15/52 | 145000 | 117188 |
| 4.60% 5/25/28 | 150000 | 151209 |
| Molson Coors Beverage Co. |  |  |
| 4.20% 7/15/46 | 345000 | 276978 |
| 5.00% 5/1/42 | 250000 | 230837 |
| Pepsico Singapore Financing <br> I Pte. Ltd.<br>|  |  |
| 4.55% 2/16/29 | 250000 | 254131 |
| 4.70% 2/16/34 | 250000 | 252579 |
| PepsiCo, Inc. |  |  |
| 1.40% 2/25/31 | 75000 | 65741 |
| 1.95% 10/21/31 | 150000 | 133454 |
| 2.63% 10/21/41 | 200000 | 145182 |
| 2.75% 3/19/30 | 100000 | 94937 |
| 2.75% 10/21/51 | 135000 | 84702 |
| 3.00% 10/15/27 | 150000 | 148511 |
| 4.45% 5/15/28 | 200000 | 203146 |
| 4.45% 2/15/33 | 200000 | 203416 |
| 4.50% 7/17/29 | 100000 | 101958 |
| 4.65% 2/15/53 | 200000 | 176152 |
| 4.80% 7/17/34 | 100000 | 102101 |
| 5.00% 2/7/35 | 600000 | 618069 |
| 5.25% 7/17/54 | 100000 | 96771 |
|  |  | **11607098** |

---

LVIP SSGA Bond Index Fund-18

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Biotechnology–0.28%** | **Biotechnology–0.28%** | **Biotechnology–0.28%** |
| Amgen, Inc. |  |  |
| 1.65% 8/15/28 | 200000 | $188508 |
| 2.00% 1/15/32 | 200000 | 174245 |
| 2.20% 2/21/27 | 175000 | 171674 |
| 2.30% 2/25/31 | 100000 | 90673 |
| 2.45% 2/21/30 | 400000 | 373049 |
| 2.80% 8/15/41 | 200000 | 146379 |
| 3.00% 2/22/29 | 90000 | 87209 |
| 3.00% 1/15/52 | 200000 | 129060 |
| 3.15% 2/21/40 | 200000 | 157634 |
| 3.35% 2/22/32 | 90000 | 84754 |
| 3.38% 2/21/50 | 300000 | 213490 |
| 4.20% 2/22/52 | 90000 | 71395 |
| 4.40% 2/22/62 | 75000 | 58582 |
| 5.15% 3/2/28 | 250000 | 255848 |
| 5.25% 3/2/30 | 200000 | 207445 |
| 5.25% 3/2/33 | 725000 | 750492 |
| 5.60% 3/2/43 | 90000 | 90500 |
| 5.65% 3/2/53 | 705000 | 690334 |
| 5.75% 3/2/63 | 90000 | 87811 |
| Baxalta, Inc. 5.25% 6/23/45 | 14000 | 13361 |
| Biogen, Inc. |  |  |
| 2.25% 5/1/30 | 75000 | 68898 |
| 3.15% 5/1/50 | 120000 | 77516 |
| 3.25% 2/15/51 | 586000 | 385594 |
| Gilead Sciences, Inc. |  |  |
| 1.20% 10/1/27 | 120000 | 114945 |
| 1.65% 10/1/30 | 95000 | 85043 |
| 2.60% 10/1/40 | 250000 | 184943 |
| 2.80% 10/1/50 | 250000 | 158225 |
| 4.50% 2/1/45 | 80000 | 70739 |
| 4.60% 9/1/35 | 200000 | 197659 |
| 4.75% 3/1/46 | 200000 | 181281 |
| 4.80% 4/1/44 | 200000 | 184478 |
| 5.10% 6/15/35 | 85000 | 87108 |
| 5.25% 10/15/33 | 155000 | 162881 |
| 5.50% 11/15/54 | 250000 | 246670 |
| Illumina, Inc. 5.75% 12/13/27 | 250000 | 257490 |
| Royalty Pharma PLC |  |  |
| 1.75% 9/2/27 | 115000 | 110754 |
| 2.20% 9/2/30 | 105000 | 95182 |
| 3.55% 9/2/50 | 160000 | 110501 |
| 5.40% 9/2/34 | 250000 | 256082 |
|  |  | **7078432** |
| **Building Materials–0.17%** | **Building Materials–0.17%** | **Building Materials–0.17%** |
| Amrize Finance U.S. LLC <br> 4.95% 4/7/30<br>| 200000 | 204497 |
| Carlisle Cos., Inc. |  |  |
| 2.20% 3/1/32 | 150000 | 130873 |
| 3.75% 12/1/27 | 100000 | 99461 |
| Carrier Global Corp. |  |  |
| 2.49% 2/15/27 | 85000 | 83618 |
| 2.72% 2/15/30 | 120000 | 112975 |
| 3.38% 4/5/40 | 85000 | 68679 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Carrier Global <br> Corp. (continued)<br>|  |  |
| 3.58% 4/5/50 | 120000 | $88343 |
| 5.90% 3/15/34 | 125000 | 134085 |
| CRH America Finance, Inc. <br> 5.50% 1/9/35<br>| 250000 | 260186 |
| CRH SMW Finance DAC <br> 5.13% 1/9/30<br>| 200000 | 206175 |
| Fortune Brands Innovations, <br> Inc. 5.88% 6/1/33<br>| 160000 | 169057 |
| Johnson Controls <br> International PLC 4.95% <br> 7/2/64<br>| 68000 | 58644 |
| Johnson Controls <br> International PLC/Tyco Fire <br> & Security Finance SCA<br>|  |  |
| 1.75% 9/15/30 | 85000 | 75781 |
| 2.00% 9/16/31 | 90000 | 79247 |
| 5.50% 4/19/29 | 250000 | 259996 |
| Lennox International, Inc. <br> 5.50% 9/15/28<br>| 200000 | 206386 |
| Martin Marietta Materials, <br> Inc.<br>|  |  |
| 3.45% 6/1/27 | 43000 | 42742 |
| 3.50% 12/15/27 | 100000 | 99188 |
| 4.25% 12/15/47 | 100000 | 82551 |
| 5.15% 12/1/34 | 180000 | 183655 |
| 5.50% 12/1/54 | 90000 | 86929 |
| Masco Corp. |  |  |
| 1.50% 2/15/28 | 75000 | 70988 |
| 2.00% 2/15/31 | 150000 | 132634 |
| 3.13% 2/15/51 | 45000 | 29614 |
| 3.50% 11/15/27 | 60000 | 59386 |
| Mohawk Industries, Inc. <br> 5.85% 9/18/28<br>| 100000 | 104007 |
| Owens Corning |  |  |
| 3.88% 6/1/30 | 150000 | 147278 |
| 3.95% 8/15/29 | 70000 | 69405 |
| 5.50% 6/15/27 | 70000 | 71436 |
| 5.70% 6/15/34 | 110000 | 115628 |
| 5.95% 6/15/54 | 115000 | 116709 |
| Trane Technologies Financing <br> Ltd. 5.25% 3/3/33<br>| 45000 | 46864 |
| Trane Technologies Holdco, <br> Inc.<br>|  |  |
| 3.75% 8/21/28 | 100000 | 99645 |
| 4.30% 2/21/48 | 100000 | 83675 |
| 5.75% 6/15/43 | 100000 | 103845 |
| Vulcan Materials Co. |  |  |
| 3.90% 4/1/27 | 45000 | 44992 |
| 5.35% 12/1/34 | 250000 | 259116 |
| 5.70% 12/1/54 | 150000 | 149348 |
|  |  | **4437638** |

---

LVIP SSGA Bond Index Fund-19

------

**LVIP SSGA Bond Index 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–0.24%** | **Chemicals–0.24%** | **Chemicals–0.24%** |
| Air Products & Chemicals, <br> Inc.<br>|  |  |
| 4.60% 2/8/29 | 250000 | $254388 |
| 4.85% 2/8/34 | 250000 | 254168 |
| Albemarle Corp. |  |  |
| 5.05% 6/1/32 | 100000 | 100674 |
| 5.45% 12/1/44 | 100000 | 91277 |
| 5.65% 6/1/52 | 100000 | 90328 |
| Cabot Corp. 4.00% 7/1/29 | 100000 | 99013 |
| Dow Chemical Co. |  |  |
| 2.10% 11/15/30 | 250000 | 221212 |
| 3.60% 11/15/50 | 250000 | 161230 |
| 4.80% 5/15/49 | 95000 | 74594 |
| 5.15% 2/15/34 | 250000 | 248155 |
| 5.25% 11/15/41 | 100000 | 90626 |
| 6.30% 3/15/33 | 155000 | 163268 |
| 7.38% 11/1/29 | 25000 | 27546 |
| 9.40% 5/15/39 | 58000 | 74563 |
| DuPont de Nemours, Inc. <br> 4.73% 11/15/28<br>| 151000 | 152911 |
| Eastman Chemical Co. |  |  |
| 4.65% 10/15/44 | 70000 | 59358 |
| 4.80% 9/1/42 | 250000 | 221203 |
| Ecolab, Inc. |  |  |
| 1.30% 1/30/31 | 195000 | 169525 |
| 2.13% 8/15/50 | 250000 | 138828 |
| 5.25% 1/15/28 | 300000 | 308020 |
| Linde, Inc. |  |  |
| 1.10% 8/10/30 | 150000 | 131696 |
| 2.00% 8/10/50 | 160000 | 84838 |
| LYB International Finance <br> III LLC<br>|  |  |
| 2.25% 10/1/30 | 45000 | 40106 |
| 3.38% 10/1/40 | 60000 | 43408 |
| 3.63% 4/1/51 | 85000 | 54776 |
| 3.80% 10/1/60 | 60000 | 37383 |
| 4.20% 10/15/49 | 125000 | 89666 |
| 5.63% 5/15/33 | 500000 | 507230 |
| Mosaic Co. |  |  |
| 4.05% 11/15/27 | 150000 | 149915 |
| 5.45% 11/15/33 | 104000 | 106852 |
| NewMarket Corp. 2.70% <br> 3/18/31<br>| 200000 | 183018 |
| Nutrien Ltd. |  |  |
| 2.95% 5/13/30 | 100000 | 94478 |
| 3.95% 5/13/50 | 100000 | 75726 |
| 4.13% 3/15/35 | 100000 | 92357 |
| 4.90% 3/27/28 | 115000 | 117078 |
| 5.40% 6/21/34 | 250000 | 257890 |
| PPG Industries, Inc. |  |  |
| 2.55% 6/15/30 | 50000 | 46536 |
| 2.80% 8/15/29 | 100000 | 95559 |
| RPM International, Inc. |  |  |
| 2.95% 1/15/32 | 125000 | 113299 |
| 3.75% 3/15/27 | 100000 | 99538 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Sherwin-Williams Co. |  |  |
| 2.30% 5/15/30 | 60000 | $55269 |
| 2.95% 8/15/29 | 100000 | 95798 |
| 3.30% 5/15/50 | 100000 | 68000 |
| 4.50% 6/1/47 | 88000 | 75007 |
| 4.55% 3/1/28 | 250000 | 252943 |
| 4.80% 9/1/31 | 105000 | 107468 |
| Westlake Corp. 5.00% 8/15/46 | 100000 | 85947 |
|  |  | **6162668** |
| **Commercial Services–0.28%** | **Commercial Services–0.28%** | **Commercial Services–0.28%** |
| Automatic Data Processing, <br> Inc.<br>|  |  |
| 1.25% 9/1/30 | 75000 | 66330 |
| 1.70% 5/15/28 | 95000 | 90735 |
| Block Financial LLC 3.88% <br> 8/15/30<br>| 60000 | 57793 |
| California Institute of <br> Technology<br>|  |  |
| 3.65% 9/1/19 | 45000 | 28507 |
| 4.32% 8/1/45 | 60000 | 52232 |
| Cintas Corp. No. 2 3.70% <br> 4/1/27<br>| 100000 | 99815 |
| Emory University |  |  |
| 2.14% 9/1/30 | 35000 | 32018 |
| 2.97% 9/1/50 | 35000 | 22886 |
| Equifax, Inc. |  |  |
| 2.35% 9/15/31 | 350000 | 311317 |
| 5.10% 12/15/27 | 45000 | 45841 |
| Ford Foundation |  |  |
| 2.42% 6/1/50 | 200000 | 119013 |
| 2.82% 6/1/70 | 30000 | 16913 |
| George Washington University |  |  |
| 4.13% 9/15/48 | 200000 | 163026 |
| 4.30% 9/15/44 | 100000 | 84969 |
| Georgetown University |  |  |
| 4.32% 4/1/49 | 50000 | 41377 |
| 5.12% 4/1/53 | 55000 | 50919 |
| 5.22% 10/1/18 | 50000 | 43820 |
| Global Payments, Inc. |  |  |
| 2.15% 1/15/27 | 200000 | 195793 |
| 2.90% 5/15/30 | 115000 | 106680 |
| 2.90% 11/15/31 | 200000 | 179244 |
| 4.45% 6/1/28 | 100000 | 100088 |
| Johns Hopkins University |  |  |
| 2.81% 1/1/60 | 35000 | 20655 |
| 4.71% 7/1/32 | 60000 | 60653 |
| Leland Stanford Junior <br> University<br>|  |  |
| 2.41% 6/1/50 | 60000 | 35955 |
| 4.68% 3/1/35 | 250000 | 251820 |
| Massachusetts Institute of <br> Technology<br>|  |  |
| 3.07% 4/1/52 | 200000 | 132020 |
| 3.89% 7/1/16 | 55000 | 37865 |

---

LVIP SSGA Bond Index Fund-20

------

**LVIP SSGA Bond Index 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)** |
| Massachusetts Institute of <br> Technology (continued)<br>|  |  |
| 5.60% 7/1/11 | 200000 | $199487 |
| Moody's Corp. |  |  |
| 2.00% 8/19/31 | 100000 | 88860 |
| 2.75% 8/19/41 | 100000 | 71660 |
| 3.25% 1/15/28 | 65000 | 64120 |
| 3.25% 5/20/50 | 100000 | 67994 |
| 3.75% 2/25/52 | 100000 | 74577 |
| 4.25% 2/1/29 | 100000 | 100620 |
| 4.88% 12/17/48 | 100000 | 89800 |
| Northwestern University |  |  |
| 3.66% 12/1/57 | 75000 | 54353 |
| 4.94% 12/1/35 | 20000 | 20353 |
| PayPal Holdings, Inc. |  |  |
| 2.30% 6/1/30 | 80000 | 74077 |
| 2.85% 10/1/29 | 95000 | 90998 |
| 3.25% 6/1/50 | 500000 | 340072 |
| 4.45% 3/6/28 | 125000 | 126483 |
| 5.15% 6/1/34 | 200000 | 205110 |
| President & Fellows of <br> Harvard College<br>|  |  |
| 3.15% 7/15/46 | 100000 | 72463 |
| 3.30% 7/15/56 | 100000 | 68819 |
| 3.75% 11/15/52 | 65000 | 49444 |
| 5.26% 3/15/36 | 70000 | 73482 |
| Quanta Services, Inc. |  |  |
| 2.35% 1/15/32 | 55000 | 48438 |
| 3.05% 10/1/41 | 60000 | 44434 |
| 4.75% 8/9/27 | 85000 | 86029 |
| 5.25% 8/9/34 | 175000 | 179428 |
| RELX Capital, Inc. |  |  |
| 3.00% 5/22/30 | 100000 | 95144 |
| 4.00% 3/18/29 | 200000 | 199353 |
| Rockefeller Foundation 2.49% <br> 10/1/50<br>| 60000 | 36269 |
| S&P Global, Inc. |  |  |
| 1.25% 8/15/30 | 75000 | 65928 |
| 2.45% 3/1/27 | 70000 | 68887 |
| 2.50% 12/1/29 | 55000 | 51834 |
| 2.70% 3/1/29 | 150000 | 144159 |
| 2.90% 3/1/32 | 105000 | 96775 |
| 2.95% 1/22/27 | 150000 | 148605 |
| 3.25% 12/1/49 | 65000 | 45536 |
| 3.70% 3/1/52 | 35000 | 26504 |
| 3.90% 3/1/62 | 45000 | 33547 |
| 5.25% 9/15/33 | 160000 | 168019 |
| Trustees of Princeton <br> University<br>|  |  |
| 2.52% 7/1/50 | 40000 | 25039 |
| 4.65% 7/1/30 | 75000 | 76746 |
| 5.70% 3/1/39 | 50000 | 53987 |
| Trustees of the University of <br> Pennsylvania 3.61% 2/15/19<br>| 100000 | 62715 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| UL Solutions, Inc. 6.50% <br> 10/20/28<br>| 250000 | $263847 |
| University of Chicago |  |  |
| 2.55% 4/1/50 | 35000 | 22762 |
| 4.00% 10/1/53 | 60000 | 47404 |
| University of Notre Dame du <br> Lac 3.39% 2/15/48<br>| 100000 | 75064 |
| University of Southern <br> California<br>|  |  |
| 3.03% 10/1/39 | 200000 | 166539 |
| 3.84% 10/1/47 | 55000 | 44093 |
| Verisk Analytics, Inc. |  |  |
| 3.63% 5/15/50 | 20000 | 14431 |
| 4.13% 3/15/29 | 120000 | 119762 |
| 5.25% 6/5/34 | 180000 | 184294 |
| William Marsh Rice <br> University 3.57% 5/15/45<br>| 100000 | 79466 |
|  |  | **7156094** |
| **Computers–0.51%** | **Computers–0.51%** | **Computers–0.51%** |
| Accenture Capital, Inc. 4.25% <br> 10/4/31<br>| 400000 | 400314 |
| Apple, Inc. |  |  |
| 1.20% 2/8/28 | 250000 | 237779 |
| 1.25% 8/20/30 | 100000 | 88725 |
| 1.40% 8/5/28 | 200000 | 188969 |
| 1.65% 5/11/30 | 120000 | 109115 |
| 1.70% 8/5/31 | 200000 | 177152 |
| 2.20% 9/11/29 | 250000 | 235809 |
| 2.40% 8/20/50 | 220000 | 130515 |
| 2.65% 5/11/50 | 500000 | 312569 |
| 2.70% 8/5/51 | 200000 | 124482 |
| 2.80% 2/8/61 | 250000 | 146692 |
| 2.85% 8/5/61 | 200000 | 118055 |
| 2.95% 9/11/49 | 135000 | 90211 |
| 3.00% 11/13/27 | 200000 | 197986 |
| 3.20% 5/11/27 | 154000 | 153156 |
| 3.35% 2/9/27 | 200000 | 199360 |
| 3.45% 2/9/45 | 125000 | 96930 |
| 3.75% 9/12/47 | 225000 | 177735 |
| 3.75% 11/13/47 | 150000 | 118768 |
| 3.85% 8/4/46 | 135000 | 109391 |
| 3.95% 8/8/52 | 900000 | 713899 |
| 4.00% 5/10/28 | 175000 | 176330 |
| 4.25% 2/9/47 | 25000 | 21446 |
| 4.30% 5/10/33 | 250000 | 253271 |
| 4.38% 5/13/45 | 100000 | 89147 |
| 4.45% 5/6/44 | 200000 | 184035 |
| 4.50% 2/23/36 | 250000 | 252319 |
| 4.85% 5/10/53 | 250000 | 236333 |
| Booz Allen Hamilton, Inc. <br> 5.95% 4/15/35<br>| 145000 | 150233 |
| CGI, Inc. 4.95% 3/14/30 | 200000 | 202680 |

---

LVIP SSGA Bond Index Fund-21

------

**LVIP SSGA Bond Index 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 (continued)** | **Computers (continued)** | **Computers (continued)** |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 3.38% 12/15/41 | 125000 | $95055 |
| 3.45% 12/15/51 | 250000 | 170245 |
| 4.15% 2/15/29 | 400000 | 399566 |
| 4.50% 2/15/31 | 500000 | 499286 |
| 5.30% 4/1/32 | 300000 | 308556 |
| 5.50% 4/1/35 | 250000 | 257595 |
| 8.10% 7/15/36 | 73000 | 88456 |
| 8.35% 7/15/46 | 33000 | 41861 |
| Genpact Luxembourg <br> SARL/Genpact USA, Inc. <br> 6.00% 6/4/29<br>| 125000 | 130570 |
| Hewlett Packard Enterprise <br> Co.<br>|  |  |
| 4.55% 10/15/29 | 500000 | 502872 |
| 5.25% 7/1/28 | 250000 | 256295 |
| 6.35% 10/15/45 | 250000 | 256297 |
| HP, Inc. |  |  |
| 3.00% 6/17/27 | 150000 | 147679 |
| 4.20% 4/15/32 | 200000 | 194091 |
| 6.00% 9/15/41 | 305000 | 307806 |
| 6.10% 4/25/35 | 180000 | 190127 |
| IBM International Capital <br> Pte. Ltd.<br>|  |  |
| 4.60% 2/5/29 | 250000 | 253750 |
| 4.90% 2/5/34 | 250000 | 252313 |
| 5.30% 2/5/54 | 105000 | 97860 |
| International Business <br> Machines Corp.<br>|  |  |
| 1.95% 5/15/30 | 110000 | 100262 |
| 2.20% 2/9/27 | 100000 | 98173 |
| 2.72% 2/9/32 | 155000 | 140422 |
| 2.85% 5/15/40 | 165000 | 124402 |
| 2.95% 5/15/50 | 155000 | 98977 |
| 3.30% 1/27/27 | 100000 | 99397 |
| 3.43% 2/9/52 | 125000 | 85489 |
| 4.00% 6/20/42 | 200000 | 167566 |
| 4.15% 5/15/39 | 200000 | 178543 |
| 4.25% 5/15/49 | 350000 | 282630 |
| 4.75% 2/6/33 | 250000 | 253851 |
| 5.10% 2/6/53 | 250000 | 227767 |
| 5.60% 11/30/39 | 210000 | 216955 |
| 5.88% 11/29/32 | 120000 | 129390 |
| Leidos, Inc. |  |  |
| 2.30% 2/15/31 | 195000 | 175450 |
| 5.50% 3/15/35 | 135000 | 140298 |
| 5.75% 3/15/33 | 45000 | 47681 |
| NetApp, Inc. |  |  |
| 2.38% 6/22/27 | 50000 | 48881 |
| 2.70% 6/22/30 | 50000 | 46571 |
| Teledyne FLIR LLC 2.50% <br> 8/1/30<br>| 35000 | 32371 |
| Western Digital Corp. |  |  |
| 2.85% 2/1/29 | 65000 | 62211 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Western Digital <br> Corp. (continued)<br>|  |  |
| 3.10% 2/1/32 | 110000 | $101429 |
|  |  | **13002402** |
| **Cosmetics & Personal Care–0.14%** | **Cosmetics & Personal Care–0.14%** | **Cosmetics & Personal Care–0.14%** |
| Colgate-Palmolive Co. |  |  |
| 3.70% 8/1/47 | 55000 | 43381 |
| 4.00% 8/15/45 | 100000 | 84604 |
| 4.60% 3/1/28 | 250000 | 253851 |
| Estee Lauder Cos., Inc. |  |  |
| 1.95% 3/15/31 | 115000 | 102579 |
| 3.15% 3/15/27 | 100000 | 99154 |
| 4.15% 3/15/47 | 65000 | 52222 |
| 4.38% 6/15/45 | 250000 | 210562 |
| 4.65% 5/15/33 | 125000 | 125758 |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 250000 | 248166 |
| 3.63% 3/24/32 | 250000 | 237823 |
| Kenvue, Inc. 5.05% 3/22/53 | 400000 | 364514 |
| Procter & Gamble Co. |  |  |
| 1.20% 10/29/30 | 100000 | 88032 |
| 2.85% 8/11/27 | 150000 | 148390 |
| 4.05% 1/26/33 | 250000 | 249922 |
| 4.15% 10/24/29 | 190000 | 192606 |
| 4.55% 1/29/34 | 250000 | 253856 |
| 4.55% 10/24/34 | 250000 | 253021 |
| Unilever Capital Corp. |  |  |
| 1.38% 9/14/30 | 105000 | 93240 |
| 2.90% 5/5/27 | 150000 | 148528 |
| 3.50% 3/22/28 | 100000 | 99343 |
| 4.88% 9/8/28 | 100000 | 102667 |
| 5.00% 12/8/33 | 100000 | 103521 |
| 5.90% 11/15/32 | 133000 | 145215 |
|  |  | **3700955** |
| **Distribution/Wholesale–0.01%** | **Distribution/Wholesale–0.01%** | **Distribution/Wholesale–0.01%** |
| WW Grainger, Inc. |  |  |
| 4.45% 9/15/34 | 145000 | 143702 |
| 4.60% 6/15/45 | 55000 | 49640 |
|  |  | **193342** |
| **Diversified Financial Services–0.82%** | **Diversified Financial Services–0.82%** | **Diversified Financial Services–0.82%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 3.30% 1/30/32 | 240000 | 221597 |
| 3.40% 10/29/33 | 150000 | 135424 |
| 3.65% 7/21/27 | 150000 | 149036 |
| 3.85% 10/29/41 | 150000 | 122578 |
| 4.63% 10/15/27 | 200000 | 201635 |
| 4.63% 9/10/29 | 150000 | 151493 |
| 4.95% 9/10/34 | 165000 | 164677 |
| 5.10% 1/19/29 | 170000 | 173790 |
| 5.38% 12/15/31 | 300000 | 310710 |

---

LVIP SSGA Bond Index Fund-22

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust (continued)<br>|  |  |
| 5.75% 6/6/28 | 210000 | $217429 |
| 6.15% 9/30/30 | 290000 | 310040 |
| Affiliated Managers Group, <br> Inc. 5.50% 8/20/34<br>| 250000 | 256084 |
| Air Lease Corp. |  |  |
| 2.10% 9/1/28 | 70000 | 65930 |
| 2.20% 1/15/27 | 200000 | 195914 |
| 3.13% 12/1/30 | 50000 | 46334 |
| 5.10% 3/1/29 | 400000 | 406114 |
| 5.85% 12/15/27 | 250000 | 256987 |
| Ally Financial, Inc. |  |  |
| μ5.54% 1/17/31 | 55000 | 56275 |
| μ6.99% 6/13/29 | 125000 | 132010 |
| 8.00% 11/1/31 | 600000 | 681003 |
| American Express Co. |  |  |
| 3.30% 5/3/27 | 230000 | 228427 |
| 4.05% 5/3/29 | 165000 | 165508 |
| 4.05% 12/3/42 | 135000 | 116287 |
| μ4.73% 4/25/29 | 95000 | 96458 |
| μ4.92% 7/20/33 | 500000 | 508848 |
| μ5.02% 4/25/31 | 90000 | 92749 |
| μ5.04% 7/26/28 | 105000 | 106772 |
| μ5.10% 2/16/28 | 235000 | 237730 |
| μ5.28% 7/26/35 | 165000 | 170029 |
| μ5.53% 4/25/30 | 250000 | 260800 |
| μ5.63% 7/28/34 | 125000 | 130548 |
| μ5.67% 4/25/36 | 65000 | 68631 |
| 5.85% 11/5/27 | 300000 | 310306 |
| μ5.92% 4/25/35 | 125000 | 132782 |
| μ6.49% 10/30/31 | 165000 | 180210 |
| Ameriprise Financial, Inc. |  |  |
| 5.15% 5/15/33 | 115000 | 119435 |
| 5.20% 4/15/35 | 190000 | 193984 |
| Apollo Global Management, <br> Inc. 5.80% 5/21/54<br>| 165000 | 161998 |
| BGC Group, Inc. 8.00% <br> 5/25/28<br>| 200000 | 213612 |
| BlackRock Funding, Inc. |  |  |
| 4.60% 7/26/27 | 55000 | 55723 |
| 4.90% 1/8/35 | 45000 | 45919 |
| 5.35% 1/8/55 | 40000 | 38985 |
| Blackrock, Inc. |  |  |
| 1.90% 1/28/31 | 50000 | 44936 |
| 2.10% 2/25/32 | 250000 | 220687 |
| 2.40% 4/30/30 | 90000 | 84232 |
| 3.20% 3/15/27 | 167000 | 165998 |
| 3.25% 4/30/29 | 150000 | 147000 |
| Blue Owl Finance LLC 6.25% <br> 4/18/34<br>| 300000 | 309358 |
| Capital One Financial Corp. |  |  |
| μ2.36% 7/29/32 | 200000 | 175072 |
| μ2.62% 11/2/32 | 250000 | 224041 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Capital One Financial <br> Corp. (continued)<br>|  |  |
| μ3.27% 3/1/30 | 200000 | $194071 |
| 3.65% 5/11/27 | 500000 | 497651 |
| 3.75% 3/9/27 | 250000 | 249256 |
| 4.10% 2/9/27 | 115000 | 115078 |
| μ5.47% 2/1/29 | 155000 | 159152 |
| μ6.05% 2/1/35 | 70000 | 74514 |
| μ6.31% 6/8/29 | 165000 | 173159 |
| μ6.38% 6/8/34 | 165000 | 178354 |
| 6.70% 11/29/32 | 200000 | 221338 |
| μ7.62% 10/30/31 | 180000 | 203426 |
| Cboe Global Markets, Inc. <br> 3.65% 1/12/27<br>| 100000 | 99789 |
| Charles Schwab Corp. |  |  |
| 2.00% 3/20/28 | 200000 | 192329 |
| 3.20% 3/2/27 | 100000 | 99203 |
| 3.25% 5/22/29 | 200000 | 194819 |
| 3.30% 4/1/27 | 90000 | 89403 |
| μ5.85% 5/19/34 | 125000 | 133899 |
| μ6.14% 8/24/34 | 250000 | 272493 |
| μ6.20% 11/17/29 | 140000 | 148070 |
| CI Financial Corp. 3.20% <br> 12/17/30<br>| 155000 | 140374 |
| CME Group, Inc. |  |  |
| 2.65% 3/15/32 | 105000 | 95999 |
| 4.15% 6/15/48 | 75000 | 62622 |
| 4.40% 3/15/30 | 250000 | 253596 |
| Eaton Vance Corp. 3.50% <br> 4/6/27<br>| 100000 | 99523 |
| Franklin Resources, Inc. <br> 1.60% 10/30/30<br>| 100000 | 88700 |
| Intercontinental Exchange, <br> Inc.<br>|  |  |
| 1.85% 9/15/32 | 165000 | 140735 |
| 2.10% 6/15/30 | 155000 | 142382 |
| 2.65% 9/15/40 | 165000 | 122791 |
| 3.00% 6/15/50 | 115000 | 75501 |
| 3.00% 9/15/60 | 160000 | 95822 |
| 3.75% 9/21/28 | 105000 | 104505 |
| 4.00% 9/15/27 | 200000 | 200546 |
| 4.25% 9/21/48 | 150000 | 124995 |
| 4.35% 6/15/29 | 85000 | 85857 |
| 4.60% 3/15/33 | 55000 | 55731 |
| 4.95% 6/15/52 | 95000 | 87198 |
| 5.20% 6/15/62 | 145000 | 133108 |
| 5.25% 6/15/31 | 30000 | 31438 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 2.75% 10/15/32 | 155000 | 134822 |
| 5.88% 7/21/28 | 135000 | 140257 |
| 6.20% 4/14/34 | 225000 | 237464 |
| 6.25% 1/15/36 | 100000 | 105955 |
| LPL Holdings, Inc. |  |  |
| 5.15% 6/15/30 | 250000 | 254954 |

---

LVIP SSGA Bond Index Fund-23

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| LPL Holdings, <br> Inc. (continued)<br>|  |  |
| 6.00% 5/20/34 | 250000 | $262897 |
| Mastercard, Inc. |  |  |
| 1.90% 3/15/31 | 100000 | 89715 |
| 2.95% 6/1/29 | 150000 | 145297 |
| 2.95% 3/15/51 | 45000 | 29547 |
| 3.30% 3/26/27 | 600000 | 596933 |
| 3.65% 6/1/49 | 150000 | 114225 |
| 3.80% 11/21/46 | 100000 | 79856 |
| 4.55% 3/15/28 | 85000 | 86416 |
| 4.95% 3/15/32 | 165000 | 170883 |
| Nasdaq, Inc. |  |  |
| 1.65% 1/15/31 | 200000 | 177219 |
| 2.50% 12/21/40 | 200000 | 142086 |
| 3.95% 3/7/52 | 100000 | 76448 |
| 5.55% 2/15/34 | 210000 | 220529 |
| Nomura Holdings, Inc. |  |  |
| 2.33% 1/22/27 | 200000 | 196470 |
| 2.61% 7/14/31 | 200000 | 180702 |
| 2.71% 1/22/29 | 200000 | 190772 |
| 3.00% 1/22/32 | 200000 | 181240 |
| 5.39% 7/6/27 | 200000 | 203647 |
| 6.07% 7/12/28 | 250000 | 260734 |
| ORIX Corp. |  |  |
| 2.25% 3/9/31 | 100000 | 89959 |
| 3.70% 7/18/27 | 100000 | 99545 |
| 4.65% 9/10/29 | 250000 | 254085 |
| Raymond James Financial, <br> Inc.<br>|  |  |
| 3.75% 4/1/51 | 250000 | 183440 |
| 4.95% 7/15/46 | 50000 | 45719 |
| Synchrony Financial |  |  |
| 2.88% 10/28/31 | 125000 | 112145 |
| 5.15% 3/19/29 | 50000 | 50671 |
| μ5.94% 8/2/30 | 90000 | 93796 |
| Visa, Inc. |  |  |
| 2.00% 8/15/50 | 300000 | 162645 |
| 2.70% 4/15/40 | 100000 | 77032 |
| 2.75% 9/15/27 | 75000 | 74092 |
| 4.15% 12/14/35 | 115000 | 111887 |
| 4.30% 12/14/45 | 530000 | 462652 |
| Voya Financial, Inc. |  |  |
| 4.80% 6/15/46 | 60000 | 53008 |
| 5.70% 7/15/43 | 100000 | 99281 |
| Western Union Co. 2.75% <br> 3/15/31<br>| 100000 | 91092 |
|  |  | **21039669** |
| **Electric–2.13%** | **Electric–2.13%** | **Electric–2.13%** |
| AEP Texas, Inc. |  |  |
| 2.10% 7/1/30 | 100000 | 91076 |
| 3.45% 1/15/50 | 50000 | 34141 |
| 4.15% 5/1/49 | 100000 | 76875 |
| 5.40% 6/1/33 | 180000 | 185830 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |  |  |
| 5.85% 10/15/55 | 500000 | $490680 |
| AEP Transmission Co. LLC |  |  |
| 3.75% 12/1/47 | 100000 | 76542 |
| 4.50% 6/15/52 | 40000 | 33907 |
| AES Corp. 2.45% 1/15/31 | 250000 | 226660 |
| Alabama Power Co. |  |  |
| 1.45% 9/15/30 | 250000 | 221708 |
| 3.05% 3/15/32 | 65000 | 60317 |
| 3.70% 12/1/47 | 100000 | 76323 |
| 3.75% 3/1/45 | 150000 | 117995 |
| 4.30% 1/2/46 | 150000 | 126649 |
| 4.30% 7/15/48 | 65000 | 53977 |
| 6.13% 5/15/38 | 100000 | 108727 |
| Ameren Corp. 1.75% 3/15/28 | 100000 | 95059 |
| Ameren Illinois Co. |  |  |
| 1.55% 11/15/30 | 40000 | 35318 |
| 3.70% 12/1/47 | 100000 | 76259 |
| 3.80% 5/15/28 | 100000 | 99692 |
| 4.95% 6/1/33 | 250000 | 255397 |
| American Electric Power Co., <br> Inc.<br>|  |  |
| 2.30% 3/1/30 | 50000 | 46202 |
| 3.20% 11/13/27 | 100000 | 98611 |
| 3.25% 3/1/50 | 65000 | 43290 |
| 5.63% 3/1/33 | 65000 | 68263 |
| 5.95% 11/1/32 | 200000 | 214643 |
| Appalachian Power Co. |  |  |
| 2.70% 4/1/31 | 250000 | 228741 |
| 3.70% 5/1/50 | 100000 | 72536 |
| 5.65% 4/1/34 | 250000 | 261194 |
| Arizona Public Service Co. |  |  |
| 2.95% 9/15/27 | 50000 | 49205 |
| 3.35% 5/15/50 | 70000 | 48006 |
| 3.50% 12/1/49 | 100000 | 70048 |
| 4.25% 3/1/49 | 100000 | 79978 |
| 4.35% 11/15/45 | 100000 | 83327 |
| 4.50% 4/1/42 | 100000 | 87855 |
| 5.05% 9/1/41 | 100000 | 96314 |
| Atlantic City Electric Co. <br> 2.30% 3/15/31<br>| 50000 | 45314 |
| Avangrid, Inc. 3.80% 6/1/29 | 100000 | 98691 |
| Avista Corp. 4.35% 6/1/48 | 100000 | 82116 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90% 6/15/50 | 55000 | 35181 |
| 3.50% 8/15/46 | 200000 | 148157 |
| 3.75% 8/15/47 | 100000 | 76321 |
| 5.30% 6/1/34 | 250000 | 258727 |
| 6.35% 10/1/36 | 100000 | 110770 |
| Berkshire Hathaway Energy <br> Co.<br>|  |  |
| 1.65% 5/15/31 | 90000 | 78335 |
| 2.85% 5/15/51 | 150000 | 93048 |
| 3.25% 4/15/28 | 125000 | 123207 |
| 3.80% 7/15/48 | 70000 | 53013 |

---

LVIP SSGA Bond Index Fund-24

------

**LVIP SSGA Bond Index 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)** |
| Berkshire Hathaway Energy <br> Co. (continued)<br>|  |  |
| 4.60% 5/1/53 | 150000 | $126295 |
| 5.95% 5/15/37 | 125000 | 133996 |
| Black Hills Corp. |  |  |
| 6.00% 1/15/35 | 95000 | 101312 |
| 6.15% 5/15/34 | 250000 | 268113 |
| CenterPoint Energy Houston <br> Electric LLC<br>|  |  |
| 2.35% 4/1/31 | 85000 | 76990 |
| 3.00% 2/1/27 | 100000 | 99148 |
| 3.35% 4/1/51 | 125000 | 87817 |
| 4.25% 2/1/49 | 50000 | 41395 |
| 4.80% 3/15/30 | 250000 | 256006 |
| 4.95% 8/15/35 | 250000 | 251781 |
| 5.05% 3/1/35 | 100000 | 100976 |
| CenterPoint Energy, Inc. <br> 2.95% 3/1/30<br>| 88000 | 83390 |
| Cleco Corporate <br> Holdings LLC 4.97% 5/1/46<br>| 70000 | 60706 |
| Cleveland Electric <br> Illuminating Co. 5.95% <br> 12/15/36<br>| 100000 | 104984 |
| CMS Energy Corp. 4.88% <br> 3/1/44<br>| 100000 | 89340 |
| Commonwealth Edison Co. |  |  |
| 2.20% 3/1/30 | 100000 | 92598 |
| 2.75% 9/1/51 | 285000 | 174779 |
| 3.13% 3/15/51 | 100000 | 66317 |
| 3.20% 11/15/49 | 145000 | 98006 |
| 3.65% 6/15/46 | 100000 | 76397 |
| 3.70% 8/15/28 | 45000 | 44826 |
| 4.00% 3/1/48 | 250000 | 198571 |
| 4.90% 2/1/33 | 90000 | 92090 |
| 5.30% 6/1/34 | 55000 | 57284 |
| 5.65% 6/1/54 | 65000 | 64456 |
| 6.45% 1/15/38 | 100000 | 111758 |
| Connecticut Light & Power <br> Co.<br>|  |  |
| 4.65% 1/1/29 | 250000 | 254643 |
| 4.95% 1/15/30 | 250000 | 256473 |
| 4.95% 8/15/34 | 65000 | 65564 |
| Consolidated Edison Co. of <br> New York, Inc.<br>|  |  |
| 3.00% 12/1/60 | 160000 | 94305 |
| 3.60% 6/15/61 | 200000 | 136617 |
| 3.70% 11/15/59 | 85000 | 59347 |
| 3.80% 5/15/28 | 100000 | 99724 |
| 3.95% 3/1/43 | 150000 | 123329 |
| 4.00% 12/1/28 | 100000 | 100285 |
| 4.30% 12/1/56 | 100000 | 78916 |
| 4.45% 3/15/44 | 200000 | 174351 |
| 4.50% 12/1/45 | 100000 | 86041 |
| 4.65% 12/1/48 | 100000 | 86562 |
| 5.13% 3/15/35 | 100000 | 102229 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Consolidated Edison Co. of <br> New York, Inc. (continued)<br>|  |  |
| 5.50% 12/1/39 | 250000 | $255320 |
| 5.50% 3/15/55 | 100000 | 96940 |
| 5.85% 3/15/36 | 100000 | 106250 |
| 6.30% 8/15/37 | 20000 | 22227 |
| 6.75% 4/1/38 | 25000 | 28554 |
| Constellation Energy <br> Generation LLC<br>|  |  |
| 5.60% 6/15/42 | 292000 | 292878 |
| 6.13% 1/15/34 | 75000 | 81294 |
| 6.25% 10/1/39 | 100000 | 108346 |
| Consumers Energy Co. |  |  |
| 2.50% 5/1/60 | 85000 | 46777 |
| 3.95% 5/15/43 | 150000 | 123874 |
| 4.63% 5/15/33 | 100000 | 100297 |
| 4.65% 3/1/28 | 250000 | 253983 |
| 4.90% 2/15/29 | 250000 | 256319 |
| Dayton Power & Light Co. <br> 3.95% 6/15/49<br>| 95000 | 70758 |
| Delmarva Power & Light Co. <br> 4.15% 5/15/45<br>| 50000 | 42123 |
| Dominion Energy South <br> Carolina, Inc.<br>|  |  |
| 5.30% 1/15/35 | 110000 | 113714 |
| 6.05% 1/15/38 | 225000 | 242004 |
| 6.25% 10/15/53 | 145000 | 155988 |
| Dominion Energy, Inc. |  |  |
| 2.25% 8/15/31 | 90000 | 80116 |
| 3.30% 4/15/41 | 30000 | 22775 |
| 4.25% 6/1/28 | 250000 | 250835 |
| 4.60% 3/15/49 | 150000 | 124948 |
| 4.90% 8/1/41 | 60000 | 55296 |
| 5.00% 6/15/30 | 155000 | 159252 |
| 5.45% 3/15/35 | 250000 | 256114 |
| 5.95% 6/15/35 | 25000 | 26618 |
| μ6.00% 2/15/56 | 250000 | 251153 |
| μ6.88% 2/1/55 | 250000 | 259857 |
| DTE Electric Co. |  |  |
| 1.90% 4/1/28 | 160000 | 153350 |
| 2.25% 3/1/30 | 150000 | 139441 |
| 3.25% 4/1/51 | 70000 | 47956 |
| 3.70% 6/1/46 | 50000 | 38400 |
| 3.75% 8/15/47 | 100000 | 76669 |
| 3.95% 3/1/49 | 70000 | 54964 |
| 4.05% 5/15/48 | 100000 | 81161 |
| DTE Energy Co. |  |  |
| 3.40% 6/15/29 | 98000 | 95290 |
| 4.88% 6/1/28 | 210000 | 213637 |
| 4.95% 7/1/27 | 65000 | 65856 |
| 5.05% 10/1/35 | 400000 | 399265 |
| 5.20% 4/1/30 | 120000 | 123813 |
| Duke Energy Carolinas LLC |  |  |
| 2.55% 4/15/31 | 75000 | 69039 |
| 3.45% 4/15/51 | 90000 | 63830 |

---

LVIP SSGA Bond Index Fund-25

------

**LVIP SSGA Bond Index 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)** |
| Duke Energy <br> Carolinas LLC (continued)<br>|  |  |
| 3.95% 3/15/48 | 150000 | $118796 |
| 4.00% 9/30/42 | 150000 | 125818 |
| 4.95% 1/15/33 | 250000 | 257494 |
| 5.25% 3/15/35 | 250000 | 258359 |
| 5.30% 2/15/40 | 100000 | 101034 |
| 6.10% 6/1/37 | 170000 | 183048 |
| Duke Energy Corp. |  |  |
| 2.45% 6/1/30 | 370000 | 343030 |
| 3.15% 8/15/27 | 250000 | 246883 |
| 3.95% 8/15/47 | 200000 | 154020 |
| 4.80% 12/15/45 | 100000 | 88661 |
| 4.85% 1/5/29 | 250000 | 254898 |
| 5.00% 12/8/27 | 125000 | 127434 |
| 5.45% 6/15/34 | 145000 | 150987 |
| 5.75% 9/15/33 | 250000 | 264732 |
| 6.10% 9/15/53 | 250000 | 258957 |
| Duke Energy Florida LLC |  |  |
| 1.75% 6/15/30 | 335000 | 302203 |
| 3.20% 1/15/27 | 150000 | 149164 |
| 3.85% 11/15/42 | 100000 | 82223 |
| Duke Energy Florida Project <br> Finance LLC 2.54% 9/1/31<br>| 58641 | 56778 |
| Duke Energy Indiana LLC |  |  |
| 2.75% 4/1/50 | 125000 | 78083 |
| 3.75% 5/15/46 | 150000 | 116855 |
| 6.12% 10/15/35 | 100000 | 108233 |
| 6.45% 4/1/39 | 130000 | 143826 |
| Duke Energy Ohio, Inc. 3.65% <br> 2/1/29<br>| 100000 | 98992 |
| Duke Energy Progress LLC |  |  |
| 3.70% 9/1/28 | 100000 | 99588 |
| 4.10% 3/15/43 | 100000 | 84284 |
| 5.05% 3/15/35 | 115000 | 116930 |
| 6.30% 4/1/38 | 250000 | 277228 |
| Duke Energy Progress NC <br> Storm Funding LLC 2.39% <br> 7/1/39<br>| 100000 | 85867 |
| Edison International |  |  |
| 5.25% 11/15/28 | 145000 | 146953 |
| 5.25% 3/15/32 | 90000 | 89979 |
| El Paso Electric Co. 5.00% <br> 12/1/44<br>| 150000 | 133020 |
| Emera U.S. Finance LP 4.75% <br> 6/15/46<br>| 105000 | 89619 |
| Enel Chile SA 4.88% 6/12/28 | 150000 | 152100 |
| Entergy Arkansas LLC |  |  |
| 2.65% 6/15/51 | 65000 | 38634 |
| 3.35% 6/15/52 | 100000 | 67796 |
| 4.20% 4/1/49 | 100000 | 80724 |
| Entergy Corp. |  |  |
| 1.90% 6/15/28 | 85000 | 80607 |
| 2.40% 6/15/31 | 100000 | 89811 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Entergy Louisiana LLC |  |  |
| 1.60% 12/15/30 | 50000 | $44175 |
| 2.35% 6/15/32 | 100000 | 88193 |
| 2.90% 3/15/51 | 75000 | 46959 |
| 3.10% 6/15/41 | 100000 | 75997 |
| 3.25% 4/1/28 | 150000 | 147935 |
| 4.00% 3/15/33 | 95000 | 91570 |
| 4.20% 4/1/50 | 100000 | 79866 |
| 4.95% 1/15/45 | 110000 | 100570 |
| 5.15% 9/15/34 | 155000 | 158457 |
| 5.80% 3/15/55 | 175000 | 175868 |
| Entergy Mississippi LLC |  |  |
| 2.85% 6/1/28 | 50000 | 48704 |
| 3.85% 6/1/49 | 25000 | 19062 |
| Entergy Texas, Inc. |  |  |
| 3.55% 9/30/49 | 50000 | 35647 |
| 5.25% 4/15/35 | 145000 | 148714 |
| 5.80% 9/1/53 | 140000 | 139699 |
| Evergy Kansas Central, Inc. |  |  |
| 4.25% 12/1/45 | 50000 | 41595 |
| 5.25% 3/15/35 | 100000 | 101937 |
| Evergy Metro, Inc. |  |  |
| 2.25% 6/1/30 | 150000 | 138311 |
| 4.20% 6/15/47 | 100000 | 81215 |
| Eversource Energy |  |  |
| 2.55% 3/15/31 | 250000 | 226030 |
| 2.90% 3/1/27 | 100000 | 98612 |
| 3.30% 1/15/28 | 100000 | 98219 |
| 3.38% 3/1/32 | 100000 | 92472 |
| 4.25% 4/1/29 | 75000 | 74801 |
| 5.45% 3/1/28 | 365000 | 374131 |
| Exelon Corp. |  |  |
| 2.75% 3/15/27 | 100000 | 98486 |
| 3.35% 3/15/32 | 100000 | 93556 |
| 4.10% 3/15/52 | 40000 | 30865 |
| 4.45% 4/15/46 | 100000 | 83889 |
| 4.95% 6/15/35 | 105000 | 104621 |
| 5.10% 6/15/45 | 105000 | 97086 |
| 5.15% 3/15/28 | 50000 | 51082 |
| 5.30% 3/15/33 | 100000 | 103834 |
| 5.60% 3/15/53 | 100000 | 96916 |
| FirstEnergy <br> Transmission LLC<br>|  |  |
| 4.55% 1/15/30 | 85000 | 85658 |
| 5.00% 1/15/35 | 65000 | 65129 |
| Florida Power & Light Co. |  |  |
| 3.70% 12/1/47 | 100000 | 76900 |
| 3.80% 12/15/42 | 100000 | 82122 |
| 4.05% 6/1/42 | 150000 | 128123 |
| 4.13% 6/1/48 | 100000 | 81491 |
| 4.80% 5/15/33 | 250000 | 254858 |
| 5.05% 4/1/28 | 145000 | 148662 |
| 5.10% 4/1/33 | 160000 | 165703 |
| 5.30% 6/15/34 | 500000 | 523737 |
| 5.30% 4/1/53 | 165000 | 158008 |

---

LVIP SSGA Bond Index Fund-26

------

**LVIP SSGA Bond Index 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)** |
| Florida Power & Light <br> Co. (continued)<br>|  |  |
| 5.69% 3/1/40 | 50000 | $52569 |
| 5.70% 3/15/55 | 110000 | 111456 |
| 5.80% 3/15/65 | 155000 | 157456 |
| 5.96% 4/1/39 | 100000 | 107851 |
| Georgia Power Co. |  |  |
| 2.65% 9/15/29 | 105000 | 99904 |
| 3.25% 3/15/51 | 285000 | 194224 |
| 3.70% 1/30/50 | 40000 | 29901 |
| 4.00% 10/1/28 | 500000 | 502765 |
| 4.30% 3/15/42 | 200000 | 175007 |
| 4.30% 3/15/43 | 100000 | 86310 |
| 4.55% 3/15/30 | 100000 | 101601 |
| 4.65% 5/16/28 | 250000 | 253913 |
| 4.75% 9/1/40 | 100000 | 94818 |
| 4.85% 3/15/31 | 155000 | 159029 |
| Hydro-Quebec 8.50% 12/1/29 | 115000 | 132536 |
| Iberdrola International BV <br> 6.75% 7/15/36<br>| 100000 | 113809 |
| Idaho Power Co. 5.20% <br> 8/15/34<br>| 180000 | 185137 |
| Indiana Michigan Power Co. |  |  |
| 3.75% 7/1/47 | 100000 | 76571 |
| 3.85% 5/15/28 | 150000 | 149730 |
| 4.25% 8/15/48 | 50000 | 40420 |
| Interstate Power & Light Co. |  |  |
| 2.30% 6/1/30 | 25000 | 22950 |
| 3.50% 9/30/49 | 50000 | 35645 |
| 3.60% 4/1/29 | 200000 | 195929 |
| 4.95% 9/30/34 | 85000 | 84623 |
| 5.70% 10/15/33 | 105000 | 110160 |
| 6.25% 7/15/39 | 130000 | 138832 |
| ITC Holdings Corp. 3.35% <br> 11/15/27<br>| 100000 | 98907 |
| Jersey Central Power & Light <br> Co. 5.10% 1/15/35<br>| 60000 | 60674 |
| Kentucky Utilities Co. |  |  |
| 3.30% 6/1/50 | 105000 | 72282 |
| 5.13% 11/1/40 | 100000 | 97977 |
| MidAmerican Energy Co. |  |  |
| 3.10% 5/1/27 | 100000 | 99032 |
| 3.65% 4/15/29 | 50000 | 49407 |
| 3.95% 8/1/47 | 100000 | 79159 |
| 4.25% 7/15/49 | 50000 | 40951 |
| 4.40% 10/15/44 | 100000 | 86353 |
| 5.35% 1/15/34 | 125000 | 130491 |
| 5.75% 11/1/35 | 25000 | 26661 |
| Mississippi Power Co. 3.95% <br> 3/30/28<br>| 100000 | 99909 |
| National Grid PLC 5.42% <br> 1/11/34<br>| 250000 | 258585 |
| National Rural Utilities <br> Cooperative Finance Corp.<br>|  |  |
| 1.35% 3/15/31 | 125000 | 107932 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| National Rural Utilities <br> Cooperative Finance <br> Corp. (continued)<br>|  |  |
| 2.40% 3/15/30 | 195000 | $182046 |
| 3.05% 4/25/27 | 100000 | 98926 |
| 4.02% 11/1/32 | 100000 | 97099 |
| 4.30% 12/10/30 | 200000 | 200457 |
| 4.85% 2/7/29 | 250000 | 255741 |
| 5.80% 1/15/33 | 85000 | 91141 |
| 8.00% 3/1/32 | 150000 | 176596 |
| Nevada Power Co. |  |  |
| 2.40% 5/1/30 | 100000 | 92399 |
| 3.13% 8/1/50 | 65000 | 42336 |
| 3.70% 5/1/29 | 75000 | 73872 |
| 6.00% 3/15/54 | 80000 | 81967 |
| 6.75% 7/1/37 | 100000 | 111796 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 1.88% 1/15/27 | 200000 | 195769 |
| 2.44% 1/15/32 | 200000 | 178109 |
| 2.75% 11/1/29 | 320000 | 304778 |
| 3.00% 1/15/52 | 200000 | 126750 |
| 3.50% 4/1/29 | 150000 | 147017 |
| 4.63% 7/15/27 | 200000 | 202145 |
| 5.00% 7/15/32 | 60000 | 61456 |
| 5.05% 2/28/33 | 250000 | 255862 |
| 5.25% 2/28/53 | 145000 | 134989 |
| 5.30% 3/15/32 | 500000 | 520750 |
| μ5.65% 5/1/79 | 100000 | 100976 |
| Northern States Power Co. |  |  |
| 2.25% 4/1/31 | 100000 | 90777 |
| 2.90% 3/1/50 | 60000 | 39331 |
| 3.20% 4/1/52 | 60000 | 41035 |
| 3.60% 9/15/47 | 100000 | 75313 |
| 5.35% 11/1/39 | 40000 | 40506 |
| 5.65% 6/15/54 | 250000 | 251670 |
| 6.20% 7/1/37 | 100000 | 110026 |
| NorthWestern Corp. 4.18% <br> 11/15/44<br>| 150000 | 123906 |
| NSTAR Electric Co. |  |  |
| 1.95% 8/15/31 | 100000 | 88120 |
| 3.20% 5/15/27 | 100000 | 99061 |
| Oglethorpe Power Corp. |  |  |
| 3.75% 8/1/50 | 155000 | 111085 |
| 5.95% 11/1/39 | 100000 | 104608 |
| Ohio Edison Co. 6.88% <br> 7/15/36<br>| 100000 | 114354 |
| Ohio Power Co. |  |  |
| 1.63% 1/15/31 | 100000 | 87756 |
| 4.15% 4/1/48 | 100000 | 78964 |
| Oklahoma Gas & Electric Co. |  |  |
| 3.30% 3/15/30 | 100000 | 96467 |
| 4.15% 4/1/47 | 50000 | 40377 |
| 5.60% 4/1/53 | 250000 | 244863 |

---

LVIP SSGA Bond Index Fund-27

------

**LVIP SSGA Bond Index 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)** |
| Oncor Electric Delivery Co. <br> LLC<br>|  |  |
| 3.70% 11/15/28 | 200000 | $198673 |
| 3.75% 4/1/45 | 100000 | 78327 |
| 4.10% 11/15/48 | 100000 | 80279 |
| 4.55% 12/1/41 | 150000 | 135822 |
| 4.65% 11/1/29 | 110000 | 111795 |
| 5.30% 6/1/42 | 200000 | 195083 |
| 5.35% 4/1/35 | 105000 | 108251 |
| 5.55% 6/15/54 | 175000 | 169854 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 85000 | 82403 |
| 2.50% 2/1/31 | 250000 | 224990 |
| 3.25% 6/1/31 | 185000 | 172140 |
| 3.30% 8/1/40 | 150000 | 113543 |
| 3.50% 8/1/50 | 410000 | 276463 |
| 4.20% 3/1/29 | 70000 | 69561 |
| 4.20% 6/1/41 | 115000 | 95808 |
| 4.40% 3/1/32 | 100000 | 97563 |
| 4.95% 7/1/50 | 600000 | 507139 |
| 5.00% 6/4/28 | 600000 | 610285 |
| 5.25% 3/1/52 | 100000 | 87190 |
| 5.90% 10/1/54 | 170000 | 162929 |
| 6.10% 10/15/55 | 200000 | 196278 |
| 6.15% 1/15/33 | 125000 | 132637 |
| 6.75% 1/15/53 | 300000 | 319058 |
| PacifiCorp |  |  |
| 3.50% 6/15/29 | 65000 | 63100 |
| 4.10% 2/1/42 | 100000 | 79047 |
| 4.13% 1/15/49 | 70000 | 52174 |
| 4.15% 2/15/50 | 100000 | 74151 |
| 5.35% 12/1/53 | 300000 | 263029 |
| 5.45% 2/15/34 | 350000 | 355084 |
| 5.75% 4/1/37 | 100000 | 101342 |
| 6.00% 1/15/39 | 100000 | 101671 |
| 6.35% 7/15/38 | 25000 | 26146 |
| 7.70% 11/15/31 | 100000 | 113765 |
| PECO Energy Co. |  |  |
| 2.80% 6/15/50 | 290000 | 181493 |
| 3.00% 9/15/49 | 40000 | 26251 |
| 3.05% 3/15/51 | 30000 | 19567 |
| 5.95% 10/1/36 | 100000 | 108113 |
| PG&E Recovery Funding LLC <br> 5.53% 6/1/51<br>| 563000 | 562215 |
| PG&E Wildfire Recovery <br> Funding LLC 4.72% 6/1/39<br>| 250000 | 247362 |
| Potomac Electric Power Co. <br> 4.15% 3/15/43<br>| 100000 | 84533 |
| PPL Capital Funding, Inc. <br> 5.25% 9/1/34<br>| 115000 | 117771 |
| PPL Electric Utilities Corp. |  |  |
| 4.13% 6/15/44 | 100000 | 83581 |
| 4.85% 2/15/34 | 155000 | 156639 |
| 5.00% 5/15/33 | 145000 | 148444 |
| 5.25% 5/15/53 | 85000 | 81438 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| PPL Electric Utilities <br> Corp. (continued)<br>|  |  |
| 6.25% 5/15/39 | 30000 | $32888 |
| Progress Energy, Inc. 7.75% <br> 3/1/31<br>| 150000 | 171704 |
| Public Service Co. of Colorado |  |  |
| 1.90% 1/15/31 | 150000 | 133485 |
| 2.70% 1/15/51 | 150000 | 90301 |
| 3.20% 3/1/50 | 65000 | 44267 |
| 4.05% 9/15/49 | 50000 | 39038 |
| 5.35% 5/15/34 | 255000 | 262011 |
| 5.75% 5/15/54 | 100000 | 100081 |
| 6.25% 9/1/37 | 100000 | 109111 |
| Public Service Electric & Gas <br> Co.<br>|  |  |
| 2.05% 8/1/50 | 100000 | 53992 |
| 3.00% 3/1/51 | 100000 | 65469 |
| 3.60% 12/1/47 | 50000 | 37519 |
| 3.70% 5/1/28 | 100000 | 99599 |
| 3.80% 3/1/46 | 100000 | 78862 |
| 3.85% 5/1/49 | 125000 | 96206 |
| 4.05% 5/1/48 | 100000 | 80586 |
| 4.85% 8/1/34 | 250000 | 252025 |
| 5.30% 8/1/54 | 190000 | 181566 |
| 5.50% 3/1/40 | 100000 | 102419 |
| Public Service Enterprise <br> Group, Inc.<br>|  |  |
| 1.60% 8/15/30 | 100000 | 88630 |
| 5.88% 10/15/28 | 250000 | 261025 |
| 6.13% 10/15/33 | 125000 | 134506 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 90000 | 92354 |
| Puget Sound Energy, Inc. |  |  |
| 2.89% 9/15/51 | 105000 | 66597 |
| 4.22% 6/15/48 | 65000 | 52896 |
| 5.33% 6/15/34 | 195000 | 200678 |
| 5.64% 4/15/41 | 80000 | 79922 |
| 5.80% 3/15/40 | 100000 | 103712 |
| San Diego Gas & Electric Co. |  |  |
| 4.10% 6/15/49 | 100000 | 79129 |
| 4.15% 5/15/48 | 100000 | 80383 |
| 4.95% 8/15/28 | 200000 | 204971 |
| 5.35% 4/1/53 | 155000 | 146419 |
| 5.40% 4/15/35 | 185000 | 191487 |
| Sempra |  |  |
| 3.40% 2/1/28 | 95000 | 93553 |
| 3.70% 4/1/29 | 180000 | 177158 |
| 3.80% 2/1/38 | 150000 | 128904 |
| 4.00% 2/1/48 | 95000 | 72500 |
| 6.00% 10/15/39 | 125000 | 130131 |
| Southern California Edison <br> Co.<br>|  |  |
| 2.25% 6/1/30 | 70000 | 63496 |
| 2.85% 8/1/29 | 155000 | 146793 |
| 3.65% 3/1/28 | 100000 | 98846 |

---

LVIP SSGA Bond Index Fund-28

------

**LVIP SSGA Bond Index 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>|  |  |
| 3.90% 3/15/43 | 100000 | $76873 |
| 4.00% 4/1/47 | 300000 | 224969 |
| 4.13% 3/1/48 | 150000 | 113848 |
| 4.20% 3/1/29 | 100000 | 99385 |
| 4.50% 9/1/40 | 100000 | 87447 |
| 4.88% 3/1/49 | 100000 | 83852 |
| 5.25% 3/15/30 | 95000 | 97431 |
| 5.45% 6/1/31 | 165000 | 170621 |
| 5.45% 3/1/35 | 250000 | 253468 |
| 5.90% 3/1/55 | 125000 | 120678 |
| 5.95% 11/1/32 | 200000 | 211576 |
| 5.95% 2/1/38 | 25000 | 25535 |
| 6.65% 4/1/29 | 100000 | 104779 |
| Southern Co. |  |  |
| 4.25% 7/1/36 | 85000 | 79660 |
| 5.11% 8/1/27 | 100000 | 101599 |
| Southern Power Co. |  |  |
| 4.95% 12/15/46 | 100000 | 89182 |
| 5.25% 7/15/43 | 120000 | 114449 |
| Southwestern Electric Power <br> Co.<br>|  |  |
| 3.85% 2/1/48 | 100000 | 74449 |
| 6.20% 3/15/40 | 200000 | 212327 |
| Southwestern Public Service <br> Co.<br>|  |  |
| 4.40% 11/15/48 | 100000 | 83283 |
| 6.00% 6/1/54 | 180000 | 183892 |
| Tampa Electric Co. |  |  |
| 4.35% 5/15/44 | 50000 | 42735 |
| 4.45% 6/15/49 | 100000 | 83511 |
| 5.15% 3/1/35 | 250000 | 253510 |
| Tucson Electric Power Co. <br> 1.50% 8/1/30<br>| 90000 | 80021 |
| Union Electric Co. |  |  |
| 2.63% 3/15/51 | 250000 | 150694 |
| 2.95% 6/15/27 | 100000 | 98947 |
| 3.50% 3/15/29 | 100000 | 98255 |
| 3.65% 4/15/45 | 100000 | 77514 |
| 3.90% 9/15/42 | 100000 | 82113 |
| 4.00% 4/1/48 | 100000 | 79345 |
| 8.45% 3/15/39 | 80000 | 103484 |
| Virginia Electric & Power Co. |  |  |
| 2.30% 11/15/31 | 200000 | 177784 |
| 2.95% 11/15/51 | 200000 | 125797 |
| 3.30% 12/1/49 | 100000 | 68868 |
| 3.50% 3/15/27 | 150000 | 149277 |
| 3.80% 4/1/28 | 100000 | 99629 |
| 3.80% 9/15/47 | 100000 | 76531 |
| 4.00% 11/15/46 | 45000 | 35780 |
| 4.60% 12/1/48 | 115000 | 98710 |
| 4.65% 8/15/43 | 150000 | 134298 |
| 5.55% 8/15/54 | 85000 | 82394 |
| 6.00% 5/15/37 | 25000 | 26867 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Virginia Electric & Power <br> Co. (continued)<br>|  |  |
| 6.35% 11/30/37 | 100000 | $109791 |
| 8.88% 11/15/38 | 100000 | 133607 |
| WEC Energy Group, Inc. |  |  |
| 1.38% 10/15/27 | 150000 | 143374 |
| 1.80% 10/15/30 | 52000 | 46250 |
| 4.75% 1/15/28 | 100000 | 101485 |
| Wisconsin Electric Power Co. <br> 4.30% 10/15/48<br>| 45000 | 37181 |
| Wisconsin Power & Light Co. <br> 1.95% 9/16/31<br>| 50000 | 43807 |
| Wisconsin Public Service <br> Corp. 4.75% 11/1/44<br>| 200000 | 179391 |
| Xcel Energy, Inc. |  |  |
| 4.75% 3/21/28 | 80000 | 81037 |
| 5.45% 8/15/33 | 200000 | 206442 |
|  |  | **54650936** |
| **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |
| Emerson Electric Co. |  |  |
| 1.80% 10/15/27 | 45000 | 43537 |
| 2.00% 12/21/28 | 200000 | 189696 |
| 2.75% 10/15/50 | 30000 | 19098 |
| 5.00% 3/15/35 | 210000 | 215289 |
| 5.25% 11/15/39 | 50000 | 51000 |
|  |  | **518620** |
| **Electronics–0.17%** | **Electronics–0.17%** | **Electronics–0.17%** |
| Allegion PLC 3.50% 10/1/29 | 50000 | 48741 |
| Allegion U.S. Holding Co., Inc. <br> 5.60% 5/29/34<br>| 150000 | 156565 |
| Amphenol Corp. |  |  |
| 2.20% 9/15/31 | 60000 | 53591 |
| 4.13% 11/15/30 | 600000 | 596853 |
| 4.35% 6/1/29 | 75000 | 75726 |
| 5.00% 1/15/35 | 185000 | 188441 |
| 5.05% 4/5/27 | 170000 | 172349 |
| Arrow Electronics, Inc. |  |  |
| 3.88% 1/12/28 | 200000 | 198540 |
| 5.15% 8/21/29 | 160000 | 163647 |
| Avnet, Inc. 5.50% 6/1/32 | 100000 | 101404 |
| Flex Ltd. |  |  |
| 4.88% 6/15/29 | 75000 | 76029 |
| 6.00% 1/15/28 | 210000 | 216770 |
| Fortive Corp. 4.30% 6/15/46 | 50000 | 41216 |
| Honeywell International, Inc. |  |  |
| 1.10% 3/1/27 | 200000 | 193866 |
| 1.75% 9/1/31 | 160000 | 139884 |
| 1.95% 6/1/30 | 250000 | 228010 |
| 2.70% 8/15/29 | 60000 | 57256 |
| 2.80% 6/1/50 | 100000 | 65342 |
| 4.25% 1/15/29 | 160000 | 161137 |
| 4.95% 2/15/28 | 180000 | 183769 |
| 5.25% 3/1/54 | 500000 | 472548 |

---

LVIP SSGA Bond Index Fund-29

------

**LVIP SSGA Bond Index 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)** |
| Hubbell, Inc. 2.30% 3/15/31 | 60000 | $54643 |
| Jabil, Inc. |  |  |
| 3.00% 1/15/31 | 50000 | 46587 |
| 3.60% 1/15/30 | 50000 | 48493 |
| 3.95% 1/12/28 | 110000 | 109740 |
| 4.25% 5/15/27 | 50000 | 50070 |
| Keysight Technologies, Inc. |  |  |
| 4.60% 4/6/27 | 60000 | 60310 |
| 5.35% 7/30/30 | 125000 | 130362 |
| TD SYNNEX Corp. 6.10% <br> 4/12/34<br>| 65000 | 68683 |
| Trimble, Inc. |  |  |
| 4.90% 6/15/28 | 100000 | 101445 |
| 6.10% 3/15/33 | 125000 | 134593 |
| Tyco Electronics Group SA <br> 2.50% 2/4/32<br>| 85000 | 76191 |
|  |  | **4472801** |
| **Environmental Control–0.10%** | **Environmental Control–0.10%** | **Environmental Control–0.10%** |
| Republic Services, Inc. |  |  |
| 1.45% 2/15/31 | 200000 | 174312 |
| 1.75% 2/15/32 | 100000 | 86258 |
| 3.38% 11/15/27 | 60000 | 59538 |
| 3.95% 5/15/28 | 150000 | 150252 |
| 5.00% 11/15/29 | 100000 | 103460 |
| 5.15% 3/15/35 | 180000 | 185764 |
| 5.20% 11/15/34 | 100000 | 103539 |
| Waste Connections, Inc. |  |  |
| 2.20% 1/15/32 | 115000 | 101527 |
| 2.95% 1/15/52 | 115000 | 74461 |
| 3.20% 6/1/32 | 65000 | 60492 |
| 3.50% 5/1/29 | 150000 | 147536 |
| Waste Management, Inc. |  |  |
| 1.15% 3/15/28 | 30000 | 28287 |
| 1.50% 3/15/31 | 30000 | 26204 |
| 2.50% 11/15/50 | 20000 | 11937 |
| 3.15% 11/15/27 | 100000 | 98833 |
| 4.15% 4/15/32 | 200000 | 198224 |
| 4.65% 3/15/30 | 250000 | 254841 |
| 4.88% 2/15/29 | 250000 | 256413 |
| 4.95% 7/3/31 | 110000 | 113863 |
| 4.95% 3/15/35 | 165000 | 167579 |
| 5.35% 10/15/54 | 100000 | 97420 |
|  |  | **2500740** |
| **Food–0.34%** | **Food–0.34%** | **Food–0.34%** |
| Campbell's Co. |  |  |
| 4.15% 3/15/28 | 200000 | 199972 |
| 4.80% 3/15/48 | 65000 | 56206 |
| 5.40% 3/21/34 | 40000 | 40741 |
| Conagra Brands, Inc. |  |  |
| 1.38% 11/1/27 | 100000 | 95072 |
| 4.85% 11/1/28 | 165000 | 166920 |
| 5.30% 11/1/38 | 50000 | 47737 |
| 5.40% 11/1/48 | 105000 | 94063 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Conagra Brands, <br> Inc. (continued)<br>|  |  |
| 8.25% 9/15/30 | 100000 | $114617 |
| Flowers Foods, Inc. 2.40% <br> 3/15/31<br>| 45000 | 39760 |
| General Mills, Inc. |  |  |
| 3.00% 2/1/51 | 95000 | 61435 |
| 4.20% 4/17/28 | 75000 | 75244 |
| 4.88% 1/30/30 | 180000 | 184087 |
| 4.95% 3/29/33 | 70000 | 71014 |
| 5.25% 1/30/35 | 250000 | 255158 |
| 5.50% 10/17/28 | 115000 | 119270 |
| Hershey Co. |  |  |
| 2.45% 11/15/29 | 50000 | 47158 |
| 3.13% 11/15/49 | 50000 | 34266 |
| 4.55% 2/24/28 | 40000 | 40629 |
| 4.75% 2/24/30 | 100000 | 102709 |
| 4.95% 2/24/32 | 100000 | 103663 |
| 5.10% 2/24/35 | 100000 | 102791 |
| Hormel Foods Corp. 1.80% <br> 6/11/30<br>| 85000 | 76720 |
| Ingredion, Inc. 3.90% 6/1/50 | 200000 | 149716 |
| J.M. Smucker Co. |  |  |
| 4.25% 3/15/35 | 100000 | 94147 |
| 4.38% 3/15/45 | 50000 | 41797 |
| 5.90% 11/15/28 | 125000 | 130964 |
| 6.20% 11/15/33 | 125000 | 135496 |
| 6.50% 11/15/43 | 115000 | 123407 |
| 6.50% 11/15/53 | 145000 | 156887 |
| JBS USA Holding Lux <br> SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 5.75% 4/1/33 | 244000 | 254910 |
| 6.50% 12/1/52 | 165000 | 170104 |
| 6.75% 3/15/34 | 233000 | 257419 |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co. 5.50% 1/15/36<br>| 250000 | 254039 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 6.38% 2/25/55<br>| 50000 | 50830 |
| Kellanova |  |  |
| 3.40% 11/15/27 | 200000 | 198246 |
| 4.30% 5/15/28 | 150000 | 150946 |
| 4.50% 4/1/46 | 100000 | 88097 |
| Koninklijke Ahold Delhaize <br> NV 5.70% 10/1/40<br>| 145000 | 150150 |
| Kraft Heinz Foods Co. |  |  |
| 4.38% 6/1/46 | 1000000 | 826120 |
| 5.20% 3/15/32 | 190000 | 195381 |
| 5.40% 3/15/35 | 300000 | 308222 |
| Kroger Co. |  |  |
| 1.70% 1/15/31 | 125000 | 110137 |
| 5.00% 9/15/34 | 115000 | 115635 |

---

LVIP SSGA Bond Index Fund-30

------

**LVIP SSGA Bond Index 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)** |
| Kroger Co. (continued) |  |  |
| 5.00% 4/15/42 | 100000 | $93242 |
| 5.50% 9/15/54 | 60000 | 57138 |
| 5.65% 9/15/64 | 90000 | 85851 |
| 6.90% 4/15/38 | 100000 | 114837 |
| 7.50% 4/1/31 | 250000 | 285066 |
| McCormick & Co., Inc. |  |  |
| 3.40% 8/15/27 | 150000 | 148662 |
| 4.20% 8/15/47 | 20000 | 16220 |
| Mondelez International, Inc. |  |  |
| 1.88% 10/15/32 | 180000 | 154950 |
| 2.63% 9/4/50 | 360000 | 214801 |
| 2.75% 4/13/30 | 135000 | 127100 |
| 4.75% 8/28/34 | 125000 | 124402 |
| Pilgrim's Pride Corp. |  |  |
| 6.25% 7/1/33 | 145000 | 155007 |
| 6.88% 5/15/34 | 250000 | 277260 |
| Sysco Corp. |  |  |
| 2.40% 2/15/30 | 35000 | 32574 |
| 3.25% 7/15/27 | 200000 | 198032 |
| 3.30% 2/15/50 | 35000 | 24367 |
| 4.45% 3/15/48 | 100000 | 84656 |
| 4.50% 4/1/46 | 75000 | 64428 |
| 4.85% 10/1/45 | 85000 | 76646 |
| Tyson Foods, Inc. |  |  |
| 3.55% 6/2/27 | 155000 | 153917 |
| 4.35% 3/1/29 | 130000 | 130334 |
| 5.10% 9/28/48 | 40000 | 36872 |
|  |  | **8748244** |
| **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** |
| International Paper Co. |  |  |
| 4.80% 6/15/44 | 149000 | 131276 |
| 6.00% 11/15/41 | 135000 | 139841 |
| Suzano Austria GmbH |  |  |
| 2.50% 9/15/28 | 125000 | 118314 |
| 3.75% 1/15/31 | 205000 | 193436 |
| 6.00% 1/15/29 | 200000 | 205979 |
|  |  | **788846** |
| **Gas–0.18%** | **Gas–0.18%** | **Gas–0.18%** |
| Atmos Energy Corp. |  |  |
| 1.50% 1/15/31 | 250000 | 219277 |
| 3.00% 6/15/27 | 65000 | 64362 |
| 3.38% 9/15/49 | 55000 | 38608 |
| 4.13% 10/15/44 | 150000 | 126483 |
| 4.13% 3/15/49 | 155000 | 123814 |
| 6.20% 11/15/53 | 125000 | 134887 |
| CenterPoint Energy <br> Resources Corp.<br>|  |  |
| 4.00% 4/1/28 | 100000 | 99856 |
| 5.25% 3/1/28 | 250000 | 256198 |
| 5.85% 1/15/41 | 115000 | 119571 |
| National Fuel Gas Co. 3.95% <br> 9/15/27<br>| 200000 | 199220 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| NiSource, Inc. |  |  |
| 1.70% 2/15/31 | 175000 | $153564 |
| 2.95% 9/1/29 | 100000 | 95955 |
| 3.49% 5/15/27 | 100000 | 99352 |
| 3.95% 3/30/48 | 150000 | 116988 |
| 4.38% 5/15/47 | 100000 | 82879 |
| 4.80% 2/15/44 | 100000 | 89971 |
| 5.25% 2/15/43 | 59000 | 56500 |
| 5.40% 6/30/33 | 150000 | 155553 |
| 5.85% 4/1/55 | 65000 | 64795 |
| ONE Gas, Inc. |  |  |
| 4.66% 2/1/44 | 50000 | 44392 |
| 5.10% 4/1/29 | 165000 | 169829 |
| Piedmont Natural Gas Co., <br> Inc.<br>|  |  |
| 3.50% 6/1/29 | 100000 | 97749 |
| 3.64% 11/1/46 | 50000 | 37315 |
| 4.65% 8/1/43 | 50000 | 44585 |
| Southern California Gas Co. |  |  |
| 2.95% 4/15/27 | 110000 | 108807 |
| 3.95% 2/15/50 | 50000 | 38383 |
| 4.13% 6/1/48 | 100000 | 79710 |
| 5.05% 9/1/34 | 95000 | 96522 |
| 6.00% 6/15/55 | 500000 | 513368 |
| Southern Co. Gas Capital <br> Corp.<br>|  |  |
| 1.75% 1/15/31 | 250000 | 221187 |
| 4.40% 6/1/43 | 100000 | 85604 |
| 4.40% 5/30/47 | 200000 | 166635 |
| 4.95% 9/15/34 | 250000 | 250695 |
| 5.88% 3/15/41 | 70000 | 72260 |
| Southwest Gas Corp. |  |  |
| 3.18% 8/15/51 | 140000 | 95554 |
| 3.70% 4/1/28 | 100000 | 99093 |
| 5.80% 12/1/27 | 50000 | 51549 |
| Washington Gas Light Co. |  |  |
| 3.65% 9/15/49 | 40000 | 29060 |
| 3.80% 9/15/46 | 70000 | 54227 |
|  |  | **4654357** |
| **Hand Machine Tools–0.01%** | **Hand Machine Tools–0.01%** | **Hand Machine Tools–0.01%** |
| Kennametal, Inc. 2.80% <br> 3/1/31<br>| 125000 | 114333 |
| Snap-on, Inc. 4.10% 3/1/48 | 85000 | 69622 |
| Stanley Black & Decker, Inc. <br> 5.20% 9/1/40<br>| 100000 | 97342 |
|  |  | **281297** |
| **Health Care Products–0.25%** | **Health Care Products–0.25%** | **Health Care Products–0.25%** |
| Abbott Laboratories |  |  |
| 1.15% 1/30/28 | 45000 | 42794 |
| 1.40% 6/30/30 | 40000 | 35772 |
| 4.90% 11/30/46 | 400000 | 376621 |
| 6.00% 4/1/39 | 50000 | 54946 |
| 6.15% 11/30/37 | 50000 | 55903 |

---

LVIP SSGA Bond Index Fund-31

------

**LVIP SSGA Bond Index 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 Products (continued)** | **Health Care Products (continued)** | **Health Care Products (continued)** |
| Agilent Technologies, Inc. |  |  |
| 2.10% 6/4/30 | 115000 | $105094 |
| 4.75% 9/9/34 | 250000 | 249434 |
| Baxter International, Inc. |  |  |
| 1.73% 4/1/31 | 65000 | 55663 |
| 1.92% 2/1/27 | 200000 | 195161 |
| 2.54% 2/1/32 | 200000 | 174283 |
| 3.13% 12/1/51 | 150000 | 94284 |
| 3.50% 8/15/46 | 100000 | 70877 |
| Boston Scientific Corp. |  |  |
| 2.65% 6/1/30 | 100000 | 94097 |
| 4.55% 3/1/39 | 100000 | 95215 |
| 4.70% 3/1/49 | 105000 | 94165 |
| Danaher Corp. |  |  |
| 2.60% 10/1/50 | 190000 | 115965 |
| 2.80% 12/10/51 | 200000 | 126003 |
| 4.38% 9/15/45 | 115000 | 100392 |
| DH Europe Finance II SARL |  |  |
| 2.60% 11/15/29 | 65000 | 61595 |
| 3.25% 11/15/39 | 100000 | 81908 |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 8/14/29 | 115000 | 117548 |
| 4.80% 1/15/31 | 700000 | 712940 |
| Koninklijke Philips NV |  |  |
| 5.00% 3/15/42 | 100000 | 92178 |
| 6.88% 3/11/38 | 50000 | 56127 |
| Medtronic, Inc. |  |  |
| 4.38% 3/15/35 | 108000 | 105924 |
| 4.63% 3/15/45 | 179000 | 163822 |
| Revvity, Inc. |  |  |
| 2.25% 9/15/31 | 180000 | 158489 |
| 3.63% 3/15/51 | 160000 | 113723 |
| Smith & Nephew PLC 2.03% <br> 10/14/30<br>| 100000 | 89919 |
| Solventum Corp. 5.60% <br> 3/23/34<br>| 400000 | 416197 |
| Stryker Corp. |  |  |
| 3.65% 3/7/28 | 200000 | 198865 |
| 4.25% 9/11/29 | 250000 | 251365 |
| 4.38% 5/15/44 | 100000 | 86577 |
| 4.63% 3/15/46 | 95000 | 84826 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.10% 8/15/47 | 100000 | 83147 |
| 4.20% 3/1/31 | 300000 | 299851 |
| 4.95% 11/21/32 | 125000 | 129116 |
| 5.09% 8/10/33 | 250000 | 259494 |
| 5.20% 1/31/34 | 125000 | 130369 |
| 5.30% 2/1/44 | 200000 | 197193 |
| 5.40% 8/10/43 | 105000 | 105619 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 5.20% 9/15/34 | 200000 | 203849 |
| 5.35% 12/1/28 | 140000 | 144739 |
|  |  | **6482049** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services–0.89%** | **Health Care Services–0.89%** | **Health Care Services–0.89%** |
| Advocate Health & Hospitals <br> Corp.<br>|  |  |
| 3.39% 10/15/49 | 100000 | $71494 |
| 3.83% 8/15/28 | 35000 | 34930 |
| 4.27% 8/15/48 | 30000 | 25115 |
| Aetna, Inc. |  |  |
| 6.63% 6/15/36 | 100000 | 110017 |
| 6.75% 12/15/37 | 100000 | 110090 |
| AHS Hospital Corp. |  |  |
| 2.78% 7/1/51 | 40000 | 24730 |
| 5.02% 7/1/45 | 50000 | 46827 |
| Ascension Health |  |  |
| 3.11% 11/15/39 | 45000 | 35808 |
| 3.95% 11/15/46 | 185000 | 150489 |
| Banner Health |  |  |
| 1.90% 1/1/31 | 40000 | 35796 |
| 2.34% 1/1/30 | 75000 | 69999 |
| 2.91% 1/1/51 | 50000 | 31952 |
| Baylor Scott & White <br> Holdings<br>|  |  |
| 1.78% 11/15/30 | 25000 | 22409 |
| 2.84% 11/15/50 | 45000 | 28491 |
| 3.97% 11/15/46 | 50000 | 40439 |
| 4.19% 11/15/45 | 95000 | 79635 |
| Bon Secours Mercy Health, <br> Inc. 4.30% 7/1/28<br>| 25000 | 25111 |
| Centene Corp. |  |  |
| 2.50% 3/1/31 | 600000 | 518143 |
| 4.63% 12/15/29 | 750000 | 727458 |
| Children's Health System of <br> Texas 2.51% 8/15/50<br>| 105000 | 61848 |
| Children's Hospital Corp. <br> 4.12% 1/1/47<br>| 65000 | 53885 |
| Children's Hospital Medical <br> Center 4.27% 5/15/44<br>| 50000 | 43858 |
| Cigna Group |  |  |
| 2.38% 3/15/31 | 120000 | 108610 |
| 2.40% 3/15/30 | 150000 | 139214 |
| 3.20% 3/15/40 | 105000 | 82943 |
| 3.40% 3/15/50 | 85000 | 59437 |
| 3.40% 3/15/51 | 80000 | 55585 |
| 3.88% 10/15/47 | 150000 | 115468 |
| 4.80% 8/15/38 | 145000 | 138840 |
| 4.88% 9/15/32 | 300000 | 303904 |
| 4.90% 12/15/48 | 145000 | 129273 |
| 5.25% 2/15/34 | 250000 | 257127 |
| 5.25% 1/15/36 | 300000 | 305402 |
| 5.40% 3/15/33 | 250000 | 260346 |
| 5.60% 2/15/54 | 105000 | 101826 |
| 6.13% 11/15/41 | 300000 | 317192 |
| City of Hope 4.38% 8/15/48 | 75000 | 61507 |
| CommonSpirit Health |  |  |
| 2.78% 10/1/30 | 65000 | 60490 |
| 3.35% 10/1/29 | 40000 | 38655 |
| 3.82% 10/1/49 | 40000 | 29948 |

---

LVIP SSGA Bond Index Fund-32

------

**LVIP SSGA Bond Index 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 (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| CommonSpirit <br> Health (continued)<br>|  |  |
| 3.91% 10/1/50 | 150000 | $112030 |
| 4.19% 10/1/49 | 70000 | 54901 |
| 4.35% 11/1/42 | 400000 | 346171 |
| Corewell Health Obligated <br> Group 3.49% 7/15/49<br>| 50000 | 35867 |
| Dartmouth-Hitchcock Health <br> 4.18% 8/1/48<br>| 100000 | 77341 |
| Duke University Health <br> System, Inc. 3.92% 6/1/47<br>| 75000 | 60293 |
| Elevance Health, Inc. |  |  |
| 2.25% 5/15/30 | 50000 | 45906 |
| 2.55% 3/15/31 | 200000 | 182600 |
| 3.13% 5/15/50 | 65000 | 42512 |
| 3.60% 3/15/51 | 115000 | 81874 |
| 4.00% 9/15/28 | 200000 | 199698 |
| 4.10% 3/1/28 | 350000 | 350330 |
| 4.10% 5/15/32 | 200000 | 194610 |
| 4.38% 12/1/47 | 125000 | 103755 |
| 4.60% 9/15/32 | 200000 | 199897 |
| 4.63% 5/15/42 | 100000 | 89977 |
| 4.65% 1/15/43 | 125000 | 112014 |
| 4.65% 8/15/44 | 100000 | 88135 |
| 4.75% 2/15/33 | 250000 | 250770 |
| 5.20% 2/15/35 | 115000 | 117466 |
| 5.38% 6/15/34 | 155000 | 160179 |
| 5.50% 10/15/32 | 200000 | 210552 |
| 5.70% 2/15/55 | 115000 | 112144 |
| Hackensack Meridian Health, <br> Inc.<br>|  |  |
| 2.68% 9/1/41 | 250000 | 181278 |
| 4.50% 7/1/57 | 100000 | 84077 |
| HCA, Inc. |  |  |
| 2.38% 7/15/31 | 150000 | 134489 |
| 3.13% 3/15/27 | 70000 | 69267 |
| 3.50% 7/15/51 | 150000 | 101670 |
| 3.63% 3/15/32 | 150000 | 141679 |
| 4.13% 6/15/29 | 485000 | 483355 |
| 4.38% 3/15/42 | 50000 | 42639 |
| 4.50% 2/15/27 | 160000 | 160348 |
| 4.63% 3/15/52 | 575000 | 469580 |
| 5.00% 3/1/28 | 65000 | 66212 |
| 5.13% 6/15/39 | 50000 | 48285 |
| 5.25% 3/1/30 | 110000 | 113556 |
| 5.25% 6/15/49 | 200000 | 180754 |
| 5.45% 4/1/31 | 260000 | 271362 |
| 5.45% 9/15/34 | 85000 | 87469 |
| 5.50% 3/1/32 | 125000 | 130258 |
| 5.50% 6/15/47 | 200000 | 189002 |
| 5.75% 3/1/35 | 200000 | 209922 |
| 5.95% 9/15/54 | 175000 | 172882 |
| 6.20% 3/1/55 | 125000 | 127392 |
| Humana, Inc. |  |  |
| 1.35% 2/3/27 | 55000 | 53387 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Humana, Inc. (continued) |  |  |
| 2.15% 2/3/32 | 55000 | $47675 |
| 3.70% 3/23/29 | 125000 | 122731 |
| 4.63% 12/1/42 | 175000 | 150578 |
| 5.55% 5/1/35 | 215000 | 219504 |
| 5.75% 3/1/28 | 100000 | 103103 |
| 5.88% 3/1/33 | 100000 | 105042 |
| 6.00% 5/1/55 | 300000 | 291324 |
| Indiana University Health, <br> Inc. Obligated Group 3.97% <br> 11/1/48<br>| 55000 | 43895 |
| Integris Baptist Medical <br> Center, Inc. 3.88% 8/15/50<br>| 100000 | 72411 |
| IQVIA, Inc. 6.25% 2/1/29 | 140000 | 147577 |
| Johns Hopkins Health System <br> Corp. 3.84% 5/15/46<br>| 70000 | 55958 |
| Kaiser Foundation Hospitals |  |  |
| 3.15% 5/1/27 | 125000 | 123977 |
| 3.27% 11/1/49 | 185000 | 128994 |
| 4.15% 5/1/47 | 105000 | 87337 |
| Laboratory Corp. of America <br> Holdings<br>|  |  |
| 3.60% 9/1/27 | 100000 | 99545 |
| 4.70% 2/1/45 | 500000 | 444588 |
| Mass General Brigham, Inc. |  |  |
| 3.19% 7/1/49 | 50000 | 34462 |
| 3.34% 7/1/60 | 65000 | 42278 |
| 3.77% 7/1/48 | 40000 | 30817 |
| Mayo Clinic |  |  |
| 3.20% 11/15/61 | 200000 | 125940 |
| 4.13% 11/15/52 | 100000 | 80877 |
| McLaren Health Care Corp. <br> 4.39% 5/15/48<br>| 65000 | 54599 |
| Memorial Sloan-Kettering <br> Cancer Center<br>|  |  |
| 2.96% 1/1/50 | 110000 | 72179 |
| 4.20% 7/1/55 | 127000 | 103079 |
| Methodist Hospital 2.71% <br> 12/1/50<br>| 300000 | 184914 |
| Montefiore Obligated Group <br> 5.25% 11/1/48<br>| 70000 | 57554 |
| New York & Presbyterian <br> Hospital<br>|  |  |
| 2.26% 8/1/40 | 50000 | 34989 |
| 3.95% 8/1/19 | 35000 | 23942 |
| 4.02% 8/1/45 | 75000 | 61870 |
| 4.06% 8/1/56 | 50000 | 38909 |
| Northwell Healthcare, Inc. <br> 4.26% 11/1/47<br>| 150000 | 123162 |
| Novant Health, Inc. |  |  |
| 3.17% 11/1/51 | 85000 | 56618 |
| 3.32% 11/1/61 | 70000 | 44942 |

---

LVIP SSGA Bond Index Fund-33

------

**LVIP SSGA Bond Index 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 (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| NY Society for Relief of <br> Ruptured & Crippled <br> Maintaining Hosp Special <br> Surgery 2.67% 10/1/50<br>| 120000 | $73338 |
| NYU Langone Hospitals |  |  |
| 3.38% 7/1/55 | 100000 | 68403 |
| 4.37% 7/1/47 | 100000 | 86994 |
| Orlando Health Obligated <br> Group<br>|  |  |
| 3.33% 10/1/50 | 125000 | 88145 |
| 4.09% 10/1/48 | 45000 | 36559 |
| PeaceHealth Obligated Group <br> 3.22% 11/15/50<br>| 65000 | 41955 |
| Providence St. Joseph Health <br> Obligated Group<br>|  |  |
| 2.70% 10/1/51 | 75000 | 44315 |
| 3.74% 10/1/47 | 100000 | 75928 |
| 5.40% 10/1/33 | 200000 | 206192 |
| Quest Diagnostics, Inc. |  |  |
| 4.63% 12/15/29 | 250000 | 254239 |
| 5.00% 12/15/34 | 250000 | 252836 |
| Seattle Children's Hospital <br> 2.72% 10/1/50<br>| 185000 | 114209 |
| SSM Health Care Corp. 3.82% <br> 6/1/27<br>| 71000 | 70988 |
| Stanford Health Care 3.80% <br> 11/15/48<br>| 30000 | 23258 |
| Sutter Health |  |  |
| 2.29% 8/15/30 | 110000 | 101161 |
| 3.16% 8/15/40 | 100000 | 78881 |
| 3.36% 8/15/50 | 110000 | 76909 |
| Texas Health Resources 4.33% <br> 11/15/55<br>| 30000 | 24641 |
| Toledo Hospital 5.75% <br> 11/15/38<br>| 200000 | 202819 |
| Trinity Health Corp. |  |  |
| 2.63% 12/1/40 | 50000 | 36491 |
| 4.13% 12/1/45 | 25000 | 20903 |
| UnitedHealth Group, Inc. |  |  |
| 2.30% 5/15/31 | 200000 | 180362 |
| 2.75% 5/15/40 | 250000 | 186967 |
| 2.88% 8/15/29 | 155000 | 148841 |
| 2.90% 5/15/50 | 250000 | 159627 |
| 2.95% 10/15/27 | 250000 | 246490 |
| 3.05% 5/15/41 | 200000 | 151639 |
| 3.25% 5/15/51 | 200000 | 134987 |
| 3.38% 4/15/27 | 150000 | 149106 |
| 3.45% 1/15/27 | 100000 | 99599 |
| 3.50% 8/15/39 | 115000 | 95756 |
| 3.70% 8/15/49 | 135000 | 100235 |
| 3.75% 10/15/47 | 200000 | 152709 |
| 3.85% 6/15/28 | 200000 | 199788 |
| 3.88% 12/15/28 | 50000 | 49961 |
| 3.88% 8/15/59 | 150000 | 107669 |
| 4.00% 5/15/29 | 195000 | 194806 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| UnitedHealth Group, <br> Inc. (continued)<br>|  |  |
| 4.20% 1/15/47 | 55000 | $45109 |
| 4.25% 1/15/29 | 250000 | 251844 |
| 4.25% 3/15/43 | 100000 | 85747 |
| 4.25% 6/15/48 | 150000 | 122748 |
| 4.38% 3/15/42 | 100000 | 87920 |
| 4.50% 4/15/33 | 250000 | 248568 |
| 4.80% 1/15/30 | 250000 | 256058 |
| 4.95% 1/15/32 | 200000 | 205012 |
| 5.00% 4/15/34 | 250000 | 254034 |
| 5.05% 4/15/53 | 250000 | 225494 |
| 5.15% 7/15/34 | 150000 | 153637 |
| 5.20% 4/15/63 | 250000 | 223875 |
| 5.25% 2/15/28 | 180000 | 184918 |
| 5.35% 2/15/33 | 250000 | 260464 |
| 5.38% 4/15/54 | 145000 | 136814 |
| 5.50% 7/15/44 | 200000 | 198515 |
| 5.63% 7/15/54 | 150000 | 147123 |
| 5.75% 7/15/64 | 70000 | 68341 |
| 5.88% 2/15/53 | 90000 | 90751 |
| Universal Health Services, <br> Inc. 2.65% 1/15/32<br>| 50000 | 44149 |
| Willis-Knighton Medical <br> Center 3.07% 3/1/51<br>| 100000 | 62792 |
| Yale-New Haven Health <br> Services Corp. 2.50% 7/1/50<br>| 50000 | 29208 |
|  |  | **22798373** |
| **Home Builders–0.03%** | **Home Builders–0.03%** | **Home Builders–0.03%** |
| DR Horton, Inc. |  |  |
| 1.40% 10/15/27 | 250000 | 239260 |
| 5.00% 10/15/34 | 105000 | 106210 |
| Meritage Homes Corp. 5.65% <br> 3/15/35<br>| 105000 | 107276 |
| NVR, Inc. 3.00% 5/15/30 | 195000 | 184565 |
| Sekisui House U.S., Inc. 3.97% <br> 8/6/61<br>| 200000 | 134335 |
|  |  | **771646** |
| **Home Furnishings–0.01%** | **Home Furnishings–0.01%** | **Home Furnishings–0.01%** |
| Leggett & Platt, Inc. |  |  |
| 3.50% 11/15/27 | 100000 | 98570 |
| 3.50% 11/15/51 | 150000 | 98569 |
|  |  | **197139** |
| **Household Products Wares–0.06%** | **Household Products Wares–0.06%** | **Household Products Wares–0.06%** |
| Avery Dennison Corp. |  |  |
| 2.25% 2/15/32 | 100000 | 87900 |
| 4.88% 12/6/28 | 100000 | 102126 |
| 5.75% 3/15/33 | 250000 | 264897 |
| Church & Dwight Co., Inc. |  |  |
| 3.15% 8/1/27 | 100000 | 98836 |
| 3.95% 8/1/47 | 100000 | 79605 |

---

LVIP SSGA Bond Index Fund-34

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Clorox Co. |  |  |
| 3.90% 5/15/28 | 100000 | $100046 |
| 4.60% 5/1/32 | 200000 | 201797 |
| Kimberly-Clark Corp. |  |  |
| 1.05% 9/15/27 | 85000 | 81274 |
| 2.88% 2/7/50 | 45000 | 29748 |
| 3.20% 7/30/46 | 50000 | 35671 |
| 3.90% 5/4/47 | 100000 | 78550 |
| 5.30% 3/1/41 | 200000 | 201430 |
| 6.63% 8/1/37 | 100000 | 115128 |
|  |  | **1477008** |
| **Insurance–0.73%** | **Insurance–0.73%** | **Insurance–0.73%** |
| Aflac, Inc. 4.75% 1/15/49 | 100000 | 88129 |
| Alleghany Corp. 4.90% <br> 9/15/44<br>| 95000 | 86465 |
| Allstate Corp. |  |  |
| 1.45% 12/15/30 | 100000 | 87184 |
| 4.20% 12/15/46 | 150000 | 123495 |
| 4.50% 6/15/43 | 100000 | 87528 |
| 5.55% 5/9/35 | 150000 | 157134 |
| American Financial Group, <br> Inc. 4.50% 6/15/47<br>| 150000 | 125695 |
| American International <br> Group, Inc.<br>|  |  |
| 4.38% 6/30/50 | 130000 | 108510 |
| 4.75% 4/1/48 | 200000 | 177791 |
| 5.45% 5/7/35 | 300000 | 312514 |
| Aon Corp. |  |  |
| 2.80% 5/15/30 | 150000 | 141628 |
| 3.75% 5/2/29 | 100000 | 98895 |
| Aon Corp./Aon Global <br> Holdings PLC<br>|  |  |
| 2.05% 8/23/31 | 100000 | 88331 |
| 2.85% 5/28/27 | 70000 | 68940 |
| 2.90% 8/23/51 | 100000 | 62198 |
| 3.90% 2/28/52 | 85000 | 63592 |
| Aon Global Ltd. 4.75% <br> 5/15/45<br>| 100000 | 88849 |
| Aon North America, Inc. <br> 5.45% 3/1/34<br>| 500000 | 519608 |
| Arch Capital Finance LLC <br> 5.03% 12/15/46<br>| 100000 | 93148 |
| Arch Capital Group U.S., Inc. <br> 5.14% 11/1/43<br>| 105000 | 99595 |
| Arthur J Gallagher & Co. |  |  |
| 4.60% 12/15/27 | 55000 | 55571 |
| 4.85% 12/15/29 | 85000 | 86978 |
| 5.00% 2/15/32 | 85000 | 86895 |
| 5.15% 2/15/35 | 140000 | 141465 |
| 5.45% 7/15/34 | 250000 | 259142 |
| 5.50% 3/2/33 | 155000 | 161212 |
| 5.55% 2/15/55 | 130000 | 124767 |
| Assurant, Inc. 4.90% 3/27/28 | 100000 | 101201 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Assured Guaranty <br> U.S. Holdings, Inc. 6.13% <br> 9/15/28<br>| 95000 | $99797 |
| Athene Holding Ltd. |  |  |
| 3.50% 1/15/31 | 20000 | 18896 |
| 3.95% 5/25/51 | 125000 | 87337 |
| 4.13% 1/12/28 | 150000 | 149851 |
| 6.63% 5/19/55 | 250000 | 254620 |
| 6.65% 2/1/33 | 100000 | 108338 |
| AXIS Specialty Finance LLC <br> 3.90% 7/15/29<br>| 100000 | 98948 |
| Berkshire Hathaway Finance <br> Corp.<br>|  |  |
| 1.45% 10/15/30 | 160000 | 142613 |
| 2.30% 3/15/27 | 200000 | 196850 |
| 2.50% 1/15/51 | 140000 | 83613 |
| 2.85% 10/15/50 | 180000 | 115782 |
| 2.88% 3/15/32 | 200000 | 186363 |
| 3.85% 3/15/52 | 200000 | 153901 |
| 4.25% 1/15/49 | 100000 | 83846 |
| 4.30% 5/15/43 | 100000 | 88902 |
| 4.40% 5/15/42 | 100000 | 91833 |
| 5.75% 1/15/40 | 100000 | 108487 |
| Brighthouse Financial, Inc. <br> 4.70% 6/22/47<br>| 200000 | 147168 |
| Brown & Brown, Inc. |  |  |
| 2.38% 3/15/31 | 85000 | 76212 |
| 4.20% 3/17/32 | 65000 | 62896 |
| 4.50% 3/15/29 | 100000 | 100359 |
| 4.70% 6/23/28 | 400000 | 404795 |
| 4.95% 3/17/52 | 100000 | 87213 |
| Chubb INA Holdings LLC |  |  |
| 1.38% 9/15/30 | 415000 | 365649 |
| 4.15% 3/13/43 | 100000 | 86037 |
| 6.00% 5/11/37 | 100000 | 108549 |
| 6.50% 5/15/38 | 200000 | 226123 |
| Cincinnati Financial Corp. <br> 6.92% 5/15/28<br>| 100000 | 106513 |
| CNA Financial Corp. |  |  |
| 2.05% 8/15/30 | 20000 | 17982 |
| 3.90% 5/1/29 | 40000 | 39603 |
| 5.13% 2/15/34 | 90000 | 90525 |
| Corebridge Financial, Inc. |  |  |
| 5.75% 1/15/34 | 350000 | 365922 |
| 6.05% 9/15/33 | 350000 | 371401 |
| Enstar Group Ltd. 3.10% <br> 9/1/31<br>| 95000 | 85381 |
| Equitable Holdings, Inc. <br> 5.59% 1/11/33<br>| 200000 | 208770 |
| Everest Reinsurance <br> Holdings, Inc.<br>|  |  |
| 3.50% 10/15/50 | 50000 | 34797 |
| 4.87% 6/1/44 | 100000 | 88567 |
| F&G Annuities & Life, Inc. <br> 6.50% 6/4/29<br>| 65000 | 67716 |

---

LVIP SSGA Bond Index Fund-35

------

**LVIP SSGA Bond Index 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)** |
| Fairfax Financial Holdings <br> Ltd.<br>|  |  |
| 3.38% 3/3/31 | 180000 | $169909 |
| 6.10% 3/15/55 | 100000 | 100249 |
| 6.35% 3/22/54 | 160000 | 165719 |
| Fidelity National Financial, <br> Inc.<br>|  |  |
| 3.40% 6/15/30 | 50000 | 47712 |
| 4.50% 8/15/28 | 150000 | 150931 |
| Globe Life, Inc. 5.85% 9/15/34 | 75000 | 78751 |
| Hanover Insurance Group, <br> Inc. 2.50% 9/1/30<br>| 145000 | 131871 |
| Hartford Insurance Group, <br> Inc.<br>|  |  |
| 2.80% 8/19/29 | 70000 | 66924 |
| 2.90% 9/15/51 | 100000 | 63707 |
| 3.60% 8/19/49 | 55000 | 40705 |
| 4.30% 4/15/43 | 43000 | 36957 |
| 4.40% 3/15/48 | 100000 | 84705 |
| 6.10% 10/1/41 | 50000 | 53332 |
| Kemper Corp. 3.80% 2/23/32 | 100000 | 92213 |
| Loews Corp. 6.00% 2/1/35 | 100000 | 107775 |
| Manulife Financial Corp. |  |  |
| μ4.06% 2/24/32 | 250000 | 249174 |
| 5.38% 3/4/46 | 100000 | 98527 |
| Markel Group, Inc. |  |  |
| 5.00% 4/5/46 | 250000 | 224640 |
| 5.00% 5/20/49 | 65000 | 57396 |
| Marsh & McLennan Cos., Inc. |  |  |
| 2.25% 11/15/30 | 105000 | 95874 |
| 2.38% 12/15/31 | 90000 | 80716 |
| 4.35% 1/30/47 | 45000 | 38141 |
| 4.38% 3/15/29 | 195000 | 196945 |
| 4.65% 3/15/30 | 105000 | 107105 |
| 4.75% 3/15/39 | 55000 | 52949 |
| 4.90% 3/15/49 | 90000 | 81399 |
| 5.00% 3/15/35 | 250000 | 253242 |
| 5.35% 11/15/44 | 250000 | 244625 |
| 5.40% 9/15/33 | 250000 | 262587 |
| 5.40% 3/15/55 | 140000 | 134792 |
| Mercury General Corp. 4.40% <br> 3/15/27<br>| 50000 | 49950 |
| MetLife, Inc. |  |  |
| 4.60% 5/13/46 | 200000 | 178881 |
| 5.25% 1/15/54 | 250000 | 237786 |
| 5.30% 12/15/34 | 200000 | 207990 |
| 5.70% 6/15/35 | 50000 | 53418 |
| 5.88% 2/6/41 | 100000 | 105019 |
| 6.38% 6/15/34 | 100000 | 111877 |
| 6.40% 12/15/66 | 100000 | 104919 |
| 6.50% 12/15/32 | 100000 | 112173 |
| 10.75% 8/1/69 | 150000 | 200089 |
| Old Republic International <br> Corp. 3.85% 6/11/51<br>| 200000 | 144632 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Principal Financial Group, <br> Inc.<br>|  |  |
| 3.70% 5/15/29 | 50000 | $49164 |
| 5.38% 3/15/33 | 140000 | 146220 |
| Progressive Corp. |  |  |
| 2.50% 3/15/27 | 40000 | 39373 |
| 3.00% 3/15/32 | 50000 | 46184 |
| 3.70% 3/15/52 | 25000 | 18731 |
| 4.13% 4/15/47 | 200000 | 165287 |
| 4.20% 3/15/48 | 150000 | 124384 |
| 4.95% 6/15/33 | 250000 | 256310 |
| Prudential Financial, Inc. |  |  |
| 3.70% 3/13/51 | 250000 | 186575 |
| 3.88% 3/27/28 | 65000 | 64955 |
| 3.91% 12/7/47 | 163000 | 128161 |
| 4.35% 2/25/50 | 250000 | 207325 |
| 4.42% 3/27/48 | 100000 | 84019 |
| μ4.50% 9/15/47 | 215000 | 212761 |
| 5.20% 3/14/35 | 80000 | 82047 |
| 6.63% 6/21/40 | 200000 | 227896 |
| μ6.75% 3/1/53 | 160000 | 170966 |
| Prudential Funding Asia PLC <br> 3.63% 3/24/32<br>| 200000 | 189452 |
| Reinsurance Group of <br> America, Inc.<br>|  |  |
| 3.15% 6/15/30 | 70000 | 66201 |
| 6.00% 9/15/33 | 250000 | 266282 |
| RenaissanceRe Finance, Inc. <br> 3.45% 7/1/27<br>| 130000 | 128767 |
| RenaissanceRe Holdings Ltd. <br> 3.60% 4/15/29<br>| 100000 | 97772 |
| Selective Insurance Group, <br> Inc. 5.90% 4/15/35<br>| 65000 | 68077 |
| Transatlantic Holdings, Inc. <br> 8.00% 11/30/39<br>| 100000 | 124900 |
| Travelers Cos., Inc. |  |  |
| 3.75% 5/15/46 | 50000 | 39308 |
| 4.00% 5/30/47 | 80000 | 65018 |
| 4.05% 3/7/48 | 200000 | 162404 |
| 4.10% 3/4/49 | 100000 | 81103 |
| 5.45% 5/25/53 | 115000 | 113323 |
| 6.25% 6/15/37 | 100000 | 111082 |
| 6.75% 6/20/36 | 100000 | 114874 |
| Unum Group |  |  |
| 4.13% 6/15/51 | 200000 | 151780 |
| 5.75% 8/15/42 | 50000 | 49575 |
| W.R. Berkley Corp. |  |  |
| 3.55% 3/30/52 | 150000 | 105088 |
| 4.00% 5/12/50 | 105000 | 80229 |
| Willis North America, Inc. |  |  |
| 2.95% 9/15/29 | 65000 | 61837 |
| 3.88% 9/15/49 | 70000 | 51900 |
| 4.65% 6/15/27 | 100000 | 100777 |
| 5.35% 5/15/33 | 250000 | 257814 |
|  |  | **18682842** |

---

LVIP SSGA Bond Index Fund-36

------

**LVIP SSGA Bond Index 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–0.61%** | **Internet–0.61%** | **Internet–0.61%** |
| Alibaba Group Holding Ltd. |  |  |
| 2.13% 2/9/31 | 200000 | $181583 |
| 3.15% 2/9/51 | 200000 | 135792 |
| 3.25% 2/9/61 | 200000 | 129566 |
| 3.40% 12/6/27 | 210000 | 208191 |
| 4.00% 12/6/37 | 100000 | 91904 |
| 4.40% 12/6/57 | 200000 | 166170 |
| 5.25% 5/26/35 | 200000 | 208274 |
| Alphabet, Inc. |  |  |
| 0.80% 8/15/27 | 200000 | 191287 |
| 1.10% 8/15/30 | 130000 | 114585 |
| 1.90% 8/15/40 | 100000 | 67687 |
| 2.05% 8/15/50 | 130000 | 70768 |
| 2.25% 8/15/60 | 400000 | 204919 |
| 4.10% 11/15/30 | 1000000 | 1003069 |
| 5.25% 5/15/55 | 300000 | 287336 |
| Amazon.com, Inc. |  |  |
| 1.20% 6/3/27 | 90000 | 86961 |
| 1.50% 6/3/30 | 165000 | 148708 |
| 1.65% 5/12/28 | 250000 | 238617 |
| 2.10% 5/12/31 | 250000 | 225854 |
| 2.50% 6/3/50 | 80000 | 47814 |
| 2.88% 5/12/41 | 250000 | 189695 |
| 3.10% 5/12/51 | 250000 | 167839 |
| 3.25% 5/12/61 | 250000 | 159948 |
| 3.30% 4/13/27 | 250000 | 248939 |
| 3.45% 4/13/29 | 300000 | 296310 |
| 3.60% 4/13/32 | 500000 | 484794 |
| 3.88% 8/22/37 | 115000 | 105476 |
| 3.95% 4/13/52 | 200000 | 156088 |
| 4.05% 8/22/47 | 635000 | 521615 |
| 4.10% 11/20/30 | 1000000 | 1001090 |
| 4.25% 8/22/57 | 205000 | 164243 |
| 4.55% 12/1/27 | 250000 | 254130 |
| 4.70% 12/1/32 | 250000 | 256995 |
| AppLovin Corp. 5.50% <br> 12/1/34<br>| 300000 | 308236 |
| Baidu, Inc. 4.38% 3/29/28 | 200000 | 201803 |
| Booking Holdings, Inc. 3.55% <br> 3/15/28<br>| 150000 | 148785 |
| eBay, Inc. |  |  |
| 5.95% 11/22/27 | 250000 | 258774 |
| 6.30% 11/22/32 | 250000 | 273106 |
| Expedia Group, Inc. |  |  |
| 2.95% 3/15/31 | 80000 | 74378 |
| 3.25% 2/15/30 | 35000 | 33568 |
| 3.80% 2/15/28 | 100000 | 99448 |
| 4.63% 8/1/27 | 90000 | 90662 |
| 5.40% 2/15/35 | 55000 | 56414 |
| Meta Platforms, Inc. |  |  |
| 4.20% 11/15/30 | 1000000 | 1002113 |
| 4.30% 8/15/29 | 145000 | 146747 |
| 4.60% 5/15/28 | 250000 | 254609 |
| 4.65% 8/15/62 | 1000000 | 807785 |
| 4.75% 8/15/34 | 135000 | 136107 |

---

---

| | | |
|:---|:---|:---|
|  | **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, <br> Inc. (continued)<br>|  |  |
| 4.88% 11/15/35 | 800000 | $798928 |
| 4.95% 5/15/33 | 250000 | 257247 |
| 5.40% 8/15/54 | 405000 | 376778 |
| 5.55% 8/15/64 | 145000 | 134501 |
| 5.60% 5/15/53 | 220000 | 210575 |
| 5.63% 11/15/55 | 500000 | 479886 |
| Netflix, Inc. |  |  |
| 4.90% 8/15/34 | 535000 | 547858 |
| 5.40% 8/15/54 | 110000 | 106596 |
| Uber Technologies, Inc. |  |  |
| 4.15% 1/15/31 | 300000 | 298890 |
| 4.80% 9/15/35 | 300000 | 298416 |
| VeriSign, Inc. 5.25% 6/1/32 | 250000 | 256964 |
| Weibo Corp. 3.38% 7/8/30 | 300000 | 284762 |
|  |  | **15760183** |
| **Investment Companies–0.20%** | **Investment Companies–0.20%** | **Investment Companies–0.20%** |
| Apollo Debt Solutions BDC |  |  |
| 6.55% 3/15/32 | 100000 | 103184 |
| 6.70% 7/29/31 | 145000 | 153002 |
| ARES Capital Corp. |  |  |
| 2.88% 6/15/27 | 150000 | 146792 |
| 3.20% 11/15/31 | 250000 | 221817 |
| 5.80% 3/8/32 | 250000 | 252456 |
| ARES Strategic Income Fund |  |  |
| 4.85% 1/15/29 | 250000 | 247064 |
| 6.35% 8/15/29 | 250000 | 257244 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 4.00% 1/15/29 | 200000 | 194294 |
| 5.60% 11/22/29 | 250000 | 252357 |
| 6.00% 11/22/34 | 250000 | 252461 |
| Blackstone Secured Lending <br> Fund<br>|  |  |
| 5.30% 6/30/30 | 145000 | 144207 |
| 5.35% 4/13/28 | 250000 | 252203 |
| Blue Owl Capital Corp. |  |  |
| 2.88% 6/11/28 | 200000 | 188916 |
| 5.95% 3/15/29 | 165000 | 166515 |
| Blue Owl Credit Income Corp. |  |  |
| 7.75% 9/16/27 | 200000 | 207948 |
| 7.95% 6/13/28 | 250000 | 264344 |
| Blue Owl Technology Finance <br> Corp. 6.10% 3/15/28<br>| 160000 | 160951 |
| FS KKR Capital Corp. |  |  |
| 3.13% 10/12/28 | 150000 | 138414 |
| 6.88% 8/15/29 | 150000 | 151212 |
| Golub Capital BDC, Inc. 6.00% <br> 7/15/29<br>| 200000 | 204486 |
| Golub Capital Private Credit <br> Fund 5.88% 5/1/30<br>| 70000 | 70916 |

---

LVIP SSGA Bond Index Fund-37

------

**LVIP SSGA Bond Index 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)** |
| HA Sustainable <br> Infrastructure Capital, Inc. <br> 6.38% 7/1/34<br>| 125000 | $127352 |
| HPS Corporate Lending Fund |  |  |
| 4.90% 9/11/28 | 200000 | 198964 |
| 6.25% 9/30/29 | 250000 | 258977 |
| Oaktree Specialty Lending <br> Corp. 6.34% 2/27/30<br>| 60000 | 60170 |
| Oaktree Strategic Credit <br> Fund 6.50% 7/23/29<br>| 40000 | 41163 |
| Sixth Street Lending Partners |  |  |
| 5.75% 1/15/30 | 100000 | 101335 |
| 6.13% 7/15/30 | 125000 | 128294 |
| Sixth Street Specialty <br> Lending, Inc. 6.95% 8/14/28<br>| 180000 | 188653 |
|  |  | **5135691** |
| **Iron & Steel–0.09%** | **Iron & Steel–0.09%** | **Iron & Steel–0.09%** |
| ArcelorMittal SA |  |  |
| 6.00% 6/17/34 | 95000 | 102125 |
| 6.55% 11/29/27 | 200000 | 208234 |
| 6.80% 11/29/32 | 175000 | 195958 |
| Nucor Corp. |  |  |
| 2.70% 6/1/30 | 15000 | 14125 |
| 2.98% 12/15/55 | 400000 | 248733 |
| 3.95% 5/1/28 | 100000 | 100015 |
| 5.10% 6/1/35 | 250000 | 255456 |
| Steel Dynamics, Inc. |  |  |
| 1.65% 10/15/27 | 25000 | 24012 |
| 3.25% 1/15/31 | 60000 | 57042 |
| 3.25% 10/15/50 | 40000 | 27409 |
| 3.45% 4/15/30 | 75000 | 72457 |
| 5.38% 8/15/34 | 105000 | 108778 |
| Vale Overseas Ltd. |  |  |
| 6.13% 6/12/33 | 190000 | 203385 |
| 6.40% 6/28/54 | 65000 | 66333 |
| 6.88% 11/21/36 | 350000 | 393965 |
| 6.88% 11/10/39 | 170000 | 192678 |
|  |  | **2270705** |
| **Leisure Time–0.01%** | **Leisure Time–0.01%** | **Leisure Time–0.01%** |
| Brunswick Corp. 5.85% <br> 3/18/29<br>| 115000 | 118959 |
| Harley-Davidson, Inc. 4.63% <br> 7/28/45<br>| 50000 | 40277 |
|  |  | **159236** |
| **Lodging–0.09%** | **Lodging–0.09%** | **Lodging–0.09%** |
| Choice Hotels International, <br> Inc.<br>|  |  |
| 3.70% 12/1/29 | 100000 | 97277 |
| 5.85% 8/1/34 | 160000 | 163130 |
| Hyatt Hotels Corp. |  |  |
| 5.05% 3/30/28 | 90000 | 91632 |
| 5.38% 12/15/31 | 250000 | 257500 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Las Vegas Sands Corp. |  |  |
| 6.00% 8/15/29 | 125000 | $130471 |
| 6.20% 8/15/34 | 125000 | 131376 |
| Marriott International, Inc. |  |  |
| 2.85% 4/15/31 | 220000 | 203958 |
| 3.50% 10/15/32 | 150000 | 140050 |
| 4.00% 4/15/28 | 100000 | 100142 |
| 4.63% 6/15/30 | 135000 | 137015 |
| 5.00% 10/15/27 | 55000 | 55930 |
| 5.50% 4/15/37 | 250000 | 255921 |
| 5.55% 10/15/28 | 195000 | 202498 |
| Sands China Ltd. 3.25% <br> 8/8/31<br>| 450000 | 415144 |
|  |  | **2382044** |
| **Machinery Construction & Mining–0.07%** | **Machinery Construction & Mining–0.07%** | **Machinery Construction & Mining–0.07%** |
| Caterpillar Financial Services <br> Corp.<br>|  |  |
| 4.38% 8/16/29 | 195000 | 197675 |
| 4.40% 3/3/28 | 250000 | 252702 |
| 4.60% 11/15/27 | 200000 | 203267 |
| 4.70% 11/15/29 | 200000 | 205195 |
| Caterpillar, Inc. |  |  |
| 1.90% 3/12/31 | 100000 | 90035 |
| 2.60% 9/19/29 | 150000 | 143022 |
| 3.80% 8/15/42 | 168000 | 141099 |
| 4.75% 5/15/64 | 250000 | 220032 |
| 6.05% 8/15/36 | 200000 | 222023 |
| Oshkosh Corp. 4.60% 5/15/28 | 100000 | 101225 |
|  |  | **1776275** |
| **Machinery Diversified–0.20%** | **Machinery Diversified–0.20%** | **Machinery Diversified–0.20%** |
| CNH Industrial Capital LLC <br> 5.50% 1/12/29<br>| 200000 | 206299 |
| CNH Industrial NV 3.85% <br> 11/15/27<br>| 105000 | 104606 |
| Deere & Co. |  |  |
| 2.88% 9/7/49 | 65000 | 43630 |
| 3.90% 6/9/42 | 150000 | 129020 |
| 5.38% 10/16/29 | 100000 | 104908 |
| 5.45% 1/16/35 | 250000 | 263646 |
| Dover Corp. |  |  |
| 2.95% 11/4/29 | 20000 | 19112 |
| 5.38% 3/1/41 | 100000 | 100397 |
| Flowserve Corp. 3.50% <br> 10/1/30<br>| 70000 | 66742 |
| IDEX Corp. |  |  |
| 3.00% 5/1/30 | 75000 | 70880 |
| 4.95% 9/1/29 | 85000 | 86695 |
| Ingersoll Rand, Inc. |  |  |
| 5.18% 6/15/29 | 175000 | 180888 |
| 5.45% 6/15/34 | 105000 | 109250 |
| 5.70% 6/15/54 | 85000 | 85214 |
| John Deere Capital Corp. |  |  |
| 1.45% 1/15/31 | 70000 | 61655 |

---

LVIP SSGA Bond Index Fund-38

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Diversified (continued)** | **Machinery Diversified (continued)** | **Machinery Diversified (continued)** |
| John Deere Capital <br> Corp. (continued)<br>|  |  |
| 1.70% 1/11/27 | 200000 | $195808 |
| 2.35% 3/8/27 | 50000 | 49183 |
| 2.45% 1/9/30 | 85000 | 80539 |
| 2.80% 9/8/27 | 100000 | 98381 |
| 2.80% 7/18/29 | 50000 | 48085 |
| 3.05% 1/6/28 | 100000 | 98677 |
| 3.45% 3/7/29 | 120000 | 118299 |
| 4.15% 9/15/27 | 150000 | 151160 |
| 4.35% 9/15/32 | 115000 | 115356 |
| 4.50% 1/16/29 | 210000 | 213354 |
| 4.70% 6/10/30 | 210000 | 215109 |
| 4.75% 1/20/28 | 175000 | 178352 |
| 4.90% 3/3/28 | 100000 | 102321 |
| 4.95% 7/14/28 | 55000 | 56481 |
| 5.05% 6/12/34 | 250000 | 258235 |
| 5.15% 9/8/33 | 100000 | 104822 |
| Nordson Corp. 4.50% <br> 12/15/29<br>| 250000 | 251662 |
| nVent Finance SARL 4.55% <br> 4/15/28<br>| 100000 | 100561 |
| Otis Worldwide Corp. |  |  |
| 2.57% 2/15/30 | 105000 | 98309 |
| 5.13% 11/19/31 | 125000 | 129677 |
| 5.25% 8/16/28 | 135000 | 139119 |
| Regal Rexnord Corp. 6.05% <br> 4/15/28<br>| 200000 | 206893 |
| Rockwell Automation, Inc. |  |  |
| 3.50% 3/1/29 | 85000 | 83565 |
| 4.20% 3/1/49 | 70000 | 58202 |
| Westinghouse Air Brake <br> Technologies Corp. 5.50% <br> 5/29/35<br>| 200000 | 208584 |
| Xylem, Inc. |  |  |
| 1.95% 1/30/28 | 115000 | 110363 |
| 4.38% 11/1/46 | 50000 | 42429 |
|  |  | **5146468** |
| **Media–0.53%** | **Media–0.53%** | **Media–0.53%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 2.25% 1/15/29 | 115000 | 107651 |
| 3.50% 6/1/41 | 315000 | 224056 |
| 3.50% 3/1/42 | 160000 | 110998 |
| 3.75% 2/15/28 | 100000 | 98584 |
| 3.85% 4/1/61 | 70000 | 41714 |
| 3.90% 6/1/52 | 145000 | 93586 |
| 3.95% 6/30/62 | 250000 | 150432 |
| 4.20% 3/15/28 | 150000 | 149253 |
| 4.40% 4/1/33 | 125000 | 117758 |
| 4.80% 3/1/50 | 445000 | 334284 |
| 5.05% 3/30/29 | 100000 | 101161 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital (continued)<br>|  |  |
| 5.13% 7/1/49 | 200000 | $156510 |
| 5.25% 4/1/53 | 200000 | 158169 |
| 5.38% 5/1/47 | 275000 | 226530 |
| 5.50% 4/1/63 | 200000 | 157590 |
| 5.75% 4/1/48 | 225000 | 191922 |
| 6.10% 6/1/29 | 115000 | 120023 |
| 6.38% 10/23/35 | 190000 | 196091 |
| 6.48% 10/23/45 | 565000 | 531194 |
| Comcast Corp. |  |  |
| 1.50% 2/15/31 | 200000 | 173878 |
| 1.95% 1/15/31 | 175000 | 155992 |
| 2.35% 1/15/27 | 105000 | 103382 |
| 2.45% 8/15/52 | 150000 | 79543 |
| 2.65% 2/1/30 | 100000 | 94380 |
| 2.65% 8/15/62 | 700000 | 352524 |
| 2.80% 1/15/51 | 140000 | 81103 |
| 2.89% 11/1/51 | 75000 | 43859 |
| 2.94% 11/1/56 | 269000 | 151144 |
| 2.99% 11/1/63 | 101000 | 54631 |
| 3.15% 2/15/28 | 150000 | 147611 |
| 3.20% 7/15/36 | 150000 | 127927 |
| 3.25% 11/1/39 | 150000 | 117199 |
| 3.30% 2/1/27 | 250000 | 248535 |
| 3.40% 7/15/46 | 110000 | 76489 |
| 3.45% 2/1/50 | 110000 | 73542 |
| 3.55% 5/1/28 | 150000 | 148769 |
| 3.90% 3/1/38 | 150000 | 130657 |
| 3.97% 11/1/47 | 362000 | 271133 |
| 4.00% 8/15/47 | 150000 | 113292 |
| 4.00% 3/1/48 | 150000 | 112830 |
| 4.00% 11/1/49 | 79000 | 58253 |
| 4.05% 11/1/52 | 258000 | 188718 |
| 4.15% 10/15/28 | 185000 | 185997 |
| 4.20% 8/15/34 | 83000 | 79309 |
| 4.25% 10/15/30 | 165000 | 165064 |
| 4.25% 1/15/33 | 200000 | 195566 |
| 4.40% 8/15/35 | 192000 | 183432 |
| 4.60% 10/15/38 | 195000 | 181547 |
| 4.65% 7/15/42 | 24000 | 21040 |
| 4.70% 10/15/48 | 190000 | 158392 |
| 4.80% 5/15/33 | 250000 | 252152 |
| 4.95% 10/15/58 | 190000 | 157535 |
| 5.30% 6/1/34 | 250000 | 257645 |
| 5.35% 5/15/53 | 250000 | 224567 |
| 5.50% 11/15/32 | 105000 | 110906 |
| 6.50% 11/15/35 | 200000 | 221775 |
| Fox Corp. |  |  |
| 4.71% 1/25/29 | 405000 | 410182 |
| 5.48% 1/25/39 | 75000 | 75218 |
| 5.58% 1/25/49 | 90000 | 86559 |
| 6.50% 10/13/33 | 240000 | 264573 |

---

LVIP SSGA Bond Index Fund-39

------

**LVIP SSGA Bond Index 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)** |
| Grupo Televisa SAB 8.50% <br> 3/11/32<br>| 200000 | $213006 |
| NBCUniversal Media LLC <br> 4.45% 1/15/43<br>| 175000 | 148765 |
| Paramount Global |  |  |
| 2.90% 1/15/27 | 53000 | 52138 |
| 4.20% 5/19/32 | 50000 | 45175 |
| 4.38% 3/15/43 | 77000 | 53558 |
| 4.85% 7/1/42 | 150000 | 110576 |
| 4.90% 8/15/44 | 125000 | 89705 |
| 5.85% 9/1/43 | 150000 | 123498 |
| 6.88% 4/30/36 | 125000 | 122965 |
| 7.88% 7/30/30 | 200000 | 216346 |
| Time Warner Cable <br> Enterprises LLC 8.38% <br> 7/15/33<br>| 200000 | 230787 |
| Time Warner Cable LLC |  |  |
| 5.88% 11/15/40 | 100000 | 92535 |
| 6.55% 5/1/37 | 200000 | 204092 |
| TWDC Enterprises 18 Corp. |  |  |
| 2.95% 6/15/27 | 200000 | 197940 |
| 3.00% 7/30/46 | 50000 | 34562 |
| 3.70% 12/1/42 | 150000 | 121079 |
| 4.13% 12/1/41 | 100000 | 87264 |
| 4.13% 6/1/44 | 83000 | 69778 |
| Walt Disney Co. |  |  |
| 2.00% 9/1/29 | 335000 | 313223 |
| 2.65% 1/13/31 | 220000 | 205783 |
| 2.75% 9/1/49 | 180000 | 114265 |
| 3.50% 5/13/40 | 200000 | 167439 |
| 3.60% 1/13/51 | 75000 | 55708 |
| 3.80% 5/13/60 | 490000 | 358372 |
| 4.75% 9/15/44 | 60000 | 54737 |
| 4.75% 11/15/46 | 50000 | 45124 |
| 4.95% 10/15/45 | 30000 | 28193 |
| 6.40% 12/15/35 | 229000 | 258155 |
| 6.65% 11/15/37 | 175000 | 199829 |
|  |  | **13618953** |
| **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** |
| Precision Castparts Corp. |  |  |
| 3.90% 1/15/43 | 50000 | 41656 |
| 4.38% 6/15/45 | 100000 | 86998 |
| Timken Co. 4.13% 4/1/32 | 110000 | 105667 |
| Valmont Industries, Inc. |  |  |
| 5.00% 10/1/44 | 100000 | 91938 |
| 5.25% 10/1/54 | 100000 | 92865 |
|  |  | **419124** |
| **Mining–0.15%** | **Mining–0.15%** | **Mining–0.15%** |
| AngloGold Ashanti Holdings <br> PLC 3.38% 11/1/28<br>| 200000 | 194027 |
| Barrick North America <br> Finance LLC 5.75% 5/1/43<br>| 150000 | 152561 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Barrick PD Australia Finance <br> Pty. Ltd. 5.95% 10/15/39<br>| 100000 | $105052 |
| BHP Billiton Finance USA <br> Ltd.<br>|  |  |
| 4.13% 2/24/42 | 125000 | 107963 |
| 5.00% 9/30/43 | 500000 | 474848 |
| 5.10% 9/8/28 | 250000 | 257605 |
| 5.25% 9/8/33 | 250000 | 259702 |
| 5.50% 9/8/53 | 95000 | 94586 |
| Newmont Corp. 2.60% <br> 7/15/32<br>| 200000 | 182008 |
| Newmont Corp./Newcrest <br> Finance Pty. Ltd. 5.35% <br> 3/15/34<br>| 200000 | 209051 |
| Rio Tinto Alcan, Inc. 6.13% <br> 12/15/33<br>| 150000 | 164119 |
| Rio Tinto Finance USA Ltd. |  |  |
| 2.75% 11/2/51 | 200000 | 123973 |
| 5.20% 11/2/40 | 100000 | 99729 |
| 7.13% 7/15/28 | 75000 | 80706 |
| Rio Tinto Finance USA PLC |  |  |
| 4.13% 8/21/42 | 150000 | 128933 |
| 4.50% 3/14/28 | 55000 | 55648 |
| 4.88% 3/14/30 | 115000 | 118144 |
| 5.00% 3/14/32 | 350000 | 361392 |
| 5.25% 3/14/35 | 85000 | 87587 |
| 5.75% 3/14/55 | 110000 | 112163 |
| Southern Copper Corp. |  |  |
| 5.25% 11/8/42 | 150000 | 143753 |
| 5.88% 4/23/45 | 69000 | 70869 |
| 6.75% 4/16/40 | 110000 | 124113 |
| 7.50% 7/27/35 | 200000 | 235590 |
|  |  | **3944122** |
| **Miscellaneous Manufacturing–0.08%** | **Miscellaneous Manufacturing–0.08%** | **Miscellaneous Manufacturing–0.08%** |
| 3M Co. |  |  |
| 2.38% 8/26/29 | 150000 | 141407 |
| 2.88% 10/15/27 | 150000 | 147458 |
| 3.63% 10/15/47 | 150000 | 111659 |
| 3.88% 6/15/44 | 150000 | 121267 |
| 4.00% 9/14/48 | 65000 | 51293 |
| 4.80% 3/15/30 | 250000 | 255548 |
| Eaton Corp. |  |  |
| 3.10% 9/15/27 | 100000 | 98931 |
| 3.92% 9/15/47 | 100000 | 80030 |
| 4.15% 11/2/42 | 150000 | 129854 |
| 4.35% 5/18/28 | 105000 | 106155 |
| Illinois Tool Works, Inc. 4.88% <br> 9/15/41<br>| 100000 | 97099 |
| Parker-Hannifin Corp. |  |  |
| 3.25% 6/14/29 | 55000 | 53510 |
| 4.00% 6/14/49 | 55000 | 44224 |
| 6.25% 5/15/38 | 350000 | 386480 |
| Textron, Inc. |  |  |
| 3.00% 6/1/30 | 100000 | 94592 |

---

LVIP SSGA Bond Index Fund-40

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| Textron, Inc. (continued) |  |  |
| 3.38% 3/1/28 | 50000 | $49161 |
| 3.65% 3/15/27 | 50000 | 49738 |
|  |  | **2018406** |
| **Office Business Equipment–0.02%** | **Office Business Equipment–0.02%** | **Office Business Equipment–0.02%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.57% 12/1/31 | 250000 | 232873 |
| 5.55% 8/22/34 | 175000 | 178310 |
|  |  | **411183** |
| **Oil & Gas–0.81%** | **Oil & Gas–0.81%** | **Oil & Gas–0.81%** |
| APA Corp. |  |  |
| 6.10% 2/15/35 | 115000 | 118214 |
| 6.75% 2/15/55 | 250000 | 248989 |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 1.75% 8/10/30 | 260000 | 233789 |
| 2.72% 1/12/32 | 210000 | 191262 |
| 2.77% 11/10/50 | 165000 | 101585 |
| 2.94% 6/4/51 | 320000 | 203608 |
| 3.00% 2/24/50 | 90000 | 58676 |
| 3.00% 3/17/52 | 100000 | 63965 |
| 3.02% 1/16/27 | 250000 | 248032 |
| 3.38% 2/8/61 | 300000 | 195836 |
| 4.81% 2/13/33 | 35000 | 35445 |
| 4.89% 9/11/33 | 190000 | 193290 |
| 4.97% 10/17/29 | 250000 | 257255 |
| 4.99% 4/10/34 | 250000 | 254939 |
| 5.23% 11/17/34 | 250000 | 257906 |
| BP Capital Markets PLC |  |  |
| 3.28% 9/19/27 | 150000 | 148700 |
| 3.72% 11/28/28 | 90000 | 89386 |
| Burlington Resources LLC <br> 7.20% 8/15/31<br>| 100000 | 113454 |
| Canadian Natural Resources <br> Ltd.<br>|  |  |
| 2.95% 7/15/30 | 50000 | 47120 |
| 4.95% 6/1/47 | 100000 | 88010 |
| 5.00% 12/15/29 | 200000 | 205113 |
| 5.85% 2/1/35 | 200000 | 208184 |
| 6.25% 3/15/38 | 150000 | 159093 |
| Cenovus Energy, Inc. 5.40% <br> 6/15/47<br>| 298000 | 271602 |
| Chevron USA, Inc. |  |  |
| 3.25% 10/15/29 | 100000 | 97597 |
| 4.30% 10/15/30 | 400000 | 403865 |
| 4.48% 2/26/28 | 250000 | 253888 |
| 4.69% 4/15/30 | 250000 | 255761 |
| 4.98% 4/15/35 | 250000 | 256111 |
| CNOOC Finance 2015 <br> Australia Pty. Ltd. 4.20% <br> 5/5/45<br>| 200000 | 180908 |
| ConocoPhillips Co. |  |  |
| 3.80% 3/15/52 | 110000 | 80692 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| ConocoPhillips <br> Co. (continued)<br>|  |  |
| 4.03% 3/15/62 | 107000 | $77738 |
| 4.30% 11/15/44 | 150000 | 126785 |
| 4.70% 1/15/30 | 250000 | 254690 |
| 5.00% 1/15/35 | 250000 | 253462 |
| 5.05% 9/15/33 | 145000 | 149170 |
| 5.30% 5/15/53 | 180000 | 167679 |
| 5.50% 1/15/55 | 145000 | 138700 |
| 5.65% 1/15/65 | 145000 | 139225 |
| Coterra Energy, Inc. |  |  |
| 3.90% 5/15/27 | 215000 | 214188 |
| 4.38% 3/15/29 | 50000 | 50132 |
| Devon Energy Corp. |  |  |
| 4.75% 5/15/42 | 100000 | 86464 |
| 5.00% 6/15/45 | 70000 | 60898 |
| 5.20% 9/15/34 | 250000 | 248898 |
| 5.60% 7/15/41 | 100000 | 96736 |
| 5.75% 9/15/54 | 250000 | 229724 |
| Diamondback Energy, Inc. |  |  |
| 3.13% 3/24/31 | 95000 | 88769 |
| 4.25% 3/15/52 | 60000 | 46636 |
| 4.40% 3/24/51 | 70000 | 56105 |
| 5.15% 1/30/30 | 125000 | 128571 |
| 5.20% 4/18/27 | 50000 | 50723 |
| 5.40% 4/18/34 | 105000 | 107512 |
| 5.55% 4/1/35 | 180000 | 185010 |
| 5.75% 4/18/54 | 75000 | 70878 |
| 6.25% 3/15/53 | 200000 | 201910 |
| EOG Resources, Inc. |  |  |
| 3.90% 4/1/35 | 150000 | 139550 |
| 4.40% 7/15/28 | 400000 | 404472 |
| EQT Corp. 5.75% 2/1/34 | 350000 | 365626 |
| Equinor ASA |  |  |
| 2.38% 5/22/30 | 200000 | 186153 |
| 3.25% 11/18/49 | 110000 | 76674 |
| 3.63% 9/10/28 | 150000 | 149579 |
| 3.95% 5/15/43 | 250000 | 210190 |
| 4.80% 11/8/43 | 150000 | 139495 |
| 5.10% 8/17/40 | 200000 | 198667 |
| Expand Energy Corp. 5.70% <br> 1/15/35<br>| 210000 | 217323 |
| Exxon Mobil Corp. |  |  |
| 3.00% 8/16/39 | 200000 | 160049 |
| 3.10% 8/16/49 | 200000 | 136589 |
| 3.48% 3/19/30 | 300000 | 293358 |
| 3.57% 3/6/45 | 200000 | 156524 |
| 4.11% 3/1/46 | 165000 | 137958 |
| 4.33% 3/19/50 | 400000 | 335268 |
| Helmerich & Payne, Inc. <br> 2.90% 9/29/31<br>| 45000 | 40160 |
| Hess Corp. |  |  |
| 4.30% 4/1/27 | 150000 | 150634 |
| 5.60% 2/15/41 | 200000 | 206645 |
| 5.80% 4/1/47 | 150000 | 153749 |

---

LVIP SSGA Bond Index Fund-41

------

**LVIP SSGA Bond Index 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)** |
| Hess Corp. (continued) |  |  |
| 7.13% 3/15/33 | 100000 | $115731 |
| Marathon Petroleum Corp. |  |  |
| 3.80% 4/1/28 | 120000 | 119308 |
| 4.50% 4/1/48 | 50000 | 40241 |
| 6.50% 3/1/41 | 145000 | 154328 |
| Occidental Petroleum Corp. |  |  |
| 5.20% 8/1/29 | 160000 | 163998 |
| 5.55% 10/1/34 | 145000 | 147902 |
| 6.05% 10/1/54 | 125000 | 119557 |
| 6.45% 9/15/36 | 500000 | 532863 |
| 8.88% 7/15/30 | 500000 | 578151 |
| Ovintiv, Inc. |  |  |
| 5.65% 5/15/28 | 175000 | 180158 |
| 6.25% 7/15/33 | 115000 | 121983 |
| Patterson-UTI Energy, Inc. <br> 7.15% 10/1/33<br>| 95000 | 101673 |
| Phillips 66 |  |  |
| 3.30% 3/15/52 | 65000 | 42257 |
| 3.90% 3/15/28 | 200000 | 199154 |
| 4.88% 11/15/44 | 180000 | 158107 |
| 5.88% 5/1/42 | 250000 | 252692 |
| Phillips 66 Co. |  |  |
| 3.15% 12/15/29 | 100000 | 95990 |
| 3.75% 3/1/28 | 50000 | 49656 |
| 4.68% 2/15/45 | 40000 | 33834 |
| 4.90% 10/1/46 | 100000 | 87155 |
| 5.65% 6/15/54 | 400000 | 375464 |
| Pioneer Natural Resources <br> Co.<br>|  |  |
| 1.90% 8/15/30 | 200000 | 181138 |
| 2.15% 1/15/31 | 90000 | 81625 |
| Shell Finance U.S., Inc. |  |  |
| 2.75% 4/6/30 | 315000 | 298693 |
| 3.25% 4/6/50 | 500000 | 344729 |
| 3.75% 9/12/46 | 150000 | 116865 |
| 4.00% 5/10/46 | 350000 | 282957 |
| 4.13% 5/11/35 | 156000 | 149748 |
| 4.38% 5/11/45 | 167000 | 143827 |
| 5.50% 3/25/40 | 100000 | 102329 |
| 6.38% 12/15/38 | 300000 | 334162 |
| Suncor Energy, Inc. |  |  |
| 3.75% 3/4/51 | 70000 | 49816 |
| 4.00% 11/15/47 | 70000 | 53152 |
| 6.80% 5/15/38 | 55000 | 60731 |
| 6.85% 6/1/39 | 100000 | 110980 |
| 7.15% 2/1/32 | 25000 | 28066 |
| TotalEnergies Capital <br> International SA<br>|  |  |
| 2.83% 1/10/30 | 100000 | 95748 |
| 2.99% 6/29/41 | 200000 | 151293 |
| 3.39% 6/29/60 | 200000 | 129774 |
| 3.46% 2/19/29 | 200000 | 196926 |
| 3.46% 7/12/49 | 100000 | 71405 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| TotalEnergies Capital SA |  |  |
| 4.72% 9/10/34 | 125000 | $126085 |
| 5.28% 9/10/54 | 250000 | 234901 |
| 5.43% 9/10/64 | 250000 | 233977 |
| Valero Energy Corp. |  |  |
| 4.00% 4/1/29 | 100000 | 99152 |
| 4.00% 6/1/52 | 55000 | 40541 |
| 4.35% 6/1/28 | 120000 | 120659 |
| 6.63% 6/15/37 | 300000 | 330339 |
| 7.50% 4/15/32 | 100000 | 114471 |
| Woodside Finance Ltd. 5.40% <br> 5/19/30<br>| 250000 | 256710 |
|  |  | **20822542** |
| **Oil & Gas Services–0.05%** | **Oil & Gas Services–0.05%** | **Oil & Gas Services–0.05%** |
| Baker Hughes Holdings LLC <br> 5.13% 9/15/40<br>| 200000 | 194484 |
| Baker Hughes <br> Holdings LLC/Baker Hughes <br> Co-Obligor, Inc.<br>|  |  |
| 4.08% 12/15/47 | 200000 | 159140 |
| 4.49% 5/1/30 | 30000 | 30209 |
| Halliburton Co. |  |  |
| 2.92% 3/1/30 | 150000 | 141894 |
| 4.75% 8/1/43 | 200000 | 176155 |
| 4.85% 11/15/35 | 100000 | 98667 |
| 5.00% 11/15/45 | 283000 | 253023 |
| NOV, Inc. 3.95% 12/1/42 | 150000 | 117714 |
|  |  | **1171286** |
| **Packaging & Containers–0.06%** | **Packaging & Containers–0.06%** | **Packaging & Containers–0.06%** |
| Amcor Finance USA, Inc. <br> 5.63% 5/26/33<br>| 160000 | 167018 |
| Amcor Flexibles North <br> America, Inc. 5.10% 3/17/30<br>| 110000 | 112914 |
| Amcor Group Finance PLC <br> 5.45% 5/23/29<br>| 250000 | 258435 |
| Berry Global, Inc. 5.80% <br> 6/15/31<br>| 250000 | 263913 |
| Packaging Corp. of America |  |  |
| 3.00% 12/15/29 | 50000 | 47806 |
| 3.05% 10/1/51 | 45000 | 29274 |
| 3.40% 12/15/27 | 70000 | 69298 |
| 4.05% 12/15/49 | 25000 | 19818 |
| Smurfit Westrock Financing <br> DAC 5.42% 1/15/35<br>| 200000 | 205930 |
| WestRock MWV LLC 8.20% <br> 1/15/30<br>| 150000 | 170687 |
| WRKCo, Inc. |  |  |
| 3.90% 6/1/28 | 50000 | 49739 |
| 4.00% 3/15/28 | 100000 | 99744 |
| 4.20% 6/1/32 | 50000 | 48569 |
|  |  | **1543145** |

---

LVIP SSGA Bond Index Fund-42

------

**LVIP SSGA Bond Index 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–1.25%** | **Pharmaceuticals–1.25%** | **Pharmaceuticals–1.25%** |
| AbbVie, Inc. |  |  |
| 3.20% 11/21/29 | 525000 | $509132 |
| 4.05% 11/21/39 | 250000 | 223166 |
| 4.25% 11/21/49 | 525000 | 432366 |
| 4.30% 5/14/36 | 150000 | 143919 |
| 4.40% 11/6/42 | 300000 | 266851 |
| 4.45% 5/14/46 | 200000 | 173837 |
| 4.55% 3/15/35 | 250000 | 246119 |
| 4.63% 10/1/42 | 125000 | 113873 |
| 4.65% 3/15/28 | 120000 | 122012 |
| 4.80% 3/15/27 | 800000 | 808379 |
| 4.85% 6/15/44 | 250000 | 231556 |
| 4.88% 3/15/30 | 100000 | 103033 |
| 5.20% 3/15/35 | 110000 | 113762 |
| 5.50% 3/15/64 | 700000 | 679588 |
| 5.60% 3/15/55 | 65000 | 65117 |
| Astrazeneca Finance LLC |  |  |
| 2.25% 5/28/31 | 55000 | 50014 |
| 4.88% 3/3/28 | 500000 | 510770 |
| 4.88% 3/3/33 | 500000 | 515814 |
| AstraZeneca PLC |  |  |
| 1.38% 8/6/30 | 200000 | 177782 |
| 2.13% 8/6/50 | 95000 | 52759 |
| 3.00% 5/28/51 | 30000 | 20180 |
| 4.00% 1/17/29 | 105000 | 105243 |
| 4.38% 11/16/45 | 95000 | 83677 |
| 4.38% 8/17/48 | 125000 | 108889 |
| Becton Dickinson & Co. |  |  |
| 1.96% 2/11/31 | 165000 | 146667 |
| 3.79% 5/20/50 | 200000 | 149572 |
| 4.67% 6/6/47 | 125000 | 108837 |
| 4.69% 2/13/28 | 75000 | 75992 |
| 4.87% 2/8/29 | 250000 | 254964 |
| Bristol-Myers Squibb Co. |  |  |
| 1.13% 11/13/27 | 150000 | 143208 |
| 1.45% 11/13/30 | 90000 | 79738 |
| 2.35% 11/13/40 | 65000 | 46233 |
| 2.55% 11/13/50 | 90000 | 53221 |
| 2.95% 3/15/32 | 70000 | 64837 |
| 3.25% 8/1/42 | 100000 | 76806 |
| 3.40% 7/26/29 | 217000 | 212897 |
| 3.55% 3/15/42 | 45000 | 36141 |
| 3.70% 3/15/52 | 105000 | 77149 |
| 3.90% 3/15/62 | 95000 | 68875 |
| 4.13% 6/15/39 | 585000 | 531065 |
| 4.25% 10/26/49 | 210000 | 171582 |
| 4.35% 11/15/47 | 200000 | 169141 |
| 4.55% 2/20/48 | 250000 | 216282 |
| 4.90% 2/22/29 | 225000 | 231314 |
| 5.20% 2/22/34 | 185000 | 192318 |
| 5.50% 2/22/44 | 45000 | 45087 |
| 5.55% 2/22/54 | 720000 | 707093 |
| Cardinal Health, Inc. |  |  |
| 3.41% 6/15/27 | 250000 | 248186 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Cardinal Health, <br> Inc. (continued)<br>|  |  |
| 4.37% 6/15/47 | 100000 | $82748 |
| 4.90% 9/15/45 | 100000 | 90134 |
| 5.35% 11/15/34 | 250000 | 257708 |
| Cencora, Inc. |  |  |
| 2.70% 3/15/31 | 200000 | 184264 |
| 2.80% 5/15/30 | 50000 | 47067 |
| 3.45% 12/15/27 | 100000 | 99114 |
| 4.30% 12/15/47 | 100000 | 83726 |
| 5.13% 2/15/34 | 180000 | 184632 |
| CVS Health Corp. |  |  |
| 1.30% 8/21/27 | 415000 | 396987 |
| 1.75% 8/21/30 | 250000 | 222055 |
| 1.88% 2/28/31 | 160000 | 140383 |
| 3.25% 8/15/29 | 85000 | 82053 |
| 3.75% 4/1/30 | 200000 | 195291 |
| 4.13% 4/1/40 | 300000 | 256371 |
| 4.30% 3/25/28 | 323000 | 324070 |
| 4.78% 3/25/38 | 310000 | 292613 |
| 4.88% 7/20/35 | 225000 | 221364 |
| 5.00% 1/30/29 | 90000 | 91908 |
| 5.13% 2/21/30 | 100000 | 102736 |
| 5.13% 7/20/45 | 215000 | 194103 |
| 5.25% 2/21/33 | 100000 | 102958 |
| 5.30% 6/1/33 | 95000 | 97961 |
| 5.40% 6/1/29 | 165000 | 170890 |
| 5.63% 2/21/53 | 100000 | 93871 |
| 5.70% 6/1/34 | 250000 | 261979 |
| 5.88% 6/1/53 | 140000 | 135940 |
| 6.00% 6/1/44 | 200000 | 200983 |
| 6.05% 6/1/54 | 200000 | 198847 |
| 6.20% 9/15/55 | 600000 | 609204 |
| Eli Lilly & Co. |  |  |
| 2.25% 5/15/50 | 250000 | 143819 |
| 2.50% 9/15/60 | 250000 | 135807 |
| 3.38% 3/15/29 | 65000 | 64025 |
| 4.00% 10/15/28 | 600000 | 604040 |
| 4.15% 8/14/27 | 140000 | 141031 |
| 4.20% 8/14/29 | 45000 | 45436 |
| 4.60% 8/14/34 | 180000 | 180522 |
| 4.70% 2/9/34 | 500000 | 506897 |
| 5.00% 2/9/54 | 175000 | 163474 |
| 5.05% 8/14/54 | 100000 | 93667 |
| 5.20% 8/14/64 | 90000 | 84686 |
| 5.50% 2/12/55 | 700000 | 700597 |
| GlaxoSmithKline Capital PLC <br> 3.38% 6/1/29<br>| 165000 | 161888 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 4.88% 4/15/35 | 250000 | 252536 |
| 5.38% 4/15/34 | 100000 | 105650 |
| 6.38% 5/15/38 | 100000 | 112151 |
| Johnson & Johnson |  |  |
| 0.95% 9/1/27 | 155000 | 148417 |
| 2.10% 9/1/40 | 335000 | 236128 |

---

LVIP SSGA Bond Index Fund-43

------

**LVIP SSGA Bond Index 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)** |
| Johnson & <br> Johnson (continued)<br>|  |  |
| 2.45% 9/1/60 | 165000 | $90641 |
| 2.90% 1/15/28 | 150000 | 147998 |
| 2.95% 3/3/27 | 200000 | 198522 |
| 3.40% 1/15/38 | 150000 | 131818 |
| 3.50% 1/15/48 | 95000 | 73075 |
| 3.55% 3/1/36 | 70000 | 64387 |
| 3.70% 3/1/46 | 80000 | 64828 |
| 3.75% 3/3/47 | 200000 | 161241 |
| 4.38% 12/5/33 | 183000 | 185584 |
| 4.80% 6/1/29 | 165000 | 170330 |
| 4.85% 3/1/32 | 400000 | 414970 |
| 4.85% 5/15/41 | 100000 | 99125 |
| 4.95% 6/1/34 | 105000 | 110172 |
| 5.25% 6/1/54 | 110000 | 110094 |
| 5.85% 7/15/38 | 100000 | 110196 |
| McKesson Corp. |  |  |
| 4.25% 9/15/29 | 125000 | 125696 |
| 5.10% 7/15/33 | 200000 | 206647 |
| Merck & Co., Inc. |  |  |
| 1.45% 6/24/30 | 105000 | 93892 |
| 1.70% 6/10/27 | 100000 | 97377 |
| 1.90% 12/10/28 | 100000 | 94835 |
| 2.15% 12/10/31 | 95000 | 84577 |
| 2.35% 6/24/40 | 145000 | 104460 |
| 2.45% 6/24/50 | 100000 | 58470 |
| 2.75% 12/10/51 | 100000 | 61882 |
| 2.90% 12/10/61 | 55000 | 31967 |
| 3.40% 3/7/29 | 200000 | 196813 |
| 3.60% 9/15/42 | 100000 | 80609 |
| 3.90% 3/7/39 | 200000 | 179004 |
| 4.00% 3/7/49 | 135000 | 108032 |
| 4.15% 5/18/43 | 242000 | 208186 |
| 4.50% 5/17/33 | 145000 | 146280 |
| 4.75% 12/4/35 | 400000 | 398505 |
| 4.90% 5/17/44 | 150000 | 141130 |
| 4.95% 9/15/35 | 300000 | 304664 |
| 5.00% 5/17/53 | 250000 | 229613 |
| 5.70% 9/15/55 | 300000 | 303018 |
| Mylan, Inc. |  |  |
| 4.55% 4/15/28 | 150000 | 150158 |
| 5.20% 4/15/48 | 150000 | 121883 |
| 5.40% 11/29/43 | 133000 | 114241 |
| Novartis Capital Corp. |  |  |
| 2.00% 2/14/27 | 150000 | 147309 |
| 2.20% 8/14/30 | 150000 | 138728 |
| 2.75% 8/14/50 | 100000 | 63993 |
| 3.10% 5/17/27 | 125000 | 124063 |
| 3.70% 9/21/42 | 150000 | 124447 |
| 4.40% 5/6/44 | 250000 | 223038 |
| Pfizer Investment Enterprises <br> Pte. Ltd.<br>|  |  |
| 4.65% 5/19/30 | 250000 | 254938 |
| 4.75% 5/19/33 | 265000 | 267810 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Pfizer Investment Enterprises <br> Pte. Ltd. (continued)<br>|  |  |
| 5.11% 5/19/43 | 250000 | $240574 |
| 5.30% 5/19/53 | 760000 | 719626 |
| 5.34% 5/19/63 | 250000 | 231950 |
| Pfizer, Inc. |  |  |
| 1.70% 5/28/30 | 125000 | 113221 |
| 1.75% 8/18/31 | 100000 | 88356 |
| 2.55% 5/28/40 | 300000 | 220231 |
| 3.45% 3/15/29 | 250000 | 247066 |
| 3.60% 9/15/28 | 250000 | 249592 |
| 3.90% 3/15/39 | 50000 | 44156 |
| 4.00% 12/15/36 | 100000 | 93792 |
| 4.00% 3/15/49 | 200000 | 159835 |
| 4.10% 9/15/38 | 150000 | 137656 |
| 7.20% 3/15/39 | 300000 | 357635 |
| Sanofi SA 3.63% 6/19/28 | 150000 | 149687 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>|  |  |
| 2.05% 3/31/30 | 200000 | 182744 |
| 3.03% 7/9/40 | 200000 | 153089 |
| 3.18% 7/9/50 | 200000 | 133382 |
| 3.38% 7/9/60 | 200000 | 128012 |
| 5.00% 11/26/28 | 200000 | 204668 |
| Takeda U.S. Financing, Inc. <br> 5.20% 7/7/35<br>| 500000 | 509264 |
| Utah Acquisition Sub, Inc. <br> 5.25% 6/15/46<br>| 160000 | 131415 |
| Viatris, Inc. |  |  |
| 2.70% 6/22/30 | 95000 | 86837 |
| 4.00% 6/22/50 | 95000 | 63266 |
| Wyeth LLC |  |  |
| 5.95% 4/1/37 | 350000 | 376553 |
| 6.00% 2/15/36 | 100000 | 108316 |
| 6.50% 2/1/34 | 100000 | 112232 |
| Zoetis, Inc. |  |  |
| 3.00% 9/12/27 | 100000 | 98566 |
| 3.00% 5/15/50 | 145000 | 96048 |
| 3.90% 8/20/28 | 50000 | 49969 |
| 3.95% 9/12/47 | 100000 | 80023 |
| 4.45% 8/20/48 | 50000 | 42861 |
| 5.60% 11/16/32 | 135000 | 143354 |
|  |  | **32140996** |
| **Pipelines–0.87%** | **Pipelines–0.87%** | **Pipelines–0.87%** |
| Boardwalk Pipelines LP |  |  |
| 3.40% 2/15/31 | 45000 | 42576 |
| 4.45% 7/15/27 | 70000 | 70254 |
| 5.63% 8/1/34 | 250000 | 261197 |
| Cheniere Corpus Christi <br> Holdings LLC 3.70% <br> 11/15/29<br>| 230000 | 224614 |
| Cheniere Energy Partners LP |  |  |
| 5.75% 8/15/34 | 350000 | 365441 |
| 5.95% 6/30/33 | 250000 | 265093 |

---

LVIP SSGA Bond Index Fund-44

------

**LVIP SSGA Bond Index 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)** |
| Columbia Pipeline Group, <br> Inc. 5.80% 6/1/45<br>| 100000 | $98774 |
| Eastern Energy Gas <br> Holdings LLC<br>|  |  |
| 5.80% 1/15/35 | 250000 | 263970 |
| 6.20% 1/15/55 | 105000 | 108511 |
| Enbridge, Inc. |  |  |
| 3.40% 8/1/51 | 140000 | 95670 |
| 4.60% 6/20/28 | 400000 | 404123 |
| 5.25% 4/5/27 | 180000 | 182485 |
| 5.30% 4/5/29 | 250000 | 257713 |
| 5.50% 12/1/46 | 100000 | 98327 |
| 5.63% 4/5/34 | 155000 | 161808 |
| 5.70% 3/8/33 | 200000 | 210658 |
| 5.95% 4/5/54 | 145000 | 146784 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 105000 | 102183 |
| 4.00% 10/1/27 | 245000 | 244606 |
| 4.20% 4/15/27 | 150000 | 150064 |
| 4.40% 3/15/27 | 100000 | 100310 |
| 4.95% 6/15/28 | 75000 | 76240 |
| 5.00% 5/15/44 | 70000 | 60676 |
| 5.00% 5/15/50 | 315000 | 263544 |
| 5.15% 3/15/45 | 150000 | 132596 |
| 5.30% 4/1/44 | 200000 | 181400 |
| 5.30% 4/15/47 | 150000 | 133106 |
| 5.40% 10/1/47 | 245000 | 220167 |
| 5.60% 9/1/34 | 700000 | 720381 |
| 5.80% 6/15/38 | 100000 | 101843 |
| 5.95% 10/1/43 | 125000 | 122397 |
| 6.00% 6/15/48 | 100000 | 96978 |
| 6.10% 12/1/28 | 180000 | 189067 |
| 6.50% 2/1/42 | 150000 | 157963 |
| 6.55% 12/1/33 | 145000 | 158924 |
| 7.50% 7/1/38 | 200000 | 231551 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 2.80% 1/31/30 | 105000 | 99748 |
| 3.13% 7/31/29 | 150000 | 145429 |
| 3.20% 2/15/52 | 350000 | 232163 |
| 3.30% 2/15/53 | 85000 | 56758 |
| 3.95% 2/15/27 | 245000 | 245228 |
| 4.15% 10/16/28 | 100000 | 100603 |
| 4.20% 1/31/50 | 100000 | 80200 |
| 4.25% 2/15/48 | 90000 | 73898 |
| 4.45% 2/15/43 | 125000 | 109854 |
| 4.80% 2/1/49 | 100000 | 88060 |
| 4.85% 1/31/34 | 250000 | 252590 |
| 4.85% 3/15/44 | 125000 | 114094 |
| 4.90% 5/15/46 | 100000 | 90417 |
| 4.95% 2/15/35 | 140000 | 141629 |
| 5.55% 2/16/55 | 125000 | 121138 |
| 5.70% 2/15/42 | 150000 | 152864 |
| 5.95% 2/1/41 | 100000 | 105425 |
| 6.13% 10/15/39 | 50000 | 53822 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued)<br>|  |  |
| 7.55% 4/15/38 | 100000 | $120293 |
| Kinder Morgan Energy <br> Partners LP<br>|  |  |
| 5.00% 3/1/43 | 250000 | 227177 |
| 5.80% 3/15/35 | 150000 | 157570 |
| 6.50% 9/1/39 | 100000 | 107844 |
| 6.55% 9/15/40 | 200000 | 216734 |
| 7.75% 3/15/32 | 200000 | 232827 |
| Kinder Morgan, Inc. |  |  |
| 2.00% 2/15/31 | 140000 | 124947 |
| 3.25% 8/1/50 | 145000 | 95908 |
| 4.30% 3/1/28 | 200000 | 200976 |
| 5.10% 8/1/29 | 115000 | 118254 |
| 5.20% 6/1/33 | 70000 | 72031 |
| 5.20% 3/1/48 | 150000 | 136942 |
| 5.55% 6/1/45 | 200000 | 193364 |
| 5.95% 8/1/54 | 180000 | 178827 |
| MPLX LP |  |  |
| 2.65% 8/15/30 | 390000 | 361210 |
| 4.00% 3/15/28 | 175000 | 174629 |
| 4.13% 3/1/27 | 165000 | 165073 |
| 4.25% 12/1/27 | 50000 | 50132 |
| 4.50% 4/15/38 | 290000 | 264415 |
| 4.70% 4/15/48 | 115000 | 95579 |
| 4.90% 4/15/58 | 50000 | 40928 |
| 5.00% 3/1/33 | 145000 | 145681 |
| 5.20% 3/1/47 | 165000 | 147445 |
| 5.20% 12/1/47 | 90000 | 80233 |
| 5.40% 9/15/35 | 400000 | 402976 |
| 5.50% 6/1/34 | 140000 | 142827 |
| ONEOK Partners LP |  |  |
| 6.13% 2/1/41 | 100000 | 102520 |
| 6.65% 10/1/36 | 100000 | 108834 |
| ONEOK, Inc. |  |  |
| 3.10% 3/15/30 | 100000 | 95084 |
| 3.40% 9/1/29 | 150000 | 145336 |
| 3.95% 3/1/50 | 155000 | 112398 |
| 4.00% 7/13/27 | 85000 | 84902 |
| 4.20% 10/3/47 | 100000 | 77553 |
| 4.25% 9/24/27 | 75000 | 75247 |
| 4.25% 9/15/46 | 180000 | 141010 |
| 4.45% 9/1/49 | 60000 | 48263 |
| 4.50% 3/15/50 | 100000 | 80976 |
| 4.55% 7/15/28 | 150000 | 151290 |
| 4.75% 10/15/31 | 100000 | 100531 |
| 4.95% 7/13/47 | 100000 | 87275 |
| 5.05% 11/1/34 | 100000 | 99107 |
| 5.20% 7/15/48 | 75000 | 67574 |
| 5.40% 10/15/35 | 400000 | 404154 |
| 5.65% 9/1/34 | 125000 | 129175 |
| 5.70% 11/1/54 | 100000 | 93194 |
| 5.85% 11/1/64 | 100000 | 93822 |
| 6.05% 9/1/33 | 105000 | 111697 |

---

LVIP SSGA Bond Index Fund-45

------

**LVIP SSGA Bond Index 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)** |
| ONEOK, Inc. (continued) |  |  |
| 6.63% 9/1/53 | 250000 | $261824 |
| Plains All American <br> Pipeline LP 5.95% 6/15/35<br>| 250000 | 260358 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp.<br>|  |  |
| 4.30% 1/31/43 | 100000 | 81615 |
| 6.65% 1/15/37 | 125000 | 135809 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20% 3/15/28 | 70000 | 70069 |
| 4.50% 5/15/30 | 255000 | 256032 |
| 5.90% 9/15/37 | 243098 | 255380 |
| South Bow USA <br> Infrastructure Holdings LLC <br> 5.58% 10/1/34<br>| 300000 | 302971 |
| Spectra Energy Partners LP <br> 4.50% 3/15/45<br>| 50000 | 42168 |
| Targa Resources Corp. |  |  |
| 5.50% 2/15/35 | 195000 | 199749 |
| 6.13% 5/15/55 | 150000 | 149058 |
| 6.50% 2/15/53 | 250000 | 260531 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 4.88% 2/1/31<br>| 700000 | 704280 |
| Tennessee Gas Pipeline Co. <br> LLC 7.63% 4/1/37<br>| 150000 | 176129 |
| TransCanada PipeLines Ltd. |  |  |
| 4.10% 4/15/30 | 500000 | 494275 |
| 4.25% 5/15/28 | 150000 | 150299 |
| 4.63% 3/1/34 | 200000 | 194812 |
| 6.10% 6/1/40 | 100000 | 105065 |
| 7.25% 8/15/38 | 100000 | 114539 |
| Transcontinental Gas Pipe <br> Line Co. LLC<br>|  |  |
| 3.25% 5/15/30 | 100000 | 95804 |
| 3.95% 5/15/50 | 200000 | 153573 |
| 4.00% 3/15/28 | 100000 | 99917 |
| 4.45% 8/1/42 | 100000 | 87523 |
| 4.60% 3/15/48 | 100000 | 86823 |
| Valero Energy Partners LP <br> 4.50% 3/15/28<br>| 100000 | 100680 |
| Western Midstream <br> Operating LP<br>|  |  |
| 5.45% 11/15/34 | 350000 | 352509 |
| 6.15% 4/1/33 | 155000 | 164124 |
| Williams Cos., Inc. |  |  |
| 2.60% 3/15/31 | 135000 | 123244 |
| 3.50% 11/15/30 | 150000 | 143893 |
| 3.75% 6/15/27 | 250000 | 248998 |
| 4.85% 3/1/48 | 70000 | 61315 |
| 4.90% 3/15/29 | 250000 | 255210 |
| 5.30% 8/15/28 | 350000 | 360308 |
| 5.75% 6/24/44 | 95000 | 94395 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 6.00% 3/15/55 | 90000 | $91485 |
|  |  | **22365442** |
| **Private Equity–0.04%** | **Private Equity–0.04%** | **Private Equity–0.04%** |
| Brookfield <br> Finance LLC/Brookfield <br> Finance, Inc. 3.45% 4/15/50<br>| 150000 | 103310 |
| Brookfield Finance, Inc. |  |  |
| 2.72% 4/15/31 | 80000 | 73268 |
| 3.50% 3/30/51 | 200000 | 138848 |
| 3.90% 1/25/28 | 100000 | 99648 |
| 4.70% 9/20/47 | 150000 | 129794 |
| 5.68% 1/15/35 | 250000 | 258538 |
| 5.97% 3/4/54 | 250000 | 252337 |
|  |  | **1055743** |
| **Real Estate–0.01%** | **Real Estate–0.01%** | **Real Estate–0.01%** |
| CBRE Services, Inc. 4.80% <br> 6/15/30<br>| 150000 | 152078 |
|  |  | **152078** |
| **Real Estate Investment Trusts–0.84%** | **Real Estate Investment Trusts–0.84%** | **Real Estate Investment Trusts–0.84%** |
| Agree LP 5.63% 6/15/34 | 60000 | 62719 |
| Alexandria Real Estate <br> Equities, Inc.<br>|  |  |
| 2.00% 5/18/32 | 125000 | 105689 |
| 2.75% 12/15/29 | 100000 | 93850 |
| 2.95% 3/15/34 | 40000 | 34251 |
| 3.00% 5/18/51 | 250000 | 152757 |
| 3.38% 8/15/31 | 60000 | 56083 |
| 3.55% 3/15/52 | 70000 | 47558 |
| 3.95% 1/15/27 | 25000 | 24962 |
| 3.95% 1/15/28 | 100000 | 99563 |
| 4.00% 2/1/50 | 100000 | 74585 |
| 4.50% 7/30/29 | 110000 | 110038 |
| American Homes 4 Rent LP |  |  |
| 2.38% 7/15/31 | 80000 | 71512 |
| 3.63% 4/15/32 | 140000 | 132234 |
| 5.50% 2/1/34 | 250000 | 258148 |
| American Tower Corp. |  |  |
| 1.50% 1/31/28 | 50000 | 47442 |
| 1.88% 10/15/30 | 250000 | 223312 |
| 2.10% 6/15/30 | 25000 | 22689 |
| 2.70% 4/15/31 | 100000 | 91821 |
| 3.10% 6/15/50 | 300000 | 197076 |
| 3.13% 1/15/27 | 200000 | 198100 |
| 3.60% 1/15/28 | 100000 | 99060 |
| 3.65% 3/15/27 | 160000 | 159292 |
| 4.90% 3/15/30 | 250000 | 255333 |
| 5.35% 3/15/35 | 250000 | 256304 |
| 5.40% 1/31/35 | 125000 | 128670 |
| 5.80% 11/15/28 | 140000 | 146150 |

---

LVIP SSGA Bond Index Fund-46

------

**LVIP SSGA Bond Index 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)** |
| Americold Realty Operating <br> Partnership LP 5.60% <br> 5/15/32<br>| 60000 | $60406 |
| AvalonBay Communities, Inc. |  |  |
| 1.90% 12/1/28 | 100000 | 94494 |
| 2.45% 1/15/31 | 105000 | 96042 |
| 3.20% 1/15/28 | 85000 | 83765 |
| 3.30% 6/1/29 | 60000 | 58439 |
| 3.90% 10/15/46 | 50000 | 39793 |
| 4.15% 7/1/47 | 50000 | 41306 |
| 5.35% 6/1/34 | 115000 | 119481 |
| Boston Properties LP |  |  |
| 2.45% 10/1/33 | 100000 | 82720 |
| 2.55% 4/1/32 | 150000 | 130856 |
| 3.40% 6/21/29 | 150000 | 145235 |
| 4.50% 12/1/28 | 70000 | 70452 |
| 5.75% 1/15/35 | 250000 | 257101 |
| Brixmor Operating <br> Partnership LP<br>|  |  |
| 3.90% 3/15/27 | 100000 | 99703 |
| 4.13% 5/15/29 | 500000 | 497967 |
| Camden Property Trust |  |  |
| 3.35% 11/1/49 | 40000 | 28227 |
| 4.90% 1/15/34 | 250000 | 253101 |
| COPT Defense Properties LP <br> 2.75% 4/15/31<br>| 100000 | 91214 |
| Cousins Properties LP 5.38% <br> 2/15/32<br>| 60000 | 61783 |
| Crown Castle, Inc. |  |  |
| 2.10% 4/1/31 | 200000 | 176509 |
| 2.25% 1/15/31 | 40000 | 35728 |
| 2.90% 4/1/41 | 200000 | 145877 |
| 3.25% 1/15/51 | 150000 | 99140 |
| 3.65% 9/1/27 | 140000 | 138886 |
| 3.80% 2/15/28 | 150000 | 148807 |
| 4.00% 3/1/27 | 40000 | 39909 |
| 4.75% 5/15/47 | 25000 | 21706 |
| 5.00% 1/11/28 | 70000 | 71094 |
| 5.20% 2/15/49 | 100000 | 90139 |
| 5.60% 6/1/29 | 125000 | 129707 |
| CubeSmart LP |  |  |
| 2.00% 2/15/31 | 160000 | 141560 |
| 3.00% 2/15/30 | 100000 | 94770 |
| 4.38% 2/15/29 | 30000 | 30079 |
| Digital Realty Trust LP |  |  |
| 3.60% 7/1/29 | 65000 | 63671 |
| 3.70% 8/15/27 | 100000 | 99458 |
| 5.55% 1/15/28 | 175000 | 179737 |
| DOC Dr. LLC |  |  |
| 2.63% 11/1/31 | 50000 | 44953 |
| 3.95% 1/15/28 | 100000 | 99432 |
| 4.30% 3/15/27 | 50000 | 50072 |
| Equinix Europe 2 Financing <br> Corp. LLC 5.50% 6/15/34<br>| 110000 | 113882 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Equinix, Inc. |  |  |
| 1.55% 3/15/28 | 125000 | $118572 |
| 2.15% 7/15/30 | 55000 | 49884 |
| 2.95% 9/15/51 | 250000 | 156571 |
| 3.00% 7/15/50 | 45000 | 28672 |
| 3.20% 11/18/29 | 90000 | 86395 |
| 3.90% 4/15/32 | 200000 | 192220 |
| ERP Operating LP |  |  |
| 2.50% 2/15/30 | 100000 | 93808 |
| 3.00% 7/1/29 | 100000 | 96421 |
| 4.15% 12/1/28 | 100000 | 100490 |
| 4.50% 6/1/45 | 50000 | 43813 |
| Essex Portfolio LP |  |  |
| 1.70% 3/1/28 | 210000 | 199368 |
| 3.00% 1/15/30 | 100000 | 94993 |
| 4.00% 3/1/29 | 100000 | 99224 |
| Extra Space Storage LP |  |  |
| 2.20% 10/15/30 | 235000 | 212606 |
| 3.90% 4/1/29 | 20000 | 19763 |
| 4.00% 6/15/29 | 100000 | 99015 |
| 4.95% 1/15/33 | 350000 | 353787 |
| Federal Realty OP LP |  |  |
| 3.25% 7/15/27 | 100000 | 98807 |
| 5.38% 5/1/28 | 200000 | 204992 |
| GLP Capital LP/GLP <br> Financing II, Inc.<br>|  |  |
| 3.25% 1/15/32 | 50000 | 45238 |
| 4.00% 1/15/30 | 95000 | 92355 |
| 4.00% 1/15/31 | 50000 | 47891 |
| 5.63% 9/15/34 | 250000 | 253637 |
| 5.75% 6/1/28 | 75000 | 76953 |
| 6.25% 9/15/54 | 180000 | 178990 |
| Healthcare Realty <br> Holdings LP<br>|  |  |
| 2.00% 3/15/31 | 110000 | 96478 |
| 3.10% 2/15/30 | 50000 | 47496 |
| 3.75% 7/1/27 | 50000 | 49659 |
| Healthpeak OP LLC |  |  |
| 2.13% 12/1/28 | 160000 | 151107 |
| 3.00% 1/15/30 | 150000 | 142120 |
| Highwoods Realty LP |  |  |
| 2.60% 2/1/31 | 65000 | 58294 |
| 3.88% 3/1/27 | 60000 | 59581 |
| 4.20% 4/15/29 | 100000 | 98469 |
| Host Hotels & Resorts LP |  |  |
| 3.50% 9/15/30 | 70000 | 66756 |
| 5.50% 4/15/35 | 250000 | 253055 |
| Invitation Homes Operating <br> Partnership LP<br>|  |  |
| 2.30% 11/15/28 | 100000 | 95088 |
| 5.50% 8/15/33 | 250000 | 258852 |
| Kilroy Realty LP |  |  |
| 2.50% 11/15/32 | 50000 | 41681 |
| 3.05% 2/15/30 | 100000 | 92984 |
| 4.25% 8/15/29 | 150000 | 146958 |

---

LVIP SSGA Bond Index Fund-47

------

**LVIP SSGA Bond Index 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)** |
| Kimco Realty OP LLC |  |  |
| 2.25% 12/1/31 | 70000 | $62090 |
| 3.80% 4/1/27 | 100000 | 99891 |
| 4.13% 12/1/46 | 100000 | 82179 |
| 4.45% 9/1/47 | 100000 | 85247 |
| Kite Realty Group LP 4.95% <br> 12/15/31<br>| 175000 | 177920 |
| Mid-America Apartments LP |  |  |
| 1.70% 2/15/31 | 50000 | 43796 |
| 3.95% 3/15/29 | 100000 | 99404 |
| 4.95% 3/1/35 | 250000 | 251802 |
| National Health Investors, <br> Inc. 3.00% 2/1/31<br>| 25000 | 22693 |
| NNN REIT, Inc. |  |  |
| 2.50% 4/15/30 | 150000 | 139223 |
| 3.00% 4/15/52 | 50000 | 31192 |
| 3.10% 4/15/50 | 150000 | 96988 |
| 3.50% 4/15/51 | 90000 | 63376 |
| Omega Healthcare Investors, <br> Inc.<br>|  |  |
| 3.25% 4/15/33 | 150000 | 133344 |
| 3.38% 2/1/31 | 50000 | 46680 |
| 3.63% 10/1/29 | 100000 | 96821 |
| Piedmont Operating <br> Partnership LP<br>|  |  |
| 2.75% 4/1/32 | 35000 | 30048 |
| 3.15% 8/15/30 | 200000 | 183589 |
| Prologis LP |  |  |
| 1.25% 10/15/30 | 115000 | 100707 |
| 1.63% 3/15/31 | 200000 | 174997 |
| 1.75% 7/1/30 | 100000 | 89964 |
| 2.13% 4/15/27 | 50000 | 48934 |
| 2.13% 10/15/50 | 85000 | 45731 |
| 2.25% 4/15/30 | 95000 | 88139 |
| 3.00% 4/15/50 | 50000 | 32987 |
| 3.88% 9/15/28 | 65000 | 64842 |
| 4.38% 2/1/29 | 125000 | 126195 |
| 4.38% 9/15/48 | 50000 | 41962 |
| 4.75% 6/15/33 | 200000 | 201688 |
| 5.13% 1/15/34 | 140000 | 143719 |
| Public Storage Operating Co. |  |  |
| 1.95% 11/9/28 | 85000 | 80495 |
| 2.25% 11/9/31 | 65000 | 57995 |
| 3.09% 9/15/27 | 60000 | 59264 |
| 3.39% 5/1/29 | 65000 | 63675 |
| 5.10% 8/1/33 | 50000 | 51748 |
| 5.35% 8/1/53 | 200000 | 193389 |
| Realty Income Corp. |  |  |
| 1.80% 3/15/33 | 125000 | 103764 |
| 2.10% 3/15/28 | 100000 | 96013 |
| 2.20% 6/15/28 | 65000 | 62343 |
| 2.70% 2/15/32 | 125000 | 112849 |
| 2.85% 12/15/32 | 95000 | 85213 |
| 3.10% 12/15/29 | 100000 | 96244 |
| 3.40% 1/15/30 | 100000 | 97184 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Realty Income <br> Corp. (continued)<br>|  |  |
| 3.95% 8/15/27 | 80000 | $80004 |
| 4.00% 7/15/29 | 45000 | 44781 |
| 4.65% 3/15/47 | 100000 | 88261 |
| 4.70% 12/15/28 | 175000 | 178372 |
| Regency Centers LP |  |  |
| 4.13% 3/15/28 | 100000 | 100187 |
| 5.10% 1/15/35 | 160000 | 162006 |
| Sabra Health Care LP 3.90% <br> 10/15/29<br>| 100000 | 97978 |
| Safehold GL Holdings LLC <br> 5.65% 1/15/35<br>| 250000 | 256658 |
| Simon Property Group LP |  |  |
| 1.38% 1/15/27 | 50000 | 48711 |
| 1.75% 2/1/28 | 250000 | 239633 |
| 2.20% 2/1/31 | 250000 | 226086 |
| 2.25% 1/15/32 | 50000 | 44102 |
| 2.45% 9/13/29 | 150000 | 141795 |
| 3.25% 9/13/49 | 100000 | 68882 |
| 3.38% 6/15/27 | 200000 | 198534 |
| 5.50% 3/8/33 | 250000 | 263271 |
| Store Capital LLC |  |  |
| 2.70% 12/1/31 | 100000 | 88315 |
| 2.75% 11/18/30 | 50000 | 45521 |
| 4.50% 3/15/28 | 50000 | 50152 |
| Sun Communities <br> Operating LP<br>|  |  |
| 2.30% 11/1/28 | 65000 | 61852 |
| 2.70% 7/15/31 | 40000 | 36349 |
| Tanger Properties LP 3.88% <br> 7/15/27<br>| 100000 | 99454 |
| UDR, Inc. |  |  |
| 1.90% 3/15/33 | 50000 | 41266 |
| 2.10% 8/1/32 | 25000 | 21360 |
| 3.50% 1/15/28 | 100000 | 98865 |
| 5.13% 9/1/34 | 145000 | 146574 |
| Ventas Realty LP |  |  |
| 3.00% 1/15/30 | 100000 | 95208 |
| 4.88% 4/15/49 | 50000 | 43719 |
| 5.00% 1/15/35 | 190000 | 190233 |
| 5.63% 7/1/34 | 145000 | 151507 |
| VICI Properties LP |  |  |
| 5.13% 11/15/31 | 435000 | 440668 |
| 5.63% 4/1/35 | 300000 | 306357 |
| Welltower OP LLC |  |  |
| 2.70% 2/15/27 | 50000 | 49338 |
| 2.75% 1/15/31 | 105000 | 97664 |
| 2.80% 6/1/31 | 200000 | 185261 |
| 3.10% 1/15/30 | 55000 | 52755 |
| 4.25% 4/15/28 | 50000 | 50339 |
| 4.95% 9/1/48 | 50000 | 46404 |
| 5.13% 7/1/35 | 250000 | 255146 |
| Weyerhaeuser Co. |  |  |
| 3.38% 3/9/33 | 60000 | 54926 |

---

LVIP SSGA Bond Index Fund-48

------

**LVIP SSGA Bond Index 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)** |
| Weyerhaeuser <br> Co. (continued)<br>|  |  |
| 4.00% 3/9/52 | 45000 | $34714 |
| 7.38% 3/15/32 | 250000 | 284710 |
| WP Carey, Inc. |  |  |
| 2.25% 4/1/33 | 50000 | 42160 |
| 2.40% 2/1/31 | 50000 | 45063 |
|  |  | **21600907** |
| **Retail–0.60%** | **Retail–0.60%** | **Retail–0.60%** |
| AutoNation, Inc. |  |  |
| 3.80% 11/15/27 | 100000 | 99231 |
| 3.85% 3/1/32 | 100000 | 94001 |
| AutoZone, Inc. |  |  |
| 1.65% 1/15/31 | 85000 | 74475 |
| 3.75% 6/1/27 | 150000 | 149347 |
| 3.75% 4/18/29 | 100000 | 98512 |
| 5.40% 7/15/34 | 180000 | 186339 |
| 6.25% 11/1/28 | 125000 | 132085 |
| Best Buy Co., Inc. 1.95% <br> 10/1/30<br>| 250000 | 224679 |
| Costco Wholesale Corp. 3.00% <br> 5/18/27<br>| 250000 | 248161 |
| Darden Restaurants, Inc. |  |  |
| 4.55% 2/15/48 | 35000 | 28655 |
| 6.30% 10/10/33 | 145000 | 157373 |
| Dollar General Corp. |  |  |
| 4.13% 5/1/28 | 70000 | 70104 |
| 5.00% 11/1/32 | 60000 | 60864 |
| 5.20% 7/5/28 | 140000 | 143497 |
| 5.50% 11/1/52 | 100000 | 95254 |
| Dollar Tree, Inc. |  |  |
| 2.65% 12/1/31 | 200000 | 180482 |
| 3.38% 12/1/51 | 100000 | 67155 |
| 4.20% 5/15/28 | 165000 | 165099 |
| Genuine Parts Co. |  |  |
| 1.88% 11/1/30 | 55000 | 48323 |
| 2.75% 2/1/32 | 65000 | 57497 |
| 6.50% 11/1/28 | 250000 | 263564 |
| Home Depot, Inc. |  |  |
| 0.90% 3/15/28 | 80000 | 75402 |
| 1.50% 9/15/28 | 150000 | 141509 |
| 1.88% 9/15/31 | 65000 | 57296 |
| 2.38% 3/15/51 | 250000 | 143385 |
| 2.70% 4/15/30 | 200000 | 189109 |
| 2.75% 9/15/51 | 150000 | 92663 |
| 2.80% 9/14/27 | 200000 | 196840 |
| 2.88% 4/15/27 | 50000 | 49467 |
| 3.13% 12/15/49 | 250000 | 170397 |
| 3.25% 4/15/32 | 65000 | 61189 |
| 3.50% 9/15/56 | 135000 | 94106 |
| 3.63% 4/15/52 | 95000 | 69337 |
| 3.90% 12/6/28 | 60000 | 60220 |
| 3.90% 6/15/47 | 150000 | 119277 |
| 4.20% 4/1/43 | 150000 | 130072 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Home Depot, <br> Inc. (continued)<br>|  |  |
| 4.25% 4/1/46 | 100000 | $84670 |
| 4.50% 9/15/32 | 145000 | 146753 |
| 4.50% 12/6/48 | 200000 | 172651 |
| 4.75% 6/25/29 | 115000 | 117903 |
| 4.88% 6/25/27 | 85000 | 86437 |
| 4.88% 2/15/44 | 96000 | 89680 |
| 4.90% 4/15/29 | 145000 | 149182 |
| 4.95% 6/25/34 | 95000 | 97164 |
| 5.30% 6/25/54 | 50000 | 47825 |
| 5.40% 9/15/40 | 100000 | 103297 |
| 5.88% 12/16/36 | 350000 | 379543 |
| 5.95% 4/1/41 | 100000 | 107022 |
| Lowe's Cos., Inc. |  |  |
| 1.30% 4/15/28 | 65000 | 61300 |
| 1.70% 9/15/28 | 50000 | 47103 |
| 1.70% 10/15/30 | 65000 | 57733 |
| 2.63% 4/1/31 | 250000 | 229357 |
| 2.80% 9/15/41 | 100000 | 71884 |
| 3.00% 10/15/50 | 850000 | 538774 |
| 3.10% 5/3/27 | 250000 | 247230 |
| 3.50% 4/1/51 | 125000 | 86756 |
| 3.65% 4/5/29 | 170000 | 167805 |
| 3.70% 4/15/46 | 200000 | 151264 |
| 4.05% 5/3/47 | 147000 | 116241 |
| 4.85% 10/15/35 | 600000 | 595105 |
| 5.00% 4/15/33 | 165000 | 168965 |
| 5.63% 4/15/53 | 200000 | 193902 |
| McDonald's Corp. |  |  |
| 2.13% 3/1/30 | 65000 | 60026 |
| 3.50% 3/1/27 | 150000 | 149310 |
| 3.63% 5/1/43 | 100000 | 79149 |
| 3.63% 9/1/49 | 50000 | 36794 |
| 3.80% 4/1/28 | 200000 | 199749 |
| 4.45% 3/1/47 | 225000 | 192459 |
| 4.45% 9/1/48 | 40000 | 33865 |
| 4.60% 5/15/30 | 250000 | 254274 |
| 4.60% 9/9/32 | 105000 | 106910 |
| 4.60% 5/26/45 | 94000 | 82924 |
| 4.95% 3/3/35 | 250000 | 252862 |
| 5.45% 8/14/53 | 200000 | 194155 |
| 6.30% 3/1/38 | 50000 | 55317 |
| O'Reilly Automotive, Inc. |  |  |
| 1.75% 3/15/31 | 225000 | 197201 |
| 3.60% 9/1/27 | 100000 | 99411 |
| 3.90% 6/1/29 | 100000 | 99058 |
| 4.35% 6/1/28 | 100000 | 100831 |
| Ross Stores, Inc. 1.88% <br> 4/15/31<br>| 100000 | 88077 |
| Starbucks Corp. |  |  |
| 2.55% 11/15/30 | 200000 | 184876 |
| 3.50% 11/15/50 | 200000 | 140366 |
| 4.00% 11/15/28 | 150000 | 149812 |
| 4.45% 8/15/49 | 200000 | 165397 |

---

LVIP SSGA Bond Index Fund-49

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **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. (continued) |  |  |
| 4.50% 11/15/48 | 80000 | $66708 |
| 4.80% 2/15/33 | 180000 | 182247 |
| 5.00% 2/15/34 | 250000 | 254931 |
| Target Corp. |  |  |
| 2.35% 2/15/30 | 60000 | 56125 |
| 2.95% 1/15/52 | 310000 | 197706 |
| 3.38% 4/15/29 | 200000 | 196503 |
| 4.40% 1/15/33 | 65000 | 64975 |
| 4.50% 9/15/32 | 250000 | 252470 |
| 4.50% 9/15/34 | 145000 | 143560 |
| 5.00% 4/15/35 | 175000 | 177297 |
| TJX Cos., Inc. |  |  |
| 1.15% 5/15/28 | 50000 | 46993 |
| 1.60% 5/15/31 | 50000 | 43893 |
| Tractor Supply Co. 5.25% <br> 5/15/33<br>| 60000 | 62047 |
| Walmart, Inc. |  |  |
| 1.80% 9/22/31 | 55000 | 49011 |
| 2.38% 9/24/29 | 6000 | 5689 |
| 2.50% 9/22/41 | 110000 | 79703 |
| 2.65% 9/22/51 | 80000 | 50434 |
| 3.25% 7/8/29 | 780000 | 768004 |
| 3.90% 4/15/28 | 155000 | 155817 |
| 3.95% 9/9/27 | 295000 | 296672 |
| 4.10% 4/15/33 | 165000 | 164705 |
| 4.15% 9/9/32 | 315000 | 316983 |
| 4.50% 9/9/52 | 250000 | 220186 |
| 4.50% 4/15/53 | 155000 | 137072 |
|  |  | **15523066** |
| **Semiconductors–0.59%** | **Semiconductors–0.59%** | **Semiconductors–0.59%** |
| Advanced Micro Devices, Inc. <br> 4.32% 3/24/28<br>| 185000 | 186953 |
| Analog Devices, Inc. |  |  |
| 1.70% 10/1/28 | 45000 | 42476 |
| 2.10% 10/1/31 | 60000 | 53297 |
| 2.80% 10/1/41 | 50000 | 36878 |
| 2.95% 10/1/51 | 55000 | 35682 |
| 5.05% 4/1/34 | 65000 | 67172 |
| 5.30% 4/1/54 | 100000 | 96173 |
| Applied Materials, Inc. |  |  |
| 1.75% 6/1/30 | 30000 | 27138 |
| 3.30% 4/1/27 | 80000 | 79581 |
| 4.35% 4/1/47 | 70000 | 60225 |
| 4.80% 6/15/29 | 65000 | 66618 |
| 5.10% 10/1/35 | 70000 | 72151 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 165000 | 158366 |
| 2.45% 2/15/31 | 400000 | 365871 |
| 2.60% 2/15/33 | 400000 | 352247 |
| 3.42% 4/15/33 | 345000 | 319354 |
| 3.50% 2/15/41 | 135000 | 109821 |
| 3.75% 2/15/51 | 80000 | 60312 |
| 4.11% 9/15/28 | 633000 | 634740 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |  |  |
| 4.15% 11/15/30 | 200000 | $199180 |
| 4.15% 4/15/32 | 100000 | 97784 |
| 4.20% 10/15/30 | 300000 | 299772 |
| 4.30% 11/15/32 | 115000 | 113438 |
| 4.80% 4/15/28 | 250000 | 254480 |
| 4.80% 10/15/34 | 700000 | 701346 |
| 4.80% 2/15/36 | 300000 | 296024 |
| 5.05% 7/12/27 | 125000 | 127229 |
| 5.05% 7/12/29 | 110000 | 113254 |
| 5.05% 4/15/30 | 165000 | 170234 |
| 5.15% 11/15/31 | 125000 | 129681 |
| 5.20% 4/15/32 | 145000 | 150434 |
| Intel Corp. |  |  |
| 3.25% 11/15/49 | 165000 | 105409 |
| 3.73% 12/8/47 | 200000 | 142319 |
| 3.75% 8/5/27 | 500000 | 497116 |
| 3.90% 3/25/30 | 500000 | 490139 |
| 4.00% 12/15/32 | 250000 | 238351 |
| 4.10% 5/19/46 | 150000 | 114989 |
| 4.75% 3/25/50 | 200000 | 163220 |
| 4.88% 2/10/28 | 190000 | 192669 |
| 4.95% 3/25/60 | 300000 | 244201 |
| 5.05% 8/5/62 | 500000 | 406080 |
| 5.20% 2/10/33 | 165000 | 168116 |
| 5.63% 2/10/43 | 100000 | 96048 |
| 5.70% 2/10/53 | 70000 | 65167 |
| 5.90% 2/10/63 | 400000 | 374042 |
| KLA Corp. |  |  |
| 3.30% 3/1/50 | 75000 | 52065 |
| 4.70% 2/1/34 | 250000 | 251269 |
| 4.95% 7/15/52 | 165000 | 149732 |
| Lam Research Corp. |  |  |
| 1.90% 6/15/30 | 50000 | 45502 |
| 2.88% 6/15/50 | 35000 | 22703 |
| 3.13% 6/15/60 | 240000 | 149890 |
| 4.00% 3/15/29 | 85000 | 85023 |
| 4.88% 3/15/49 | 50000 | 45724 |
| Marvell Technology, Inc. |  |  |
| 2.45% 4/15/28 | 65000 | 62599 |
| 2.95% 4/15/31 | 60000 | 55571 |
| 4.88% 6/22/28 | 100000 | 101683 |
| 5.75% 2/15/29 | 250000 | 260697 |
| Microchip Technology, Inc. <br> 5.05% 2/15/30<br>| 250000 | 255097 |
| Micron Technology, Inc. |  |  |
| 2.70% 4/15/32 | 90000 | 80718 |
| 3.37% 11/1/41 | 65000 | 49822 |
| 3.48% 11/1/51 | 95000 | 66747 |
| 5.30% 1/15/31 | 70000 | 72507 |
| 5.33% 2/6/29 | 100000 | 103109 |
| 5.80% 1/15/35 | 250000 | 263459 |
| NVIDIA Corp. 3.50% 4/1/50 | 600000 | 444029 |
| NXP BV/NXP Funding LLC <br> 5.55% 12/1/28<br>| 65000 | 67341 |

---

LVIP SSGA Bond Index Fund-50

------

**LVIP SSGA Bond Index 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)** |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 2.65% 2/15/32 | 200000 | $179648 |
| 3.13% 2/15/42 | 155000 | 113086 |
| 3.15% 5/1/27 | 65000 | 64241 |
| 3.25% 11/30/51 | 110000 | 72635 |
| 3.40% 5/1/30 | 85000 | 81972 |
| 4.40% 6/1/27 | 40000 | 40160 |
| 5.00% 1/15/33 | 50000 | 50792 |
| QUALCOMM, Inc. |  |  |
| 2.15% 5/20/30 | 200000 | 184179 |
| 3.25% 5/20/27 | 200000 | 198894 |
| 3.25% 5/20/50 | 90000 | 62166 |
| 4.25% 5/20/32 | 20000 | 19975 |
| 4.50% 5/20/52 | 45000 | 38120 |
| 4.65% 5/20/35 | 200000 | 200828 |
| 4.80% 5/20/45 | 200000 | 183012 |
| 5.40% 5/20/33 | 200000 | 211786 |
| Texas Instruments, Inc. |  |  |
| 2.25% 9/4/29 | 65000 | 61235 |
| 3.88% 3/15/39 | 55000 | 49080 |
| 4.15% 5/15/48 | 300000 | 247081 |
| 4.60% 2/15/28 | 210000 | 213287 |
| 4.60% 2/8/29 | 115000 | 117481 |
| 4.85% 2/8/34 | 105000 | 107663 |
| 4.90% 3/14/33 | 75000 | 77373 |
| 5.05% 5/18/63 | 250000 | 223472 |
| 5.15% 2/8/54 | 125000 | 117795 |
| TSMC Arizona Corp. |  |  |
| 3.88% 4/22/27 | 200000 | 199976 |
| 4.25% 4/22/32 | 200000 | 200384 |
| 4.50% 4/22/52 | 200000 | 187116 |
| Xilinx, Inc. 2.38% 6/1/30 | 100000 | 92936 |
|  |  | **15057437** |
| **Shipbuilding–0.00%** | **Shipbuilding–0.00%** | **Shipbuilding–0.00%** |
| Huntington Ingalls <br> Industries, Inc. 5.35% <br> 1/15/30<br>| 125000 | 129189 |
|  |  | **129189** |
| **Software–0.65%** | **Software–0.65%** | **Software–0.65%** |
| Adobe, Inc. |  |  |
| 2.15% 2/1/27 | 65000 | 63916 |
| 4.75% 1/17/28 | 250000 | 254954 |
| 4.85% 4/4/27 | 45000 | 45605 |
| 4.95% 1/17/30 | 250000 | 258882 |
| Autodesk, Inc. |  |  |
| 2.85% 1/15/30 | 55000 | 52044 |
| 3.50% 6/15/27 | 100000 | 99356 |
| Broadridge Financial <br> Solutions, Inc. 2.90% <br> 12/1/29<br>| 150000 | 142175 |
| Electronic Arts, Inc. |  |  |
| 1.85% 2/15/31 | 120000 | 115341 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Electronic Arts, <br> Inc. (continued)<br>|  |  |
| 2.95% 2/15/51 | 85000 | $78405 |
| Fidelity National Information <br> Services, Inc.<br>|  |  |
| 3.10% 3/1/41 | 25000 | 18540 |
| 5.10% 7/15/32 | 500000 | 510762 |
| Fiserv, Inc. |  |  |
| 2.25% 6/1/27 | 500000 | 486621 |
| 2.65% 6/1/30 | 200000 | 184373 |
| 3.50% 7/1/29 | 180000 | 174555 |
| 4.40% 7/1/49 | 140000 | 109846 |
| 4.75% 3/15/30 | 250000 | 251213 |
| 5.45% 3/2/28 | 180000 | 184318 |
| Intuit, Inc. 5.20% 9/15/33 | 250000 | 261364 |
| Microsoft Corp. |  |  |
| 2.53% 6/1/50 | 574000 | 350455 |
| 2.68% 6/1/60 | 382000 | 219981 |
| 2.92% 3/17/52 | 1280000 | 838447 |
| 3.04% 3/17/62 | 166000 | 103406 |
| 3.30% 2/6/27 | 500000 | 498065 |
| 3.40% 6/15/27 | 45000 | 44887 |
| 3.45% 8/8/36 | 596000 | 544276 |
| 4.50% 6/15/47 | 60000 | 53797 |
| Oracle Corp. |  |  |
| 2.30% 3/25/28 | 250000 | 238399 |
| 2.88% 3/25/31 | 240000 | 215662 |
| 2.95% 4/1/30 | 500000 | 461584 |
| 3.25% 11/15/27 | 200000 | 195654 |
| 3.60% 4/1/40 | 246000 | 182443 |
| 3.60% 4/1/50 | 300000 | 186873 |
| 3.65% 3/25/41 | 400000 | 291808 |
| 3.80% 11/15/37 | 90000 | 72661 |
| 3.85% 7/15/36 | 150000 | 125278 |
| 3.85% 4/1/60 | 700000 | 427734 |
| 3.90% 5/15/35 | 355000 | 305946 |
| 3.95% 3/25/51 | 405000 | 266474 |
| 4.00% 7/15/46 | 150000 | 103979 |
| 4.00% 11/15/47 | 140000 | 96137 |
| 4.10% 3/25/61 | 240000 | 154594 |
| 4.30% 7/8/34 | 200000 | 180854 |
| 4.45% 9/26/30 | 1000000 | 978336 |
| 4.50% 5/6/28 | 90000 | 89982 |
| 4.70% 9/27/34 | 700000 | 649099 |
| 4.90% 2/6/33 | 85000 | 81803 |
| 5.20% 9/26/35 | 1000000 | 958081 |
| 5.38% 7/15/40 | 400000 | 358124 |
| 5.55% 2/6/53 | 115000 | 95436 |
| 6.13% 7/8/39 | 150000 | 147047 |
| 6.25% 11/9/32 | 250000 | 260603 |
| 6.50% 4/15/38 | 200000 | 203894 |
| 6.90% 11/9/52 | 70000 | 69169 |
| Paychex, Inc. 5.60% 4/15/35 | 300000 | 314188 |
| Roper Technologies, Inc. |  |  |
| 2.00% 6/30/30 | 115000 | 104035 |

---

LVIP SSGA Bond Index Fund-51

------

**LVIP SSGA Bond Index 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)** |
| Roper Technologies, <br> Inc. (continued)<br>|  |  |
| 4.20% 9/15/28 | 95000 | $95265 |
| 4.45% 9/15/30 | 500000 | 502304 |
| Salesforce, Inc. |  |  |
| 1.50% 7/15/28 | 135000 | 127907 |
| 1.95% 7/15/31 | 200000 | 177853 |
| 2.70% 7/15/41 | 120000 | 87044 |
| 2.90% 7/15/51 | 200000 | 126565 |
| 3.05% 7/15/61 | 100000 | 60360 |
| 3.70% 4/11/28 | 100000 | 99985 |
| ServiceNow, Inc. 1.40% 9/1/30 | 125000 | 110128 |
| Synopsys, Inc. 4.65% 4/1/28 | 1000000 | 1013476 |
| Take-Two Interactive <br> Software, Inc. 5.40% 6/12/29<br>| 95000 | 98284 |
| VMware LLC |  |  |
| 1.80% 8/15/28 | 110000 | 104019 |
| 2.20% 8/15/31 | 135000 | 119955 |
| 3.90% 8/21/27 | 85000 | 85032 |
|  |  | **16569638** |
| **Telecommunications–1.03%** | **Telecommunications–1.03%** | **Telecommunications–1.03%** |
| America Movil SAB de CV |  |  |
| 2.88% 5/7/30 | 200000 | 188342 |
| 4.38% 7/16/42 | 200000 | 173677 |
| 6.13% 11/15/37 | 150000 | 160920 |
| 6.13% 3/30/40 | 250000 | 265806 |
| 6.38% 3/1/35 | 25000 | 27445 |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 45000 | 42895 |
| 2.25% 2/1/32 | 210000 | 184171 |
| 2.30% 6/1/27 | 200000 | 195429 |
| 2.55% 12/1/33 | 400000 | 341388 |
| 2.75% 6/1/31 | 350000 | 321437 |
| 3.10% 2/1/43 | 250000 | 183056 |
| 3.50% 6/1/41 | 900000 | 707935 |
| 3.50% 9/15/53 | 460000 | 307843 |
| 3.55% 9/15/55 | 700000 | 465950 |
| 3.65% 6/1/51 | 400000 | 281084 |
| 3.65% 9/15/59 | 555000 | 366000 |
| 3.80% 2/15/27 | 105000 | 104797 |
| 3.80% 12/1/57 | 812000 | 558528 |
| 3.85% 6/1/60 | 185000 | 126922 |
| 4.30% 2/15/30 | 286000 | 286361 |
| 4.35% 3/1/29 | 370000 | 371929 |
| 4.50% 5/15/35 | 220000 | 211327 |
| 4.55% 11/1/32 | 300000 | 298049 |
| 4.85% 3/1/39 | 120000 | 114114 |
| 4.90% 11/1/35 | 300000 | 296298 |
| 5.25% 3/1/37 | 150000 | 151772 |
| 5.35% 9/1/40 | 338000 | 331874 |
| 5.40% 2/15/34 | 265000 | 274767 |
| Bell Telephone Co. of Canada <br> or Bell Canada<br>|  |  |
| 3.65% 3/17/51 | 250000 | 177299 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Bell Telephone Co. of Canada <br> or Bell Canada (continued)<br>|  |  |
| 4.30% 7/29/49 | 55000 | $43423 |
| 4.46% 4/1/48 | 100000 | 82470 |
| 5.20% 2/15/34 | 250000 | 253499 |
| British Telecommunications <br> PLC 9.63% 12/15/30<br>| 350000 | 427249 |
| Cisco Systems, Inc. |  |  |
| 5.10% 2/24/35 | 200000 | 205488 |
| 5.30% 2/26/54 | 1000000 | 958517 |
| 5.50% 1/15/40 | 200000 | 207296 |
| 5.90% 2/15/39 | 300000 | 322514 |
| Corning, Inc. |  |  |
| 3.90% 11/15/49 | 100000 | 76969 |
| 4.75% 3/15/42 | 250000 | 229557 |
| 5.45% 11/15/79 | 40000 | 36538 |
| 5.75% 8/15/40 | 25000 | 26126 |
| Deutsche Telekom <br> International Finance BV <br> 8.75% 6/15/30<br>| 460000 | 536732 |
| Juniper Networks, Inc. |  |  |
| 2.00% 12/10/30 | 160000 | 141432 |
| 5.95% 3/15/41 | 100000 | 100308 |
| Motorola Solutions, Inc. |  |  |
| 2.30% 11/15/30 | 85000 | 77198 |
| 2.75% 5/24/31 | 100000 | 91491 |
| 4.60% 2/23/28 | 100000 | 101008 |
| 4.60% 5/23/29 | 100000 | 101200 |
| 5.40% 4/15/34 | 400000 | 413056 |
| Orange SA |  |  |
| 5.38% 1/13/42 | 100000 | 97952 |
| 9.00% 3/1/31 | 200000 | 240665 |
| Rogers Communications, Inc. |  |  |
| 5.00% 2/15/29 | 560000 | 570616 |
| 5.00% 3/15/44 | 100000 | 89167 |
| 7.50% 8/15/38 | 25000 | 28827 |
| Telefonica Emisiones SA |  |  |
| 4.90% 3/6/48 | 200000 | 167974 |
| 5.52% 3/1/49 | 200000 | 181705 |
| 7.05% 6/20/36 | 175000 | 195232 |
| Telefonica Europe BV 8.25% <br> 9/15/30<br>| 200000 | 229498 |
| TELUS Corp. |  |  |
| 2.80% 2/16/27 | 100000 | 98577 |
| 3.70% 9/15/27 | 100000 | 99345 |
| T-Mobile USA, Inc. |  |  |
| 2.05% 2/15/28 | 255000 | 244787 |
| 2.25% 11/15/31 | 150000 | 132855 |
| 2.40% 3/15/29 | 55000 | 52094 |
| 2.55% 2/15/31 | 230000 | 210124 |
| 2.70% 3/15/32 | 110000 | 98893 |
| 3.00% 2/15/41 | 155000 | 115498 |
| 3.30% 2/15/51 | 275000 | 183831 |
| 3.40% 10/15/52 | 300000 | 201645 |
| 3.60% 11/15/60 | 265000 | 176056 |

---

LVIP SSGA Bond Index Fund-52

------

**LVIP SSGA Bond Index 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)** |
| T-Mobile USA, <br> Inc. (continued)<br>|  |  |
| 3.75% 4/15/27 | 400000 | $398743 |
| 3.88% 4/15/30 | 1000000 | 983375 |
| 4.50% 4/15/50 | 500000 | 411829 |
| 4.63% 1/15/33 | 500000 | 497022 |
| 4.95% 3/15/28 | 75000 | 76390 |
| 5.05% 7/15/33 | 550000 | 561248 |
| 5.13% 5/15/32 | 175000 | 180088 |
| 5.15% 4/15/34 | 85000 | 86889 |
| 5.20% 1/15/33 | 130000 | 134179 |
| 5.30% 5/15/35 | 250000 | 256329 |
| 5.65% 1/15/53 | 65000 | 62836 |
| 5.75% 1/15/34 | 105000 | 111239 |
| 5.80% 9/15/62 | 95000 | 93505 |
| 5.88% 11/15/55 | 115000 | 114877 |
| Verizon Communications, Inc. |  |  |
| 1.50% 9/18/30 | 300000 | 264503 |
| 1.68% 10/30/30 | 206000 | 182668 |
| 1.75% 1/20/31 | 250000 | 220059 |
| 2.10% 3/22/28 | 240000 | 230424 |
| 2.55% 3/21/31 | 415000 | 378975 |
| 2.65% 11/20/40 | 250000 | 178435 |
| 2.85% 9/3/41 | 95000 | 68468 |
| 2.88% 11/20/50 | 250000 | 154993 |
| 2.99% 10/30/56 | 431000 | 256417 |
| 3.00% 11/20/60 | 720000 | 419550 |
| 3.40% 3/22/41 | 195000 | 152688 |
| 3.55% 3/22/51 | 145000 | 102926 |
| 3.70% 3/22/61 | 120000 | 80973 |
| 3.88% 2/8/29 | 250000 | 249106 |
| 3.88% 3/1/52 | 250000 | 185213 |
| 4.00% 3/22/50 | 500000 | 381022 |
| 4.13% 3/16/27 | 149000 | 149354 |
| 4.13% 8/15/46 | 35000 | 28054 |
| 4.33% 9/21/28 | 700000 | 705757 |
| 4.40% 11/1/34 | 600000 | 578893 |
| 4.50% 8/10/33 | 370000 | 364138 |
| 4.75% 1/15/33 | 500000 | 499608 |
| 5.05% 5/9/33 | 165000 | 169227 |
| 5.25% 4/2/35 | 150000 | 152458 |
| Vodafone Group PLC |  |  |
| 5.75% 6/28/54 | 250000 | 242832 |
| 5.88% 6/28/64 | 250000 | 241924 |
| 6.15% 2/27/37 | 400000 | 434589 |
| 7.88% 2/15/30 | 10000 | 11384 |
|  |  | **26418014** |
| **Toys Games Hobbies–0.01%** | **Toys Games Hobbies–0.01%** | **Toys Games Hobbies–0.01%** |
| Hasbro, Inc. |  |  |
| 3.50% 9/15/27 | 60000 | 59448 |
| 3.90% 11/19/29 | 200000 | 196691 |
| 5.10% 5/15/44 | 65000 | 57933 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Toys Games Hobbies (continued)** | **Toys Games Hobbies (continued)** | **Toys Games Hobbies (continued)** |
| Hasbro, Inc. (continued) |  |  |
| 6.35% 3/15/40 | 65000 | $68304 |
|  |  | **382376** |
| **Transportation–0.42%** | **Transportation–0.42%** | **Transportation–0.42%** |
| Burlington Northern Santa <br> Fe LLC<br>|  |  |
| 3.25% 6/15/27 | 100000 | 99351 |
| 3.30% 9/15/51 | 200000 | 138064 |
| 3.90% 8/1/46 | 105000 | 83963 |
| 4.13% 6/15/47 | 100000 | 82250 |
| 4.15% 12/15/48 | 40000 | 32743 |
| 4.40% 3/15/42 | 100000 | 89280 |
| 4.45% 3/15/43 | 100000 | 88919 |
| 4.70% 9/1/45 | 100000 | 90250 |
| 4.95% 9/15/41 | 100000 | 96574 |
| 5.05% 3/1/41 | 100000 | 98062 |
| 5.15% 9/1/43 | 150000 | 145243 |
| 5.20% 4/15/54 | 145000 | 136461 |
| 5.50% 3/15/55 | 180000 | 177010 |
| 5.80% 3/15/56 | 150000 | 153148 |
| 6.15% 5/1/37 | 100000 | 110989 |
| Canadian National Railway <br> Co.<br>|  |  |
| 2.45% 5/1/50 | 65000 | 38474 |
| 3.20% 8/2/46 | 100000 | 72251 |
| 3.65% 2/3/48 | 100000 | 76042 |
| 4.40% 8/5/52 | 300000 | 253318 |
| 6.20% 6/1/36 | 100000 | 110721 |
| 6.25% 8/1/34 | 100000 | 110198 |
| Canadian Pacific Railway Co. |  |  |
| 2.05% 3/5/30 | 35000 | 32166 |
| 2.45% 12/2/31 | 65000 | 58478 |
| 2.88% 11/15/29 | 65000 | 62101 |
| 3.00% 12/2/41 | 60000 | 44846 |
| 3.10% 12/2/51 | 75000 | 49756 |
| 4.20% 11/15/69 | 70000 | 51980 |
| 4.30% 5/15/43 | 100000 | 86524 |
| 4.70% 5/1/48 | 100000 | 88017 |
| 4.95% 8/15/45 | 100000 | 93037 |
| 5.20% 3/30/35 | 250000 | 257318 |
| 6.13% 9/15/15 | 65000 | 64779 |
| CH Robinson Worldwide, Inc. <br> 4.20% 4/15/28<br>| 100000 | 100227 |
| CSX Corp. |  |  |
| 2.40% 2/15/30 | 50000 | 46788 |
| 3.35% 9/15/49 | 65000 | 45694 |
| 3.80% 3/1/28 | 100000 | 99847 |
| 3.80% 11/1/46 | 150000 | 117606 |
| 3.95% 5/1/50 | 90000 | 69895 |
| 4.10% 3/15/44 | 100000 | 83731 |
| 4.25% 3/15/29 | 150000 | 151218 |
| 4.25% 11/1/66 | 100000 | 75695 |
| 4.30% 3/1/48 | 100000 | 83424 |
| 4.65% 3/1/68 | 100000 | 81906 |

---

LVIP SSGA Bond Index Fund-53

------

**LVIP SSGA Bond Index 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)** |
| CSX Corp. (continued) |  |  |
| 5.05% 6/15/35 | 250000 | $254286 |
| 5.20% 11/15/33 | 250000 | 260255 |
| ♦Federal Express Corp. <br> Pass-Through Trusts 1.88% <br> 8/20/35<br>| 512846 | 447450 |
| FedEx Corp. |  |  |
| 4.40% 1/15/47 | 100000 | 81355 |
| 4.55% 4/1/46 | 150000 | 126137 |
| 4.75% 11/15/45 | 350000 | 302769 |
| JB Hunt Transport Services, <br> Inc. 4.90% 3/15/30<br>| 125000 | 127706 |
| Kirby Corp. 4.20% 3/1/28 | 100000 | 99904 |
| Norfolk Southern Corp. |  |  |
| 2.90% 8/25/51 | 250000 | 157055 |
| 3.05% 5/15/50 | 100000 | 65686 |
| 3.15% 6/1/27 | 50000 | 49447 |
| 3.16% 5/15/55 | 41000 | 26365 |
| 3.80% 8/1/28 | 60000 | 59700 |
| 3.94% 11/1/47 | 80000 | 63100 |
| 4.05% 8/15/52 | 132000 | 102437 |
| 4.15% 2/28/48 | 125000 | 101772 |
| 4.45% 6/15/45 | 100000 | 86358 |
| 4.65% 1/15/46 | 100000 | 88431 |
| 4.84% 10/1/41 | 111000 | 104631 |
| 5.05% 8/1/30 | 180000 | 186598 |
| 5.35% 8/1/54 | 125000 | 119408 |
| Ryder System, Inc. |  |  |
| 2.85% 3/1/27 | 70000 | 69090 |
| 4.30% 6/15/27 | 50000 | 50186 |
| 4.95% 9/1/29 | 100000 | 102207 |
| 5.25% 6/1/28 | 180000 | 184775 |
| Union Pacific Corp. |  |  |
| 2.15% 2/5/27 | 50000 | 49108 |
| 2.38% 5/20/31 | 45000 | 41268 |
| 2.40% 2/5/30 | 85000 | 79571 |
| 2.80% 2/14/32 | 140000 | 128550 |
| 2.89% 4/6/36 | 115000 | 97077 |
| 2.95% 3/10/52 | 70000 | 44639 |
| 2.97% 9/16/62 | 75000 | 43883 |
| 3.25% 2/5/50 | 150000 | 103856 |
| 3.35% 8/15/46 | 150000 | 108866 |
| 3.38% 2/1/35 | 200000 | 180583 |
| 3.38% 2/14/42 | 80000 | 62913 |
| 3.50% 2/14/53 | 155000 | 109658 |
| 3.55% 8/15/39 | 70000 | 59792 |
| 3.60% 9/15/37 | 40000 | 35574 |
| 3.75% 2/5/70 | 40000 | 26959 |
| 3.80% 4/6/71 | 80000 | 54841 |
| 3.84% 3/20/60 | 240000 | 173141 |
| 3.85% 2/14/72 | 125000 | 86397 |
| 3.88% 2/1/55 | 94000 | 70463 |
| 3.95% 8/15/59 | 70000 | 51965 |
| 4.00% 4/15/47 | 100000 | 80070 |
| 4.10% 9/15/67 | 65000 | 48129 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Union Pacific <br> Corp. (continued)<br>|  |  |
| 4.50% 1/20/33 | 250000 | $252405 |
| United Parcel Service, Inc. |  |  |
| 2.50% 9/1/29 | 45000 | 42700 |
| 3.40% 3/15/29 | 65000 | 64023 |
| 3.40% 11/15/46 | 150000 | 111010 |
| 3.40% 9/1/49 | 65000 | 46120 |
| 3.63% 10/1/42 | 75000 | 60011 |
| 4.25% 3/15/49 | 100000 | 82343 |
| 4.88% 3/3/33 | 145000 | 149342 |
| 4.88% 11/15/40 | 55000 | 52885 |
| 5.15% 5/22/34 | 210000 | 218061 |
| 5.25% 5/14/35 | 300000 | 310914 |
| 5.30% 4/1/50 | 150000 | 143524 |
|  |  | **10716093** |
| **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** |
| GATX Corp. |  |  |
| 1.90% 6/1/31 | 250000 | 219056 |
| 3.85% 3/30/27 | 50000 | 49821 |
| 4.00% 6/30/30 | 65000 | 64046 |
| 4.55% 11/7/28 | 100000 | 100827 |
| 4.70% 4/1/29 | 50000 | 50523 |
| 5.20% 3/15/44 | 50000 | 47104 |
| 6.05% 3/15/34 | 100000 | 106334 |
|  |  | **637711** |
| **Water–0.05%** | **Water–0.05%** | **Water–0.05%** |
| American Water Capital Corp. |  |  |
| 2.30% 6/1/31 | 150000 | 135479 |
| 2.95% 9/1/27 | 180000 | 177214 |
| 3.25% 6/1/51 | 150000 | 101385 |
| 3.75% 9/1/28 | 150000 | 149340 |
| 4.00% 12/1/46 | 50000 | 40212 |
| 4.20% 9/1/48 | 100000 | 81476 |
| 4.30% 12/1/42 | 100000 | 87030 |
| 5.25% 3/1/35 | 115000 | 118550 |
| Essential Utilities, Inc. 5.38% <br> 1/15/34<br>| 350000 | 361261 |
|  |  | **1251947** |
| **Total Corporate Bonds** <br>**(Cost $651,069,386)** | **Total Corporate Bonds** <br>**(Cost $651,069,386)** | **613320589** |
| **MUNICIPAL BONDS–0.42%** | **MUNICIPAL BONDS–0.42%** | **MUNICIPAL BONDS–0.42%** |
| American Municipal Power, Inc. |  |  |
| Series B 6.45% 2/15/44 | 50000 | 52622 |
| Series B 7.83% 2/15/41 | 55000 | 64868 |
| Bay Area Toll Authority |  |  |
| Series F-2 6.26% 4/1/49 | 200000 | 210985 |
| Series S1 7.04% 4/1/50 | 100000 | 114185 |
| Board of Regents of the University <br> of Texas System |  |  |
| Series A 3.35% 8/15/47 | 100000 | 75879 |

---

LVIP SSGA Bond Index Fund-54

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| Board of Regents of the University <br> of Texas System (continued) |  |  |
| Series B 2.44% 8/15/49 | 50000 | $31122 |
| Series C 4.79% 8/15/46 | 90000 | 85274 |
| California State University <br> Series B 3.90% 11/1/47<br>| 50000 | 41176 |
| Central Puget Sound Regional <br> Transit Authority Series <br> 2009-S 5.49% 11/1/39<br>| 50000 | 51391 |
| Chicago O'Hare International <br> Airport |  |  |
| Series C 4.47% 1/1/49 | 60000 | 52582 |
| Series C 4.57% 1/1/54 | 65000 | 56713 |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts Revenue |  |  |
| Series A 6.90% 12/1/40 | 85938 | 96398 |
| Series B 6.90% 12/1/40 | 36185 | 40617 |
| City of Atlanta Water & <br> Wastewater Revenue 2.26% <br> 11/1/35<br>| 50000 | 42637 |
| City of Houston 3.96% 3/1/47 | 100000 | 86062 |
| City of New York |  |  |
| Series C1 5.52% 10/1/37 | 85000 | 86460 |
| Series F1 6.27% 12/1/37 | 100000 | 107205 |
| City of Riverside Series A <br> 3.86% 6/1/45<br>| 20000 | 17417 |
| City of San Antonio Electric & <br> Gas Systems Revenue |  |  |
| 4.43% 2/1/42 | 250000 | 233729 |
| Series C 5.99% 2/1/39 | 50000 | 53663 |
| Commonwealth of Massachusetts |  |  |
| 4.91% 5/1/29 | 100000 | 101551 |
| Series E 5.46% 12/1/39 | 100000 | 102187 |
| County of Clark Department <br> of Aviation Series C 6.82% <br> 7/1/45<br>| 75000 | 83172 |
| Dallas Area Rapid Transit <br> Series B 6.00% 12/1/44<br>| 200000 | 209444 |
| Dallas Fort Worth International <br> Airport |  |  |
| Series A 4.51% 11/1/51 | 60000 | 51732 |
| Series C 2.92% 11/1/50 | 40000 | 27999 |
| Series C 3.09% 11/1/40 | 60000 | 48932 |
| Dallas Independent School <br> District Series C 6.45% <br> 2/15/35<br>| 100000 | 101625 |
| East Bay Municipal Utility <br> District Water System <br> Revenue Surbordinate <br> Series 5.87% 6/1/40<br>| 100000 | 105985 |
| Empire State Development <br> Corp. 5.77% 3/15/39<br>| 40000 | 41199 |
| Grand Parkway <br> Transportation Corp. Series <br> B 3.24% 10/1/52<br>| 125000 | 86583 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| Health & Educational <br> Facilities Authority of the <br> State of Missouri Series A <br> 3.65% 8/15/57<br>| 150000 | $109334 |
| Kansas Development Finance <br> Authority Series H 4.93% <br> 4/15/45<br>| 100000 | 98824 |
| Los Angeles Community <br> College District 6.75% <br> 8/1/49<br>| 100000 | 110894 |
| Los Angeles County Public <br> Works Financing Authority <br> 7.62% 8/1/40<br>| 100000 | 118829 |
| Metropolitan Government of <br> Nashville & Davidson County <br> Convention Center Auth <br> Series B 6.73% 7/1/43<br>| 50000 | 53260 |
| Metropolitan Transportation <br> Authority 6.67% 11/15/39<br>| 130000 | 141530 |
| Metropolitan Water <br> Reclamation District of <br> Greater Chicago 5.72% <br> 12/1/38<br>| 150000 | 155582 |
| Municipal Electric Authority of <br> Georgia |  |  |
| 6.66% 4/1/57 | 114000 | 124230 |
| Series A 6.64% 4/1/57 | 137000 | 148158 |
| Series A 7.06% 4/1/57 | 93000 | 104319 |
| New Jersey Economic <br> Development Authority <br> Series A 7.43% 2/15/29<br>| 225000 | 234990 |
| New Jersey Transportation <br> Trust Fund Authority Series <br> B 6.56% 12/15/40<br>| 100000 | 112745 |
| New Jersey Turnpike Authority |  |  |
| Series A 7.10% 1/1/41 | 350000 | 408940 |
| Series F 7.41% 1/1/40 | 90000 | 107869 |
| New York City Municipal Water <br> Finance Authority |  |  |
| 5.95% 6/15/42 | 100000 | 102959 |
| Series AA-2 5.75% 6/15/41 | 100000 | 100946 |
| Series EE 6.01% 6/15/42 | 35000 | 36246 |
| Series GG 5.72% 6/15/42 | 65000 | 65379 |
| New York State Dormitory <br> Authority Series D 5.60% <br> 3/15/40<br>| 100000 | 102339 |
| Ohio State University Series C <br> 4.91% 6/1/40<br>| 100000 | 100108 |
| Pennsylvania Turnpike <br> Commission Series B 5.51% <br> 12/1/45<br>| 150000 | 149284 |
| Permanent University Fund - <br> University of Texas System <br> Series A 3.38% 7/1/47<br>| 40000 | 30133 |
| Port Authority of New York & New <br> Jersey |  |  |
| Series 165th 5.65% 11/1/40 | 250000 | 266359 |

---

LVIP SSGA Bond Index Fund-55

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| Port Authority of New York & New <br> Jersey (continued) |  |  |
| Series 174th 4.46% 10/1/62 | 250000 | $209481 |
| Series 181 4.96% 8/1/46 | 155000 | 144470 |
| Series 192 4.81% 10/15/65 | 250000 | 223856 |
| Regents of the University of <br> California Medical Center <br> Pooled Revenue |  |  |
| Series H 6.55% 5/15/48 | 100000 | 106818 |
| Series Q 4.13% 5/15/32 | 125000 | 123978 |
| Rutgers The State University <br> of New Jersey Series H <br> 5.67% 5/1/40<br>| 155000 | 159947 |
| Sales Tax Securitization Corp. <br> Series B 3.82% 1/1/48<br>| 100000 | 80485 |
| Salt River Project <br> Agricultural Improvement & <br> Power District 4.84% 1/1/41<br>| 60000 | 58958 |
| San Diego County Regional <br> Transportation Commission <br> 5.91% 4/1/48<br>| 100000 | 100894 |
| San Diego County Water <br> Authority Series B 6.14% <br> 5/1/49<br>| 100000 | 102826 |
| State Board of Administration <br> Finance Corp. |  |  |
| Series A 1.71% 7/1/27 | 100000 | 97008 |
| Series A 2.15% 7/1/30 | 100000 | 92011 |
| State of California |  |  |
| 3.50% 4/1/28 | 100000 | 99764 |
| 4.60% 4/1/38 | 60000 | 61098 |
| 7.50% 4/1/34 | 325000 | 379164 |
| 7.55% 4/1/39 | 600000 | 728146 |
| 7.60% 11/1/40 | 80000 | 97921 |
| 7.63% 3/1/40 | 85000 | 102479 |
| State of California <br> (UNREFUNDED-TXBL-REF) <br> 4.50% 4/1/33<br>| 75000 | 75353 |
| State of Connecticut Series A <br> 5.85% 3/15/32<br>| 100000 | 107549 |
| State of Illinois 5.10% 6/1/33 | 698039 | 715399 |
| State of Mississippi Series F <br> 5.25% 11/1/34<br>| 100000 | 102842 |
| State of Texas 5.52% 4/1/39 | 93731 | 96053 |
| State Public School Building <br> Authority Series A 5.00% <br> 9/15/27<br>| 96000 | 97868 |
| Texas Department of <br> Transportation State <br> Highway Fund Series B <br> 5.18% 4/1/30<br>| 200000 | 204636 |
| University of California |  |  |
| Series AD 4.86% 5/15/12 | 250000 | 207462 |
| Series AQ 4.77% 5/15/15 | 250000 | 203210 |
| Series BG 1.61% 5/15/30 | 60000 | 54507 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| University of Michigan |  |  |
| Series B 2.44% 4/1/40 | 50000 | $38263 |
| Series B 2.56% 4/1/50 | 50000 | 31420 |
| Series B 3.50% 4/1/52 | 200000 | 148406 |
| Series C 3.60% 4/1/47 | 60000 | 50267 |
| University of Virginia |  |  |
| 2.26% 9/1/50 | 60000 | 35066 |
| Series C 4.18% 9/1/17 | 50000 | 37113 |
| **Total Municipal Bonds** <br>**(Cost $10,971,964)** | **Total Municipal Bonds** <br>**(Cost $10,971,964)** | **10719369** |
| **NON-AGENCY ASSET-BACKED SECURITIES–0.36%** | **NON-AGENCY ASSET-BACKED SECURITIES–0.36%** | **NON-AGENCY ASSET-BACKED SECURITIES–0.36%** |
| American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
| Series 2024-3 Class A 4.65% <br> 7/15/29<br>| 250000 | 253422 |
| Series 2025-3 Class A 4.51% <br> 4/15/32<br>| 900000 | 919495 |
| BA Credit Card Trust Series <br> 2024-A1 Class A 4.93% <br> 5/15/29<br>| 1000000 | 1015666 |
| BMW Vehicle Owner Trust <br> Series 2025-A Class A3 4.56% <br> 9/25/29<br>| 200000 | 202011 |
| Capital One Multi-Asset <br> Execution Trust Series <br> 2021-A2 Class A2 1.39% <br> 7/15/30<br>| 600000 | 565129 |
| CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
| Series 2024-4 Class A3 4.60% <br> 10/15/29<br>| 146000 | 147539 |
| Series 2025-4 Class A4 4.08% <br> 6/16/31<br>| 500000 | 499579 |
| Carvana Auto Receivables <br> Trust Series 2025-P1 <br> Class A3 4.55% 5/10/30<br>| 200000 | 201179 |
| Chase Issuance Trust Series <br> 2024-A2 Class A 4.63% <br> 1/15/31<br>| 500000 | 512634 |
| Citibank Credit Card <br> Issuance Trust Series <br> 2007-A3 Class A3 6.15% <br> 6/15/39<br>| 750000 | 825920 |
| Exeter Automobile <br> Receivables Trust Series <br> 2025-3A Class A3 4.78% <br> 7/16/29<br>| 400000 | 402918 |
| Ford Credit Auto Lease Trust <br> Series 2025-A Class A3 4.72% <br> 6/15/28<br>| 63000 | 63530 |
| GM Financial Automobile <br> Leasing Trust Series 2025-1 <br> Class A3 4.66% 2/21/28<br>| 240000 | 241965 |
| GM Financial Consumer <br> Automobile Receivables <br> Trust Series 2025-1 Class A3 <br> 4.62% 12/17/29<br>| 133000 | 134366 |

---

LVIP SSGA Bond Index Fund-56

------

**LVIP SSGA Bond Index 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)** |
| Honda Auto Receivables <br> Owner Trust Series 2023-2 <br> Class A4 4.91% 9/17/29<br>| 400000 | $403202 |
| Hyundai Auto Receivables <br> Trust Series 2024-B Class A3 <br> 4.84% 3/15/29<br>| 314000 | 317512 |
| John Deere Owner Trust <br> Series 2024-B Class A3 5.20% <br> 3/15/29<br>| 250000 | 253563 |
| Mercedes-Benz Auto <br> Receivables Trust Series <br> 2025-1 Class A3 4.78% <br> 12/17/29<br>| 150000 | 152171 |
| Nissan Auto Lease Trust <br> Series 2025-A Class A3 4.75% <br> 3/15/28<br>| 151000 | 152838 |
| Synchrony Card Funding LLC <br> Series 2024-A2 Class A 4.93% <br> 7/15/30<br>| 487000 | 494873 |
| Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
| Series 2023-4 Class A1A <br> 5.16% 6/20/29<br>| 410000 | 412394 |
| Series 2024-3 Class A1A <br> 5.34% 4/22/30<br>| 300000 | 305849 |
| Volkswagen Auto Loan <br> Enhanced Trust Series <br> 2025-2 Class A3 3.92% <br> 3/20/30<br>| 460000 | 461135 |
| World Omni Auto Receivables <br> Trust Series 2025-A Class A3 <br> 4.73% 3/15/30<br>| 255000 | 257771 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $9,241,513)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $9,241,513)** | **9196661** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.67%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.67%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.67%** |
| Bank | Bank | Bank |
| Series 2017-BNK7 Class A4 <br> 3.18% 9/15/60<br>| 490522 | 483200 |
| •Series 2018-BN13 Class A5 <br> 4.22% 8/15/61<br>| 145000 | 144735 |
| Series 2019-BN17 Class A4 <br> 3.71% 4/15/52<br>| 265000 | 260490 |
| Series 2019-BN24 Class A3 <br> 2.96% 11/15/62<br>| 500000 | 473550 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 600000 | 557000 |
| Series 2020-BN28 Class A4 <br> 1.84% 3/15/63<br>| 187500 | 167167 |
| Series 2021-BN31 Class A4 <br> 2.04% 2/15/54<br>| 313043 | 277730 |
| •Series 2022-BNK44 Class A5 <br> 5.74% 11/15/55<br>| 750000 | 795398 |
| Bank5 Series 2024-5YR11 <br> Class A3 5.89% 11/15/57<br>| 600000 | 630509 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Bank5 Trust Series <br> 2025-5YR13 Class A3 5.75% <br> 1/15/58<br>| 115000 | $120539 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2020-C6 Class A4 <br> 2.64% 2/15/53<br>| 650000 | 605797 |
| Series 2020-C8 Class A5 <br> 2.04% 10/15/53<br>| 250000 | 222514 |
| Series 2023-C20 Class A5 <br> 5.58% 7/15/56<br>| 140000 | 146594 |
| Series 2024-5C29 Class A3 <br> 5.21% 9/15/57<br>| 165000 | 169547 |
| Series 2024-C28 Class A5 <br> 5.40% 9/15/57<br>| 428571 | 446398 |
| Series 2024-C30 Class A5 <br> 5.53% 11/15/57<br>| 300000 | 315072 |
| Series 2025-5C33 Class A4 <br> 5.84% 3/15/58<br>| 200000 | 210497 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2018-B2 Class A5 <br> 3.88% 2/15/51<br>| 195000 | 193125 |
| Series 2018-B3 Class A5 <br> 4.03% 4/10/51<br>| 350000 | 346941 |
| Series 2018-B5 Class A4 <br> 4.21% 7/15/51<br>| 200000 | 198815 |
| Series 2019-B10 Class A4 <br> 3.72% 3/15/62<br>| 575000 | 561641 |
| Series 2020-B18 Class A5 <br> 1.93% 7/15/53<br>| 296875 | 263489 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 800000 | 706031 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 500000 | 447145 |
| •Series 2022-B35 Class A5 <br> 4.44% 5/15/55<br>| 350000 | 341806 |
| Series 2024-V9 Class A3 <br> 5.60% 8/15/57<br>| 500000 | 518982 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| •Series 2024-5C8 Class A3 <br> 5.63% 12/15/57<br>| 175000 | 182138 |
| Series 2025-C11 Class A5 <br> 5.69% 2/15/58<br>| 800000 | 844319 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| •Series 2018-B2 Class AS <br> 4.18% 3/10/51<br>| 200000 | 196560 |
| Series 2020-GC46 Class A5 <br> 2.72% 2/15/53<br>| 500000 | 465028 |
| CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
| •Series 2017-CX10 Class A5 <br> 3.46% 11/15/50<br>| 500000 | 486308 |
| Series 2020-C19 Class A3 <br> 2.56% 3/15/53<br>| 150000 | 137190 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2020-GC45 Class A5 <br> 2.91% 2/13/53<br>| 275000 | 259894 |

---

LVIP SSGA Bond Index Fund-57

------

**LVIP SSGA Bond Index 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)** |
| GS Mortgage Securities Trust (continued) | GS Mortgage Securities Trust (continued) | GS Mortgage Securities Trust (continued) |
| Series 2021-GSA3 Class A4 <br> 2.37% 12/15/54<br>| 600000 | $533361 |
| JPM-DB Commercial <br> Mortgage Securities Trust <br> Series 2020-COR7 Class A5 <br> 2.18% 5/13/53<br>| 400000 | 342119 |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
| Series 2017-HR2 Class A4 <br> 3.59% 12/15/50<br>| 500000 | 493636 |
| Series 2020-L4 Class A3 <br> 2.70% 2/15/53<br>| 400000 | 374255 |
| UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
| Series 2017-C4 Class A4 <br> 3.56% 10/15/50<br>| 580000 | 577041 |
| Series 2017-C7 Class A4 <br> 3.68% 12/15/50<br>| 350000 | 347157 |
| Series 2018-C14 Class A3 <br> 4.18% 12/15/51<br>| 253379 | 253232 |
| Series 2018-C8 Class A4 <br> 3.98% 2/15/51<br>| 200000 | 198396 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2017-C41 Class A4 <br> 3.47% 11/15/50<br>| 350000 | 345029 |
| Series 2018-C46 Class A4 <br> 4.15% 8/15/51<br>| 1150000 | 1148318 |
| Series 2019-C50 Class A5 <br> 3.73% 5/15/52<br>| 310000 | 302485 |
| Series 2020-C56 Class A5 <br> 2.45% 6/15/53<br>| 220600 | 204483 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $18,320,419)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $18,320,419)** | **17295661** |
| **ΔREGIONAL BONDS–0.26%** | **ΔREGIONAL BONDS–0.26%** | **ΔREGIONAL BONDS–0.26%** |
| **Canada—0.26%** | **Canada—0.26%** | **Canada—0.26%** |
| Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada |
| 1.30% 7/22/30 | 150000 | 133991 |
| 3.30% 3/15/28 | 400000 | 396503 |
| 4.50% 1/24/34 | 215000 | 217313 |
| Province of British Columbia Canada | Province of British Columbia Canada | Province of British Columbia Canada |
| 1.30% 1/29/31 | 250000 | 219751 |
| 4.20% 7/6/33 | 320000 | 317639 |
| 4.70% 1/24/28 | 385000 | 392913 |
| 4.75% 6/12/34 | 250000 | 255791 |
| 4.90% 4/24/29 | 500000 | 517837 |
| 7.25% 9/1/36 | 100000 | 120626 |
| Province of Manitoba Canada | Province of Manitoba Canada | Province of Manitoba Canada |
| 4.30% 7/27/33 | 250000 | 248834 |
| 4.90% 5/31/34 | 150000 | 154646 |
| Province of New Brunswick <br> Canada 3.63% 2/24/28<br>| 150000 | 149489 |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 1.60% 2/25/31 | 250000 | 222799 |
| 2.00% 10/2/29 | 250000 | 234667 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔREGIONAL BONDS (continued)** | **ΔREGIONAL BONDS (continued)** | **ΔREGIONAL BONDS (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Province of Ontario Canada (continued) | Province of Ontario Canada (continued) | Province of Ontario Canada (continued) |
| 3.10% 5/19/27 | 200000 | $198408 |
| 4.70% 1/15/30 | 500000 | 515944 |
| 4.85% 6/11/35 | 450000 | 462565 |
| 5.05% 4/24/34 | 400000 | 418311 |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 1.35% 5/28/30 | 200000 | 179672 |
| 2.75% 4/12/27 | 300000 | 296365 |
| 4.25% 9/5/34 | 550000 | 543129 |
| 4.50% 4/3/29 | 200000 | 204620 |
| 7.50% 9/15/29 | 175000 | 197042 |
|  |  | **6598855** |
| **Total Regional Bonds** <br>**(Cost $6,632,469)** | **Total Regional Bonds** <br>**(Cost $6,632,469)** | **6598855** |
| **ΔSOVEREIGN BONDS–1.30%** | **ΔSOVEREIGN BONDS–1.30%** | **ΔSOVEREIGN BONDS–1.30%** |
| **Canada—0.08%** | **Canada—0.08%** | **Canada—0.08%** |
| Canada Government International Bonds | Canada Government International Bonds | Canada Government International Bonds |
| 3.75% 4/26/28 | 230000 | 230997 |
| 4.00% 3/18/30 | 355000 | 358702 |
| 4.63% 4/30/29 | 235000 | 242289 |
| Export Development Canada | Export Development Canada | Export Development Canada |
| 3.75% 9/7/27 | 250000 | 250700 |
| 4.00% 6/20/30 | 500000 | 504686 |
| 4.13% 2/13/29 | 310000 | 314393 |
| 4.75% 6/5/34 | 145000 | 151330 |
|  |  | **2053097** |
| **Chile—0.08%** | **Chile—0.08%** | **Chile—0.08%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 2.55% 1/27/32 | 200000 | 179210 |
| 2.55% 7/27/33 | 250000 | 216475 |
| 3.10% 5/7/41 | 200000 | 153890 |
| 3.10% 1/22/61 | 200000 | 123700 |
| 3.24% 2/6/28 | 350000 | 343473 |
| 3.50% 1/31/34 | 500000 | 459475 |
| 3.50% 1/25/50 | 200000 | 146290 |
| 4.34% 3/7/42 | 200000 | 177680 |
| 5.33% 1/5/54 | 300000 | 289290 |
|  |  | **2089483** |
| **Indonesia—0.11%** | **Indonesia—0.11%** | **Indonesia—0.11%** |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 2.85% 2/14/30 | 250000 | 236177 |
| 3.20% 9/23/61 | 200000 | 128223 |
| 3.50% 2/14/50 | 250000 | 183371 |
| 4.20% 10/15/50 | 400000 | 329369 |
| 4.55% 1/11/28 | 200000 | 201902 |
| 4.65% 9/20/32 | 100000 | 100646 |
| 4.70% 2/10/34 | 200000 | 199750 |
| 4.75% 2/11/29 | 200000 | 203179 |
| 4.75% 9/10/34 | 250000 | 249570 |
| 4.85% 1/11/33 | 200000 | 201943 |
| 5.15% 9/10/54 | 250000 | 242899 |

---

LVIP SSGA Bond Index Fund-58

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Indonesia Government International Bonds (continued) | Indonesia Government International Bonds (continued) | Indonesia Government International Bonds (continued) |
| 5.25% 1/15/30 | 200000 | $207264 |
| 5.35% 2/11/49 | 200000 | 200497 |
| 5.45% 9/20/52 | 12500 | 12435 |
|  |  | **2697225** |
| **Israel—0.07%** | **Israel—0.07%** | **Israel—0.07%** |
| Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| 3.25% 1/17/28 | 200000 | 196437 |
| 4.50% 1/30/43 | 200000 | 176248 |
| 5.63% 2/19/35 | 200000 | 208713 |
| 5.75% 3/12/54 | 1037000 | 997601 |
| State of Israel | State of Israel | State of Israel |
| 2.50% 1/15/30 | 200000 | 185590 |
| 3.38% 1/15/50 | 200000 | 134128 |
|  |  | **1898717** |
| **Italy—0.02%** | **Italy—0.02%** | **Italy—0.02%** |
| Republic of Italy Government <br> International Bonds 5.38% <br> 6/15/33<br>| 400000 | 422215 |
|  |  | **422215** |
| **Japan—0.08%** | **Japan—0.08%** | **Japan—0.08%** |
| Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |
| 1.25% 1/21/31 | 200000 | 175272 |
| 1.88% 4/15/31 | 200000 | 179944 |
| 2.00% 10/17/29 | 200000 | 187175 |
| 2.13% 2/16/29 | 200000 | 190390 |
| 2.88% 7/21/27 | 200000 | 197437 |
| 3.25% 7/20/28 | 300000 | 296290 |
| 4.63% 7/22/27 | 200000 | 202713 |
| 4.63% 4/17/34 | 200000 | 204634 |
| Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |
| 3.38% 6/12/28 | 200000 | 198146 |
| 4.75% 5/21/29 | 200000 | 205864 |
|  |  | **2037865** |
| **Mexico—0.27%** | **Mexico—0.27%** | **Mexico—0.27%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 3.25% 4/16/30 | 205000 | 193622 |
| 3.50% 2/12/34 | 200000 | 172900 |
| 3.75% 1/11/28 | 200000 | 198000 |
| 3.77% 5/24/61 | 200000 | 123100 |
| 4.15% 3/28/27 | 370000 | 369445 |
| 4.28% 8/14/41 | 200000 | 160600 |
| 4.35% 1/15/47 | 200000 | 150600 |
| 4.40% 2/12/52 | 200000 | 145700 |
| 4.50% 1/31/50 | 400000 | 302600 |
| 4.60% 2/10/48 | 200000 | 154500 |
| 4.75% 4/27/32 | 600000 | 584400 |
| 4.75% 3/8/44 | 1000000 | 824000 |
| 5.38% 3/22/33 | 500000 | 495500 |
| 6.00% 5/7/36 | 200000 | 202600 |
| 6.05% 1/11/40 | 475000 | 472625 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Mexico Government International Bonds (continued) | Mexico Government International Bonds (continued) | Mexico Government International Bonds (continued) |
| 6.34% 5/4/53 | 500000 | $476250 |
| 6.40% 5/7/54 | 1500000 | 1440750 |
| 6.75% 9/27/34 | 500000 | 541750 |
|  |  | **7008942** |
| **Panama—0.10%** | **Panama—0.10%** | **Panama—0.10%** |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 2.25% 9/29/32 | 700000 | 578270 |
| 3.16% 1/23/30 | 445000 | 416564 |
| 3.87% 7/23/60 | 310000 | 204941 |
| 3.88% 3/17/28 | 300000 | 294390 |
| 4.30% 4/29/53 | 300000 | 225030 |
| 4.50% 4/16/50 | 200000 | 154220 |
| 6.40% 2/14/35 | 200000 | 210920 |
| 6.70% 1/26/36 | 200000 | 214920 |
| 8.88% 9/30/27 | 100000 | 107045 |
| 9.38% 4/1/29 | 100000 | 113825 |
|  |  | **2520125** |
| **Peru—0.07%** | **Peru—0.07%** | **Peru—0.07%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 2.78% 1/23/31 | 140000 | 129087 |
| 3.00% 1/15/34 | 233000 | 202675 |
| 3.23% 7/28/21 | 500000 | 272300 |
| 3.30% 3/11/41 | 125000 | 96513 |
| 3.55% 3/10/51 | 395000 | 276144 |
| 3.60% 1/15/72 | 400000 | 253120 |
| 5.38% 2/8/35 | 100000 | 102150 |
| 5.63% 11/18/50 | 100000 | 97375 |
| 5.88% 8/8/54 | 50000 | 49478 |
| 8.75% 11/21/33 | 200000 | 251490 |
|  |  | **1730332** |
| **Philippines—0.14%** | **Philippines—0.14%** | **Philippines—0.14%** |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 2.46% 5/5/30 | 250000 | 232978 |
| 3.00% 2/1/28 | 200000 | 195890 |
| 3.20% 7/6/46 | 200000 | 143736 |
| 3.56% 9/29/32 | 200000 | 188930 |
| 3.70% 2/2/42 | 200000 | 165101 |
| 3.75% 1/14/29 | 400000 | 395474 |
| 3.95% 1/20/40 | 500000 | 441791 |
| 4.38% 3/5/30 | 250000 | 253353 |
| 4.75% 3/5/35 | 250000 | 250940 |
| 5.00% 7/17/33 | 200000 | 205232 |
| 5.00% 1/13/37 | 500000 | 505164 |
| 5.18% 9/5/49 | 250000 | 238986 |
| 5.60% 5/14/49 | 250000 | 253284 |
| 5.61% 4/13/33 | 200000 | 212498 |
|  |  | **3683357** |
| **Poland—0.08%** | **Poland—0.08%** | **Poland—0.08%** |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 4.63% 3/18/29 | 400000 | 407947 |

---

LVIP SSGA Bond Index Fund-59

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| Republic of Poland Government International Bonds (continued) | Republic of Poland Government International Bonds (continued) | Republic of Poland Government International Bonds (continued) |
| 5.13% 9/18/34 | 1004000 | $1028262 |
| 5.50% 4/4/53 | 400000 | 383845 |
| 5.75% 11/16/32 | 165000 | 176983 |
|  |  | **1997037** |
| **Republic of Korea—0.12%** | **Republic of Korea—0.12%** | **Republic of Korea—0.12%** |
| Export-Import Bank of Korea | Export-Import Bank of Korea | Export-Import Bank of Korea |
| 1.63% 1/18/27 | 200000 | 195720 |
| 2.13% 1/18/32 | 200000 | 178543 |
| 4.50% 1/11/29 | 200000 | 203363 |
| 5.00% 1/11/28 | 300000 | 307363 |
| 5.13% 9/18/28 | 200000 | 206861 |
| 5.13% 1/11/33 | 200000 | 209890 |
| Korea Development Bank | Korea Development Bank | Korea Development Bank |
| 1.63% 1/19/31 | 250000 | 223279 |
| 2.25% 2/24/27 | 200000 | 196575 |
| 4.38% 2/15/33 | 300000 | 300399 |
| 4.50% 2/15/29 | 200000 | 203402 |
| 5.38% 10/23/28 | 200000 | 208543 |
| Korea International Bonds | Korea International Bonds | Korea International Bonds |
| 2.75% 1/19/27 | 500000 | 495374 |
| 4.50% 7/3/29 | 250000 | 255599 |
|  |  | **3184911** |
| **Sweden—0.03%** | **Sweden—0.03%** | **Sweden—0.03%** |
| Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
| 3.75% 9/13/27 | 265000 | 265533 |
| 4.13% 6/14/28 | 250000 | 252745 |
| 4.25% 2/1/29 | 200000 | 203269 |
|  |  | **721547** |
| **Uruguay—0.05%** | **Uruguay—0.05%** | **Uruguay—0.05%** |
| Oriental Republic of Uruguay <br> 5.25% 9/10/60<br>| 165000 | 154028 |
| Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| 4.38% 10/27/27 | 200000 | 200720 |
| 5.10% 6/18/50 | 600000 | 565620 |
| 7.63% 3/21/36 | 250000 | 302037 |
|  |  | **1222405** |
| **Total Sovereign Bonds** <br>**(Cost $35,557,609)** | **Total Sovereign Bonds** <br>**(Cost $35,557,609)** | **33267258** |
| **SUPRANATIONAL BANKS–1.31%** | **SUPRANATIONAL BANKS–1.31%** | **SUPRANATIONAL BANKS–1.31%** |
| African Development Bank | African Development Bank | African Development Bank |
| 3.50% 9/18/29 | 600000 | 596203 |
| 4.13% 2/25/27 | 250000 | 251311 |
| 4.38% 11/3/27 | 205000 | 207912 |
| 4.38% 3/14/28 | 200000 | 203262 |
| Asian Development Bank | Asian Development Bank | Asian Development Bank |
| 0.75% 10/8/30 | 250000 | 217208 |
| 1.88% 3/15/29 | 500000 | 473637 |
| 1.88% 1/24/30 | 200000 | 186171 |
| 2.38% 8/10/27 | 250000 | 245373 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| Asian Development Bank (continued) | Asian Development Bank (continued) | Asian Development Bank (continued) |
| 3.13% 4/27/32 | 600000 | $571883 |
| 3.63% 8/28/29 | 650000 | 649477 |
| 3.75% 4/25/28 | 175000 | 175662 |
| 4.00% 1/12/33 | 170000 | 169714 |
| 4.13% 1/12/27 | 285000 | 286348 |
| 4.13% 5/30/30 | 1000000 | 1015261 |
| 4.13% 1/12/34 | 400000 | 400256 |
| 4.38% 1/14/28 | 360000 | 365721 |
| 4.38% 3/22/35 | 395000 | 400406 |
| 4.50% 8/25/28 | 268000 | 274188 |
| Asian Infrastructure Investment Bank | Asian Infrastructure Investment Bank | Asian Infrastructure Investment Bank |
| 3.75% 9/14/27 | 400000 | 401093 |
| 4.00% 1/18/28 | 750000 | 755768 |
| 4.13% 1/18/29 | 205000 | 208071 |
| 4.50% 1/16/30 | 180000 | 185066 |
| Corp. Andina de Fomento | Corp. Andina de Fomento | Corp. Andina de Fomento |
| 4.13% 1/7/28 | 105000 | 105307 |
| 5.00% 1/22/30 | 200000 | 206894 |
| 6.00% 4/26/27 | 220000 | 225988 |
| Council of Europe Development Bank | Council of Europe Development Bank | Council of Europe Development Bank |
| 4.50% 1/15/30 | 280000 | 287755 |
| 4.63% 6/11/27 | 130000 | 131813 |
| European Bank for <br> Reconstruction & <br> Development 4.25% 3/13/34<br>| 700000 | 704599 |
| European Investment Bank | European Investment Bank | European Investment Bank |
| 1.25% 2/14/31 | 1175000 | 1036294 |
| 1.38% 3/15/27 | 550000 | 535737 |
| 1.63% 10/9/29 | 550000 | 510762 |
| 1.75% 3/15/29 | 187000 | 176496 |
| 3.25% 11/15/27 | 700000 | 696511 |
| 3.63% 7/15/30 | 160000 | 159104 |
| 3.75% 2/14/33 | 815000 | 801465 |
| 3.88% 3/15/28 | 200000 | 201294 |
| 3.88% 6/15/28 | 260000 | 261930 |
| 4.00% 2/15/29 | 340000 | 343823 |
| 4.13% 2/13/34 | 536000 | 536670 |
| 4.25% 8/16/32 | 300000 | 304521 |
| 4.38% 3/19/27 | 700000 | 706334 |
| 4.38% 10/10/31 | 175000 | 179623 |
| 4.50% 10/16/28 | 250000 | 256020 |
| 4.50% 3/14/30 | 440000 | 453133 |
| 4.75% 6/15/29 | 417000 | 431915 |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| 0.63% 9/16/27 | 500000 | 475886 |
| 1.13% 7/20/28 | 200000 | 188083 |
| 1.13% 1/13/31 | 250000 | 219418 |
| 3.20% 8/7/42 | 100000 | 81257 |
| 3.50% 4/12/33 | 250000 | 241048 |
| 3.63% 9/17/31 | 200000 | 197354 |
| 3.88% 10/28/41 | 100000 | 89675 |
| 4.00% 1/12/28 | 200000 | 201632 |
| 4.13% 2/15/29 | 1280000 | 1298670 |
| 4.38% 2/1/27 | 500000 | 503786 |
| 4.38% 7/17/34 | 250000 | 253808 |

---

LVIP SSGA Bond Index Fund-60

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** | **SUPRANATIONAL BANKS (continued)** |
| Inter-American Development Bank (continued) | Inter-American Development Bank (continued) | Inter-American Development Bank (continued) |
| 4.38% 1/24/44 | 56000 | $52393 |
| 4.50% 2/15/30 | 350000 | 360176 |
| 4.50% 9/13/33 | 200000 | 205463 |
| Inter-American Investment Corp. | Inter-American Investment Corp. | Inter-American Investment Corp. |
| 3.63% 2/17/27 | 50000 | 49930 |
| 4.13% 2/15/28 | 200000 | 201748 |
| 4.25% 4/1/30 | 300000 | 304580 |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| 0.75% 11/24/27 | 325000 | 308482 |
| 0.88% 5/14/30 | 500000 | 442529 |
| 1.13% 9/13/28 | 1000000 | 937214 |
| 1.25% 2/10/31 | 1000000 | 881684 |
| 1.63% 11/3/31 | 381000 | 336150 |
| 1.75% 10/23/29 | 250000 | 233059 |
| 2.50% 11/22/27 | 350000 | 343365 |
| 3.13% 6/15/27 | 1000000 | 993730 |
| 3.50% 7/12/28 | 200000 | 199567 |
| 3.50% 10/28/30 | 400000 | 395239 |
| 3.63% 5/5/28 | 600000 | 600691 |
| 3.88% 2/14/30 | 205000 | 206177 |
| 3.88% 8/28/34 | 185000 | 181289 |
| 4.00% 7/25/30 | 450000 | 454300 |
| 4.00% 1/10/31 | 1000000 | 1008398 |
| 4.13% 3/20/30 | 385000 | 390729 |
| 4.50% 4/10/31 | 318000 | 328070 |
| 4.63% 1/15/32 | 1360000 | 1409619 |
| 4.75% 2/15/35 | 50000 | 52029 |
| International Finance Corp. | International Finance Corp. | International Finance Corp. |
| 0.75% 8/27/30 | 500000 | 435949 |
| 4.25% 7/2/29 | 280000 | 285489 |
| 4.50% 1/21/28 | 140000 | 142551 |
| 4.50% 7/13/28 | 155000 | 158394 |
| Nordic Investment Bank | Nordic Investment Bank | Nordic Investment Bank |
| 3.38% 9/8/27 | 250000 | 249086 |
| 4.38% 3/14/28 | 200000 | 203174 |
| **Total Supranational Banks** <br>**(Cost $34,000,815)** | **Total Supranational Banks** <br>**(Cost $34,000,815)** | **33595850** |
| **U.S. TREASURY OBLIGATIONS–45.64%** | **U.S. TREASURY OBLIGATIONS–45.64%** | **U.S. TREASURY OBLIGATIONS–45.64%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 5/15/40 | 3000000 | 1903477 |
| 1.13% 8/15/40 | 4500000 | 2826211 |
| 1.38% 8/15/50 | 5000000 | 2458398 |
| 1.63% 11/15/50 | 8750000 | 4593750 |
| 1.88% 2/15/41 | 3000000 | 2095781 |
| 1.88% 2/15/51 | 5000000 | 2794141 |
| 1.88% 11/15/51 | 7500000 | 4145508 |
| 2.00% 2/15/50 | 1500000 | 879258 |
| 2.00% 8/15/51 | 7000000 | 4009961 |
| 2.25% 2/15/52 | 7000000 | 4247031 |
| 2.38% 11/15/49 | 2500000 | 1605762 |
| 2.38% 5/15/51 | 1500000 | 945293 |
| 2.50% 2/15/45 | 10400000 | 7365312 |
| 2.50% 2/15/46 | 6350000 | 4421932 |
| 2.75% 11/15/42 | 3500000 | 2689531 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 2.75% 8/15/47 | 4200000 | $3000703 |
| 2.75% 11/15/47 | 6500000 | 4630488 |
| 2.88% 5/15/43 | 6000000 | 4657734 |
| 2.88% 5/15/49 | 3000000 | 2152148 |
| 2.88% 5/15/52 | 2000000 | 1397500 |
| 3.00% 5/15/42 | 2850000 | 2293471 |
| 3.00% 11/15/45 | 8100000 | 6189223 |
| 3.00% 2/15/47 | 7700000 | 5796957 |
| 3.00% 8/15/48 | 11000000 | 8144727 |
| 3.00% 2/15/49 | 9500000 | 6998086 |
| 3.00% 8/15/52 | 1000000 | 716211 |
| 3.13% 8/15/44 | 19500000 | 15433945 |
| 3.13% 5/15/48 | 4000000 | 3037969 |
| 3.25% 5/15/42 | 5000000 | 4169922 |
| 3.38% 11/15/48 | 2000000 | 1582422 |
| 3.63% 2/15/53 | 5000000 | 4048047 |
| 3.63% 5/15/53 | 6500000 | 5258145 |
| 3.88% 8/15/40 | 3750000 | 3472998 |
| 3.88% 5/15/43 | 7000000 | 6279492 |
| 4.00% 11/15/52 | 5500000 | 4769316 |
| 4.13% 8/15/44 | 1000000 | 917773 |
| 4.13% 8/15/53 | 7500000 | 6639258 |
| 4.25% 2/15/54 | 10600000 | 9583063 |
| 4.25% 8/15/54 | 7565500 | 6840276 |
| 4.38% 5/15/41 | 2750000 | 2679531 |
| 4.38% 8/15/43 | 1500000 | 1432793 |
| 4.50% 11/15/54 | 4200000 | 3961453 |
| 4.63% 5/15/44 | 4000000 | 3927188 |
| 4.63% 11/15/44 | 3000000 | 2939766 |
| 4.63% 11/15/45 | 500000 | 488594 |
| 4.63% 5/15/54 | 4000000 | 3852344 |
| 4.63% 2/15/55 | 4600000 | 4430914 |
| 4.63% 11/15/55 | 5000000 | 4817188 |
| 4.75% 11/15/43 | 2500000 | 2500293 |
| 4.75% 2/15/45 | 4000000 | 3979688 |
| 4.75% 11/15/53 | 4700000 | 4613895 |
| 4.75% 5/15/55 | 7700000 | 7566453 |
| 4.75% 8/15/55 | 5800000 | 5702125 |
| 4.88% 8/15/45 | 2500000 | 2524219 |
| 5.00% 5/15/45 | 2750000 | 2823047 |
| 5.25% 11/15/28 | 500000 | 523203 |
| 5.38% 2/15/31 | 500000 | 537559 |
| 5.50% 8/15/28 | 500000 | 524688 |
| 6.13% 11/15/27 | 800000 | 837875 |
| 6.13% 8/15/29 | 300000 | 325371 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 7/31/27 | 45000000 | 42866015 |
| 0.50% 5/31/27 | 5000000 | 4795898 |
| 0.50% 6/30/27 | 12000000 | 11482969 |
| 0.50% 8/31/27 | 15500000 | 14758906 |
| 0.63% 12/31/27 | 10000000 | 9453125 |
| 0.63% 5/15/30 | 3750000 | 3290771 |
| 0.63% 8/15/30 | 5000000 | 4350781 |
| 0.75% 1/31/28 | 35000000 | 33092773 |

---

LVIP SSGA Bond Index Fund-61

------

**LVIP SSGA Bond Index 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) |
| 1.13% 2/29/28 | 12000000 | $11413594 |
| 1.25% 6/30/28 | 5000000 | 4732227 |
| 1.25% 8/15/31 | 12000000 | 10454531 |
| 1.38% 10/31/28 | 8000000 | 7536875 |
| 1.38% 12/31/28 | 10000000 | 9388672 |
| 1.38% 11/15/31 | 10500000 | 9146074 |
| 1.50% 2/15/30 | 6000000 | 5511094 |
| 1.63% 8/15/29 | 8000000 | 7467812 |
| 1.63% 5/15/31 | 16000000 | 14334375 |
| 1.88% 2/15/32 | 10000000 | 8918359 |
| 2.25% 2/15/27 | 16000000 | 15778750 |
| 2.25% 8/15/27 | 9000000 | 8824922 |
| 2.25% 11/15/27 | 11500000 | 11244844 |
| 2.38% 5/15/27 | 9500000 | 9356758 |
| 2.38% 5/15/29 | 11000000 | 10576328 |
| 2.63% 2/15/29 | 9000000 | 8751094 |
| 2.63% 7/31/29 | 5000000 | 4835547 |
| 2.75% 2/15/28 | 12000000 | 11819063 |
| 2.75% 8/15/32 | 12000000 | 11185781 |
| 2.88% 5/15/28 | 4000000 | 3942969 |
| 2.88% 8/15/28 | 13000000 | 12791289 |
| 2.88% 5/15/32 | 12000000 | 11314687 |
| 3.38% 11/30/27 | 12000000 | 11977031 |
| 3.38% 12/31/27 | 27000000 | 26947266 |
| 3.38% 5/15/33 | 10000000 | 9613672 |
| 3.50% 1/31/28 | 6000000 | 6001172 |
| 3.50% 10/15/28 | 12500000 | 12487305 |
| 3.50% 12/15/28 | 10000000 | 9988281 |
| 3.50% 1/31/30 | 10000000 | 9942578 |
| 3.50% 2/15/33 | 10000000 | 9718359 |
| 3.63% 8/31/27 | 25000000 | 25055664 |
| 3.63% 3/31/28 | 8000000 | 8021250 |
| 3.63% 5/31/28 | 8000000 | 8020938 |
| 3.63% 8/15/28 | 1000000 | 1002539 |
| 3.63% 9/30/30 | 10000000 | 9961328 |
| 3.63% 9/30/31 | 18000000 | 17820000 |
| 3.75% 6/30/27 | 22000000 | 22085078 |
| 3.75% 5/15/28 | 10000000 | 10054297 |
| 3.75% 6/30/30 | 7500000 | 7517871 |
| 3.75% 12/31/30 | 5000000 | 5002539 |
| 3.75% 10/31/32 | 13000000 | 12855781 |
| 3.88% 3/31/27 | 17000000 | 17073711 |
| 3.88% 7/31/27 | 7000000 | 7040742 |
| 3.88% 12/31/27 | 3500000 | 3526113 |
| 3.88% 9/30/29 | 9000000 | 9077695 |
| 3.88% 6/30/30 | 8400000 | 8463328 |
| 3.88% 8/31/32 | 4000000 | 3989531 |
| 3.88% 9/30/32 | 15000000 | 14953711 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 3.88% 8/15/33 | 10500000 | $10412637 |
| 3.88% 8/15/34 | 13000000 | 12799922 |
| 4.00% 6/30/28 | 10000000 | 10117188 |
| 4.00% 5/31/30 | 5000000 | 5063672 |
| 4.00% 7/31/30 | 2000000 | 2025391 |
| 4.00% 1/31/31 | 7400000 | 7485273 |
| 4.00% 6/30/32 | 4000000 | 4022969 |
| 4.00% 7/31/32 | 16000000 | 16083750 |
| 4.00% 2/15/34 | 25200000 | 25121250 |
| 4.00% 11/15/35 | 8000000 | 7885000 |
| 4.13% 11/15/27 | 6000000 | 6068438 |
| 4.13% 7/31/28 | 6000000 | 6089531 |
| 4.13% 10/31/29 | 11000000 | 11188203 |
| 4.13% 11/30/29 | 10000000 | 10172656 |
| 4.13% 8/31/30 | 3500000 | 3561523 |
| 4.13% 7/31/31 | 7000000 | 7113750 |
| 4.13% 11/15/32 | 13000000 | 13148789 |
| 4.25% 6/30/29 | 17200000 | 17563484 |
| 4.25% 2/28/31 | 6134500 | 6275641 |
| 4.25% 11/15/34 | 7500000 | 7578809 |
| 4.25% 5/15/35 | 14000000 | 14115937 |
| 4.25% 8/15/35 | 8000000 | 8057500 |
| 4.38% 11/30/28 | 9000000 | 9204258 |
| 4.38% 11/30/30 | 5000000 | 5143945 |
| 4.38% 1/31/32 | 5000000 | 5139063 |
| 4.50% 4/15/27 | 20000000 | 20246094 |
| 4.50% 5/31/29 | 1000000 | 1028750 |
| 4.50% 12/31/31 | 15000000 | 15522656 |
| 4.50% 11/15/33 | 9000000 | 9292852 |
| 4.63% 9/30/30 | 7000000 | 7273984 |
| 4.63% 4/30/31 | 10000000 | 10408984 |
| 4.63% 2/15/35 | 17000000 | 17646133 |
| 4.88% 10/31/30 | 10000000 | 10504687 |
| **Total U.S. Treasury Obligations** <br>**(Cost $1,237,567,295)** | **Total U.S. Treasury Obligations** <br>**(Cost $1,237,567,295)** | **1170956789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.42%** | **MONEY MARKET FUND–1.42%** | **MONEY MARKET FUND–1.42%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 36419767 | 36419767 |
| **Total Money Market Fund** <br>**(Cost $36,419,767)** | **Total Money Market Fund** <br>**(Cost $36,419,767)** | **36419767** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.64% (Cost $2,747,553,618)** | **2582088813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.64%)** | **(16376479)**<br>|
| **NET ASSETS APPLICABLE TO 254,148,928 SHARES OUTSTANDING–100.00%** | **$2565712334** |

---

LVIP SSGA Bond Index Fund-62

------

**LVIP SSGA Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND STANDARD CLASS** <br>**($1,689,282,311 / 167,354,570 Shares)** | **$10.094** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND SERVICE CLASS** <br>**($876,430,023 / 86,794,358 Shares)** | **$10.098** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2831356393** |
| Distributable earnings/(accumulated loss) | **(265644059)**<br>|
| **TOTAL NET ASSETS** | **$2565712334** |

---

&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. |
| ♦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. |
| •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. |
| 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. |
| ΔSecurities have been classified by country of origin. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $62,703,239 payable for securities purchased, $3,986,255 payable for fund shares redeemed, $231,568 other accrued expenses <br> payable, $854,927 due to manager and affiliates, $34,302 payable for audit fee and $57,941 payable for fund accounting fee as of December <br> 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BMO–Bank of Montreal  |
| GS–Goldman Sachs |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| JPM-DB–JPMorgan Deutsche Bank |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |
| TBA–To be announced |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Bond Index Fund-63

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $94065367 |
| Dividends | 1295109 |
| Foreign taxes refunded | 609 |
|  | 95361085 |
| **EXPENSES:** |  |
| Management fees | 10243547 |
| Distribution fees-Service Class | 2154377 |
| Shareholder servicing fees | 742657 |
| Accounting and administration expenses | 430568 |
| Pricing fees | 352249 |
| Index fees | 321876 |
| Professional fees | 130851 |
| Trustees' fees and expenses | 74103 |
| Custodian fees | 53085 |
| Reports and statements to shareholders | 45781 |
| Consulting fees | 24634 |
| Other | 59533 |
|  | 14633261 |
| Less:  |  |
| Management fees waived | (3085688)<br>|
| Total operating expenses | 11547573 |
| **NET INVESTMENT INCOME**  | 83813512 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (23276138)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 105744415 |
| **NET REALIZED AND UNREALIZED GAIN** | 82468277 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $166281789 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index Fund** | **LVIP SSGA Bond Index 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 | $83813512 | $78638758 |
| Net realized loss | (23276138)<br>| (13405790)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 105744415 | (39874063)<br>|
| Net increase in net assets <br> resulting from operations<br>| 166281789 | 25358905 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (54881918)<br>| (59232426)<br>|
| Service Class | (26675044)<br>| (27284141)<br>|
| Return of capital: |  |  |
| Standard Class |  | (55576)<br>|
| Service Class |  | (27814)<br>|
|  | (81556962)<br>| (86599957)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 306266321 | 326335258 |
| Service Class | 111414391 | 135922391 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 54881918 | 59288002 |
| Service Class | 26675044 | 27311955 |
|  | 499237674 | 548857606 |
| Cost of shares redeemed: |  |  |
| Standard Class | (471723588)<br>| (262498055)<br>|
| Service Class | (153632473)<br>| (109348441)<br>|
|  | (625356061)<br>| (371846496)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (126118387)<br>| 177011110 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (41393560)<br>| 115770058 |
| **NET ASSETS:** |  |  |
| Beginning of year | 2607105894 | 2491335836 |
| End of year | $2565712334 | $2607105894 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Bond Index Fund-64

------

**LVIP SSGA Bond Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index Fund Standard Class** | **LVIP SSGA Bond Index 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; $9.773 | &nbsp;&nbsp; $10.006 | &nbsp;&nbsp; $9.772 | &nbsp;&nbsp; $11.546 | &nbsp;&nbsp; $12.057 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.339 | 0.319 | 0.276 | 0.223 | 0.189 |
| Net realized and unrealized gain (loss) | 0.324 | &nbsp;&nbsp; (0.207)<br>| 0.238 | &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (0.427)<br>|
| Total from investment operations | 0.663 | 0.112 | 0.514 | &nbsp;&nbsp; (1.547)<br>| &nbsp;&nbsp; (0.238)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.227)<br>| &nbsp;&nbsp; (0.228)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.045)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.227)<br>| &nbsp;&nbsp; (0.273)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.094 | &nbsp;&nbsp; $9.773 | &nbsp;&nbsp; $10.006 | &nbsp;&nbsp; $9.772 | &nbsp;&nbsp; $11.546 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; (13.44%)<br>| &nbsp;&nbsp; (1.98%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1689282 | &nbsp;&nbsp; $1743047 | &nbsp;&nbsp; $1661113 | &nbsp;&nbsp; $1574338 | &nbsp;&nbsp; $2033169 |
| 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 expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.60% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.47% |
| Portfolio turnover | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 95% |

---

&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 SSGA Bond Index Fund-65

------

**LVIP SSGA Bond Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index Fund Service Class** | **LVIP SSGA Bond Index 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; $9.777 | &nbsp;&nbsp; $10.011 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $11.550 | &nbsp;&nbsp; $12.061 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.314 | 0.294 | 0.251 | 0.197 | 0.159 |
| Net realized and unrealized gain (loss) | 0.324 | &nbsp;&nbsp; (0.208)<br>| 0.238 | &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (0.427)<br>|
| Total from investment operations | 0.638 | 0.086 | 0.489 | &nbsp;&nbsp; (1.573)<br>| &nbsp;&nbsp; (0.268)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.198)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.045)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.243)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.098 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $10.011 | &nbsp;&nbsp; $9.777 | &nbsp;&nbsp; $11.550 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 5.03% | &nbsp;&nbsp; (13.66%)<br>| &nbsp;&nbsp; (2.22%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $876430 | &nbsp;&nbsp; $864059 | &nbsp;&nbsp; $830223 | &nbsp;&nbsp; $812378 | &nbsp;&nbsp; $1033836 |
| 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; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.22% |
| Portfolio turnover | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 95% |

---

&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 SSGA Bond Index Fund-66

------

**LVIP SSGA Bond Index 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 SSGA Bond Index 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 to match as closely as practicable, before fees and expenses, the performance of the Bloomberg U.S. Aggregate Bond Index.

**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.

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 SSGA Bond Index Fund-67

------

**LVIP SSGA Bond Index 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. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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.

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. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.08% of the first $500 million of the Fund's average daily net assets; 0.122% of the next $1.5 billion; 0.152% of the next $500 million; 0.157% of the next $2.5 billion; and 0.162% of the Fund's average daily net assets in excess of $5 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.

SSGA Funds 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; $212375 |
| Legal | &nbsp;&nbsp; 35192 |

---

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 $14,025 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 SSGA Bond Index Fund-68

------

**LVIP SSGA Bond Index 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; $606187 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 185873 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 62867 |

---

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; $113322751 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1014632255 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 156065779 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1090113338 |

---

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; $2748150788 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $21436099 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (187498075)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(166061976)<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 SSGA Bond Index Fund-69

------

**LVIP SSGA Bond Index 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 Commercial Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18129424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18129424 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 619106160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 619106160 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13482430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13482430 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 613320589 | &nbsp;&nbsp; — | &nbsp;&nbsp; 613320589 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 10719369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10719369 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9196661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9196661 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17295661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17295661 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 6598855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6598855 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 33267258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33267258 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 33595850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33595850 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1170956789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1170956789 |
| Money Market Fund | &nbsp;&nbsp; 36419767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36419767 |
| **Total Investments** | &nbsp;&nbsp; $36419767 | &nbsp;&nbsp; $2545669046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2582088813 |

---

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 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; $81556962 | &nbsp;&nbsp; $86516567 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; 83390 |
| Total | &nbsp;&nbsp; $81556962 | &nbsp;&nbsp; $86599957 |

---

**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; $3590405 |
| Capital loss carryforward | &nbsp;&nbsp; (103172488)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (166061976)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(265644059)<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**  |
| $14487254 | &nbsp;&nbsp; $88685234 | &nbsp;&nbsp; $103172488 |

---

LVIP SSGA Bond Index Fund-70

------

**LVIP SSGA Bond Index 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; 30142690 | &nbsp;&nbsp; 32538142 |
| Service Class | &nbsp;&nbsp; 11009510 | &nbsp;&nbsp; 13575242 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 5457629 | &nbsp;&nbsp; 5939928 |
| Service Class | &nbsp;&nbsp; 2651332 | &nbsp;&nbsp; 2734383 |
|  | &nbsp;&nbsp; 49261161 | &nbsp;&nbsp; 54787695 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (46598871)<br>| &nbsp;&nbsp; (26130676)<br>|
| Service Class | &nbsp;&nbsp; (15245233)<br>| &nbsp;&nbsp; (10862121)<br>|
|  | &nbsp;&nbsp; (61844104)<br>| &nbsp;&nbsp; (36992797)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (12582943)<br>| &nbsp;&nbsp; 17794898 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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.

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 SSGA Bond Index Fund-71

------

**LVIP SSGA Bond Index 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.

**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 SSGA Bond Index Fund-72

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Bond Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Bond Index 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.

![](imgd9cec1152.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Bond Index Fund–73

------

![](img1280f3d71.jpg)

![](imgd62bdeff2.jpg)

LVIP SSGA Emerging Markets Equity Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Emerging Markets Equity Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_SOI-continued-330_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_FS-continued-330_1)**  | &nbsp;&nbsp; **22** |
| **[Statements of Changes in Net Assets](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_FS-continued-330_1)**  | &nbsp;&nbsp; **22** |
| **[Financial Highlights](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_FIHI-continued-330_1)**  | &nbsp;&nbsp; **23** |
| **[Notes to Financial Statements](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_NTF-continued-330_1)**  | &nbsp;&nbsp; **25** |
| **[Report of Independent Registered Public Accounting Firm](#xx_782d5882-974a-4cb1-b89c-a76cba1d9bc2_AUDIT-continued-330_1)**  | &nbsp;&nbsp; **34** |

---

------

**LVIP SSGA Emerging Markets Equity Index 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–94.38%** | **ΔCOMMON STOCK–94.38%** | **ΔCOMMON STOCK–94.38%** |
| **Australia–0.05%** | **Australia–0.05%** | **Australia–0.05%** |
| †MMG Ltd. | 105600 | $119314 |
|  |  | **119314** |
| **Brazil–3.66%** | **Brazil–3.66%** | **Brazil–3.66%** |
| Ambev SA | 112900 | 284187 |
| Axia Energia | 29985 | 276678 |
| Axia Energia Class B | 5900 | 56440 |
| †Axia Energia Class C | 9431 | 84539 |
| B3 SA - Brasil Bolsa Balcao | 130500 | 332241 |
| Banco Bradesco SA | 130171 | 426160 |
| Banco Bradesco SA | 37084 | 104922 |
| Banco BTG Pactual SA | 28972 | 277548 |
| Banco do Brasil SA | 45200 | 180408 |
| BB Seguridade <br> Participacoes SA<br>| 16200 | 107011 |
| Caixa Seguridade <br> Participacoes SA<br>| 12200 | 36961 |
| Cia de Saneamento Basico <br> do Estado de Sao Paulo <br> SABESP<br>| 12149 | 292460 |
| Cia Paranaense de Energia <br> - Copel<br>| 27400 | 65349 |
| CPFL Energia SA | 5300 | 51507 |
| Embraer SA | 17400 | 279069 |
| Energisa SA | 7772 | 66811 |
| †Eneva SA | 21700 | 79823 |
| Engie Brasil Energia SA | 7455 | 42675 |
| Equatorial SA | 28578 | 200584 |
| †JBS NV Class A | 10000 | 144200 |
| Klabin SA | 19563 | 66817 |
| †Localiza Rent a Car SA | 23358 | 184810 |
| MBRF Global Foods Co. SA | 15970 | 58230 |
| Motiva Infraestrutura de <br> Mobilidade SA<br>| 28700 | 78696 |
| †NU Holdings Ltd. Class A | 83500 | 1397790 |
| Petroleo Brasileiro SA - <br> Petrobras<br>| 92900 | 551537 |
| Petroleo Brasileiro SA - <br> Petrobras<br>| 113900 | 639373 |
| Porto Seguro SA | 5500 | 48443 |
| †PRIO SA | 22200 | 166848 |
| Raia Drogasil SA | 34227 | 145978 |
| Rede D'Or Sao Luiz SA | 19400 | 143686 |
| Rumo SA | 30218 | 81243 |
| †StoneCo Ltd. Class A | 5500 | 81345 |
| Suzano SA | 16130 | 151247 |
| Telefonica Brasil SA | 20800 | 124535 |
| TIM SA | 19800 | 76843 |
| TOTVS SA | 12914 | 98693 |
| Ultrapar Participacoes SA | 19500 | 73632 |
| Vale SA | 89392 | 1167197 |
| Vibra Energia SA | 26563 | 122609 |
| WEG SA | 41000 | 362192 |
| XP, Inc. Class A | 9900 | 162063 |
|  |  | **9373380** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada–0.05%** | **Canada–0.05%** | **Canada–0.05%** |
| China Gold International <br> Resources Corp. Ltd.<br>| 5900 | $119014 |
|  |  | **119014** |
| **Chile–0.47%** | **Chile–0.47%** | **Chile–0.47%** |
| Banco de Chile | 1174306 | 226821 |
| Banco de Credito e <br> Inversiones SA<br>| 2348 | 152084 |
| Banco Santander Chile | 1762768 | 139129 |
| Cencosud SA | 30774 | 98805 |
| Empresas CMPC SA | 22492 | 35292 |
| Empresas COPEC SA | 9885 | 77421 |
| Enel Americas SA | 423416 | 40170 |
| Enel Chile SA | 561388 | 46109 |
| Falabella SA | 17079 | 119138 |
| Latam Airlines Group SA | 7771815 | 210399 |
| Plaza SA | 18862 | 66711 |
|  |  | **1212079** |
| **China–22.52%** | **China–22.52%** | **China–22.52%** |
| 360 Security Technology, <br> Inc. Class A<br>| 4500 | 7199 |
| 37 Interactive <br> Entertainment Network <br> Technology Group Co. <br> Ltd. Class A<br>| 2800 | 9460 |
| 3SBio, Inc. | 45500 | 141279 |
| AAC Technologies <br> Holdings, Inc.<br>| 18000 | 90238 |
| =Advanced <br> Micro-Fabrication <br> Equipment, Inc. China <br> Class A<br>| 208 | 8203 |
| AECC Aviation Power Co. <br> Ltd. Class A<br>| 401 | 2299 |
| Agricultural Bank of China <br> Ltd. Class A<br>| 27700 | 30442 |
| Agricultural Bank of China <br> Ltd. Class H<br>| 681000 | 506612 |
| Aier Eye Hospital Group <br> Co. Ltd. Class A<br>| 4058 | 6374 |
| †Air China Ltd. Class A | 1200 | 1609 |
| †Akeso, Inc. | 16000 | 232863 |
| Alibaba Group Holding <br> Ltd.<br>| 424400 | 7792390 |
| Aluminum Corp. of China <br> Ltd. Class A<br>| 7900 | 13785 |
| Aluminum Corp. of China <br> Ltd. Class H<br>| 90000 | 140891 |
| †Amlogic Shanghai Co. Ltd. <br> Class A<br>| 71 | 886 |
| Anhui Conch Cement Co. <br> Ltd. Class A<br>| 800 | 2502 |
| Anhui Conch Cement Co. <br> Ltd. Class H<br>| 28000 | 79502 |

---

LVIP SSGA Emerging Markets Equity Index Fund-1

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Anhui Gujing Distillery Co. <br> Ltd. Class A<br>| 200 | $3797 |
| Anhui Gujing Distillery Co. <br> Ltd. Class B<br>| 3300 | 37030 |
| †Anhui Jianghuai <br> Automobile Group Corp. <br> Ltd. Class A<br>| 1800 | 12762 |
| Anker Innovations <br> Technology Co. Ltd. <br> Class A<br>| 390 | 6385 |
| ANTA Sports Products Ltd. | 30600 | 317768 |
| Autohome, Inc. ADR | 1600 | 35616 |
| Avary Holding Shenzhen <br> Co. Ltd. Class A<br>| 900 | 6492 |
| AviChina Industry & <br> Technology Co. Ltd. <br> Class H<br>| 53000 | 27039 |
| †BAIC BluePark New Energy <br> Technology Co. Ltd. <br> Class A<br>| 4400 | 5055 |
| †Baidu, Inc. Class A | 54750 | 900375 |
| Bank of Beijing Co. Ltd. <br> Class A<br>| 13700 | 10743 |
| Bank of Changsha Co. Ltd. <br> Class A<br>| 4200 | 5831 |
| Bank of Chengdu Co. Ltd. <br> Class A<br>| 900 | 2076 |
| Bank of China Ltd. Class A | 20500 | 16818 |
| Bank of China Ltd. Class H | 1726000 | 989563 |
| Bank of Communications <br> Co. Ltd. Class A<br>| 24420 | 25349 |
| Bank of Hangzhou Co. Ltd. <br> Class A<br>| 4400 | 9621 |
| Bank of Jiangsu Co. Ltd. <br> Class A<br>| 10500 | 15626 |
| Bank of Nanjing Co. Ltd. <br> Class A<br>| 3600 | 5888 |
| Bank of Ningbo Co. Ltd. <br> Class A<br>| 3170 | 12742 |
| Bank of Shanghai Co. Ltd. <br> Class A<br>| 6540 | 9452 |
| Bank of Suzhou Co. Ltd. <br> Class A<br>| 5000 | 5931 |
| Baoshan Iron & Steel Co. <br> Ltd. Class A<br>| 11000 | 11731 |
| Beijing Kingsoft Office <br> Software, Inc. Class A<br>| 143 | 6285 |
| Beijing New Building <br> Materials PLC Class A<br>| 2500 | 8932 |
| Beijing Roborock <br> Technology Co. Ltd. <br> Class A<br>| 215 | 4679 |
| †Beijing Wantai Biological <br> Pharmacy Enterprise Co. <br> Ltd. Class A<br>| 108 | 695 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Beijing Yanjing Brewery Co. <br> Ltd. Class A<br>| 3000 | $4824 |
| Beijing-Shanghai High <br> Speed Railway Co. Ltd. <br> Class A<br>| 30400 | 22410 |
| †Bilibili, Inc. Class Z | 5840 | 144138 |
| BOC International China <br> Co. Ltd. Class A<br>| 200 | 429 |
| BOE Technology Group Co. <br> Ltd. Class A<br>| 20300 | 12233 |
| BYD Co. Ltd. Class A | 1700 | 23771 |
| BYD Co. Ltd. Class H | 90600 | 1107201 |
| BYD Electronic <br> International Co. Ltd.<br>| 20500 | 88777 |
| †Cambricon Technologies <br> Corp. Ltd. Class A<br>| 136 | 26368 |
| CGN Power Co. Ltd. <br> Class A<br>| 1300 | 699 |
| CGN Power Co. Ltd. <br> Class H<br>| 254000 | 95571 |
| Changchun High-Tech <br> Industry Group Co. Ltd. <br> Class A<br>| 200 | 2649 |
| Changjiang Securities Co. <br> Ltd. Class A<br>| 6900 | 8049 |
| Changzhou Xingyu <br> Automotive Lighting <br> Systems Co. Ltd. Class A<br>| 400 | 7064 |
| Chaozhou Three-Circle <br> Group Co. Ltd. Class A<br>| 600 | 3922 |
| China CITIC Bank Corp. <br> Ltd. Class H<br>| 204000 | 182041 |
| †China CITIC Financial <br> Asset Management Co. <br> Ltd. Class H<br>| 259000 | 27640 |
| China Coal Energy Co. Ltd. <br> Class H<br>| 48000 | 61509 |
| China Communications <br> Services Corp. Ltd. <br> Class H<br>| 42000 | 24210 |
| China Construction Bank <br> Corp. Class A<br>| 6900 | 9168 |
| China Construction Bank <br> Corp. Class H<br>| 2371000 | 2346840 |
| China CSSC Holdings Ltd. <br> Class A<br>| 2800 | 13327 |
| †China Eastern Airlines <br> Corp. Ltd. Class A<br>| 500 | 429 |
| China Energy Engineering <br> Corp. Ltd. Class A<br>| 23600 | 7941 |
| China Everbright Bank Co. <br> Ltd. Class A<br>| 23400 | 11689 |
| China Feihe Ltd. | 73000 | 38134 |
| China Galaxy Securities Co. <br> Ltd. Class A<br>| 1400 | 3150 |

---

LVIP SSGA Emerging Markets Equity Index Fund-2

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| China Galaxy Securities Co. <br> Ltd. Class H<br>| 79500 | $102809 |
| China Great Wall Securities <br> Co. Ltd. Class A<br>| 5800 | 8467 |
| †China Greatwall <br> Technology Group Co. <br> Ltd. Class A<br>| 4000 | 8253 |
| China Hongqiao Group <br> Ltd.<br>| 69500 | 291881 |
| China International Capital <br> Corp. Ltd. Class A<br>| 400 | 2004 |
| China International Capital <br> Corp. Ltd. Class H<br>| 36400 | 91941 |
| China Life Insurance Co. <br> Ltd. Class A<br>| 800 | 5214 |
| China Life Insurance Co. <br> Ltd. Class H<br>| 185000 | 653962 |
| †China Literature Ltd. | 10000 | 42487 |
| China Longyuan Power <br> Group Corp. Ltd. Class H<br>| 58000 | 49529 |
| China Mengniu Dairy Co. <br> Ltd.<br>| 73000 | 140127 |
| China Merchants Bank Co. <br> Ltd. Class A<br>| 6700 | 40383 |
| China Merchants Bank Co. <br> Ltd. Class H<br>| 96000 | 653078 |
| China Merchants Energy <br> Shipping Co. Ltd. Class A<br>| 900 | 1159 |
| China Merchants <br> Securities Co. Ltd. <br> Class A<br>| 2400 | 5716 |
| China Merchants Shekou <br> Industrial Zone Holdings <br> Co. Ltd. Class A<br>| 5200 | 6432 |
| China Minsheng Banking <br> Corp. Ltd. Class A<br>| 14400 | 7892 |
| China National Nuclear <br> Power Co. Ltd. Class A<br>| 14000 | 17325 |
| †China National Software & <br> Service Co. Ltd. Class A<br>| 1080 | 7156 |
| China Nonferrous Mining <br> Corp. Ltd.<br>| 34000 | 64505 |
| China Northern Rare Earth <br> Group High-Tech Co. Ltd. <br> Class A<br>| 2900 | 19131 |
| China Oilfield Services Ltd. <br> Class H<br>| 44000 | 39538 |
| China Overseas Land & <br> Investment Ltd.<br>| 95000 | 150029 |
| China Pacific Insurance <br> Group Co. Ltd. Class A<br>| 3600 | 21606 |
| China Pacific Insurance <br> Group Co. Ltd. Class H<br>| 64000 | 290239 |
| China Petroleum & <br> Chemical Corp. Class A<br>| 18700 | 16535 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| China Petroleum & <br> Chemical Corp. Class H<br>| 544000 | $326757 |
| China Power International <br> Development Ltd.<br>| 73000 | 30313 |
| China Railway Group Ltd. <br> Class A<br>| 7600 | 5885 |
| China Railway Signal & <br> Communication Corp. <br> Ltd. Class A<br>| 10010 | 7833 |
| †China Rare Earth <br> Resources & Technology <br> Co. Ltd. Class A<br>| 400 | 2655 |
| China Resources Beer <br> Holdings Co. Ltd.<br>| 36500 | 123271 |
| China Resources Land Ltd. | 79000 | 276366 |
| China Resources <br> Microelectronics Ltd. <br> Class A<br>| 1156 | 8744 |
| China Resources Mixc <br> Lifestyle Services Ltd.<br>| 17000 | 94083 |
| China Resources Power <br> Holdings Co. Ltd.<br>| 50000 | 111302 |
| China Resources Sanjiu <br> Medical & <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 364 | 1482 |
| †China Ruyi Holdings Ltd. | 256000 | 72103 |
| China Shenhua Energy Co. <br> Ltd. Class A<br>| 3900 | 22603 |
| China Shenhua Energy Co. <br> Ltd. Class H<br>| 82000 | 409433 |
| †China Southern Airlines <br> Co. Ltd. Class A<br>| 7800 | 8939 |
| China State Construction <br> Engineering Corp. Ltd. <br> Class A<br>| 21500 | 15782 |
| China Taiping Insurance <br> Holdings Co. Ltd.<br>| 34800 | 83800 |
| China Three Gorges <br> Renewables Group Co. <br> Ltd. Class A<br>| 4500 | 2633 |
| China Tourism Group Duty <br> Free Corp. Ltd. Class A<br>| 500 | 6771 |
| China Tower Corp. Ltd. <br> Class H<br>| 103900 | 154463 |
| China United Network <br> Communications Ltd. <br> Class A<br>| 19200 | 14050 |
| †China Vanke Co. Ltd. <br> Class A<br>| 7300 | 4857 |
| †China Vanke Co. Ltd. <br> Class H<br>| 43900 | 18555 |
| China Yangtze Power Co. <br> Ltd. Class A<br>| 7884 | 30676 |
| China Zheshang Bank Co. <br> Ltd. Class A<br>| 680 | 296 |

---

LVIP SSGA Emerging Markets Equity Index Fund-3

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Chongqing Changan <br> Automobile Co. Ltd. <br> Class A<br>| 3400 | $5772 |
| Chongqing Rural <br> Commercial Bank Co. <br> Ltd. Class A<br>| 1500 | 1387 |
| Chongqing Rural <br> Commercial Bank Co. <br> Ltd. Class H<br>| 52000 | 41091 |
| †Chongqing Zhifei Biological <br> Products Co. Ltd. Class A<br>| 500 | 1349 |
| CITIC Ltd. | 98000 | 152304 |
| CITIC Securities Co. Ltd. <br> Class A<br>| 6485 | 26651 |
| CITIC Securities Co. Ltd. <br> Class H<br>| 34775 | 122723 |
| CMOC Group Ltd. Class A | 4800 | 13740 |
| CMOC Group Ltd. Class H | 93000 | 231060 |
| CNGR Advanced Material <br> Co. Ltd. Class A<br>| 1260 | 8349 |
| CNPC Capital Co. Ltd. <br> Class A<br>| 11600 | 15928 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class A<br>| 1440 | 75719 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class H<br>| 1900 | 123575 |
| COSCO SHIPPING Holdings <br> Co. Ltd. Class A<br>| 6190 | 13443 |
| COSCO SHIPPING Holdings <br> Co. Ltd. Class H<br>| 64650 | 114142 |
| CRRC Corp. Ltd. Class A | 17800 | 17374 |
| CRRC Corp. Ltd. Class H | 96000 | 73673 |
| CSC Financial Co. Ltd. <br> Class A<br>| 3500 | 13413 |
| CSPC Pharmaceutical <br> Group Ltd.<br>| 204240 | 221609 |
| Daqin Railway Co. Ltd. <br> Class A<br>| 9400 | 6941 |
| Dongfang Electric Corp. <br> Ltd. Class A<br>| 3900 | 13548 |
| †Dongfeng Motor Group Co. <br> Ltd. Class H<br>| 56000 | 63585 |
| Dongxing Securities Co. <br> Ltd. Class A<br>| 3973 | 7895 |
| East Money Information <br> Co. Ltd. Class A<br>| 8044 | 26669 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 260 | 9952 |
| ENN Energy Holdings Ltd. | 18700 | 166334 |
| Eoptolink Technology, Inc. <br> Ltd. Class A<br>| 420 | 25734 |
| Eve Energy Co. Ltd. <br> Class A<br>| 1655 | 15567 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Everbright Securities Co. <br> Ltd. Class A<br>| 1400 | $3516 |
| Far East Horizon Ltd. | 48000 | 49594 |
| †Flat Glass Group Co. Ltd. <br> Class A<br>| 1400 | 3138 |
| Focus Media Information <br> Technology Co. Ltd. <br> Class A<br>| 5900 | 6223 |
| Foshan Haitian Flavouring <br> & Food Co. Ltd. Class A<br>| 2692 | 14273 |
| Fosun International Ltd. | 42000 | 23669 |
| Founder Securities Co. Ltd. <br> Class A<br>| 5000 | 5579 |
| Foxconn Industrial <br> Internet Co. Ltd. Class A<br>| 5552 | 49193 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class A<br>| 900 | 8344 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class H<br>| 14400 | 124469 |
| Ganfeng Lithium Group Co. <br> Ltd. Class A<br>| 300 | 2700 |
| Ganfeng Lithium Group Co. <br> Ltd. Class H<br>| 11000 | 73606 |
| †GCL Technology Holdings <br> Ltd.<br>| 556000 | 75787 |
| GD Power Development Co. <br> Ltd. Class A<br>| 5000 | 3606 |
| †GDS Holdings Ltd. Class A | 25800 | 112679 |
| GEM Co. Ltd. Class A | 6500 | 7777 |
| †Genscript Biotech Corp. | 28000 | 44724 |
| GF Securities Co. Ltd. <br> Class A<br>| 5500 | 17335 |
| GF Securities Co. Ltd. <br> Class H<br>| 14200 | 32222 |
| Giant Biogene Holding Co. <br> Ltd.<br>| 10000 | 42808 |
| GigaDevice Semiconductor, <br> Inc. Class A<br>| 352 | 10782 |
| GoerTek, Inc. Class A | 2200 | 9040 |
| Goldwind Science & <br> Technology Co. Ltd. <br> Class A<br>| 4200 | 12269 |
| Goneo Group Co. Ltd. <br> Class A<br>| 812 | 4745 |
| Great Wall Motor Co. Ltd. <br> Class A<br>| 500 | 1619 |
| Great Wall Motor Co. Ltd. <br> Class H<br>| 55500 | 109107 |
| Gree Electric Appliances, <br> Inc. of Zhuhai Class A<br>| 2300 | 13237 |
| Guangdong Haid Group Co. <br> Ltd. Class A<br>| 700 | 5547 |
| Guangzhou Automobile <br> Group Co. Ltd. Class A<br>| 5000 | 5842 |

---

LVIP SSGA Emerging Markets Equity Index Fund-4

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Guangzhou Baiyunshan <br> Pharmaceutical Holdings <br> Co. Ltd. Class A<br>| 2000 | $7368 |
| Guangzhou Tinci Materials <br> Technology Co. Ltd. <br> Class A<br>| 660 | 4378 |
| Guosen Securities Co. Ltd. <br> Class A<br>| 7500 | 14080 |
| Guotai Haitong Securities <br> Co. Ltd. Class A<br>| 8180 | 24052 |
| Guotai Haitong Securities <br> Co. Ltd. Class H<br>| 37112 | 79470 |
| Guoyuan Securities Co. Ltd. <br> Class A<br>| 5440 | 6501 |
| H World Group Ltd. ADR | 4900 | 230545 |
| Haidilao International <br> Holding Ltd.<br>| 41000 | 75354 |
| Haier Smart Home Co. Ltd. <br> Class A<br>| 3100 | 11577 |
| Haier Smart Home Co. Ltd. <br> Class H<br>| 59400 | 185491 |
| †Hainan Airlines Holding <br> Co. Ltd. Class A<br>| 41100 | 10645 |
| Hainan Airport <br> Infrastructure Co. Ltd. <br> Class A<br>| 5400 | 4119 |
| Haitian International <br> Holdings Ltd.<br>| 13000 | 37042 |
| Hangzhou First Applied <br> Material Co. Ltd. Class A<br>| 2835 | 5662 |
| Hangzhou Silan <br> Microelectronics Co. Ltd. <br> Class A<br>| 100 | 407 |
| Hangzhou Tigermed <br> Consulting Co. Ltd. <br> Class A<br>| 800 | 6489 |
| Hansoh Pharmaceutical <br> Group Co. Ltd.<br>| 38000 | 176067 |
| Henan Shenhuo Coal <br> Industry & Electricity <br> Power Co. Ltd. Class A<br>| 2800 | 10995 |
| Henan Shuanghui <br> Investment & <br> Development Co. Ltd. <br> Class A<br>| 3100 | 11743 |
| Hengan International <br> Group Co. Ltd.<br>| 10500 | 37728 |
| Hengli Petrochemical Co. <br> Ltd. Class A<br>| 5500 | 17738 |
| Hengtong Optic-electric Co. <br> Ltd. Class A<br>| 100 | 354 |
| Hisense Home Appliances <br> Group Co. Ltd. Class H<br>| 76 | 226 |
| Hithink RoyalFlush <br> Information Network Co. <br> Ltd. Class A<br>| 200 | 9218 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Horizon Robotics | 111000 | $123890 |
| †Hua Hong Semiconductor <br> Ltd. Class H<br>| 18000 | 172276 |
| Huadong Medicine Co. Ltd. <br> Class A<br>| 300 | 1694 |
| Huafon Chemical Co. Ltd. <br> Class A<br>| 6700 | 10550 |
| Huaibei Mining Holdings <br> Co. Ltd. Class A<br>| 2800 | 4451 |
| Huaneng Power <br> International, Inc. <br> Class A<br>| 100 | 107 |
| Huaneng Power <br> International, Inc. <br> Class H<br>| 114000 | 84013 |
| Huatai Securities Co. Ltd. <br> Class A<br>| 2900 | 9794 |
| Huatai Securities Co. Ltd. <br> Class H<br>| 29800 | 72323 |
| Huaxia Bank Co. Ltd. <br> Class A<br>| 10200 | 10028 |
| Huayu Automotive Systems <br> Co. Ltd. Class A<br>| 600 | 1717 |
| Huizhou Desay Sv <br> Automotive Co. Ltd. <br> Class A<br>| 200 | 3443 |
| Hunan Valin Steel Co. Ltd. <br> Class A<br>| 9400 | 7566 |
| Hwatsing Technology Co. <br> Ltd. Class A<br>| 439 | 9425 |
| Hygon Information <br> Technology Co. Ltd. <br> Class A<br>| 756 | 24291 |
| IEIT Systems Co. Ltd. <br> Class A<br>| 760 | 7252 |
| Iflytek Co. Ltd. Class A | 2200 | 15849 |
| Imeik Technology <br> Development Co. Ltd. <br> Class A<br>| 160 | 3245 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class A<br>| 20500 | 23272 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class H<br>| 1602000 | 1296348 |
| Industrial Bank Co. Ltd. <br> Class A<br>| 10896 | 32843 |
| Industrial Securities Co. <br> Ltd. Class A<br>| 142 | 151 |
| Inner Mongolia BaoTou <br> Steel Union Co. Ltd. <br> Class A<br>| 37400 | 12732 |
| Inner Mongolia Dian Tou <br> Energy Corp. Ltd. Class A<br>| 100 | 399 |

---

LVIP SSGA Emerging Markets Equity Index Fund-5

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Inner Mongolia Junzheng <br> Energy & Chemical <br> Industry Group Co. Ltd. <br> Class A<br>| 10700 | $7386 |
| Inner Mongolia Yili <br> Industrial Group Co. Ltd. <br> Class A<br>| 3300 | 13515 |
| Inner Mongolia Yitai Coal <br> Co. Ltd. Class B<br>| 26200 | 50028 |
| †Innovent Biologics, Inc. | 36500 | 357215 |
| Isoftstone Information <br> Technology Group Co. <br> Ltd. Class A<br>| 400 | 2714 |
| †J&T Global Express Ltd. | 62200 | 83722 |
| †JA Solar Technology Co. <br> Ltd. Class A<br>| 4692 | 7690 |
| JCET Group Co. Ltd. <br> Class A<br>| 1900 | 10010 |
| †JD Health International, <br> Inc.<br>| 27500 | 196949 |
| †JD Logistics, Inc. | 51200 | 75331 |
| JD.com, Inc. Class A | 58771 | 845082 |
| †Jiangsu Eastern Shenghong <br> Co. Ltd. Class A<br>| 1100 | 1714 |
| Jiangsu Expressway Co. <br> Ltd. Class H<br>| 24000 | 30807 |
| Jiangsu Hengli Hydraulic <br> Co. Ltd. Class A<br>| 832 | 13075 |
| Jiangsu Hengrui <br> Pharmaceuticals Co. Ltd. <br> Class A<br>| 2822 | 24073 |
| Jiangsu King's Luck <br> Brewery JSC Ltd. Class A<br>| 200 | 996 |
| Jiangsu Yanghe Distillery <br> Co. Ltd. Class A<br>| 1500 | 13036 |
| Jiangsu Yuyue Medical <br> Equipment & Supply Co. <br> Ltd. Class A<br>| 900 | 4920 |
| Jiangxi Copper Co. Ltd. <br> Class H<br>| 26000 | 143710 |
| Jinduicheng Molybdenum <br> Co. Ltd. Class A<br>| 2500 | 5576 |
| Kanzhun Ltd. ADR | 9000 | 183420 |
| KE Holdings, Inc. Class A | 49900 | 263918 |
| †Kingdee International <br> Software Group Co. Ltd.<br>| 74000 | 126864 |
| Kingsoft Corp. Ltd. | 23000 | 84378 |
| Kuaishou Technology | 62100 | 513344 |
| †Kuang-Chi Technologies <br> Co. Ltd. Class A<br>| 2200 | 15355 |
| Kunlun Energy Co. Ltd. | 84000 | 80299 |
| †Kunlun Tech Co. Ltd. <br> Class A<br>| 1600 | 9566 |
| Kweichow Moutai Co. Ltd. <br> Class A<br>| 500 | 98592 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Laopu Gold Co. Ltd. <br> Class H<br>| 700 | $55944 |
| LB Group Co. Ltd. Class A | 3100 | 8686 |
| Lenovo Group Ltd. | 198000 | 235461 |
| Lens Technology Co. Ltd. <br> Class A<br>| 4200 | 18187 |
| †Li Auto, Inc. Class A | 31000 | 261645 |
| Li Ning Co. Ltd. | 56000 | 134558 |
| Lingyi iTech Guangdong <br> Co. Class A<br>| 1600 | 3555 |
| Longfor Group Holdings <br> Ltd.<br>| 49858 | 54962 |
| †LONGi Green Energy <br> Technology Co. Ltd. <br> Class A<br>| 2072 | 5395 |
| Luxshare Precision <br> Industry Co. Ltd. Class A<br>| 2387 | 19415 |
| Luzhou Laojiao Co. Ltd. <br> Class A<br>| 800 | 13318 |
| Maxscend Microelectronics <br> Co. Ltd. Class A<br>| 752 | 8764 |
| Meitu, Inc. | 83000 | 74737 |
| †Meituan Class B | 122940 | 1629224 |
| Metallurgical Corp. of <br> China Ltd. Class A<br>| 1800 | 765 |
| Midea Group Co. Ltd. <br> Class A<br>| 2200 | 24598 |
| Midea Group Co. Ltd. <br> Class H<br>| 9700 | 106013 |
| MINISO Group Holding Ltd. <br> ADR<br>| 2865 | 53719 |
| Montage Technology Co. <br> Ltd. Class A<br>| 634 | 10688 |
| Muyuan Foods Co. Ltd. <br> Class A<br>| 3050 | 22082 |
| NARI Technology Co. Ltd. <br> Class A<br>| 5183 | 16677 |
| NAURA Technology Group <br> Co. Ltd. Class A<br>| 405 | 26603 |
| NetEase, Inc. | 42600 | 1172572 |
| New China Life Insurance <br> Co. Ltd. Class A<br>| 600 | 5986 |
| New China Life Insurance <br> Co. Ltd. Class H<br>| 23500 | 164659 |
| New Hope Liuhe Co. Ltd. <br> Class A<br>| 5500 | 7255 |
| New Oriental Education & <br> Technology Group, Inc.<br>| 33300 | 182924 |
| Ningbo Deye Technology <br> Co. Ltd. Class A<br>| 151 | 1860 |
| Ningbo Orient Wires & <br> Cables Co. Ltd. Class A<br>| 100 | 855 |
| Ningbo Tuopu Group Co. <br> Ltd. Class A<br>| 1165 | 12889 |
| Ningxia Baofeng Energy <br> Group Co. Ltd. Class A<br>| 4800 | 13484 |

---

LVIP SSGA Emerging Markets Equity Index Fund-6

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| †NIO, Inc. Class A | 45590 | $234332 |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 48200 | 290979 |
| OmniVision Integrated <br> Circuits Group, Inc. <br> Class A<br>| 465 | 8378 |
| Orient Securities Co. Ltd. <br> Class A<br>| 5416 | 8448 |
| People's Insurance Co. <br> Group of China Ltd. <br> Class A<br>| 6600 | 8454 |
| People's Insurance Co. <br> Group of China Ltd. <br> Class H<br>| 212000 | 184164 |
| PetroChina Co. Ltd. <br> Class A<br>| 11500 | 17124 |
| PetroChina Co. Ltd. <br> Class H<br>| 520000 | 560507 |
| Pharmaron Beijing Co. Ltd. <br> Class A<br>| 1600 | 6508 |
| PICC Property & Casualty <br> Co. Ltd. Class H<br>| 168000 | 353204 |
| Ping An Bank Co. Ltd. <br> Class A<br>| 10892 | 17786 |
| Ping An Insurance Group <br> Co. of China Ltd. Class A<br>| 3400 | 33307 |
| Ping An Insurance Group <br> Co. of China Ltd. Class H<br>| 164500 | 1381751 |
| Piotech, Inc. Class A | 191 | 9009 |
| Poly Developments & <br> Holdings Group Co. Ltd. <br> Class A<br>| 9800 | 8557 |
| Pop Mart International <br> Group Ltd.<br>| 13400 | 323298 |
| Postal Savings Bank of <br> China Co. Ltd. Class A<br>| 12400 | 9671 |
| Power Construction Corp. <br> of China Ltd. Class A<br>| 13500 | 10046 |
| Qfin Holdings, Inc. ADR | 2700 | 52029 |
| †Qinghai Salt Lake Industry <br> Co. Ltd. Class A<br>| 4500 | 18135 |
| †Remegen Co. Ltd. Class H | 4500 | 41747 |
| Rockchip Electronics Co. <br> Ltd. Class A<br>| 300 | 7662 |
| Rongsheng Petrochemical <br> Co. Ltd. Class A<br>| 9550 | 16008 |
| SAIC Motor Corp. Ltd. <br> Class A<br>| 4000 | 8719 |
| Sailun Group Co. Ltd. <br> Class A<br>| 4100 | 9499 |
| Sanan Optoelectronics Co. <br> Ltd. Class A<br>| 100 | 202 |
| Sany Heavy Industry Co. <br> Ltd. Class A<br>| 3600 | 10887 |
| Satellite Chemical Co. Ltd. <br> Class A<br>| 978 | 2475 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| SDIC Capital Co. Ltd. <br> Class A<br>| 200 | $219 |
| SDIC Power Holdings Co. <br> Ltd. Class A<br>| 6200 | 11645 |
| Seres Group Co. Ltd. <br> Class A<br>| 1000 | 17289 |
| SF Holding Co. Ltd. <br> Class A<br>| 2900 | 15902 |
| SG Micro Corp. Class A | 483 | 4741 |
| Shaanxi Coal Industry Co. <br> Ltd. Class A<br>| 5000 | 15259 |
| Shandong Gold Mining Co. <br> Ltd. Class A<br>| 1580 | 8718 |
| Shandong Gold Mining Co. <br> Ltd. Class H<br>| 22500 | 100174 |
| Shandong Nanshan <br> Aluminum Co. Ltd. <br> Class A<br>| 11200 | 8618 |
| Shandong Sun Paper <br> Industry JSC Ltd. Class A<br>| 3700 | 8339 |
| Shandong Weigao Group <br> Medical Polymer Co. Ltd. <br> Class H<br>| 56800 | 36623 |
| Shanghai Baosight <br> Software Co. Ltd. Class A<br>| 113 | 335 |
| Shanghai Baosight <br> Software Co. Ltd. Class B<br>| 19470 | 19901 |
| Shanghai BOCHU <br> Electronic Technology <br> Corp. Ltd. Class A<br>| 401 | 7795 |
| †Shanghai Electric Group <br> Co. Ltd. Class A<br>| 11200 | 13823 |
| Shanghai Fosun <br> Pharmaceutical Group <br> Co. Ltd. Class A<br>| 2500 | 9482 |
| Shanghai Pharmaceuticals <br> Holding Co. Ltd. Class A<br>| 600 | 1534 |
| Shanghai Pudong <br> Development Bank Co. <br> Ltd. Class A<br>| 13400 | 23862 |
| Shanghai Putailai New <br> Energy Technology Group <br> Co. Ltd. Class A<br>| 192 | 751 |
| Shanghai RAAS Blood <br> Products Co. Ltd. Class A<br>| 100 | 91 |
| Shanghai Rural <br> Commercial Bank Co. <br> Ltd. Class A<br>| 7000 | 9306 |
| Shanghai United Imaging <br> Healthcare Co. Ltd. <br> Class A<br>| 364 | 6540 |
| Shanghai Zhangjiang <br> High-Tech Park <br> Development Co. Ltd. <br> Class A<br>| 2000 | 12582 |

---

LVIP SSGA Emerging Markets Equity Index Fund-7

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Shanjin International Gold <br> Co. Ltd. Class A<br>| 380 | $1323 |
| Shanxi Coking Coal Energy <br> Group Co. Ltd. Class A<br>| 8970 | 8241 |
| Shanxi Xinghuacun Fen <br> Wine Factory Co. Ltd. <br> Class A<br>| 680 | 16728 |
| Shengyi Technology Co. <br> Ltd. Class A<br>| 1000 | 10182 |
| Shennan Circuits Co. Ltd. <br> Class A<br>| 286 | 9489 |
| Shenwan Hongyuan Group <br> Co. Ltd. Class A<br>| 18500 | 13953 |
| Shenzhen Inovance <br> Technology Co. Ltd. <br> Class A<br>| 650 | 7005 |
| Shenzhen Mindray <br> Bio-Medical Electronics <br> Co. Ltd. Class A<br>| 500 | 13635 |
| Shenzhen New Industries <br> Biomedical Engineering <br> Co. Ltd. Class A<br>| 1000 | 8049 |
| Shenzhen Salubris <br> Pharmaceuticals Co. Ltd. <br> Class A<br>| 1400 | 9923 |
| Shenzhen Transsion <br> Holdings Co. Ltd. Class A<br>| 899 | 8518 |
| Shenzhou International <br> Group Holdings Ltd.<br>| 20000 | 157597 |
| Sichuan Chuantou Energy <br> Co. Ltd. Class A<br>| 1700 | 3382 |
| Sichuan Kelun <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 1900 | 7979 |
| †Sichuan Kelun-Biotech <br> Biopharmaceutical Co. <br> Ltd. Class H<br>| 1300 | 65257 |
| Sichuan Road & Bridge <br> Group Co. Ltd. Class A<br>| 140 | 199 |
| Sinotruk Hong Kong Ltd. | 16500 | 58558 |
| Smoore International <br> Holdings Ltd.<br>| 45000 | 68864 |
| SooChow Securities Co. <br> Ltd. Class A<br>| 4780 | 6200 |
| Spring Airlines Co. Ltd. <br> Class A<br>| 1100 | 9361 |
| Sungrow Power Supply Co. <br> Ltd. Class A<br>| 1080 | 26434 |
| Sunny Optical Technology <br> Group Co. Ltd.<br>| 17100 | 144403 |
| Sunwoda Electronic Co. <br> Ltd. Class A<br>| 200 | 748 |
| SUPCON Technology Co. <br> Ltd. Class A<br>| 1090 | 7695 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Suzhou Dongshan <br> Precision Manufacturing <br> Co. Ltd. Class A<br>| 1300 | $15761 |
| Suzhou TFC Optical <br> Communication Co. Ltd. <br> Class A<br>| 196 | 5660 |
| †TAL Education Group ADR | 10200 | 111282 |
| TBEA Co. Ltd. Class A | 760 | 2414 |
| TCL Technology Group <br> Corp. Class A<br>| 9580 | 6230 |
| †TCL Zhonghuan Renewable <br> Energy Technology Co. <br> Ltd. Class A<br>| 7525 | 9234 |
| Tencent Holdings Ltd. | 158400 | 12156175 |
| Tencent Music <br> Entertainment Group <br> ADR<br>| 14000 | 245420 |
| †Tianqi Lithium Corp. <br> Class A<br>| 100 | 792 |
| Tianshui Huatian <br> Technology Co. Ltd. <br> Class A<br>| 1900 | 2988 |
| Tingyi Cayman Islands <br> Holding Corp.<br>| 44000 | 66710 |
| Tongcheng Travel Holdings <br> Ltd.<br>| 31200 | 90062 |
| TongFu Microelectronics <br> Co. Ltd. Class A<br>| 1032 | 5576 |
| Tongling Nonferrous Metals <br> Group Co. Ltd. Class A<br>| 16600 | 14255 |
| †Tongwei Co. Ltd. Class A | 3600 | 10571 |
| †Trina Solar Co. Ltd. <br> Class A<br>| 3105 | 7347 |
| Trip.com Group Ltd. | 15300 | 1097031 |
| Tsingtao Brewery Co. Ltd. <br> Class H<br>| 14000 | 87762 |
| †UBTech Robotics Corp. Ltd. <br> Class H<br>| 4950 | 80660 |
| =Unigroup Guoxin <br> Microelectronics Co. Ltd. <br> Class A<br>| 919 | 10262 |
| Unisplendour Corp. Ltd. <br> Class A<br>| 1180 | 4156 |
| Vipshop Holdings Ltd. ADR | 7600 | 134444 |
| Wanhua Chemical Group <br> Co. Ltd. Class A<br>| 1720 | 18870 |
| Want Want China Holdings <br> Ltd.<br>| 100000 | 59619 |
| Weichai Power Co. Ltd. <br> Class A<br>| 3700 | 9106 |
| Weichai Power Co. Ltd. <br> Class H<br>| 46000 | 111633 |
| Wens Foodstuff Group Co. <br> Ltd. Class A<br>| 1120 | 2705 |
| Western Securities Co. Ltd. <br> Class A<br>| 6100 | 6887 |

---

LVIP SSGA Emerging Markets Equity Index Fund-8

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Western Superconducting <br> Technologies Co. Ltd. <br> Class A<br>| 795 | $8480 |
| †Wingtech Technology Co. <br> Ltd. Class A<br>| 1700 | 9069 |
| †Wuhan Guide Infrared Co. <br> Ltd. Class A<br>| 221 | 464 |
| Wuliangye Yibin Co. Ltd. <br> Class A<br>| 1200 | 18198 |
| WUS Printed Circuit <br> Kunshan Co. Ltd. Class A<br>| 910 | 9466 |
| WuXi AppTec Co. Ltd. <br> Class A<br>| 1032 | 13372 |
| WuXi AppTec Co. Ltd. <br> Class H<br>| 9456 | 119907 |
| †Wuxi Biologics Cayman, <br> Inc.<br>| 87000 | 351812 |
| †WuXi XDC Cayman, Inc. | 8000 | 62552 |
| XCMG Construction <br> Machinery Co. Ltd. <br> Class A<br>| 11000 | 18234 |
| Xiamen Tungsten Co. Ltd. <br> Class A<br>| 1800 | 10578 |
| †Xiaomi Corp. Class B | 426400 | 2151968 |
| †Xinjiang Daqo New Energy <br> Co. Ltd. Class A<br>| 2066 | 7927 |
| Xinyi Solar Holdings Ltd. | 114056 | 43627 |
| †XPeng, Inc. Class A | 31000 | 315204 |
| †XtalPi Holdings Ltd. | 42000 | 51167 |
| Yadea Group Holdings Ltd. | 26449 | 38741 |
| Yankuang Energy Group <br> Co. Ltd. Class A<br>| 2265 | 4261 |
| Yankuang Energy Group <br> Co. Ltd. Class H<br>| 80800 | 99859 |
| †Yonyou Network <br> Technology Co. Ltd. <br> Class A<br>| 3640 | 6912 |
| Youngor Fashion Co. Ltd. <br> Class A<br>| 4200 | 4567 |
| Yum China Holdings, Inc. | 9100 | 430872 |
| Yunnan Aluminium Co. Ltd. <br> Class A<br>| 300 | 1408 |
| Yunnan Baiyao Group Co. <br> Ltd. Class A<br>| 1680 | 13645 |
| Yunnan Yuntianhua Co. <br> Ltd. Class A<br>| 2100 | 10039 |
| Zangge Mining Co. Ltd. <br> Class A<br>| 100 | 1208 |
| Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 200 | 4830 |
| Zhaojin Mining Industry <br> Co. Ltd. Class H<br>| 43000 | 169787 |
| Zhejiang China <br> Commodities City Group <br> Co. Ltd. Class A<br>| 2600 | 5943 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Zhejiang Dahua Technology <br> Co. Ltd. Class A<br>| 4500 | $12203 |
| Zhejiang Expressway Co. <br> Ltd. Class H<br>| 32600 | 30034 |
| Zhejiang Jingsheng <br> Mechanical & Electrical <br> Co. Ltd. Class A<br>| 1400 | 7366 |
| Zhejiang Juhua Co. Ltd. <br> Class A<br>| 900 | 4949 |
| †Zhejiang Leapmotor <br> Technology Co. Ltd. <br> Class H<br>| 12300 | 77049 |
| Zhejiang NHU Co. Ltd. <br> Class A<br>| 964 | 3474 |
| Zhejiang Sanhua <br> Intelligent Controls Co. <br> Ltd. Class A<br>| 600 | 4755 |
| Zhejiang Weiming <br> Environment Protection <br> Co. Ltd. Class A<br>| 2200 | 7994 |
| Zhejiang Zheneng Electric <br> Power Co. Ltd. Class A<br>| 10400 | 7365 |
| Zheshang Securities Co. <br> Ltd. Class A<br>| 3900 | 6032 |
| Zhongji Innolight Co. Ltd. <br> Class A<br>| 340 | 29542 |
| Zhongjin Gold Corp. Ltd. <br> Class A<br>| 4100 | 13655 |
| Zhongtai Securities Co. <br> Ltd. Class A<br>| 100 | 93 |
| Zhuzhou CRRC Times <br> Electric Co. Ltd. Class A<br>| 1228 | 9012 |
| Zhuzhou CRRC Times <br> Electric Co. Ltd. Class H<br>| 8800 | 42584 |
| Zijin Mining Group Co. Ltd. <br> Class A<br>| 9000 | 44301 |
| Zijin Mining Group Co. Ltd. <br> Class H<br>| 146000 | 668451 |
| ZTE Corp. Class A | 3400 | 18411 |
| ZTE Corp. Class H | 17200 | 60093 |
| ZTO Express Cayman, Inc. | 10850 | 226310 |
|  |  | **57656198** |
| **Colombia–0.14%** | **Colombia–0.14%** | **Colombia–0.14%** |
| Grupo Cibest SA | 17657 | 294884 |
| Interconexion Electrica SA <br> ESP<br>| 10027 | 65455 |
|  |  | **360339** |
| **Czech Republic–0.13%** | **Czech Republic–0.13%** | **Czech Republic–0.13%** |
| CEZ AS | 2973 | 187112 |
| Komercni Banka AS | 1688 | 95169 |
| Moneta Money Bank AS | 5578 | 52420 |
|  |  | **334701** |

---

LVIP SSGA Emerging Markets Equity Index Fund-9

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Egypt–0.07%** | **Egypt–0.07%** | **Egypt–0.07%** |
| Commercial International <br> Bank - Egypt (CIB)<br>| 56939 | $122950 |
| Eastern Co. SAE | 31282 | 24331 |
| Talaat Moustafa Group | 15530 | 26049 |
|  |  | **173330** |
| **Greece–0.56%** | **Greece–0.56%** | **Greece–0.56%** |
| Alpha Bank SA | 55978 | 235280 |
| Eurobank SA Class A | 64908 | 260974 |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 3890 | 77076 |
| Jumbo SA | 3005 | 98528 |
| National Bank of Greece <br> SA<br>| 22117 | 337338 |
| OPAP SA | 4553 | 102198 |
| Piraeus Bank SA | 28904 | 230778 |
| Public Power Corp. SA | 3837 | 81991 |
|  |  | **1424163** |
| **Hong Kong–0.75%** | **Hong Kong–0.75%** | **Hong Kong–0.75%** |
| †Alibaba Health Information <br> Technology Ltd.<br>| 132000 | 86202 |
| Bank of Communications <br> Co. Ltd. Class H<br>| 195000 | 161859 |
| Beijing Enterprises <br> Holdings Ltd.<br>| 10500 | 42956 |
| BOC Aviation Ltd. | 4200 | 39327 |
| Bosideng International <br> Holdings Ltd.<br>| 104000 | 59673 |
| C&D International <br> Investment Group Ltd.<br>| 21099 | 42523 |
| China Gas Holdings Ltd. | 55998 | 55259 |
| China Merchants Port <br> Holdings Co. Ltd.<br>| 27740 | 54021 |
| China Minsheng Banking <br> Corp. Ltd. Class H<br>| 160000 | 80891 |
| China National Building <br> Material Co. Ltd. Class H<br>| 83696 | 55109 |
| China Railway Group Ltd. <br> Class H<br>| 99000 | 48725 |
| China Resources Gas Group <br> Ltd.<br>| 19200 | 55887 |
| China State Construction <br> International Holdings <br> Ltd.<br>| 28000 | 32748 |
| Chow Tai Fook Jewellery <br> Group Ltd.<br>| 50600 | 80841 |
| Geely Automobile Holdings <br> Ltd.<br>| 150000 | 346932 |
| Guangdong Investment <br> Ltd.<br>| 66000 | 57578 |
| †NetEase Cloud Music, Inc. | 1950 | 46708 |
| Orient Overseas <br> International Ltd.<br>| 3500 | 56434 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Postal Savings Bank of <br> China Co. Ltd. Class H<br>| 210000 | $143676 |
| Sino Biopharmaceutical <br> Ltd.<br>| 260000 | 206866 |
| Sinopharm Group Co. Ltd. <br> Class H<br>| 28800 | 72016 |
| †Zijin Gold International Co. <br> Ltd.<br>| 5300 | 99426 |
|  |  | **1925657** |
| **Hungary–0.31%** | **Hungary–0.31%** | **Hungary–0.31%** |
| MOL Hungarian Oil & Gas <br> PLC<br>| 10230 | 91678 |
| OTP Bank Nyrt | 5562 | 596381 |
| Richter Gedeon Nyrt | 3718 | 112395 |
|  |  | **800454** |
| **India–15.06%** | **India–15.06%** | **India–15.06%** |
| ABB India Ltd. | 1164 | 67009 |
| =†Adani Enterprises Ltd. | 473 | 7051 |
| Adani Enterprises Ltd.. | 3946 | 98339 |
| Adani Ports & Special <br> Economic Zone Ltd.<br>| 13289 | 217542 |
| †Adani Power Ltd. | 75145 | 119462 |
| Alkem Laboratories Ltd. | 1104 | 67621 |
| Ambuja Cements Ltd. | 13931 | 86338 |
| APL Apollo Tubes Ltd. | 4146 | 88364 |
| Apollo Hospitals Enterprise <br> Ltd.<br>| 2654 | 208123 |
| Ashok Leyland Ltd. | 70401 | 140489 |
| Asian Paints Ltd. | 9442 | 291298 |
| Astral Ltd. | 3401 | 52607 |
| AU Small Finance Bank <br> Ltd.<br>| 9329 | 103263 |
| Aurobindo Pharma Ltd. | 6432 | 84662 |
| †Avenue Supermarts Ltd. | 4022 | 169351 |
| Axis Bank Ltd. | 56504 | 798994 |
| Bajaj Auto Ltd. | 1695 | 176308 |
| Bajaj Finance Ltd. | 68906 | 757758 |
| Bajaj Finserv Ltd. | 9182 | 208634 |
| Bajaj Holdings & <br> Investment Ltd.<br>| 629 | 79293 |
| Balkrishna Industries Ltd. | 1930 | 49881 |
| Bank of Baroda | 27652 | 91129 |
| Bharat Electronics Ltd. | 88298 | 393032 |
| Bharat Forge Ltd. | 5988 | 98074 |
| Bharat Heavy Electricals <br> Ltd.<br>| 23588 | 75513 |
| Bharat Petroleum Corp. <br> Ltd.<br>| 39925 | 170788 |
| Bharti Airtel Ltd. | 63424 | 1488655 |
| Bosch Ltd. | 169 | 67791 |
| Britannia Industries Ltd. | 2670 | 179160 |
| BSE Ltd. | 4880 | 143117 |
| Canara Bank | 50227 | 86623 |

---

LVIP SSGA Emerging Markets Equity Index Fund-10

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| CG Power & Industrial <br> Solutions Ltd.<br>| 16617 | $119803 |
| Cholamandalam <br> Investment & Finance Co. <br> Ltd.<br>| 10693 | 202822 |
| Cipla Ltd. | 14599 | 245377 |
| Coal India Ltd. | 45496 | 202098 |
| Colgate-Palmolive India <br> Ltd.<br>| 2758 | 63739 |
| Coromandel International <br> Ltd.<br>| 2903 | 73255 |
| Cummins India Ltd. | 3387 | 167151 |
| Dabur India Ltd. | 12829 | 71935 |
| Divi's Laboratories Ltd. | 3091 | 219698 |
| Dixon Technologies India <br> Ltd.<br>| 900 | 121426 |
| DLF Ltd. | 18274 | 139815 |
| Dr. Reddy's Laboratories <br> Ltd.<br>| 13349 | 188775 |
| Eicher Motors Ltd. | 3460 | 281653 |
| †Eternal Ltd. | 62403 | 193386 |
| Fortis Healthcare Ltd. | 12076 | 118770 |
| †FSN E-Commerce Ventures <br> Ltd.<br>| 28302 | 83527 |
| GAIL India Ltd. | 58984 | 113128 |
| GE Vernova T&D India Ltd. | 3150 | 109785 |
| †GMR Airports Ltd. | 68514 | 79673 |
| Godrej Consumer Products <br> Ltd.<br>| 9917 | 134982 |
| †Godrej Properties Ltd. | 3847 | 85825 |
| Grasim Industries Ltd. | 6441 | 202836 |
| Havells India Ltd. | 4910 | 77841 |
| HCL Technologies Ltd. | 23136 | 418146 |
| HDFC Asset Management <br> Co. Ltd.<br>| 4258 | 126654 |
| HDFC Bank Ltd. | 281645 | 3111302 |
| HDFC Life Insurance Co. <br> Ltd.<br>| 23962 | 200188 |
| Hero MotoCorp Ltd. | 3102 | 199326 |
| Hindalco Industries Ltd. | 33894 | 334509 |
| Hindustan Aeronautics <br> Ltd.<br>| 4787 | 233982 |
| Hindustan Petroleum Corp. <br> Ltd.<br>| 24235 | 134713 |
| Hindustan Unilever Ltd. | 20375 | 525068 |
| Hitachi Energy India Ltd. | 318 | 64820 |
| Hyundai Motor India Ltd. | 4259 | 108892 |
| ICICI Bank Ltd. | 130967 | 1960128 |
| ICICI Lombard General <br> Insurance Co. Ltd.<br>| 6066 | 132631 |
| ICICI Prudential Life <br> Insurance Co. Ltd.<br>| 8104 | 60315 |
| IDFC First Bank Ltd. | 92307 | 87973 |
| Indian Hotels Co. Ltd. | 21017 | 172988 |
| Indian Oil Corp. Ltd. | 69500 | 128844 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Indian Railway Catering & <br> Tourism Corp. Ltd.<br>| 4374 | $33353 |
| †Indus Towers Ltd. | 34138 | 159211 |
| †IndusInd Bank Ltd. | 14652 | 140960 |
| Info Edge India Ltd. | 9399 | 139526 |
| Infosys Ltd. | 80628 | 1452020 |
| InterGlobe Aviation Ltd. | 4651 | 262342 |
| ITC Ltd. | 73570 | 330190 |
| Jindal Stainless Ltd. | 7862 | 73473 |
| Jindal Steel Ltd. | 8721 | 102243 |
| Jio Financial Services Ltd. | 69016 | 226672 |
| JSW Energy Ltd. | 11601 | 62330 |
| JSW Steel Ltd. | 14953 | 193950 |
| Jubilant Foodworks Ltd. | 10302 | 64085 |
| Kalyan Jewellers India <br> Ltd.<br>| 9684 | 52379 |
| Kotak Mahindra Bank Ltd. | 26915 | 660237 |
| =†Kwality Wall's India Ltd. | 20375 | 8660 |
| Larsen & Toubro Ltd. | 16796 | 763347 |
| Lodha Developers Ltd. | 7799 | 92209 |
| LTIMindtree Ltd. | 1688 | 114008 |
| Lupin Ltd. | 5944 | 139620 |
| Mahindra & Mahindra Ltd. | 22951 | 947854 |
| Mankind Pharma Ltd. | 3123 | 76434 |
| Marico Ltd. | 12456 | 103973 |
| Maruti Suzuki India Ltd. | 3114 | 579142 |
| Max Healthcare Institute <br> Ltd.<br>| 19356 | 225138 |
| Mphasis Ltd. | 2537 | 78743 |
| MRF Ltd. | 60 | 102101 |
| Muthoot Finance Ltd. | 3065 | 130005 |
| Nestle India Ltd. | 16542 | 237030 |
| NHPC Ltd. | 80955 | 71399 |
| NMDC Ltd. | 79182 | 73299 |
| NTPC Ltd. | 107378 | 394157 |
| Oberoi Realty Ltd. | 3424 | 63690 |
| Oil & Natural Gas Corp. <br> Ltd.<br>| 77395 | 207107 |
| Oil India Ltd. | 12477 | 58944 |
| †One 97 Communications <br> Ltd.<br>| 9436 | 136478 |
| Oracle Financial Services <br> Software Ltd.<br>| 545 | 46694 |
| Page Industries Ltd. | 149 | 59836 |
| †PB Fintech Ltd. | 8592 | 174748 |
| Persistent Systems Ltd. | 2697 | 188289 |
| Petronet LNG Ltd. | 20174 | 63765 |
| Phoenix Mills Ltd. | 5076 | 104811 |
| PI Industries Ltd. | 1919 | 69218 |
| Pidilite Industries Ltd. | 7143 | 117842 |
| Polycab India Ltd. | 1200 | 101848 |
| Power Finance Corp. Ltd. | 36504 | 144537 |
| Power Grid Corp. of India <br> Ltd.<br>| 113893 | 335843 |

---

LVIP SSGA Emerging Markets Equity Index Fund-11

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| Prestige Estates Projects <br> Ltd.<br>| 4718 | $83752 |
| Punjab National Bank | 63894 | 87892 |
| Rail Vikas Nigam Ltd. | 12746 | 50696 |
| REC Ltd. | 29103 | 115726 |
| Reliance Industries Ltd. | 150856 | 2639771 |
| Samvardhana Motherson <br> International Ltd.<br>| 103891 | 138787 |
| SBI Cards & Payment <br> Services Ltd.<br>| 7144 | 68492 |
| SBI Life Insurance Co. <br> Ltd.<br>| 11056 | 250607 |
| Shree Cement Ltd. | 195 | 57687 |
| Shriram Finance Ltd. | 34884 | 387130 |
| †Siemens Energy India Ltd. | 2191 | 62274 |
| Siemens Ltd. | 2109 | 72000 |
| Solar Industries India Ltd. | 674 | 91904 |
| SRF Ltd. | 3324 | 113893 |
| State Bank of India | 45088 | 493222 |
| Sun Pharmaceutical <br> Industries Ltd.<br>| 23617 | 452213 |
| Sundaram Finance Ltd. | 1686 | 99170 |
| Supreme Industries Ltd. | 1494 | 55788 |
| †Suzlon Energy Ltd. | 253008 | 148494 |
| †Swiggy Ltd. | 21950 | 94489 |
| Tata Communications Ltd. | 3025 | 61436 |
| Tata Consultancy Services <br> Ltd.<br>| 22224 | 794045 |
| Tata Consumer Products <br> Ltd.<br>| 14706 | 195031 |
| †Tata Motors Ltd./new | 49830 | 230357 |
| Tata Motors Passenger <br> Vehicles Ltd.<br>| 52197 | 213614 |
| Tata Power Co. Ltd. | 36822 | 155664 |
| Tata Steel Ltd. | 183943 | 368485 |
| Tech Mahindra Ltd. | 13019 | 230601 |
| Titan Co. Ltd. | 8756 | 395275 |
| Torrent Pharmaceuticals <br> Ltd.<br>| 3074 | 131576 |
| Torrent Power Ltd. | 4060 | 59076 |
| Trent Ltd. | 4536 | 216326 |
| Tube Investments of India <br> Ltd.<br>| 2742 | 79747 |
| TVS Motor Co. Ltd. | 5904 | 244652 |
| UltraTech Cement Ltd. | 2840 | 372653 |
| Union Bank of India Ltd. | 37570 | 64346 |
| United Spirits Ltd. | 6658 | 106945 |
| UPL Ltd. | 11354 | 100544 |
| Varun Beverages Ltd. | 32090 | 175189 |
| Vedanta Ltd. | 34685 | 233373 |
| †Vishal Mega Mart Ltd. | 50827 | 77187 |
| †Vodafone Idea Ltd. | 684074 | 82010 |
| Voltas Ltd. | 5291 | 80141 |
| WAAREE Energies Ltd. | 2071 | 68491 |
| Wipro Ltd. | 63067 | 184899 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Yes Bank Ltd. | 356865 | $85844 |
| Zydus Lifesciences Ltd. | 4952 | 50448 |
|  |  | **38549730** |
| **Indonesia–1.15%** | **Indonesia–1.15%** | **Indonesia–1.15%** |
| †Amman Mineral <br> Internasional PT<br>| 361800 | 139293 |
| Astra International Tbk. <br> PT<br>| 511600 | 205334 |
| Bank Central Asia Tbk. PT | 1364600 | 658961 |
| Bank Mandiri Persero Tbk. <br> PT<br>| 940900 | 286912 |
| Bank Negara Indonesia <br> Persero Tbk. PT<br>| 365900 | 95596 |
| Bank Rakyat Indonesia <br> Persero Tbk. PT<br>| 1714059 | 375390 |
| †Barito Pacific Tbk. PT | 592598 | 115868 |
| †Barito Renewables Energy <br> Tbk. PT<br>| 197500 | 114821 |
| †Bumi Resources Minerals <br> Tbk. PT<br>| 1395600 | 91984 |
| Chandra Asri Pacific Tbk. <br> PT<br>| 215100 | 90090 |
| Charoen Pokphand <br> Indonesia Tbk. PT<br>| 179900 | 48590 |
| †Dian Swastatika Sentosa <br> Tbk. PT<br>| 25300 | 153241 |
| †GoTo Gojek Tokopedia Tbk. <br> PT<br>| 20911800 | 79962 |
| Indofood Sukses Makmur <br> Tbk. PT<br>| 104300 | 42296 |
| Petrindo Jaya Kreasi Tbk. <br> PT<br>| 536900 | 75117 |
| Sumber Alfaria Trijaya Tbk. <br> PT<br>| 427100 | 50490 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 1252200 | 262005 |
| United Tractors Tbk. PT | 39300 | 69483 |
|  |  | **2955433** |
| **Ireland–0.77%** | **Ireland–0.77%** | **Ireland–0.77%** |
| †PDD Holdings, Inc. ADR | 17500 | 1984325 |
|  |  | **1984325** |
| **Kuwait–0.64%** | **Kuwait–0.64%** | **Kuwait–0.64%** |
| Boubyan Bank KSCP | 31767 | 73793 |
| Gulf Bank KSCP | 45294 | 52534 |
| Kuwait Finance House <br> KSCP<br>| 261229 | 688293 |
| Mabanee Co. KPSC | 15657 | 55445 |
| Mobile <br> Telecommunications Co. <br> KSCP<br>| 37995 | 64066 |
| National Bank of Kuwait <br> SAKP<br>| 202604 | 668106 |

---

LVIP SSGA Emerging Markets Equity Index Fund-12

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Kuwait (continued)** | **Kuwait (continued)** | **Kuwait (continued)** |
| †Warba Bank KSCP | 51142 | $48683 |
|  |  | **1650920** |
| **Luxembourg–0.07%** | **Luxembourg–0.07%** | **Luxembourg–0.07%** |
| Reinet Investments SCA | 3051 | 106859 |
| †Zabka Group SA | 9843 | 62620 |
|  |  | **169479** |
| **Malaysia–1.22%** | **Malaysia–1.22%** | **Malaysia–1.22%** |
| AMMB Holdings Bhd. | 69100 | 110638 |
| Axiata Group Bhd. | 72461 | 44988 |
| CelcomDigi Bhd. | 79100 | 62181 |
| CIMB Group Holdings Bhd. | 205307 | 416920 |
| Gamuda Bhd. | 117022 | 143313 |
| Hong Leong Bank Bhd. | 18000 | 98173 |
| IHH Healthcare Bhd. | 51900 | 111933 |
| IOI Corp. Bhd. | 65200 | 64284 |
| Kuala Lumpur Kepong <br> Bhd.<br>| 12009 | 59187 |
| Malayan Banking Bhd. | 153370 | 395983 |
| Maxis Bhd. | 48900 | 45639 |
| MISC Bhd. | 38300 | 73599 |
| Mr. DIY Group M Bhd. | 88450 | 33301 |
| Nestle Malaysia Bhd. | 1600 | 44948 |
| Petronas Chemicals Group <br> Bhd.<br>| 64600 | 57682 |
| Petronas Dagangan Bhd. | 7800 | 38344 |
| Petronas Gas Bhd. | 19900 | 88957 |
| PPB Group Bhd. | 554 | 1509 |
| Press Metal Aluminium <br> Holdings Bhd.<br>| 90000 | 157845 |
| Public Bank Bhd. | 358200 | 400500 |
| QL Resources Bhd. | 40100 | 37452 |
| RHB Bank Bhd. | 42888 | 81461 |
| SD Guthrie Bhd. | 55687 | 78631 |
| Sunway Bhd. | 65300 | 90446 |
| Telekom Malaysia Bhd. | 31159 | 61774 |
| Tenaga Nasional Bhd. | 63500 | 214508 |
| YTL Corp. Bhd. | 73200 | 36731 |
| YTL Power International <br> Bhd.<br>| 82400 | 67109 |
|  |  | **3118036** |
| **Mexico–2.02%** | **Mexico–2.02%** | **Mexico–2.02%** |
| America Movil SAB de CV | 442800 | 457124 |
| Arca Continental SAB de <br> CV<br>| 11700 | 126372 |
| Cemex SAB de CV | 375200 | 430884 |
| Coca-Cola Femsa SAB de <br> CV<br>| 12000 | 113966 |
| Fibra Uno Administracion <br> SA de CV<br>| 64500 | 96925 |
| Fomento Economico <br> Mexicano SAB de CV<br>| 41700 | 421527 |
| Gruma SAB de CV Class B | 3365 | 57843 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Grupo Aeroportuario del <br> Centro Norte SAB de CV<br>| 7900 | $107229 |
| Grupo Aeroportuario del <br> Pacifico SAB de CV <br> Class B<br>| 9830 | 257122 |
| Grupo Aeroportuario del <br> Sureste SAB de CV <br> Class B<br>| 4735 | 152751 |
| Grupo Bimbo SAB de CV | 31500 | 103207 |
| Grupo Carso SAB de CV | 14617 | 96042 |
| Grupo Comercial Chedraui <br> SA de CV<br>| 7300 | 49976 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 62300 | 577211 |
| Grupo Financiero Inbursa <br> SAB de CV Class O<br>| 37300 | 89938 |
| Grupo Mexico SAB de CV | 76800 | 725884 |
| †Industrias Penoles SAB de <br> CV<br>| 4960 | 260561 |
| Kimberly-Clark de Mexico <br> SAB de CV Class A<br>| 36600 | 78068 |
| Prologis Property Mexico <br> SA de CV<br>| 24351 | 101718 |
| Promotora y Operadora de <br> Infraestructura SAB de <br> CV<br>| 5485 | 81397 |
| Sigma Foods SAB de CV <br> Class A<br>| 86221 | 75412 |
| Southern Copper Corp. | 2167 | 310899 |
| Wal-Mart de Mexico SAB de <br> CV<br>| 127700 | 397194 |
|  |  | **5169250** |
| **Netherlands–0.05%** | **Netherlands–0.05%** | **Netherlands–0.05%** |
| NEPI Rockcastle NV | 14816 | 130490 |
|  |  | **130490** |
| **Peru–0.23%** | **Peru–0.23%** | **Peru–0.23%** |
| Cia de Minas Buenaventura <br> SAA ADR<br>| 4000 | 111320 |
| Credicorp Ltd. | 1640 | 470680 |
|  |  | **582000** |
| **Philippines–0.37%** | **Philippines–0.37%** | **Philippines–0.37%** |
| Ayala Corp. | 6470 | 51468 |
| Ayala Land, Inc. | 180600 | 68856 |
| Bank of the Philippine <br> Islands<br>| 47688 | 94107 |
| BDO Unibank, Inc. | 59782 | 136535 |
| International Container <br> Terminal Services, Inc.<br>| 24760 | 237603 |
| Jollibee Foods Corp. | 14170 | 43283 |
| Manila Electric Co. | 6170 | 60198 |
| Metropolitan Bank & Trust <br> Co.<br>| 43184 | 50280 |
| PLDT, Inc. | 1495 | 32028 |

---

LVIP SSGA Emerging Markets Equity Index Fund-13

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| SM Investments Corp. | 5370 | $63848 |
| SM Prime Holdings, Inc. | 250800 | 96982 |
|  |  | **935188** |
| **Poland–1.08%** | **Poland–1.08%** | **Poland–1.08%** |
| †Allegro.eu SA | 17495 | 150124 |
| †Bank Millennium SA | 17065 | 78803 |
| Bank Polska Kasa Opieki <br> SA<br>| 4521 | 256438 |
| Budimex SA | 359 | 63509 |
| †CCC SA | 1517 | 50321 |
| CD Projekt SA | 1549 | 103482 |
| †Dino Polska SA | 12224 | 140347 |
| †KGHM Polska Miedz SA | 3594 | 279247 |
| LPP SA | 28 | 161791 |
| †mBank SA | 385 | 113858 |
| ORLEN SA | 14284 | 381336 |
| †PGE Polska Grupa <br> Energetyczna SA<br>| 22571 | 55163 |
| Powszechna Kasa <br> Oszczednosci Bank Polski <br> SA<br>| 21532 | 508198 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 14875 | 275328 |
| Santander Bank Polska SA | 1006 | 152075 |
|  |  | **2770020** |
| **Qatar–0.64%** | **Qatar–0.64%** | **Qatar–0.64%** |
| Al Rayan Bank | 129052 | 77751 |
| Barwa Real Estate Co. | 58857 | 42247 |
| Commercial Bank PSQC | 86439 | 99710 |
| Dukhan Bank | 45081 | 43286 |
| Industries Qatar QSC | 35443 | 116131 |
| Mesaieed Petrochemical <br> Holding Co.<br>| 106392 | 31927 |
| Ooredoo QPSC | 21585 | 77179 |
| Qatar Electricity & Water <br> Co. QSC<br>| 10939 | 45216 |
| Qatar Fuel QSC | 12868 | 53614 |
| Qatar Gas Transport Co. <br> Ltd.<br>| 69769 | 86018 |
| Qatar International Islamic <br> Bank QSC<br>| 23631 | 74183 |
| Qatar Islamic Bank QPSC | 44592 | 293459 |
| Qatar National Bank QPSC | 115349 | 591160 |
|  |  | **1631881** |
| **Republic of Korea–12.58%** | **Republic of Korea–12.58%** | **Republic of Korea–12.58%** |
| †Alteogen, Inc. | 1007 | 314216 |
| Amorepacific Corp. | 688 | 56980 |
| APR Corp. | 599 | 96045 |
| Celltrion, Inc. | 3694 | 463536 |
| Coway Co. Ltd. | 1409 | 84819 |
| DB Insurance Co. Ltd. | 1186 | 107694 |
| Doosan Bobcat, Inc. | 1331 | 53240 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Doosan Co. Ltd. | 186 | $101102 |
| †Doosan Enerbility Co. Ltd. | 11197 | 585649 |
| †Ecopro BM Co. Ltd. | 1203 | 122374 |
| Ecopro Co. Ltd. | 2518 | 158620 |
| Hana Financial Group, Inc. | 6849 | 446874 |
| Hanjin Kal Corp. | 646 | 55332 |
| Hankook Tire & Technology <br> Co. Ltd.<br>| 1845 | 74773 |
| Hanmi Semiconductor Co. <br> Ltd.<br>| 1065 | 94416 |
| Hanwha Aerospace Co. <br> Ltd.<br>| 821 | 536154 |
| †Hanwha Ocean Co. Ltd. | 3393 | 267912 |
| Hanwha Systems Co. Ltd. | 1848 | 69798 |
| HD Hyundai Co. Ltd. | 1108 | 145027 |
| HD Hyundai Electric Co. <br> Ltd.<br>| 582 | 312562 |
| HD Hyundai Heavy <br> Industries Co. Ltd.<br>| 655 | 230854 |
| HD Hyundai Marine <br> Solution Co. Ltd.<br>| 386 | 51723 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 1065 | 300513 |
| †HLB, Inc. | 2860 | 100790 |
| HMM Co. Ltd. | 6102 | 86785 |
| HYBE Co. Ltd. | 546 | 124920 |
| Hyosung Heavy Industries <br> Corp.<br>| 139 | 171713 |
| Hyundai Glovis Co. Ltd. | 923 | 115855 |
| Hyundai Mobis Co. Ltd. | 1502 | 389741 |
| Hyundai Motor Co. | 3289 | 679205 |
| Hyundai Rotem Co. Ltd. | 1920 | 250407 |
| Industrial Bank of Korea | 6918 | 100557 |
| Kakao Corp. | 7820 | 326104 |
| KakaoBank Corp. | 4456 | 66801 |
| KB Financial Group, Inc. | 8918 | 767703 |
| Kia Corp. | 5814 | 492873 |
| Korea Aerospace Industries <br> Ltd.<br>| 1758 | 139291 |
| †Korea Electric Power <br> Corp.<br>| 6498 | 213262 |
| Korea Investment Holdings <br> Co. Ltd.<br>| 954 | 107416 |
| Korea Zinc Co. Ltd. | 97 | 88277 |
| Korean Air Lines Co. Ltd. | 4514 | 70562 |
| †Krafton, Inc. | 665 | 113308 |
| KT&G Corp. | 2434 | 240097 |
| LG Chem Ltd. | 1232 | 284978 |
| LG Corp. | 2186 | 122476 |
| †LG Display Co. Ltd. | 6600 | 54226 |
| LG Electronics, Inc. | 2605 | 166220 |
| †LG Energy Solution Ltd. | 1158 | 296141 |
| LG H&H Co. Ltd. | 195 | 34964 |
| LG Uplus Corp. | 5626 | 57488 |

---

LVIP SSGA Emerging Markets Equity Index Fund-14

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| LIG Nex1 Co. Ltd. | 317 | $92362 |
| LS Electric Co. Ltd. | 373 | 119494 |
| Meritz Financial Group, <br> Inc.<br>| 1960 | 153883 |
| Mirae Asset Securities Co. <br> Ltd.<br>| 4953 | 80346 |
| NAVER Corp. | 3474 | 583984 |
| NH Investment & <br> Securities Co. Ltd.<br>| 2929 | 42897 |
| †POSCO Future M Co. Ltd. | 855 | 111011 |
| POSCO Holdings, Inc. | 1778 | 376932 |
| Posco International Corp. | 1291 | 44507 |
| †Samsung Biologics Co. Ltd. | 269 | 315608 |
| Samsung C&T Corp. | 2154 | 357765 |
| Samsung <br> Electro-Mechanics Co. <br> Ltd.<br>| 1380 | 244229 |
| Samsung Electronics Co. <br> Ltd.<br>| 117038 | 9809527 |
| Samsung Fire & Marine <br> Insurance Co. Ltd.<br>| 749 | 258410 |
| †Samsung Heavy Industries <br> Co. Ltd.<br>| 17596 | 294245 |
| Samsung Life Insurance <br> Co. Ltd.<br>| 2013 | 220051 |
| †Samsung SDI Co. Ltd. | 1487 | 278055 |
| Samsung SDS Co. Ltd. | 1046 | 124478 |
| Samyang Foods Co. Ltd. | 105 | 89654 |
| Shinhan Financial Group <br> Co. Ltd.<br>| 10830 | 576695 |
| †SK Biopharmaceuticals Co. <br> Ltd.<br>| 836 | 72262 |
| SK Hynix, Inc. | 13500 | 6113851 |
| SK Innovation Co. Ltd. | 1697 | 119107 |
| †SK Square Co. Ltd. | 2335 | 594627 |
| SK Telecom Co. Ltd. | 2370 | 87995 |
| SK, Inc. | 902 | 160966 |
| †S-Oil Corp. | 1176 | 67665 |
| Woori Financial Group, <br> Inc.<br>| 16258 | 315558 |
| Yuhan Corp. | 1391 | 108279 |
|  |  | **32206816** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πAlrosa PJSC | 238813 | 0 |
| =†πGazprom PJSC | 958422 | 0 |
| =†πGazprom PJSC ADR | 40705 | 0 |
| =†πGMK Norilskiy Nickel PAO | 595900 | 0 |
| =†πInter RAO UES PJSC | 3556000 | 0 |
| =†πLUKOIL PJSC | 39222 | 0 |
| =†πMoscow Exchange <br> MICEX-RTS PJSC<br>| 149010 | 0 |
| =†πNovatek PJSC GDR | 8045 | 0 |
| =†πNovolipetsk Steel PJSC | 139160 | 0 |
| =†πPhosAgro PJSC | 80 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Russia (continued)** | **Russia (continued)** | **Russia (continued)** |
| =†πPhosAgro PJSC GDR | 12445 | $0 |
| =†πPolyus PJSC | 31720 | 0 |
| =†πRosneft Oil Co. PJSC | 109202 | 0 |
| =†πSberbank of Russia PJSC | 1018280 | 0 |
| =†πSeverstal PAO | 19447 | 0 |
| =†πSurgutneftegas PAO | 697800 | 0 |
| =†πTatneft PJSC | 132700 | 0 |
| =†πVK IPJSC GDR | 12642 | 0 |
| =†πVTB Bank PJSC | 58436 | 0 |
|  |  | **0** |
| **Saudi Arabia–2.80%** | **Saudi Arabia–2.80%** | **Saudi Arabia–2.80%** |
| †ACWA Power Co. | 3879 | 187904 |
| Ades Holding Co. | 8957 | 41614 |
| Al Rajhi Bank | 48232 | 1252832 |
| Alinma Bank | 31322 | 203538 |
| Almarai Co. JSC | 11527 | 133003 |
| Arab National Bank | 23327 | 134479 |
| Arabian Internet & <br> Communications Services <br> Co.<br>| 491 | 29471 |
| Bank AlBilad | 19270 | 127274 |
| †Bank Al-Jazira | 15292 | 45409 |
| Banque Saudi Fransi | 32258 | 144679 |
| Bupa Arabia for <br> Cooperative Insurance <br> Co.<br>| 1903 | 70504 |
| Co. for Cooperative <br> Insurance<br>| 1883 | 58737 |
| Dallah Healthcare Co. | 637 | 21288 |
| †Dar Al Arkan Real Estate <br> Development Co.<br>| 14982 | 63700 |
| Dr. Sulaiman Al Habib <br> Medical Services Group <br> Co.<br>| 2002 | 137174 |
| Elm Co. | 575 | 114666 |
| Etihad Etisalat Co. | 9079 | 159521 |
| †Jabal Omar Development <br> Co.<br>| 16268 | 63974 |
| Jarir Marketing Co. | 13142 | 44777 |
| Makkah Construction & <br> Development Co.<br>| 2757 | 58473 |
| Mouwasat Medical Services <br> Co.<br>| 2219 | 39436 |
| Riyad Bank | 37570 | 271920 |
| SABIC Agri-Nutrients Co. | 5764 | 169952 |
| Sahara International <br> Petrochemical Co.<br>| 8308 | 33215 |
| SAL Saudi Logistics <br> Services<br>| 1013 | 43306 |
| †Saudi Arabian Mining Co. | 33250 | 540095 |
| Saudi Arabian Oil Co. | 148880 | 945411 |
| Saudi Awwal Bank | 25315 | 218357 |
| Saudi Basic Industries <br> Corp.<br>| 21852 | 298872 |

---

LVIP SSGA Emerging Markets Equity Index Fund-15

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Saudi Electricity Co. | 17624 | $66010 |
| Saudi Investment Bank | 13947 | 48803 |
| Saudi National Bank | 72348 | 730655 |
| †Saudi Research & Media <br> Group<br>| 845 | 28042 |
| Saudi Tadawul Group <br> Holding Co.<br>| 865 | 32356 |
| Saudi Telecom Co. | 49459 | 566396 |
| Yanbu National <br> Petrochemical Co.<br>| 6040 | 44242 |
|  |  | **7170085** |
| **South Africa–3.25%** | **South Africa–3.25%** | **South Africa–3.25%** |
| Absa Group Ltd. | 20909 | 302195 |
| Bid Corp. Ltd. | 8318 | 211903 |
| Bidvest Group Ltd. | 8031 | 115174 |
| Capitec Bank Holdings <br> Ltd.<br>| 2143 | 537938 |
| Clicks Group Ltd. | 5901 | 120241 |
| Discovery Ltd. | 13741 | 188839 |
| FirstRand Ltd. | 126188 | 691509 |
| Gold Fields Ltd. | 22025 | 960342 |
| Harmony Gold Mining Co. <br> Ltd.<br>| 14390 | 288694 |
| Impala Platinum Holdings <br> Ltd.<br>| 22917 | 360144 |
| MTN Group Ltd. | 43721 | 447602 |
| Naspers Ltd. Class N | 19477 | 1298950 |
| Nedbank Group Ltd. | 11356 | 182587 |
| Northam Platinum <br> Holdings Ltd.<br>| 8861 | 179816 |
| OUTsurance Group Ltd. | 20814 | 90068 |
| Pepkor Holdings Ltd. | 89379 | 142796 |
| Remgro Ltd. | 12248 | 134400 |
| Sanlam Ltd. | 45517 | 270711 |
| †Sasol Ltd. | 14305 | 91272 |
| Shoprite Holdings Ltd. | 11641 | 189930 |
| †Sibanye Stillwater Ltd. | 71985 | 262443 |
| Standard Bank Group Ltd. | 32408 | 568452 |
| Valterra Platinum Ltd. | 6528 | 552847 |
| Vodacom Group Ltd. | 14943 | 127512 |
|  |  | **8316365** |
| **Taiwan–20.28%** | **Taiwan–20.28%** | **Taiwan–20.28%** |
| Accton Technology Corp. | 13000 | 490581 |
| Advantech Co. Ltd. | 11951 | 109270 |
| Airtac International Group | 3696 | 108929 |
| Alchip Technologies Ltd. | 2000 | 223251 |
| ASE Technology Holding <br> Co. Ltd.<br>| 83000 | 654448 |
| Asia Cement Corp. | 47000 | 55584 |
| Asia Vital Components Co. <br> Ltd.<br>| 8000 | 383957 |
| ASPEED Technology, Inc. | 1000 | 230070 |
| Asustek Computer, Inc. | 18000 | 312889 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Bizlink Holding, Inc. | 4000 | $193245 |
| †Caliway <br> Biopharmaceuticals Co. <br> Ltd.<br>| 25000 | 123386 |
| Catcher Technology Co. <br> Ltd.<br>| 13000 | 85902 |
| Cathay Financial Holding <br> Co. Ltd.<br>| 240154 | 579296 |
| Chailease Holding Co. Ltd. | 37343 | 125174 |
| Chang Hwa Commercial <br> Bank Ltd.<br>| 166323 | 108156 |
| Cheng Shin Rubber <br> Industry Co. Ltd.<br>| 48000 | 45041 |
| China Airlines Ltd. | 76000 | 48791 |
| China Steel Corp. | 287000 | 173400 |
| Chroma ATE, Inc. | 9000 | 222601 |
| Chunghwa Telecom Co. <br> Ltd.<br>| 96000 | 399024 |
| Compal Electronics, Inc. | 108000 | 104323 |
| CTBC Financial Holding <br> Co. Ltd.<br>| 411000 | 656692 |
| Delta Electronics, Inc. | 48000 | 1464189 |
| E Ink Holdings, Inc. | 21000 | 131942 |
| E.Sun Financial Holding <br> Co. Ltd.<br>| 368171 | 395467 |
| Eclat Textile Co. Ltd. | 5000 | 61173 |
| Elite Material Co. Ltd. | 7000 | 366743 |
| eMemory Technology, Inc. | 1000 | 54921 |
| Eva Airways Corp. | 69000 | 80235 |
| Evergreen Marine Corp. <br> Taiwan Ltd.<br>| 26986 | 162792 |
| Far Eastern New Century <br> Corp.<br>| 69000 | 61016 |
| Far EasTone <br> Telecommunications Co. <br> Ltd.<br>| 41000 | 115131 |
| Feng TAY Enterprise Co. <br> Ltd.<br>| 14193 | 52563 |
| First Financial Holding Co. <br> Ltd.<br>| 289313 | 270529 |
| Formosa Chemicals & <br> Fibre Corp.<br>| 86000 | 87715 |
| Formosa Plastics Corp. | 94000 | 116567 |
| Fortune Electric Co. Ltd. | 3840 | 93154 |
| Fubon Financial Holding <br> Co. Ltd.<br>| 207288 | 634435 |
| Gigabyte Technology Co. <br> Ltd.<br>| 14000 | 110754 |
| Global Unichip Corp. | 2000 | 134474 |
| Globalwafers Co. Ltd. | 7000 | 90342 |
| Gold Circuit Electronics <br> Ltd.<br>| 8000 | 174753 |
| Hon Hai Precision Industry <br> Co. Ltd.<br>| 311000 | 2279729 |
| Hotai Motor Co. Ltd. | 7320 | 127901 |

---

LVIP SSGA Emerging Markets Equity Index Fund-16

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Hua Nan Financial <br> Holdings Co. Ltd.<br>| 226931 | $223894 |
| Innolux Corp. | 170930 | 92762 |
| International Games <br> System Co. Ltd.<br>| 5000 | 114718 |
| Inventec Corp. | 69000 | 94095 |
| Jentech Precision <br> Industrial Co. Ltd.<br>| 1500 | 130792 |
| KGI Financial Holding Co. <br> Ltd.<br>| 411378 | 225533 |
| King Slide Works Co. Ltd. | 1000 | 119410 |
| King Yuan Electronics Co. <br> Ltd.<br>| 27000 | 212541 |
| Largan Precision Co. Ltd. | 2000 | 158269 |
| Lite-On Technology Corp. | 48000 | 249711 |
| Lotes Co. Ltd. | 2000 | 82463 |
| MediaTek, Inc. | 38000 | 1725397 |
| Mega Financial Holding Co. <br> Ltd.<br>| 296887 | 378064 |
| Nan Ya Plastics Corp. | 129000 | 246677 |
| Nien Made Enterprise Co. <br> Ltd.<br>| 5000 | 57428 |
| Novatek Microelectronics <br> Corp.<br>| 14000 | 166454 |
| Pegatron Corp. | 48000 | 104709 |
| PharmaEssentia Corp. | 7877 | 117665 |
| Pou Chen Corp. | 1609 | 1540 |
| President Chain Store <br> Corp.<br>| 13000 | 91530 |
| Quanta Computer, Inc. | 67000 | 578671 |
| Realtek Semiconductor <br> Corp.<br>| 12000 | 186320 |
| Ruentex Development Co. <br> Ltd.<br>| 1714 | 1623 |
| Shanghai Commercial & <br> Savings Bank Ltd.<br>| 103190 | 133251 |
| SinoPac Financial Holdings <br> Co. Ltd.<br>| 301913 | 274676 |
| Taiwan Business Bank | 185175 | 94319 |
| Taiwan Cooperative <br> Financial Holding Co. <br> Ltd.<br>| 272884 | 211010 |
| Taiwan High Speed Rail <br> Corp.<br>| 55000 | 49003 |
| Taiwan Mobile Co. Ltd. | 41000 | 141459 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 609000 | 29936769 |
| TCC Group Holdings Co. <br> Ltd.<br>| 161050 | 118775 |
| Teco Electric & Machinery <br> Co. Ltd.<br>| 29000 | 77711 |
| TS Financial Holding Co. <br> Ltd.<br>| 540688 | 351014 |
| Unimicron Technology <br> Corp.<br>| 32000 | 223451 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Uni-President Enterprises <br> Corp.<br>| 119000 | $291781 |
| United Microelectronics <br> Corp.<br>| 281000 | 438806 |
| Vanguard International <br> Semiconductor Corp.<br>| 29111 | 85014 |
| Wan Hai Lines Ltd. | 18190 | 45466 |
| Wistron Corp. | 75000 | 358427 |
| Wiwynn Corp. | 3000 | 427400 |
| Yageo Corp. | 41592 | 304872 |
| Yang Ming Marine <br> Transport Corp.<br>| 49000 | 86642 |
| Yuanta Financial Holding <br> Co. Ltd.<br>| 259869 | 324722 |
| Zhen Ding Technology <br> Holding Ltd.<br>| 17000 | 76610 |
|  |  | **51911979** |
| **Thailand–1.02%** | **Thailand–1.02%** | **Thailand–1.02%** |
| Advanced Info Service PCL <br> NVDR<br>| 25360 | 251828 |
| Airports of Thailand PCL <br> NVDR<br>| 110658 | 185646 |
| Bangkok Dusit Medical <br> Services PCL NVDR<br>| 273675 | 167613 |
| Bumrungrad Hospital PCL <br> NVDR<br>| 14150 | 70710 |
| Central Pattana PCL <br> NVDR<br>| 56236 | 98468 |
| Charoen Pokphand Foods <br> PCL NVDR<br>| 99477 | 68858 |
| CP ALL PCL NVDR | 133591 | 184483 |
| CP Axtra PCL NVDR | 43971 | 21886 |
| Delta Electronics Thailand <br> PCL<br>| 84402 | 463468 |
| †Gulf Development PCL | 51332 | 67749 |
| †Gulf Development PCL <br> NVDR<br>| 61276 | 80873 |
| Kasikornbank PCL NVDR | 15104 | 93157 |
| Krung Thai Bank PCL <br> NVDR<br>| 95845 | 85880 |
| Minor International PCL <br> NVDR<br>| 82881 | 63727 |
| PTT Exploration & <br> Production PCL NVDR<br>| 35367 | 126464 |
| PTT PCL NVDR | 246246 | 250049 |
| SCB X PCL NVDR | 21367 | 94170 |
| Siam Cement PCL NVDR | 19003 | 110620 |
| TMBThanachart Bank PCL | 619155 | 39663 |
| True Corp. PCL NVDR | 263774 | 91154 |
|  |  | **2616466** |
| **Turkey–0.39%** | **Turkey–0.39%** | **Turkey–0.39%** |
| Akbank TAS | 77539 | 125805 |

---

LVIP SSGA Emerging Markets Equity Index Fund-17

------

**LVIP SSGA Emerging Markets Equity Index 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)** |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Aselsan Elektronik Sanayi <br> Ve Ticaret AS<br>| 32704 | $176210 |
| BIM Birlesik Magazalar AS | 10691 | 133462 |
| Eregli Demir ve Celik <br> Fabrikalari TAS<br>| 77895 | 43166 |
| Ford Otomotiv Sanayi AS | 13754 | 29654 |
| Haci Omer Sabanci Holding <br> AS<br>| 25040 | 49039 |
| KOC Holding AS | 17211 | 67525 |
| Turk Hava Yollari AO | 13604 | 84991 |
| Turkcell Iletisim Hizmetleri <br> AS<br>| 25067 | 54276 |
| Turkiye Is Bankasi AS <br> Class C<br>| 205790 | 67377 |
| Turkiye Petrol Rafinerileri <br> AS<br>| 22855 | 98045 |
| †Yapi ve Kredi Bankasi AS | 90389 | 76111 |
|  |  | **1005661** |
| **United Arab Emirates–1.42%** | **United Arab Emirates–1.42%** | **United Arab Emirates–1.42%** |
| Abu Dhabi Commercial <br> Bank PJSC<br>| 86193 | 335596 |
| Abu Dhabi Islamic Bank <br> PJSC<br>| 36255 | 204756 |
| Abu Dhabi National Oil Co. <br> for Distribution PJSC<br>| 63521 | 67451 |
| ADNOC Drilling Co. PJSC | 72514 | 105432 |
| Adnoc Gas PLC | 146007 | 141117 |
| ADNOC Logistics & <br> Services<br>| 45516 | 73358 |
| Aldar Properties PJSC | 98135 | 232260 |
| Americana Restaurants <br> International PLC - <br> Foreign Co.<br>| 71017 | 31325 |
| Dubai Electricity & Water <br> Authority PJSC<br>| 142336 | 107252 |
| Dubai Islamic Bank PJSC | 70264 | 177301 |
| Emaar Development PJSC | 25957 | 107034 |
| Emaar Properties PJSC | 163131 | 622596 |
| Emirates NBD Bank PJSC | 47488 | 360096 |
| Emirates <br> Telecommunications <br> Group Co. PJSC<br>| 84845 | 423676 |
| First Abu Dhabi Bank <br> PJSC<br>| 109692 | 520871 |
| Salik Co. PJSC | 47318 | 81810 |
| †Two Point Zero Group <br> PJSC<br>| 78940 | 56080 |
|  |  | **3648011** |
| **United Kingdom–0.42%** | **United Kingdom–0.42%** | **United Kingdom–0.42%** |
| Anglogold Ashanti PLC | 12391 | 1067110 |
|  |  | **1067110** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States–0.21%** | **United States–0.21%** | **United States–0.21%** |
| †BeOne Medicines Ltd. <br> Class H<br>| 21300 | $490247 |
| †Legend Biotech Corp. ADR | 1800 | 39132 |
|  |  | **529379** |
| **Total Common Stock** <br>**(Cost $139,050,221)** | **Total Common Stock** <br>**(Cost $139,050,221)** | **241617253** |
| **ΔPREFERRED STOCKS–1.25%** | **ΔPREFERRED STOCKS–1.25%** | **ΔPREFERRED STOCKS–1.25%** |
| **Brazil–0.58%** | **Brazil–0.58%** | **Brazil–0.58%** |
| Cia Energetica de Minas <br> Gerais 14.74%<br>| 41516 | 84102 |
| Gerdau SA 3.04% | 33650 | 124191 |
| Itau Unibanco Holding SA <br> 11.34%<br>| 135156 | 965942 |
| Itausa SA 14.73% | 144896 | 308625 |
|  |  | **1482860** |
| **Chile–0.10%** | **Chile–0.10%** | **Chile–0.10%** |
| †Sociedad Quimica y Minera <br> de Chile SA<br>| 3569 | 251422 |
|  |  | **251422** |
| **India–0.00%** | **India–0.00%** | **India–0.00%** |
| =†TVS Motor Co. Ltd. 6.00% <br> 9/1/26<br>| 25712 | 2861 |
|  |  | **2861** |
| **Republic of Korea–0.57%** | **Republic of Korea–0.57%** | **Republic of Korea–0.57%** |
| Hyundai Motor Co. 6.40% | 851 | 125722 |
| Hyundai Motor Co. 6.58% | 531 | 76098 |
| Samsung Electronics Co. <br> Ltd. 1.64%<br>| 20301 | 1260099 |
|  |  | **1461919** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πSurgutneftegas PAO  | 640200 | 0 |
|  |  | **0** |
| **Total Preferred Stocks** <br>**(Cost $2,095,558)** | **Total Preferred Stocks** <br>**(Cost $2,095,558)** | **3199062** |
| **ΔWARRANTS–0.01%** | **ΔWARRANTS–0.01%** | **ΔWARRANTS–0.01%** |
| **Malaysia–0.01%** | **Malaysia–0.01%** | **Malaysia–0.01%** |
| =†YTL Corp. Bhd. exp 6/02/28 <br> exercise price MYR 1.5000<br>| 20620 | 2744 |
| =†YTL Power International <br> Bhd. exp 6/02/28 exercise <br> price MYR 2.4500<br>| 13360 | 2831 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **5575** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA Emerging Markets Equity Index Fund-18

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–3.50%** | **MONEY MARKET FUND–3.50%** | **MONEY MARKET FUND–3.50%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 8965812 | $8965812 |
| **Total Money Market Fund** <br>**(Cost $8,965,812)** | **Total Money Market Fund** <br>**(Cost $8,965,812)** | **8965812** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.14% (Cost $150,111,591)** | **$253787702** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.86%** | **2214298** |
| **NET ASSETS APPLICABLE TO 18,957,961 SHARES OUTSTANDING–100.00%** | **$256002000** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS EQUITY INDEX FUND STANDARD CLASS** <br>**($232,918,679 / 17,243,332 Shares)** | **$13.508** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS EQUITY INDEX FUND SERVICE CLASS** <br>**($23,083,321 / 1,714,629 Shares)** | **$13.463** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$191105324** |
| Distributable earnings/(accumulated loss) | **64896676** |
| **TOTAL NET ASSETS** | **$256002000** |

---

&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;

LVIP SSGA Emerging Markets Equity Index Fund-19

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Alrosa PJSC | 10/31/2018 | &nbsp;&nbsp; $326421 | &nbsp;&nbsp; $0 |
| Gazprom PJSC | 10/31/2018 | &nbsp;&nbsp; 2374958 | &nbsp;&nbsp; 0 |
| Gazprom PJSC ADR | 10/31/2018 | &nbsp;&nbsp; 182671 | &nbsp;&nbsp; 0 |
| GMK Norilskiy Nickel PAO | 10/31/2018 | &nbsp;&nbsp; 1093007 | &nbsp;&nbsp; 0 |
| Inter RAO UES PJSC | 10/31/2018 | &nbsp;&nbsp; 220154 | &nbsp;&nbsp; 0 |
| LUKOIL PJSC | 10/31/2018 | &nbsp;&nbsp; 3036022 | &nbsp;&nbsp; 0 |
| Moscow Exchange MICEX-RTS PJSC | 10/31/2018 | &nbsp;&nbsp; 222248 | &nbsp;&nbsp; 0 |
| Novatek PJSC GDR | 2/17/2021 | &nbsp;&nbsp; 1327703 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC | 10/31/2018 | &nbsp;&nbsp; 331713 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC | 4/26/2022 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 0 |
| PhosAgro PJSC GDR | 4/26/2022 | &nbsp;&nbsp; 157510 | &nbsp;&nbsp; 0 |
| Polyus PJSC | 10/31/2018 | &nbsp;&nbsp; 243731 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC | 10/31/2018 | &nbsp;&nbsp; 765027 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC | 10/31/2018 | &nbsp;&nbsp; 3026893 | &nbsp;&nbsp; 0 |
| Severstal PAO | 10/31/2018 | &nbsp;&nbsp; 284734 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO | 10/31/2018 | &nbsp;&nbsp; 311071 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO  | 10/31/2018 | &nbsp;&nbsp; 371776 | &nbsp;&nbsp; 0 |
| Tatneft PJSC | 10/31/2018 | &nbsp;&nbsp; 1490294 | &nbsp;&nbsp; 0 |
| VK IPJSC GDR | 2/17/2021 | &nbsp;&nbsp; 330604 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC | 10/31/2018 | &nbsp;&nbsp; 165967 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $16263517 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $182,427 cash collateral held at broker for futures contracts, $191,967 payable for fund shares redeemed, $78,353 other accrued <br> expenses payable, $86,674 due to manager and affiliates, $10,521 variation margin due to broker on futures contracts, $2,442,269 foreign <br> capital gain taxes payable, $22,680 payable for audit fee, $13,341 payable for fund accounting fee and $67,137 payable for custodian fee as <br> of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts and swap 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:** |
| 89 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; $6280730 | &nbsp;&nbsp; $6210449 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $70281 | &nbsp;&nbsp; $— |

---

**Swap Contract**<sup>1</sup>

**Total Return Swap (TRS) Contract** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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:** |  |  |  |  |  |  |
| GS- Receive amounts based on <br> MSCI China A Inclusion Net <br> Return Index and pay variable <br> quarterly payments based on <br> SOFR12M<sup>4</sup> <br>| 7472684 | 0.73% | 10/21/26 | $223536 | $223536 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized <br> 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.

LVIP SSGA Emerging Markets Equity Index Fund-20

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| <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> The MSCI China A Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen <br> exchanges. The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore <br> RMB exchange rate (CNH). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CMPC–Coût Moyen Pondéré du Capital |
| COPEC–Compañia de Petroleos de Chile |
| GDR–Global Depository Receipt |
| GS–Goldman Sachs |
| ICE–Intercontinental Exchange |
| LNG–Liquefied Natural Gas |
| MSCI–Morgan Stanley Capital International |
| MYR–Malaysian Ringgit |
| NVDR–Non-Voting Depository Receipt |
| PJSC–Public Joint Stock Company |
| QSC–Qatari Shareholding Company |
| SOFR12M–Secured Overnight Financing Rate 12 Months |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-21

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $7229046 |
| Foreign taxes withheld | (840289)<br>|
|  | 6388757 |
| **EXPENSES:** |  |
| Management fees | 862880 |
| Custodian fees | 238237 |
| Index fees | 161584 |
| Professional fees | 144990 |
| Shareholder servicing fees | 73599 |
| Accounting and administration expenses | 62710 |
| Distribution fees-Service Class | 48442 |
| Pricing fees | 39498 |
| Consulting fees | 18023 |
| Trustees' fees and expenses | 7394 |
| Reports and statements to shareholders | 6506 |
| Other | 10875 |
|  | 1674738 |
| Less:  |  |
| Expenses reimbursed | (357354)<br>|
| Total operating expenses | 1317384 |
| **NET INVESTMENT INCOME**  | 5071373 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments<sup>\*</sup> | 27440220 |
| Foreign currencies | (78781)<br>|
| Futures contracts | 619424 |
| Swap contracts | 1140860 |
| Net realized gain | 29121723 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 38578356 |
| Foreign currencies | 51249 |
| Futures contracts | 217896 |
| Swap contracts | 394836 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 39242337 |
| **NET REALIZED AND UNREALIZED GAIN** | 68364060 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $73435433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $668,964 foreign capital gains taxes paid.

\*\* Includes $279,535 change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index Fund** | **LVIP SSGA Emerging Markets Equity Index 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 | $5071373 | $6520784 |
| Net realized gain | 29121723 | 12185791 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 39242337 | 2690984 |
| Net increase in net assets resulting <br> from operations<br>| 73435433 | 21397559 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (6505736)<br>| (7096949)<br>|
| Service Class | (589245)<br>| (416977)<br>|
|  | (7094981)<br>| (7513926)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 21845905 | 12974648 |
| Service Class | 5599068 | 4497411 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 6505736 | 7096949 |
| Service Class | 589245 | 416977 |
|  | 34539954 | 24985985 |
| Cost of shares redeemed: |  |  |
| Standard Class | (111378246)<br>| (107420092)<br>|
| Service Class | (4753684)<br>| (4359524)<br>|
|  | (116131930)<br>| (111779616)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (81591976)<br>| (86793631)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (15251524)<br>| (72909998)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 271253524 | 344163522 |
| End of year | $256002000 | $271253524 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-22

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index Fund Standard Class** | **LVIP SSGA Emerging Markets Equity Index 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; $10.413 | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $9.522 | &nbsp;&nbsp; $12.488 | &nbsp;&nbsp; $13.244 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.240 | 0.224 | 0.238 | 0.256 | 0.238 |
| Net realized and unrealized gain (loss) | 3.239 | 0.465 | 0.588 | &nbsp;&nbsp; (2.906)<br>| &nbsp;&nbsp; (0.674)<br>|
| Total from investment operations | 3.479 | 0.689 | 0.826 | &nbsp;&nbsp; (2.650)<br>| &nbsp;&nbsp; (0.436)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.320)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.384)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.320)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.508 | &nbsp;&nbsp; $10.413 | &nbsp;&nbsp; $10.015 | &nbsp;&nbsp; $9.522 | &nbsp;&nbsp; $12.488 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 33.48% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; (21.19%)<br>| &nbsp;&nbsp; (3.30%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $232919 | &nbsp;&nbsp; $254576 | &nbsp;&nbsp; $328587 | &nbsp;&nbsp; $315286 | &nbsp;&nbsp; $815846 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.52% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 1.76% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.74% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-23

------

**LVIP SSGA Emerging Markets Equity Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index Fund Service Class** | **LVIP SSGA Emerging Markets Equity Index 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; $10.383 | &nbsp;&nbsp; $9.988 | &nbsp;&nbsp; $9.497 | &nbsp;&nbsp; $12.456 | &nbsp;&nbsp; $13.215 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.211 | 0.197 | 0.212 | 0.222 | 0.202 |
| Net realized and unrealized gain (loss) | 3.224 | 0.463 | 0.587 | &nbsp;&nbsp; (2.890)<br>| &nbsp;&nbsp; (0.668)<br>|
| Total from investment operations | 3.435 | 0.660 | 0.799 | &nbsp;&nbsp; (2.668)<br>| &nbsp;&nbsp; (0.466)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.293)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.293)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.463 | &nbsp;&nbsp; $10.383 | &nbsp;&nbsp; $9.988 | &nbsp;&nbsp; $9.497 | &nbsp;&nbsp; $12.456 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 33.15% | &nbsp;&nbsp; 6.54% | &nbsp;&nbsp; 8.56% | &nbsp;&nbsp; (21.39%)<br>| &nbsp;&nbsp; (3.54%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $23083 | &nbsp;&nbsp; $16677 | &nbsp;&nbsp; $15577 | &nbsp;&nbsp; $14300 | &nbsp;&nbsp; $16247 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.51% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.49% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &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. 

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Emerging Markets Equity Index Fund-24

------

**LVIP SSGA Emerging Markets Equity Index 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 SSGA Emerging Markets Equity Index 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 provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks performance of emerging market 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. 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. Total return 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 SSGA Emerging Markets Equity Index Fund-25

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**LVIP SSGA Emerging Markets Equity Index 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 SSGA Emerging Markets Equity Index Fund is $4,201,639 and $4,196,940 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 0.34% 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 0.50% of the Fund's average daily net assets for the Standard Class and 0.75% 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 SSGA Emerging Markets Equity Index Fund-26

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**LVIP SSGA Emerging Markets Equity Index 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** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $292174 | &nbsp;&nbsp; $464599 | &nbsp;&nbsp; $357354 | &nbsp;&nbsp; $1114127 |

---

SSGA Funds 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; $21141 |
| Legal | &nbsp;&nbsp; 3507 |

---

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 $895 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; $75644 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 4804 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6226 |

---

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; $11003172 |
| Sales | &nbsp;&nbsp; 97301575 |

---

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; $165810416 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $110260033 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (24720169)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $85539864 |

---

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 SSGA Emerging Markets Equity Index Fund-27

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**LVIP SSGA Emerging Markets Equity Index 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)

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; $119314 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119314 |
| Brazil | &nbsp;&nbsp; 1991395 | &nbsp;&nbsp; 7381985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9373380 |
| Canada | &nbsp;&nbsp; — | &nbsp;&nbsp; 119014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119014 |
| Chile | &nbsp;&nbsp; 597908 | &nbsp;&nbsp; 614171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1212079 |
| China | &nbsp;&nbsp; 1594558 | &nbsp;&nbsp; 56043175 | &nbsp;&nbsp; 18465 | &nbsp;&nbsp; 57656198 |
| Colombia | &nbsp;&nbsp; 179707 | &nbsp;&nbsp; 180632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 360339 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 334701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 334701 |
| Egypt | &nbsp;&nbsp; 147281 | &nbsp;&nbsp; 26049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173330 |
| Greece | &nbsp;&nbsp; 508580 | &nbsp;&nbsp; 915583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424163 |
| Hong Kong | &nbsp;&nbsp; 154685 | &nbsp;&nbsp; 1770972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1925657 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 800454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 800454 |
| India | &nbsp;&nbsp; 881472 | &nbsp;&nbsp; 37652547 | &nbsp;&nbsp; 15711 | &nbsp;&nbsp; 38549730 |
| Indonesia | &nbsp;&nbsp; 153241 | &nbsp;&nbsp; 2802192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2955433 |
| Ireland | &nbsp;&nbsp; 1984325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1984325 |
| Kuwait | &nbsp;&nbsp; 1650920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1650920 |
| Luxembourg | &nbsp;&nbsp; 106859 | &nbsp;&nbsp; 62620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169479 |
| Malaysia | &nbsp;&nbsp; 371356 | &nbsp;&nbsp; 2746680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3118036 |
| Mexico | &nbsp;&nbsp; 5169250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5169250 |
| Netherlands | &nbsp;&nbsp; 130490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130490 |
| Peru | &nbsp;&nbsp; 582000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 582000 |
| Philippines | &nbsp;&nbsp; 416883 | &nbsp;&nbsp; 518305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 935188 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 2770020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2770020 |
| Qatar | &nbsp;&nbsp; 1109318 | &nbsp;&nbsp; 522563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1631881 |
| Republic of Korea | &nbsp;&nbsp; 709878 | &nbsp;&nbsp; 31496938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32206816 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Saudi Arabia | &nbsp;&nbsp; 1316267 | &nbsp;&nbsp; 5853818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7170085 |
| South Africa | &nbsp;&nbsp; 1186794 | &nbsp;&nbsp; 7129571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8316365 |
| Taiwan | &nbsp;&nbsp; 619361 | &nbsp;&nbsp; 51292618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51911979 |
| Thailand | &nbsp;&nbsp; 463468 | &nbsp;&nbsp; 2152998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2616466 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 1005661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1005661 |

---

LVIP SSGA Emerging Markets Equity Index Fund-28

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**LVIP SSGA Emerging Markets Equity Index 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; $1926257 | &nbsp;&nbsp; $1721754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3648011 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 1067110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1067110 |
| United States | &nbsp;&nbsp; 39132 | &nbsp;&nbsp; 490247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 529379 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 1482860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1482860 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 251422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 251422 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 2861 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 1461919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1461919 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5575 | &nbsp;&nbsp; 5575 |
| Money Market Fund | &nbsp;&nbsp; 8965812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8965812 |
| **Total Investments** | &nbsp;&nbsp; $32957197 | &nbsp;&nbsp; $220787893 | &nbsp;&nbsp; $42612 | &nbsp;&nbsp; $253787702 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $70281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70281 |
| Swap Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 |

---

&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 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 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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $7094981 | $7513926 |

---

**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; $2553529 |
| Capital loss carryforward | &nbsp;&nbsp; (23196719)<br>|
| Other temporary differences | &nbsp;&nbsp; 2 |
| Net unrealized appreciation | &nbsp;&nbsp; 85539864 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $64896676 |

---

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**  |
| $23196719 | &nbsp;&nbsp; $23196719 |

---

In 2025, the Fund utilized $24,726,656 of capital loss carryforwards.

LVIP SSGA Emerging Markets Equity Index Fund-29

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**LVIP SSGA Emerging Markets Equity Index 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; 1792662 | &nbsp;&nbsp; 1230224 |
| Service Class | &nbsp;&nbsp; 459878 | &nbsp;&nbsp; 423241 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 491073 | &nbsp;&nbsp; 660094 |
| Service Class | &nbsp;&nbsp; 44620 | &nbsp;&nbsp; 38902 |
|  | &nbsp;&nbsp; 2788233 | &nbsp;&nbsp; 2352461 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (9487984)<br>| &nbsp;&nbsp; (10252852)<br>|
| Service Class | &nbsp;&nbsp; (396112)<br>| &nbsp;&nbsp; (415422)<br>|
|  | &nbsp;&nbsp; (9884096)<br>| &nbsp;&nbsp; (10668274)<br>|
| Net decrease | &nbsp;&nbsp; (7095863)<br>| &nbsp;&nbsp; (8315813)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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. The Fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing 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 facilitate investments in portfolio securities; to reduce transaction costs and as a cash management tool.

Swap Contracts–The Fund enters into total return swap contracts in the normal course of pursuing its investment objective and strategies. 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.

LVIP SSGA Emerging Markets Equity Index Fund-30

------

**LVIP SSGA Emerging Markets Equity Index 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)**

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.

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.

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** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $70281 | Receivables and other assets net of <br> liabilities<br>| $— |
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 223536 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $293817 |  | $— |

---

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; $619424 | &nbsp;&nbsp; $217896 |
| 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; 1140860 | &nbsp;&nbsp; 394836 |
| Total |  | &nbsp;&nbsp; $1760284 | &nbsp;&nbsp; $612732 |

---

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) | $4880623 | $— |
| Total return swap contracts (average notional value) | 6647585 | 6457576 |

---

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

LVIP SSGA Emerging Markets Equity Index Fund-31

------

**LVIP SSGA Emerging Markets Equity Index 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)**

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** |
| Goldman Sachs International | &nbsp;&nbsp; $223536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 |
| Total | &nbsp;&nbsp; $223536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 |

---

&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>|
| Goldman Sachs International | &nbsp;&nbsp; $223536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 |
| Total | &nbsp;&nbsp; $223536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 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.

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.

The 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

LVIP SSGA Emerging Markets Equity Index Fund-32

------

**LVIP SSGA Emerging Markets Equity Index 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)**

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.

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 SSGA Emerging Markets Equity Index Fund-33

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Emerging Markets Equity Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Emerging Markets Equity Index 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.

![](img969e0a193.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Emerging Markets Equity Index Fund–34

------

![](imgdf02a0891.jpg)

![](img42a08bef2.jpg)

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_SOI-continued-277_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_FS-continued-277_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_FS-continued-277_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_FS-continued-277_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_FIHI-continued-277_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_NTF-continued-277_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_5dc04d3d-3bfa-471d-8648-9ba100227b4a_AUDIT-continued-277_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP SSGA Global Tactical Allocation 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 INVESTMENTS–53.17%** | **AFFILIATED INVESTMENTS–53.17%** | **AFFILIATED INVESTMENTS–53.17%** |
| **INVESTMENT COMPANIES–53.17%** | **INVESTMENT COMPANIES–53.17%** | **INVESTMENT COMPANIES–53.17%** |
| **Equity Funds–21.24%** | **Equity Funds–21.24%** | **Equity Funds–21.24%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 4121545 | $68767984 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 806168 | 11682981 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1028505 | 34664751 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 335101 | 11665520 |
|  |  | **126781236** |
| **Fixed Income Fund–15.07%** | **Fixed Income Fund–15.07%** | **Fixed Income Fund–15.07%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 8911821 | 89955923 |
|  |  | **89955923** |
| **International Equity Funds–16.86%** | **International Equity Funds–16.86%** | **International Equity Funds–16.86%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 1151013 | 11590697 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 5116108 | 53606576 |
| LVIP SSGA International <br> Index Fund<br>| 2668798 | 35425629 |
|  |  | **100622902** |
| **Total Affiliated Investments** <br>**(Cost $240,026,348)**<br>|  | **317360061** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–46.72%** | **UNAFFILIATED INVESTMENTS–46.72%** | **UNAFFILIATED INVESTMENTS–46.72%** |
| **INVESTMENT COMPANIES–46.72%** | **INVESTMENT COMPANIES–46.72%** | **INVESTMENT COMPANIES–46.72%** |
| **Equity Funds–20.43%** | **Equity Funds–20.43%** | **Equity Funds–20.43%** |
| Communication Services <br> Select Sector SPDR<sup>®</sup> Fund<br>| 101628 | 11963648 |
| Consumer Staples Select <br> Sector SPDR<sup>®</sup> Fund<br>| 146572 | 11385713 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| SPDR<sup>®</sup> Gold Shares | 31652 | $12544004 |
| SPDR<sup>®</sup> Portfolio S&P 600 <br> Small Cap ETF<br>| 672745 | 31524831 |
| SPDR<sup>®</sup> S&P 500 ETF Trust | 63481 | 43288964 |
| Technology Select Sector <br> SPDR<sup>®</sup> Fund<br>| 77894 | 11214399 |
|  |  | **121921559** |
| **Fixed Income Funds–13.92%** | **Fixed Income Funds–13.92%** | **Fixed Income Funds–13.92%** |
| Invesco Optimum Yield <br> Diversified Commodity <br> Strategy No K-1 ETF<br>| 353256 | 4680642 |
| SPDR<sup>®</sup> FTSE International <br> Government <br> Inflation-Protected Bond <br> ETF<br>| 296787 | 11690440 |
| SPDR<sup>®</sup> Portfolio Long Term <br> Corporate Bond ETF<br>| 257089 | 5805070 |
| SPDR<sup>®</sup> Portfolio Long Term <br> Treasury ETF<br>| 664213 | 17581718 |
| SPDR<sup>®</sup> Portfolio TIPS ETF | 1669949 | 43335176 |
|  |  | **83093046** |
| **International Equity Funds–7.85%** | **International Equity Funds–7.85%** | **International Equity Funds–7.85%** |
| SPDR<sup>®</sup> Portfolio Developed <br> World ex-US ETF<br>| 459428 | 20403197 |
| SPDR<sup>®</sup> Portfolio Emerging <br> Markets ETF<br>| 564947 | 26445169 |
|  |  | **46848366** |
| **Money Market Fund–4.52%** | **Money Market Fund–4.52%** | **Money Market Fund–4.52%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 26976409 | 26976409 |
|  |  | **26976409** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $249,634,406)**<br>|  | **278839380** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.89% (Cost $489,660,754)** | **596199441** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.11%** | **669611** |
| **NET ASSETS APPLICABLE TO 45,480,897 SHARES OUTSTANDING–100.00%** | **$596869052** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-1

------

**LVIP SSGA Global Tactical Allocation Managed Volatility 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:** |
| 7 | CME British Pound Currency Futures | &nbsp;&nbsp; $588788 | &nbsp;&nbsp; $582638 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $6150 | &nbsp;&nbsp; $— |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1030750 | &nbsp;&nbsp; 1022606 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 8144 | &nbsp;&nbsp; — |
| 9 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 722081 | &nbsp;&nbsp; 729361 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7280)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 14294 | &nbsp;&nbsp; (7280)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 14 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1748600 | &nbsp;&nbsp; 1829554 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (80954)<br>|
| 20 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 6892500 | &nbsp;&nbsp; 6891209 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; — |
| 4 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1330080 | &nbsp;&nbsp; 1350281 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20201)<br>|
| 15 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1029651 | &nbsp;&nbsp; 1015063 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 14588 | &nbsp;&nbsp; — |
| 4 | FTSE 100 Index Futures | &nbsp;&nbsp; 535999 | &nbsp;&nbsp; 522984 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 13015 | &nbsp;&nbsp; — |
| 9 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 635130 | &nbsp;&nbsp; 625387 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 9743 | &nbsp;&nbsp; — |
| 2 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 643514 | &nbsp;&nbsp; 644992 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1478)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 38637 | &nbsp;&nbsp; (102633)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $52931 | &nbsp;&nbsp; $(109913)<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 |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |
| SPDR–Standard & Poor's Depositary Receipt |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed Volatility Fund** | **LVIP SSGA Global Tactical Allocation 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; $317360061 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 278839380 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 945712 |
| Receivable for fund shares sold | &nbsp;&nbsp; 444892 |
| Dividends and interest receivable  | &nbsp;&nbsp; 213373 |
| Prepaid expenses | &nbsp;&nbsp; 2337 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 597805755 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 524900 |
| Due to manager and affiliates | &nbsp;&nbsp; 284141 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 87387 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 14666 |
| Other accrued expenses payable | &nbsp;&nbsp; 8338 |
| Due to custodian | &nbsp;&nbsp; 200 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 936703 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $596869052 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $249634406 |
| Affiliated investments, at cost | &nbsp;&nbsp; 240026348 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $50616343 |
| Shares Outstanding | &nbsp;&nbsp; 3857892 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.120 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $546252709 |
| Shares Outstanding | &nbsp;&nbsp; 41623005 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.124 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $494571659 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 102297393 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $596869052 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation 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 | $8725174 |
| Dividends from affiliated investments | 7101218 |
|  | 15826392 |
| **EXPENSES:** |  |
| Management fees | 2403400 |
| Distribution fees-Service Class | 1381034 |
| Shareholder servicing fees | 174246 |
| Accounting and administration expenses | 99116 |
| Professional fees | 49695 |
| Trustees' fees and expenses | 17554 |
| Reports and statements to shareholders | 16612 |
| Consulting fees | 8313 |
| Custodian fees | 8030 |
| Pricing fees | 2820 |
| Other | 20824 |
|  | 4181644 |
| Less:  |  |
| Management fees waived | (600850)<br>|
| Total operating expenses | 3580794 |
| **NET INVESTMENT INCOME**  | 12245598 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 16600904 |
| Sale of unaffiliated investments | 24719997 |
| Distributions from affiliated investment companies | 5442558 |
| Foreign currencies | (4994)<br>|
| Futures contracts | (9746038)<br>|
| Net realized gain | 37012427 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 28663483 |
| Unaffiliated investments | 800226 |
| Foreign currencies | (1656)<br>|
| Futures contracts | 456880 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 29918933 |
| **NET REALIZED AND UNREALIZED GAIN** | 66931360 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $79176958 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation Managed** <br> **Volatility Fund** | **LVIP SSGA Global Tactical Allocation 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 | $12245598 | $14575949 |
| Net realized gain | 37012427 | 38852072 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 29918933 | 7325820 |
| Net increase in net assets resulting <br> from operations<br>| 79176958 | 60753841 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1503974)<br>| (1688624)<br>|
| Service Class | (14945576)<br>| (18635550)<br>|
|  | (16449550)<br>| (20324174)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 5040407 | 6528667 |
| Service Class | 8138621 | 8808871 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1503974 | 1688624 |
| Service Class | 14945576 | 18635550 |
|  | 29628578 | 35661712 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8375623)<br>| (12054209)<br>|
| Service Class | (101612360)<br>| (107301443)<br>|
|  | (109987983)<br>| (119355652)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (80359405)<br>| (83693940)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (17631997)<br>| (43264273)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 614501049 | 657765322 |
| End of year | $596869052 | $614501049 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-4

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Standard Class** | **LVIP SSGA Global Tactical Allocation 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; $11.820 | &nbsp;&nbsp; $11.141 | &nbsp;&nbsp; $10.055 | &nbsp;&nbsp; $12.490 | &nbsp;&nbsp; $12.446 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.284 | 0.294 | 0.257 | 0.338 | 0.375 |
| Net realized and unrealized gain (loss) | 1.417 | 0.816 | 1.102 | &nbsp;&nbsp; (2.137)<br>| 1.185 |
| Total from investment operations | 1.701 | 1.110 | 1.359 | &nbsp;&nbsp; (1.799)<br>| 1.560 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.329)<br>| &nbsp;&nbsp; (0.379)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.427)<br>| &nbsp;&nbsp; (0.678)<br>|
| Net realized gain | &nbsp;&nbsp; (0.072)<br>| &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.838)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.431)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.636)<br>| &nbsp;&nbsp; (1.516)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.120 | &nbsp;&nbsp; $11.820 | &nbsp;&nbsp; $11.141 | &nbsp;&nbsp; $10.055 | &nbsp;&nbsp; $12.490 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.37% | &nbsp;&nbsp; 9.97% | &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; (14.33%)<br>| &nbsp;&nbsp; 12.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $50616 | &nbsp;&nbsp; $47406 | &nbsp;&nbsp; $48276 | &nbsp;&nbsp; $43718 | &nbsp;&nbsp; $55090 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 3.05% | &nbsp;&nbsp; 2.81% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 2.71% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 112% | &nbsp;&nbsp; 91% |

---

&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 SSGA Global Tactical Allocation Managed Volatility Fund-5

------

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation Managed Volatility Fund Service Class** | **LVIP SSGA Global Tactical Allocation 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; $11.823 | &nbsp;&nbsp; $11.142 | &nbsp;&nbsp; $10.056 | &nbsp;&nbsp; $12.489 | &nbsp;&nbsp; $12.446 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.252 | 0.264 | 0.230 | 0.310 | 0.341 |
| Net realized and unrealized gain (loss) | 1.416 | 0.816 | 1.101 | &nbsp;&nbsp; (2.136)<br>| 1.184 |
| Total from investment operations | 1.668 | 1.080 | 1.331 | &nbsp;&nbsp; (1.826)<br>| 1.525 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; (0.644)<br>|
| Net realized gain | &nbsp;&nbsp; (0.072)<br>| &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.838)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.367)<br>| &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.607)<br>| &nbsp;&nbsp; (1.482)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.124 | &nbsp;&nbsp; $11.823 | &nbsp;&nbsp; $11.142 | &nbsp;&nbsp; $10.056 | &nbsp;&nbsp; $12.489 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.09% | &nbsp;&nbsp; 9.70% | &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; (14.54%)<br>| &nbsp;&nbsp; 12.29% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $546253 | &nbsp;&nbsp; $567095 | &nbsp;&nbsp; $609490 | &nbsp;&nbsp; $610555 | &nbsp;&nbsp; $795264 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 2.80% | &nbsp;&nbsp; 2.56% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.46% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 112% | &nbsp;&nbsp; 91% |

---

&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 SSGA Global Tactical Allocation Managed Volatility Fund-6

------

**LVIP SSGA Global Tactical Allocation 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 SSGA Global Tactical Allocation 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, including exchange-traded funds ("ETFs"), 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 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 long-term growth of capital. Current income is not a consideration.

**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.

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 SSGA Global Tactical Allocation Managed Volatility Fund-7

------

**LVIP SSGA Global Tactical Allocation 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 0.40% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% 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).

SSGA Funds 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.

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; $49921 |
| Legal | &nbsp;&nbsp; 8264 |

---

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 $7,055 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 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 SSGA Global Tactical Allocation Managed Volatility Fund-8

------

**LVIP SSGA Global Tactical Allocation 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)**

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $152718 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 116527 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 133 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14763 |

---

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> **COMPANIES-53.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-21.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| $72427153 | $8189209 | $20461607 | $3749597 | $4863632 | $— | $68767984 | 4121545 | $632742 | $3006466 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 11578748 | 1630354 | 3010000 | 436143 | 1076187 | (28451)<br>| 11682981 | 806168 | 76644 |  |
| ✧✧LVIP SSGA S&P 500 Index <br> Fund<br>| 42243282 | 13391810 | 24434929 | 5340689 | (1876101)<br>|  | 34664751 | 1028505 | 332589 | 1597157 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 11581391 | 2306965 | 3081636 | 428718 | 430082 |  | 11665520 | 335101 | 87725 | 547604 |
| **Fixed Income Funds-15.07%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ×SPDR<sup>®</sup> Portfolio TIPS ETF | 46855720 | 3553010 | 8328391 | (513109)<br>| 2954526 |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 94427495 | 43129703 | 50715181 | (1906575)<br>| 5021963 | (1482)<br>| 89955923 | 8911821 | 2928147 |  |
| **International Equity** <br> **Funds-16.86%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 23836999 | 346857 | 16034539 | 1591407 | 1865659 | (15686)<br>| 11590697 | 1151013 | 242255 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 53512995 | 4465214 | 18848399 | 2813208 | 11671463 | (7905)<br>| 53606576 | 5116108 | 1702934 | 291331 |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 29710550 | 22498181 | 24100000 | 4660826 | 2656072 |  | 35425629 | 2668798 | 1098182 |  |
| Total | $386174333 | $99511303 | $169014682 | $16600904 | $28663483 | $(53524)<br>| $317360061 |  | $7101218 | $5442558 |

---

&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 affiliate of the Fund at December 31, 2025. |

---

**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; $587143353 |
| Sales | &nbsp;&nbsp; 657719284 |

---

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-9

------

**LVIP SSGA Global Tactical Allocation 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 for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $501770717 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $99511282 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (5086416)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $94424866 |

---

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 Companies | &nbsp;&nbsp; $317360061 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $317360061 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 278839380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 278839380 |
| **Total Investments** | &nbsp;&nbsp; $596199441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $596199441 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $52931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52931 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(109913)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(109913)<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, 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 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 SSGA Global Tactical Allocation Managed Volatility Fund-10

------

**LVIP SSGA Global Tactical Allocation 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; $16449550 | &nbsp;&nbsp; $20324174 |

---

**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; $24093384 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 7137432 |
| Other temporary differences | &nbsp;&nbsp; (23358289)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 94424866 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $102297393 |

---

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; 406795 | &nbsp;&nbsp; 558724 |
| Service Class | &nbsp;&nbsp; 655555 | &nbsp;&nbsp; 752692 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 113965 | &nbsp;&nbsp; 143104 |
| Service Class | &nbsp;&nbsp; 1132318 | &nbsp;&nbsp; 1578749 |
|  | &nbsp;&nbsp; 2308633 | &nbsp;&nbsp; 3033269 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (673491)<br>| &nbsp;&nbsp; (1024364)<br>|
| Service Class | &nbsp;&nbsp; (8128651)<br>| &nbsp;&nbsp; (9067748)<br>|
|  | &nbsp;&nbsp; (8802142)<br>| &nbsp;&nbsp; (10092112)<br>|
| Net decrease | &nbsp;&nbsp; (6493509)<br>| &nbsp;&nbsp; (7058843)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-11

------

**LVIP SSGA Global Tactical Allocation 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)**

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 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>| $38637 | Variation margin due to broker on futures <br> contracts<br>| $(102633)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 14294 | Variation margin due to broker on futures <br> contracts<br>| (7280)<br>|
| Total |  | $52931 |  | $(109913)<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; $(9203237)<br>| &nbsp;&nbsp; $400011 |
| 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; (542801)<br>| &nbsp;&nbsp; 56869 |
| Total |  | &nbsp;&nbsp; $(9746038)<br>| &nbsp;&nbsp; $456880 |

---

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) | $13617397 | $4762382 |

---

**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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund-12

------

**LVIP SSGA Global Tactical Allocation 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.

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 SSGA Global Tactical Allocation Managed Volatility Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Global Tactical Allocation Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP SSGA Global Tactical Allocation 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.

![](imgd39e88da3.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–14

------

![](img2b85a7311.jpg)

LVIP SSGA International Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA International Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_SOI-continued-265_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_FS-continued-265_1)**  | &nbsp;&nbsp; **11** |
| **[Statements of Changes in Net Assets](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_FS-continued-265_1)**  | &nbsp;&nbsp; **11** |
| **[Financial Highlights](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_FIHI-continued-265_1)**  | &nbsp;&nbsp; **12** |
| **[Notes to Financial Statements](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_NTF-continued-265_1)**  | &nbsp;&nbsp; **14** |
| **[Report of Independent Registered Public Accounting Firm](#xx_41cf4723-cf3c-4b39-9ad6-4e071bb3af8c_AUDIT-continued-265_1)**  | &nbsp;&nbsp; **21** |

---

------

**LVIP SSGA International Index 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–97.05%** | **ΔCOMMON STOCK–97.05%** | **ΔCOMMON STOCK–97.05%** |
| **Australia–6.11%** | **Australia–6.11%** | **Australia–6.11%** |
| ANZ Group Holdings Ltd. | 414248 | $10015525 |
| APA Group | 158442 | 946723 |
| Aristocrat Leisure Ltd. | 73148 | 2831879 |
| ASX Ltd. | 23144 | 792502 |
| BHP Group Ltd. | 702718 | 21207416 |
| Brambles Ltd. | 181033 | 2764429 |
| CAR Group Ltd. | 46746 | 957418 |
| Cochlear Ltd. | 8771 | 1522814 |
| Coles Group Ltd. | 187906 | 2685790 |
| Commonwealth Bank of <br> Australia<br>| 231361 | 24695246 |
| Computershare Ltd. | 70157 | 1590007 |
| CSL Ltd. | 65679 | 7558435 |
| Evolution Mining Ltd. | 267999 | 2242814 |
| Fortescue Ltd. | 242135 | 3540618 |
| Goodman Group | 288080 | 5928157 |
| Insurance Australia Group <br> Ltd.<br>| 351884 | 1867523 |
| Lottery Corp. Ltd. | 273677 | 940344 |
| †Lynas Rare Earths Ltd. | 120858 | 991209 |
| Macquarie Group Ltd. | 49290 | 6660562 |
| Medibank Pvt Ltd. | 328616 | 1048732 |
| National Australia Bank <br> Ltd.<br>| 426086 | 11980148 |
| Northern Star Resources <br> Ltd.<br>| 179107 | 3151862 |
| Origin Energy Ltd. | 221976 | 1695121 |
| Pro Medicus Ltd. | 6938 | 1018936 |
| Qantas Airways Ltd. | 81915 | 565925 |
| QBE Insurance Group Ltd. | 200510 | 2654640 |
| REA Group Ltd. | 6755 | 823468 |
| Rio Tinto Ltd. | 51186 | 4993480 |
| Santos Ltd. | 421918 | 1732896 |
| Scentre Group | 745542 | 2084078 |
| SGH Ltd. | 23773 | 733731 |
| Sigma Healthcare Ltd. | 786725 | 1540107 |
| Sonic Healthcare Ltd. | 73504 | 1106748 |
| South32 Ltd. | 575988 | 1364390 |
| Stockland | 305868 | 1166186 |
| Suncorp Group Ltd. | 140533 | 1649728 |
| Telstra Group Ltd. | 588425 | 1909181 |
| Transurban Group | 429680 | 4066317 |
| Vicinity Ltd. | 532877 | 907224 |
| Washington H Soul <br> Pattinson & Co. Ltd.<br>| 51038 | 1262850 |
| Wesfarmers Ltd. | 153924 | 8292352 |
| Westpac Banking Corp. | 475568 | 12203795 |
| WiseTech Global Ltd. | 25767 | 1171484 |
| Woodside Energy Group <br> Ltd.<br>| 262545 | 4093759 |
| Woolworths Group Ltd. | 162397 | 3177297 |
|  |  | **176133846** |
| **Austria–0.27%** | **Austria–0.27%** | **Austria–0.27%** |
| Erste Group Bank AG | 43553 | 5222413 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| OMV AG | 21394 | $1190521 |
| Raiffeisen Bank <br> International AG<br>| 17555 | 782192 |
| Verbund AG | 8463 | 614509 |
|  |  | **7809635** |
| **Belgium–0.84%** | **Belgium–0.84%** | **Belgium–0.84%** |
| Ageas SA | 20728 | 1452221 |
| Anheuser-Busch InBev SA | 138105 | 8863715 |
| D'ieteren Group | 3136 | 564860 |
| Elia Group SA | 6473 | 832963 |
| Financiere de Tubize SA | 2672 | 652086 |
| Groupe Bruxelles Lambert <br> NV<br>| 10477 | 931661 |
| KBC Group NV | 31196 | 4062841 |
| Lotus Bakeries NV | 58 | 533868 |
| Sofina SA | 2034 | 588189 |
| Syensqo SA | 10974 | 878997 |
| UCB SA | 17333 | 4829431 |
|  |  | **24190832** |
| **Chile–0.09%** | **Chile–0.09%** | **Chile–0.09%** |
| Antofagasta PLC | 56274 | 2471865 |
|  |  | **2471865** |
| **China–0.12%** | **China–0.12%** | **China–0.12%** |
| Belimo Holding AG | 1279 | 1249664 |
| †Futu Holdings Ltd. ADR | 8000 | 1313680 |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 361800 | 977400 |
|  |  | **3540744** |
| **Denmark–1.73%** | **Denmark–1.73%** | **Denmark–1.73%** |
| AP Moller - Maersk AS <br> Class A<br>| 396 | 908326 |
| AP Moller - Maersk AS <br> Class B<br>| 566 | 1298715 |
| Carlsberg AS Class B | 12139 | 1588794 |
| Coloplast AS Class B | 17887 | 1533545 |
| Danske Bank AS | 89469 | 4467749 |
| †Demant AS | 14412 | 485605 |
| DSV AS | 28667 | 7219965 |
| †Genmab AS | 8528 | 2643542 |
| Novo Nordisk AS Class B | 445525 | 22596341 |
| Novonesis Novozymes B <br> Class B<br>| 48472 | 3101264 |
| †Orsted AS | 65827 | 1256596 |
| Pandora AS | 10437 | 1154186 |
| Rockwool AS Class B | 10898 | 382889 |
| Tryg AS | 44560 | 1165306 |
|  |  | **49802823** |
| **Faeroe Islands–0.14%** | **Faeroe Islands–0.14%** | **Faeroe Islands–0.14%** |
| Vestas Wind Systems AS | 144331 | 3903749 |
|  |  | **3903749** |

---

LVIP SSGA International Index Fund-1

------

**LVIP SSGA International Index 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)** |
| **Finland–1.15%** | **Finland–1.15%** | **Finland–1.15%** |
| Elisa OYJ | 19955 | $884321 |
| Fortum OYJ | 65803 | 1397386 |
| Kesko OYJ Class B | 33764 | 761861 |
| Kone OYJ Class B | 48700 | 3450051 |
| Metso OYJ | 88178 | 1534223 |
| Neste OYJ | 59768 | 1352138 |
| Nokia OYJ | 750692 | 4839763 |
| Nordea Bank Abp | 434523 | 8174475 |
| Orion OYJ Class B | 15299 | 1141422 |
| Sampo OYJ Class A | 344686 | 4170289 |
| Stora Enso OYJ Class R | 85154 | 1063201 |
| UPM-Kymmene OYJ | 68173 | 1970841 |
| Wartsila OYJ Abp | 70882 | 2509550 |
|  |  | **33249521** |
| **France–10.11%** | **France–10.11%** | **France–10.11%** |
| Accor SA | 24200 | 1364309 |
| Aeroports de Paris SA | 4365 | 569614 |
| Air Liquide SA | 80244 | 15082173 |
| Airbus SE | 82275 | 19106211 |
| †Alstom SA | 42561 | 1255630 |
| Amundi SA | 7069 | 584251 |
| AXA SA | 241486 | 11586740 |
| BioMerieux | 5068 | 655772 |
| BNP Paribas SA | 139719 | 13218392 |
| Bollore SE | 80826 | 454245 |
| Bouygues SA | 24069 | 1251235 |
| Bureau Veritas SA | 49657 | 1579729 |
| Capgemini SE | 21467 | 3564555 |
| Carrefour SA | 73313 | 1223269 |
| Cie de Saint-Gobain SA | 63099 | 6416656 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 89504 | 2966716 |
| Covivio SA | 5908 | 392176 |
| Credit Agricole SA | 153705 | 3164457 |
| Danone SA | 90526 | 8165356 |
| Dassault Aviation SA | 2386 | 764965 |
| Dassault Systemes SE | 90145 | 2518492 |
| Edenred SE | 30984 | 684931 |
| Eiffage SA | 8605 | 1232918 |
| Engie SA | 250113 | 6570303 |
| EssilorLuxottica SA | 41769 | 13207266 |
| FDJ UNITED | 12148 | 336266 |
| Gecina SA | 6125 | 581707 |
| Getlink SE | 35734 | 659615 |
| Hermes International SCA | 4408 | 10944399 |
| Ipsen SA | 4269 | 595651 |
| Kering SA | 9906 | 3461530 |
| Klepierre SA | 26339 | 1042110 |
| Legrand SA | 35829 | 5326434 |
| L'Oreal SA | 33331 | 14309521 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 34560 | 26049105 |
| Orange SA | 264538 | 4414228 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Pernod Ricard SA | 26288 | $2250944 |
| Publicis Groupe SA | 30430 | 3160084 |
| Renault SA | 24966 | 1033399 |
| Rexel SA | 34421 | 1350065 |
| Safran SA | 49897 | 17379966 |
| Sanofi SA | 153234 | 14826180 |
| Sartorius Stedim Biotech | 3741 | 918870 |
| Schneider Electric SE | 75861 | 20753691 |
| Societe Generale SA | 99051 | 7973999 |
| Sodexo SA | 10485 | 537210 |
| Thales SA | 12166 | 3281970 |
| TotalEnergies SE | 275061 | 17933424 |
| †Unibail-Rodamco<br> - Westfield<br>| 16245 | 1766593 |
| Veolia Environnement SA | 83024 | 2889025 |
| Vinci SA | 69553 | 9784930 |
|  |  | **291141277** |
| **Germany–9.06%** | **Germany–9.06%** | **Germany–9.06%** |
| adidas AG | 24223 | 4793393 |
| Allianz SE | 53401 | 24691405 |
| BASF SE | 121923 | 6415416 |
| Bayer AG | 135325 | 5869825 |
| Bayerische Motoren Werke <br> AG<br>| 37880 | 4107531 |
| Beiersdorf AG | 13354 | 1466498 |
| Brenntag SE | 15432 | 895736 |
| Commerzbank AG | 100097 | 4224556 |
| Continental AG | 13816 | 1096479 |
| CTS Eventim AG & Co. <br> KGaA<br>| 7577 | 693616 |
| Daimler Truck Holding AG | 62857 | 2722495 |
| †Delivery Hero SE | 25006 | 659157 |
| Deutsche Bank AG | 251083 | 9676517 |
| Deutsche Boerse AG | 25663 | 6744782 |
| Deutsche Lufthansa AG | 80787 | 793646 |
| Deutsche Post AG | 131220 | 7154862 |
| Deutsche Telekom AG | 509951 | 16599442 |
| E.ON SE | 316255 | 5988263 |
| Evonik Industries AG | 32539 | 507806 |
| Fresenius Medical Care <br> AG<br>| 31819 | 1519852 |
| Fresenius SE & Co. KGaA | 55692 | 3190694 |
| GEA Group AG | 22186 | 1499380 |
| Hannover Rueck SE | 7947 | 2472956 |
| Heidelberg Materials AG | 18932 | 4908250 |
| Henkel AG & Co. KGaA | 12686 | 965483 |
| Hensoldt AG | 8258 | 707292 |
| HOCHTIEF AG | 2074 | 811933 |
| Infineon Technologies AG | 177950 | 7764126 |
| Knorr-Bremse AG | 9088 | 1008243 |
| LEG Immobilien SE | 8942 | 652192 |
| Mercedes-Benz Group AG | 98651 | 6838693 |
| Merck KGaA | 17049 | 2433287 |
| MTU Aero Engines AG | 7124 | 2953097 |

---

LVIP SSGA International Index Fund-2

------

**LVIP SSGA International Index 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)** |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 18179 | $11963352 |
| Nemetschek SE | 7140 | 772478 |
| Rational AG | 579 | 447041 |
| Rheinmetall AG | 6400 | 11676120 |
| RWE AG | 84183 | 4460592 |
| SAP SE | 144083 | 35007635 |
| Scout24 SE | 9307 | 934794 |
| Siemens AG | 104968 | 29399056 |
| †Siemens Energy AG | 107533 | 15085649 |
| Siemens Healthineers AG | 44627 | 2339240 |
| Symrise AG | 17038 | 1380445 |
| Talanx AG | 7852 | 1043051 |
| Vonovia SE | 101074 | 2908845 |
| †Zalando SE | 27840 | 821476 |
|  |  | **261066677** |
| **Hong Kong–2.07%** | **Hong Kong–2.07%** | **Hong Kong–2.07%** |
| AIA Group Ltd. | 1457600 | 15003213 |
| BOC Hong Kong Holdings <br> Ltd.<br>| 510500 | 2590781 |
| CK Asset Holdings Ltd. | 274300 | 1387103 |
| CK Hutchison Holdings <br> Ltd.<br>| 361160 | 2455330 |
| CK Infrastructure Holdings <br> Ltd.<br>| 76500 | 566883 |
| CLP Holdings Ltd. | 209500 | 1873956 |
| Galaxy Entertainment <br> Group Ltd.<br>| 305000 | 1503899 |
| Hang Seng Bank Ltd. | 102600 | 2024049 |
| Henderson Land <br> Development Co. Ltd.<br>| 170149 | 616158 |
| HKT Trust & HKT Ltd. | 581592 | 861197 |
| Hong Kong & China Gas Co. <br> Ltd.<br>| 1462358 | 1318280 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 163208 | 8539263 |
| Hongkong Land Holdings <br> Ltd.<br>| 134800 | 936418 |
| Jardine Matheson Holdings <br> Ltd.<br>| 22400 | 1528693 |
| Link REIT | 367366 | 1640296 |
| MTR Corp. Ltd. | 186157 | 712968 |
| Power Assets Holdings Ltd. | 182000 | 1289694 |
| Prudential PLC | 344101 | 5293333 |
| Sands China Ltd. | 360668 | 909757 |
| Sino Land Co. Ltd. | 549657 | 723265 |
| SITC International <br> Holdings Co. Ltd.<br>| 149000 | 533181 |
| Sun Hung Kai Properties <br> Ltd.<br>| 210005 | 2557081 |
| Swire Pacific Ltd. Class A | 45500 | 366791 |
| Techtronic Industries Co. <br> Ltd.<br>| 192000 | 2208600 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| WH Group Ltd. | 1050840 | $1170650 |
| Wharf Holdings Ltd. | 112000 | 312848 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 228000 | 720613 |
|  |  | **59644300** |
| **Ireland–0.82%** | **Ireland–0.82%** | **Ireland–0.82%** |
| AerCap Holdings NV | 25200 | 3622752 |
| AIB Group PLC | 291297 | 3114066 |
| Bank of Ireland Group PLC | 127409 | 2436735 |
| DCC PLC | 14132 | 880405 |
| Experian PLC | 129222 | 5826175 |
| Kerry Group PLC Class A | 23806 | 2175455 |
| Kingspan Group PLC | 20993 | 1808944 |
| Ryanair Holdings PLC | 112122 | 3865695 |
|  |  | **23730227** |
| **Isle Of Man–0.03%** | **Isle Of Man–0.03%** | **Isle Of Man–0.03%** |
| Entain PLC | 70318 | 722816 |
|  |  | **722816** |
| **Israel–1.03%** | **Israel–1.03%** | **Israel–1.03%** |
| Azrieli Group Ltd. | 4610 | 522664 |
| Bank Hapoalim BM | 177969 | 4025135 |
| Bank Leumi Le-Israel BM | 210862 | 4646912 |
| †Check Point Software <br> Technologies Ltd.<br>| 11464 | 2127260 |
| †CyberArk Software Ltd. | 7220 | 3220553 |
| Elbit Systems Ltd. | 3968 | 2278132 |
| ICL Group Ltd. | 95041 | 546517 |
| Isracard Ltd. | 1 | 3 |
| Israel Discount Bank Ltd. <br> Class A<br>| 158477 | 1682952 |
| Mizrahi Tefahot Bank Ltd. | 19639 | 1372121 |
| †Nice Ltd. | 8854 | 1000829 |
| †Nova Ltd. | 3809 | 1273321 |
| Phoenix Financial Ltd. | 29372 | 1214798 |
| †Teva Pharmaceutical <br> Industries Ltd.<br>| 139930 | 4410905 |
| †Teva Pharmaceutical <br> Industries Ltd. ADR<br>| 18569 | 579538 |
| †Wix.com Ltd. | 7500 | 779175 |
|  |  | **29680815** |
| **Italy–3.05%** | **Italy–3.05%** | **Italy–3.05%** |
| Banca Mediolanum SpA | 29489 | 669592 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 279566 | 2976593 |
| Banco BPM SpA | 149863 | 2275658 |
| BPER Banca SpA | 189757 | 2564087 |
| Buzzi SpA | 10280 | 621437 |
| Davide Campari-Milano NV | 79179 | 511520 |
| Enel SpA | 1131397 | 11763511 |
| Eni SpA | 288479 | 5468442 |
| Ferrari NV | 17673 | 6567536 |

---

LVIP SSGA International Index Fund-3

------

**LVIP SSGA International Index 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)** |
| FinecoBank Banca Fineco <br> SpA<br>| 81994 | $2124428 |
| Generali | 113834 | 4756943 |
| Infrastrutture Wireless <br> Italiane SpA<br>| 39572 | 366207 |
| Intesa Sanpaolo SpA | 1978744 | 13673323 |
| Leonardo SpA | 53810 | 3077961 |
| Moncler SpA | 31180 | 1993031 |
| Nexi SpA | 83807 | 413076 |
| Poste Italiane SpA | 58233 | 1461874 |
| Prysmian SpA | 38335 | 3824196 |
| Recordati Industria <br> Chimica e Farmaceutica <br> SpA<br>| 15988 | 907620 |
| Snam SpA | 277650 | 1844948 |
| †Telecom Italia SpA | 1413179 | 848971 |
| Terna - Rete Elettrica <br> Nazionale<br>| 194560 | 2069865 |
| UniCredit SpA | 194509 | 16110537 |
| Unipol Assicurazioni SpA | 43742 | 1049442 |
|  |  | **87940798** |
| **Japan–21.60%** | **Japan–21.60%** | **Japan–21.60%** |
| Advantest Corp. | 106400 | 13454048 |
| Aeon Co. Ltd. | 314600 | 4969769 |
| AGC, Inc. | 22200 | 736235 |
| Aisin Corp. | 60700 | 1137290 |
| Ajinomoto Co., Inc. | 118700 | 2509317 |
| ANA Holdings, Inc. | 24500 | 465297 |
| Asahi Group Holdings Ltd. | 221300 | 2319622 |
| Asahi Kasei Corp. | 164900 | 1465755 |
| Asics Corp. | 90700 | 2177387 |
| Astellas Pharma, Inc. | 259400 | 3452487 |
| Bandai Namco Holdings, <br> Inc.<br>| 77300 | 2057423 |
| Bridgestone Corp. | 163000 | 3667381 |
| Canon, Inc. | 118200 | 3497371 |
| Capcom Co. Ltd. | 44800 | 1040660 |
| Central Japan Railway Co. | 101100 | 2800468 |
| Chiba Bank Ltd. | 80000 | 892825 |
| Chubu Electric Power Co., <br> Inc.<br>| 88800 | 1368098 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 94900 | 4978602 |
| Dai Nippon Printing Co. <br> Ltd.<br>| 45700 | 786679 |
| Daifuku Co. Ltd. | 48600 | 1529718 |
| Dai-ichi Life Holdings, Inc. | 487400 | 4050568 |
| Daiichi Sankyo Co. Ltd. | 253500 | 5382955 |
| Daikin Industries Ltd. | 36400 | 4655262 |
| Daito Trust Construction <br> Co. Ltd.<br>| 41500 | 790242 |
| Daiwa House Industry Co. <br> Ltd.<br>| 74000 | 2458192 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Daiwa Securities Group, <br> Inc.<br>| 175300 | $1536292 |
| Denso Corp. | 250700 | 3462696 |
| Disco Corp. | 13100 | 3991073 |
| East Japan Railway Co. | 138100 | 3639885 |
| Ebara Corp. | 61700 | 1454255 |
| Eisai Co. Ltd. | 36100 | 1071839 |
| ENEOS Holdings, Inc. | 358660 | 2537557 |
| FANUC Corp. | 129000 | 5020130 |
| Fast Retailing Co. Ltd. | 25900 | 9391036 |
| Fuji Electric Co. Ltd. | 19300 | 1463616 |
| FUJIFILM Holdings Corp. | 155100 | 3290975 |
| Fujikura Ltd. | 34800 | 3859161 |
| Fujitsu Ltd. | 247300 | 6796522 |
| Hankyu Hanshin Holdings, <br> Inc.<br>| 27500 | 691645 |
| Hikari Tsushin, Inc. | 2500 | 700497 |
| Hitachi Ltd. | 634100 | 19886368 |
| Honda Motor Co. Ltd. | 514800 | 5052593 |
| Hoya Corp. | 48100 | 7295307 |
| Hulic Co. Ltd. | 64000 | 700235 |
| Idemitsu Kosan Co. Ltd. | 106815 | 808726 |
| IHI Corp. | 135800 | 2387443 |
| Inpex Corp. | 114200 | 2284060 |
| Isuzu Motors Ltd. | 70200 | 1095620 |
| ITOCHU Corp. | 806000 | 10185269 |
| Japan Airlines Co. Ltd. | 14200 | 263349 |
| Japan Exchange Group, <br> Inc.<br>| 148700 | 1587158 |
| Japan Post Bank Co. Ltd. | 237700 | 3346120 |
| Japan Post Holdings Co. <br> Ltd.<br>| 235200 | 2481691 |
| Japan Post Insurance Co. <br> Ltd.<br>| 22400 | 673647 |
| Japan Tobacco, Inc. | 164500 | 5912507 |
| JFE Holdings, Inc. | 75300 | 959991 |
| JX Advanced Metals Corp. | 74300 | 928829 |
| Kajima Corp. | 55600 | 2073184 |
| Kansai Electric Power Co., <br> Inc.<br>| 130100 | 2043179 |
| Kao Corp. | 67500 | 2694030 |
| Kawasaki Heavy Industries <br> Ltd.<br>| 19600 | 1299803 |
| Kawasaki Kisen Kaisha <br> Ltd.<br>| 44300 | 616666 |
| KDDI Corp. | 410900 | 7111735 |
| Keyence Corp. | 26376 | 9540851 |
| Kikkoman Corp. | 88500 | 803634 |
| †Kioxia Holdings Corp. | 28200 | 1876852 |
| Kirin Holdings Co. Ltd. | 98500 | 1474447 |
| Kobe Bussan Co. Ltd. | 17200 | 414016 |
| Komatsu Ltd. | 134900 | 4280707 |
| Konami Group Corp. | 14800 | 2009946 |
| Kubota Corp. | 131900 | 1869112 |
| Kyocera Corp. | 186500 | 2614488 |

---

LVIP SSGA International Index Fund-4

------

**LVIP SSGA International Index 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)** |
| Kyowa Kirin Co. Ltd. | 30200 | $486060 |
| Lasertec Corp. | 10700 | 2038805 |
| LY Corp. | 393600 | 1047349 |
| M3, Inc. | 59600 | 801788 |
| Makita Corp. | 33700 | 1021412 |
| Marubeni Corp. | 193900 | 5400110 |
| MatsukiyoCocokara & Co. | 39600 | 685618 |
| Minebea Mitsumi, Inc. | 49200 | 989981 |
| Mitsubishi Chemical Group <br> Corp.<br>| 188400 | 1102824 |
| Mitsubishi Corp. | 448700 | 10262970 |
| Mitsubishi Electric Corp. | 259100 | 7554538 |
| Mitsubishi Estate Co. Ltd. | 148000 | 3595676 |
| Mitsubishi HC Capital, Inc. | 116000 | 970368 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 445800 | 10883064 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 1584200 | 25142950 |
| Mitsui & Co. Ltd. | 335400 | 9960483 |
| Mitsui Fudosan Co. Ltd. | 375500 | 4267284 |
| Mitsui OSK Lines Ltd. | 44900 | 1349891 |
| Mizuho Financial Group, <br> Inc.<br>| 345982 | 12626459 |
| MonotaRO Co. Ltd. | 35600 | 566866 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 182962 | 4295401 |
| Murata Manufacturing Co. <br> Ltd.<br>| 235700 | 4871435 |
| NEC Corp. | 181900 | 6154675 |
| Nexon Co. Ltd. | 49500 | 1209111 |
| NIDEC Corp. | 104800 | 1422976 |
| Nintendo Co. Ltd. | 153400 | 10356726 |
| Nippon Building Fund, Inc. | 933 | 850367 |
| Nippon Paint Holdings Co. <br> Ltd.<br>| 111500 | 746574 |
| Nippon Sanso Holdings <br> Corp.<br>| 21900 | 654242 |
| Nippon Steel Corp. | 699110 | 2860795 |
| Nippon Yusen KK | 57700 | 1868994 |
| †Nissan Motor Co. Ltd. | 275500 | 684598 |
| Nitori Holdings Co. Ltd. | 53500 | 933797 |
| Nitto Denko Corp. | 99500 | 2369065 |
| Nomura Holdings, Inc. | 397700 | 3313028 |
| Nomura Research Institute <br> Ltd.<br>| 55507 | 2112297 |
| NTT, Inc. | 4246100 | 4286397 |
| Obayashi Corp. | 94400 | 1975594 |
| Obic Co. Ltd. | 39900 | 1252407 |
| Olympus Corp. | 146100 | 1852438 |
| Oracle Corp. Japan | 4200 | 353006 |
| Oriental Land Co. Ltd. | 150100 | 2776846 |
| ORIX Corp. | 164800 | 4819950 |
| Osaka Gas Co. Ltd. | 53400 | 1855483 |
| Otsuka Corp. | 32600 | 671742 |
| Otsuka Holdings Co. Ltd. | 57500 | 3252154 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Pan Pacific International <br> Holdings Corp.<br>| 236000 | $1405828 |
| Panasonic Holdings Corp. | 322300 | 4178306 |
| †Rakuten Group, Inc. | 230900 | 1479600 |
| Recruit Holdings Co. Ltd. | 196100 | 11019164 |
| †Renesas Electronics Corp. | 254600 | 3487217 |
| Resona Holdings, Inc. | 299000 | 2845796 |
| Ryohin Keikaku Co. Ltd. | 65600 | 1158329 |
| Sanrio Co. Ltd. | 23600 | 738449 |
| SBI Holdings, Inc. | 72940 | 1571856 |
| SCREEN Holdings Co. Ltd. | 12700 | 1237034 |
| Secom Co. Ltd. | 52600 | 1869097 |
| Seibu Holdings, Inc. | 28100 | 772091 |
| Sekisui Chemical Co. Ltd. | 43500 | 731550 |
| Sekisui House Ltd. | 80800 | 1802910 |
| Seven & i Holdings Co. Ltd. | 296600 | 4261255 |
| SG Holdings Co. Ltd. | 46200 | 422802 |
| Shimadzu Corp. | 31600 | 841242 |
| Shimano, Inc. | 9800 | 1024796 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 229400 | 7125426 |
| Shionogi & Co. Ltd. | 96100 | 1739393 |
| Shiseido Co. Ltd. | 56400 | 820784 |
| SMC Corp. | 7600 | 2629606 |
| SoftBank Corp. | 4047100 | 5556498 |
| SoftBank Group Corp. | 529600 | 14857035 |
| Sompo Holdings, Inc. | 122725 | 4165556 |
| †Sony Financial Group, Inc. | 799400 | 847168 |
| Sony Group Corp. | 850200 | 21808455 |
| Subaru Corp. | 76000 | 1636373 |
| Sumitomo Corp. | 154200 | 5337244 |
| Sumitomo Electric <br> Industries Ltd.<br>| 95400 | 3842450 |
| Sumitomo Metal Mining <br> Co. Ltd.<br>| 37900 | 1517650 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 508000 | 16337998 |
| Sumitomo Mitsui Trust <br> Group, Inc.<br>| 83492 | 2544406 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 81000 | 2033581 |
| Suntory Beverage & Food <br> Ltd.<br>| 15100 | 454111 |
| Suzuki Motor Corp. | 209700 | 3136161 |
| Sysmex Corp. | 67200 | 659917 |
| T&D Holdings, Inc. | 65700 | 1516563 |
| Taisei Corp. | 20500 | 1942803 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>| 217275 | 6749701 |
| TDK Corp. | 276000 | 3904778 |
| Terumo Corp. | 186100 | 2704996 |
| TIS, Inc. | 25700 | 863406 |
| Toho Co. Ltd. | 13400 | 682661 |
| Tokio Marine Holdings, <br> Inc.<br>| 248700 | 9193469 |

---

LVIP SSGA International Index Fund-5

------

**LVIP SSGA International Index 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)** |
| Tokyo Electron Ltd. | 62200 | $13853635 |
| Tokyo Gas Co. Ltd. | 40600 | 1609565 |
| Tokyo Metro Co. Ltd. | 40400 | 411247 |
| Tokyu Corp. | 57800 | 675481 |
| TOPPAN Holdings, Inc. | 33900 | 1007734 |
| Toray Industries, Inc. | 172600 | 1125314 |
| Toyota Industries Corp. | 21000 | 2380696 |
| Toyota Motor Corp. | 1309700 | 28128549 |
| Toyota Tsusho Corp. | 99200 | 3344944 |
| Trend Micro, Inc. | 17600 | 730968 |
| Tsuruha Holdings, Inc. | 36200 | 665115 |
| Unicharm Corp. | 142300 | 813065 |
| West Japan Railway Co. | 55900 | 1113815 |
| Yamaha Motor Co. Ltd. | 116800 | 866223 |
| Yokogawa Electric Corp. | 35800 | 1148125 |
| Yokohama Financial Group, <br> Inc.<br>| 130000 | 1074712 |
| Zensho Holdings Co. Ltd. | 13300 | 762136 |
| ZOZO, Inc. | 54300 | 447803 |
|  |  | **622291625** |
| **Jordan–0.02%** | **Jordan–0.02%** | **Jordan–0.02%** |
| Hikma Pharmaceuticals <br> PLC<br>| 22317 | 465241 |
|  |  | **465241** |
| **Luxembourg–0.19%** | **Luxembourg–0.19%** | **Luxembourg–0.19%** |
| ArcelorMittal SA | 67699 | 3108704 |
| CVC Capital Partners PLC | 22347 | 374257 |
| Eurofins Scientific SE | 14016 | 1024968 |
| Tenaris SA | 48817 | 941966 |
|  |  | **5449895** |
| **Mexico–0.04%** | **Mexico–0.04%** | **Mexico–0.04%** |
| Fresnillo PLC | 28737 | 1281396 |
|  |  | **1281396** |
| **Netherlands–5.13%** | **Netherlands–5.13%** | **Netherlands–5.13%** |
| ABN AMRO Bank NV | 75793 | 2648122 |
| †Adyen NV | 3445 | 5555319 |
| Aegon Ltd. | 164756 | 1281192 |
| Akzo Nobel NV | 21553 | 1499668 |
| †Argenx SE | 8342 | 7036838 |
| ASM International NV | 6471 | 3917510 |
| ASML Holding NV | 53475 | 57620390 |
| ASR Nederland NV | 22926 | 1631203 |
| BE Semiconductor <br> Industries NV<br>| 9909 | 1549133 |
| Euronext NV | 10500 | 1577288 |
| EXOR NV | 10990 | 933536 |
| Ferrovial SE | 72691 | 4709697 |
| Heineken Holding NV | 15605 | 1142704 |
| Heineken NV | 40191 | 3316035 |
| IMCD NV | 6957 | 631434 |
| ING Groep NV | 409230 | 11502730 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| JDE Peet's NV | 26471 | $989959 |
| Koninklijke Ahold Delhaize <br> NV<br>| 124537 | 5106874 |
| Koninklijke KPN NV | 548108 | 2561153 |
| Koninklijke Philips NV | 104101 | 2834586 |
| †Magnum Ice Cream Co. NV | 65977 | 1047195 |
| †Nebius Group NV | 28300 | 2368851 |
| NN Group NV | 38865 | 2998226 |
| Prosus NV | 182110 | 11276061 |
| Qiagen NV | 29430 | 1338386 |
| Randstad NV | 11867 | 450531 |
| Stellantis NV | 275249 | 3014169 |
| Universal Music Group NV | 151911 | 3960294 |
| Wolters Kluwer NV | 32909 | 3408596 |
|  |  | **147907680** |
| **New Zealand–0.23%** | **New Zealand–0.23%** | **New Zealand–0.23%** |
| Auckland International <br> Airport Ltd.<br>| 241613 | 1158775 |
| Contact Energy Ltd. | 114133 | 607169 |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 83069 | 1804834 |
| Infratil Ltd. | 131167 | 836998 |
| Meridian Energy Ltd. | 162251 | 524036 |
| †Xero Ltd. | 21233 | 1608482 |
|  |  | **6540294** |
| **Norway–0.55%** | **Norway–0.55%** | **Norway–0.55%** |
| Aker BP ASA | 40234 | 1023800 |
| DNB Bank ASA | 115845 | 3227530 |
| Equinor ASA | 99800 | 2353464 |
| Gjensidige Forsikring ASA | 23519 | 702943 |
| Kongsberg Gruppen ASA | 55940 | 1433477 |
| Mowi ASA | 60866 | 1464127 |
| Norsk Hydro ASA | 194005 | 1497558 |
| Orkla ASA | 100554 | 1119743 |
| Salmar ASA | 10141 | 619799 |
| Telenor ASA | 87331 | 1270180 |
| Yara International ASA | 25524 | 1044493 |
|  |  | **15757114** |
| **Poland–0.01%** | **Poland–0.01%** | **Poland–0.01%** |
| †InPost SA | 32528 | 399727 |
|  |  | **399727** |
| **Portugal–0.19%** | **Portugal–0.19%** | **Portugal–0.19%** |
| Banco Comercial Portugues <br> SA Class R<br>| 1080570 | 1137470 |
| EDP Renovaveis SA | 45124 | 637254 |
| EDP SA | 434335 | 2000453 |
| Galp Energia SGPS SA | 49966 | 860431 |
| Jeronimo Martins SGPS SA | 34664 | 824876 |
|  |  | **5460484** |

---

LVIP SSGA International Index Fund-6

------

**LVIP SSGA International Index 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–1.39%** | **Singapore–1.39%** | **Singapore–1.39%** |
| CapitaLand Ascendas <br> REIT<br>| 515065 | $1132407 |
| CapitaLand Integrated <br> Commercial Trust<br>| 762408 | 1415063 |
| CapitaLand Investment <br> Ltd.<br>| 287328 | 604690 |
| DBS Group Holdings Ltd. | 295852 | 12959684 |
| †Grab Holdings Ltd. Class A | 320400 | 1598796 |
| Keppel Ltd. | 190715 | 1533285 |
| Oversea-Chinese Banking <br> Corp. Ltd.<br>| 474840 | 7295073 |
| Sembcorp Industries Ltd. | 127800 | 597416 |
| Singapore Airlines Ltd. | 203050 | 1008136 |
| Singapore Exchange Ltd. | 109100 | 1436184 |
| Singapore Technologies <br> Engineering Ltd.<br>| 194800 | 1272841 |
| Singapore <br> Telecommunications Ltd.<br>| 1060400 | 3751693 |
| United Overseas Bank Ltd. | 177485 | 4833895 |
| Wilmar International Ltd. | 231500 | 553668 |
|  |  | **39992831** |
| **Spain–3.63%** | **Spain–3.63%** | **Spain–3.63%** |
| Acciona SA | 2808 | 611131 |
| ACS Actividades de <br> Construccion y Servicios <br> SA<br>| 23128 | 2295808 |
| Aena SME SA | 101440 | 2834321 |
| Amadeus IT Group SA | 63851 | 4725676 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 798424 | 18728790 |
| Banco de Sabadell SA | 653650 | 2575936 |
| Banco Santander SA | 2058479 | 24229303 |
| Bankinter SA | 88905 | 1473617 |
| CaixaBank SA | 547587 | 6694865 |
| †Cellnex Telecom SA | 68237 | 2197345 |
| Endesa SA | 41080 | 1478731 |
| Grifols SA | 36493 | 456150 |
| Iberdrola SA | 878994 | 19033200 |
| Industria de Diseno Textil <br> SA<br>| 152088 | 10032433 |
| Mapfre SA | 123261 | 618547 |
| Naturgy Energy Group SA | 25873 | 787790 |
| Redeia Corp. SA | 59962 | 1068929 |
| Repsol SA | 154700 | 2886456 |
| Telefonica SA | 478978 | 1966180 |
|  |  | **104695208** |
| **Sweden–3.62%** | **Sweden–3.62%** | **Sweden–3.62%** |
| AddTech AB Class B | 36862 | 1298228 |
| Alfa Laval AB | 38854 | 1948191 |
| Assa Abloy AB Class B | 141352 | 5460547 |
| Atlas Copco AB Class A | 376912 | 6710001 |
| Atlas Copco AB Class B | 223088 | 3566442 |
| Beijer Ref AB | 48567 | 779395 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Boliden AB | 41858 | $2318777 |
| Epiroc AB Class A | 84201 | 1898048 |
| Epiroc AB Class B | 56651 | 1139738 |
| EQT AB | 65888 | 2573983 |
| Essity AB Class B | 78392 | 2253876 |
| Evolution AB | 20074 | 1363055 |
| †Fastighets AB Balder <br> Class B<br>| 93999 | 693835 |
| H & M Hennes & Mauritz <br> AB Class B<br>| 65847 | 1319830 |
| Hexagon AB Class B | 278550 | 3280956 |
| Holmen AB Class B | 10810 | 414655 |
| Industrivarden AB Class A | 15792 | 707455 |
| Industrivarden AB Class C | 22370 | 1001354 |
| Indutrade AB | 37202 | 964305 |
| Investment AB Latour <br> Class B<br>| 20999 | 510165 |
| Investor AB Class B | 254434 | 9066902 |
| L E Lundbergforetagen AB <br> Class B<br>| 10779 | 595124 |
| Lifco AB Class B | 33061 | 1252970 |
| Nibe Industrier AB Class B | 220153 | 841509 |
| Saab AB Class B | 46672 | 2707920 |
| Sagax AB Class B | 28074 | 600445 |
| Sandvik AB | 151000 | 4877464 |
| Securitas AB Class B | 62133 | 988108 |
| Skandinaviska Enskilda <br> Banken AB Class A<br>| 205883 | 4340772 |
| Skanska AB Class B | 49422 | 1346666 |
| SKF AB Class B | 43476 | 1150758 |
| †Spotify Technology SA | 21720 | 12613021 |
| Svenska Cellulosa AB SCA <br> Class B<br>| 78876 | 1046040 |
| Svenska Handelsbanken <br> AB Class A<br>| 201875 | 2924670 |
| Swedbank AB Class A | 120965 | 4196883 |
| †Swedish Orphan Biovitrum <br> AB<br>| 28289 | 1015210 |
| Tele2 AB Class B | 67380 | 1129059 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 399017 | 3883247 |
| Telia Co. AB | 334606 | 1430094 |
| Trelleborg AB Class B | 26691 | 1128269 |
| Volvo AB Class A | 29089 | 927349 |
| Volvo AB Class B | 193676 | 6163665 |
|  |  | **104428981** |
| **Switzerland–9.78%** | **Switzerland–9.78%** | **Switzerland–9.78%** |
| ABB Ltd. | 217314 | 16019844 |
| Alcon AG | 70376 | 5568715 |
| Avolta AG | 9924 | 585316 |
| Banque Cantonale <br> Vaudoise<br>| 3061 | 386971 |
| Barry Callebaut AG | 567 | 926994 |
| BKW AG | 2293 | 486370 |

---

LVIP SSGA International Index Fund-7

------

**LVIP SSGA International Index 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)** |
| Chocoladefabriken Lindt & <br> Spruengli AG<br>| 135 | $3821219 |
| Cie Financiere Richemont <br> SA Class A<br>| 74529 | 16072247 |
| Coca-Cola HBC AG | 27385 | 1416724 |
| DSM-Firmenich AG | 23966 | 1933334 |
| EMS-Chemie Holding AG | 926 | 638783 |
| Galderma Group AG | 20645 | 4203997 |
| Geberit AG | 4709 | 3657114 |
| Givaudan SA | 1302 | 5151033 |
| †Glencore PLC | 1382413 | 7557182 |
| Helvetia Baloise Holding <br> AG<br>| 11493 | 3022809 |
| Holcim AG | 68432 | 6661876 |
| Julius Baer Group Ltd. | 27404 | 2141096 |
| Kuehne & Nagel <br> International AG<br>| 5884 | 1261854 |
| Logitech International SA | 19817 | 2011782 |
| Lonza Group AG | 9580 | 6459024 |
| Nestle SA | 355547 | 35291282 |
| Novartis AG | 262351 | 36150888 |
| Partners Group Holding <br> AG<br>| 3135 | 3846584 |
| Roche Holding AG | 101667 | 42029631 |
| Sandoz Group AG | 59373 | 4310847 |
| Schindler Holding AG | 8106 | 2983625 |
| SGS SA | 23978 | 2750462 |
| Sika AG | 20986 | 4260692 |
| Sonova Holding AG | 6637 | 1716770 |
| STMicroelectronics NV | 88927 | 2324115 |
| Straumann Holding AG | 14728 | 1720288 |
| Swatch Group AG | 3210 | 674921 |
| Swiss Life Holding AG | 4048 | 4662664 |
| Swiss Prime Site AG | 11967 | 1858089 |
| Swiss Re AG | 41920 | 6983438 |
| Swisscom AG | 3759 | 2730376 |
| UBS Group AG | 439734 | 20304528 |
| VAT Group AG | 3459 | 1660665 |
| Zurich Insurance Group <br> AG<br>| 20309 | 15367864 |
|  |  | **281612013** |
| **Thailand–0.24%** | **Thailand–0.24%** | **Thailand–0.24%** |
| †Sea Ltd. ADR | 53600 | 6837752 |
|  |  | **6837752** |
| **United Kingdom–13.78%** | **United Kingdom–13.78%** | **United Kingdom–13.78%** |
| 3i Group PLC | 139726 | 6126820 |
| Admiral Group PLC | 35512 | 1519127 |
| Anglo American PLC | 157289 | 6505867 |
| Ashtead Group PLC | 60097 | 4097367 |
| Associated British Foods <br> PLC<br>| 39405 | 1125538 |
| AstraZeneca PLC | 213903 | 39584737 |
| Auto Trader Group PLC | 110935 | 875206 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Aviva PLC | 436196 | $4010787 |
| BAE Systems PLC | 407480 | 9378176 |
| Barclays PLC | 1942943 | 12437028 |
| Barratt Redrow PLC | 164978 | 847523 |
| BP PLC | 2185314 | 12744671 |
| British American Tobacco <br> PLC<br>| 302887 | 17170869 |
| BT Group PLC | 879995 | 2180136 |
| Bunzl PLC | 42291 | 1180933 |
| Centrica PLC | 687409 | 1567333 |
| Coca-Cola Europacific <br> Partners PLC<br>| 29260 | 2663061 |
| Compass Group PLC | 237665 | 7530431 |
| Diageo PLC | 302906 | 6526995 |
| Endeavour Mining PLC | 25769 | 1346366 |
| GSK PLC | 564409 | 13837737 |
| Haleon PLC | 1229759 | 6214441 |
| Halma PLC | 55002 | 2610662 |
| HSBC Holdings PLC <br> (London Shares)<br>| 2375867 | 37386483 |
| Imperial Brands PLC | 103163 | 4331834 |
| Informa PLC | 169477 | 2010883 |
| InterContinental Hotels <br> Group PLC<br>| 19554 | 2747900 |
| International Consolidated <br> Airlines Group SA<br>| 163906 | 910073 |
| Intertek Group PLC | 20639 | 1279961 |
| J Sainsbury PLC | 209264 | 916752 |
| JD Sports Fashion PLC | 339910 | 385284 |
| Kingfisher PLC | 222192 | 935329 |
| Land Securities Group <br> PLC<br>| 100363 | 839192 |
| Legal & General Group <br> PLC<br>| 765060 | 2692702 |
| Lloyds Banking Group PLC | 8245142 | 10905966 |
| London Stock Exchange <br> Group PLC<br>| 65410 | 7868074 |
| M&G PLC | 290077 | 1116741 |
| Marks & Spencer Group <br> PLC<br>| 249120 | 1108593 |
| Melrose Industries PLC | 165784 | 1307529 |
| National Grid PLC | 691044 | 10599564 |
| NatWest Group PLC | 1121133 | 9834891 |
| Next PLC | 15362 | 2828147 |
| Pearson PLC | 82873 | 1171744 |
| Phoenix Group Holdings <br> PLC<br>| 80694 | 798858 |
| Reckitt Benckiser Group <br> PLC<br>| 92492 | 7484393 |
| RELX PLC | 248181 | 9998423 |
| Rentokil Initial PLC | 371460 | 2216313 |
| Rio Tinto PLC | 157021 | 12648201 |
| Rolls-Royce Holdings PLC | 1166343 | 18038329 |
| Sage Group PLC | 129513 | 1883699 |
| Schroders PLC | 75098 | 410520 |

---

LVIP SSGA International Index Fund-8

------

**LVIP SSGA International Index 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)** |
| Segro PLC | 191319 | $1853523 |
| Severn Trent PLC | 37424 | 1405311 |
| Shell PLC | 799898 | 29478046 |
| Smith & Nephew PLC | 118492 | 1970634 |
| Smiths Group PLC | 45532 | 1440188 |
| Spirax Group PLC | 9806 | 896239 |
| SSE PLC | 170515 | 4999144 |
| Standard Chartered PLC | 273801 | 6680864 |
| Tesco PLC | 916224 | 5448628 |
| Unilever PLC | 293231 | 19158895 |
| United Utilities Group PLC | 102265 | 1643033 |
| Vodafone Group PLC | 2630454 | 3506417 |
| Whitbread PLC | 24838 | 851327 |
| †Wise PLC Class A | 88658 | 1062125 |
|  |  | **397132563** |
| **United States–0.03%** | **United States–0.03%** | **United States–0.03%** |
| †Monday.com Ltd. | 5300 | 782068 |
|  |  | **782068** |
| **Total Common Stock** <br>**(Cost $1,285,864,059)** | **Total Common Stock** <br>**(Cost $1,285,864,059)** | **2796064797** |
| **ΔCONVERTIBLE PREFERRED STOCK–0.03%** | **ΔCONVERTIBLE PREFERRED STOCK–0.03%** | **ΔCONVERTIBLE PREFERRED STOCK–0.03%** |
| **Germany–0.03%** | **Germany–0.03%** | **Germany–0.03%** |
| Dr. Ing hc F Porsche AG | 13905 | 740613 |
| **Total Convertible Preferred Stock** <br>**(Cost $1,171,761)** | **Total Convertible Preferred Stock** <br>**(Cost $1,171,761)** | **740613** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS–0.26%** | **ΔPREFERRED STOCKS–0.26%** | **ΔPREFERRED STOCKS–0.26%** |
| **Germany–0.26%** | **Germany–0.26%** | **Germany–0.26%** |
| Bayerische Motoren Werke <br> AG 4.71%<br>| 6484 | $690937 |
| Henkel AG & Co. KGaA <br> 2.92%<br>| 21604 | 1762558 |
| Porsche Automobil Holding <br> SE 4.80%<br>| 18229 | 850481 |
| Sartorius AG 0.30% | 3115 | 897009 |
| Volkswagen AG 6.11% | 27507 | 3356917 |
| **Total Preferred Stocks** <br>**(Cost $6,458,769)** | **Total Preferred Stocks** <br>**(Cost $6,458,769)** | **7557902** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.84%** | **MONEY MARKET FUND–1.84%** | **MONEY MARKET FUND–1.84%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 53045684 | 53045684 |
| **Total Money Market Fund** <br>**(Cost $53,045,684)** | **Total Money Market Fund** <br>**(Cost $53,045,684)** | **53045684** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.18% (Cost $1,346,540,273)** | **2857408996** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.82%** | **23508682** |
| **NET ASSETS APPLICABLE TO 217,044,046 SHARES OUTSTANDING–100.00%** | **$2880917678** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND STANDARD CLASS** <br>**($2,535,982,027 / 191,053,826 Shares)** | **$13.274** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND SERVICE CLASS** <br>**($344,935,651 / 25,990,220 Shares)** | **$13.272** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1650716757** |
| Distributable earnings/(accumulated loss) | **1230200921** |
| **TOTAL NET ASSETS** | **$2880917678** |

---

&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 $2,329,802 cash collateral held at broker for futures contracts, $2,032,717 payable for fund shares redeemed, $278,474 other <br> accrued expenses payable, $789,213 due to manager and affiliates, $418,960 variation margin due to broker on futures contracts, $19,687 <br> payable for audit fee and $56,757 payable for fund accounting fee as of December 31, 2025.<br>

LVIP SSGA International Index Fund-9

------

**LVIP SSGA International Index 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:** |
| 534 | ICE U.S. mini MSCI EAFE Index Futures | &nbsp;&nbsp; $77486070 | &nbsp;&nbsp; $77541644 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55574)<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 |
| EAFE–Europe Australasia Far East |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Index Fund-10

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Index Fund** | **LVIP SSGA International Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $80181081 |
| Foreign taxes withheld | (7093747)<br>|
|  | 73087334 |
| **EXPENSES:** |  |
| Management fees | 10070279 |
| Index fees | 855921 |
| Distribution fees-Service Class | 786172 |
| Shareholder servicing fees | 730095 |
| Accounting and administration expenses | 408349 |
| Professional fees | 223246 |
| Custodian fees | 189611 |
| Trustees' fees and expenses | 71164 |
| Pricing fees | 40381 |
| Reports and statements to shareholders | 39952 |
| Consulting fees | 19198 |
| Other | 55025 |
|  | 13489393 |
| Less:  |  |
| Management fees waived | (3170476)<br>|
| Total operating expenses | 10318917 |
| **NET INVESTMENT INCOME**  | 62768417 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 72691963 |
| Foreign currencies | 119418 |
| Futures contracts | 10141541 |
| Net realized gain | 82952922 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 527993625 |
| Foreign currencies | 1600302 |
| Futures contracts | 1328381 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 530922308 |
| **NET REALIZED AND UNREALIZED GAIN** | 613875230 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $676643647 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA International Index Fund** | **LVIP SSGA International Index Fund** | **LVIP SSGA International Index 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 | $62768417 | $61902921 |
| Net realized gain | 82952922 | 14856484 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 530922308 | 3944915 |
| Net increase in net assets <br> resulting from operations<br>| 676643647 | 80704320 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (77606876)<br>| (68299705)<br>|
| Service Class | (9983114)<br>| (8627336)<br>|
|  | (87589990)<br>| (76927041)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 371935624 | 168152387 |
| Service Class | 56157890 | 46149422 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 77606876 | 68299705 |
| Service Class | 9983114 | 8627336 |
|  | 515683504 | 291228850 |
| Cost of shares redeemed: |  |  |
| Standard Class | (476430140)<br>| (314210900)<br>|
| Service Class | (74410717)<br>| (48302181)<br>|
|  | (550840857)<br>| (362513081)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (35157353)<br>| (71284231)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 553896304 | (67506952)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 2327021374 | 2394528326 |
| End of year | $2880917678 | $2327021374 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Index Fund-11

------

**LVIP SSGA International Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index Fund Standard Class** | **LVIP SSGA International Index 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; $10.450 | &nbsp;&nbsp; $10.462 | &nbsp;&nbsp; $9.178 | &nbsp;&nbsp; $11.218 | &nbsp;&nbsp; $10.374 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.308 | 0.285 | 0.265 | 0.274 | 0.277 |
| Net realized and unrealized gain (loss) | 2.941 | 0.066 | 1.339 | &nbsp;&nbsp; (1.888)<br>| 0.861 |
| Total from investment operations | 3.249 | 0.351 | 1.604 | &nbsp;&nbsp; (1.614)<br>| 1.138 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; (0.294)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; (0.294)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.274 | &nbsp;&nbsp; $10.450 | &nbsp;&nbsp; $10.462 | &nbsp;&nbsp; $9.178 | &nbsp;&nbsp; $11.218 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 31.18% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 17.57% | &nbsp;&nbsp; (14.32%)<br>| &nbsp;&nbsp; 11.06% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2535982 | &nbsp;&nbsp; $2047205 | &nbsp;&nbsp; $2120494 | &nbsp;&nbsp; $2016487 | &nbsp;&nbsp; $2734309 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 2.48% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 2.35% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &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 SSGA International Index Fund-12

------

**LVIP SSGA International Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index Fund Service Class** | **LVIP SSGA International Index 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; $10.451 | &nbsp;&nbsp; $10.463 | &nbsp;&nbsp; $9.180 | &nbsp;&nbsp; $11.220 | &nbsp;&nbsp; $10.375 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.277 | 0.257 | 0.240 | 0.250 | 0.249 |
| Net realized and unrealized gain (loss) | 2.938 | 0.067 | 1.338 | &nbsp;&nbsp; (1.889)<br>| 0.861 |
| Total from investment operations | 3.215 | 0.324 | 1.578 | &nbsp;&nbsp; (1.639)<br>| 1.110 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.394)<br>| &nbsp;&nbsp; (0.336)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.265)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.394)<br>| &nbsp;&nbsp; (0.336)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.401)<br>| &nbsp;&nbsp; (0.265)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.272 | &nbsp;&nbsp; $10.451 | &nbsp;&nbsp; $10.463 | &nbsp;&nbsp; $9.180 | &nbsp;&nbsp; $11.220 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 30.85% | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; 17.27% | &nbsp;&nbsp; (14.53%)<br>| &nbsp;&nbsp; 10.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $344936 | &nbsp;&nbsp; $279816 | &nbsp;&nbsp; $274034 | &nbsp;&nbsp; $255670 | &nbsp;&nbsp; $323905 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.23% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.10% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &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 SSGA International Index Fund-13

------

**LVIP SSGA International Index 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 SSGA International Index 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 to approximate as closely as practicable, before fees and expenses, the performance of a broad market index of non-U.S. foreign 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 SSGA International Index Fund-14

------

**LVIP SSGA International Index 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 SSGA International Index Fund is $9,519,651 and $9,459,165 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 0.40% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.097% on the first $1 billion of the Fund's average daily net assets and 0.145% 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.

SSGA Funds 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; $204939 |
| Legal | &nbsp;&nbsp; 34171 |

---

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 $8,058 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

LVIP SSGA International Index Fund-15

------

**LVIP SSGA International Index 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)**

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; $647534 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 72674 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 69005 |

---

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; $225692846 |
| Sales | &nbsp;&nbsp; 281776445 |

---

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; $1471981122 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $1419945601 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (33629166)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1386316435 |

---

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 |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $176133846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $176133846 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 7809635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7809635 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 24190832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24190832 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471865 |

---

LVIP SSGA International Index Fund-16

------

**LVIP SSGA International Index 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** |
| China | &nbsp;&nbsp; $1313680 | &nbsp;&nbsp; $2227064 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3540744 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 49802823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49802823 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903749 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 33249521 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33249521 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 291141277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291141277 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 261066677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 261066677 |
| Hong Kong | &nbsp;&nbsp; 1289694 | &nbsp;&nbsp; 58354606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59644300 |
| Ireland | &nbsp;&nbsp; 3622752 | &nbsp;&nbsp; 20107475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23730227 |
| Isle Of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 722816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 722816 |
| Israel | &nbsp;&nbsp; 6706526 | &nbsp;&nbsp; 22974289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29680815 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 87940798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87940798 |
| Japan | &nbsp;&nbsp; 4527676 | &nbsp;&nbsp; 617763949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 622291625 |
| Jordan | &nbsp;&nbsp; — | &nbsp;&nbsp; 465241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 465241 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 5449895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5449895 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 1281396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1281396 |
| Netherlands | &nbsp;&nbsp; 3416046 | &nbsp;&nbsp; 144491634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147907680 |
| New Zealand | &nbsp;&nbsp; 1158775 | &nbsp;&nbsp; 5381519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6540294 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 15757114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15757114 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 399727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399727 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 5460484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5460484 |
| Singapore | &nbsp;&nbsp; 1598796 | &nbsp;&nbsp; 38394035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39992831 |
| Spain | &nbsp;&nbsp; 1478731 | &nbsp;&nbsp; 103216477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104695208 |
| Sweden | &nbsp;&nbsp; 12613021 | &nbsp;&nbsp; 91815960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104428981 |
| Switzerland | &nbsp;&nbsp; 2750462 | &nbsp;&nbsp; 278861551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281612013 |
| Thailand | &nbsp;&nbsp; 6837752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6837752 |
| United Kingdom | &nbsp;&nbsp; 916752 | &nbsp;&nbsp; 396215811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 397132563 |
| United States | &nbsp;&nbsp; 782068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 782068 |
| Convertible Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 740613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 740613 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 7557902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7557902 |
| Money Market Fund | &nbsp;&nbsp; 53045684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53045684 |
| **Total Investments** | &nbsp;&nbsp; $102058415 | &nbsp;&nbsp; $2755350581 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2857408996 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(55574)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55574)<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 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; $87589990 | &nbsp;&nbsp; $76927041 |

---

LVIP SSGA International Index Fund-17

------

**LVIP SSGA International Index 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; $7387094 |
| Capital loss carryforward | &nbsp;&nbsp; (163502604)<br>|
| Other temporary differences | &nbsp;&nbsp; (4)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 1386316435 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $1230200921 |

---

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**  |
| $163502604 | &nbsp;&nbsp; $163502604 |

---

In 2025, the Fund utilized $74,362,116 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; 29201254 | &nbsp;&nbsp; 15421997 |
| Service Class | &nbsp;&nbsp; 4585972 | &nbsp;&nbsp; 4196979 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 5981636 | &nbsp;&nbsp; 6252754 |
| Service Class | &nbsp;&nbsp; 769473 | &nbsp;&nbsp; 789565 |
|  | &nbsp;&nbsp; 40538335 | &nbsp;&nbsp; 26661295 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (40033338)<br>| &nbsp;&nbsp; (28455595)<br>|
| Service Class | &nbsp;&nbsp; (6140535)<br>| &nbsp;&nbsp; (4401455)<br>|
|  | &nbsp;&nbsp; (46173873)<br>| &nbsp;&nbsp; (32857050)<br>|
| Net decrease | &nbsp;&nbsp; (5635538)<br>| &nbsp;&nbsp; (6195755)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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. The Fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing costs. In addition, the Fund may take long or short

LVIP SSGA International Index Fund-18

------

**LVIP SSGA International Index 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)**

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 facilitate investments in portfolio securities; to reduce transaction costs 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>| $— | Receivables and other assets net of <br> liabilities<br>| $(55574)<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; $10141541 | &nbsp;&nbsp; $1328381 |

---

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) | $50656383 | $— |

---

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.

LVIP SSGA International Index Fund-19

------

**LVIP SSGA International Index 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 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.

**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 SSGA International Index Fund-20

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA International Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA International Index 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.

![](img9fc687482.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA International Index Fund–21

------

![](imgc2e713171.jpg)

![](imgd9ded1962.jpg)

LVIP SSGA International Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA International Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_SOI-continued-289_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_FS-continued-289_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_FS-continued-289_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_FS-continued-289_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_FIHI-continued-289_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_NTF-continued-289_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_3425e6b6-cea6-4b07-a820-920e9fde09a4_AUDIT-continued-289_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP SSGA International 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–95.22%** | **AFFILIATED INVESTMENT–95.22%** | **AFFILIATED INVESTMENT–95.22%** |
| **INVESTMENT COMPANY–95.22%** | **INVESTMENT COMPANY–95.22%** | **INVESTMENT COMPANY–95.22%** |
| **International Equity Fund–95.22%** | **International Equity Fund–95.22%** | **International Equity Fund–95.22%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 19800623 | $262833466 |
| **Total Affiliated Investment** <br>**(Cost $160,931,499)**<br>|  | **262833466** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–4.42%** | **UNAFFILIATED INVESTMENT–4.42%** | **UNAFFILIATED INVESTMENT–4.42%** |
| **INVESTMENT COMPANY–4.42%** | **INVESTMENT COMPANY–4.42%** | **INVESTMENT COMPANY–4.42%** |
| **Money Market Fund–4.42%** | **Money Market Fund–4.42%** | **Money Market Fund–4.42%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 12218559 | $12218559 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $12,218,559)**<br>|  | **12218559** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.64% (Cost $173,150,058)** | **275052025** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.36%** | **980161** |
| **NET ASSETS APPLICABLE TO 24,109,847 SHARES OUTSTANDING–100.00%** | **$276032186** |

---

&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:** |
| 39 | CME British Pound Currency Futures | &nbsp;&nbsp; $3280387 | &nbsp;&nbsp; $3246121 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $34266 | &nbsp;&nbsp; $— |
| 37 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 5448250 | &nbsp;&nbsp; 5405206 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 43044 | &nbsp;&nbsp; — |
| 49 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 3931331 | &nbsp;&nbsp; 3970792 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (39461)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 77310 | &nbsp;&nbsp; (39461)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 80 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 5491475 | &nbsp;&nbsp; 5413674 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 77801 | &nbsp;&nbsp; — |
| 25 | FTSE 100 Index Futures | &nbsp;&nbsp; 3349995 | &nbsp;&nbsp; 3268649 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 81346 | &nbsp;&nbsp; — |
| 12 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 3861083 | &nbsp;&nbsp; 3869948 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8865)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 159147 | &nbsp;&nbsp; (8865)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $236457 | &nbsp;&nbsp; $(48326)<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 |
| FTSE–Financial Times Stock Exchange |
| OSE–Osaka Securities Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International 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; $262833466 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 12218559 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1107244 |
| Receivable for fund shares sold | &nbsp;&nbsp; 353884 |
| Receivable for securities sold | &nbsp;&nbsp; 153516 |
| Dividends and interest receivable  | &nbsp;&nbsp; 39129 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 13301 |
| Prepaid expenses | &nbsp;&nbsp; 1009 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 276720108 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 515479 |
| Due to manager and affiliates | &nbsp;&nbsp; 112335 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 22952 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13958 |
| Other accrued expenses payable | &nbsp;&nbsp; 6127 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 687922 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $276032186 |
| Affiliated investments, at cost | &nbsp;&nbsp; $160931499 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 12218559 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $29580498 |
| Shares Outstanding | &nbsp;&nbsp; 2586005 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.439 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $246451688 |
| Shares Outstanding | &nbsp;&nbsp; 21523842 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.450 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $173810329 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 102221857 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $276032186 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $8304841 |
| Dividends from unaffiliated investments | 552598 |
|  | 8857439 |
| **EXPENSES:** |  |
| Management fees | 642869 |
| Distribution fees-Service Class | 630804 |
| Shareholder servicing fees | 81058 |
| Accounting and administration expenses | 66216 |
| Professional fees | 42428 |
| Reports and statements to shareholders | 12064 |
| Trustees' fees and expenses | 8176 |
| Consulting fees | 7772 |
| Custodian fees | 7589 |
| Pricing fees | 1453 |
| Other | 6652 |
|  | 1507081 |
| Less:  |  |
| Management fees waived | (13975)<br>|
| Expenses reimbursed | (177506)<br>|
| Total operating expenses | 1315600 |
| **NET INVESTMENT INCOME**  | 7541839 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 19458335 |
| Sale of unaffiliated investments | 812 |
| Foreign currencies | (20873)<br>|
| Futures contracts | (9741849)<br>|
| Net realized gain | 9696425 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 44165496 |
| Foreign currencies | 1466 |
| Futures contracts | 623927 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 44790889 |
| **NET REALIZED AND UNREALIZED GAIN** | 54487314 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $62029153 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International Managed Volatility Fund** | **LVIP SSGA International 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 NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $7541839 | $8301837 |
| Net realized gain | 9696425 | 9385139 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 44790889 | (8953963)<br>|
| Net increase in net assets resulting <br> from operations<br>| 62029153 | 8733013 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (882939)<br>| (848344)<br>|
| Service Class | (6794495)<br>| (7285439)<br>|
|  | (7677434)<br>| (8133783)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 10195218 | 9250283 |
| Service Class | 8916375 | 10913006 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 882939 | 848344 |
| Service Class | 6794495 | 7285439 |
|  | 26789027 | 28297072 |
| Cost of shares redeemed: |  |  |
| Standard Class | (14003919)<br>| (8387211)<br>|
| Service Class | (73519060)<br>| (47650088)<br>|
|  | (87522979)<br>| (56037299)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (60733952)<br>| (27740227)<br>|
| **NET DECREASE IN NET ASSETS** | (6382233)<br>| (27140997)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 282414419 | 309555416 |
| End of year | $276032186 | $282414419 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA International Managed Volatility Fund-3

------

**LVIP SSGA International Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International Managed Volatility Fund Standard Class** | **LVIP SSGA International 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; $9.431 | &nbsp;&nbsp; $9.474 | &nbsp;&nbsp; $8.301 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $9.634 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.312 | 0.298 | 0.259 | 0.353 | 0.226 |
| Net realized and unrealized gain (loss) | 2.047 | &nbsp;&nbsp; (0.036)<br>| 1.189 | &nbsp;&nbsp; (2.114)<br>| 0.811 |
| Total from investment operations | 2.359 | 0.262 | 1.448 | &nbsp;&nbsp; (1.761)<br>| 1.037 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.237)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.237)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.439 | &nbsp;&nbsp; $9.431 | &nbsp;&nbsp; $9.474 | &nbsp;&nbsp; $8.301 | &nbsp;&nbsp; $10.434 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 25.00% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 17.44% | &nbsp;&nbsp; (16.83%)<br>| &nbsp;&nbsp; 10.76% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $29580 | &nbsp;&nbsp; $27381 | &nbsp;&nbsp; $25817 | &nbsp;&nbsp; $22837 | &nbsp;&nbsp; $27222 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &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; 2.92% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 2.17% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 2.80% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 2.11% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 4% |

---

&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 SSGA International Managed Volatility Fund-4

------

**LVIP SSGA International Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International Managed Volatility Fund Service Class** | **LVIP SSGA International 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; $9.440 | &nbsp;&nbsp; $9.481 | &nbsp;&nbsp; $8.307 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $9.639 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.284 | 0.273 | 0.237 | 0.331 | 0.200 |
| Net realized and unrealized gain (loss) | 2.047 | &nbsp;&nbsp; (0.035)<br>| 1.188 | &nbsp;&nbsp; (2.114)<br>| 0.812 |
| Total from investment operations | 2.331 | 0.238 | 1.425 | &nbsp;&nbsp; (1.783)<br>| 1.012 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.211)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.279)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.211)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.450 | &nbsp;&nbsp; $9.440 | &nbsp;&nbsp; $9.481 | &nbsp;&nbsp; $8.307 | &nbsp;&nbsp; $10.440 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 24.69% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 17.15% | &nbsp;&nbsp; (17.04%)<br>| &nbsp;&nbsp; 10.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $246452 | &nbsp;&nbsp; $255034 | &nbsp;&nbsp; $283738 | &nbsp;&nbsp; $290058 | &nbsp;&nbsp; $365175 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &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; 2.67% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 1.92% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 1.86% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 4% |

---

&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 SSGA International Managed Volatility Fund-5

------

**LVIP SSGA International 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 SSGA International 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, primarily the LVIP SSGA International Index Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA International Index Fund, which is subadvised by an unaffiliated sub-adviser, invests primarily in the securities of companies located in developed countries outside of the United States. 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 SSGA International Managed Volatility Fund-6

------

**LVIP SSGA International 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 0.23% 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).

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 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% 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; $203425 | &nbsp;&nbsp; $182973 | &nbsp;&nbsp; $177506 | &nbsp;&nbsp; $563904 |

---

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; $23194 |
| Legal | &nbsp;&nbsp; 3836 |

---

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 SSGA International Managed Volatility Fund-7

------

**LVIP SSGA International 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 $6,174 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $13301 |
| Management fees payable to LFI | &nbsp;&nbsp; 52856 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 52498 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 168 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6813 |

---

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-95.22%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity** <br> **Fund-95.22%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| $269102864 | $10428328 | $80321557 | $19458335 | $44165496 | $262833466 | 19800623 | $8304841 | $— |

---

&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; $10428328 |
| Sales | &nbsp;&nbsp; 80321557 |

---

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; $176645119 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $98449837 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (51432)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $98398405 |

---

LVIP SSGA International Managed Volatility Fund-8

------

**LVIP SSGA International 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)

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; $262833466 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262833466 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 12218559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12218559 |
| **Total Investments** | &nbsp;&nbsp; $275052025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $275052025 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $236457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $236457 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(48326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(48326)<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; $7677434 | &nbsp;&nbsp; $8133783 |

---

**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; $59738 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 3763714 |
| Net unrealized appreciation | &nbsp;&nbsp; 98398405 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $102221857 |

---

LVIP SSGA International Managed Volatility Fund-9

------

**LVIP SSGA International Managed Volatility 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 no capital loss carryforwards for federal income tax purposes.

In 2025, the Fund utilized $6,573,445 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; 978827 | &nbsp;&nbsp; 936032 |
| Service Class | &nbsp;&nbsp; 856187 | &nbsp;&nbsp; 1103746 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 76932 | &nbsp;&nbsp; 90243 |
| Service Class | &nbsp;&nbsp; 591484 | &nbsp;&nbsp; 774128 |
|  | &nbsp;&nbsp; 2503430 | &nbsp;&nbsp; 2904149 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1373005)<br>| &nbsp;&nbsp; (848145)<br>|
| Service Class | &nbsp;&nbsp; (6939842)<br>| &nbsp;&nbsp; (4790061)<br>|
|  | &nbsp;&nbsp; (8312847)<br>| &nbsp;&nbsp; (5638206)<br>|
| Net decrease | &nbsp;&nbsp; (5809417)<br>| &nbsp;&nbsp; (2734057)<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.

LVIP SSGA International Managed Volatility Fund-10

------

**LVIP SSGA International 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)**

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 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>| $159147 | Variation margin due to broker on futures <br> contracts<br>| $(8865)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 77310 | Variation margin due to broker on futures <br> contracts<br>| (39461)<br>|
| Total |  | $236457 |  | $(48326)<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; $(7140391)<br>| &nbsp;&nbsp; $302443 |
| 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; (2601458)<br>| &nbsp;&nbsp; 321484 |
| Total |  | &nbsp;&nbsp; $(9741849)<br>| &nbsp;&nbsp; $623927 |

---

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) | $22990725 | $4356154 |

---

**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.

LVIP SSGA International Managed Volatility Fund-11

------

**LVIP SSGA International 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. 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 SSGA International Managed Volatility Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA International Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP SSGA International 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.

![](img891cdbc23.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA International Managed Volatility Fund–13

------

![](imgd9caf9cf1.jpg)

![](imgb846cf942.jpg)

LVIP SSGA Large Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Large Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_SOI-continued-280_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_FS-continued-280_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_FS-continued-280_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_FS-continued-280_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_FIHI-continued-280_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_NTF-continued-280_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_3d5fa8d0-b30a-43f5-85a7-37095e396a6c_AUDIT-continued-280_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP SSGA Large Cap 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–96.27%** | **AFFILIATED INVESTMENT–96.27%** | **AFFILIATED INVESTMENT–96.27%** |
| **INVESTMENT COMPANY–96.27%** | **INVESTMENT COMPANY–96.27%** | **INVESTMENT COMPANY–96.27%** |
| **Equity Fund–96.27%** | **Equity Fund–96.27%** | **Equity Fund–96.27%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 25009934 | $842934799 |
| **Total Affiliated Investment** <br>**(Cost $378,766,555)**<br>|  | **842934799** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–3.52%** | **UNAFFILIATED INVESTMENT–3.52%** | **UNAFFILIATED INVESTMENT–3.52%** |
| **INVESTMENT COMPANY–3.52%** | **INVESTMENT COMPANY–3.52%** | **INVESTMENT COMPANY–3.52%** |
| **Money Market Fund–3.52%** | **Money Market Fund–3.52%** | **Money Market Fund–3.52%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 30877409 | $30877409 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $30,877,409)**<br>|  | **30877409** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $409,643,964)** | **873812208** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **1809913** |
| **NET ASSETS APPLICABLE TO 49,486,945 SHARES OUTSTANDING–100.00%** | **$875622121** |

---

&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:** |
| 1 | CME British Pound Currency Futures | &nbsp;&nbsp; $84113 | &nbsp;&nbsp; $83234 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $879 | &nbsp;&nbsp; $— |
| 1 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 147250 | &nbsp;&nbsp; 146087 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; — |
| 1 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 80231 | &nbsp;&nbsp; 81040 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (809)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 2042 | &nbsp;&nbsp; (809)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 86 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 29637750 | &nbsp;&nbsp; 29632200 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 5550 | &nbsp;&nbsp; — |
| 11 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3657720 | &nbsp;&nbsp; 3713273 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55553)<br>|
| 1 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 68643 | &nbsp;&nbsp; 67670 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 973 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 6523 | &nbsp;&nbsp; (55553)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $8565 | &nbsp;&nbsp; $(56362)<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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap 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; $842934799 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 30877409 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2371521 |
| Receivable for fund shares sold | &nbsp;&nbsp; 353053 |
| Receivable for securities sold | &nbsp;&nbsp; 190114 |
| Dividends and interest receivable  | &nbsp;&nbsp; 99749 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 31249 |
| Prepaid expenses | &nbsp;&nbsp; 3239 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 876861133 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 553172 |
| Due to manager and affiliates | &nbsp;&nbsp; 379135 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 266274 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13861 |
| Other accrued expenses payable | &nbsp;&nbsp; 9499 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1239012 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $875622121 |
| Affiliated investments, at cost | &nbsp;&nbsp; $378766555 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 30877409 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $35836 |
| Shares Outstanding | &nbsp;&nbsp; 2017 |
| Net Asset Value Per Share | &nbsp;&nbsp; $17.762 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $875586285 |
| Shares Outstanding | &nbsp;&nbsp; 49484928 |
| Net Asset Value Per Share | &nbsp;&nbsp; $17.694 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $575801441 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 299820680 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $875622121 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $8222641 |
| Dividends from unaffiliated investments | 1582723 |
|  | 9805364 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 2189760 |
| Management fees | 2014655 |
| Shareholder servicing fees | 254022 |
| Accounting and administration expenses | 124492 |
| Professional fees | 56096 |
| Trustees' fees and expenses | 25564 |
| Reports and statements to shareholders | 20580 |
| Custodian fees | 8659 |
| Consulting fees | 8219 |
| Pricing fees | 3124 |
| Other | 15504 |
|  | 4720675 |
| Less:  |  |
| Management fees waived | (43797)<br>|
| Expenses reimbursed | (341072)<br>|
| Total operating expenses | 4335806 |
| **NET INVESTMENT INCOME**  | 5469558 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 35748996 |
| Distributions from affiliated investment <br> companies<br>| 39505051 |
| Futures contracts | (52258878)<br>|
| Net realized gain | 22995169 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 51437849 |
| Foreign currencies | 10 |
| Futures contracts | 1659009 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 53096868 |
| **NET REALIZED AND UNREALIZED GAIN** | 76092037 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $81561595 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large Cap Managed Volatility Fund** | **LVIP SSGA Large 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 IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $5469558 | $7355405 |
| Net realized gain | 22995169 | 105854158 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 53096868 | 83930213 |
| Net increase in net assets resulting <br> from operations<br>| 81561595 | 197139776 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3967)<br>| (1419)<br>|
| Service Class | (100550951)<br>| (38859039)<br>|
|  | (100554918)<br>| (38860458)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 51600194 | 24715157 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3967 | 1419 |
| Service Class | 100550951 | 38859039 |
|  | 152155112 | 63575615 |
| Cost of shares redeemed: |  |  |
| Service Class | (166904314)<br>| (189462560)<br>|
|  | (166904314)<br>| (189462560)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (14749202)<br>| (125886945)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (33742525)<br>| 32392373 |
| **NET ASSETS:** |  |  |
| Beginning of year | 909364646 | 876972273 |
| End of year | $875622121 | $909364646 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Large Cap Managed Volatility Fund-3

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA Large Cap Managed Volatility Fund Standard Class** | **LVIP SSGA 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; $18.268 | &nbsp;&nbsp; $15.367 | &nbsp;&nbsp; $14.628 | &nbsp;&nbsp; $18.757 | &nbsp;&nbsp; $16.325 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.157 | 0.184 | 0.216 | 0.187 | 0.173 |
| Net realized and unrealized gain (loss) | 1.535 | 3.537 | 3.158 | &nbsp;&nbsp; (3.343)<br>| 4.298 |
| Total from investment operations | 1.692 | 3.721 | 3.374 | &nbsp;&nbsp; (3.156)<br>| 4.471 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.202)<br>| &nbsp;&nbsp; (0.216)<br>| &nbsp;&nbsp; (0.254)<br>|
| Net realized gain | &nbsp;&nbsp; (2.035)<br>| &nbsp;&nbsp; (0.606)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.757)<br>| &nbsp;&nbsp; (1.785)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.198)<br>| &nbsp;&nbsp; (0.820)<br>| &nbsp;&nbsp; (2.635)<br>| &nbsp;&nbsp; (0.973)<br>| &nbsp;&nbsp; (2.039)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.762 | &nbsp;&nbsp; $18.268 | &nbsp;&nbsp; $15.367 | &nbsp;&nbsp; $14.628 | &nbsp;&nbsp; $18.757 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.62% | &nbsp;&nbsp; 24.38% | &nbsp;&nbsp; 24.44% | &nbsp;&nbsp; (16.78%)<br>| &nbsp;&nbsp; 28.09% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $33 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $25 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.90% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% |

---

&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 SSGA Large Cap Managed Volatility Fund-4

------

**LVIP SSGA Large Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA Large Cap Managed Volatility Fund Service Class** | **LVIP SSGA 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; $18.210 | &nbsp;&nbsp; $15.321 | &nbsp;&nbsp; $14.596 | &nbsp;&nbsp; $18.718 | &nbsp;&nbsp; $16.299 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.111 | 0.139 | 0.176 | 0.144 | 0.126 |
| Net realized and unrealized gain (loss) | 1.527 | 3.524 | 3.147 | &nbsp;&nbsp; (3.333)<br>| 4.287 |
| Total from investment operations | 1.638 | 3.663 | 3.323 | &nbsp;&nbsp; (3.189)<br>| 4.413 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.119)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.209)<br>|
| Net realized gain | &nbsp;&nbsp; (2.035)<br>| &nbsp;&nbsp; (0.606)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.757)<br>| &nbsp;&nbsp; (1.785)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.154)<br>| &nbsp;&nbsp; (0.774)<br>| &nbsp;&nbsp; (2.598)<br>| &nbsp;&nbsp; (0.933)<br>| &nbsp;&nbsp; (1.994)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.694 | &nbsp;&nbsp; $18.210 | &nbsp;&nbsp; $15.321 | &nbsp;&nbsp; $14.596 | &nbsp;&nbsp; $18.718 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 24.07% | &nbsp;&nbsp; 24.13% | &nbsp;&nbsp; (17.00%)<br>| &nbsp;&nbsp; 27.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $875586 | &nbsp;&nbsp; $909332 | &nbsp;&nbsp; $876946 | &nbsp;&nbsp; $772080 | &nbsp;&nbsp; $962155 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.69% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.65% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% |

---

&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 SSGA Large Cap Managed Volatility Fund-5

------

**LVIP SSGA 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 SSGA 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (collectively, "the Underlying Funds"). The 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 stocks that make up the S&P 500<sup>®</sup>Index. 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 SSGA Large Cap Managed Volatility Fund-6

------

**LVIP SSGA 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. 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 0.23% 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).

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 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% 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; $339047 | &nbsp;&nbsp; $361052 | &nbsp;&nbsp; $341072 | &nbsp;&nbsp; $1041171 |

---

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; $72792 |
| Legal | &nbsp;&nbsp; 12067 |

---

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 SSGA Large Cap Managed Volatility Fund-7

------

**LVIP SSGA 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)**

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 $7,924 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 receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $31249 |
| Management fees payable to LFI | &nbsp;&nbsp; 169230 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 188025 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 68 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21812 |

---

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** <br> **COMPANY-96.27%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-96.27%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $864380729 | $67253730 | $175886505 | $35748996 | $51437849 | $842934799 | 25009934 | $8222641 | $39505051 |

---

&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; $67253730 |
| Sales | &nbsp;&nbsp; 175886505 |

---

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; $412564312 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $461260771 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (12867)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $461247904 |

---

LVIP SSGA Large Cap Managed Volatility Fund-8

------

**LVIP SSGA 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)**

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)

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; $842934799 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $842934799 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 30877409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30877409 |
| **Total Investments** | &nbsp;&nbsp; $873812208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $873812208 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $8565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8565 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(56362)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56362)<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; $35658078 | &nbsp;&nbsp; $16147797 |
| Long-term capital gains | &nbsp;&nbsp; 64896840 | &nbsp;&nbsp; 22712661 |
| Total | &nbsp;&nbsp; $100554918 | &nbsp;&nbsp; $38860458 |

---

LVIP SSGA Large Cap Managed Volatility Fund-9

------

**LVIP SSGA 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;

**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; $34558381 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 37502858 |
| Other temporary differences | &nbsp;&nbsp; (233488463)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 461247904 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $299820680 |

---

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; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; 2971264 | &nbsp;&nbsp; 1434858 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 79 |
| Service Class | &nbsp;&nbsp; 5816516 | &nbsp;&nbsp; 2178902 |
|  | &nbsp;&nbsp; 8788008 | &nbsp;&nbsp; 3613839 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (9238255)<br>| &nbsp;&nbsp; (10917439)<br>|
|  | &nbsp;&nbsp; (9238255)<br>| &nbsp;&nbsp; (10917439)<br>|
| Net decrease | &nbsp;&nbsp; (450247)<br>| &nbsp;&nbsp; (7303600)<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,

LVIP SSGA Large Cap Managed Volatility Fund-10

------

**LVIP SSGA 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)**

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>| $6523 | Variation margin due to broker on futures <br> contracts<br>| $(55553)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 2042 | Variation margin due to broker on futures <br> contracts<br>| (809)<br>|
| Total |  | $8565 |  | $(56362)<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; $(52258878)<br>| &nbsp;&nbsp; $1657776 |
| 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; — | &nbsp;&nbsp; 1233 |
| Total |  | &nbsp;&nbsp; $(52258878)<br>| &nbsp;&nbsp; $1659009 |

---

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) | $32425464 | $32353065 |

---

**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.

LVIP SSGA Large Cap Managed Volatility Fund-11

------

**LVIP SSGA 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;

 **9. 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.

**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 SSGA Large Cap Managed Volatility Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Large Cap Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP SSGA Large Cap 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.

![](img52b5902a3.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Large Cap Managed Volatility Fund–13

------

![](img68cd7da31.jpg)

LVIP SSGA Mid-Cap Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Mid-Cap Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_SOI-continued-251_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_FS-continued-251_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_FS-continued-251_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_FIHI-continued-251_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_NTF-continued-251_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6e9ad539-8ba3-4e20-b182-f666d771365e_AUDIT-continued-251_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP SSGA Mid-Cap Index 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–99.48%** | **COMMON STOCK–99.48%** | **COMMON STOCK–99.48%** |
| **Aerospace & Defense–3.47%** | **Aerospace & Defense–3.47%** | **Aerospace & Defense–3.47%** |
| †AeroVironment, Inc. | 9605 | $2323353 |
| †ATI, Inc. | 41042 | 4709980 |
| BWX Technologies, Inc. | 27546 | 4761051 |
| Carpenter Technology Corp. | 15033 | 4732990 |
| Curtiss-Wright Corp. | 11118 | 6129020 |
| Hexcel Corp. | 24033 | 1776039 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 50941 | 3866931 |
| Woodward, Inc. | 18104 | 5473201 |
|  |  | **33772565** |
| **Air Freight & Logistics–0.19%** | **Air Freight & Logistics–0.19%** | **Air Freight & Logistics–0.19%** |
| †GXO Logistics, Inc. | 34564 | 1819449 |
|  |  | **1819449** |
| **Automobile Components–1.06%** | **Automobile Components–1.06%** | **Automobile Components–1.06%** |
| Autoliv, Inc. | 21051 | 2498754 |
| BorgWarner, Inc. | 64600 | 2910876 |
| Gentex Corp. | 66031 | 1536541 |
| †Goodyear Tire & Rubber Co. | 86835 | 760675 |
| Lear Corp. | 15652 | 1793719 |
| Visteon Corp. | 8280 | 787428 |
|  |  | **10287993** |
| **Automobiles–0.24%** | **Automobiles–0.24%** | **Automobiles–0.24%** |
| Harley-Davidson, Inc. | 35700 | 731493 |
| Thor Industries, Inc. | 15851 | 1627422 |
|  |  | **2358915** |
| **Banks–6.53%** | **Banks–6.53%** | **Banks–6.53%** |
| Associated Banc-Corp. | 49597 | 1277619 |
| Bank OZK | 31966 | 1471075 |
| Cadence Bank | 56257 | 2410050 |
| Columbia Banking System, <br> Inc.<br>| 90282 | 2523382 |
| Comerica, Inc. | 38517 | 3348283 |
| Commerce Bancshares, Inc. | 39057 | 2044230 |
| Cullen/Frost Bankers, Inc. | 19327 | 2447378 |
| East West Bancorp, Inc. | 41539 | 4668568 |
| First Financial Bankshares, <br> Inc.<br>| 39532 | 1180821 |
| First Horizon Corp. | 148638 | 3552448 |
| Flagstar Bank NA | 90833 | 1143587 |
| FNB Corp. | 108126 | 1848955 |
| Glacier Bancorp, Inc. | 38837 | 1710770 |
| Hancock Whitney Corp. | 25229 | 1606583 |
| Home BancShares, Inc. | 55140 | 1531789 |
| International Bancshares <br> Corp.<br>| 16416 | 1090679 |
| Old National Bancorp | 104971 | 2341903 |
| Pinnacle Financial Partners, <br> Inc.<br>| 23103 | 2204257 |
| Prosperity Bancshares, Inc. | 28639 | 1979241 |
| Southstate Bank Corp. | 30324 | 2853792 |
| Synovus Financial Corp. | 42137 | 2108957 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 13780 | $1247641 |
| UMB Financial Corp. | 21567 | 2481068 |
| United Bankshares, Inc. | 42298 | 1624243 |
| Valley National Bancorp | 144727 | 1690411 |
| Webster Financial Corp. | 48650 | 3062031 |
| Western Alliance Bancorp | 31126 | 2616763 |
| Wintrust Financial Corp. | 20225 | 2827859 |
| Zions Bancorp NA | 44514 | 2605850 |
|  |  | **63500233** |
| **Beverages–0.54%** | **Beverages–0.54%** | **Beverages–0.54%** |
| †Boston Beer Co., Inc. Class A | 2301 | 448994 |
| †Celsius Holdings, Inc. | 48249 | 2206910 |
| Coca-Cola Consolidated, Inc. | 17094 | 2620510 |
|  |  | **5276414** |
| **Biotechnology–2.59%** | **Biotechnology–2.59%** | **Biotechnology–2.59%** |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 57990 | 3446346 |
| †Cytokinetics, Inc. | 36324 | 2308027 |
| †Exelixis, Inc. | 80922 | 3546811 |
| †Halozyme Therapeutics, Inc. | 35508 | 2389688 |
| †Neurocrine Biosciences, Inc. | 30109 | 4270360 |
| †Roivant Sciences Ltd. | 132301 | 2870932 |
| †United Therapeutics Corp. | 13009 | 6338635 |
|  |  | **25170799** |
| **Broadline Retail–0.39%** | **Broadline Retail–0.39%** | **Broadline Retail–0.39%** |
| Macy's, Inc. | 81032 | 1786756 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 18510 | 2028881 |
|  |  | **3815637** |
| **Building Products–1.86%** | **Building Products–1.86%** | **Building Products–1.86%** |
| AAON, Inc. | 20430 | 1557788 |
| Advanced Drainage Systems, <br> Inc.<br>| 21615 | 3130500 |
| Carlisle Cos., Inc. | 12588 | 4026398 |
| Fortune Brands Innovations, <br> Inc.<br>| 36270 | 1814225 |
| Owens Corning | 24787 | 2773913 |
| Simpson Manufacturing Co., <br> Inc.<br>| 12534 | 2023865 |
| †Trex Co., Inc. | 32553 | 1141959 |
| UFP Industries, Inc. | 17579 | 1600568 |
|  |  | **18069216** |
| **Capital Markets–3.01%** | **Capital Markets–3.01%** | **Capital Markets–3.01%** |
| Affiliated Managers Group, <br> Inc.<br>| 8492 | 2448074 |
| Carlyle Group, Inc. | 78358 | 4631741 |
| Evercore, Inc. Class A | 11677 | 3973099 |
| Federated Hermes, Inc. | 22438 | 1168347 |
| Hamilton Lane, Inc. Class A | 12281 | 1649461 |

---

LVIP SSGA Mid-Cap Index Fund-1

------

**LVIP SSGA Mid-Cap Index 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)** |
| Houlihan Lokey, Inc. | 16405 | $2857587 |
| Janus Henderson Group PLC | 37281 | 1773457 |
| Jefferies Financial Group, <br> Inc.<br>| 49797 | 3085920 |
| Morningstar, Inc. | 7226 | 1570282 |
| SEI Investments Co. | 28122 | 2306567 |
| Stifel Financial Corp. | 30717 | 3846383 |
|  |  | **29310918** |
| **Chemicals–1.31%** | **Chemicals–1.31%** | **Chemicals–1.31%** |
| Ashland, Inc. | 13875 | 814046 |
| Avient Corp. | 27789 | 868129 |
| †Axalta Coating Systems Ltd. | 64346 | 2079019 |
| Cabot Corp. | 16151 | 1070488 |
| NewMarket Corp. | 2355 | 1618497 |
| Olin Corp. | 34454 | 717677 |
| RPM International, Inc. | 38671 | 4021784 |
| Scotts Miracle-Gro Co. | 13496 | 787492 |
| Westlake Corp. | 10122 | 748421 |
|  |  | **12725553** |
| **Commercial Services & Supplies–1.56%** | **Commercial Services & Supplies–1.56%** | **Commercial Services & Supplies–1.56%** |
| Brink's Co. | 12547 | 1464611 |
| †Clean Harbors, Inc. | 15163 | 3555420 |
| MSA Safety, Inc. | 11070 | 1772750 |
| RB Global, Inc. | 56043 | 5765144 |
| Tetra Tech, Inc. | 78870 | 2645300 |
|  |  | **15203225** |
| **Communications Equipment–1.84%** | **Communications Equipment–1.84%** | **Communications Equipment–1.84%** |
| †Ciena Corp. | 42585 | 9959354 |
| †Lumentum Holdings, Inc. | 21389 | 7883771 |
|  |  | **17843125** |
| **Construction & Engineering–2.28%** | **Construction & Engineering–2.28%** | **Construction & Engineering–2.28%** |
| AECOM | 40007 | 3813867 |
| †API Group Corp. | 111664 | 4272265 |
| †Dycom Industries, Inc. | 8720 | 2946488 |
| †Fluor Corp. | 48677 | 1929069 |
| †MasTec, Inc. | 18511 | 4023736 |
| †Sterling Infrastructure, Inc. | 9235 | 2828034 |
| Valmont Industries, Inc. | 5952 | 2394609 |
|  |  | **22208068** |
| **Construction Materials–0.33%** | **Construction Materials–0.33%** | **Construction Materials–0.33%** |
| Eagle Materials, Inc. | 9651 | 1994668 |
| †Knife River Corp. | 17202 | 1210161 |
|  |  | **3204829** |
| **Consumer Finance–0.76%** | **Consumer Finance–0.76%** | **Consumer Finance–0.76%** |
| Ally Financial, Inc. | 84632 | 3832983 |
| FirstCash Holdings, Inc. | 11752 | 1873034 |
| SLM Corp. | 61289 | 1658480 |
|  |  | **7364497** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail–2.67%** | **Consumer Staples Distribution & Retail–2.67%** | **Consumer Staples Distribution & Retail–2.67%** |
| Albertsons Cos., Inc. Class A | 119366 | $2049514 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 39787 | 3582024 |
| Casey's General Stores, Inc. | 11207 | 6194221 |
| †Maplebear, Inc. | 55481 | 2495535 |
| †Performance Food Group Co. | 47315 | 4254565 |
| †Sprouts Farmers Market, Inc. | 29367 | 2339669 |
| †U.S. Foods Holding Corp. | 67256 | 5065722 |
|  |  | **25981250** |
| **Containers & Packaging–1.05%** | **Containers & Packaging–1.05%** | **Containers & Packaging–1.05%** |
| AptarGroup, Inc. | 19800 | 2414808 |
| Crown Holdings, Inc. | 34424 | 3544639 |
| Graphic Packaging Holding <br> Co.<br>| 89033 | 1340837 |
| Greif, Inc. Class A | 7932 | 536996 |
| Silgan Holdings, Inc. | 26458 | 1068110 |
| Sonoco Products Co. | 29778 | 1299512 |
|  |  | **10204902** |
| **Diversified Consumer Services–0.99%** | **Diversified Consumer Services–0.99%** | **Diversified Consumer Services–0.99%** |
| †Duolingo, Inc. | 12050 | 2114775 |
| Graham Holdings Co. Class B | 1021 | 1121671 |
| †Grand Canyon Education, <br> Inc.<br>| 8321 | 1383865 |
| H&R Block, Inc. | 38142 | 1662228 |
| Service Corp. International | 42273 | 3296026 |
|  |  | **9578565** |
| **Diversified REITs–0.44%** | **Diversified REITs–0.44%** | **Diversified REITs–0.44%** |
| WP Carey, Inc. | 66179 | 4259280 |
|  |  | **4259280** |
| **Diversified Telecommunication Services–0.30%** | **Diversified Telecommunication Services–0.30%** | **Diversified Telecommunication Services–0.30%** |
| †Frontier Communications <br> Parent, Inc.<br>| 75588 | 2877635 |
|  |  | **2877635** |
| **Electric Utilities–0.83%** | **Electric Utilities–0.83%** | **Electric Utilities–0.83%** |
| IDACORP, Inc. | 16303 | 2063308 |
| OGE Energy Corp. | 60838 | 2597783 |
| Portland General Electric <br> Co.<br>| 33960 | 1629740 |
| TXNM Energy, Inc. | 29591 | 1742318 |
|  |  | **8033149** |
| **Electrical Equipment–1.86%** | **Electrical Equipment–1.86%** | **Electrical Equipment–1.86%** |
| Acuity, Inc. | 9172 | 3302287 |
| EnerSys | 11174 | 1639785 |
| †Nextpower, Inc. Class A | 44799 | 3902441 |
| nVent Electric PLC | 48659 | 4961758 |
| Regal Rexnord Corp. | 20049 | 2813276 |
| Sensata Technologies Holding <br> PLC<br>| 43981 | 1464127 |
|  |  | **18083674** |

---

LVIP SSGA Mid-Cap Index Fund-2

------

**LVIP SSGA Mid-Cap Index 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–3.70%** | **Electronic Equipment, Instruments & Components–3.70%** | **Electronic Equipment, Instruments & Components–3.70%** |
| †Arrow Electronics, Inc. | 15535 | $1711646 |
| Avnet, Inc. | 24557 | 1180700 |
| Belden, Inc. | 11827 | 1378437 |
| Cognex Corp. | 50569 | 1819473 |
| †Coherent Corp. | 47387 | 8746219 |
| Crane NXT Co. | 14990 | 705579 |
| †Fabrinet | 10797 | 4915658 |
| †Flex Ltd. | 111638 | 6745168 |
| †IPG Photonics Corp. | 7690 | 550604 |
| Littelfuse, Inc. | 7523 | 1902717 |
| †Novanta, Inc. | 10821 | 1287591 |
| TD SYNNEX Corp. | 22882 | 3437563 |
| Vontier Corp. | 43834 | 1629748 |
|  |  | **36011103** |
| **Energy Equipment & Services–1.01%** | **Energy Equipment & Services–1.01%** | **Energy Equipment & Services–1.01%** |
| NOV, Inc. | 110036 | 1719862 |
| TechnipFMC PLC | 122073 | 5439573 |
| †Valaris Ltd. | 19505 | 983052 |
| Weatherford International <br> PLC<br>| 21607 | 1690964 |
|  |  | **9833451** |
| **Entertainment–0.14%** | **Entertainment–0.14%** | **Entertainment–0.14%** |
| Warner Music Group Corp. <br> Class A<br>| 44044 | 1350829 |
|  |  | **1350829** |
| **Financial Services–1.67%** | **Financial Services–1.67%** | **Financial Services–1.67%** |
| Corebridge Financial, Inc. | 80657 | 2433422 |
| Equitable Holdings, Inc. | 86431 | 4118437 |
| Essent Group Ltd. | 29212 | 1899072 |
| †Euronet Worldwide, Inc. | 11765 | 895434 |
| MGIC Investment Corp. | 67480 | 1971766 |
| †Shift4 Payments, Inc. Class A | 20428 | 1286351 |
| Voya Financial, Inc. | 28670 | 2135628 |
| †WEX, Inc. | 10302 | 1534792 |
|  |  | **16274902** |
| **Food Products–0.77%** | **Food Products–0.77%** | **Food Products–0.77%** |
| †Darling Ingredients, Inc. | 47757 | 1719252 |
| Flowers Foods, Inc. | 64095 | 697354 |
| Ingredion, Inc. | 19184 | 2115228 |
| Marzetti Co. | 6093 | 1001811 |
| Pilgrim's Pride Corp. | 12980 | 506090 |
| †Post Holdings, Inc. | 14431 | 1429390 |
|  |  | **7469125** |
| **Gas Utilities–1.07%** | **Gas Utilities–1.07%** | **Gas Utilities–1.07%** |
| National Fuel Gas Co. | 27232 | 2180194 |
| New Jersey Resources Corp. | 30326 | 1398635 |
| ONE Gas, Inc. | 18114 | 1399307 |
| Southwest Gas Holdings, Inc. | 19447 | 1556149 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 17820 | $1473714 |
| UGI Corp. | 64845 | 2427148 |
|  |  | **10435147** |
| **Ground Transportation–1.49%** | **Ground Transportation–1.49%** | **Ground Transportation–1.49%** |
| †Avis Budget Group, Inc. | 5128 | 658025 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 48970 | 2560152 |
| Landstar System, Inc. | 10320 | 1482984 |
| Ryder System, Inc. | 12183 | 2331704 |
| †Saia, Inc. | 8046 | 2627180 |
| †XPO, Inc. | 35449 | 4817873 |
|  |  | **14477918** |
| **Health Care Equipment & Supplies–1.40%** | **Health Care Equipment & Supplies–1.40%** | **Health Care Equipment & Supplies–1.40%** |
| Dentsply Sirona, Inc. | 60558 | 692178 |
| †Envista Holdings Corp. | 49648 | 1077858 |
| †Globus Medical, Inc. Class A | 33590 | 2932743 |
| †Haemonetics Corp. | 14125 | 1132119 |
| †Lantheus Holdings, Inc. | 20041 | 1333728 |
| †LivaNova PLC | 16575 | 1019860 |
| †Masimo Corp. | 13818 | 1797169 |
| †Penumbra, Inc. | 11799 | 3668427 |
|  |  | **13654082** |
| **Health Care Providers & Services–1.98%** | **Health Care Providers & Services–1.98%** | **Health Care Providers & Services–1.98%** |
| Chemed Corp. | 4264 | 1824395 |
| Encompass Health Corp. | 30377 | 3224215 |
| Ensign Group, Inc. | 17391 | 3029512 |
| †HealthEquity, Inc. | 26051 | 2386532 |
| †Hims & Hers Health, Inc. | 62766 | 2038012 |
| †Option Care Health, Inc. | 47868 | 1525075 |
| †Tenet Healthcare Corp. | 26521 | 5270253 |
|  |  | **19297994** |
| **Health Care REITs–0.74%** | **Health Care REITs–0.74%** | **Health Care REITs–0.74%** |
| Healthcare Realty Trust, Inc. | 106158 | 1799378 |
| Omega Healthcare Investors, <br> Inc.<br>| 89154 | 3953089 |
| Sabra Health Care REIT, Inc. | 75294 | 1426068 |
|  |  | **7178535** |
| **Health Care Technology–0.19%** | **Health Care Technology–0.19%** | **Health Care Technology–0.19%** |
| †Doximity, Inc. Class A | 41407 | 1833502 |
|  |  | **1833502** |
| **Hotel & Resort REITs–0.07%** | **Hotel & Resort REITs–0.07%** | **Hotel & Resort REITs–0.07%** |
| Park Hotels & Resorts, Inc. | 60688 | 634796 |
|  |  | **634796** |
| **Hotels, Restaurants & Leisure–2.52%** | **Hotels, Restaurants & Leisure–2.52%** | **Hotels, Restaurants & Leisure–2.52%** |
| Aramark | 79294 | 2922777 |
| Boyd Gaming Corp. | 17413 | 1484284 |
| †Cava Group, Inc. | 30072 | 1764926 |

---

LVIP SSGA Mid-Cap Index Fund-3

------

**LVIP SSGA Mid-Cap Index 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)** |
| Choice Hotels International, <br> Inc.<br>| 6274 | $597661 |
| Churchill Downs, Inc. | 20023 | 2278217 |
| †Hilton Grand Vacations, Inc. | 18025 | 806619 |
| Hyatt Hotels Corp. Class A | 12652 | 2028369 |
| †Planet Fitness, Inc. Class A | 25075 | 2719885 |
| Texas Roadhouse, Inc. | 19973 | 3315518 |
| Travel & Leisure Co. | 19408 | 1368846 |
| Vail Resorts, Inc. | 10878 | 1444598 |
| Wingstop, Inc. | 8397 | 2002601 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 22779 | 1721181 |
|  |  | **24455482** |
| **Household Durables–1.77%** | **Household Durables–1.77%** | **Household Durables–1.77%** |
| KB Home | 19558 | 1103267 |
| Somnigroup International, <br> Inc.<br>| 63316 | 5652853 |
| †Taylor Morrison Home Corp. | 29506 | 1737018 |
| Toll Brothers, Inc. | 29105 | 3935578 |
| †TopBuild Corp. | 8413 | 3509819 |
| Whirlpool Corp. | 16968 | 1224072 |
|  |  | **17162607** |
| **Independent Power and Renewable Electricity Producers–0.74%** | **Independent Power and Renewable Electricity Producers–0.74%** | **Independent Power and Renewable Electricity Producers–0.74%** |
| Ormat Technologies, Inc. | 18334 | 2025357 |
| †Talen Energy Corp. | 13789 | 5168669 |
|  |  | **7194026** |
| **Industrial REITs–1.02%** | **Industrial REITs–1.02%** | **Industrial REITs–1.02%** |
| EastGroup Properties, Inc. | 16068 | 2862354 |
| First Industrial Realty Trust, <br> Inc.<br>| 39994 | 2290456 |
| Rexford Industrial Realty, <br> Inc.<br>| 70082 | 2713575 |
| STAG Industrial, Inc. | 56376 | 2072382 |
|  |  | **9938767** |
| **Insurance–3.99%** | **Insurance–3.99%** | **Insurance–3.99%** |
| American Financial Group, <br> Inc.<br>| 20912 | 2858252 |
| †Brighthouse Financial, Inc. | 17350 | 1124107 |
| CNO Financial Group, Inc. | 28826 | 1224240 |
| Fidelity National Financial, <br> Inc.<br>| 76938 | 4200045 |
| First American Financial <br> Corp.<br>| 30704 | 1886454 |
| Hanover Insurance Group, <br> Inc.<br>| 10759 | 1966422 |
| Kemper Corp. | 17647 | 715409 |
| Kinsale Capital Group, Inc. | 6680 | 2612682 |
| Old Republic International <br> Corp.<br>| 68694 | 3135194 |
| Primerica, Inc. | 9633 | 2488782 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Reinsurance Group of <br> America, Inc.<br>| 19864 | $4041530 |
| RenaissanceRe Holdings Ltd. | 13888 | 3904750 |
| RLI Corp. | 27677 | 1770775 |
| Ryan Specialty Holdings, Inc. | 34205 | 1766004 |
| Selective Insurance Group, <br> Inc.<br>| 18272 | 1528818 |
| Unum Group | 46466 | 3601115 |
|  |  | **38824579** |
| **Interactive Media & Services–0.57%** | **Interactive Media & Services–0.57%** | **Interactive Media & Services–0.57%** |
| †Pinterest, Inc. Class A | 179800 | 4655022 |
| †ZoomInfo Technologies, Inc. | 82720 | 841262 |
|  |  | **5496284** |
| **IT Services–1.37%** | **IT Services–1.37%** | **IT Services–1.37%** |
| †ASGN, Inc. | 12896 | 621200 |
| †Kyndryl Holdings, Inc. | 68969 | 1831817 |
| †Okta, Inc. | 50746 | 4388006 |
| †Twilio, Inc. Class A | 45778 | 6511463 |
|  |  | **13352486** |
| **Leisure Products–0.55%** | **Leisure Products–0.55%** | **Leisure Products–0.55%** |
| Brunswick Corp. | 19633 | 1457554 |
| †Mattel, Inc. | 93811 | 1861210 |
| Polaris, Inc. | 16215 | 1025599 |
| †YETI Holdings, Inc. | 23457 | 1036096 |
|  |  | **5380459** |
| **Life Sciences Tools & Services–1.97%** | **Life Sciences Tools & Services–1.97%** | **Life Sciences Tools & Services–1.97%** |
| †Avantor, Inc. | 205756 | 2357964 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 5501 | 1666748 |
| Bruker Corp. | 33622 | 1583932 |
| †Illumina, Inc. | 46159 | 6054215 |
| †Medpace Holdings, Inc. | 6697 | 3761370 |
| †Repligen Corp. | 15954 | 2614222 |
| †Sotera Health Co. | 62947 | 1110385 |
|  |  | **19148836** |
| **Machinery–5.45%** | **Machinery–5.45%** | **Machinery–5.45%** |
| AGCO Corp. | 18699 | 1950680 |
| †Chart Industries, Inc. | 13313 | 2745540 |
| CNH Industrial NV | 267096 | 2462625 |
| Crane Co. | 14749 | 2720158 |
| Donaldson Co., Inc. | 34972 | 3100618 |
| Esab Corp. | 17221 | 1923930 |
| Flowserve Corp. | 38402 | 2664331 |
| Graco, Inc. | 50000 | 4098500 |
| ITT, Inc. | 25679 | 4455563 |
| Lincoln Electric Holdings, <br> Inc.<br>| 16613 | 3981139 |
| †Middleby Corp. | 13955 | 2074690 |
| Mueller Industries, Inc. | 33506 | 3846489 |
| Oshkosh Corp. | 19129 | 2403176 |

---

LVIP SSGA Mid-Cap Index Fund-4

------

**LVIP SSGA Mid-Cap Index 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)** |
| †RBC Bearings, Inc. | 9501 | $4260533 |
| †SPX Technologies, Inc. | 15000 | 3000900 |
| Terex Corp. | 19914 | 1063009 |
| Timken Co. | 19137 | 1609996 |
| Toro Co. | 29558 | 2326806 |
| Watts Water Technologies, <br> Inc. Class A<br>| 8282 | 2285998 |
|  |  | **52974681** |
| **Marine Transportation–0.18%** | **Marine Transportation–0.18%** | **Marine Transportation–0.18%** |
| †Kirby Corp. | 16339 | 1800231 |
|  |  | **1800231** |
| **Media–0.98%** | **Media–0.98%** | **Media–0.98%** |
| †EchoStar Corp. Class A | 40623 | 4415720 |
| New York Times Co. Class A | 48790 | 3387002 |
| Nexstar Media Group, Inc. | 8606 | 1747448 |
|  |  | **9550170** |
| **Metals & Mining–2.54%** | **Metals & Mining–2.54%** | **Metals & Mining–2.54%** |
| Alcoa Corp. | 78199 | 4155495 |
| †Cleveland-Cliffs, Inc. | 171943 | 2283403 |
| Commercial Metals Co. | 33479 | 2317416 |
| Hecla Mining Co. | 202200 | 3880218 |
| †MP Materials Corp. | 40665 | 2054396 |
| Reliance, Inc. | 15766 | 4554325 |
| Royal Gold, Inc. | 24421 | 5428544 |
|  |  | **24673797** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.67%** | **Mortgage Real Estate Investment Trusts (REITs)–0.67%** | **Mortgage Real Estate Investment Trusts (REITs)–0.67%** |
| Annaly Capital Management, <br> Inc.<br>| 206116 | 4608754 |
| Starwood Property Trust, Inc. | 104766 | 1886835 |
|  |  | **6495589** |
| **Multi-Utilities–0.29%** | **Multi-Utilities–0.29%** | **Multi-Utilities–0.29%** |
| Black Hills Corp. | 22816 | 1583887 |
| Northwestern Energy Group, <br> Inc.<br>| 18637 | 1202832 |
|  |  | **2786719** |
| **Office REITs–0.53%** | **Office REITs–0.53%** | **Office REITs–0.53%** |
| COPT Defense Properties | 34209 | 951010 |
| Cousins Properties, Inc. | 50709 | 1307278 |
| Kilroy Realty Corp. | 33038 | 1234630 |
| Vornado Realty Trust | 48705 | 1620903 |
|  |  | **5113821** |
| **Oil, Gas & Consumable Fuels–2.91%** | **Oil, Gas & Consumable Fuels–2.91%** | **Oil, Gas & Consumable Fuels–2.91%** |
| Antero Midstream Corp. | 100581 | 1789336 |
| †Antero Resources Corp. | 88493 | 3049469 |
| Chord Energy Corp. | 17182 | 1592771 |
| Civitas Resources, Inc. | 23216 | 628921 |
| †CNX Resources Corp. | 40731 | 1497679 |
| DT Midstream, Inc. | 30641 | 3667115 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| HF Sinclair Corp. | 47174 | $2173778 |
| Matador Resources Co. | 35225 | 1494949 |
| Murphy Oil Corp. | 40730 | 1272813 |
| Ovintiv, Inc. | 76429 | 2995253 |
| PBF Energy, Inc. Class A | 24937 | 676291 |
| Permian Resources Corp. | 209569 | 2940253 |
| Range Resources Corp. | 71508 | 2521372 |
| Viper Energy, Inc. Class A | 50818 | 1963099 |
|  |  | **28263099** |
| **Paper & Forest Products–0.16%** | **Paper & Forest Products–0.16%** | **Paper & Forest Products–0.16%** |
| Louisiana-Pacific Corp. | 19133 | 1545181 |
|  |  | **1545181** |
| **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** |
| †Alaska Air Group, Inc. | 35005 | 1760751 |
| †American Airlines Group, <br> Inc.<br>| 199205 | 3053813 |
|  |  | **4814564** |
| **Personal Care Products–0.28%** | **Personal Care Products–0.28%** | **Personal Care Products–0.28%** |
| †BellRing Brands, Inc. | 38244 | 1022262 |
| †Coty, Inc. Class A | 111217 | 342549 |
| †elf Beauty, Inc. | 18007 | 1369252 |
|  |  | **2734063** |
| **Pharmaceuticals–0.67%** | **Pharmaceuticals–0.67%** | **Pharmaceuticals–0.67%** |
| †Elanco Animal Health, Inc. | 149919 | 3392667 |
| †Jazz Pharmaceuticals PLC | 18314 | 3113380 |
|  |  | **6506047** |
| **Professional Services–2.92%** | **Professional Services–2.92%** | **Professional Services–2.92%** |
| Booz Allen Hamilton Holding <br> Corp.<br>| 36600 | 3087576 |
| †CACI International, Inc. <br> Class A<br>| 6676 | 3557039 |
| Concentrix Corp. | 13345 | 554885 |
| †ExlService Holdings, Inc. | 47931 | 2034192 |
| Exponent, Inc. | 15031 | 1044053 |
| †FTI Consulting, Inc. | 9137 | 1560874 |
| Genpact Ltd. | 48400 | 2264152 |
| KBR, Inc. | 38313 | 1540183 |
| Maximus, Inc. | 17012 | 1468476 |
| †Parsons Corp. | 16075 | 993435 |
| †Paylocity Holding Corp. | 13264 | 2022760 |
| Science Applications <br> International Corp.<br>| 13929 | 1402093 |
| TransUnion | 58636 | 5028037 |
| UL Solutions, Inc. Class A | 22700 | 1790122 |
|  |  | **28347877** |
| **Real Estate Management & Development–0.49%** | **Real Estate Management & Development–0.49%** | **Real Estate Management & Development–0.49%** |
| †Jones Lang LaSalle, Inc. | 14224 | 4785949 |
|  |  | **4785949** |

---

LVIP SSGA Mid-Cap Index Fund-5

------

**LVIP SSGA Mid-Cap Index 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–0.82%** | **Residential REITs–0.82%** | **Residential REITs–0.82%** |
| American Homes 4 Rent <br> Class A<br>| 98416 | $3159154 |
| Equity LifeStyle Properties, <br> Inc.<br>| 58529 | 3547443 |
| Independence Realty Trust, <br> Inc.<br>| 72061 | 1259626 |
|  |  | **7966223** |
| **Retail REITs–0.90%** | **Retail REITs–0.90%** | **Retail REITs–0.90%** |
| Agree Realty Corp. | 34636 | 2494831 |
| Brixmor Property Group, Inc. | 92423 | 2423331 |
| Kite Realty Group Trust | 65343 | 1566272 |
| NNN REIT, Inc. | 57309 | 2271156 |
|  |  | **8755590** |
| **Semiconductors & Semiconductor Equipment–2.74%** | **Semiconductors & Semiconductor Equipment–2.74%** | **Semiconductors & Semiconductor Equipment–2.74%** |
| †Allegro MicroSystems, Inc. | 37636 | 992838 |
| Amkor Technology, Inc. | 34329 | 1355309 |
| †Cirrus Logic, Inc. | 15383 | 1822886 |
| Entegris, Inc. | 45721 | 3851994 |
| †Lattice Semiconductor Corp. | 41258 | 3035764 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 19342 | 3312898 |
| MKS, Inc. | 20288 | 3242022 |
| †Onto Innovation, Inc. | 14776 | 2332539 |
| †Rambus, Inc. | 32462 | 2982933 |
| †Silicon Laboratories, Inc. | 9962 | 1302033 |
| †Synaptics, Inc. | 11701 | 866108 |
| Universal Display Corp. | 13320 | 1555510 |
|  |  | **26652834** |
| **Software–3.67%** | **Software–3.67%** | **Software–3.67%** |
| †Appfolio, Inc. Class A | 6943 | 1615289 |
| Bentley Systems, Inc. Class B | 44922 | 1714448 |
| †Bill Holdings, Inc. | 26936 | 1469089 |
| †Blackbaud, Inc. | 11093 | 702409 |
| †Commvault Systems, Inc. | 13297 | 1666912 |
| †Docusign, Inc. | 60741 | 4154684 |
| Dolby Laboratories, Inc. <br> Class A<br>| 18574 | 1192822 |
| †Dropbox, Inc. Class A | 52685 | 1464643 |
| †Dynatrace, Inc. | 91029 | 3945197 |
| †Guidewire Software, Inc. | 25659 | 5157716 |
| †Manhattan Associates, Inc. | 18157 | 3146790 |
| †Nutanix, Inc. Class A | 81781 | 4227260 |
| Pegasystems, Inc. | 27645 | 1650959 |
| †Qualys, Inc. | 10858 | 1443028 |
| †UiPath, Inc. Class A | 127100 | 2083169 |
|  |  | **35634415** |
| **Specialized REITs–1.36%** | **Specialized REITs–1.36%** | **Specialized REITs–1.36%** |
| CubeSmart | 68825 | 2481141 |
| EPR Properties | 23107 | 1153039 |
| Gaming & Leisure Properties, <br> Inc.<br>| 85413 | 3817107 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| Lamar Advertising Co. <br> Class A<br>| 26250 | $3322725 |
| National Storage Affiliates <br> Trust<br>| 21432 | 604597 |
| PotlatchDeltic Corp. | 21585 | 858651 |
| Rayonier, Inc. | 45149 | 977476 |
|  |  | **13214736** |
| **Specialty Retail–3.40%** | **Specialty Retail–3.40%** | **Specialty Retail–3.40%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 14163 | 1782697 |
| †AutoNation, Inc. | 8285 | 1710687 |
| Bath & Body Works, Inc. | 62239 | 1249759 |
| †Burlington Stores, Inc. | 18796 | 5429225 |
| †Chewy, Inc. Class A | 67666 | 2236361 |
| Dick's Sporting Goods, Inc. | 19958 | 3951085 |
| †Five Below, Inc. | 16614 | 3129413 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 32492 | 1978438 |
| †GameStop Corp. Class A | 124335 | 2496647 |
| Gap, Inc. | 68284 | 1748070 |
| Lithia Motors, Inc. | 7302 | 2426674 |
| Murphy USA, Inc. | 5129 | 2069654 |
| Penske Automotive Group, <br> Inc.<br>| 5567 | 881200 |
| †RH | 4663 | 835377 |
| †Valvoline, Inc. | 38588 | 1121367 |
|  |  | **33046654** |
| **Technology Hardware, Storage & Peripherals–0.65%** | **Technology Hardware, Storage & Peripherals–0.65%** | **Technology Hardware, Storage & Peripherals–0.65%** |
| †Pure Storage, Inc. Class A | 94256 | 6316095 |
|  |  | **6316095** |
| **Textiles, Apparel & Luxury Goods–0.56%** | **Textiles, Apparel & Luxury Goods–0.56%** | **Textiles, Apparel & Luxury Goods–0.56%** |
| †Capri Holdings Ltd. | 36140 | 881816 |
| Columbia Sportswear Co. | 7615 | 419510 |
| †Crocs, Inc. | 15680 | 1340954 |
| PVH Corp. | 14594 | 978090 |
| VF Corp. | 99087 | 1791493 |
|  |  | **5411863** |
| **Trading Companies & Distributors–1.65%** | **Trading Companies & Distributors–1.65%** | **Trading Companies & Distributors–1.65%** |
| Applied Industrial <br> Technologies, Inc.<br>| 11402 | 2927691 |
| †Core & Main, Inc. Class A | 57574 | 2992121 |
| GATX Corp. | 10807 | 1832867 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 13859 | 1165542 |
| Watsco, Inc. | 10556 | 3556844 |
| WESCO International, Inc. | 14673 | 3589603 |
|  |  | **16064668** |

---

LVIP SSGA Mid-Cap Index Fund-6

------

**LVIP SSGA Mid-Cap Index 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)** |
| **Water Utilities–0.34%** | **Water Utilities–0.34%** | **Water Utilities–0.34%** |
| Essential Utilities, Inc. | 85142 | $3266047 |
|  |  | **3266047** |
| **Total Common Stock** <br>**(Cost $628,081,260)** | **Total Common Stock** <br>**(Cost $628,081,260)** | **967075714** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.61%** | **MONEY MARKET FUND–0.61%** | **MONEY MARKET FUND–0.61%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 5935498 | 5935498 |
| **Total Money Market Fund** <br>**(Cost $5,935,498)** | **Total Money Market Fund** <br>**(Cost $5,935,498)** | **5935498** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.09% (Cost $634,016,758)** | **973011212** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.09%)** | **(857905)**<br>|
| **NET ASSETS APPLICABLE TO 75,534,124 SHARES OUTSTANDING–100.00%** | **$972153307** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND STANDARD CLASS** <br>**($700,282,727 / 54,333,231 Shares)** | **$12.889** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND SERVICE CLASS** <br>**($271,870,580 / 21,200,893 Shares)** | **$12.824** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$609175467** |
| Distributable earnings/(accumulated loss) | **362977840** |
| **TOTAL NET ASSETS** | **$972153307** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $391,303 cash collateral held at broker for futures contracts, $2,083,487 payable for securities purchased, $836,418 payable for <br> fund shares redeemed, $56,464 other accrued expenses payable, $304,945 due to manager and affiliates, $6,494 variation margin due to <br> broker on futures contracts, $19,687 payable for audit fee and $26,592 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:** |
| 17 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; $5652840 | &nbsp;&nbsp; $5678577 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25737)<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 SSGA Mid-Cap Index Fund-7

------

**LVIP SSGA Mid-Cap Index Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **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 SSGA Mid-Cap Index Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $13805282 |
| Foreign taxes withheld | (10312)<br>|
|  | 13794970 |
| **EXPENSES:** |  |
| Management fees | 2492511 |
| Distribution fees-Service Class | 613151 |
| Shareholder servicing fees | 267714 |
| Index fees | 186500 |
| Accounting and administration expenses | 167618 |
| Professional fees | 63016 |
| Trustees' fees and expenses | 26592 |
| Reports and statements to shareholders | 17816 |
| Custodian fees | 12385 |
| Consulting fees | 8608 |
| Pricing fees | 6474 |
| Other | 28834 |
|  | 3891219 |
| Less:  |  |
| Management fees waived | (46157)<br>|
| Total operating expenses | 3845062 |
| **NET INVESTMENT INCOME**  | 9949908 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 40658836 |
| Futures contracts | (536882)<br>|
| Net realized gain | 40121954 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 12551649 |
| Futures contracts | 88353 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 12640002 |
| **NET REALIZED AND UNREALIZED GAIN** | 52761956 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $62711864 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index Fund** | **LVIP SSGA Mid-Cap Index 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 | $9949908 | $10122647 |
| Net realized gain | 40121954 | 77373925 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 12640002 | 31148504 |
| Net increase in net assets resulting <br> from operations<br>| 62711864 | 118645076 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (54563809)<br>| (47928657)<br>|
| Service Class | (19995081)<br>| (14542521)<br>|
|  | (74558890)<br>| (62471178)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 110676523 | 60707706 |
| Service Class | 63872562 | 43624525 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 54563809 | 47928657 |
| Service Class | 19995081 | 14542521 |
|  | 249107975 | 166803409 |
| Cost of shares redeemed: |  |  |
| Standard Class | (139990036)<br>| (189312053)<br>|
| Service Class | (36013389)<br>| (29667063)<br>|
|  | (176003425)<br>| (218979116)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 73104550 | (52175707)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 61257524 | 3998191 |
| **NET ASSETS:** |  |  |
| Beginning of year | 910895783 | 906897592 |
| End of year | $972153307 | $910895783 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Mid-Cap Index Fund-9

------

**LVIP SSGA Mid-Cap Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index Fund Standard Class** | **LVIP SSGA Mid-Cap Index 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; $13.039 | &nbsp;&nbsp; $12.282 | &nbsp;&nbsp; $11.406 | &nbsp;&nbsp; $15.167 | &nbsp;&nbsp; $12.763 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.148 | 0.151 | 0.149 | 0.154 | 0.129 |
| Net realized and unrealized gain (loss) | 0.764 | 1.519 | 1.607 | &nbsp;&nbsp; (2.279)<br>| 2.952 |
| Total from investment operations | 0.912 | 1.670 | 1.756 | &nbsp;&nbsp; (2.125)<br>| 3.081 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.164)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (0.165)<br>|
| Net realized gain | &nbsp;&nbsp; (0.915)<br>| &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.717)<br>| &nbsp;&nbsp; (1.463)<br>| &nbsp;&nbsp; (0.512)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.062)<br>| &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.880)<br>| &nbsp;&nbsp; (1.636)<br>| &nbsp;&nbsp; (0.677)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.889 | &nbsp;&nbsp; $13.039 | &nbsp;&nbsp; $12.282 | &nbsp;&nbsp; $11.406 | &nbsp;&nbsp; $15.167 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 7.13% | &nbsp;&nbsp; 13.55% | &nbsp;&nbsp; 16.05% | &nbsp;&nbsp; (13.40%)<br>| &nbsp;&nbsp; 24.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $700282 | &nbsp;&nbsp; $684477 | &nbsp;&nbsp; $719984 | &nbsp;&nbsp; $694216 | &nbsp;&nbsp; $916248 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.87% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.87% |
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 23% |

---

&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 SSGA Mid-Cap Index Fund-10

------

**LVIP SSGA Mid-Cap Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index Fund Service Class** | **LVIP SSGA Mid-Cap Index 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; $12.983 | &nbsp;&nbsp; $12.236 | &nbsp;&nbsp; $11.371 | &nbsp;&nbsp; $15.129 | &nbsp;&nbsp; $12.736 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.115 | 0.118 | 0.119 | 0.121 | 0.092 |
| Net realized and unrealized gain (loss) | 0.759 | 1.511 | 1.598 | &nbsp;&nbsp; (2.273)<br>| 2.945 |
| Total from investment operations | 0.874 | 1.629 | 1.717 | &nbsp;&nbsp; (2.152)<br>| 3.037 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.118)<br>| &nbsp;&nbsp; (0.133)<br>| &nbsp;&nbsp; (0.135)<br>| &nbsp;&nbsp; (0.143)<br>| &nbsp;&nbsp; (0.132)<br>|
| Net realized gain | &nbsp;&nbsp; (0.915)<br>| &nbsp;&nbsp; (0.749)<br>| &nbsp;&nbsp; (0.717)<br>| &nbsp;&nbsp; (1.463)<br>| &nbsp;&nbsp; (0.512)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.033)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.852)<br>| &nbsp;&nbsp; (1.606)<br>| &nbsp;&nbsp; (0.644)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.824 | &nbsp;&nbsp; $12.983 | &nbsp;&nbsp; $12.236 | &nbsp;&nbsp; $11.371 | &nbsp;&nbsp; $15.129 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.87% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 15.75% | &nbsp;&nbsp; (13.61%)<br>| &nbsp;&nbsp; 24.06% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $271871 | &nbsp;&nbsp; $226419 | &nbsp;&nbsp; $186913 | &nbsp;&nbsp; $153978 | &nbsp;&nbsp; $184667 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.62% |
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 23% |

---

&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 SSGA Mid-Cap Index Fund-11

------

**LVIP SSGA Mid-Cap Index 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 SSGA Mid-Cap Index 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 to approximate as closely as practicable, before fees and expenses, the performance of a broad market index that emphasizes stocks of mid-sized U.S. companies.

**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. 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.

LVIP SSGA Mid-Cap Index Fund-12

------

**LVIP SSGA Mid-Cap Index 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. 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 0.27% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.005% on the first $1.5 billion of the Fund's average daily net assets and 0.01% of the Fund's average daily net assets in excess of $1.5 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.

SSGA Funds 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; $75988 |
| Legal | &nbsp;&nbsp; 12628 |

---

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 $4,505 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 SSGA Mid-Cap Index Fund-13

------

**LVIP SSGA Mid-Cap Index 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; $222342 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 58271 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 24332 |

---

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; $178563874 |
| Sales | &nbsp;&nbsp; 170792279 |

---

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; $649415184 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $367413303 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (43817278)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $323596025 |

---

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 SSGA Mid-Cap Index Fund-14

------

**LVIP SSGA Mid-Cap Index 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 | &nbsp;&nbsp; $967075714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $967075714 |
| Money Market Fund | &nbsp;&nbsp; 5935498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5935498 |
| **Total Investments** | &nbsp;&nbsp; $973011212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $973011212 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(25737)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25737)<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; $14332265 | &nbsp;&nbsp; $23867637 |
| Long-term capital gains | &nbsp;&nbsp; 60226625 | &nbsp;&nbsp; 38603541 |
| Total | &nbsp;&nbsp; $74558890 | &nbsp;&nbsp; $62471178 |

---

**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; $39381814 |
| Other temporary differences | &nbsp;&nbsp; 1 |
| Net unrealized appreciation | &nbsp;&nbsp; 323596025 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $362977840 |

---

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 SSGA Mid-Cap Index Fund-15

------

**LVIP SSGA Mid-Cap Index 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; 8582772 | &nbsp;&nbsp; 4609205 |
| Service Class | &nbsp;&nbsp; 4989361 | &nbsp;&nbsp; 3315885 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 4262019 | &nbsp;&nbsp; 3593385 |
| Service Class | &nbsp;&nbsp; 1571985 | &nbsp;&nbsp; 1096235 |
|  | &nbsp;&nbsp; 19406137 | &nbsp;&nbsp; 12614710 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (11007492)<br>| &nbsp;&nbsp; (14329715)<br>|
| Service Class | &nbsp;&nbsp; (2800653)<br>| &nbsp;&nbsp; (2247080)<br>|
|  | &nbsp;&nbsp; (13808145)<br>| &nbsp;&nbsp; (16576795)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5597992 | &nbsp;&nbsp; (3962085)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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 facilitate investments in portfolio securities; to reduce transaction costs 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>| Liabilities net of receivables and other <br> assets<br>| $— | Liabilities net of receivables and other <br> assets<br>| $(25737)<br>|

---

LVIP SSGA Mid-Cap Index Fund-16

------

**LVIP SSGA Mid-Cap Index 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; $(536882)<br>| &nbsp;&nbsp; $88353 |

---

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) | $7129802 | $— |

---

**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.

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 SSGA Mid-Cap Index Fund-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Mid-Cap Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Mid-Cap Index 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.

![](img735204642.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Mid-Cap Index Fund–18

------

![](img3c1457191.jpg)

LVIP SSGA Nasdaq-100 Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Nasdaq-100 Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_SOI-continued-448_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_FS-continued-448_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_FS-continued-448_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_FIHI-continued-448_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_NTF-continued-448_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_a5416a36-0758-4c98-ab09-5c1e0c807e5b_AUDIT-continued-448_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP SSGA Nasdaq-100 Index 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–98.28%** | **COMMON STOCK–98.28%** | **COMMON STOCK–98.28%** |
| **Aerospace & Defense–0.24%** | **Aerospace & Defense–0.24%** | **Aerospace & Defense–0.24%** |
| †Axon Enterprise, Inc. | 638 | $362339 |
|  |  | **362339** |
| **Automobiles–3.91%** | **Automobiles–3.91%** | **Automobiles–3.91%** |
| †Tesla, Inc. | 13009 | 5850407 |
|  |  | **5850407** |
| **Beverages–1.90%** | **Beverages–1.90%** | **Beverages–1.90%** |
| Coca-Cola Europacific <br> Partners PLC<br>| 3707 | 336225 |
| Keurig Dr. Pepper, Inc. | 10991 | 307858 |
| †Monster Beverage Corp. | 7941 | 608836 |
| PepsiCo, Inc. | 11105 | 1593790 |
|  |  | **2846709** |
| **Biotechnology–3.32%** | **Biotechnology–3.32%** | **Biotechnology–3.32%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 1069 | 425088 |
| Amgen, Inc. | 4373 | 1431326 |
| Gilead Sciences, Inc. | 10077 | 1236851 |
| †Insmed, Inc. | 1725 | 300219 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 839 | 647599 |
| †Vertex Pharmaceuticals, Inc. | 2061 | 934375 |
|  |  | **4975458** |
| **Broadline Retail–5.81%** | **Broadline Retail–5.81%** | **Broadline Retail–5.81%** |
| †Amazon.com, Inc. | 31437 | 7256289 |
| †MercadoLibre, Inc. | 412 | 829875 |
| †PDD Holdings, Inc. ADR | 5429 | 615594 |
|  |  | **8701758** |
| **Chemicals–1.08%** | **Chemicals–1.08%** | **Chemicals–1.08%** |
| Linde PLC | 3792 | 1616871 |
|  |  | **1616871** |
| **Commercial Services & Supplies–0.61%** | **Commercial Services & Supplies–0.61%** | **Commercial Services & Supplies–0.61%** |
| Cintas Corp. | 3266 | 614236 |
| †Copart, Inc. | 7831 | 306584 |
|  |  | **920820** |
| **Communications Equipment–1.65%** | **Communications Equipment–1.65%** | **Communications Equipment–1.65%** |
| Cisco Systems, Inc. | 32083 | 2471354 |
|  |  | **2471354** |
| **Construction & Engineering–0.26%** | **Construction & Engineering–0.26%** | **Construction & Engineering–0.26%** |
| Ferrovial SE | 5936 | 383525 |
|  |  | **383525** |
| **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** |
| Costco Wholesale Corp. | 3598 | 3102699 |
|  |  | **3102699** |
| **Electric Utilities–1.41%** | **Electric Utilities–1.41%** | **Electric Utilities–1.41%** |
| American Electric Power Co., <br> Inc.<br>| 4342 | 500676 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Constellation Energy Corp. | 2537 | $896246 |
| Exelon Corp. | 8173 | 356261 |
| Xcel Energy, Inc. | 4786 | 353494 |
|  |  | **2106677** |
| **Energy Equipment & Services–0.24%** | **Energy Equipment & Services–0.24%** | **Energy Equipment & Services–0.24%** |
| Baker Hughes Co. | 7983 | 363546 |
|  |  | **363546** |
| **Entertainment–3.07%** | **Entertainment–3.07%** | **Entertainment–3.07%** |
| Electronic Arts, Inc. | 2023 | 413359 |
| †Netflix, Inc. | 34405 | 3225813 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1495 | 382765 |
| †Warner Bros Discovery, Inc. | 20141 | 580464 |
|  |  | **4602401** |
| **Financial Services–0.30%** | **Financial Services–0.30%** | **Financial Services–0.30%** |
| PayPal Holdings, Inc. | 7570 | 441937 |
|  |  | **441937** |
| **Food Products–0.53%** | **Food Products–0.53%** | **Food Products–0.53%** |
| Kraft Heinz Co. | 9576 | 232218 |
| Mondelez International, Inc. <br> Class A<br>| 10488 | 564569 |
|  |  | **796787** |
| **Ground Transportation–0.54%** | **Ground Transportation–0.54%** | **Ground Transportation–0.54%** |
| CSX Corp. | 15136 | 548680 |
| Old Dominion Freight Line, <br> Inc.<br>| 1692 | 265306 |
|  |  | **813986** |
| **Health Care Equipment & Supplies–1.72%** | **Health Care Equipment & Supplies–1.72%** | **Health Care Equipment & Supplies–1.72%** |
| †Dexcom, Inc. | 3155 | 209397 |
| GE HealthCare Technologies, <br> Inc.<br>| 3685 | 302244 |
| †IDEXX Laboratories, Inc. | 646 | 437038 |
| †Intuitive Surgical, Inc. | 2879 | 1630551 |
|  |  | **2579230** |
| **Hotels, Restaurants & Leisure–2.72%** | **Hotels, Restaurants & Leisure–2.72%** | **Hotels, Restaurants & Leisure–2.72%** |
| †Airbnb, Inc. Class A | 3441 | 467013 |
| Booking Holdings, Inc. | 262 | 1403097 |
| †DoorDash, Inc. Class A | 3302 | 747837 |
| Marriott International, Inc. <br> Class A<br>| 2181 | 676633 |
| Starbucks Corp. | 9239 | 778016 |
|  |  | **4072596** |
| **Industrial Conglomerates–0.67%** | **Industrial Conglomerates–0.67%** | **Industrial Conglomerates–0.67%** |
| Honeywell International, Inc. | 5158 | 1006274 |
|  |  | **1006274** |

---

LVIP SSGA Nasdaq-100 Index Fund-1

------

**LVIP SSGA Nasdaq-100 Index 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–10.71%** | **Interactive Media & Services–10.71%** | **Interactive Media & Services–10.71%** |
| Alphabet, Inc. Class A | 33011 | $10345164 |
| Meta Platforms, Inc. Class A | 8637 | 5701197 |
|  |  | **16046361** |
| **IT Services–1.28%** | **IT Services–1.28%** | **IT Services–1.28%** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 3905 | 324115 |
| †Shopify, Inc. Class A | 9929 | 1598271 |
|  |  | **1922386** |
| **Machinery–0.31%** | **Machinery–0.31%** | **Machinery–0.31%** |
| PACCAR, Inc. | 4270 | 467608 |
|  |  | **467608** |
| **Media–0.74%** | **Media–0.74%** | **Media–0.74%** |
| †Charter Communications, <br> Inc. Class A<br>| 1047 | 218561 |
| Comcast Corp. Class A | 29528 | 882592 |
|  |  | **1101153** |
| **Oil, Gas & Consumable Fuels–0.23%** | **Oil, Gas & Consumable Fuels–0.23%** | **Oil, Gas & Consumable Fuels–0.23%** |
| Diamondback Energy, Inc. | 2318 | 348465 |
|  |  | **348465** |
| **Pharmaceuticals–0.29%** | **Pharmaceuticals–0.29%** | **Pharmaceuticals–0.29%** |
| AstraZeneca PLC ADR | 4722 | 434093 |
|  |  | **434093** |
| **Professional Services–1.27%** | **Professional Services–1.27%** | **Professional Services–1.27%** |
| Automatic Data Processing, <br> Inc.<br>| 3286 | 845258 |
| Paychex, Inc. | 2912 | 326668 |
| Thomson Reuters Corp. | 3617 | 477046 |
| Verisk Analytics, Inc. | 1128 | 252322 |
|  |  | **1901294** |
| **Real Estate Management & Development–0.15%** | **Real Estate Management & Development–0.15%** | **Real Estate Management & Development–0.15%** |
| †CoStar Group, Inc. | 3429 | 230566 |
|  |  | **230566** |
| **Semiconductors & Semiconductor Equipment–24.10%** | **Semiconductors & Semiconductor Equipment–24.10%** | **Semiconductors & Semiconductor Equipment–24.10%** |
| †Advanced Micro Devices, Inc. | 13219 | 2830981 |
| Analog Devices, Inc. | 3978 | 1078834 |
| Applied Materials, Inc. | 6470 | 1662725 |
| †ARM Holdings PLC ADR | 1119 | 122318 |
| ASML Holding NV. | 713 | 762810 |
| Broadcom, Inc. | 13888 | 4806637 |
| †Intel Corp. | 38741 | 1429543 |
| KLA Corp. | 1067 | 1296490 |
| Lam Research Corp. | 10200 | 1746036 |
| Marvell Technology, Inc. | 7007 | 595455 |
| Microchip Technology, Inc. | 4372 | 278584 |
| Micron Technology, Inc. | 9138 | 2608076 |
| Monolithic Power Systems, <br> Inc.<br>| 388 | 351668 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| NVIDIA Corp. | 71456 | $13326544 |
| NXP Semiconductors NV | 2046 | 444105 |
| QUALCOMM, Inc. | 8698 | 1487793 |
| Texas Instruments, Inc. | 7380 | 1280356 |
|  |  | **36108955** |
| **Software–16.41%** | **Software–16.41%** | **Software–16.41%** |
| †Adobe, Inc. | 3400 | 1189966 |
| †AppLovin Corp. Class A | 2498 | 1683202 |
| †Atlassian Corp. Class A | 1359 | 220348 |
| †Autodesk, Inc. | 1723 | 510025 |
| †Cadence Design Systems, <br> Inc.<br>| 2212 | 691427 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 2039 | 955802 |
| †Datadog, Inc. Class A | 2633 | 358062 |
| †Fortinet, Inc. | 6046 | 480113 |
| Intuit, Inc. | 2260 | 1497069 |
| Microsoft Corp. | 21856 | 10569999 |
| †Palantir Technologies, Inc. <br> Class A<br>| 18547 | 3296729 |
| †Palo Alto Networks, Inc. | 5662 | 1042940 |
| Roper Technologies, Inc. | 871 | 387708 |
| †Strategy, Inc. Class A | 2166 | 329124 |
| †Synopsys, Inc. | 1509 | 708808 |
| †Workday, Inc. Class A | 1723 | 370066 |
| †Zscaler, Inc. | 1290 | 290147 |
|  |  | **24581535** |
| **Specialty Retail–0.74%** | **Specialty Retail–0.74%** | **Specialty Retail–0.74%** |
| †O'Reilly Automotive, Inc. | 6860 | 625701 |
| Ross Stores, Inc. | 2644 | 476290 |
|  |  | **1101991** |
| **Technology Hardware, Storage & Peripherals–8.52%** | **Technology Hardware, Storage & Peripherals–8.52%** | **Technology Hardware, Storage & Peripherals–8.52%** |
| Apple, Inc. | 43451 | 11812589 |
| Seagate Technology Holdings <br> PLC<br>| 1736 | 478077 |
| Western Digital Corp. | 2780 | 478911 |
|  |  | **12769577** |
| **Trading Companies & Distributors–0.25%** | **Trading Companies & Distributors–0.25%** | **Trading Companies & Distributors–0.25%** |
| Fastenal Co. | 9288 | 372727 |
|  |  | **372727** |
| **Wireless Telecommunication Services–1.23%** | **Wireless Telecommunication Services–1.23%** | **Wireless Telecommunication Services–1.23%** |
| T-Mobile U.S., Inc. | 9083 | 1844212 |
|  |  | **1844212** |
| **Total Common Stock** <br>**(Cost $80,305,545)** | **Total Common Stock** <br>**(Cost $80,305,545)** | **147246297** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA Nasdaq-100 Index Fund-2

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.69%** | **MONEY MARKET FUND–1.69%** | **MONEY MARKET FUND–1.69%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2537129 | $2537129 |
| **Total Money Market Fund** <br>**(Cost $2,537,129)** | **Total Money Market Fund** <br>**(Cost $2,537,129)** | **2537129** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.97% (Cost $82,842,674)** | **$149783426** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.03%** | **44646** |
| **NET ASSETS APPLICABLE TO 8,756,731 SHARES OUTSTANDING–100.00%** | **$149828072** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA NASDAQ-100 INDEX FUND STANDARD CLASS** <br>**($85,925,252 / 5,016,114 Shares)** | **$17.130** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA NASDAQ-100 INDEX FUND SERVICE CLASS** <br>**($63,902,820 / 3,740,617 Shares)** | **$17.084** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$82827068** |
| Distributable earnings/(accumulated loss) | **67001004** |
| **TOTAL NET ASSETS** | **$149828072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $171,184 cash collateral held at broker for futures contracts, $4,512 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $32,491 payable for fund shares redeemed, $4,624 other accrued expenses payable, $53,836 due to manager and <br> affiliates, $47,970 variation margin due to broker on futures contracts, $17,071 payable for audit fee, $11,202 payable for fund accounting fee <br> and $13,988 payable for licensing 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:** |
| 2 | CME E-mini NASDAQ 100 Index Futures | &nbsp;&nbsp; $1018270 | &nbsp;&nbsp; $1018667 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(397)<br>|
| 31 | Micro E-mini NASDAQ-100 Futures | &nbsp;&nbsp; 1578318 | &nbsp;&nbsp; 1586019 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7701)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8098)<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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $1006935 |
| Foreign taxes withheld | (2589)<br>|
|  | 1004346 |
| **EXPENSES:** |  |
| Management fees | 389689 |
| Distribution fees-Service Class | 126283 |
| Index fees | 53494 |
| Accounting and administration expenses | 44316 |
| Professional fees | 40061 |
| Shareholder servicing fees | 38969 |
| Custodian fees | 5542 |
| Reports and statements to shareholders | 4545 |
| Consulting fees | 4046 |
| Trustees' fees and expenses | 3791 |
| Pricing fees | 1318 |
| Other | 6405 |
|  | 718459 |
| Less:  |  |
| Expenses reimbursed | (4512)<br>|
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 12640 |
| Total operating expenses | 726587 |
| **NET INVESTMENT INCOME**  | 277759 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 3698895 |
| Futures contracts | (30541)<br>|
| Net realized gain | 3668354 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 21052446 |
| Futures contracts | 43733 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 21096179 |
| **NET REALIZED AND UNREALIZED GAIN** | 24764533 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $25042292 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index Fund** | **LVIP SSGA Nasdaq-100 Index 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 | $277759 | $413770 |
| Net realized gain | 3668354 | 6032047 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 21096179 | 21182000 |
| Net increase in net assets resulting <br> from operations<br>| 25042292 | 27627817 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3276962)<br>| (877341)<br>|
| Service Class | (2084100)<br>| (319531)<br>|
|  | (5361062)<br>| (1196872)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9938686 | 7241234 |
| Service Class | 21678711 | 15051710 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3276962 | 877341 |
| Service Class | 2084100 | 319531 |
|  | 36978459 | 23489816 |
| Cost of shares redeemed: |  |  |
| Standard Class | (25140217)<br>| (27390916)<br>|
| Service Class | (8562336)<br>| (14047266)<br>|
|  | (33702553)<br>| (41438182)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 3275906 | (17948366)<br>|
| **NET INCREASE IN NET ASSETS** | 22957136 | 8482579 |
| **NET ASSETS:** |  |  |
| Beginning of year | 126870936 | 118388357 |
| End of year | $149828072 | $126870936 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Nasdaq-100 Index Fund-4

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** | **LVIP SSGA Nasdaq-100 Index Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.767 | &nbsp;&nbsp; $11.910 | &nbsp;&nbsp; $7.742 | &nbsp;&nbsp; $11.766 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.047 | 0.055 | 0.058 | 0.040 | 0.020 |
| Net realized and unrealized gain (loss) | 2.961 | 2.953 | 4.161 | &nbsp;&nbsp; (3.881)<br>| 1.916 |
| Total from investment operations | 3.008 | 3.008 | 4.219 | &nbsp;&nbsp; (3.841)<br>| 1.936 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; (0.071)<br>| &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.020)<br>|
| Net realized gain | &nbsp;&nbsp; (0.600)<br>| &nbsp;&nbsp; (0.080)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.150)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.645)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.170)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.130 | &nbsp;&nbsp; $14.767 | &nbsp;&nbsp; $11.910 | &nbsp;&nbsp; $7.742 | &nbsp;&nbsp; $11.766 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 20.49% | &nbsp;&nbsp; 25.24% | &nbsp;&nbsp; 54.50% | &nbsp;&nbsp; (32.72%)<br>| &nbsp;&nbsp; 19.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $85925 | &nbsp;&nbsp; $85731 | &nbsp;&nbsp; $86071 | &nbsp;&nbsp; $74220 | &nbsp;&nbsp; $106553 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.45% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.45% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.30% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.41% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.20% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 28% |

---

&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 years ended December 31, 2025 and 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 SSGA Nasdaq-100 Index Fund-5

------

**LVIP SSGA Nasdaq-100 Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** | **LVIP SSGA Nasdaq-100 Index Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **2/18/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.735 | &nbsp;&nbsp; $11.888 | &nbsp;&nbsp; $7.735 | &nbsp;&nbsp; $11.752 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.009 | 0.022 | 0.034 | 0.017 | &nbsp;&nbsp; (0.004)<br>|
| Net realized and unrealized gain (loss) | 2.950 | 2.944 | 4.151 | &nbsp;&nbsp; (3.874)<br>| 1.916 |
| Total from investment operations | 2.959 | 2.966 | 4.185 | &nbsp;&nbsp; (3.857)<br>| 1.912 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.010)<br>| &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; (0.010)<br>|
| Net realized gain | &nbsp;&nbsp; (0.600)<br>| &nbsp;&nbsp; (0.080)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.150)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.610)<br>| &nbsp;&nbsp; (0.119)<br>| &nbsp;&nbsp; (0.032)<br>| &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.160)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.084 | &nbsp;&nbsp; $14.735 | &nbsp;&nbsp; $11.888 | &nbsp;&nbsp; $7.735 | &nbsp;&nbsp; $11.752 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 20.20% | &nbsp;&nbsp; 24.94% | &nbsp;&nbsp; 54.11% | &nbsp;&nbsp; (32.89%)<br>| &nbsp;&nbsp; 19.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $63903 | &nbsp;&nbsp; $41140 | &nbsp;&nbsp; $32318 | &nbsp;&nbsp; $6528 | &nbsp;&nbsp; $9470 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.16% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; (0.04%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; (0.05%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 28% |

---

&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 SSGA Nasdaq-100 Index Fund-6

------

**LVIP SSGA Nasdaq-100 Index 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 SSGA Nasdaq-100 Index 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 an investment return that approximates as closely as practicable, before fees and expenses, the performance of U.S. common stocks, as represented by the Nasdaq-100<sup>®</sup> Index.

**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. 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.

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. 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 SSGA Nasdaq-100 Index Fund-7

------

**LVIP SSGA Nasdaq-100 Index 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 0.29% 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 0.45% of the Fund's average daily net assets for the Standard Class and 0.70% 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 $12,640 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** |  |
|  | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $4512 | &nbsp;&nbsp; $4512 |

---

SSGA Funds Management, Inc. ("SSGA") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays SSGA 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; $10948 |
| Legal | &nbsp;&nbsp; 1831 |

---

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 $259 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 SSGA Nasdaq-100 Index Fund-8

------

**LVIP SSGA Nasdaq-100 Index 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; $4512 |
| Management fees payable to LFI | &nbsp;&nbsp; 36858 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 13292 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 3686 |

---

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; $22820830 |
| Sales | &nbsp;&nbsp; 25754326 |

---

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; $86883624 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $66533918 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (3634116)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $62899802 |

---

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 SSGA Nasdaq-100 Index Fund-9

------

**LVIP SSGA Nasdaq-100 Index 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 | &nbsp;&nbsp; $147246297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147246297 |
| Money Market Fund | &nbsp;&nbsp; 2537129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2537129 |
| **Total Investments** | &nbsp;&nbsp; $149783426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149783426 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(8098)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8098)<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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $458745 | $975418 |
| Long-term capital gains | 4902317 | 221454 |
| Total | $5361062 | $1196872 |

---

**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; $169171 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 3932029 |
| Other temporary differences | &nbsp;&nbsp; 2 |
| Net unrealized appreciation | &nbsp;&nbsp; 62899802 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $67001004 |

---

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 SSGA Nasdaq-100 Index Fund-10

------

**LVIP SSGA Nasdaq-100 Index 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; 635627 | &nbsp;&nbsp; 525140 |
| Service Class | &nbsp;&nbsp; 1371259 | &nbsp;&nbsp; 1118865 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 195552 | &nbsp;&nbsp; 58861 |
| Service Class | &nbsp;&nbsp; 125113 | &nbsp;&nbsp; 21510 |
|  | &nbsp;&nbsp; 2327551 | &nbsp;&nbsp; 1724376 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1620615)<br>| &nbsp;&nbsp; (2005294)<br>|
| Service Class | &nbsp;&nbsp; (547782)<br>| &nbsp;&nbsp; (1066848)<br>|
|  | &nbsp;&nbsp; (2168397)<br>| &nbsp;&nbsp; (3072142)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 159154 | &nbsp;&nbsp; (1347766)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| $— | Receivables and other assets net of <br> liabilities<br>| $(8098)<br>|

---

LVIP SSGA Nasdaq-100 Index Fund-11

------

**LVIP SSGA Nasdaq-100 Index 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; $(30541)<br>| &nbsp;&nbsp; $43733 |

---

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) | $1459249 | $— |

---

**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.

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 SSGA Nasdaq-100 Index Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Nasdaq-100 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Nasdaq-100 Index 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 period from February 18, 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 February 18, 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.

![](img592650722.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Nasdaq-100 Index Fund–13

------

![](imgb3d5824d1.jpg)

LVIP SSGA S&P 500 Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA S&P 500 Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_SOI-continued-260_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_FS-continued-260_1)**  | &nbsp;&nbsp; **9** |
| **[Statements of Changes in Net Assets](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_FS-continued-260_1)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_FIHI-continued-260_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_NTF-continued-260_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_4b890fc3-225f-4ca6-8eaf-a8afa7c50887_AUDIT-continued-260_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP SSGA S&P 500 Index 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–99.52%** | **COMMON STOCK–99.52%** | **COMMON STOCK–99.52%** |
| **Aerospace & Defense–2.19%** | **Aerospace & Defense–2.19%** | **Aerospace & Defense–2.19%** |
| †Axon Enterprise, Inc. | 16100 | $9143673 |
| †Boeing Co. | 166389 | 36126380 |
| General Dynamics Corp. | 53660 | 18065176 |
| General Electric Co. | 224567 | 69173373 |
| Howmet Aerospace, Inc. | 86560 | 17746531 |
| Huntington Ingalls <br> Industries, Inc.<br>| 8500 | 2890595 |
| L3Harris Technologies, Inc. | 40406 | 11861989 |
| Lockheed Martin Corp. | 43182 | 20885838 |
| Northrop Grumman Corp. | 28413 | 16201377 |
| RTX Corp. | 285671 | 52392061 |
| Textron, Inc. | 38822 | 3384114 |
| TransDigm Group, Inc. | 11960 | 15905006 |
|  |  | **273776113** |
| **Air Freight & Logistics–0.30%** | **Air Freight & Logistics–0.30%** | **Air Freight & Logistics–0.30%** |
| CH Robinson Worldwide, Inc. | 24927 | 4007264 |
| Expeditors International of <br> Washington, Inc.<br>| 29076 | 4332615 |
| FedEx Corp. | 46203 | 13346199 |
| United Parcel Service, Inc. <br> Class B<br>| 156824 | 15555372 |
|  |  | **37241450** |
| **Automobile Components–0.03%** | **Automobile Components–0.03%** | **Automobile Components–0.03%** |
| †Aptiv PLC | 46124 | 3509575 |
|  |  | **3509575** |
| **Automobiles–2.37%** | **Automobiles–2.37%** | **Automobiles–2.37%** |
| Ford Motor Co. | 840402 | 11026074 |
| General Motors Co. | 197406 | 16053056 |
| †Tesla, Inc. | 598440 | 269130437 |
|  |  | **296209567** |
| **Banks–3.64%** | **Banks–3.64%** | **Banks–3.64%** |
| Bank of America Corp. | 1430601 | 78683055 |
| Citigroup, Inc. | 380562 | 44407780 |
| Citizens Financial Group, <br> Inc.<br>| 89800 | 5245218 |
| Fifth Third Bancorp | 142867 | 6687604 |
| Huntington Bancshares, Inc. | 338720 | 5876792 |
| JPMorgan Chase & Co. | 580200 | 186952044 |
| KeyCorp | 194794 | 4020548 |
| M&T Bank Corp. | 33024 | 6653676 |
| PNC Financial Services <br> Group, Inc.<br>| 84346 | 17605541 |
| Regions Financial Corp. | 193214 | 5236099 |
| Truist Financial Corp. | 276142 | 13588948 |
| U.S. Bancorp | 332556 | 17745188 |
| Wells Fargo & Co. | 668182 | 62274562 |
|  |  | **454977055** |
| **Beverages–1.01%** | **Beverages–1.01%** | **Beverages–1.01%** |
| Brown-Forman Corp. Class B | 38550 | 1004613 |
| Coca-Cola Co. | 826897 | 57808369 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Constellation Brands, Inc. <br> Class A<br>| 29935 | $4129833 |
| Keurig Dr. Pepper, Inc. | 288000 | 8066880 |
| Molson Coors Beverage Co. <br> Class B<br>| 39717 | 1853990 |
| †Monster Beverage Corp. | 150402 | 11531321 |
| PepsiCo, Inc. | 292075 | 41918604 |
|  |  | **126313610** |
| **Biotechnology–1.66%** | **Biotechnology–1.66%** | **Biotechnology–1.66%** |
| AbbVie, Inc. | 377349 | 86220473 |
| Amgen, Inc. | 114817 | 37580752 |
| †Biogen, Inc. | 30549 | 5376319 |
| Gilead Sciences, Inc. | 264449 | 32458470 |
| †Incyte Corp. | 35000 | 3456950 |
| †Moderna, Inc. | 76700 | 2261883 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 21322 | 16457812 |
| †Vertex Pharmaceuticals, Inc. | 53860 | 24417970 |
|  |  | **208230629** |
| **Broadline Retail–3.89%** | **Broadline Retail–3.89%** | **Broadline Retail–3.89%** |
| †Amazon.com, Inc. | 2074260 | 478780693 |
| eBay, Inc. | 96344 | 8391563 |
|  |  | **487172256** |
| **Building Products–0.45%** | **Building Products–0.45%** | **Building Products–0.45%** |
| A.O. Smith Corp. | 26500 | 1772320 |
| Allegion PLC | 19225 | 3061004 |
| †Builders FirstSource, Inc. | 23300 | 2397337 |
| Carrier Global Corp. | 172161 | 9096987 |
| Johnson Controls <br> International PLC<br>| 129289 | 15482358 |
| Lennox International, Inc. | 7000 | 3399060 |
| Masco Corp. | 46421 | 2945877 |
| Trane Technologies PLC | 46975 | 18282670 |
|  |  | **56437613** |
| **Capital Markets–3.43%** | **Capital Markets–3.43%** | **Capital Markets–3.43%** |
| Ameriprise Financial, Inc. | 20082 | 9847008 |
| ARES Management Corp. <br> Class A<br>| 43700 | 7063231 |
| Bank of New York Mellon <br> Corp.<br>| 147603 | 17135232 |
| Blackrock, Inc. | 30691 | 32849805 |
| Blackstone, Inc. | 156400 | 24107496 |
| Cboe Global Markets, Inc. | 22900 | 5747900 |
| Charles Schwab Corp. | 354925 | 35460557 |
| CME Group, Inc. | 77013 | 21030710 |
| †Coinbase Global, Inc. Class A | 47780 | 10804969 |
| FactSet Research Systems, <br> Inc.<br>| 8300 | 2408577 |
| Franklin Resources, Inc. | 67456 | 1611524 |
| Goldman Sachs Group, Inc. | 63846 | 56120634 |

---

LVIP SSGA S&P 500 Index Fund-1

------

**LVIP SSGA S&P 500 Index 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)** |
| Interactive Brokers Group, <br> Inc. Class A<br>| 95100 | $6115881 |
| Intercontinental Exchange, <br> Inc.<br>| 120830 | 19569627 |
| Invesco Ltd. | 98739 | 2593873 |
| KKR & Co., Inc. | 146900 | 18726812 |
| Moody's Corp. | 32902 | 16807987 |
| Morgan Stanley | 256888 | 45605327 |
| MSCI, Inc. | 15800 | 9064934 |
| Nasdaq, Inc. | 91331 | 8870980 |
| Northern Trust Corp. | 40184 | 5488733 |
| Raymond James Financial, <br> Inc.<br>| 37650 | 6046213 |
| †Robinhood Markets, Inc. <br> Class A<br>| 166200 | 18797220 |
| S&P Global, Inc. | 65877 | 34426661 |
| State Street Corp. | 58590 | 7558696 |
| T. Rowe Price Group, Inc. | 48035 | 4917823 |
|  |  | **428778410** |
| **Chemicals–0.96%** | **Chemicals–0.96%** | **Chemicals–0.96%** |
| Air Products & Chemicals, <br> Inc.<br>| 47599 | 11757905 |
| Albemarle Corp. | 25300 | 3578432 |
| CF Industries Holdings, Inc. | 34290 | 2651989 |
| Corteva, Inc. | 142227 | 9533476 |
| Dow, Inc. | 152227 | 3559067 |
| DuPont de Nemours, Inc. | 91849 | 3692330 |
| Ecolab, Inc. | 54397 | 14280300 |
| International Flavors & <br> Fragrances, Inc.<br>| 55504 | 3740414 |
| Linde PLC | 99280 | 42331999 |
| LyondellBasell Industries NV <br> Class A<br>| 56280 | 2436924 |
| Mosaic Co. | 72847 | 1754884 |
| PPG Industries, Inc. | 48756 | 4995540 |
| Sherwin-Williams Co. | 48788 | 15808776 |
|  |  | **120122036** |
| **Commercial Services & Supplies–0.45%** | **Commercial Services & Supplies–0.45%** | **Commercial Services & Supplies–0.45%** |
| Cintas Corp. | 72432 | 13622286 |
| †Copart, Inc. | 187000 | 7321050 |
| Republic Services, Inc. | 43137 | 9142024 |
| Rollins, Inc. | 58325 | 3500667 |
| Veralto Corp. | 54467 | 5434717 |
| Waste Management, Inc. | 79271 | 17416632 |
|  |  | **56437376** |
| **Communications Equipment–0.88%** | **Communications Equipment–0.88%** | **Communications Equipment–0.88%** |
| †Arista Networks, Inc. | 221200 | 28983836 |
| Cisco Systems, Inc. | 838824 | 64614613 |
| †F5, Inc. | 12396 | 3164203 |
| Motorola Solutions, Inc. | 35322 | 13539629 |
|  |  | **110302281** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering–0.21%** | **Construction & Engineering–0.21%** | **Construction & Engineering–0.21%** |
| Comfort Systems USA, Inc. | 7360 | $6869015 |
| EMCOR Group, Inc. | 9500 | 5812005 |
| Quanta Services, Inc. | 31987 | 13500433 |
|  |  | **26181453** |
| **Construction Materials–0.27%** | **Construction Materials–0.27%** | **Construction Materials–0.27%** |
| CRH PLC | 142000 | 17721600 |
| Martin Marietta Materials, <br> Inc.<br>| 13100 | 8156846 |
| Vulcan Materials Co. | 28163 | 8032651 |
|  |  | **33911097** |
| **Consumer Finance–0.65%** | **Consumer Finance–0.65%** | **Consumer Finance–0.65%** |
| American Express Co. | 114250 | 42266788 |
| Capital One Financial Corp. | 135901 | 32936966 |
| Synchrony Financial | 78768 | 6571614 |
|  |  | **81775368** |
| **Consumer Staples Distribution & Retail–1.77%** | **Consumer Staples Distribution & Retail–1.77%** | **Consumer Staples Distribution & Retail–1.77%** |
| Costco Wholesale Corp. | 94368 | 81377301 |
| Dollar General Corp. | 45829 | 6084716 |
| †Dollar Tree, Inc. | 40583 | 4992115 |
| Kroger Co. | 129646 | 8100282 |
| Sysco Corp. | 104118 | 7672455 |
| Target Corp. | 97638 | 9544115 |
| Walmart, Inc. | 934185 | 104077551 |
|  |  | **221848535** |
| **Containers & Packaging–0.19%** | **Containers & Packaging–0.19%** | **Containers & Packaging–0.19%** |
| Amcor PLC | 504408 | 4206763 |
| Avery Dennison Corp. | 17243 | 3136157 |
| Ball Corp. | 59156 | 3133493 |
| International Paper Co. | 116601 | 4592913 |
| Packaging Corp. of America | 19600 | 4042108 |
| Smurfit WestRock PLC | 108318 | 4188657 |
|  |  | **23300091** |
| **Distributors–0.04%** | **Distributors–0.04%** | **Distributors–0.04%** |
| Genuine Parts Co. | 30341 | 3730729 |
| Pool Corp. | 6700 | 1532625 |
|  |  | **5263354** |
| **Diversified Telecommunication Services–0.59%** | **Diversified Telecommunication Services–0.59%** | **Diversified Telecommunication Services–0.59%** |
| AT&T, Inc. | 1506940 | 37432390 |
| Verizon Communications, <br> Inc.<br>| 898958 | 36614559 |
|  |  | **74046949** |
| **Electric Utilities–1.47%** | **Electric Utilities–1.47%** | **Electric Utilities–1.47%** |
| Alliant Energy Corp. | 53100 | 3452031 |
| American Electric Power Co., <br> Inc.<br>| 114178 | 13165865 |
| Constellation Energy Corp. | 67018 | 23675449 |
| Duke Energy Corp. | 166148 | 19474207 |
| Edison International | 79904 | 4795838 |

---

LVIP SSGA S&P 500 Index Fund-2

------

**LVIP SSGA S&P 500 Index 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)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Entergy Corp. | 95244 | $8803403 |
| Evergy, Inc. | 47999 | 3479448 |
| Eversource Energy | 79974 | 5384649 |
| Exelon Corp. | 214956 | 9369932 |
| FirstEnergy Corp. | 109106 | 4884676 |
| NextEra Energy, Inc. | 439132 | 35253517 |
| NRG Energy, Inc. | 41955 | 6680914 |
| PG&E Corp. | 464700 | 7467729 |
| Pinnacle West Capital Corp. | 24883 | 2207122 |
| PPL Corp. | 157698 | 5522584 |
| Southern Co. | 235126 | 20502987 |
| Xcel Energy, Inc. | 126577 | 9348977 |
|  |  | **183469328** |
| **Electrical Equipment–0.85%** | **Electrical Equipment–0.85%** | **Electrical Equipment–0.85%** |
| AMETEK, Inc. | 49700 | 10203907 |
| Eaton Corp. PLC | 82677 | 26333451 |
| Emerson Electric Co. | 120330 | 15970198 |
| GE Vernova, Inc. | 58041 | 37933856 |
| †Generac Holdings, Inc. | 13300 | 1813721 |
| Hubbell, Inc. | 11080 | 4920739 |
| Rockwell Automation, Inc. | 23750 | 9240413 |
|  |  | **106416285** |
| **Electronic Equipment, Instruments & Components–0.74%** | **Electronic Equipment, Instruments & Components–0.74%** | **Electronic Equipment, Instruments & Components–0.74%** |
| Amphenol Corp. Class A | 260328 | 35180726 |
| CDW Corp. | 27300 | 3718260 |
| Corning, Inc. | 165360 | 14478921 |
| Jabil, Inc. | 23100 | 5267262 |
| †Keysight Technologies, Inc. | 36100 | 7335159 |
| TE Connectivity PLC | 62711 | 14267380 |
| †Teledyne Technologies, Inc. | 10097 | 5156841 |
| †Trimble, Inc. | 50600 | 3964510 |
| †Zebra Technologies Corp. <br> Class A<br>| 11000 | 2671020 |
|  |  | **92040079** |
| **Energy Equipment & Services–0.21%** | **Energy Equipment & Services–0.21%** | **Energy Equipment & Services–0.21%** |
| Baker Hughes Co. | 213397 | 9718099 |
| Halliburton Co. | 178237 | 5036978 |
| SLB Ltd. | 309273 | 11869898 |
|  |  | **26624975** |
| **Entertainment–1.35%** | **Entertainment–1.35%** | **Entertainment–1.35%** |
| Electronic Arts, Inc. | 47879 | 9783116 |
| †Live Nation Entertainment, <br> Inc.<br>| 32700 | 4659750 |
| †Netflix, Inc. | 902430 | 84611837 |
| †Take-Two Interactive <br> Software, Inc.<br>| 36500 | 9345095 |
| TKO Group Holdings, Inc. | 14700 | 3072300 |
| Walt Disney Co. | 379635 | 43191074 |
| †Warner Bros Discovery, Inc. | 500613 | 14427666 |
|  |  | **169090838** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–3.85%** | **Financial Services–3.85%** | **Financial Services–3.85%** |
| Apollo Global Management, <br> Inc.<br>| 98800 | $14302288 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 391009 | 196540674 |
| †Block, Inc. | 117100 | 7622039 |
| †Corpay, Inc. | 14660 | 4411634 |
| Fidelity National Information <br> Services, Inc.<br>| 109589 | 7283285 |
| †Fiserv, Inc. | 116524 | 7826917 |
| Global Payments, Inc. | 49045 | 3796083 |
| Jack Henry & Associates, <br> Inc.<br>| 16100 | 2937928 |
| Mastercard, Inc. Class A | 174680 | 99721318 |
| PayPal Holdings, Inc. | 197544 | 11532619 |
| Visa, Inc. Class A | 359588 | 126111107 |
|  |  | **482085892** |
| **Food Products–0.43%** | **Food Products–0.43%** | **Food Products–0.43%** |
| Archer-Daniels-Midland Co. | 101523 | 5836557 |
| Bunge Global SA | 29500 | 2627860 |
| Campbell's Co. | 46050 | 1283414 |
| Conagra Brands, Inc. | 104552 | 1809795 |
| General Mills, Inc. | 112912 | 5250408 |
| Hershey Co. | 32030 | 5828820 |
| Hormel Foods Corp. | 64172 | 1520876 |
| J.M. Smucker Co. | 23847 | 2332475 |
| Kraft Heinz Co. | 177324 | 4300107 |
| Lamb Weston Holdings, Inc. | 28100 | 1177109 |
| McCormick & Co., Inc. | 54538 | 3714583 |
| Mondelez International, Inc. <br> Class A<br>| 274608 | 14782149 |
| Tyson Foods, Inc. Class A | 63150 | 3701853 |
|  |  | **54166006** |
| **Gas Utilities–0.05%** | **Gas Utilities–0.05%** | **Gas Utilities–0.05%** |
| Atmos Energy Corp. | 34900 | 5850287 |
|  |  | **5850287** |
| **Ground Transportation–0.82%** | **Ground Transportation–0.82%** | **Ground Transportation–0.82%** |
| CSX Corp. | 395312 | 14330060 |
| JB Hunt Transport Services, <br> Inc.<br>| 15700 | 3051138 |
| Norfolk Southern Corp. | 47512 | 13717665 |
| Old Dominion Freight Line, <br> Inc.<br>| 38900 | 6099520 |
| †Uber Technologies, Inc. | 444800 | 36344608 |
| Union Pacific Corp. | 126002 | 29146782 |
|  |  | **102689773** |
| **Health Care Equipment & Supplies–2.03%** | **Health Care Equipment & Supplies–2.03%** | **Health Care Equipment & Supplies–2.03%** |
| Abbott Laboratories | 371380 | 46530200 |
| †Align Technology, Inc. | 14400 | 2248560 |
| Baxter International, Inc. | 113522 | 2169405 |
| Becton Dickinson & Co. | 61213 | 11879607 |
| †Boston Scientific Corp. | 314887 | 30024475 |

---

LVIP SSGA S&P 500 Index Fund-3

------

**LVIP SSGA S&P 500 Index 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)** |
| †Cooper Cos., Inc. | 43600 | $3573456 |
| †Dexcom, Inc. | 85400 | 5667998 |
| †Edwards Lifesciences Corp. | 122348 | 10430167 |
| GE HealthCare Technologies, <br> Inc.<br>| 96049 | 7877939 |
| †Hologic, Inc. | 45900 | 3419091 |
| †IDEXX Laboratories, Inc. | 16960 | 11473949 |
| †Insulet Corp. | 15300 | 4348872 |
| †Intuitive Surgical, Inc. | 75387 | 42696181 |
| Medtronic PLC | 274696 | 26387298 |
| ResMed, Inc. | 30820 | 7423613 |
| †Solventum Corp. | 30470 | 2414443 |
| STERIS PLC | 20500 | 5197160 |
| Stryker Corp. | 73812 | 25942704 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 43290 | 3892637 |
|  |  | **253597755** |
| **Health Care Providers & Services–1.64%** | **Health Care Providers & Services–1.64%** | **Health Care Providers & Services–1.64%** |
| Cardinal Health, Inc. | 50061 | 10287536 |
| Cencora, Inc. | 41478 | 14009195 |
| †Centene Corp. | 97374 | 4006940 |
| Cigna Group | 56902 | 15661138 |
| CVS Health Corp. | 269742 | 21406725 |
| †DaVita, Inc. | 6728 | 764368 |
| Elevance Health, Inc. | 47048 | 16492676 |
| HCA Healthcare, Inc. | 33820 | 15789205 |
| †Henry Schein, Inc. | 20500 | 1549390 |
| Humana, Inc. | 25432 | 6513898 |
| Labcorp Holdings, Inc. | 17447 | 4377103 |
| McKesson Corp. | 26154 | 21453865 |
| †Molina Healthcare, Inc. | 12000 | 2082480 |
| Quest Diagnostics, Inc. | 23911 | 4149276 |
| UnitedHealth Group, Inc. | 193166 | 63766028 |
| Universal Health Services, <br> Inc. Class B<br>| 11600 | 2529032 |
|  |  | **204838855** |
| **Health Care REITs–0.30%** | **Health Care REITs–0.30%** | **Health Care REITs–0.30%** |
| Alexandria Real Estate <br> Equities, Inc.<br>| 33900 | 1659066 |
| Healthpeak Properties, Inc. | 142923 | 2298202 |
| Ventas, Inc. | 97095 | 7513211 |
| Welltower, Inc. | 142101 | 26375367 |
|  |  | **37845846** |
| **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** | **Hotel & Resort REITs–0.02%** |
| Host Hotels & Resorts, Inc. | 131151 | 2325307 |
|  |  | **2325307** |
| **Hotels, Restaurants & Leisure–1.84%** | **Hotels, Restaurants & Leisure–1.84%** | **Hotels, Restaurants & Leisure–1.84%** |
| †Airbnb, Inc. Class A | 91800 | 12459096 |
| Booking Holdings, Inc. | 6905 | 36978554 |
| †Carnival Corp. | 232791 | 7109437 |
| †Chipotle Mexican Grill, Inc. | 285900 | 10578300 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Darden Restaurants, Inc. | 25430 | $4679629 |
| Domino's Pizza, Inc. | 6500 | 2709330 |
| †DoorDash, Inc. Class A | 79500 | 18005160 |
| Expedia Group, Inc. | 24749 | 7011639 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 49160 | 14121210 |
| Las Vegas Sands Corp. | 64400 | 4191796 |
| Marriott International, Inc. <br> Class A<br>| 48007 | 14893692 |
| McDonald's Corp. | 152278 | 46540725 |
| †MGM Resorts International | 46900 | 1711381 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 100100 | 2234232 |
| Royal Caribbean Cruises Ltd. | 53500 | 14922220 |
| Starbucks Corp. | 241706 | 20354062 |
| Wynn Resorts Ltd. | 17150 | 2063659 |
| Yum! Brands, Inc. | 60224 | 9110687 |
|  |  | **229674809** |
| **Household Durables–0.23%** | **Household Durables–0.23%** | **Household Durables–0.23%** |
| DR Horton, Inc. | 57574 | 8292383 |
| Garmin Ltd. | 33924 | 6881483 |
| Lennar Corp. Class A | 47547 | 4887832 |
| †NVR, Inc. | 600 | 4375662 |
| PulteGroup, Inc. | 41741 | 4894550 |
|  |  | **29331910** |
| **Household Products–0.79%** | **Household Products–0.79%** | **Household Products–0.79%** |
| Church & Dwight Co., Inc. | 51200 | 4293120 |
| Clorox Co. | 27685 | 2791478 |
| Colgate-Palmolive Co. | 171152 | 13524431 |
| Kimberly-Clark Corp. | 69731 | 7035161 |
| Procter & Gamble Co. | 497531 | 71301168 |
|  |  | **98945358** |
| **Independent Power and Renewable Electricity Producers–0.10%** | **Independent Power and Renewable Electricity Producers–0.10%** | **Independent Power and Renewable Electricity Producers–0.10%** |
| AES Corp. | 151515 | 2172725 |
| Vistra Corp. | 68200 | 11002706 |
|  |  | **13175431** |
| **Industrial Conglomerates–0.36%** | **Industrial Conglomerates–0.36%** | **Industrial Conglomerates–0.36%** |
| 3M Co. | 114283 | 18296708 |
| Honeywell International, Inc. | 134772 | 26292670 |
|  |  | **44589378** |
| **Industrial REITs–0.20%** | **Industrial REITs–0.20%** | **Industrial REITs–0.20%** |
| Prologis, Inc. | 198422 | 25330553 |
|  |  | **25330553** |
| **Insurance–1.76%** | **Insurance–1.76%** | **Insurance–1.76%** |
| Aflac, Inc. | 99522 | 10974291 |
| Allstate Corp. | 55772 | 11608942 |
| American International <br> Group, Inc.<br>| 113644 | 9722244 |
| Aon PLC Class A | 45754 | 16145671 |

---

LVIP SSGA S&P 500 Index Fund-4

------

**LVIP SSGA S&P 500 Index 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)** |
| †Arch Capital Group Ltd. | 75700 | $7261144 |
| Arthur J Gallagher & Co. | 54800 | 14181692 |
| Assurant, Inc. | 10216 | 2460524 |
| Brown & Brown, Inc. | 62000 | 4941400 |
| Chubb Ltd. | 77686 | 24247354 |
| Cincinnati Financial Corp. | 32575 | 5320149 |
| Erie Indemnity Co. Class A | 5400 | 1547910 |
| Everest Group Ltd. | 8540 | 2898049 |
| Globe Life, Inc. | 16379 | 2290767 |
| Hartford Insurance Group, <br> Inc.<br>| 59889 | 8252704 |
| Loews Corp. | 35508 | 3739347 |
| Marsh & McLennan Cos., Inc. | 104969 | 19473849 |
| MetLife, Inc. | 118815 | 9379256 |
| Principal Financial Group, <br> Inc.<br>| 42233 | 3725373 |
| Progressive Corp. | 125718 | 28628503 |
| Prudential Financial, Inc. | 74625 | 8423670 |
| Travelers Cos., Inc. | 47166 | 13680970 |
| W.R. Berkley Corp. | 65650 | 4603378 |
| Willis Towers Watson PLC | 20481 | 6730057 |
|  |  | **220237244** |
| **Interactive Media & Services–8.05%** | **Interactive Media & Services–8.05%** | **Interactive Media & Services–8.05%** |
| Alphabet, Inc. Class A | 2232060 | 699427868 |
| Match Group, Inc. | 52300 | 1688767 |
| Meta Platforms, Inc. Class A | 464300 | 306479787 |
|  |  | **1007596422** |
| **IT Services–0.96%** | **IT Services–0.96%** | **IT Services–0.96%** |
| Accenture PLC Class A | 132767 | 35621386 |
| †Akamai Technologies, Inc. | 32203 | 2809712 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 101516 | 8425828 |
| †EPAM Systems, Inc. | 12100 | 2479048 |
| †Gartner, Inc. | 15800 | 3986024 |
| †GoDaddy, Inc. Class A | 28900 | 3585912 |
| International Business <br> Machines Corp.<br>| 198683 | 58851891 |
| VeriSign, Inc. | 17887 | 4345647 |
|  |  | **120105448** |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Hasbro, Inc. | 26884 | 2204488 |
|  |  | **2204488** |
| **Life Sciences Tools & Services–0.92%** | **Life Sciences Tools & Services–0.92%** | **Life Sciences Tools & Services–0.92%** |
| Agilent Technologies, Inc. | 60437 | 8223663 |
| Bio-Techne Corp. | 34600 | 2034826 |
| †Charles River Laboratories <br> International, Inc.<br>| 11300 | 2254124 |
| Danaher Corp. | 133501 | 30561049 |
| †IQVIA Holdings, Inc. | 36400 | 8204924 |
| †Mettler-Toledo International, <br> Inc.<br>| 4270 | 5953191 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Revvity, Inc. | 23675 | $2290556 |
| Thermo Fisher Scientific, <br> Inc.<br>| 79913 | 46305588 |
| †Waters Corp. | 12476 | 4738759 |
| West Pharmaceutical <br> Services, Inc.<br>| 15700 | 4319698 |
|  |  | **114886378** |
| **Machinery–1.60%** | **Machinery–1.60%** | **Machinery–1.60%** |
| Caterpillar, Inc. | 100001 | 57287573 |
| Cummins, Inc. | 29657 | 15138416 |
| Deere & Co. | 53380 | 24852127 |
| Dover Corp. | 29751 | 5808585 |
| Fortive Corp. | 65571 | 3620175 |
| IDEX Corp. | 16700 | 2971598 |
| Illinois Tool Works, Inc. | 56239 | 13851666 |
| Ingersoll Rand, Inc. | 76581 | 6066747 |
| Nordson Corp. | 11000 | 2644730 |
| Otis Worldwide Corp. | 83180 | 7265773 |
| PACCAR, Inc. | 113332 | 12410987 |
| Parker-Hannifin Corp. | 26762 | 23522727 |
| Pentair PLC | 34194 | 3560963 |
| Snap-on, Inc. | 11575 | 3988745 |
| Stanley Black & Decker, Inc. | 34140 | 2535919 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 36109 | 7707466 |
| Xylem, Inc. | 52773 | 7186627 |
|  |  | **200420824** |
| **Media–0.36%** | **Media–0.36%** | **Media–0.36%** |
| †Charter Communications, <br> Inc. Class A<br>| 19500 | 4070625 |
| Comcast Corp. Class A | 771144 | 23049494 |
| Fox Corp. Class A | 73185 | 5128124 |
| News Corp. Class A | 108190 | 2912971 |
| Omnicom Group, Inc. | 66456 | 5366322 |
| Paramount Skydance Corp. <br> Class B<br>| 45287 | 606846 |
| †Trade Desk, Inc. Class A | 90600 | 3439176 |
|  |  | **44573558** |
| **Metals & Mining–0.41%** | **Metals & Mining–0.41%** | **Metals & Mining–0.41%** |
| Freeport-McMoRan, Inc. | 304161 | 15448337 |
| Newmont Corp. | 231532 | 23118470 |
| Nucor Corp. | 48243 | 7868916 |
| Steel Dynamics, Inc. | 28800 | 4880160 |
|  |  | **51315883** |
| **Multi-Utilities–0.58%** | **Multi-Utilities–0.58%** | **Multi-Utilities–0.58%** |
| Ameren Corp. | 58701 | 5861882 |
| CenterPoint Energy, Inc. | 141235 | 5414950 |
| CMS Energy Corp. | 65938 | 4611044 |
| Consolidated Edison, Inc. | 77012 | 7648832 |
| Dominion Energy, Inc. | 184652 | 10818760 |
| DTE Energy Co. | 43392 | 5596700 |

---

LVIP SSGA S&P 500 Index Fund-5

------

**LVIP SSGA S&P 500 Index 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)** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| NiSource, Inc. | 103595 | $4326127 |
| Public Service Enterprise <br> Group, Inc.<br>| 106289 | 8535007 |
| Sempra | 140976 | 12446771 |
| WEC Energy Group, Inc. | 70158 | 7398863 |
|  |  | **72658936** |
| **Office REITs–0.02%** | **Office REITs–0.02%** | **Office REITs–0.02%** |
| BXP, Inc. | 33712 | 2274886 |
|  |  | **2274886** |
| **Oil, Gas & Consumable Fuels–2.58%** | **Oil, Gas & Consumable Fuels–2.58%** | **Oil, Gas & Consumable Fuels–2.58%** |
| APA Corp. | 76326 | 1866934 |
| Chevron Corp. | 402871 | 61401569 |
| ConocoPhillips | 265067 | 24812922 |
| Coterra Energy, Inc. | 162596 | 4279527 |
| Devon Energy Corp. | 133714 | 4897944 |
| Diamondback Energy, Inc. | 39400 | 5923002 |
| EOG Resources, Inc. | 116502 | 12233875 |
| EQT Corp. | 130500 | 6994800 |
| Expand Energy Corp. | 46500 | 5131740 |
| Exxon Mobil Corp. | 898394 | 108112734 |
| Kinder Morgan, Inc. | 417481 | 11476553 |
| Marathon Petroleum Corp. | 64430 | 10478251 |
| Occidental Petroleum Corp. | 151438 | 6227130 |
| ONEOK, Inc. | 132877 | 9766459 |
| Phillips 66 | 86071 | 11106602 |
| Targa Resources Corp. | 45800 | 8450100 |
| Texas Pacific Land Corp. | 12600 | 3618972 |
| Valero Energy Corp. | 65645 | 10686349 |
| Williams Cos., Inc. | 262118 | 15755913 |
|  |  | **323221376** |
| **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** | **Passenger Airlines–0.17%** |
| Delta Air Lines, Inc. | 136600 | 9480040 |
| Southwest Airlines Co. | 109681 | 4533116 |
| †United Airlines Holdings, <br> Inc.<br>| 68500 | 7659670 |
|  |  | **21672826** |
| **Personal Care Products–0.10%** | **Personal Care Products–0.10%** | **Personal Care Products–0.10%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 51667 | 5410568 |
| Kenvue, Inc. | 405871 | 7001275 |
|  |  | **12411843** |
| **Pharmaceuticals–3.30%** | **Pharmaceuticals–3.30%** | **Pharmaceuticals–3.30%** |
| Bristol-Myers Squibb Co. | 434766 | 23451278 |
| Eli Lilly & Co. | 169528 | 182188351 |
| Johnson & Johnson | 514552 | 106486537 |
| Merck & Co., Inc. | 528081 | 55585806 |
| Pfizer, Inc. | 1208148 | 30082885 |
| Viatris, Inc. | 253051 | 3150485 |
| Zoetis, Inc. | 94621 | 11905214 |
|  |  | **412850556** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services–0.48%** | **Professional Services–0.48%** | **Professional Services–0.48%** |
| Automatic Data Processing, <br> Inc.<br>| 85788 | $22067247 |
| Broadridge Financial <br> Solutions, Inc.<br>| 25500 | 5690835 |
| †Dayforce, Inc. | 34100 | 2358356 |
| Equifax, Inc. | 25898 | 5619348 |
| Jacobs Solutions, Inc. | 25534 | 3382234 |
| Leidos Holdings, Inc. | 26700 | 4816680 |
| Paychex, Inc. | 70376 | 7894780 |
| Paycom Software, Inc. | 10000 | 1593600 |
| Verisk Analytics, Inc. | 30000 | 6710700 |
|  |  | **60133780** |
| **Real Estate Management & Development–0.13%** | **Real Estate Management & Development–0.13%** | **Real Estate Management & Development–0.13%** |
| †CBRE Group, Inc. Class A | 62376 | 10029437 |
| †CoStar Group, Inc. | 92600 | 6226424 |
|  |  | **16255861** |
| **Residential REITs–0.21%** | **Residential REITs–0.21%** | **Residential REITs–0.21%** |
| AvalonBay Communities, Inc. | 29748 | 5393610 |
| Camden Property Trust | 23500 | 2586880 |
| Equity Residential | 75942 | 4787384 |
| Essex Property Trust, Inc. | 13900 | 3637352 |
| Invitation Homes, Inc. | 125600 | 3490424 |
| Mid-America Apartment <br> Communities, Inc.<br>| 24300 | 3375513 |
| UDR, Inc. | 66400 | 2435552 |
|  |  | **25706715** |
| **Retail REITs–0.24%** | **Retail REITs–0.24%** | **Retail REITs–0.24%** |
| Federal Realty Investment <br> Trust<br>| 16200 | 1632960 |
| Kimco Realty Corp. | 138345 | 2804253 |
| Realty Income Corp. | 193700 | 10918869 |
| Regency Centers Corp. | 36900 | 2547207 |
| Simon Property Group, Inc. | 68948 | 12762964 |
|  |  | **30666253** |
| **Semiconductors & Semiconductor Equipment–14.13%** | **Semiconductors & Semiconductor Equipment–14.13%** | **Semiconductors & Semiconductor Equipment–14.13%** |
| †Advanced Micro Devices, Inc. | 346683 | 74245631 |
| Analog Devices, Inc. | 104423 | 28319518 |
| Applied Materials, Inc. | 169453 | 43547727 |
| Broadcom, Inc. | 1006810 | 348456941 |
| †First Solar, Inc. | 22900 | 5982167 |
| †Intel Corp. | 955328 | 35251603 |
| KLA Corp. | 28141 | 34193566 |
| Lam Research Corp. | 267100 | 45722178 |
| Microchip Technology, Inc. | 112906 | 7194370 |
| Micron Technology, Inc. | 238859 | 68172747 |
| Monolithic Power Systems, <br> Inc.<br>| 10080 | 9136109 |
| NVIDIA Corp. | 5181900 | 966424350 |
| NXP Semiconductors NV | 53100 | 11525886 |
| †ON Semiconductor Corp. | 88500 | 4792275 |

---

LVIP SSGA S&P 500 Index Fund-6

------

**LVIP SSGA S&P 500 Index 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)** |
| Qnity Electronics, Inc. <br> Class W/I<br>| 45924 | $3749695 |
| QUALCOMM, Inc. | 227724 | 38952190 |
| Skyworks Solutions, Inc. | 31500 | 1997415 |
| Teradyne, Inc. | 33500 | 6484260 |
| Texas Instruments, Inc. | 193524 | 33574479 |
|  |  | **1767723107** |
| **Software–10.23%** | **Software–10.23%** | **Software–10.23%** |
| †Adobe, Inc. | 88940 | 31128111 |
| †AppLovin Corp. Class A | 57700 | 38879414 |
| †Autodesk, Inc. | 45263 | 13398301 |
| †Cadence Design Systems, <br> Inc.<br>| 58600 | 18317188 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 52920 | 24806779 |
| †Datadog, Inc. Class A | 68500 | 9315315 |
| †Fair Isaac Corp. | 5100 | 8622162 |
| †Fortinet, Inc. | 133300 | 10585353 |
| Gen Digital, Inc. | 117925 | 3206381 |
| Intuit, Inc. | 59480 | 39400741 |
| Microsoft Corp. | 1584908 | 766493207 |
| Oracle Corp. | 354018 | 69001648 |
| †Palantir Technologies, Inc. <br> Class A<br>| 485900 | 86368725 |
| †Palo Alto Networks, Inc. | 142300 | 26211660 |
| †PTC, Inc. | 26200 | 4564302 |
| Roper Technologies, Inc. | 22964 | 10221965 |
| Salesforce, Inc. | 202536 | 53653812 |
| †ServiceNow, Inc. | 220480 | 33775331 |
| †Synopsys, Inc. | 39258 | 18440268 |
| †Tyler Technologies, Inc. | 8960 | 4067392 |
| †Workday, Inc. Class A | 45600 | 9793968 |
|  |  | **1280252023** |
| **Specialized REITs–0.70%** | **Specialized REITs–0.70%** | **Specialized REITs–0.70%** |
| American Tower Corp. | 99503 | 17469742 |
| Crown Castle, Inc. | 92765 | 8244025 |
| Digital Realty Trust, Inc. | 68400 | 10582164 |
| Equinix, Inc. | 20942 | 16044923 |
| Extra Space Storage, Inc. | 46400 | 6042208 |
| Iron Mountain, Inc. | 64800 | 5375160 |
| Public Storage | 33651 | 8732434 |
| SBA Communications Corp. | 22100 | 4274803 |
| VICI Properties, Inc. | 229900 | 6464788 |
| Weyerhaeuser Co. | 160207 | 3795304 |
|  |  | **87025551** |
| **Specialty Retail–1.69%** | **Specialty Retail–1.69%** | **Specialty Retail–1.69%** |
| †AutoZone, Inc. | 3547 | 12029650 |
| Best Buy Co., Inc. | 42877 | 2869758 |
| †Carvana Co. | 29880 | 12609958 |
| Home Depot, Inc. | 212505 | 73122970 |
| Lowe's Cos., Inc. | 120197 | 28986708 |
| †O'Reilly Automotive, Inc. | 178755 | 16304244 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Ross Stores, Inc. | 69926 | $12596470 |
| TJX Cos., Inc. | 237192 | 36435063 |
| Tractor Supply Co. | 113700 | 5686137 |
| †Ulta Beauty, Inc. | 9440 | 5711294 |
| Williams-Sonoma, Inc. | 25500 | 4554045 |
|  |  | **210906297** |
| **Technology Hardware, Storage & Peripherals–7.32%** | **Technology Hardware, Storage & Peripherals–7.32%** | **Technology Hardware, Storage & Peripherals–7.32%** |
| Apple, Inc. | 3150956 | 856618898 |
| Dell Technologies, Inc. <br> Class C<br>| 64000 | 8056320 |
| Hewlett Packard Enterprise <br> Co.<br>| 286676 | 6885958 |
| HP, Inc. | 201176 | 4482201 |
| NetApp, Inc. | 42043 | 4502385 |
| †Sandisk Corp. | 29500 | 7002710 |
| Seagate Technology Holdings <br> PLC<br>| 44072 | 12136988 |
| †Super Micro Computer, Inc. | 111000 | 3248970 |
| Western Digital Corp. | 73534 | 12667702 |
|  |  | **915602132** |
| **Textiles, Apparel & Luxury Goods–0.26%** | **Textiles, Apparel & Luxury Goods–0.26%** | **Textiles, Apparel & Luxury Goods–0.26%** |
| †Deckers Outdoor Corp. | 30300 | 3141201 |
| †Lululemon Athletica, Inc. | 22800 | 4738068 |
| NIKE, Inc. Class B | 254968 | 16244011 |
| Ralph Lauren Corp. | 7912 | 2797763 |
| Tapestry, Inc. | 42634 | 5447346 |
|  |  | **32368389** |
| **Tobacco–0.59%** | **Tobacco–0.59%** | **Tobacco–0.59%** |
| Altria Group, Inc. | 361001 | 20815318 |
| Philip Morris International, <br> Inc.<br>| 332216 | 53287446 |
|  |  | **74102764** |
| **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** | **Trading Companies & Distributors–0.24%** |
| Fastenal Co. | 247912 | 9948708 |
| United Rentals, Inc. | 13700 | 11087684 |
| WW Grainger, Inc. | 9453 | 9538550 |
|  |  | **30574942** |
| **Water Utilities–0.04%** | **Water Utilities–0.04%** | **Water Utilities–0.04%** |
| American Water Works Co., <br> Inc.<br>| 41200 | 5376600 |
|  |  | **5376600** |
| **Wireless Telecommunication Services–0.17%** | **Wireless Telecommunication Services–0.17%** | **Wireless Telecommunication Services–0.17%** |
| T-Mobile U.S., Inc. | 102615 | 20834950 |
|  |  | **20834950** |
| **Total Common Stock** <br>**(Cost $2,705,772,120)** | **Total Common Stock** <br>**(Cost $2,705,772,120)** | **12451883515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA S&P 500 Index Fund-7

------

**LVIP SSGA S&P 500 Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.40%** | **MONEY MARKET FUND–0.40%** | **MONEY MARKET FUND–0.40%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 49608585 | $49608585 |
| **Total Money Market Fund** <br>**(Cost $49,608,585)** | **Total Money Market Fund** <br>**(Cost $49,608,585)** | **49608585** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.92% (Cost $2,755,380,705)** | **$12501492100** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%** | **10606207** |
| **NET ASSETS APPLICABLE TO 371,522,616 SHARES OUTSTANDING–100.00%** | **$12512098307** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND STANDARD CLASS** <br>**($9,169,852,036 / 272,072,552 Shares)** | **$33.704** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND SERVICE CLASS** <br>**($3,342,246,271 / 99,450,064 Shares)** | **$33.607** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2434836616** |
| Distributable earnings/(accumulated loss) | **10077261691** |
| **TOTAL NET ASSETS** | **$12512098307** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $3,856,390 cash collateral held at broker for futures contracts, $7,158,281 payable for fund shares redeemed, $400,779 other <br> accrued expenses payable, $2,772,090 due to manager and affiliates, $448,362 variation margin due to broker on futures contracts, $19,687 <br> payable for audit fee and $237,602 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:** |
| 172 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $59275500 | &nbsp;&nbsp; $59619158 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(343658)<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 |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA S&P 500 Index Fund-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $145214884 |
| Foreign taxes withheld | (33553)<br>|
|  | 145181331 |
| **EXPENSES:** |  |
| Management fees | 19135246 |
| Distribution fees-Service Class | 7416167 |
| Shareholder servicing fees | 3359513 |
| Accounting and administration expenses | 1838779 |
| Index fees | 1171788 |
| Trustees' fees and expenses | 329873 |
| Professional fees | 308747 |
| Reports and statements to shareholders | 187420 |
| Consulting fees | 65957 |
| Custodian fees | 50824 |
| Pricing fees | 46049 |
| Other | 318362 |
|  | 34228725 |
| Less:  |  |
| Management fees waived | (19998)<br>|
| Total operating expenses | 34208727 |
| **NET INVESTMENT INCOME**  | 110972604 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 420920976 |
| Futures contracts | 5219002 |
| Net realized gain | 426139978 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 1371310776 |
| Futures contracts | 671914 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 1371982690 |
| **NET REALIZED AND UNREALIZED GAIN** | 1798122668 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1909095272 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index Fund** | **LVIP SSGA S&P 500 Index 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 | $110972604 | $115770146 |
| Net realized gain | 426139978 | 575313202 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 1371982690 | 1614388577 |
| Net increase in net assets <br> resulting from operations<br>| 1909095272 | 2305471925 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (505047524)<br>| (681816008)<br>|
| Service Class | (173625972)<br>| (201612847)<br>|
|  | (678673496)<br>| (883428855)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 758218772 | 582131959 |
| Service Class | 608889395 | 438292681 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 505047524 | 681816008 |
| Service Class | 173625972 | 201612847 |
|  | 2045781663 | 1903853495 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1461982657)<br>| (1447601543)<br>|
| Service Class | (451291885)<br>| (385282002)<br>|
|  | (1913274542)<br>| (1832883545)<br>|
| Increase in net assets derived <br> from capital share <br> transactions<br>| 132507121 | 70969950 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 1362928897 | 1493013020 |
| **NET ASSETS:** |  |  |
| Beginning of year | 11149169410 | 9656156390 |
| End of year | $12512098307 | $11149169410 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA S&P 500 Index Fund-9

------

**LVIP SSGA S&P 500 Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index Fund Standard Class** | **LVIP SSGA S&P 500 Index 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; $30.330 | &nbsp;&nbsp; $26.451 | &nbsp;&nbsp; $21.849 | &nbsp;&nbsp; $30.085 | &nbsp;&nbsp; $24.087 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.324 | 0.340 | 0.350 | 0.349 | 0.314 |
| Net realized and unrealized gain (loss) | 4.961 | 6.101 | 5.270 | &nbsp;&nbsp; (5.904)<br>| 6.493 |
| Total from investment operations | 5.285 | 6.441 | 5.620 | &nbsp;&nbsp; (5.555)<br>| 6.807 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.357)<br>|
| Net realized gain | &nbsp;&nbsp; (1.579)<br>| &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (2.328)<br>| &nbsp;&nbsp; (0.452)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.911)<br>| &nbsp;&nbsp; (2.562)<br>| &nbsp;&nbsp; (1.018)<br>| &nbsp;&nbsp; (2.681)<br>| &nbsp;&nbsp; (0.809)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $33.704 | &nbsp;&nbsp; $30.330 | &nbsp;&nbsp; $26.451 | &nbsp;&nbsp; $21.849 | &nbsp;&nbsp; $30.085 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.60% | &nbsp;&nbsp; 24.73% | &nbsp;&nbsp; 26.01% | &nbsp;&nbsp; (18.31%)<br>| &nbsp;&nbsp; 28.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $9169852 | &nbsp;&nbsp; $8459305 | &nbsp;&nbsp; $7534365 | &nbsp;&nbsp; $7219554 | &nbsp;&nbsp; $9250241 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.15% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &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 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 SSGA S&P 500 Index Fund-10

------

**LVIP SSGA S&P 500 Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index Fund Service Class** | **LVIP SSGA S&P 500 Index 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; $30.259 | &nbsp;&nbsp; $26.405 | &nbsp;&nbsp; $21.818 | &nbsp;&nbsp; $30.051 | &nbsp;&nbsp; $24.065 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.244 | 0.265 | 0.289 | 0.284 | 0.246 |
| Net realized and unrealized gain (loss) | 4.940 | 6.082 | 5.256 | &nbsp;&nbsp; (5.895)<br>| 6.481 |
| Total from investment operations | 5.184 | 6.347 | 5.545 | &nbsp;&nbsp; (5.611)<br>| 6.727 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.257)<br>| &nbsp;&nbsp; (0.270)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.289)<br>|
| Net realized gain | &nbsp;&nbsp; (1.579)<br>| &nbsp;&nbsp; (2.223)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (2.328)<br>| &nbsp;&nbsp; (0.452)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.836)<br>| &nbsp;&nbsp; (2.493)<br>| &nbsp;&nbsp; (0.958)<br>| &nbsp;&nbsp; (2.622)<br>| &nbsp;&nbsp; (0.741)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $33.607 | &nbsp;&nbsp; $30.259 | &nbsp;&nbsp; $26.405 | &nbsp;&nbsp; $21.818 | &nbsp;&nbsp; $30.051 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.30% | &nbsp;&nbsp; 24.42% | &nbsp;&nbsp; 25.70% | &nbsp;&nbsp; (18.51%)<br>| &nbsp;&nbsp; 28.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3342246 | &nbsp;&nbsp; $2689864 | &nbsp;&nbsp; $2121791 | &nbsp;&nbsp; $1730192 | &nbsp;&nbsp; $2168807 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.90% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &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 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 SSGA S&P 500 Index Fund-11

------

**LVIP SSGA S&P 500 Index Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is as 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 SSGA S&P 500 Index 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 to approximate as closely as practicable, before fees and expenses, the total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500<sup>®</sup> Index.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI", and has been licensed for use by the investment adviser on behalf of the Fund. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the investment adviser on behalf of the Fund. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in the Fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500<sup>®</sup> Index.

**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. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. 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

LVIP SSGA S&P 500 Index Fund-12

------

**LVIP SSGA S&P 500 Index 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. 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 0.24% of the first $500 million of the Fund's average daily net assets; 0.20% of the next $500 million; and 0.16% of the Fund's average daily net assets in excess of $1 billion. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.002% of the first $1 billion 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.

SSGA Funds 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; $948904 |
| Legal | &nbsp;&nbsp; 158224 |

---

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 $50,671 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

LVIP SSGA S&P 500 Index Fund-13

------

**LVIP SSGA S&P 500 Index 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)**

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; $1753766 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 709382 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 308942 |

---

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; $314430437 |
| Sales | &nbsp;&nbsp; 743101680 |

---

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; $2832591499 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $9802115501 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (133214898)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $9668900603 |

---

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 SSGA S&P 500 Index Fund-14

------

**LVIP SSGA S&P 500 Index 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 | &nbsp;&nbsp; $12451883515 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12451883515 |
| Money Market Fund | &nbsp;&nbsp; 49608585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49608585 |
| **Total Investments** | &nbsp;&nbsp; $12501492100 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12501492100 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(343658)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(343658)<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, non-taxable distributions from common stocks, distributions from underlying real estate investment trusts ("REITS") 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; $120142439 | &nbsp;&nbsp; $129916624 |
| Long-term capital gains | &nbsp;&nbsp; 558531057 | &nbsp;&nbsp; 753512231 |
| Total | &nbsp;&nbsp; $678673496 | &nbsp;&nbsp; $883428855 |

---

**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; $408361089 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 9668900603 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $10077261691 |

---

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 SSGA S&P 500 Index Fund-15

------

**LVIP SSGA S&P 500 Index 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; 24127659 | &nbsp;&nbsp; 19692480 |
| Service Class | &nbsp;&nbsp; 19406795 | &nbsp;&nbsp; 14709181 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 15270580 | &nbsp;&nbsp; 23120427 |
| Service Class | &nbsp;&nbsp; 5275014 | &nbsp;&nbsp; 6869513 |
|  | &nbsp;&nbsp; 64080048 | &nbsp;&nbsp; 64391601 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (46233354)<br>| &nbsp;&nbsp; (48745025)<br>|
| Service Class | &nbsp;&nbsp; (14127077)<br>| &nbsp;&nbsp; (13039467)<br>|
|  | &nbsp;&nbsp; (60360431)<br>| &nbsp;&nbsp; (61784492)<br>|
| Net increase | &nbsp;&nbsp; 3719617 | &nbsp;&nbsp; 2607109 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| $— | Receivables and other assets net of <br> liabilities<br>| $(343658)<br>|

---

LVIP SSGA S&P 500 Index Fund-16

------

**LVIP SSGA S&P 500 Index 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; $5219002 | &nbsp;&nbsp; $671914 |

---

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) | $57620332 | $— |

---

**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.

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 SSGA S&P 500 Index Fund-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA S&P 500 Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA S&P 500 Index 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.

![](img03fde8a62.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA S&P 500 Index Fund–18

------

![](img563755641.jpg)

LVIP SSGA Short-Term Bond Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Short-Term Bond Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_SOI-continued-274_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_FS-continued-274_1)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_FS-continued-274_1)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_FIHI-continued-274_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_NTF-continued-274_1)**  | &nbsp;&nbsp; **19** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e4fcab16-ffa1-469f-8a41-4c6f26a71801_AUDIT-continued-274_1)**  | &nbsp;&nbsp; **24** |

---

------

**LVIP SSGA Short-Term Bond Index 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>|
| **CORPORATE BONDS–98.33%** | **CORPORATE BONDS–98.33%** | **CORPORATE BONDS–98.33%** |
| **Aerospace & Defense–1.15%** | **Aerospace & Defense–1.15%** | **Aerospace & Defense–1.15%** |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 500000 | $492711 |
| 5.04% 5/1/27 | 500000 | 505119 |
| 6.26% 5/1/27 | 70000 | 71821 |
| General Dynamics Corp. <br> 2.63% 11/15/27<br>| 500000 | 491253 |
| L3Harris Technologies, Inc. <br> 4.40% 6/15/28<br>| 350000 | 352687 |
| Lockheed Martin Corp. |  |  |
| 4.15% 8/15/28 | 75000 | 75477 |
| 4.45% 5/15/28 | 150000 | 151835 |
| Northrop Grumman Corp. |  |  |
| 3.20% 2/1/27 | 150000 | 148940 |
| 3.25% 1/15/28 | 500000 | 493585 |
| RTX Corp. |  |  |
| 3.13% 5/4/27 | 500000 | 494660 |
| 4.13% 11/16/28 | 250000 | 250832 |
|  |  | **3528920** |
| **Agriculture–1.02%** | **Agriculture–1.02%** | **Agriculture–1.02%** |
| Altria Group, Inc. |  |  |
| 4.88% 2/4/28 | 145000 | 147389 |
| 6.20% 11/1/28 | 250000 | 264023 |
| BAT Capital Corp. |  |  |
| 2.26% 3/25/28 | 250000 | 240567 |
| 3.56% 8/15/27 | 250000 | 248077 |
| 4.70% 4/2/27 | 250000 | 251727 |
| BAT International Finance <br> PLC 4.45% 3/16/28<br>| 150000 | 151165 |
| Bunge Ltd. Finance Corp. <br> 3.75% 9/25/27<br>| 400000 | 398316 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 3.13% 8/17/27 | 250000 | 247327 |
| 3.88% 10/27/28 | 300000 | 299635 |
| 4.13% 4/28/28 | 145000 | 145644 |
| 4.38% 11/1/27 | 155000 | 156360 |
| 4.75% 2/12/27 | 70000 | 70679 |
| 5.13% 11/17/27 | 500000 | 510811 |
|  |  | **3131720** |
| **Airlines–0.64%** | **Airlines–0.64%** | **Airlines–0.64%** |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.00% 4/15/30 | 143420 | 138610 |
| 3.58% 7/15/29 | 142984 | 141467 |
| 3.60% 3/22/29 | 274957 | 272281 |
| Delta Air Lines, Inc. |  |  |
| 4.38% 4/19/28 | 250000 | 250760 |
| 4.95% 7/10/28 | 250000 | 254496 |
| Southwest Airlines Co. |  |  |
| 4.38% 11/15/28 | 335000 | 335701 |
| 5.13% 6/15/27 | 250000 | 253148 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| ♦United Airlines Pass-Through <br> Trust<br>|  |  |
| 3.10% 1/7/30 | 144468 | $140744 |
| 5.88% 4/15/29 | 170029 | 174340 |
|  |  | **1961547** |
| **Apparel–0.08%** | **Apparel–0.08%** | **Apparel–0.08%** |
| Tapestry, Inc. 4.13% 7/15/27 | 250000 | 249824 |
|  |  | **249824** |
| **Auto Manufacturers–4.20%** | **Auto Manufacturers–4.20%** | **Auto Manufacturers–4.20%** |
| American Honda Finance <br> Corp.<br>|  |  |
| 2.00% 3/24/28 | 250000 | 239613 |
| 2.35% 1/8/27 | 150000 | 147725 |
| 4.25% 9/1/28 | 250000 | 251514 |
| 4.45% 10/22/27 | 170000 | 171456 |
| 4.55% 7/9/27 | 210000 | 211954 |
| 4.55% 3/3/28 | 250000 | 252613 |
| 4.90% 3/12/27 | 400000 | 404201 |
| 4.90% 7/9/27 | 70000 | 70946 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90% 2/16/28 | 200000 | 192578 |
| 4.13% 8/17/27 | 600000 | 595014 |
| 4.27% 1/9/27 | 250000 | 248700 |
| 4.95% 5/28/27 | 350000 | 351271 |
| 5.80% 3/5/27 | 250000 | 253114 |
| 5.92% 3/20/28 | 450000 | 460439 |
| 6.80% 5/12/28 | 350000 | 365217 |
| 6.80% 11/7/28 | 250000 | 262280 |
| General Motors Co. |  |  |
| 5.00% 10/1/28 | 250000 | 254536 |
| 5.35% 4/15/28 | 360000 | 368777 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 2.35% 2/26/27 | 250000 | 244974 |
| 2.40% 4/10/28 | 500000 | 481274 |
| 2.40% 10/15/28 | 500000 | 476767 |
| 2.70% 8/20/27 | 350000 | 342111 |
| 4.20% 10/27/28 | 95000 | 95135 |
| 5.00% 4/9/27 | 250000 | 252681 |
| 5.00% 7/15/27 | 110000 | 111424 |
| 5.05% 4/4/28 | 250000 | 254608 |
| 5.35% 7/15/27 | 150000 | 152603 |
| 5.40% 5/8/27 | 700000 | 711463 |
| Honda Motor Co. Ltd. |  |  |
| 2.53% 3/10/27 | 250000 | 245837 |
| 4.44% 7/8/28 | 500000 | 504815 |
| PACCAR Financial Corp. |  |  |
| 4.00% 8/8/28 | 90000 | 90550 |
| 4.00% 11/7/28 | 115000 | 115538 |
| 4.25% 6/23/27 | 150000 | 151196 |
| 4.45% 8/6/27 | 235000 | 237714 |
| 4.95% 8/10/28 | 250000 | 257068 |
| 5.00% 5/13/27 | 200000 | 203328 |

---

LVIP SSGA Short-Term Bond Index Fund-1

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Toyota Motor Corp. |  |  |
| 4.19% 6/30/27 | 125000 | $125760 |
| 5.12% 7/13/28 | 250000 | 257561 |
| Toyota Motor Credit Corp. |  |  |
| 1.15% 8/13/27 | 250000 | 239978 |
| 3.05% 3/22/27 | 250000 | 247839 |
| 4.05% 9/5/28 | 410000 | 412056 |
| 4.35% 10/8/27 | 200000 | 201936 |
| 4.50% 5/14/27 | 80000 | 80769 |
| 4.55% 9/20/27 | 400000 | 404953 |
| 4.60% 1/8/27 | 200000 | 201844 |
| 5.00% 3/19/27 | 415000 | 420969 |
| 5.25% 9/11/28 | 250000 | 258775 |
|  |  | **12883474** |
| **Auto Parts & Equipment–0.08%** | **Auto Parts & Equipment–0.08%** | **Auto Parts & Equipment–0.08%** |
| BorgWarner, Inc. 2.65% <br> 7/1/27<br>| 250000 | 244954 |
|  |  | **244954** |
| **Banks–35.25%** | **Banks–35.25%** | **Banks–35.25%** |
| Australia & New Zealand <br> Banking Group Ltd.<br>|  |  |
| 3.92% 9/30/27 | 450000 | 451531 |
| 3.92% 12/8/28 | 250000 | 250833 |
| 4.36% 6/18/28 | 250000 | 253264 |
| Banco Santander SA |  |  |
| 3.80% 2/23/28 | 200000 | 198435 |
| μ4.18% 3/24/28 | 200000 | 200070 |
| 4.25% 4/11/27 | 400000 | 400881 |
| 4.38% 4/12/28 | 400000 | 401859 |
| 5.29% 8/18/27 | 400000 | 407337 |
| μ5.37% 7/15/28 | 200000 | 203854 |
| μ5.55% 3/14/28 | 200000 | 203345 |
| 5.59% 8/8/28 | 200000 | 207280 |
| 6.61% 11/7/28 | 200000 | 213344 |
| μBank of America Corp. |  |  |
| 2.55% 2/4/28 | 1000000 | 983643 |
| 3.42% 12/20/28 | 2250000 | 2221700 |
| 3.59% 7/21/28 | 1000000 | 993108 |
| 3.71% 4/24/28 | 1600000 | 1592740 |
| 3.82% 1/20/28 | 1100000 | 1097362 |
| 4.27% 7/23/29 | 750000 | 753438 |
| 4.62% 5/9/29 | 585000 | 592760 |
| 5.82% 9/15/29 | 1000000 | 1043084 |
| 6.20% 11/10/28 | 750000 | 779334 |
| Bank of Montreal |  |  |
| 2.65% 3/8/27 | 750000 | 739152 |
| μ4.06% 9/22/28 | 180000 | 180121 |
| μ5.00% 1/27/29 | 500000 | 509473 |
| 5.37% 6/4/27 | 350000 | 357270 |
| 5.72% 9/25/28 | 250000 | 260651 |
| μBank of New York Mellon <br> 4.73% 4/20/29<br>| 500000 | 508235 |

---

---

| | | |
|:---|:---|:---|
|  | **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 New York Mellon <br> Corp.<br>|  |  |
| 1.65% 7/14/28 | 350000 | $332337 |
| μ3.99% 6/13/28 | 250000 | 250092 |
| μ4.44% 6/9/28 | 165000 | 166246 |
| μ4.54% 2/1/29 | 250000 | 253036 |
| μ4.89% 7/21/28 | 550000 | 558531 |
| μ6.32% 10/25/29 | 500000 | 530859 |
| Bank of Nova Scotia |  |  |
| μ4.04% 9/15/28 | 500000 | 499993 |
| μ4.40% 9/8/28 | 190000 | 190972 |
| μ4.93% 2/14/29 | 600000 | 611525 |
| 5.25% 6/12/28 | 200000 | 205971 |
| 5.40% 6/4/27 | 125000 | 127636 |
| μBarclays PLC |  |  |
| 4.48% 11/11/29 | 250000 | 251380 |
| 4.84% 9/10/28 | 200000 | 202346 |
| 4.97% 5/16/29 | 1450000 | 1474045 |
| 5.50% 8/9/28 | 250000 | 255418 |
| 5.67% 3/12/28 | 225000 | 229007 |
| 6.49% 9/13/29 | 250000 | 264201 |
| 7.39% 11/2/28 | 600000 | 634102 |
| Canadian Imperial Bank of <br> Commerce<br>|  |  |
| μ4.24% 9/8/28 | 235000 | 235898 |
| μ4.86% 1/13/28 | 300000 | 302346 |
| μ4.86% 3/30/29 | 150000 | 152480 |
| 5.00% 4/28/28 | 250000 | 255624 |
| 5.24% 6/28/27 | 250000 | 254738 |
| 5.99% 10/3/28 | 500000 | 525111 |
| Citibank NA 4.58% 5/29/27 | 415000 | 419232 |
| Citigroup, Inc. |  |  |
| μ3.07% 2/24/28 | 1500000 | 1482826 |
| μ3.52% 10/27/28 | 500000 | 495520 |
| μ3.67% 7/24/28 | 1200000 | 1192368 |
| μ3.89% 1/10/28 | 750000 | 748569 |
| μ4.08% 4/23/29 | 1000000 | 999312 |
| 4.13% 7/25/28 | 500000 | 499796 |
| μ4.64% 5/7/28 | 400000 | 403247 |
| μ4.79% 3/4/29 | 500000 | 507164 |
| μCitizens Bank NA 4.58% <br> 8/9/28<br>| 350000 | 352612 |
| Commonwealth Bank of <br> Australia 4.42% 3/14/28<br>| 250000 | 253079 |
| Cooperatieve Rabobank UA |  |  |
| 3.96% 10/17/28 | 250000 | 251048 |
| 4.37% 5/27/27 | 250000 | 252128 |
| 4.88% 1/21/28 | 250000 | 255601 |
| 5.04% 3/5/27 | 250000 | 253645 |
| Deutsche Bank AG |  |  |
| μ2.55% 1/7/28 | 250000 | 245863 |
| μ4.88% 12/1/32 | 250000 | 251070 |
| 5.37% 9/9/27 | 200000 | 204758 |
| μ5.37% 1/10/29 | 165000 | 168378 |
| μ5.71% 2/8/28 | 225000 | 228531 |

---

LVIP SSGA Short-Term Bond Index Fund-2

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Deutsche Bank <br> AG (continued)<br>|  |  |
| μ6.72% 1/18/29 | 350000 | $366429 |
| μ6.82% 11/20/29 | 500000 | 533146 |
| μFifth Third Bancorp |  |  |
| 6.34% 7/27/29 | 250000 | 263280 |
| 6.36% 10/27/28 | 100000 | 104033 |
| Fifth Third Bank NA |  |  |
| 2.25% 2/1/27 | 500000 | 491225 |
| μ4.97% 1/28/28 | 250000 | 252353 |
| First-Citizens Bank & Trust <br> Co. 6.13% 3/9/28<br>| 150000 | 155466 |
| μGoldman Sachs Group, Inc. |  |  |
| 2.64% 2/24/28 | 1750000 | 1722705 |
| 3.62% 3/15/28 | 750000 | 745836 |
| 3.69% 6/5/28 | 750000 | 746010 |
| 3.81% 4/23/29 | 1000000 | 994135 |
| 4.15% 10/21/29 | 845000 | 844811 |
| 4.22% 5/1/29 | 750000 | 751560 |
| 4.94% 4/23/28 | 300000 | 303427 |
| 6.48% 10/24/29 | 500000 | 530243 |
| μHSBC Holdings PLC |  |  |
| 2.01% 9/22/28 | 600000 | 579074 |
| 2.21% 8/17/29 | 500000 | 475537 |
| 4.04% 3/13/28 | 750000 | 748951 |
| 4.58% 6/19/29 | 400000 | 403695 |
| 4.76% 6/9/28 | 600000 | 605252 |
| 4.90% 3/3/29 | 285000 | 289160 |
| 5.13% 11/19/28 | 220000 | 224073 |
| 5.21% 8/11/28 | 350000 | 355906 |
| 5.60% 5/17/28 | 750000 | 764017 |
| 6.16% 3/9/29 | 350000 | 364383 |
| 7.39% 11/3/28 | 500000 | 528581 |
| HSBC USA, Inc. 4.65% 6/3/28 | 200000 | 203012 |
| μHuntington Bancshares, Inc. <br> 6.21% 8/21/29<br>| 500000 | 524402 |
| μHuntington National Bank <br> 4.55% 5/17/28<br>| 250000 | 251469 |
| ING Groep NV |  |  |
| 3.95% 3/29/27 | 500000 | 499724 |
| μ4.02% 3/28/28 | 250000 | 250029 |
| 4.55% 10/2/28 | 500000 | 506172 |
| μ4.86% 3/25/29 | 200000 | 202992 |
| μJPMorgan Chase & Co. |  |  |
| 2.07% 6/1/29 | 200000 | 190981 |
| 2.18% 6/1/28 | 250000 | 243805 |
| 3.51% 1/23/29 | 500000 | 495255 |
| 3.54% 5/1/28 | 1250000 | 1242952 |
| 3.78% 2/1/28 | 1000000 | 997770 |
| 4.20% 7/23/29 | 1250000 | 1254053 |
| 4.32% 4/26/28 | 1500000 | 1506104 |
| 4.45% 12/5/29 | 1000000 | 1010304 |
| 4.51% 10/22/28 | 395000 | 398871 |
| 4.85% 7/25/28 | 1500000 | 1519285 |
| 5.04% 1/23/28 | 250000 | 252587 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 5.30% 7/24/29 | 500000 | $515275 |
| 5.57% 4/22/28 | 245000 | 249874 |
| KeyBank NA 4.39% 12/14/27 | 250000 | 251178 |
| KeyCorp 2.25% 4/6/27 | 250000 | 244344 |
| Lloyds Banking Group PLC |  |  |
| μ3.57% 11/7/28 | 500000 | 496024 |
| μ3.75% 3/18/28 | 250000 | 249086 |
| 4.38% 3/22/28 | 250000 | 251527 |
| 4.55% 8/16/28 | 250000 | 253112 |
| μ4.82% 6/13/29 | 200000 | 203258 |
| μ5.09% 11/26/28 | 200000 | 203803 |
| μ5.46% 1/5/28 | 500000 | 506720 |
| μ5.87% 3/6/29 | 250000 | 259192 |
| μM&T Bank Corp. |  |  |
| 4.55% 8/16/28 | 150000 | 150797 |
| 4.83% 1/16/29 | 45000 | 45715 |
| 7.41% 10/30/29 | 500000 | 542457 |
| Manufacturers & Traders <br> Trust Co.<br>|  |  |
| 3.40% 8/17/27 | 150000 | 148151 |
| 4.70% 1/27/28 | 250000 | 253295 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>|  |  |
| μ2.34% 1/19/28 | 250000 | 245628 |
| 3.68% 2/22/27 | 250000 | 249502 |
| μ4.08% 4/19/28 | 600000 | 600222 |
| μ5.02% 7/20/28 | 250000 | 253677 |
| μ5.24% 4/19/29 | 500000 | 513213 |
| μ5.35% 9/13/28 | 500000 | 511245 |
| μ5.42% 2/22/29 | 250000 | 257147 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02% 3/5/28 | 250000 | 250711 |
| μ4.25% 9/11/29 | 250000 | 250699 |
| μ5.41% 9/13/28 | 400000 | 409690 |
| μ5.67% 5/27/29 | 200000 | 207281 |
| μ5.78% 7/6/29 | 500000 | 519965 |
| μMorgan Stanley |  |  |
| 2.48% 1/21/28 | 850000 | 835980 |
| 3.77% 1/24/29 | 250000 | 248588 |
| 4.13% 10/18/29 | 270000 | 269913 |
| 4.21% 4/20/28 | 1000000 | 1002294 |
| 4.99% 4/12/29 | 575000 | 586389 |
| 5.12% 2/1/29 | 500000 | 510417 |
| 5.16% 4/20/29 | 500000 | 511255 |
| 5.45% 7/20/29 | 1000000 | 1031949 |
| 5.65% 4/13/28 | 155000 | 158052 |
| 6.30% 10/18/28 | 500000 | 519408 |
| 6.41% 11/1/29 | 1000000 | 1059909 |
| μMorgan Stanley Bank NA |  |  |
| 4.95% 1/14/28 | 775000 | 782254 |
| 4.97% 7/14/28 | 750000 | 760458 |
| 5.50% 5/26/28 | 280000 | 285586 |

---

LVIP SSGA Short-Term Bond Index Fund-3

------

**LVIP SSGA Short-Term Bond Index 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)** |
| μMorgan Stanley Private Bank <br> NA<br>|  |  |
| 4.20% 11/17/28 | 690000 | $692156 |
| 4.47% 7/6/28 | 250000 | 251684 |
| National Australia Bank Ltd. |  |  |
| 3.91% 6/9/27 | 250000 | 250563 |
| 4.31% 6/13/28 | 255000 | 257732 |
| 4.50% 10/26/27 | 250000 | 253330 |
| 4.90% 6/13/28 | 250000 | 256102 |
| 5.09% 6/11/27 | 250000 | 254713 |
| National Bank of Canada |  |  |
| μ4.95% 2/1/28 | 250000 | 252459 |
| 5.60% 12/18/28 | 750000 | 782871 |
| μNatWest Group PLC |  |  |
| 3.07% 5/22/28 | 250000 | 246823 |
| 4.89% 5/18/29 | 350000 | 355888 |
| 5.52% 9/30/28 | 200000 | 205089 |
| 5.58% 3/1/28 | 450000 | 457905 |
| 5.81% 9/13/29 | 250000 | 260415 |
| Northern Trust Corp. 3.65% <br> 8/3/28<br>| 250000 | 249443 |
| PNC Bank NA |  |  |
| 3.10% 10/25/27 | 250000 | 246888 |
| 4.05% 7/26/28 | 500000 | 500723 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 5.30% 1/21/28 | 85000 | 86099 |
| 5.35% 12/2/28 | 500000 | 512635 |
| 5.58% 6/12/29 | 400000 | 414848 |
| Regions Financial Corp. 1.80% <br> 8/12/28<br>| 250000 | 236551 |
| Royal Bank of Canada |  |  |
| 3.63% 5/4/27 | 500000 | 499423 |
| μ4.00% 11/3/28 | 190000 | 190125 |
| 4.24% 8/3/27 | 250000 | 251738 |
| μ4.50% 8/6/29 | 395000 | 398836 |
| μ4.52% 10/18/28 | 660000 | 666445 |
| μ4.72% 3/27/28 | 290000 | 292476 |
| μ4.97% 1/24/29 | 290000 | 295372 |
| 5.20% 8/1/28 | 250000 | 257734 |
| Santander Holdings USA, Inc. |  |  |
| μ2.49% 1/6/28 | 150000 | 147433 |
| 4.40% 7/13/27 | 250000 | 250700 |
| μ5.47% 3/20/29 | 155000 | 158401 |
| μ6.50% 3/9/29 | 150000 | 156306 |
| μ6.57% 6/12/29 | 200000 | 209095 |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 2.47% 1/11/28 | 850000 | 835355 |
| 4.32% 9/22/29 | 200000 | 200191 |
| 6.53% 1/10/29 | 100000 | 104477 |
| Standard Chartered Bank <br> 4.85% 12/3/27<br>| 250000 | 255430 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 1.90% 9/17/28 | 250000 | $236117 |
| 3.35% 10/18/27 | 250000 | 247679 |
| 5.52% 1/13/28 | 750000 | 772464 |
| 5.72% 9/14/28 | 250000 | 260382 |
| 5.80% 7/13/28 | 700000 | 728950 |
| Synchrony Bank 5.63% <br> 8/23/27<br>| 200000 | 203968 |
| Toronto-Dominion Bank |  |  |
| 2.80% 3/10/27 | 250000 | 246791 |
| 4.11% 10/13/28 | 250000 | 250609 |
| 4.57% 6/2/28 | 250000 | 253170 |
| 4.69% 9/15/27 | 400000 | 405207 |
| 4.86% 1/31/28 | 250000 | 254094 |
| 4.98% 4/5/27 | 700000 | 708877 |
| 5.52% 7/17/28 | 500000 | 518028 |
| μTruist Bank |  |  |
| 4.14% 10/23/29 | 500000 | 499619 |
| 4.42% 7/24/28 | 460000 | 462635 |
| μTruist Financial Corp. |  |  |
| 1.89% 6/7/29 | 250000 | 237512 |
| 4.87% 1/26/29 | 500000 | 507956 |
| 7.16% 10/30/29 | 500000 | 539388 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 250000 | 245537 |
| 4.55% 7/22/28 | 350000 | 352901 |
| 4.65% 2/1/29 | 350000 | 354375 |
| 5.78% 6/12/29 | 1000000 | 1039404 |
| UBS AG 7.50% 2/15/28 | 500000 | 536857 |
| μWells Fargo & Co. |  |  |
| 2.39% 6/2/28 | 500000 | 488547 |
| 3.53% 3/24/28 | 1250000 | 1241874 |
| 3.58% 5/22/28 | 750000 | 745071 |
| 4.08% 9/15/29 | 325000 | 324739 |
| 4.81% 7/25/28 | 1000000 | 1011197 |
| 4.90% 1/24/28 | 390000 | 393283 |
| 4.97% 4/23/29 | 315000 | 320863 |
| 5.57% 7/25/29 | 1500000 | 1553815 |
| 5.71% 4/22/28 | 375000 | 382762 |
| 6.30% 10/23/29 | 750000 | 792445 |
| Westpac Banking Corp. |  |  |
| 1.95% 11/20/28 | 500000 | 474323 |
| 3.35% 3/8/27 | 250000 | 249045 |
| 3.40% 1/25/28 | 250000 | 248010 |
| 4.04% 8/26/27 | 250000 | 251289 |
|  |  | **108115277** |
| **Beverages–1.02%** | **Beverages–1.02%** | **Beverages–1.02%** |
| Coca-Cola Co. |  |  |
| 1.00% 3/15/28 | 250000 | 236092 |
| 1.45% 6/1/27 | 250000 | 242600 |
| 2.90% 5/25/27 | 250000 | 247625 |
| Constellation Brands, Inc. |  |  |
| 3.50% 5/9/27 | 250000 | 248177 |

---

LVIP SSGA Short-Term Bond Index Fund-4

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Constellation Brands, <br> Inc. (continued)<br>|  |  |
| 4.65% 11/15/28 | 250000 | $253558 |
| Diageo Capital PLC |  |  |
| 3.88% 5/18/28 | 150000 | 149768 |
| 5.30% 10/24/27 | 350000 | 358579 |
| Keurig Dr. Pepper, Inc. |  |  |
| 4.35% 5/15/28 | 250000 | 250786 |
| 5.10% 3/15/27 | 225000 | 227493 |
| Pepsico Singapore Financing <br> I Pte. Ltd. 4.65% 2/16/27<br>| 250000 | 252319 |
| PepsiCo, Inc. |  |  |
| 3.00% 10/15/27 | 250000 | 247518 |
| 4.45% 2/7/28 | 250000 | 253653 |
| 4.45% 5/15/28 | 150000 | 152360 |
|  |  | **3120528** |
| **Biotechnology–0.64%** | **Biotechnology–0.64%** | **Biotechnology–0.64%** |
| Amgen, Inc. |  |  |
| 2.20% 2/21/27 | 350000 | 343349 |
| 5.15% 3/2/28 | 850000 | 869882 |
| Bio-Rad Laboratories, Inc. <br> 3.30% 3/15/27<br>| 250000 | 247722 |
| Gilead Sciences, Inc. |  |  |
| 1.20% 10/1/27 | 250000 | 239469 |
| 2.95% 3/1/27 | 250000 | 247544 |
|  |  | **1947966** |
| **Building Materials–0.39%** | **Building Materials–0.39%** | **Building Materials–0.39%** |
| Lennox International, Inc. |  |  |
| 1.70% 8/1/27 | 150000 | 144660 |
| 5.50% 9/15/28 | 250000 | 257983 |
| Martin Marietta Materials, <br> Inc. 3.50% 12/15/27<br>| 250000 | 247971 |
| Masco Corp. 1.50% 2/15/28 | 250000 | 236625 |
| Owens Corning 5.50% 6/15/27 | 70000 | 71436 |
| Vulcan Materials Co. 3.90% <br> 4/1/27<br>| 250000 | 249953 |
|  |  | **1208628** |
| **Chemicals–0.77%** | **Chemicals–0.77%** | **Chemicals–0.77%** |
| Air Products & Chemicals, <br> Inc. 4.30% 6/11/28<br>| 200000 | 202039 |
| Albemarle Corp. 4.65% 6/1/27 | 250000 | 251530 |
| Dow Chemical Co. 4.80% <br> 11/30/28<br>| 250000 | 253677 |
| Eastman Chemical Co. 4.50% <br> 12/1/28<br>| 250000 | 251887 |
| Ecolab, Inc. |  |  |
| 1.65% 2/1/27 | 150000 | 146598 |
| 3.25% 12/1/27 | 250000 | 248025 |
| 4.30% 6/15/28 | 45000 | 45471 |
| Nutrien Ltd. |  |  |
| 4.50% 3/12/27 | 145000 | 145828 |
| 5.20% 6/21/27 | 110000 | 111796 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| RPM International, Inc. 3.75% <br> 3/15/27<br>| 250000 | $248845 |
| Sherwin-Williams Co. |  |  |
| 3.45% 6/1/27 | 250000 | 248092 |
| 4.30% 8/15/28 | 195000 | 196204 |
|  |  | **2349992** |
| **Commercial Services–0.91%** | **Commercial Services–0.91%** | **Commercial Services–0.91%** |
| Automatic Data Processing, <br> Inc. 1.70% 5/15/28<br>| 200000 | 191020 |
| Block Financial LLC 2.50% <br> 7/15/28<br>| 250000 | 238480 |
| Cintas Corp. No. 2 |  |  |
| 3.70% 4/1/27 | 250000 | 249538 |
| 4.20% 5/1/28 | 115000 | 115571 |
| Equifax, Inc. 5.10% 6/1/28 | 250000 | 255428 |
| Global Payments, Inc. |  |  |
| 2.15% 1/15/27 | 250000 | 244741 |
| 4.45% 6/1/28 | 150000 | 150132 |
| 4.50% 11/15/28 | 95000 | 95181 |
| PayPal Holdings, Inc. 4.45% <br> 3/6/28<br>| 125000 | 126483 |
| Quanta Services, Inc. 4.30% <br> 8/9/28<br>| 350000 | 351854 |
| S&P Global, Inc. |  |  |
| 2.45% 3/1/27 | 250000 | 246024 |
| 4.75% 8/1/28 | 250000 | 254644 |
| UL Solutions, Inc. 6.50% <br> 10/20/28<br>| 250000 | 263847 |
|  |  | **2782943** |
| **Computers–2.30%** | **Computers–2.30%** | **Computers–2.30%** |
| Apple, Inc. |  |  |
| 1.20% 2/8/28 | 250000 | 237779 |
| 1.40% 8/5/28 | 750000 | 708632 |
| 2.90% 9/12/27 | 1000000 | 987733 |
| 3.00% 6/20/27 | 250000 | 247862 |
| 3.35% 2/9/27 | 750000 | 747601 |
| 4.00% 5/12/28 | 500000 | 504192 |
| Dell International LLC/EMC <br> Corp. 4.75% 4/1/28<br>| 110000 | 111567 |
| Dell, Inc. 7.10% 4/15/28 | 250000 | 265499 |
| DXC Technology Co. 2.38% <br> 9/15/28<br>| 250000 | 235717 |
| Hewlett Packard Enterprise <br> Co.<br>|  |  |
| 4.05% 9/15/27 | 90000 | 90011 |
| 4.15% 9/15/28 | 80000 | 80070 |
| 4.40% 9/25/27 | 340000 | 341638 |
| 5.25% 7/1/28 | 250000 | 256295 |
| HP, Inc. |  |  |
| 3.00% 6/17/27 | 250000 | 246132 |
| 4.75% 1/15/28 | 250000 | 252730 |
| IBM International Capital <br> Pte. Ltd. 4.60% 2/5/27<br>| 250000 | 251696 |

---

LVIP SSGA Short-Term Bond Index Fund-5

------

**LVIP SSGA Short-Term Bond Index 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 (continued)** | **Computers (continued)** | **Computers (continued)** |
| International Business <br> Machines Corp.<br>|  |  |
| 1.70% 5/15/27 | 350000 | $340129 |
| 2.20% 2/9/27 | 150000 | 147259 |
| 4.15% 7/27/27 | 250000 | 251317 |
| 4.65% 2/10/28 | 250000 | 253669 |
| 6.22% 8/1/27 | 250000 | 259302 |
| Kyndryl Holdings, Inc. 2.70% <br> 10/15/28<br>| 250000 | 239588 |
|  |  | **7056418** |
| **Cosmetics & Personal Care–0.58%** | **Cosmetics & Personal Care–0.58%** | **Cosmetics & Personal Care–0.58%** |
| Colgate-Palmolive Co. 3.10% <br> 8/15/27<br>| 250000 | 247779 |
| Estee Lauder Cos., Inc. |  |  |
| 3.15% 3/15/27 | 250000 | 247884 |
| 4.38% 5/15/28 | 100000 | 100968 |
| Kenvue, Inc. 5.05% 3/22/28 | 250000 | 255412 |
| Procter & Gamble Co. |  |  |
| 2.80% 3/25/27 | 250000 | 246931 |
| 2.85% 8/11/27 | 350000 | 346243 |
| Unilever Capital Corp. |  |  |
| 3.50% 3/22/28 | 250000 | 248359 |
| 4.25% 8/12/27 | 100000 | 100850 |
|  |  | **1794426** |
| **Distribution/Wholesale–0.08%** | **Distribution/Wholesale–0.08%** | **Distribution/Wholesale–0.08%** |
| LKQ Corp. 5.75% 6/15/28 | 250000 | 258254 |
|  |  | **258254** |
| **Diversified Financial Services–4.83%** | **Diversified Financial Services–4.83%** | **Diversified Financial Services–4.83%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 3.00% 10/29/28 | 1500000 | 1454233 |
| 3.65% 7/21/27 | 250000 | 248393 |
| 6.10% 1/15/27 | 250000 | 254727 |
| Air Lease Corp. |  |  |
| 2.10% 9/1/28 | 750000 | 706398 |
| 3.63% 4/1/27 | 250000 | 247121 |
| Ally Financial, Inc. |  |  |
| 4.75% 6/9/27 | 250000 | 252174 |
| μ6.99% 6/13/29 | 250000 | 264021 |
| American Express Co. |  |  |
| 2.55% 3/4/27 | 250000 | 246380 |
| μ4.35% 7/20/29 | 420000 | 423064 |
| μ4.73% 4/25/29 | 145000 | 147225 |
| μ5.04% 7/26/28 | 500000 | 508439 |
| μ5.10% 2/16/28 | 930000 | 940802 |
| μ5.28% 7/27/29 | 250000 | 257484 |
| BGC Group, Inc. 8.00% <br> 5/25/28<br>| 100000 | 106806 |
| BlackRock Funding, Inc. <br> 4.60% 7/26/27<br>| 170000 | 172236 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Capital One Financial Corp. |  |  |
| 3.65% 5/11/27 | 750000 | $746477 |
| 3.80% 1/31/28 | 150000 | 149388 |
| 4.10% 2/9/27 | 250000 | 250169 |
| μ4.93% 5/10/28 | 500000 | 505888 |
| μ5.47% 2/1/29 | 250000 | 256696 |
| μ6.31% 6/8/29 | 400000 | 419780 |
| Charles Schwab Corp. |  |  |
| 2.00% 3/20/28 | 150000 | 144247 |
| 2.45% 3/3/27 | 350000 | 344478 |
| 3.20% 1/25/28 | 250000 | 246573 |
| 3.30% 4/1/27 | 250000 | 248342 |
| μ5.64% 5/19/29 | 250000 | 259524 |
| μ6.20% 11/17/29 | 250000 | 264411 |
| Intercontinental Exchange, <br> Inc.<br>|  |  |
| 3.10% 9/15/27 | 200000 | 197550 |
| 3.95% 12/1/28 | 190000 | 190476 |
| 4.00% 9/15/27 | 200000 | 200546 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 5.88% 7/21/28 | 250000 | 259735 |
| 6.45% 6/8/27 | 250000 | 257956 |
| Lazard Group LLC 4.50% <br> 9/19/28<br>| 250000 | 251613 |
| LPL Holdings, Inc. |  |  |
| 4.90% 4/3/28 | 115000 | 116680 |
| 5.70% 5/20/27 | 200000 | 203832 |
| Mastercard, Inc. |  |  |
| 4.55% 3/15/28 | 175000 | 177914 |
| 4.88% 3/9/28 | 500000 | 511372 |
| Nomura Holdings, Inc. |  |  |
| 2.17% 7/14/28 | 500000 | 475872 |
| 2.33% 1/22/27 | 250000 | 245587 |
| 6.07% 7/12/28 | 250000 | 260734 |
| ORIX Corp. 5.00% 9/13/27 | 200000 | 203459 |
| Radian Group, Inc. 4.88% <br> 3/15/27<br>| 250000 | 250902 |
| Synchrony Financial |  |  |
| 3.95% 12/1/27 | 250000 | 248809 |
| μ5.02% 7/29/29 | 20000 | 20252 |
| Visa, Inc. |  |  |
| 1.90% 4/15/27 | 250000 | 244861 |
| 2.75% 9/15/27 | 200000 | 197578 |
| μVoya Financial, Inc. 4.70% <br> 1/23/48<br>| 250000 | 235674 |
|  |  | **14816878** |
| **Electric–5.36%** | **Electric–5.36%** | **Electric–5.36%** |
| AEP Texas, Inc. 3.95% 6/1/28 | 150000 | 149327 |
| AES Corp. 5.45% 6/1/28 | 200000 | 204533 |
| CenterPoint Energy Houston <br> Electric LLC 5.20% 10/1/28<br>| 250000 | 258111 |
| CMS Energy Corp. 3.45% <br> 8/15/27<br>| 150000 | 148620 |

---

LVIP SSGA Short-Term Bond Index Fund-6

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Commonwealth Edison Co. <br> 2.95% 8/15/27<br>| 150000 | $147913 |
| Connecticut Light & Power <br> Co. 3.20% 3/15/27<br>| 250000 | 247809 |
| Consolidated Edison Co. of <br> New York, Inc. 3.80% <br> 5/15/28<br>| 100000 | 99724 |
| Consumers Energy Co. 4.65% <br> 3/1/28<br>| 100000 | 101593 |
| Dominion Energy, Inc. 4.60% <br> 5/15/28<br>| 120000 | 121401 |
| DTE Electric Co. 4.25% <br> 5/14/27<br>| 50000 | 50342 |
| DTE Energy Co. |  |  |
| 4.88% 6/1/28 | 305000 | 310283 |
| 4.95% 7/1/27 | 65000 | 65856 |
| Duke Energy Corp. |  |  |
| 3.15% 8/15/27 | 350000 | 345636 |
| 4.30% 3/15/28 | 250000 | 251347 |
| 4.85% 1/5/27 | 110000 | 111023 |
| Duke Energy Progress LLC <br> 4.35% 3/6/27<br>| 65000 | 65427 |
| Edison International 4.13% <br> 3/15/28<br>| 100000 | 98838 |
| Enel Chile SA 4.88% 6/12/28 | 200000 | 202800 |
| Entergy Louisiana LLC |  |  |
| 3.12% 9/1/27 | 400000 | 395071 |
| 3.25% 4/1/28 | 250000 | 246558 |
| Evergy Kansas Central, Inc. <br> 4.70% 3/13/28<br>| 65000 | 65993 |
| Eversource Energy |  |  |
| 3.30% 1/15/28 | 250000 | 245546 |
| 5.00% 1/1/27 | 65000 | 65563 |
| 5.45% 3/1/28 | 150000 | 153752 |
| Exelon Corp. |  |  |
| 2.75% 3/15/27 | 250000 | 246215 |
| 5.15% 3/15/28 | 200000 | 204330 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 500000 | 498005 |
| Georgia Power Co. |  |  |
| 3.25% 3/30/27 | 250000 | 248430 |
| 4.00% 10/1/28 | 85000 | 85470 |
| 5.00% 2/23/27 | 510000 | 516587 |
| Indiana Michigan Power Co. <br> 3.85% 5/15/28<br>| 150000 | 149730 |
| MidAmerican Energy Co. <br> 3.10% 5/1/27<br>| 250000 | 247580 |
| National Rural Utilities <br> Cooperative Finance Corp.<br>|  |  |
| 3.95% 12/10/27 | 315000 | 316184 |
| 4.15% 8/25/28 | 155000 | 155811 |
| 4.75% 2/7/28 | 190000 | 192881 |
| 4.80% 3/15/28 | 250000 | 254557 |
| 5.10% 5/6/27 | 250000 | 253735 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 1.90% 6/15/28 | 850000 | $809980 |
| 3.55% 5/1/27 | 500000 | 497019 |
| 4.63% 7/15/27 | 500000 | 505362 |
| 4.69% 9/1/27 | 145000 | 146723 |
| 4.90% 2/28/28 | 250000 | 254618 |
| NSTAR Electric Co. 3.20% <br> 5/15/27<br>| 250000 | 247653 |
| Oncor Electric Delivery Co. <br> LLC 4.30% 5/15/28<br>| 250000 | 251979 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 350000 | 339308 |
| 3.30% 3/15/27 | 250000 | 247291 |
| 3.75% 7/1/28 | 250000 | 246719 |
| 4.65% 8/1/28 | 250000 | 251799 |
| 5.00% 6/4/28 | 230000 | 233943 |
| Pinnacle West Capital Corp. <br> 4.90% 5/15/28<br>| 60000 | 61077 |
| Public Service Co. of New <br> Hampshire 4.40% 7/1/28<br>| 315000 | 317940 |
| Public Service Electric & Gas <br> Co. 3.00% 5/15/27<br>| 250000 | 247294 |
| Public Service Enterprise <br> Group, Inc. 5.88% 10/15/28<br>| 250000 | 261026 |
| Sempra |  |  |
| 3.25% 6/15/27 | 150000 | 148145 |
| 3.40% 2/1/28 | 500000 | 492383 |
| Southern California Edison <br> Co.<br>|  |  |
| 4.70% 6/1/27 | 250000 | 251944 |
| 5.65% 10/1/28 | 500000 | 517432 |
| 5.85% 11/1/27 | 500000 | 513763 |
| Southern Co. |  |  |
| 4.85% 6/15/28 | 250000 | 254520 |
| 5.11% 8/1/27 | 150000 | 152398 |
| Southwestern Electric Power <br> Co. 4.10% 9/15/28<br>| 250000 | 249825 |
| Union Electric Co. 2.95% <br> 6/15/27<br>| 250000 | 247368 |
| Virginia Electric & Power Co. |  |  |
| 3.50% 3/15/27 | 250000 | 248794 |
| 3.75% 5/15/27 | 250000 | 249515 |
| WEC Energy Group, Inc. <br> 4.75% 1/15/28<br>| 500000 | 507423 |
| Xcel Energy, Inc. |  |  |
| 1.75% 3/15/27 | 100000 | 97306 |
| 4.75% 3/21/28 | 80000 | 81037 |
|  |  | **16454165** |
| **Electrical Components & Equipment–0.22%** | **Electrical Components & Equipment–0.22%** | **Electrical Components & Equipment–0.22%** |
| Emerson Electric Co. |  |  |
| 1.80% 10/15/27 | 350000 | 338623 |
| 2.00% 12/21/28 | 350000 | 331969 |
|  |  | **670592** |

---

LVIP SSGA Short-Term Bond Index Fund-7

------

**LVIP SSGA Short-Term Bond Index 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–0.98%** | **Electronics–0.98%** | **Electronics–0.98%** |
| Allegion U.S. Holding Co., Inc. <br> 3.55% 10/1/27<br>| 250000 | $247754 |
| Amphenol Corp. |  |  |
| 3.80% 11/15/27 | 190000 | 189746 |
| 3.90% 11/15/28 | 415000 | 414544 |
| 4.38% 6/12/28 | 165000 | 166524 |
| Avnet, Inc. 6.25% 3/15/28 | 150000 | 155355 |
| Flex Ltd. 6.00% 1/15/28 | 100000 | 103224 |
| Honeywell International, Inc. |  |  |
| 1.10% 3/1/27 | 250000 | 242332 |
| 4.65% 7/30/27 | 200000 | 202565 |
| Hubbell, Inc. 3.15% 8/15/27 | 250000 | 246840 |
| Jabil, Inc. |  |  |
| 3.95% 1/12/28 | 150000 | 149646 |
| 4.25% 5/15/27 | 250000 | 250347 |
| Keysight Technologies, Inc. <br> 4.60% 4/6/27<br>| 250000 | 251292 |
| TD SYNNEX Corp. 2.38% <br> 8/9/28<br>| 250000 | 238070 |
| Tyco Electronics Group SA <br> 3.13% 8/15/27<br>| 150000 | 148574 |
|  |  | **3006813** |
| **Engineering & Construction–0.09%** | **Engineering & Construction–0.09%** | **Engineering & Construction–0.09%** |
| Jacobs Engineering Group, <br> Inc. 6.35% 8/18/28<br>| 250000 | 262991 |
|  |  | **262991** |
| **Environmental Control–0.47%** | **Environmental Control–0.47%** | **Environmental Control–0.47%** |
| Republic Services, Inc. 3.95% <br> 5/15/28<br>| 250000 | 250421 |
| Waste Connections, Inc. 4.25% <br> 12/1/28<br>| 500000 | 503475 |
| Waste Management, Inc. |  |  |
| 1.15% 3/15/28 | 150000 | 141434 |
| 4.50% 3/15/28 | 150000 | 152006 |
| 4.95% 7/3/27 | 400000 | 406747 |
|  |  | **1454083** |
| **Food–1.03%** | **Food–1.03%** | **Food–1.03%** |
| Campbell's Co. |  |  |
| 4.15% 3/15/28 | 250000 | 249965 |
| 5.20% 3/19/27 | 100000 | 101296 |
| Conagra Brands, Inc. 7.00% <br> 10/1/28<br>| 500000 | 533027 |
| General Mills, Inc. |  |  |
| 3.20% 2/10/27 | 150000 | 148725 |
| 4.70% 1/30/27 | 75000 | 75557 |
| 5.50% 10/17/28 | 500000 | 518564 |
| Hershey Co. 4.55% 2/24/28 | 85000 | 86336 |
| Hormel Foods Corp. 1.70% <br> 6/3/28<br>| 250000 | 237450 |
| Kellanova 4.30% 5/15/28 | 250000 | 251577 |
| Kraft Heinz Foods Co. 3.88% <br> 5/15/27<br>| 250000 | 249328 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| McCormick & Co., Inc. 3.40% <br> 8/15/27<br>| 150000 | $148662 |
| Mondelez International, Inc. <br> 4.25% 5/6/28<br>| 215000 | 216140 |
| Sysco Corp. 3.25% 7/15/27 | 150000 | 148524 |
| Tyson Foods, Inc. 3.55% <br> 6/2/27<br>| 200000 | 198602 |
|  |  | **3163753** |
| **Forest Products & Paper–0.08%** | **Forest Products & Paper–0.08%** | **Forest Products & Paper–0.08%** |
| Celulosa Arauco y <br> Constitucion SA 3.88% <br> 11/2/27<br>| 250000 | 247671 |
|  |  | **247671** |
| **Gas–0.47%** | **Gas–0.47%** | **Gas–0.47%** |
| CenterPoint Energy <br> Resources Corp.<br>|  |  |
| 4.00% 4/1/28 | 250000 | 249641 |
| 5.25% 3/1/28 | 150000 | 153719 |
| National Fuel Gas Co. 3.95% <br> 9/15/27<br>| 200000 | 199220 |
| NiSource, Inc. 5.25% 3/30/28 | 250000 | 256305 |
| Southern California Gas Co. <br> 2.95% 4/15/27<br>| 250000 | 247288 |
| Southern Co. Gas Capital <br> Corp. 4.05% 9/15/28<br>| 70000 | 70022 |
| Southwest Gas Corp. 5.45% <br> 3/23/28<br>| 250000 | 256303 |
|  |  | **1432498** |
| **Hand Machine Tools–0.11%** | **Hand Machine Tools–0.11%** | **Hand Machine Tools–0.11%** |
| Kennametal, Inc. 4.63% <br> 6/15/28<br>| 100000 | 100420 |
| Stanley Black & Decker, Inc. <br> 4.25% 11/15/28<br>| 250000 | 250203 |
|  |  | **350623** |
| **Health Care Products–1.06%** | **Health Care Products–1.06%** | **Health Care Products–1.06%** |
| Agilent Technologies, Inc. <br> 4.20% 9/9/27<br>| 200000 | 201010 |
| Baxter International, Inc. |  |  |
| 1.92% 2/1/27 | 550000 | 536693 |
| 2.27% 12/1/28 | 350000 | 330402 |
| Boston Scientific Corp. 4.00% <br> 3/1/28<br>| 150000 | 150228 |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.15% 12/15/28 | 55000 | 55152 |
| 5.65% 11/15/27 | 350000 | 360302 |
| Medtronic Global Holdings <br> SCA 4.25% 3/30/28<br>| 250000 | 251921 |
| Revvity, Inc. 1.90% 9/15/28 | 250000 | 235117 |
| Stryker Corp. 4.70% 2/10/28 | 145000 | 147069 |
| Thermo Fisher Scientific, Inc. <br> 1.75% 10/15/28<br>| 500000 | 472024 |

---

LVIP SSGA Short-Term Bond Index Fund-8

------

**LVIP SSGA Short-Term Bond Index 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 Products (continued)** | **Health Care Products (continued)** | **Health Care Products (continued)** |
| Zimmer Biomet Holdings, Inc. <br> 5.35% 12/1/28<br>| 500000 | $516926 |
|  |  | **3256844** |
| **Health Care Services–2.68%** | **Health Care Services–2.68%** | **Health Care Services–2.68%** |
| Centene Corp. |  |  |
| 2.45% 7/15/28 | 350000 | 327719 |
| 4.25% 12/15/27 | 750000 | 745584 |
| CHRISTUS Health 4.34% <br> 7/1/28<br>| 100000 | 100362 |
| Cigna Group 4.38% 10/15/28 | 1500000 | 1513635 |
| CommonSpirit Health 6.07% <br> 11/1/27<br>| 500000 | 516846 |
| Elevance Health, Inc. |  |  |
| 4.00% 9/15/28 | 465000 | 464297 |
| 4.10% 3/1/28 | 250000 | 250235 |
| HCA, Inc. |  |  |
| 3.13% 3/15/27 | 250000 | 247382 |
| 4.50% 2/15/27 | 350000 | 350762 |
| 5.00% 3/1/28 | 150000 | 152796 |
| 5.63% 9/1/28 | 250000 | 257694 |
| Humana, Inc. |  |  |
| 5.75% 3/1/28 | 250000 | 257757 |
| 5.75% 12/1/28 | 350000 | 363957 |
| IQVIA, Inc. 5.70% 5/15/28 | 250000 | 257950 |
| Kaiser Foundation Hospitals <br> 3.15% 5/1/27<br>| 250000 | 247954 |
| Laboratory Corp. of America <br> Holdings 3.60% 9/1/27<br>| 200000 | 199090 |
| SSM Health Care Corp. 3.82% <br> 6/1/27<br>| 250000 | 249958 |
| Sutter Health 3.70% 8/15/28 | 250000 | 248506 |
| UnitedHealth Group, Inc. |  |  |
| 2.95% 10/15/27 | 250000 | 246490 |
| 3.70% 5/15/27 | 250000 | 249540 |
| 3.88% 12/15/28 | 500000 | 499614 |
| 4.40% 6/15/28 | 220000 | 222424 |
| 4.60% 4/15/27 | 250000 | 252094 |
|  |  | **8222646** |
| **Home Builders–0.24%** | **Home Builders–0.24%** | **Home Builders–0.24%** |
| DR Horton, Inc. 1.40% <br> 10/15/27<br>| 250000 | 239260 |
| Lennar Corp. 4.75% 11/29/27 | 250000 | 252004 |
| Toll Brothers Finance Corp. <br> 4.88% 3/15/27<br>| 250000 | 251938 |
|  |  | **743202** |
| **Household Products Wares–0.26%** | **Household Products Wares–0.26%** | **Household Products Wares–0.26%** |
| Avery Dennison Corp. 4.88% <br> 12/6/28<br>| 350000 | 357441 |
| Clorox Co. 3.10% 10/1/27 | 250000 | 246685 |
| Kimberly-Clark Corp. 1.05% <br> 9/15/27<br>| 200000 | 191233 |
|  |  | **795359** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance–0.81%** | **Insurance–0.81%** | **Insurance–0.81%** |
| μAegon Ltd. 5.50% 4/11/48 | 500000 | $504938 |
| American National Group, <br> Inc. 5.00% 6/15/27<br>| 250000 | 251853 |
| Aon North America, Inc. <br> 5.13% 3/1/27<br>| 95000 | 96169 |
| Brighthouse Financial, Inc. <br> 3.70% 6/22/27<br>| 250000 | 246919 |
| Corebridge Financial, Inc. |  |  |
| 3.65% 4/5/27 | 250000 | 248418 |
| μ6.88% 12/15/52 | 250000 | 256009 |
| F&G Annuities & Life, Inc. <br> 7.40% 1/13/28<br>| 250000 | 261640 |
| Marsh & McLennan Cos., Inc. <br> 4.55% 11/8/27<br>| 80000 | 80943 |
| μPrudential Financial, Inc. <br> 4.50% 9/15/47<br>| 400000 | 395835 |
| RenaissanceRe Finance, Inc. <br> 3.45% 7/1/27<br>| 150000 | 148578 |
|  |  | **2491302** |
| **Internet–1.78%** | **Internet–1.78%** | **Internet–1.78%** |
| Alibaba Group Holding Ltd. <br> 3.40% 12/6/27<br>| 500000 | 495692 |
| Alphabet, Inc. 3.88% 11/15/28 | 180000 | 180878 |
| Amazon.com, Inc. |  |  |
| 1.20% 6/3/27 | 250000 | 241560 |
| 1.65% 5/12/28 | 400000 | 381787 |
| 3.15% 8/22/27 | 1000000 | 991874 |
| 3.30% 4/13/27 | 500000 | 497878 |
| 3.90% 11/20/28 | 875000 | 877678 |
| Baidu, Inc. |  |  |
| 1.63% 2/23/27 | 250000 | 243701 |
| 3.63% 7/6/27 | 250000 | 249016 |
| 4.38% 3/29/28 | 150000 | 151353 |
| Expedia Group, Inc. 4.63% <br> 8/1/27<br>| 150000 | 151104 |
| Meta Platforms, Inc. 3.50% <br> 8/15/27<br>| 500000 | 499009 |
| Netflix, Inc. 4.88% 4/15/28 | 500000 | 510707 |
|  |  | **5472237** |
| **Investment Companies–1.43%** | **Investment Companies–1.43%** | **Investment Companies–1.43%** |
| ARES Capital Corp. |  |  |
| 2.88% 6/15/27 | 150000 | 146792 |
| 2.88% 6/15/28 | 250000 | 238924 |
| Barings BDC, Inc. 5.20% <br> 9/15/28<br>| 135000 | 134338 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 3.25% 3/15/27 | 250000 | 245708 |
| 4.95% 9/26/27 | 110000 | 110594 |
| Blackstone Secured Lending <br> Fund 2.85% 9/30/28<br>| 250000 | 236455 |
| Blue Owl Capital Corp. 2.88% <br> 6/11/28<br>| 200000 | 188916 |

---

LVIP SSGA Short-Term Bond Index Fund-9

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Blue Owl Credit Income Corp. |  |  |
| 7.75% 9/16/27 | 200000 | $207948 |
| 7.95% 6/13/28 | 250000 | 264344 |
| Blue Owl Technology Finance <br> Corp. 6.10% 3/15/28<br>| 150000 | 150891 |
| FS KKR Capital Corp. |  |  |
| 2.63% 1/15/27 | 250000 | 243100 |
| 3.13% 10/12/28 | 250000 | 230690 |
| 3.25% 7/15/27 | 200000 | 193047 |
| Goldman Sachs BDC, Inc. <br> 6.38% 3/11/27<br>| 325000 | 331765 |
| Goldman Sachs Private Credit <br> Corp. 5.88% 5/6/28<br>| 100000 | 101865 |
| Golub Capital BDC, Inc. 2.05% <br> 2/15/27<br>| 100000 | 97013 |
| HPS Corporate Lending Fund |  |  |
| 4.90% 9/11/28 | 250000 | 248704 |
| 5.30% 6/5/27 | 60000 | 60365 |
| Main Street Capital Corp. |  |  |
| 5.40% 8/15/28 | 70000 | 70372 |
| 6.50% 6/4/27 | 60000 | 61238 |
| Morgan Stanley Direct <br> Lending Fund 4.50% 2/11/27<br>| 150000 | 149800 |
| New Mountain Finance Corp. <br> 6.20% 10/15/27<br>| 250000 | 254074 |
| Oaktree Specialty Lending <br> Corp. 2.70% 1/15/27<br>| 150000 | 146707 |
| Sixth Street Specialty <br> Lending, Inc. 6.95% 8/14/28<br>| 250000 | 262019 |
|  |  | **4375669** |
| **Iron & Steel–0.25%** | **Iron & Steel–0.25%** | **Iron & Steel–0.25%** |
| ArcelorMittal SA 6.55% <br> 11/29/27<br>| 250000 | 260293 |
| Nucor Corp. 3.95% 5/1/28 | 150000 | 150023 |
| Steel Dynamics, Inc. |  |  |
| 1.65% 10/15/27 | 250000 | 240122 |
| 4.00% 12/15/28 | 110000 | 109874 |
|  |  | **760312** |
| **Lodging–0.71%** | **Lodging–0.71%** | **Lodging–0.71%** |
| Hyatt Hotels Corp. |  |  |
| 5.05% 3/30/28 | 85000 | 86541 |
| 5.75% 1/30/27 | 150000 | 152304 |
| Las Vegas Sands Corp. |  |  |
| 5.63% 6/15/28 | 250000 | 256324 |
| 5.90% 6/1/27 | 500000 | 509972 |
| Marriott International, Inc. |  |  |
| 4.00% 4/15/28 | 250000 | 250355 |
| 4.20% 7/15/27 | 60000 | 60214 |
| 5.00% 10/15/27 | 250000 | 254226 |
| Sands China Ltd. |  |  |
| 2.30% 3/8/27 | 250000 | 243851 |
| 5.40% 8/8/28 | 350000 | 356333 |
|  |  | **2170120** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Construction & Mining–0.58%** | **Machinery Construction & Mining–0.58%** | **Machinery Construction & Mining–0.58%** |
| Caterpillar Financial Services <br> Corp.<br>|  |  |
| 3.60% 8/12/27 | 250000 | $249622 |
| 3.95% 11/14/28 | 120000 | 120282 |
| 4.10% 8/15/28 | 135000 | 135875 |
| 4.40% 10/15/27 | 500000 | 505934 |
| 4.40% 3/3/28 | 250000 | 252702 |
| 4.50% 1/7/27 | 100000 | 100791 |
| 5.00% 5/14/27 | 250000 | 254146 |
| Oshkosh Corp. 4.60% 5/15/28 | 150000 | 151838 |
|  |  | **1771190** |
| **Machinery Diversified–1.35%** | **Machinery Diversified–1.35%** | **Machinery Diversified–1.35%** |
| CNH Industrial Capital LLC |  |  |
| 4.50% 10/8/27 | 115000 | 115689 |
| 4.55% 4/10/28 | 250000 | 251709 |
| Ingersoll Rand, Inc. 5.40% <br> 8/14/28<br>| 250000 | 258421 |
| John Deere Capital Corp. |  |  |
| 1.50% 3/6/28 | 250000 | 238134 |
| 1.70% 1/11/27 | 150000 | 146856 |
| 2.80% 9/8/27 | 400000 | 393525 |
| 3.05% 1/6/28 | 250000 | 246693 |
| 4.20% 7/15/27 | 125000 | 125909 |
| 4.25% 6/5/28 | 400000 | 404605 |
| 4.50% 1/8/27 | 250000 | 251892 |
| 4.50% 1/8/27 | 100000 | 100757 |
| 4.65% 1/7/28 | 85000 | 86462 |
| 4.85% 3/5/27 | 250000 | 253146 |
| 4.90% 6/11/27 | 220000 | 223716 |
| 4.95% 7/14/28 | 250000 | 256732 |
| Otis Worldwide Corp. 5.25% <br> 8/16/28<br>| 250000 | 257628 |
| Regal Rexnord Corp. 6.05% <br> 4/15/28<br>| 500000 | 517232 |
|  |  | **4129106** |
| **Media–1.01%** | **Media–1.01%** | **Media–1.01%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital 4.20% 3/15/28<br>| 600000 | 597014 |
| Comcast Corp. |  |  |
| 2.35% 1/15/27 | 250000 | 246148 |
| 3.30% 2/1/27 | 250000 | 248535 |
| 3.30% 4/1/27 | 250000 | 248315 |
| 3.55% 5/1/28 | 250000 | 247948 |
| FactSet Research Systems, <br> Inc. 2.90% 3/1/27<br>| 250000 | 246225 |
| Paramount Global 2.90% <br> 1/15/27<br>| 500000 | 491870 |
| TCI Communications, Inc. <br> 7.13% 2/15/28<br>| 500000 | 531100 |

---

LVIP SSGA Short-Term Bond Index Fund-10

------

**LVIP SSGA Short-Term Bond Index 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)** |
| TWDC Enterprises 18 Corp. <br> 2.95% 6/15/27<br>| 250000 | $247425 |
|  |  | **3104580** |
| **Metal Fabricate & Hardware–0.11%** | **Metal Fabricate & Hardware–0.11%** | **Metal Fabricate & Hardware–0.11%** |
| Timken Co. 4.50% 12/15/28 | 350000 | 352653 |
|  |  | **352653** |
| **Mining–0.34%** | **Mining–0.34%** | **Mining–0.34%** |
| BHP Billiton Finance USA <br> Ltd.<br>|  |  |
| 4.75% 2/28/28 | 150000 | 152338 |
| 5.10% 9/8/28 | 250000 | 257605 |
| Freeport-McMoRan, Inc. <br> 4.38% 8/1/28<br>| 250000 | 250077 |
| Rio Tinto Finance USA Ltd. <br> 7.13% 7/15/28<br>| 350000 | 376630 |
|  |  | **1036650** |
| **Miscellaneous Manufacturing–0.41%** | **Miscellaneous Manufacturing–0.41%** | **Miscellaneous Manufacturing–0.41%** |
| 3M Co. 2.88% 10/15/27 | 500000 | 491528 |
| Eaton Corp. |  |  |
| 3.10% 9/15/27 | 200000 | 197862 |
| 4.35% 5/18/28 | 150000 | 151650 |
| Parker-Hannifin Corp. 4.25% <br> 9/15/27<br>| 400000 | 402376 |
|  |  | **1243416** |
| **Oil & Gas–2.25%** | **Oil & Gas–2.25%** | **Oil & Gas–2.25%** |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 3.59% 4/14/27 | 250000 | 249186 |
| 3.94% 9/21/28 | 350000 | 350433 |
| 4.23% 11/6/28 | 250000 | 251605 |
| 5.02% 11/17/27 | 250000 | 254942 |
| BP Capital Markets PLC |  |  |
| 3.28% 9/19/27 | 400000 | 396532 |
| 3.72% 11/28/28 | 250000 | 248295 |
| Canadian Natural Resources <br> Ltd. 3.85% 6/1/27<br>| 250000 | 249318 |
| Chevron Corp. 2.00% 5/11/27 | 500000 | 489017 |
| Chevron USA, Inc. |  |  |
| 1.02% 8/12/27 | 150000 | 143775 |
| 3.95% 8/13/27 | 200000 | 200873 |
| 4.05% 8/13/28 | 155000 | 156196 |
| 4.41% 2/26/27 | 210000 | 211640 |
| 4.48% 2/26/28 | 250000 | 253888 |
| Continental Resources, Inc. <br> 4.38% 1/15/28<br>| 250000 | 249511 |
| Coterra Energy, Inc. 3.90% <br> 5/15/27<br>| 250000 | 249056 |
| Diamondback Energy, Inc. <br> 5.20% 4/18/27<br>| 350000 | 355059 |
| Eni USA, Inc. 7.30% 11/15/27 | 250000 | 264205 |
| EQT Corp. 3.90% 10/1/27 | 350000 | 348406 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Helmerich & Payne, Inc. <br> 4.65% 12/1/27<br>| 250000 | $251937 |
| Hess Corp. 4.30% 4/1/27 | 250000 | 251058 |
| Occidental Petroleum Corp. <br> 5.00% 8/1/27<br>| 335000 | 341111 |
| Patterson-UTI Energy, Inc. <br> 3.95% 2/1/28<br>| 200000 | 197741 |
| Phillips 66 3.90% 3/15/28 | 250000 | 248942 |
| TotalEnergies Capital SA <br> 3.88% 10/11/28<br>| 500000 | 500656 |
| Valero Energy Corp. 2.15% <br> 9/15/27<br>| 200000 | 193682 |
|  |  | **6907064** |
| **Packaging & Containers–0.25%** | **Packaging & Containers–0.25%** | **Packaging & Containers–0.25%** |
| Amcor Finance USA, Inc. <br> 4.50% 5/15/28<br>| 200000 | 201148 |
| Amcor Flexibles North <br> America, Inc. 4.80% 3/17/28<br>| 75000 | 76030 |
| Berry Global, Inc. 1.65% <br> 1/15/27<br>| 250000 | 243381 |
| WRKCo, Inc. 4.00% 3/15/28 | 250000 | 249361 |
|  |  | **769920** |
| **Pharmaceuticals–4.06%** | **Pharmaceuticals–4.06%** | **Pharmaceuticals–4.06%** |
| AbbVie, Inc. |  |  |
| 4.25% 11/14/28 | 250000 | 252770 |
| 4.65% 3/15/28 | 270000 | 274528 |
| 4.80% 3/15/27 | 575000 | 581023 |
| Astrazeneca Finance LLC |  |  |
| 1.75% 5/28/28 | 200000 | 191122 |
| 4.80% 2/26/27 | 320000 | 323570 |
| 4.88% 3/3/28 | 250000 | 255385 |
| AstraZeneca PLC 3.13% <br> 6/12/27<br>| 250000 | 248034 |
| Becton Dickinson & Co. 3.70% <br> 6/6/27<br>| 250000 | 248955 |
| Bristol-Myers Squibb Co. <br> 3.25% 2/27/27<br>| 500000 | 497464 |
| Cardinal Health, Inc. 3.41% <br> 6/15/27<br>| 250000 | 248186 |
| Cencora, Inc. 3.45% 12/15/27 | 250000 | 247785 |
| CVS Health Corp. |  |  |
| 1.30% 8/21/27 | 500000 | 478297 |
| 3.63% 4/1/27 | 850000 | 845315 |
| 4.30% 3/25/28 | 500000 | 501656 |
| Eli Lilly & Co. |  |  |
| 3.10% 5/15/27 | 250000 | 247846 |
| 4.00% 10/15/28 | 500000 | 503367 |
| 4.15% 8/14/27 | 175000 | 176288 |
| 4.55% 2/12/28 | 170000 | 172901 |
| GlaxoSmithKline Capital, Inc. <br> 3.88% 5/15/28<br>| 350000 | 350276 |
| Johnson & Johnson |  |  |
| 0.95% 9/1/27 | 400000 | 383011 |

---

LVIP SSGA Short-Term Bond Index Fund-11

------

**LVIP SSGA Short-Term Bond Index 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)** |
| Johnson & <br> Johnson (continued)<br>|  |  |
| 2.90% 1/15/28 | 150000 | $147998 |
| 2.95% 3/3/27 | 250000 | 248152 |
| 4.50% 3/1/27 | 135000 | 136383 |
| 4.55% 3/1/28 | 135000 | 137550 |
| Merck & Co., Inc. |  |  |
| 1.70% 6/10/27 | 350000 | 340819 |
| 1.90% 12/10/28 | 500000 | 474177 |
| 3.85% 9/15/27 | 350000 | 351328 |
| Novartis Capital Corp. |  |  |
| 2.00% 2/14/27 | 350000 | 343722 |
| 3.10% 5/17/27 | 250000 | 248126 |
| 3.90% 11/5/28 | 95000 | 95309 |
| Pfizer Investment Enterprises <br> Pte. Ltd. 4.45% 5/19/28<br>| 750000 | 759944 |
| Pfizer, Inc. 3.88% 11/15/27 | 250000 | 250820 |
| Pharmacia LLC 6.60% <br> 12/1/28<br>| 350000 | 375560 |
| Sanofi SA |  |  |
| 3.63% 6/19/28 | 250000 | 249478 |
| 3.75% 11/3/27 | 250000 | 250615 |
| 3.80% 11/3/28 | 200000 | 200157 |
| Takeda Pharmaceutical Co. <br> Ltd. 5.00% 11/26/28<br>| 250000 | 255835 |
| Viatris, Inc. 2.30% 6/22/27 | 250000 | 242841 |
| Zoetis, Inc. |  |  |
| 3.00% 9/12/27 | 200000 | 197132 |
| 4.15% 8/17/28 | 105000 | 105564 |
|  |  | **12439289** |
| **Pipelines–2.72%** | **Pipelines–2.72%** | **Pipelines–2.72%** |
| Boardwalk Pipelines LP 4.45% <br> 7/15/27<br>| 100000 | 100363 |
| Cheniere Corpus Christi <br> Holdings LLC 5.13% 6/30/27<br>| 250000 | 252418 |
| Cheniere Energy, Inc. 4.63% <br> 10/15/28<br>| 500000 | 499153 |
| DCP Midstream Operating LP <br> 5.63% 7/15/27<br>| 150000 | 152839 |
| Enbridge, Inc. |  |  |
| 3.70% 7/15/27 | 150000 | 149210 |
| 4.20% 11/20/28 | 210000 | 210202 |
| 4.60% 6/20/28 | 45000 | 45464 |
| 5.25% 4/5/27 | 180000 | 182485 |
| Energy Transfer LP |  |  |
| 4.40% 3/15/27 | 250000 | 250774 |
| 4.95% 5/15/28 | 150000 | 152425 |
| 4.95% 6/15/28 | 200000 | 203306 |
| 5.50% 6/1/27 | 250000 | 254038 |
| 5.55% 2/15/28 | 250000 | 256655 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 3.95% 2/15/27 | 150000 | 150140 |
| 4.15% 10/16/28 | 250000 | 251507 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued)<br>|  |  |
| 4.30% 6/20/28 | 180000 | $181544 |
| 4.60% 1/11/27 | 400000 | 402871 |
| μ5.25% 8/16/77 | 250000 | 249572 |
| Kinder Morgan, Inc. 4.30% <br> 3/1/28<br>| 250000 | 251220 |
| MPLX LP |  |  |
| 4.00% 3/15/28 | 250000 | 249469 |
| 4.25% 12/1/27 | 250000 | 250660 |
| Northwest Pipeline LLC <br> 4.00% 4/1/27<br>| 500000 | 499651 |
| ONEOK, Inc. |  |  |
| 4.00% 7/13/27 | 150000 | 149827 |
| 4.25% 9/24/27 | 150000 | 150493 |
| 4.55% 7/15/28 | 250000 | 252150 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20% 3/15/28 | 250000 | 250246 |
| 5.00% 3/15/27 | 250000 | 251680 |
| South Bow USA <br> Infrastructure Holdings LLC <br> 4.91% 9/1/27<br>| 200000 | 201829 |
| Targa Resources Corp. 5.20% <br> 7/1/27<br>| 250000 | 254054 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 250000 | 250062 |
| TC PipeLines LP 3.90% <br> 5/25/27<br>| 250000 | 248944 |
| Tennessee Gas Pipeline Co. <br> LLC<br>|  |  |
| 7.00% 3/15/27 | 250000 | 259116 |
| 7.00% 10/15/28 | 250000 | 268369 |
| TransCanada PipeLines Ltd. <br> 4.25% 5/15/28<br>| 350000 | 350697 |
| Williams Cos., Inc. 5.30% <br> 8/15/28<br>| 250000 | 257363 |
|  |  | **8340796** |
| **Private Equity–0.11%** | **Private Equity–0.11%** | **Private Equity–0.11%** |
| Brookfield Finance, Inc. <br> 3.90% 1/25/28<br>| 350000 | 348767 |
|  |  | **348767** |
| **Real Estate Investment Trusts–3.58%** | **Real Estate Investment Trusts–3.58%** | **Real Estate Investment Trusts–3.58%** |
| Alexandria Real Estate <br> Equities, Inc. 3.95% 1/15/28<br>| 250000 | 248908 |
| American Homes 4 Rent LP <br> 4.25% 2/15/28<br>| 250000 | 250496 |
| American Tower Corp. |  |  |
| 1.50% 1/31/28 | 350000 | 332094 |
| 3.13% 1/15/27 | 150000 | 148575 |
| 3.65% 3/15/27 | 250000 | 248893 |
| 5.25% 7/15/28 | 250000 | 257074 |

---

LVIP SSGA Short-Term Bond Index Fund-12

------

**LVIP SSGA Short-Term Bond Index 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)** |
| American Tower <br> Corp. (continued)<br>|  |  |
| 5.50% 3/15/28 | 150000 | $154330 |
| 5.80% 11/15/28 | 250000 | 260982 |
| AvalonBay Communities, Inc. |  |  |
| 1.90% 12/1/28 | 350000 | 330729 |
| 3.35% 5/15/27 | 250000 | 248064 |
| Boston Properties LP 6.75% <br> 12/1/27<br>| 250000 | 261492 |
| Brixmor Operating <br> Partnership LP 3.90% <br> 3/15/27<br>| 500000 | 498516 |
| Camden Property Trust 4.10% <br> 10/15/28<br>| 250000 | 250951 |
| Crown Castle, Inc. |  |  |
| 2.90% 3/15/27 | 350000 | 344958 |
| 3.65% 9/1/27 | 200000 | 198409 |
| 3.80% 2/15/28 | 100000 | 99204 |
| 4.00% 3/1/27 | 250000 | 249429 |
| Digital Realty Trust LP |  |  |
| 4.45% 7/15/28 | 250000 | 251538 |
| 5.55% 1/15/28 | 250000 | 256768 |
| DOC Dr. LLC 4.30% 3/15/27 | 250000 | 250359 |
| Equinix, Inc. |  |  |
| 1.55% 3/15/28 | 250000 | 237143 |
| 2.00% 5/15/28 | 250000 | 238562 |
| ERP Operating LP 3.25% <br> 8/1/27<br>| 150000 | 148558 |
| Extra Space Storage LP 5.70% <br> 4/1/28<br>| 250000 | 258291 |
| Federal Realty OP LP |  |  |
| 3.25% 7/15/27 | 150000 | 148210 |
| 5.38% 5/1/28 | 100000 | 102496 |
| GLP Capital LP/GLP <br> Financing II, Inc. 5.75% <br> 6/1/28<br>| 150000 | 153906 |
| Healthcare Realty <br> Holdings LP 3.75% 7/1/27<br>| 250000 | 248294 |
| Highwoods Realty LP 3.88% <br> 3/1/27<br>| 250000 | 248255 |
| Mid-America Apartments LP <br> 4.20% 6/15/28<br>| 200000 | 200905 |
| Omega Healthcare Investors, <br> Inc.<br>|  |  |
| 4.50% 4/1/27 | 250000 | 250823 |
| 4.75% 1/15/28 | 250000 | 251958 |
| Prologis LP 2.13% 4/15/27 | 250000 | 244671 |
| Public Storage Operating Co. <br> 1.85% 5/1/28<br>| 150000 | 143110 |
| Realty Income Corp. |  |  |
| 2.20% 6/15/28 | 200000 | 191825 |
| 3.00% 1/15/27 | 500000 | 495558 |
| 3.40% 1/15/28 | 250000 | 247229 |
| 4.70% 12/15/28 | 250000 | 254817 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Rexford Industrial Realty LP <br> 5.00% 6/15/28<br>| 100000 | $101724 |
| Simon Property Group LP <br> 1.75% 2/1/28<br>| 250000 | 239633 |
| Store Capital LLC 4.50% <br> 3/15/28<br>| 150000 | 150457 |
| Tanger Properties LP 3.88% <br> 7/15/27<br>| 200000 | 198908 |
| UDR, Inc. 3.50% 1/15/28 | 250000 | 247162 |
| Ventas Realty LP |  |  |
| 3.85% 4/1/27 | 250000 | 249348 |
| 4.00% 3/1/28 | 200000 | 199721 |
| VICI Properties LP 4.75% <br> 4/1/28<br>| 130000 | 131368 |
| Weyerhaeuser Co. 6.95% <br> 10/1/27<br>| 250000 | 262170 |
|  |  | **10986871** |
| **Retail–2.27%** | **Retail–2.27%** | **Retail–2.27%** |
| AutoNation, Inc. 3.80% <br> 11/15/27<br>| 250000 | 248078 |
| Best Buy Co., Inc. 4.45% <br> 10/1/28<br>| 250000 | 252248 |
| Costco Wholesale Corp. 1.38% <br> 6/20/27<br>| 250000 | 242272 |
| Darden Restaurants, Inc. <br> 4.35% 10/15/27<br>| 325000 | 326515 |
| Dollar General Corp. 5.20% <br> 7/5/28<br>| 250000 | 256245 |
| Dollar Tree, Inc. 4.20% <br> 5/15/28<br>| 250000 | 250150 |
| Genuine Parts Co. 6.50% <br> 11/1/28<br>| 250000 | 263564 |
| Home Depot, Inc. |  |  |
| 2.50% 4/15/27 | 250000 | 245977 |
| 2.88% 4/15/27 | 250000 | 247336 |
| 3.75% 9/15/28 | 90000 | 90025 |
| 4.88% 6/25/27 | 585000 | 594892 |
| Lowe's Cos., Inc. |  |  |
| 1.70% 9/15/28 | 250000 | 235515 |
| 3.10% 5/3/27 | 250000 | 247230 |
| 3.35% 4/1/27 | 250000 | 248197 |
| 3.95% 10/15/27 | 190000 | 190095 |
| 4.00% 10/15/28 | 150000 | 150270 |
| McDonald's Corp. |  |  |
| 3.50% 7/1/27 | 250000 | 248645 |
| 4.80% 8/14/28 | 500000 | 510565 |
| O'Reilly Automotive, Inc. <br> 3.60% 9/1/27<br>| 200000 | 198823 |
| Starbucks Corp. |  |  |
| 3.50% 3/1/28 | 250000 | 247392 |
| 4.50% 5/15/28 | 130000 | 131287 |
| 4.85% 2/8/27 | 250000 | 252211 |
| Target Corp. 4.35% 6/15/28 | 440000 | 445146 |

---

LVIP SSGA Short-Term Bond Index Fund-13

------

**LVIP SSGA Short-Term Bond Index Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Walmart, Inc. |  |  |
| 1.50% 9/22/28 | 250000 | $236387 |
| 3.70% 6/26/28 | 250000 | 250482 |
| 3.90% 4/15/28 | 250000 | 251318 |
| 4.10% 4/28/27 | 100000 | 100685 |
|  |  | **6961550** |
| **Semiconductors–2.32%** | **Semiconductors–2.32%** | **Semiconductors–2.32%** |
| Advanced Micro Devices, Inc. <br> 4.32% 3/24/28<br>| 500000 | 505279 |
| Analog Devices, Inc. |  |  |
| 1.70% 10/1/28 | 500000 | 471952 |
| 4.25% 6/15/28 | 190000 | 191567 |
| Applied Materials, Inc. 3.30% <br> 4/1/27<br>| 250000 | 248691 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 500000 | 479898 |
| 4.11% 9/15/28 | 500000 | 501374 |
| 5.05% 7/12/27 | 250000 | 254459 |
| Intel Corp. |  |  |
| 1.60% 8/12/28 | 250000 | 234596 |
| 3.15% 5/11/27 | 250000 | 246937 |
| 3.75% 8/5/27 | 250000 | 248558 |
| 4.88% 2/10/28 | 500000 | 507024 |
| Marvell Technology, Inc. <br> 2.45% 4/15/28<br>| 250000 | 240764 |
| Microchip Technology, Inc. <br> 4.90% 3/15/28<br>| 250000 | 253436 |
| NVIDIA Corp. 1.55% 6/15/28 | 250000 | 237654 |
| NXP BV/NXP Funding LLC <br> 5.55% 12/1/28<br>| 350000 | 362605 |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 3.15% 5/1/27 | 250000 | 247082 |
| 4.30% 8/19/28 | 20000 | 20074 |
| 4.40% 6/1/27 | 250000 | 251002 |
| QUALCOMM, Inc. |  |  |
| 1.30% 5/20/28 | 250000 | 235874 |
| 3.25% 5/20/27 | 250000 | 248618 |
| Texas Instruments, Inc. |  |  |
| 2.90% 11/3/27 | 500000 | 494834 |
| 4.60% 2/8/27 | 120000 | 121024 |
| TSMC Arizona Corp. 3.88% <br> 4/22/27<br>| 500000 | 499940 |
|  |  | **7103242** |
| **Shipbuilding–0.08%** | **Shipbuilding–0.08%** | **Shipbuilding–0.08%** |
| Huntington Ingalls <br> Industries, Inc. 2.04% <br> 8/16/28<br>| 250000 | 236774 |
|  |  | **236774** |
| **Software–2.24%** | **Software–2.24%** | **Software–2.24%** |
| Adobe, Inc. |  |  |
| 2.15% 2/1/27 | 150000 | 147498 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Adobe, Inc. (continued) |  |  |
| 4.75% 1/17/28 | 250000 | $254954 |
| 4.85% 4/4/27 | 85000 | 86144 |
| Concentrix Corp. 6.60% <br> 8/2/28<br>| 250000 | 257852 |
| Fiserv, Inc. |  |  |
| 2.25% 6/1/27 | 250000 | 243310 |
| 4.20% 10/1/28 | 500000 | 498737 |
| 5.15% 3/15/27 | 215000 | 217252 |
| 5.45% 3/2/28 | 250000 | 255997 |
| Microsoft Corp. |  |  |
| 3.30% 2/6/27 | 500000 | 498065 |
| 3.40% 6/15/27 | 500000 | 498748 |
| Oracle Corp. |  |  |
| 2.30% 3/25/28 | 750000 | 715196 |
| 2.80% 4/1/27 | 1000000 | 980161 |
| 3.25% 11/15/27 | 250000 | 244567 |
| Roper Technologies, Inc. <br> 4.20% 9/15/28<br>| 250000 | 250698 |
| Salesforce, Inc. 1.50% 7/15/28 | 500000 | 473728 |
| Take-Two Interactive <br> Software, Inc. 4.95% 3/28/28<br>| 250000 | 254843 |
| VMware LLC 3.90% 8/21/27 | 750000 | 750281 |
| Workday, Inc. 3.50% 4/1/27 | 250000 | 248489 |
|  |  | **6876520** |
| **Telecommunications–2.19%** | **Telecommunications–2.19%** | **Telecommunications–2.19%** |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 600000 | 571936 |
| 2.30% 6/1/27 | 500000 | 488572 |
| 3.80% 2/15/27 | 150000 | 149710 |
| 4.25% 3/1/27 | 250000 | 250558 |
| British Telecommunications <br> PLC 5.13% 12/4/28<br>| 350000 | 359163 |
| Cisco Systems, Inc. |  |  |
| 4.55% 2/24/28 | 565000 | 574178 |
| 4.80% 2/26/27 | 315000 | 318531 |
| Sprint Capital Corp. 6.88% <br> 11/15/28<br>| 500000 | 536564 |
| Telefonica Emisiones SA <br> 4.10% 3/8/27<br>| 250000 | 249850 |
| TELUS Corp. 3.70% 9/15/27 | 200000 | 198690 |
| T-Mobile USA, Inc. |  |  |
| 2.05% 2/15/28 | 250000 | 239988 |
| 3.75% 4/15/27 | 1250000 | 1246073 |
| 4.95% 3/15/28 | 350000 | 356489 |
| Verizon Communications, Inc. |  |  |
| 2.10% 3/22/28 | 500000 | 480050 |
| 4.13% 3/16/27 | 445000 | 446058 |
| 4.33% 9/21/28 | 250000 | 252056 |
|  |  | **6718466** |
| **Toys Games Hobby–0.06%** | **Toys Games Hobby–0.06%** | **Toys Games Hobby–0.06%** |
| Hasbro, Inc. 3.50% 9/15/27 | 200000 | 198160 |
|  |  | **198160** |

---

LVIP SSGA Short-Term Bond Index Fund-14

------

**LVIP SSGA Short-Term Bond Index 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–0.40%** | **Transportation–0.40%** | **Transportation–0.40%** |
| CSX Corp. 3.25% 6/1/27 | 250000 | $247914 |
| Kirby Corp. 4.20% 3/1/28 | 250000 | 249759 |
| Ryder System, Inc. |  |  |
| 5.30% 3/15/27 | 110000 | 111574 |
| 5.65% 3/1/28 | 250000 | 257916 |
| 6.30% 12/1/28 | 350000 | 370428 |
|  |  | **1237591** |
| **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** | **Trucking & Leasing–0.03%** |
| GATX Corp. 5.40% 3/15/27 | 80000 | 81140 |
|  |  | **81140** |
| **Total Corporate Bonds** <br>**(Cost $298,711,669)** | **Total Corporate Bonds** <br>**(Cost $298,711,669)** | **301626374** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.62%** | **MONEY MARKET FUND–0.62%** | **MONEY MARKET FUND–0.62%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1889909 | $1889909 |
| **Total Money Market Fund** <br>**(Cost $1,889,909)** | **Total Money Market Fund** <br>**(Cost $1,889,909)** | **1889909** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.95% (Cost $300,601,578)** | **303516283** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.05%** | **3225112** |
| **NET ASSETS APPLICABLE TO 30,793,042 SHARES OUTSTANDING–100.00%** | **$306741395** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SHORT-TERM BOND INDEX FUND STANDARD CLASS** <br>**($24,039,141 / 2,406,326 Shares)** | **$9.990** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SHORT-TERM BOND INDEX FUND SERVICE CLASS** <br>**($282,702,254 / 28,386,716 Shares)** | **$9.959** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$312308768** |
| Distributable earnings/(accumulated loss) | **(5567373)**<br>|
| **TOTAL NET ASSETS** | **$306741395** |

---

&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. |
| ♦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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $12,039 expense reimbursement receivable from Lincoln Financial Investments Corporation, $221,345 payable for fund shares <br> redeemed, $14,794 other accrued expenses payable, $140,111 due to manager and affiliates, $25,275 payable for audit fee, $13,916 payable <br> for fund accounting fee and $19,525 payable for quote charge as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Short-Term Bond Index Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $13981558 |
| Dividends | 87977 |
| Foreign taxes refunded | 326 |
|  | 14069861 |
| **EXPENSES:** |  |
| Management fees | 825359 |
| Distribution fees-Service Class | 675660 |
| Shareholder servicing fees | 85484 |
| Accounting and administration expenses | 70195 |
| Pricing fees | 59959 |
| Professional fees | 58523 |
| Index fees | 37019 |
| Reports and statements to shareholders | 9583 |
| Trustees' fees and expenses | 8463 |
| Consulting fees | 4782 |
| Custodian fees | 3645 |
| Other | 11620 |
|  | 1850292 |
| Less:  |  |
| Expenses reimbursed | (106087)<br>|
| Total operating expenses | 1744205 |
| **NET INVESTMENT INCOME**  | 12325656 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 1290030 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 1419774 |
| **NET REALIZED AND UNREALIZED GAIN** | 2709804 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $15035460 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index Fund** | **LVIP SSGA Short-Term Bond Index 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 | $12325656 | $12865263 |
| Net realized gain (loss) | 1290030 | (1066246)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 1419774 | 1819694 |
| Net increase in net assets resulting <br> from operations<br>| 15035460 | 13618711 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (966184)<br>| (2203954)<br>|
| Service Class | (10788646)<br>| (11662244)<br>|
| Return of capital: |  |  |
| Standard Class |  | (5371)<br>|
| Service Class |  | (21638)<br>|
|  | (11754830)<br>| (13893207)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 8050043 | 14344020 |
| Service Class | 99338014 | 101272633 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 966184 | 2209325 |
| Service Class | 10788646 | 11683882 |
|  | 119142887 | 129509860 |
| Cost of shares redeemed: |  |  |
| Standard Class | (32545241)<br>| (35641157)<br>|
| Service Class | (87515370)<br>| (72923126)<br>|
|  | (120060611)<br>| (108564283)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (917724)<br>| 20945577 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 2362906 | 20671081 |
| **NET ASSETS:** |  |  |
| Beginning of year | 304378489 | 283707408 |
| End of year | $306741395 | $304378489 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Short-Term Bond Index Fund-16

------

**LVIP SSGA Short-Term Bond Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index Fund Standard Class** | **LVIP SSGA Short-Term Bond Index 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; $9.869 | &nbsp;&nbsp; $9.874 | &nbsp;&nbsp; $9.685 | &nbsp;&nbsp; $10.227 | &nbsp;&nbsp; $10.429 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.446 | 0.459 | 0.340 | 0.136 | 0.086 |
| Net realized and unrealized gain (loss) | 0.095 | 0.025 | 0.159 | &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.140)<br>|
| Total from investment operations | 0.541 | 0.484 | 0.499 | &nbsp;&nbsp; (0.353)<br>| &nbsp;&nbsp; (0.054)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.420)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.099)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.049)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.420)<br>| &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.189)<br>| &nbsp;&nbsp; (0.148)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.990 | &nbsp;&nbsp; $9.869 | &nbsp;&nbsp; $9.874 | &nbsp;&nbsp; $9.685 | &nbsp;&nbsp; $10.227 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 5.17% | &nbsp;&nbsp; (3.45%)<br>| &nbsp;&nbsp; (0.52%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $24039 | &nbsp;&nbsp; $47290 | &nbsp;&nbsp; $65694 | &nbsp;&nbsp; $65787 | &nbsp;&nbsp; $82628 |
| 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; 0.36% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.80% |
| Portfolio turnover | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 50% |

---

&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 SSGA Short-Term Bond Index Fund-17

------

**LVIP SSGA Short-Term Bond Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index Fund Service Class** | **LVIP SSGA Short-Term Bond Index 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; $9.840 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $9.662 | &nbsp;&nbsp; $10.205 | &nbsp;&nbsp; $10.408 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.419 | 0.433 | 0.314 | 0.111 | 0.060 |
| Net realized and unrealized gain (loss) | 0.096 | 0.023 | 0.158 | &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.140)<br>|
| Total from investment operations | 0.515 | 0.456 | 0.472 | &nbsp;&nbsp; (0.377)<br>| &nbsp;&nbsp; (0.080)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.115)<br>| &nbsp;&nbsp; (0.074)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; (0.049)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.285)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.123)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.959 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $9.849 | &nbsp;&nbsp; $9.662 | &nbsp;&nbsp; $10.205 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 4.63% | &nbsp;&nbsp; 4.91% | &nbsp;&nbsp; (3.69%)<br>| &nbsp;&nbsp; (0.77%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $282702 | &nbsp;&nbsp; $257088 | &nbsp;&nbsp; $218013 | &nbsp;&nbsp; $202006 | &nbsp;&nbsp; $183965 |
| 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; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.58% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.55% |
| Portfolio turnover | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 50% |

---

&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 SSGA Short-Term Bond Index Fund-18

------

**LVIP SSGA Short-Term Bond Index 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 SSGA Short-Term Bond Index 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 to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market.

**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. 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.

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

LVIP SSGA Short-Term Bond Index Fund-19

------

**LVIP SSGA Short-Term Bond Index 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)**

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 0.28% 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 0.3625% of the Fund's average daily net assets for the Standard Class and 0.6125% 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; $101111 | &nbsp;&nbsp; $109882 | &nbsp;&nbsp; $106087 | &nbsp;&nbsp; $317080 |

---

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; $24351 |
| Legal | &nbsp;&nbsp; 4043 |

---

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 $3,488 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 SSGA Short-Term Bond Index Fund-20

------

**LVIP SSGA Short-Term Bond Index 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; $12039 |
| Management fees payable to LFI | &nbsp;&nbsp; 72716 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 59864 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 7531 |

---

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; $158608142 |
| Sales | &nbsp;&nbsp; 161151468 |

---

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; $300657180 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $2906433 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (47330)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $2859103 |

---

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:** |  |  |  |  |
| Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $301626374 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $301626374 |
| Money Market Fund | &nbsp;&nbsp; 1889909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889909 |
| **Total Investments** | &nbsp;&nbsp; $1889909 | &nbsp;&nbsp; $301626374 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $303516283 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP SSGA Short-Term Bond Index Fund-21

------

**LVIP SSGA Short-Term Bond Index 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 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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $11754830 | $13866198 |
| Return of capital |  | 27009 |
| Total | $11754830 | $13893207 |

---

**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; $624654 |
| Capital loss carryforward | &nbsp;&nbsp; (9051130)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 2859103 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(5567373)<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 period 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**  |
| $313942 | &nbsp;&nbsp; $8737188 | &nbsp;&nbsp; $9051130 |

---

In 2025, the Fund utilized $1,280,758 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; 791322 | &nbsp;&nbsp; 1434633 |
| Service Class | &nbsp;&nbsp; 9853879 | &nbsp;&nbsp; 10086167 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 97143 | &nbsp;&nbsp; 223182 |
| Service Class | &nbsp;&nbsp; 1087894 | &nbsp;&nbsp; 1183483 |
|  | &nbsp;&nbsp; 11830238 | &nbsp;&nbsp; 12927465 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3274151)<br>| &nbsp;&nbsp; (3519074)<br>|
| Service Class | &nbsp;&nbsp; (8681455)<br>| &nbsp;&nbsp; (7278468)<br>|
|  | &nbsp;&nbsp; (11955606)<br>| &nbsp;&nbsp; (10797542)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (125368)<br>| &nbsp;&nbsp; 2129923 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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.

LVIP SSGA Short-Term Bond Index Fund-22

------

**LVIP SSGA Short-Term Bond Index 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 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**

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.

**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 SSGA Short-Term Bond Index Fund-23

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Short-Term Bond Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Short-Term Bond Index 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.

![](img32496f5d2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Short-Term Bond Index Fund–24

------

![](img4b85842d1.jpg)

LVIP SSGA Small-Cap Index Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA Small-Cap Index Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_SOI-continued-261_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_FS-continued-261_1)**  | &nbsp;&nbsp; **26** |
| **[Statements of Changes in Net Assets](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_FS-continued-261_1)**  | &nbsp;&nbsp; **26** |
| **[Financial Highlights](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_FIHI-continued-261_1)**  | &nbsp;&nbsp; **27** |
| **[Notes to Financial Statements](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_NTF-continued-261_1)**  | &nbsp;&nbsp; **29** |
| **[Report of Independent Registered Public Accounting Firm](#xx_8c7c3aea-5fa5-4105-b7d5-ea24c49c37d3_AUDIT-continued-261_1)**  | &nbsp;&nbsp; **37** |

---

------

**LVIP SSGA Small-Cap Index 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–99.54%** | **COMMON STOCK–99.54%** | **COMMON STOCK–99.54%** |
| **Aerospace & Defense–1.85%** | **Aerospace & Defense–1.85%** | **Aerospace & Defense–1.85%** |
| †AAR Corp. | 25798 | $2135816 |
| †AeroVironment, Inc. | 25805 | 6241971 |
| †AerSale Corp. | 23500 | 167085 |
| †Archer Aviation, Inc. Class A | 431100 | 3241872 |
| †Astronics Corp. | 21205 | 1150159 |
| †Byrna Technologies, Inc. | 13000 | 218270 |
| Cadre Holdings, Inc. | 20900 | 853556 |
| †Ducommun, Inc. | 9900 | 941787 |
| †Eve Holding, Inc. | 58400 | 233016 |
| †Firefly Aerospace, Inc. | 13300 | 297521 |
| †Intuitive Machines, Inc. | 79400 | 1288662 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 115350 | 8756219 |
| †Mercury Systems, Inc. | 35800 | 2613758 |
| Moog, Inc. Class A | 19381 | 4720243 |
| National Presto Industries, <br> Inc.<br>| 3872 | 413375 |
| Park Aerospace Corp. | 13788 | 294236 |
| †Redwire Corp. | 46100 | 350360 |
| †Satellogic, Inc. Class A | 53600 | 100232 |
| †V2X, Inc. | 12600 | 687330 |
| †Voyager Technologies, Inc. <br> Class A<br>| 8600 | 224804 |
| VSE Corp. | 14666 | 2533845 |
|  |  | **37464117** |
| **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** |
| †Forward Air Corp. | 15139 | 378475 |
| Hub Group, Inc. Class A | 41388 | 1763543 |
| †Radiant Logistics, Inc. | 19076 | 120751 |
|  |  | **2262769** |
| **Automobile Components–1.05%** | **Automobile Components–1.05%** | **Automobile Components–1.05%** |
| †Adient PLC | 57700 | 1106109 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 80284 | 514620 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 12300 | 403809 |
| Dana, Inc. | 83672 | 1988047 |
| †Dorman Products, Inc. | 19373 | 2386560 |
| †Fox Factory Holding Corp. | 30504 | 521924 |
| Garrett Motion, Inc. | 96300 | 1678509 |
| †Gentherm, Inc. | 21564 | 784283 |
| †Goodyear Tire & Rubber Co. | 186316 | 1632128 |
| †Holley, Inc. | 33300 | 137529 |
| LCI Industries | 16443 | 1995194 |
| †Motorcar Parts of America, <br> Inc.<br>| 7100 | 87614 |
| Patrick Industries, Inc. | 22656 | 2456590 |
| Phinia, Inc. | 26100 | 1636209 |
| †Solid Power, Inc. | 107300 | 456025 |
| Standard Motor Products, <br> Inc.<br>| 15251 | 561999 |
| †Strattec Security Corp. | 3000 | 228420 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Visteon Corp. | 19500 | $1854450 |
| †XPEL, Inc. | 17164 | 856655 |
|  |  | **21286674** |
| **Automobiles–0.05%** | **Automobiles–0.05%** | **Automobiles–0.05%** |
| †Faraday Future Intelligent <br> Electric, Inc.<br>| 87800 | 89556 |
| †Livewire Group, Inc. | 28500 | 125970 |
| Winnebago Industries, Inc. | 19173 | 776890 |
|  |  | **992416** |
| **Banks–9.86%** | **Banks–9.86%** | **Banks–9.86%** |
| 1st Source Corp. | 12734 | 795748 |
| ACNB Corp. | 7500 | 362625 |
| Amalgamated Financial <br> Corp.<br>| 16700 | 534901 |
| Amerant Bancorp, Inc. | 24500 | 477995 |
| Ameris Bancorp | 46012 | 3417311 |
| Ames National Corp. | 5900 | 135464 |
| Arrow Financial Corp. | 11779 | 369861 |
| Associated Banc-Corp. | 114700 | 2954672 |
| Atlantic Union Bankshares <br> Corp.<br>| 99737 | 3520716 |
| †Axos Financial, Inc. | 38360 | 3305098 |
| Banc of California, Inc. | 91130 | 1757898 |
| BancFirst Corp. | 14886 | 1578214 |
| †Bancorp, Inc. | 29947 | 2022021 |
| Bank First Corp. | 6500 | 791830 |
| Bank of Hawaii Corp. | 27500 | 1880175 |
| Bank of Marin Bancorp | 10198 | 265250 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 29100 | 1449762 |
| Bank7 Corp. | 2900 | 118842 |
| BankFinancial Corp. | 8200 | 98400 |
| BankUnited, Inc. | 52800 | 2353296 |
| Bankwell Financial Group, <br> Inc.<br>| 4700 | 215354 |
| Banner Corp. | 23419 | 1467435 |
| Bar Harbor Bankshares | 11268 | 349871 |
| BayCom Corp. | 7500 | 220500 |
| BCB Bancorp, Inc. | 8000 | 64560 |
| Beacon Financial Corp. | 58647 | 1546521 |
| †Blue Foundry Bancorp | 14800 | 183964 |
| Blue Ridge Bankshares, Inc. | 50000 | 213500 |
| †Bridgewater Bancshares, <br> Inc.<br>| 14900 | 261197 |
| Burke & Herbert Financial <br> Services Corp.<br>| 9620 | 599422 |
| Business First Bancshares, <br> Inc.<br>| 19800 | 517572 |
| †BV Financial, Inc. | 4400 | 79816 |
| Byline Bancorp, Inc. | 20200 | 588830 |
| C&F Financial Corp. | 2100 | 152439 |
| Cadence Bank | 130404 | 5586507 |
| California BanCorp | 15017 | 280367 |

---

LVIP SSGA Small-Cap Index Fund-1

------

**LVIP SSGA Small-Cap Index 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)** |
| Camden National Corp. | 11955 | $518608 |
| Capital Bancorp, Inc. | 8200 | 230994 |
| Capital City Bank Group, Inc. | 10284 | 437790 |
| Capitol Federal Financial, <br> Inc.<br>| 86500 | 589065 |
| †Carter Bankshares, Inc. | 14719 | 289376 |
| Cathay General Bancorp | 46503 | 2250280 |
| CB Financial Services, Inc. | 3700 | 128982 |
| Central Pacific Financial <br> Corp.<br>| 19130 | 596091 |
| CF Bankshares, Inc. | 1700 | 42415 |
| †Chain Bridge Bancorp, Inc. <br> Class A<br>| 1400 | 48496 |
| Chemung Financial Corp. | 2400 | 133920 |
| ChoiceOne Financial <br> Services, Inc.<br>| 9900 | 292248 |
| Citizens & Northern Corp. | 10213 | 205996 |
| Citizens Community Bancorp, <br> Inc.<br>| 4900 | 87318 |
| Citizens Financial Services, <br> Inc.<br>| 3362 | 191701 |
| City Holding Co. | 9897 | 1179722 |
| Civista Bancshares, Inc. | 11600 | 257752 |
| CNB Financial Corp. | 19908 | 520992 |
| †Coastal Financial Corp. | 9200 | 1054228 |
| Colony Bankcorp, Inc. | 12500 | 222750 |
| †Columbia Financial, Inc. | 18900 | 293706 |
| Community Financial System, <br> Inc.<br>| 37128 | 2132632 |
| Community Trust Bancorp, <br> Inc.<br>| 11130 | 628845 |
| Community West Bancshares | 11400 | 256500 |
| ConnectOne Bancorp, Inc. | 34880 | 914554 |
| †Customers Bancorp, Inc. | 21180 | 1548682 |
| CVB Financial Corp. | 91059 | 1693697 |
| Dime Community <br> Bancshares, Inc.<br>| 28563 | 859461 |
| Eagle Bancorp Montana, Inc. | 3800 | 75620 |
| Eagle Bancorp, Inc. | 19946 | 427243 |
| Eagle Financial Services, <br> Inc.<br>| 3000 | 119385 |
| Eastern Bankshares, Inc. | 154305 | 2843838 |
| †ECB Bancorp, Inc. | 5800 | 100862 |
| Enterprise Financial Services <br> Corp.<br>| 25170 | 1359180 |
| Equity Bancshares, Inc. <br> Class A<br>| 9300 | 415245 |
| Esquire Financial Holdings, <br> Inc.<br>| 5300 | 540971 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 9400 | 232368 |
| Farmers National Banc Corp. | 25692 | 342217 |
| †FB Bancorp, Inc. | 8500 | 109225 |
| FB Financial Corp. | 29331 | 1636670 |
| Fidelity D&D Bancorp, Inc. | 3600 | 156708 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Financial Institutions, Inc. | 11467 | $357426 |
| Finward Bancorp | 2100 | 73899 |
| †Finwise Bancorp | 7100 | 127374 |
| First BanCorp | 110935 | 2299683 |
| First Bancorp, Inc. | 7480 | 197771 |
| First Bancorp/Southern Pines <br> NC<br>| 28909 | 1468288 |
| First Bank | 13600 | 223856 |
| First Busey Corp. | 58296 | 1386862 |
| First Business Financial <br> Services, Inc.<br>| 5900 | 320370 |
| First Capital, Inc. | 2600 | 153920 |
| First Commonwealth <br> Financial Corp.<br>| 72239 | 1217950 |
| First Community Bankshares, <br> Inc.<br>| 10734 | 362058 |
| First Community Corp. | 5000 | 148250 |
| First Financial Bancorp | 65017 | 1626725 |
| First Financial Bankshares, <br> Inc.<br>| 94384 | 2819250 |
| First Financial Corp. | 8269 | 499613 |
| †First Foundation, Inc. | 47005 | 289551 |
| First Internet Bancorp | 6000 | 125220 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 63143 | 2184748 |
| First Merchants Corp. | 39468 | 1479261 |
| First Mid Bancshares, Inc. | 14813 | 577707 |
| First National Corp. | 5200 | 131248 |
| First Savings Financial <br> Group, Inc.<br>| 3500 | 111510 |
| First United Corp. | 4500 | 168480 |
| †First Western Financial, Inc. | 5900 | 158179 |
| †Firstsun Capital Bancorp | 9100 | 342478 |
| Five Star Bancorp | 11300 | 404314 |
| Flagstar Bank NA | 214366 | 2698868 |
| Flushing Financial Corp. | 23797 | 361000 |
| Franklin Financial Services <br> Corp.<br>| 2900 | 145580 |
| FS Bancorp, Inc. | 4500 | 185265 |
| Fulton Financial Corp. | 125700 | 2429781 |
| FVCBankcorp, Inc. | 11250 | 156488 |
| †GBank Financial Holdings, <br> Inc.<br>| 7000 | 237230 |
| German American Bancorp, <br> Inc.<br>| 25177 | 986435 |
| Glacier Bancorp, Inc. | 89810 | 3956130 |
| Great Southern Bancorp, Inc. | 5670 | 349045 |
| Greene County Bancorp, Inc. | 5100 | 113373 |
| Hancock Whitney Corp. | 58633 | 3733749 |
| Hanmi Financial Corp. | 22042 | 595795 |
| Hanover Bancorp, Inc. | 2500 | 57775 |
| Hawthorn Bancshares, Inc. | 4300 | 149984 |
| HBT Financial, Inc. | 8600 | 222310 |
| Heritage Commerce Corp. | 44438 | 533700 |
| Heritage Financial Corp. | 23855 | 564171 |

---

LVIP SSGA Small-Cap Index Fund-2

------

**LVIP SSGA Small-Cap Index 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)** |
| Hilltop Holdings, Inc. | 30275 | $1027533 |
| Hingham Institution For <br> Savings<br>| 1160 | 329394 |
| Home Bancorp, Inc. | 4874 | 281717 |
| Home BancShares, Inc. | 129628 | 3601066 |
| HomeTrust Bancshares, Inc. | 11341 | 486983 |
| Hope Bancorp, Inc. | 82958 | 909220 |
| Horizon Bancorp, Inc. | 30882 | 523759 |
| Independent Bank Corp. | 49003 | 3009020 |
| International Bancshares <br> Corp.<br>| 37964 | 2522328 |
| Investar Holding Corp. | 6800 | 181696 |
| John Marshall Bancorp, Inc. | 9300 | 185907 |
| Kearny Financial Corp. | 38637 | 286300 |
| Lakeland Financial Corp. | 17717 | 1010932 |
| Landmark Bancorp, Inc. | 3580 | 93760 |
| LCNB Corp. | 9300 | 152427 |
| LINKBANCORP, Inc. | 16600 | 137116 |
| Live Oak Bancshares, Inc. | 24600 | 845010 |
| MainStreet Bancshares, Inc. | 4400 | 89584 |
| Mechanics Bancorp Class A | 33629 | 491992 |
| Mercantile Bank Corp. | 11233 | 540307 |
| Meridian Corp. | 6700 | 117786 |
| Metrocity Bankshares, Inc. | 13100 | 347674 |
| Metropolitan Bank Holding <br> Corp.<br>| 6300 | 481068 |
| Mid Penn Bancorp, Inc. | 13800 | 428076 |
| Middlefield Banc Corp. | 5600 | 193424 |
| Midland States Bancorp, Inc. | 15704 | 332454 |
| MidWestOne Financial Group, <br> Inc.<br>| 10542 | 405867 |
| MVB Financial Corp. | 8300 | 214389 |
| National Bank Holdings Corp. <br> Class A<br>| 26652 | 1013043 |
| National Bankshares, Inc. | 4100 | 137473 |
| NB Bancorp, Inc. | 27239 | 539877 |
| NBT Bancorp, Inc. | 35539 | 1475579 |
| Nicolet Bankshares, Inc. | 9000 | 1091700 |
| Northeast Bank | 5300 | 550829 |
| Northeast Community <br> Bancorp, Inc.<br>| 8300 | 187663 |
| Northfield Bancorp, Inc. | 25756 | 294391 |
| Northpointe Bancshares, Inc. | 8300 | 139274 |
| Northrim BanCorp, Inc. | 16000 | 425760 |
| Northwest Bancshares, Inc. | 100603 | 1207236 |
| Norwood Financial Corp. | 5500 | 154275 |
| Oak Valley Bancorp | 4900 | 147294 |
| OceanFirst Financial Corp. | 39567 | 710228 |
| OFG Bancorp | 30288 | 1241202 |
| Ohio Valley Banc Corp. | 3000 | 119940 |
| Old National Bancorp | 244951 | 5464857 |
| Old Second Bancorp, Inc. | 32746 | 638547 |
| OP Bancorp | 7900 | 111548 |
| Orange County Bancorp, Inc. | 7000 | 199850 |
| Origin Bancorp, Inc. | 21100 | 793571 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Orrstown Financial Services, <br> Inc.<br>| 13000 | $460460 |
| Park National Corp. | 10376 | 1579020 |
| Parke Bancorp, Inc. | 6700 | 167768 |
| Pathward Financial, Inc. | 15400 | 1093400 |
| †Patriot National Bancorp, <br> Inc.<br>| 38500 | 70070 |
| PCB Bancorp | 7400 | 160210 |
| Peapack-Gladstone Financial <br> Corp.<br>| 11591 | 322809 |
| Peoples Bancorp of North <br> Carolina, Inc.<br>| 3200 | 115840 |
| Peoples Bancorp, Inc. | 23540 | 706906 |
| Peoples Financial Services <br> Corp.<br>| 6677 | 325237 |
| †Pioneer Bancorp, Inc. | 8300 | 111884 |
| Plumas Bancorp | 4100 | 183229 |
| †Ponce Financial Group, Inc. | 13200 | 215820 |
| Preferred Bank | 8046 | 759784 |
| Primis Financial Corp. | 16200 | 225342 |
| Princeton Bancorp, Inc. | 4200 | 145698 |
| Provident Financial Services, <br> Inc.<br>| 88863 | 1755044 |
| QCR Holdings, Inc. | 11500 | 957950 |
| RBB Bancorp | 11132 | 229764 |
| Red River Bancshares, Inc. | 3400 | 242862 |
| Renasant Corp. | 65708 | 2314236 |
| Republic Bancorp, Inc. <br> Class A<br>| 5725 | 394968 |
| Richmond Mutual BanCorp, <br> Inc.<br>| 7100 | 99684 |
| Riverview Bancorp, Inc. | 14200 | 71284 |
| S&T Bancorp, Inc. | 26224 | 1031914 |
| SB Financial Group, Inc. | 4700 | 104669 |
| Seacoast Banking Corp. of <br> Florida<br>| 60631 | 1905026 |
| ServisFirst Bancshares, Inc. | 36200 | 2598798 |
| Shore Bancshares, Inc. | 22944 | 405650 |
| Sierra Bancorp | 8866 | 289741 |
| Simmons First National Corp. <br> Class A<br>| 93970 | 1771334 |
| SmartFinancial, Inc. | 10100 | 373599 |
| Sound Financial Bancorp, <br> Inc.<br>| 1100 | 47993 |
| South Plains Financial, Inc. | 8877 | 344428 |
| †Southern First Bancshares, <br> Inc.<br>| 5715 | 294437 |
| Southern Missouri Bancorp, <br> Inc.<br>| 6798 | 401898 |
| Southside Bancshares, Inc. | 20167 | 612875 |
| SR Bancorp, Inc. | 4900 | 77126 |
| Stellar Bancorp, Inc. | 33610 | 1039893 |
| =†Sterling Bancorp, Inc. | 14600 | 0 |
| Stock Yards Bancorp, Inc. | 18732 | 1216643 |

---

LVIP SSGA Small-Cap Index Fund-3

------

**LVIP SSGA Small-Cap Index 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)** |
| †Texas Capital Bancshares, <br> Inc.<br>| 32000 | $2897280 |
| †Third Coast Bancshares, Inc. | 9500 | 361095 |
| Timberland Bancorp, Inc. | 5700 | 204060 |
| Tompkins Financial Corp. | 9659 | 700471 |
| Towne Bank | 50737 | 1693094 |
| TriCo Bancshares | 21313 | 1009597 |
| †Triumph Financial, Inc. | 16200 | 1014606 |
| TrustCo Bank Corp. | 14000 | 578620 |
| Trustmark Corp. | 38479 | 1498757 |
| UMB Financial Corp. | 50397 | 5797671 |
| Union Bankshares, Inc. | 2700 | 64071 |
| United Bankshares, Inc. | 95678 | 3674035 |
| United Community Banks, <br> Inc.<br>| 84596 | 2641087 |
| United Security Bancshares | 10400 | 104728 |
| Unity Bancorp, Inc. | 5400 | 279288 |
| Univest Financial Corp. | 20620 | 675099 |
| USCB Financial Holdings, <br> Inc.<br>| 8100 | 149202 |
| Valley National Bancorp | 338576 | 3954568 |
| Virginia National Bankshares <br> Corp.<br>| 3400 | 135490 |
| WaFd, Inc. | 53584 | 1716296 |
| Washington Trust Bancorp, <br> Inc.<br>| 12275 | 362726 |
| WesBanco, Inc. | 65975 | 2193009 |
| West BanCorp, Inc. | 10696 | 237344 |
| Westamerica BanCorp | 16281 | 778720 |
| Western New England <br> Bancorp, Inc.<br>| 14400 | 181728 |
| WSFS Financial Corp. | 38936 | 2150825 |
|  |  | **199366623** |
| **Beverages–0.12%** | **Beverages–0.12%** | **Beverages–0.12%** |
| MGP Ingredients, Inc. | 10500 | 255150 |
| †National Beverage Corp. | 16434 | 524080 |
| †Vita Coco Co., Inc. | 30200 | 1600902 |
| †Zevia PBC Class A | 24900 | 57768 |
|  |  | **2437900** |
| **Biotechnology–9.23%** | **Biotechnology–9.23%** | **Biotechnology–9.23%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 29300 | 219750 |
| †Abeona Therapeutics, Inc. | 33900 | 178653 |
| †Absci Corp. | 88000 | 307120 |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 85500 | 2283705 |
| †Actuate Therapeutics, Inc. | 1500 | 9180 |
| †ADC Therapeutics SA | 53800 | 189914 |
| †ADMA Biologics, Inc. | 163600 | 2984064 |
| †Agios Pharmaceuticals, Inc. | 40200 | 1094244 |
| †Akebia Therapeutics, Inc. | 183000 | 294630 |
| †Aldeyra Therapeutics, Inc. | 36000 | 186480 |
| †Alector, Inc. | 59889 | 93427 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Alkermes PLC | 111700 | $3125366 |
| †Allogene Therapeutics, Inc. | 93800 | 128506 |
| †Altimmune, Inc. | 52700 | 190247 |
| †Amicus Therapeutics, Inc. | 199400 | 2839456 |
| †AnaptysBio, Inc. | 13700 | 664176 |
| †Anavex Life Sciences Corp. | 61300 | 218228 |
| †Anika Therapeutics, Inc. | 9395 | 90286 |
| †Annexon, Inc. | 74500 | 373990 |
| †Apogee Therapeutics, Inc. | 25700 | 1939836 |
| †Arbutus Biopharma Corp. | 109100 | 524771 |
| †Arcellx, Inc. | 24400 | 1590880 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 17000 | 104210 |
| †Arcus Biosciences, Inc. | 51100 | 1217713 |
| †Arcutis Biotherapeutics, Inc. | 76700 | 2227368 |
| †Ardelyx, Inc. | 165200 | 963116 |
| †ArriVent Biopharma, Inc. | 17000 | 342040 |
| †Arrowhead Pharmaceuticals, <br> Inc.<br>| 91232 | 6056892 |
| †ARS Pharmaceuticals, Inc. | 40200 | 468330 |
| †Astria Therapeutics, Inc. | 23700 | 310233 |
| †aTyr Pharma, Inc. | 67100 | 52546 |
| †Aura Biosciences, Inc. | 27400 | 149330 |
| †Aurinia Pharmaceuticals, <br> Inc.<br>| 82100 | 1309495 |
| †Avidity Biosciences, Inc. | 79300 | 5719909 |
| †Avita Medical, Inc. | 1300 | 4485 |
| †Beam Therapeutics, Inc. | 68500 | 1898820 |
| †Benitec Biopharma, Inc. | 11300 | 152211 |
| †Bicara Therapeutics, Inc. | 23200 | 390456 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 149303 | 1164563 |
| †Biohaven Ltd. | 64450 | 727640 |
| †Bridgebio Pharma, Inc. | 109685 | 8389806 |
| †Bright Minds Biosciences, <br> Inc.<br>| 3600 | 280944 |
| †Candel Therapeutics, Inc. | 21700 | 122605 |
| †Capricor Therapeutics, Inc. | 27400 | 790764 |
| †Cardiff Oncology, Inc. | 44100 | 123921 |
| †CareDx, Inc. | 38300 | 721572 |
| †Cartesian Therapeutics, Inc. | 7126 | 51378 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 82700 | 1930218 |
| †Celcuity, Inc. | 22000 | 2194280 |
| †Celldex Therapeutics, Inc. | 46400 | 1260224 |
| †CG oncology, Inc. | 38200 | 1586064 |
| †Cidara Therapeutics, Inc. | 13600 | 3004104 |
| †Cogent Biosciences, Inc. | 95300 | 3385056 |
| †Coherus Oncology, Inc. | 83905 | 119145 |
| †Compass Therapeutics, Inc. | 85940 | 461498 |
| †Corvus Pharmaceuticals, Inc. | 40800 | 314160 |
| †CRISPR Therapeutics AG | 59500 | 3120180 |
| †Cullinan Therapeutics, Inc. | 38900 | 402615 |
| †Cytokinetics, Inc. | 80666 | 5125518 |

---

LVIP SSGA Small-Cap Index Fund-4

------

**LVIP SSGA Small-Cap Index 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)** |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 52600 | $490232 |
| †Denali Therapeutics, Inc. | 94100 | 1553591 |
| †Design Therapeutics, Inc. | 13300 | 124754 |
| †DiaMedica Therapeutics, Inc. | 20900 | 166364 |
| †Dianthus Therapeutics, Inc. | 16000 | 659360 |
| †Disc Medicine, Inc. | 16200 | 1286442 |
| †Dynavax Technologies Corp. | 73415 | 1129123 |
| †Dyne Therapeutics, Inc. | 83800 | 1639128 |
| †Editas Medicine, Inc. | 61938 | 126973 |
| †Eledon Pharmaceuticals, Inc. | 45900 | 69309 |
| †Emergent BioSolutions, Inc. | 37900 | 468444 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 16700 | 263359 |
| †Entrada Therapeutics, Inc. | 18300 | 188124 |
| †Erasca, Inc. | 134300 | 499596 |
| †Fate Therapeutics, Inc. | 71854 | 70604 |
| †Fennec Pharmaceuticals, <br> Inc.<br>| 18500 | 142450 |
| †Foghorn Therapeutics, Inc. | 20000 | 108000 |
| †Geron Corp. | 366294 | 483508 |
| †Gossamer Bio, Inc. | 138600 | 429660 |
| †GRAIL, Inc. | 24200 | 2071278 |
| †Greenwich Lifesciences, Inc. | 4700 | 98747 |
| †Gyre Therapeutics, Inc. | 5500 | 38830 |
| †Heron Therapeutics, Inc. | 118392 | 153910 |
| †Humacyte, Inc. | 97200 | 93361 |
| †Ideaya Biosciences, Inc. | 56900 | 1967033 |
| †ImmunityBio, Inc. | 179000 | 354420 |
| †Immunome, Inc. | 63500 | 1363980 |
| †Immunovant, Inc. | 48000 | 1220160 |
| †Inhibikase Therapeutics, Inc. | 48000 | 98400 |
| †Inhibrx Biosciences, Inc. | 6600 | 521400 |
| †Inmune Bio, Inc. | 9600 | 14976 |
| †Intellia Therapeutics, Inc. | 69700 | 626603 |
| †Iovance Biotherapeutics, Inc. | 204200 | 557466 |
| †Ironwood Pharmaceuticals, <br> Inc.<br>| 104872 | 353419 |
| Jade Biosciences, Inc. | 30551 | 471402 |
| †Janux Therapeutics, Inc. | 28900 | 398820 |
| †KalVista Pharmaceuticals, <br> Inc.<br>| 27600 | 445740 |
| †Keros Therapeutics, Inc. | 14750 | 300310 |
| †Kodiak Sciences, Inc. | 23315 | 651887 |
| †Korro Bio, Inc. | 4500 | 36045 |
| †Krystal Biotech, Inc. | 17146 | 4227175 |
| †Kura Oncology, Inc. | 55399 | 575596 |
| †Kymera Therapeutics, Inc. | 38000 | 2956780 |
| †Larimar Therapeutics, Inc. | 31200 | 118872 |
| †Lexeo Therapeutics, Inc. | 42100 | 418053 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 12854 | 7485398 |
| †MannKind Corp. | 215900 | 1224153 |
| †MapLight Therapeutics, Inc. | 9600 | 168624 |
| †MeiraGTx Holdings PLC | 30592 | 243206 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| =†Merrimack Pharmaceuticals, <br> Inc.<br>| 1500 | $0 |
| †MiMedx Group, Inc. | 84100 | 569357 |
| †Mineralys Therapeutics, Inc. | 31700 | 1150393 |
| †Mirum Pharmaceuticals, Inc. | 28900 | 2282811 |
| †Monopar Therapeutics, Inc. | 3000 | 195900 |
| †Monte Rosa Therapeutics, <br> Inc.<br>| 31000 | 486080 |
| †Myriad Genetics, Inc. | 66500 | 408975 |
| †Neurogene, Inc. | 7100 | 146260 |
| †Nkarta, Inc. | 42000 | 77700 |
| †Novavax, Inc. | 107000 | 719040 |
| †Nurix Therapeutics, Inc. | 66600 | 1263402 |
| †Nuvalent, Inc. Class A | 32631 | 3282352 |
| †Nuvectis Pharma, Inc. | 10200 | 77010 |
| †Olema Pharmaceuticals, Inc. | 42400 | 1060000 |
| †Organogenesis Holdings, Inc. | 51300 | 265734 |
| †ORIC Pharmaceuticals, Inc. | 40800 | 333744 |
| †Oruka Therapeutics, Inc. | 25000 | 757750 |
| †Palvella Therapeutics, Inc. | 5000 | 523350 |
| †Perspective Therapeutics, <br> Inc.<br>| 42100 | 115775 |
| †Praxis Precision Medicines, <br> Inc.<br>| 15600 | 4597944 |
| †Precigen, Inc. | 122000 | 509960 |
| †Prime Medicine, Inc. | 66200 | 229714 |
| †Protagonist Therapeutics, <br> Inc.<br>| 40100 | 3502334 |
| †Protalix BioTherapeutics, <br> Inc.<br>| 55400 | 99720 |
| †Protara Therapeutics, Inc. | 25700 | 136981 |
| †Prothena Corp. PLC | 27600 | 263580 |
| †PTC Therapeutics, Inc. | 54624 | 4149239 |
| †Puma Biotechnology, Inc. | 33200 | 197540 |
| †Recursion Pharmaceuticals, <br> Inc. Class A<br>| 253900 | 1038451 |
| †REGENXBIO, Inc. | 35600 | 512640 |
| †Relay Therapeutics, Inc. | 94400 | 798624 |
| †Replimune Group, Inc. | 48376 | 470215 |
| †Rezolute, Inc. | 48800 | 115168 |
| †Rhythm Pharmaceuticals, <br> Inc.<br>| 37200 | 3981888 |
| †Rigel Pharmaceuticals, Inc. | 12606 | 539915 |
| †Rocket Pharmaceuticals, Inc. | 57300 | 201123 |
| †Sana Biotechnology, Inc. | 112100 | 456247 |
| †Savara, Inc. | 90700 | 546921 |
| †Scholar Rock Holding Corp. | 58000 | 2554900 |
| †SELLAS Life Sciences Group, <br> Inc.<br>| 77200 | 291044 |
| †Sionna Therapeutics, Inc. | 10500 | 431970 |
| †Soleno Therapeutics, Inc. | 31300 | 1449190 |
| †Solid Biosciences, Inc. | 36600 | 206424 |
| †Spyre Therapeutics, Inc. | 45400 | 1487304 |
| †Stoke Therapeutics, Inc. | 30300 | 961722 |

---

LVIP SSGA Small-Cap Index Fund-5

------

**LVIP SSGA Small-Cap Index 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)** |
| †Syndax Pharmaceuticals, <br> Inc.<br>| 58106 | $1220807 |
| †Tango Therapeutics, Inc. | 71700 | 635262 |
| †Taysha Gene Therapies, Inc. | 149600 | 822800 |
| †Tectonic Therapeutic, Inc. | 8500 | 177310 |
| †Tevogen Bio Holdings, Inc. | 13400 | 4437 |
| †TG Therapeutics, Inc. | 102200 | 3046582 |
| †Tonix Pharmaceuticals <br> Holding Corp.<br>| 7600 | 118712 |
| †Travere Therapeutics, Inc. | 56600 | 2162686 |
| †TriSalus Life Sciences, Inc. | 15500 | 108190 |
| †TuHURA Biosciences, Inc. | 15600 | 11804 |
| †Twist Bioscience Corp. | 42300 | 1341756 |
| †Tyra Biosciences, Inc. | 15000 | 394350 |
| †Upstream Bio, Inc. | 23300 | 632595 |
| †UroGen Pharma Ltd. | 27000 | 632340 |
| †Vanda Pharmaceuticals, Inc. | 44181 | 389676 |
| †Vaxcyte, Inc. | 78900 | 3640446 |
| †Vera Therapeutics, Inc. | 37800 | 1914192 |
| †Veracyte, Inc. | 53800 | 2264980 |
| †Verastem, Inc. | 35200 | 271744 |
| †Vericel Corp. | 35700 | 1285557 |
| †Vir Biotechnology, Inc. | 68400 | 412452 |
| †Viridian Therapeutics, Inc. | 52800 | 1643136 |
| †Voyager Therapeutics, Inc. | 34100 | 134013 |
| †Xencor, Inc. | 50100 | 767031 |
| †Xenon Pharmaceuticals, Inc. | 52200 | 2339604 |
| †XOMA Royalty Corp. | 6200 | 164858 |
| †Zenas Biopharma, Inc. | 12800 | 464768 |
| †Zymeworks, Inc. | 36300 | 955779 |
|  |  | **186729641** |
| **Broadline Retail–0.10%** | **Broadline Retail–0.10%** | **Broadline Retail–0.10%** |
| †Groupon, Inc. | 18600 | 327546 |
| Kohl's Corp. | 76600 | 1563406 |
| †Savers Value Village, Inc. | 17900 | 167186 |
|  |  | **2058138** |
| **Building Products–1.46%** | **Building Products–1.46%** | **Building Products–1.46%** |
| †American Woodmark Corp. | 9975 | 537653 |
| Apogee Enterprises, Inc. | 14447 | 526015 |
| AZZ, Inc. | 20545 | 2202013 |
| CSW Industrials, Inc. | 11360 | 3334501 |
| †Gibraltar Industries, Inc. | 20956 | 1036065 |
| Griffon Corp. | 26031 | 1917183 |
| Insteel Industries, Inc. | 12839 | 406611 |
| †Janus International Group, <br> Inc.<br>| 95100 | 621954 |
| †JELD-WEN Holding, Inc. | 64859 | 159553 |
| †Masterbrand, Inc. | 88800 | 980352 |
| †Modine Manufacturing Co. | 36522 | 4876052 |
| Quanex Building Products <br> Corp.<br>| 33552 | 516030 |
| †Resideo Technologies, Inc. | 90600 | 3181872 |
| Tecnoglass, Inc. | 17300 | 870536 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| UFP Industries, Inc. | 39710 | $3615595 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 104100 | 4839609 |
|  |  | **29621594** |
| **Capital Markets–1.79%** | **Capital Markets–1.79%** | **Capital Markets–1.79%** |
| Acadian Asset Management, <br> Inc.<br>| 19217 | 903199 |
| †AlTi Global, Inc. | 26600 | 123424 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 43900 | 1788486 |
| †Bakkt Holdings, Inc. | 9100 | 91364 |
| BGC Group, Inc. Class A | 254400 | 2271792 |
| Cohen & Steers, Inc. | 19869 | 1247376 |
| Diamond Hill Investment <br> Group, Inc.<br>| 1832 | 310524 |
| DigitalBridge Group, Inc. | 122750 | 1882985 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 18300 | 854427 |
| †Forge Global Holdings, Inc. | 7166 | 319317 |
| GCM Grosvenor, Inc. Class A | 26000 | 294320 |
| †Innventure, Inc. | 16300 | 68134 |
| Marex Group PLC | 38000 | 1457680 |
| MarketWise, Inc. | 1280 | 19226 |
| †Miami International <br> Holdings, Inc.<br>| 12200 | 541436 |
| Moelis & Co. Class A | 51700 | 3553858 |
| †Open Lending Corp. Class A | 74700 | 115785 |
| P10, Inc. Class A | 40100 | 393381 |
| Patria Investments Ltd. <br> Class A<br>| 44000 | 699160 |
| Perella Weinberg Partners | 44900 | 776770 |
| Piper Sandler Cos. | 12048 | 4092826 |
| PJT Partners, Inc. Class A | 16000 | 2675200 |
| †Siebert Financial Corp. | 8100 | 28431 |
| Silvercrest Asset <br> Management Group, Inc. <br> Class A<br>| 5400 | 82026 |
| StepStone Group, Inc. <br> Class A<br>| 48100 | 3086577 |
| †StoneX Group, Inc. | 32429 | 3084971 |
| Value Line, Inc. | 700 | 26901 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 31460 | 1984811 |
| Virtus Investment Partners, <br> Inc.<br>| 4632 | 755711 |
| †Webull Corp. | 184000 | 1429680 |
| Westwood Holdings Group, <br> Inc.<br>| 5900 | 101539 |
| WisdomTree, Inc. | 86108 | 1049656 |
|  |  | **36110973** |
| **Chemicals–1.48%** | **Chemicals–1.48%** | **Chemicals–1.48%** |
| AdvanSix, Inc. | 16400 | 283720 |
| †American Vanguard Corp. | 20395 | 77909 |

---

LVIP SSGA Small-Cap Index Fund-6

------

**LVIP SSGA Small-Cap Index 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)** |
| †Arq, Inc. | 22400 | $73248 |
| †ASP Isotopes, Inc. | 60900 | 325815 |
| †Aspen Aerogels, Inc. | 47300 | 133859 |
| Avient Corp. | 63002 | 1968183 |
| Balchem Corp. | 22509 | 3451980 |
| Cabot Corp. | 36400 | 2412592 |
| Chemours Co. | 107400 | 1266246 |
| †Core Molding Technologies, <br> Inc.<br>| 5800 | 116290 |
| †Ecovyst, Inc. | 80300 | 781319 |
| †Flotek Industries, Inc. | 11100 | 191253 |
| Hawkins, Inc. | 13736 | 1951336 |
| HB Fuller Co. | 37609 | 2236231 |
| †Ingevity Corp. | 25653 | 1518145 |
| Innospec, Inc. | 16404 | 1255562 |
| †Intrepid Potash, Inc. | 8200 | 227386 |
| Koppers Holdings, Inc. | 12560 | 340125 |
| Kronos Worldwide, Inc. | 15689 | 69345 |
| †LSB Industries, Inc. | 37400 | 317900 |
| Mativ Holdings, Inc. | 40079 | 486960 |
| Minerals Technologies, Inc. | 21664 | 1320421 |
| Orion SA | 39895 | 210646 |
| †Perimeter Solutions, Inc. | 98278 | 2705593 |
| †PureCycle Technologies, Inc. | 92200 | 791998 |
| Quaker Chemical Corp. | 9713 | 1333692 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 47500 | 279775 |
| Sensient Technologies Corp. | 29595 | 2780450 |
| †Solesence, Inc. | 15000 | 23925 |
| Stepan Co. | 13770 | 652147 |
| Trinseo PLC | 26900 | 13369 |
| Tronox Holdings PLC | 87200 | 363624 |
| Valhi, Inc. | 1400 | 16870 |
|  |  | **29977914** |
| **Commercial Services & Supplies–1.43%** | **Commercial Services & Supplies–1.43%** | **Commercial Services & Supplies–1.43%** |
| ABM Industries, Inc. | 41523 | 1756423 |
| ACCO Brands Corp. | 53524 | 199644 |
| †ACV Auctions, Inc. Class A | 120000 | 962400 |
| †BrightView Holdings, Inc. | 45400 | 575218 |
| Brink's Co. | 29060 | 3392174 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 43434 | 4253926 |
| †Cimpress PLC | 10734 | 714777 |
| CompX International, Inc. | 1338 | 31135 |
| †CoreCivic, Inc. | 74281 | 1419510 |
| Deluxe Corp. | 30340 | 677492 |
| Ennis, Inc. | 14462 | 260461 |
| †Enviri Corp. | 55200 | 989184 |
| †GEO Group, Inc. | 94438 | 1522341 |
| †Healthcare Services Group, <br> Inc.<br>| 51081 | 976669 |
| HNI Corp. | 43889 | 1845090 |
| Interface, Inc. | 41321 | 1153682 |
| †Liquidity Services, Inc. | 16373 | 496266 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| MillerKnoll, Inc. | 46905 | $857423 |
| †Mobile Infrastructure Corp. | 9900 | 25245 |
| †Montrose Environmental <br> Group, Inc.<br>| 22800 | 566124 |
| NL Industries, Inc. | 6336 | 34658 |
| †OPENLANE, Inc. | 73900 | 2200742 |
| †Perma-Fix Environmental <br> Services, Inc.<br>| 13100 | 164929 |
| Pitney Bowes, Inc. | 115200 | 1217664 |
| Quad/Graphics, Inc. | 21400 | 134178 |
| UniFirst Corp. | 10267 | 1980504 |
| Vestis Corp. | 82400 | 549608 |
| Virco Mfg. Corp. | 8300 | 53037 |
|  |  | **29010504** |
| **Communications Equipment–0.92%** | **Communications Equipment–0.92%** | **Communications Equipment–0.92%** |
| †ADTRAN Holdings, Inc. | 54248 | 471415 |
| †Applied Optoelectronics, Inc. | 40600 | 1415316 |
| †Aviat Networks, Inc. | 8800 | 188144 |
| †BK Technologies Corp. | 2100 | 156639 |
| †Calix, Inc. | 41931 | 2219408 |
| †Clearfield, Inc. | 8300 | 241945 |
| †CommScope Holding Co., <br> Inc.<br>| 151400 | 2744882 |
| †Digi International, Inc. | 25743 | 1114415 |
| †Extreme Networks, Inc. | 92545 | 1540874 |
| †Harmonic, Inc. | 78388 | 775257 |
| †Inseego Corp. | 9800 | 100646 |
| †NETGEAR, Inc. | 19434 | 476716 |
| †NetScout Systems, Inc. | 48856 | 1322043 |
| †Ribbon Communications, <br> Inc.<br>| 69502 | 200166 |
| †Viasat, Inc. | 84300 | 2904978 |
| †Viavi Solutions, Inc. | 153500 | 2735370 |
|  |  | **18608214** |
| **Construction & Engineering–2.38%** | **Construction & Engineering–2.38%** | **Construction & Engineering–2.38%** |
| †Ameresco, Inc. Class A | 22921 | 671356 |
| Arcosa, Inc. | 33600 | 3572352 |
| Argan, Inc. | 9424 | 2952728 |
| †Bowman Consulting Group <br> Ltd.<br>| 9900 | 326898 |
| †Centuri Holdings, Inc. | 49300 | 1244825 |
| Concrete Pumping Holdings, <br> Inc.<br>| 16400 | 110044 |
| †Construction Partners, Inc. <br> Class A<br>| 32700 | 3549585 |
| †Dycom Industries, Inc. | 19609 | 6625881 |
| †Fluor Corp. | 111400 | 4414782 |
| Granite Construction, Inc. | 29979 | 3458078 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 46434 | 609214 |
| †IES Holdings, Inc. | 6380 | 2481948 |
| †Legence Corp. Class A | 23400 | 1007136 |
| †Limbach Holdings, Inc. | 7600 | 591660 |

---

LVIP SSGA Small-Cap Index Fund-7

------

**LVIP SSGA Small-Cap Index 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 & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| †Matrix Service Co. | 19600 | $229320 |
| †MYR Group, Inc. | 10894 | 2380339 |
| †NWPX Infrastructure, Inc. | 6748 | 421682 |
| †Orion Group Holdings, Inc. | 27500 | 273350 |
| Primoris Services Corp. | 37838 | 4697209 |
| †Southland Holdings, Inc. | 8200 | 27224 |
| †Sterling Infrastructure, Inc. | 20600 | 6308338 |
| Tutor Perini Corp. | 31606 | 2118234 |
|  |  | **48072183** |
| **Construction Materials–0.20%** | **Construction Materials–0.20%** | **Construction Materials–0.20%** |
| †Knife River Corp. | 39900 | 2806965 |
| †Smith-Midland Corp. | 1900 | 69046 |
| †Titan America SA | 17500 | 288400 |
| U.S. Lime & Minerals, Inc. | 7735 | 926189 |
|  |  | **4090600** |
| **Consumer Finance–1.06%** | **Consumer Finance–1.06%** | **Consumer Finance–1.06%** |
| †Atlanticus Holdings Corp. | 3915 | 262109 |
| Bread Financial Holdings, <br> Inc.<br>| 32300 | 2391169 |
| †Consumer Portfolio Services, <br> Inc.<br>| 6000 | 55980 |
| †Dave, Inc. | 6800 | 1505588 |
| †Encore Capital Group, Inc. | 16063 | 873024 |
| †Enova International, Inc. | 16923 | 2660296 |
| FirstCash Holdings, Inc. | 27824 | 4434589 |
| †Green Dot Corp. Class A | 39502 | 506021 |
| †LendingClub Corp. | 80760 | 1529594 |
| †LendingTree, Inc. | 7700 | 408793 |
| Medallion Financial Corp. | 11600 | 119364 |
| Navient Corp. | 42500 | 552500 |
| Nelnet, Inc. Class A | 7638 | 1015549 |
| †NerdWallet, Inc. Class A | 29500 | 399725 |
| †Oportun Financial Corp. | 26000 | 137540 |
| OppFi, Inc. | 18800 | 196648 |
| †PRA Group, Inc. | 27423 | 485113 |
| PROG Holdings, Inc. | 27305 | 805225 |
| Regional Management Corp. | 6243 | 241916 |
| †Upstart Holdings, Inc. | 59900 | 2619427 |
| †World Acceptance Corp. | 1701 | 238803 |
|  |  | **21438973** |
| **Consumer Staples Distribution & Retail–0.44%** | **Consumer Staples Distribution & Retail–0.44%** | **Consumer Staples Distribution & Retail–0.44%** |
| Andersons, Inc. | 22863 | 1215626 |
| †Chefs' Warehouse, Inc. | 25935 | 1616529 |
| †Grocery Outlet Holding Corp. | 67600 | 682760 |
| †HF Foods Group, Inc. | 30800 | 66220 |
| Ingles Markets, Inc. Class A | 10131 | 694480 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 9389 | 235194 |
| PriceSmart, Inc. | 18132 | 2224252 |
| †United Natural Foods, Inc. | 41999 | 1414106 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Village Super Market, Inc. <br> Class A<br>| 5313 | $188054 |
| Weis Markets, Inc. | 9700 | 621673 |
|  |  | **8958894** |
| **Containers & Packaging–0.24%** | **Containers & Packaging–0.24%** | **Containers & Packaging–0.24%** |
| Ardagh Metal Packaging SA | 100700 | 412870 |
| Greif, Inc. Class A | 20217 | 1387683 |
| Myers Industries, Inc. | 25997 | 486664 |
| †O-I Glass, Inc. | 108400 | 1599984 |
| †Ranpak Holdings Corp. | 33000 | 178530 |
| TriMas Corp. | 22425 | 794966 |
|  |  | **4860697** |
| **Distributors–0.06%** | **Distributors–0.06%** | **Distributors–0.06%** |
| †GigaCloud Technology, Inc. <br> Class A<br>| 16700 | 655976 |
| Gold.com, Inc. | 13300 | 452865 |
| Weyco Group, Inc. | 4500 | 137655 |
|  |  | **1246496** |
| **Diversified Consumer Services–1.11%** | **Diversified Consumer Services–1.11%** | **Diversified Consumer Services–1.11%** |
| †Adtalem Global Education, <br> Inc.<br>| 25217 | 2609203 |
| †American Public Education, <br> Inc.<br>| 11900 | 449820 |
| Carriage Services, Inc. | 9935 | 420251 |
| †Coursera, Inc. | 98800 | 727168 |
| †Driven Brands Holdings, Inc. | 43900 | 650598 |
| †European Wax Center, Inc. <br> Class A<br>| 20600 | 74160 |
| †Frontdoor, Inc. | 51100 | 2947959 |
| Graham Holdings Co. Class B | 2270 | 2493822 |
| †KinderCare Learning Cos., <br> Inc.<br>| 20900 | 90288 |
| †Laureate Education, Inc. | 87500 | 2946125 |
| †Lincoln Educational Services <br> Corp.<br>| 21700 | 524055 |
| Matthews International Corp. <br> Class A<br>| 21710 | 567065 |
| †McGraw Hill, Inc. | 14600 | 240900 |
| †Mister Car Wash, Inc. | 70800 | 393648 |
| †Nerdy, Inc. | 35500 | 36920 |
| OneSpaWorld Holdings Ltd. | 66800 | 1385432 |
| Perdoceo Education Corp. | 44068 | 1292514 |
| Strategic Education, Inc. | 16535 | 1326107 |
| †Stride, Inc. | 29900 | 1941407 |
| †Udemy, Inc. | 69300 | 405405 |
| †Universal Technical Institute, <br> Inc.<br>| 33400 | 872742 |
| †Zspace, Inc. | 2000 | 942 |
|  |  | **22396531** |
| **Diversified REITs–0.53%** | **Diversified REITs–0.53%** | **Diversified REITs–0.53%** |
| Alexander & Baldwin, Inc. | 51908 | 1071381 |

---

LVIP SSGA Small-Cap Index Fund-8

------

**LVIP SSGA Small-Cap Index 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 REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Alpine Income Property <br> Trust, Inc.<br>| 6900 | $115368 |
| American Assets Trust, Inc. | 35673 | 675290 |
| Armada Hoffler Properties, <br> Inc.<br>| 53200 | 352184 |
| Broadstone Net Lease, Inc. | 133700 | 2322369 |
| CTO Realty Growth, Inc. | 15742 | 289810 |
| Essential Properties Realty <br> Trust, Inc.<br>| 138935 | 4120812 |
| Gladstone Commercial Corp. | 29405 | 313751 |
| Global Net Lease, Inc. | 140428 | 1207681 |
| Modiv Industrial, Inc. | 7400 | 106486 |
| NexPoint Diversified Real <br> Estate Trust<br>| 25289 | 96857 |
|  |  | **10671989** |
| **Diversified Telecommunication Services–0.56%** | **Diversified Telecommunication Services–0.56%** | **Diversified Telecommunication Services–0.56%** |
| †Anterix, Inc. | 8500 | 185555 |
| ATN International, Inc. | 7592 | 173098 |
| †Bandwidth, Inc. Class A | 19200 | 296640 |
| Cogent Communications <br> Holdings, Inc.<br>| 31904 | 687850 |
| †Globalstar, Inc. | 35386 | 2159962 |
| IDT Corp. Class B | 11500 | 588915 |
| †Liberty Latin America Ltd. <br> Class A<br>| 112471 | 837688 |
| †Lumen Technologies, Inc. | 665900 | 5174043 |
| Shenandoah <br> Telecommunications Co.<br>| 37150 | 429454 |
| Uniti Group, Inc. | 100911 | 707386 |
|  |  | **11240591** |
| **Electric Utilities–0.95%** | **Electric Utilities–0.95%** | **Electric Utilities–0.95%** |
| Genie Energy Ltd. Class B | 16400 | 225992 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 123900 | 1523970 |
| MGE Energy, Inc. | 25915 | 2032254 |
| †Oklo, Inc. | 75800 | 5439408 |
| Otter Tail Corp. | 26981 | 2180335 |
| Portland General Electric <br> Co.<br>| 78900 | 3786411 |
| TXNM Energy, Inc. | 66736 | 3929416 |
|  |  | **19117786** |
| **Electrical Equipment–2.41%** | **Electrical Equipment–2.41%** | **Electrical Equipment–2.41%** |
| Allient, Inc. | 10800 | 580500 |
| †American Superconductor <br> Corp.<br>| 31200 | 897936 |
| †Amprius Technologies, Inc. | 74200 | 585438 |
| †Array Technologies, Inc. | 107300 | 989306 |
| Atkore, Inc. | 23300 | 1473725 |
| †Bloom Energy Corp. Class A | 151845 | 13193812 |
| EnerSys | 26022 | 3818728 |
| †Enovix Corp. | 118000 | 862580 |
| †Eos Energy Enterprises, Inc. | 212800 | 2438688 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Fluence Energy, Inc. | 45300 | $896034 |
| †Hyliion Holdings Corp. | 93100 | 171304 |
| †KULR Technology Group, Inc. | 25800 | 76368 |
| LSI Industries, Inc. | 18800 | 344416 |
| †NANO Nuclear Energy, Inc. | 26700 | 641067 |
| †Net Power, Inc. | 15200 | 34656 |
| †Nextpower, Inc. Class A | 101700 | 8859087 |
| †NuScale Power Corp. | 89700 | 1271049 |
| †Plug Power, Inc. | 775800 | 1528326 |
| Powell Industries, Inc. | 6728 | 2144752 |
| †Power Solutions <br> International, Inc.<br>| 5200 | 297128 |
| Preformed Line Products Co. | 1786 | 369184 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 119100 | 1012350 |
| †SKYX Platforms Corp. | 49200 | 106764 |
| †SunPower, Inc. | 47900 | 75203 |
| †Sunrun, Inc. | 153800 | 2829920 |
| †T1 Energy, Inc. | 90000 | 601200 |
| †Thermon Group Holdings, <br> Inc.<br>| 23360 | 868058 |
| †Vicor Corp. | 16271 | 1783302 |
|  |  | **48750881** |
| **Electronic Equipment, Instruments & Components–3.44%** | **Electronic Equipment, Instruments & Components–3.44%** | **Electronic Equipment, Instruments & Components–3.44%** |
| †908 Devices, Inc. | 18100 | 95025 |
| Advanced Energy Industries, <br> Inc.<br>| 26379 | 5522971 |
| †Aeva Technologies, Inc. | 25180 | 334390 |
| †Arlo Technologies, Inc. | 70615 | 987904 |
| Badger Meter, Inc. | 20622 | 3596683 |
| Bel Fuse, Inc. Class A | 8500 | 1422242 |
| Belden, Inc. | 27142 | 3163400 |
| Benchmark Electronics, Inc. | 24866 | 1063270 |
| Climb Global Solutions, Inc. | 2900 | 298091 |
| CTS Corp. | 20111 | 862159 |
| †Daktronics, Inc. | 26100 | 515997 |
| ePlus, Inc. | 18416 | 1615083 |
| †Evolv Technologies Holdings, <br> Inc.<br>| 94100 | 673756 |
| †Fabrinet | 25176 | 11462129 |
| †Frequency Electronics, Inc. | 5200 | 279968 |
| †Insight Enterprises, Inc. | 20103 | 1637791 |
| †Itron, Inc. | 31544 | 2929176 |
| †Kimball Electronics, Inc. | 17075 | 475027 |
| †Knowles Corp. | 59606 | 1277357 |
| Methode Electronics, Inc. | 24066 | 159798 |
| †MicroVision, Inc. | 155500 | 128770 |
| †Mirion Technologies, Inc. | 162700 | 3810434 |
| †M-Tron Industries, Inc. | 1700 | 90474 |
| Napco Security Technologies, <br> Inc.<br>| 24100 | 1004970 |
| †Neonode, Inc. | 8200 | 14268 |
| †nLight, Inc. | 33600 | 1260336 |
| †Novanta, Inc. | 25263 | 3006044 |

---

LVIP SSGA Small-Cap Index Fund-9

------

**LVIP SSGA Small-Cap Index 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)** |
| †OSI Systems, Inc. | 11368 | $2899522 |
| †Ouster, Inc. | 36400 | 787696 |
| PC Connection, Inc. | 6524 | 376826 |
| †Plexus Corp. | 18763 | 2758161 |
| †Powerfleet, Inc. NJ | 90900 | 483588 |
| †Red Cat Holdings, Inc. | 67600 | 536068 |
| Richardson Electronics Ltd. | 9000 | 97920 |
| †Rogers Corp. | 12752 | 1167701 |
| †Sanmina Corp. | 36095 | 5416777 |
| †ScanSource, Inc. | 14337 | 560003 |
| †TTM Technologies, Inc. | 71825 | 4955925 |
| Vishay Intertechnology, Inc. | 84921 | 1230505 |
| †Vishay Precision Group, Inc. | 8972 | 345422 |
| †Vuzix Corp. | 50200 | 189756 |
|  |  | **69493383** |
| **Energy Equipment & Services–1.78%** | **Energy Equipment & Services–1.78%** | **Energy Equipment & Services–1.78%** |
| Archrock, Inc. | 117102 | 3046994 |
| Atlas Energy Solutions, Inc. | 55100 | 519042 |
| †Borr Drilling Ltd. | 161800 | 652054 |
| †Bristow Group, Inc. | 19673 | 720425 |
| Cactus, Inc. Class A | 48200 | 2201776 |
| Core Laboratories, Inc. | 33400 | 535402 |
| †DMC Global, Inc. | 14988 | 100270 |
| Energy Services of America <br> Corp.<br>| 9400 | 76798 |
| †Expro Group Holdings NV | 64266 | 857951 |
| Flowco Holdings, Inc. Class A | 13500 | 252990 |
| †Forum Energy Technologies, <br> Inc.<br>| 8100 | 299295 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 98156 | 615438 |
| Helmerich & Payne, Inc. | 68100 | 1953108 |
| †Innovex International, Inc. | 28700 | 627669 |
| Kodiak Gas Services, Inc. | 58300 | 2180420 |
| Liberty Energy, Inc. | 110922 | 2047620 |
| †Mammoth Energy Services, <br> Inc.<br>| 16700 | 30895 |
| †Nabors Industries Ltd. | 10114 | 549190 |
| †National Energy Services <br> Reunited Corp.<br>| 44300 | 693738 |
| Natural Gas Services Group, <br> Inc.<br>| 7400 | 249010 |
| Noble Corp. PLC | 89335 | 2522820 |
| †Oceaneering International, <br> Inc.<br>| 66200 | 1590786 |
| †Oil States International, Inc. | 38600 | 261322 |
| Patterson-UTI Energy, Inc. | 246189 | 1504215 |
| †ProFrac Holding Corp. <br> Class A<br>| 8400 | 32676 |
| †ProPetro Holding Corp. | 57600 | 547776 |
| Ranger Energy Services, Inc. <br> Class A<br>| 11600 | 162168 |
| RPC, Inc. | 64400 | 350336 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †SEACOR Marine Holdings, <br> Inc.<br>| 13700 | $82474 |
| †Seadrill Ltd. | 44500 | 1539700 |
| Select Water Solutions, Inc. | 66500 | 699580 |
| SLB Ltd. | 100 | 3838 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 27900 | 1282563 |
| †TETRA Technologies, Inc. | 87900 | 823623 |
| †Tidewater, Inc. | 35011 | 1768406 |
| †Transocean Ltd. | 595500 | 2459415 |
| †Valaris Ltd. | 44400 | 2237760 |
|  |  | **36079543** |
| **Entertainment–0.52%** | **Entertainment–0.52%** | **Entertainment–0.52%** |
| †AMC Entertainment <br> Holdings, Inc. Class A<br>| 320700 | 500292 |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 36600 | 1455118 |
| Cinemark Holdings, Inc. | 73400 | 1705816 |
| CuriosityStream, Inc. | 25000 | 95000 |
| †Eventbrite, Inc. Class A | 58000 | 258100 |
| †Gaia, Inc. | 13600 | 49368 |
| †Golden Matrix Group, Inc. | 15600 | 12492 |
| †IMAX Corp. | 30700 | 1134672 |
| †Lionsgate Studios Corp. | 140904 | 1286454 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 28272 | 1523578 |
| Marcus Corp. | 12534 | 194402 |
| †Playstudios, Inc. | 67100 | 43716 |
| Playtika Holding Corp. | 38900 | 153655 |
| †Reservoir Media, Inc. | 10700 | 80999 |
| †Sphere Entertainment Co. | 19872 | 1889430 |
| †Starz Entertainment Corp. | 8793 | 102878 |
| †Vivid Seats, Inc. Class A | 2860 | 20621 |
|  |  | **10506591** |
| **Financial Services–2.14%** | **Financial Services–2.14%** | **Financial Services–2.14%** |
| †Acacia Research Corp. | 28200 | 105468 |
| Alerus Financial Corp. | 16900 | 380588 |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 19158 | 854447 |
| †Better Home & Finance <br> Holding Co.<br>| 3600 | 117288 |
| Burford Capital Ltd. | 141700 | 1263964 |
| Cannae Holdings, Inc. | 35800 | 563134 |
| †Cantaloupe, Inc. | 34600 | 367452 |
| Cass Information Systems, <br> Inc.<br>| 8915 | 370151 |
| Compass Diversified <br> Holdings<br>| 50800 | 243840 |
| Enact Holdings, Inc. | 19100 | 757124 |
| Essent Group Ltd. | 65209 | 4239237 |
| EVERTEC, Inc. | 45307 | 1317981 |
| Federal Agricultural <br> Mortgage Corp. Class C<br>| 6374 | 1119083 |

---

LVIP SSGA Small-Cap Index Fund-10

------

**LVIP SSGA Small-Cap Index 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)** |
| †Finance of America Cos., Inc. <br> Class A<br>| 3500 | $84735 |
| †Flywire Corp. | 83500 | 1182360 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 85400 | 2684122 |
| †International Money Express, <br> Inc.<br>| 17434 | 267786 |
| Jackson Financial, Inc. <br> Class A<br>| 47800 | 5097870 |
| †loanDepot, Inc. Class A | 59500 | 123165 |
| †Marqeta, Inc. Class A | 263200 | 1250200 |
| Merchants Bancorp | 19014 | 647617 |
| †NCR Atleos Corp. | 51200 | 1951232 |
| NewtekOne, Inc. | 17400 | 197490 |
| †NMI Holdings, Inc. Class A | 54100 | 2206739 |
| †Onity Group, Inc. | 4800 | 219792 |
| Pagseguro Digital Ltd. <br> Class A<br>| 127800 | 1231992 |
| †Payoneer Global, Inc. | 197300 | 1108826 |
| †Paysafe Ltd. | 23284 | 188368 |
| †Paysign, Inc. | 25700 | 132355 |
| PennyMac Financial Services, <br> Inc.<br>| 20100 | 2649984 |
| †Priority Technology Holdings, <br> Inc.<br>| 16900 | 92105 |
| Radian Group, Inc. | 94054 | 3385003 |
| †Remitly Global, Inc. | 114600 | 1581480 |
| †Repay Holdings Corp. | 53000 | 193450 |
| †Security National Financial <br> Corp. Class A<br>| 10480 | 94425 |
| †Sezzle, Inc. | 10900 | 691877 |
| †StoneCo Ltd. Class A | 172700 | 2554233 |
| SWK Holdings Corp. | 800 | 13760 |
| †Velocity Financial, Inc. | 5300 | 110028 |
| Walker & Dunlop, Inc. | 23163 | 1393254 |
| Waterstone Financial, Inc. | 10380 | 171789 |
|  |  | **43205794** |
| **Food Products–0.71%** | **Food Products–0.71%** | **Food Products–0.71%** |
| Alico, Inc. | 3900 | 141882 |
| B&G Foods, Inc. | 58114 | 249890 |
| †Beyond Meat, Inc. | 257000 | 210740 |
| †BRC, Inc. Class A | 36900 | 40959 |
| Calavo Growers, Inc. | 11654 | 253475 |
| Cal-Maine Foods, Inc. | 30430 | 2421315 |
| Dole PLC | 49300 | 739007 |
| †Forafric Global PLC | 4600 | 50738 |
| Fresh Del Monte Produce, <br> Inc.<br>| 23456 | 835737 |
| †Hain Celestial Group, Inc. | 66500 | 71155 |
| J&J Snack Foods Corp. | 10987 | 992895 |
| John B Sanfilippo & Son, Inc. | 5402 | 381381 |
| †Lifeway Foods, Inc. | 3500 | 84805 |
| Limoneira Co. | 12300 | 155288 |
| †Mama's Creations, Inc. | 25500 | 343995 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Marzetti Co. | 13954 | $2294317 |
| †Mission Produce, Inc. | 27800 | 322480 |
| †Seneca Foods Corp. Class A | 3488 | 385877 |
| †Simply Good Foods Co. | 65600 | 1317248 |
| †SunOpta, Inc. | 70500 | 267900 |
| Tootsie Roll Industries, Inc. | 13000 | 476190 |
| †TreeHouse Foods, Inc. | 36000 | 849240 |
| Utz Brands, Inc. | 53100 | 551178 |
| †Vital Farms, Inc. | 24800 | 792112 |
| †Westrock Coffee Co. | 27200 | 110704 |
|  |  | **14340508** |
| **Gas Utilities–1.02%** | **Gas Utilities–1.02%** | **Gas Utilities–1.02%** |
| Brookfield Infrastructure <br> Corp. Class A<br>| 83078 | 3771741 |
| Chesapeake Utilities Corp. | 16365 | 2041697 |
| New Jersey Resources Corp. | 69897 | 3223650 |
| Northwest Natural Holding <br> Co.<br>| 28919 | 1351674 |
| ONE Gas, Inc. | 41779 | 3227428 |
| RGC Resources, Inc. | 6300 | 134190 |
| Southwest Gas Holdings, Inc. | 44522 | 3562651 |
| Spire, Inc. | 40820 | 3375814 |
|  |  | **20688845** |
| **Ground Transportation–0.29%** | **Ground Transportation–0.29%** | **Ground Transportation–0.29%** |
| ArcBest Corp. | 15975 | 1185185 |
| Covenant Logistics Group, <br> Inc.<br>| 9400 | 207176 |
| FTAI Infrastructure, Inc. | 70700 | 325927 |
| Heartland Express, Inc. | 32709 | 295362 |
| †Hertz Global Holdings, Inc. | 85600 | 439984 |
| Marten Transport Ltd. | 37694 | 428958 |
| †PAMT Corp. | 4100 | 49528 |
| †Proficient Auto Logistics, <br> Inc.<br>| 16100 | 155204 |
| †RXO, Inc. | 114083 | 1442009 |
| Universal Logistics Holdings, <br> Inc.<br>| 5197 | 78943 |
| Werner Enterprises, Inc. | 40720 | 1222007 |
|  |  | **5830283** |
| **Health Care Equipment & Supplies–2.72%** | **Health Care Equipment & Supplies–2.72%** | **Health Care Equipment & Supplies–2.72%** |
| †Accuray, Inc. | 74500 | 61433 |
| Acme United Corp. | 2100 | 84651 |
| †Alphatec Holdings, Inc. | 82800 | 1742112 |
| †AngioDynamics, Inc. | 28992 | 372257 |
| †Anteris Technologies Global <br> Corp.<br>| 19500 | 97305 |
| †Artivion, Inc. | 27310 | 1245609 |
| †AtriCure, Inc. | 34303 | 1357027 |
| †Avanos Medical, Inc. | 32700 | 367221 |
| †Axogen, Inc. | 31500 | 1030995 |
| †Beta Bionics, Inc. | 26100 | 795267 |
| †Bioventus, Inc. Class A | 29600 | 220224 |

---

LVIP SSGA Small-Cap Index Fund-11

------

**LVIP SSGA Small-Cap Index 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)** |
| †Butterfly Network, Inc. | 140300 | $533140 |
| †CapsoVision, Inc. | 2200 | 23518 |
| †Ceribell, Inc. | 19200 | 421056 |
| †Cerus Corp. | 137683 | 283627 |
| †ClearPoint Neuro, Inc. | 17900 | 244872 |
| CONMED Corp. | 21822 | 885973 |
| †CVRx, Inc. | 11400 | 80940 |
| †Delcath Systems, Inc. | 23300 | 235330 |
| †Electromed, Inc. | 5100 | 148512 |
| Embecta Corp. | 40500 | 481140 |
| †Enovis Corp. | 40500 | 1078920 |
| †Glaukos Corp. | 38945 | 4397280 |
| †Haemonetics Corp. | 33500 | 2685025 |
| †ICU Medical, Inc. | 16900 | 2411123 |
| †Inogen, Inc. | 18490 | 124253 |
| †Integer Holdings Corp. | 23725 | 1860752 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 48300 | 599886 |
| iRadimed Corp. | 5900 | 573952 |
| †iRhythm Technologies, Inc. | 22350 | 3965784 |
| †Kestra Medical Technologies <br> Ltd.<br>| 11000 | 291720 |
| †KORU Medical Systems, Inc. | 32900 | 191149 |
| †Lantheus Holdings, Inc. | 46706 | 3108284 |
| LeMaitre Vascular, Inc. | 14298 | 1159568 |
| †LENSAR, Inc. | 7400 | 86062 |
| †LivaNova PLC | 38296 | 2356353 |
| †Lucid Diagnostics, Inc. | 55400 | 60386 |
| †Merit Medical Systems, Inc. | 40241 | 3546842 |
| †Myomo, Inc. | 26200 | 23842 |
| †Neogen Corp. | 153950 | 1076110 |
| †Neuronetics, Inc. | 28500 | 39330 |
| †NeuroPace, Inc. | 17600 | 271744 |
| †Novocure Ltd. | 72300 | 934839 |
| =†OmniAb, Inc. Earnout Shares | 4688 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 4688 | 0 |
| †Omnicell, Inc. | 31925 | 1446202 |
| †OraSure Technologies, Inc. | 53006 | 128275 |
| †Orthofix Medical, Inc. | 28218 | 427785 |
| †OrthoPediatrics Corp. | 12505 | 222089 |
| †Outset Medical, Inc. | 13700 | 50827 |
| †PROCEPT BioRobotics Corp. | 37500 | 1179750 |
| †Pro-Dex, Inc. | 1700 | 65416 |
| †Pulmonx Corp. | 28500 | 62985 |
| †Pulse Biosciences, Inc. | 13915 | 191053 |
| †QuidelOrtho Corp. | 47800 | 1365168 |
| †RxSight, Inc. | 24786 | 258270 |
| †Sanara Medtech, Inc. | 1900 | 44365 |
| †SANUWAVE Health, Inc. | 5500 | 164120 |
| †Semler Scientific, Inc. | 6300 | 96327 |
| †SI-BONE, Inc. | 28100 | 554132 |
| †Sight Sciences, Inc. | 27900 | 221247 |
| †STAAR Surgical Co. | 35099 | 810436 |
| †Stereotaxis, Inc. | 43500 | 100050 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Tactile Systems Technology, <br> Inc.<br>| 16200 | $469800 |
| †Tandem Diabetes Care, Inc. | 47900 | 1052842 |
| †TransMedics Group, Inc. | 23500 | 2858775 |
| †Treace Medical Concepts, <br> Inc.<br>| 36200 | 88690 |
| †UFP Technologies, Inc. | 5340 | 1185640 |
| Utah Medical Products, Inc. | 1515 | 84779 |
| †Varex Imaging Corp. | 28200 | 328530 |
|  |  | **55012966** |
| **Health Care Providers & Services–3.23%** | **Health Care Providers & Services–3.23%** | **Health Care Providers & Services–3.23%** |
| †AdaptHealth Corp. | 68700 | 684252 |
| †Addus HomeCare Corp. | 13000 | 1396070 |
| †agilon health, Inc. | 234200 | 161294 |
| †AirSculpt Technologies, Inc. | 10100 | 19998 |
| †Alignment Healthcare, Inc. | 108300 | 2138925 |
| †AMN Healthcare Services, <br> Inc.<br>| 28474 | 448750 |
| †Ardent Health, Inc. | 17500 | 154525 |
| †Astrana Health, Inc. | 29100 | 721971 |
| †Aveanna Healthcare Holdings, <br> Inc.<br>| 34700 | 283499 |
| †BrightSpring Health Services, <br> Inc.<br>| 71300 | 2670185 |
| †Brookdale Senior Living, Inc. | 162800 | 1756612 |
| †Castle Biosciences, Inc. | 19900 | 774110 |
| †Clover Health Investments <br> Corp.<br>| 290100 | 681735 |
| †Community Health Systems, <br> Inc.<br>| 93100 | 290472 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 82073 | 1615197 |
| †CorVel Corp. | 20558 | 1391160 |
| †Cross Country Healthcare, <br> Inc.<br>| 23417 | 189678 |
| †DocGo, Inc. | 75400 | 66186 |
| †Enhabit, Inc. | 37300 | 343906 |
| Ensign Group, Inc. | 38833 | 6764709 |
| †Fulgent Genetics, Inc. | 15400 | 404558 |
| †GeneDx Holdings Corp. | 13400 | 1742804 |
| †Guardant Health, Inc. | 84600 | 8641044 |
| †Guardian Pharmacy Services, <br> Inc. Class A<br>| 9900 | 297891 |
| †HealthEquity, Inc. | 59630 | 5462704 |
| †Hims & Hers Health, Inc. | 141000 | 4578270 |
| †Innovage Holding Corp. | 15700 | 81483 |
| †Joint Corp. | 10300 | 89816 |
| †LifeStance Health Group, <br> Inc.<br>| 96700 | 680768 |
| †Nano-X Imaging Ltd. | 42200 | 118160 |
| National HealthCare Corp. | 9075 | 1244092 |
| National Research Corp. | 8737 | 163993 |
| †NeoGenomics, Inc. | 91665 | 1077980 |
| †Nutex Health, Inc. | 2500 | 411550 |

---

LVIP SSGA Small-Cap Index Fund-12

------

**LVIP SSGA Small-Cap Index 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)** |
| †Omada Health, Inc. | 1900 | $29982 |
| †Oncology Institute, Inc. | 46500 | 165540 |
| †OPKO Health, Inc. | 267100 | 336546 |
| †Option Care Health, Inc. | 112407 | 3581287 |
| †Owens & Minor, Inc. | 55954 | 156671 |
| †PACS Group, Inc. | 31300 | 1201607 |
| †Pediatrix Medical Group, <br> Inc.<br>| 59800 | 1279122 |
| †Pennant Group, Inc. | 24766 | 697163 |
| †Privia Health Group, Inc. | 82000 | 1944220 |
| †Progyny, Inc. | 51200 | 1314816 |
| †RadNet, Inc. | 47600 | 3396260 |
| Select Medical Holdings <br> Corp.<br>| 75567 | 1122170 |
| †Sonida Senior Living, Inc. | 3400 | 110874 |
| †Strata Critical Medical, Inc. | 44600 | 214526 |
| †Surgery Partners, Inc. | 55200 | 852840 |
| †Talkspace, Inc. | 91200 | 331056 |
| U.S. Physical Therapy, Inc. | 10749 | 839389 |
| †Viemed Healthcare, Inc. | 25800 | 191694 |
|  |  | **65314110** |
| **Health Care REITs–1.00%** | **Health Care REITs–1.00%** | **Health Care REITs–1.00%** |
| American Healthcare REIT, <br> Inc.<br>| 113600 | 5346016 |
| CareTrust REIT, Inc. | 151571 | 5480807 |
| Community Healthcare Trust, <br> Inc.<br>| 16610 | 272736 |
| Diversified Healthcare Trust | 156400 | 758540 |
| Global Medical REIT, Inc. | 9340 | 315132 |
| LTC Properties, Inc. | 32073 | 1102670 |
| National Health Investors, <br> Inc.<br>| 32834 | 2507533 |
| Sabra Health Care REIT, Inc. | 167977 | 3181484 |
| Sila Realty Trust, Inc. | 39200 | 913752 |
| Strawberry Fields REIT, Inc. | 4500 | 58950 |
| Universal Health Realty <br> Income Trust<br>| 9573 | 375357 |
|  |  | **20312977** |
| **Health Care Technology–0.34%** | **Health Care Technology–0.34%** | **Health Care Technology–0.34%** |
| †Claritev Corp. | 5700 | 243675 |
| †Definitive Healthcare Corp. | 25200 | 72324 |
| †Evolent Health, Inc. Class A | 86400 | 345600 |
| †Health Catalyst, Inc. | 45100 | 107789 |
| HealthStream, Inc. | 16345 | 377079 |
| †HeartFlow, Inc. | 11300 | 329395 |
| †LifeMD, Inc. | 27500 | 93775 |
| †OptimizeRx Corp. | 12500 | 153250 |
| †Phreesia, Inc. | 40800 | 690336 |
| †Schrodinger, Inc. | 40100 | 716988 |
| †Simulations Plus, Inc. | 11800 | 215114 |
| †Teladoc Health, Inc. | 123300 | 863100 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †TruBridge, Inc. | 7600 | $167732 |
| †Waystar Holding Corp. | 77900 | 2551225 |
|  |  | **6927382** |
| **Hotel & Resort REITs–0.59%** | **Hotel & Resort REITs–0.59%** | **Hotel & Resort REITs–0.59%** |
| Apple Hospitality REIT, Inc. | 155500 | 1842675 |
| Braemar Hotels & Resorts, <br> Inc.<br>| 41400 | 118818 |
| Chatham Lodging Trust | 21231 | 144583 |
| DiamondRock Hospitality Co. | 146974 | 1316887 |
| Pebblebrook Hotel Trust | 83760 | 948163 |
| RLJ Lodging Trust | 97155 | 723805 |
| Ryman Hospitality Properties, <br> Inc.<br>| 43006 | 4069228 |
| Service Properties Trust | 113600 | 209024 |
| Summit Hotel Properties, <br> Inc.<br>| 75873 | 369501 |
| Sunstone Hotel Investors, <br> Inc.<br>| 130792 | 1169280 |
| Xenia Hotels & Resorts, Inc. | 66104 | 934711 |
|  |  | **11846675** |
| **Hotels, Restaurants & Leisure–1.66%** | **Hotels, Restaurants & Leisure–1.66%** | **Hotels, Restaurants & Leisure–1.66%** |
| †Accel Entertainment, Inc. | 33400 | 381094 |
| †Bally's Corp. | 4700 | 77644 |
| †Biglari Holdings, Inc. Class B | 525 | 174526 |
| †BJ's Restaurants, Inc. | 14359 | 565745 |
| †Black Rock Coffee Bar, Inc. <br> Class A<br>| 6800 | 151300 |
| Bloomin' Brands, Inc. | 60952 | 376074 |
| Brightstar Lottery PLC | 75700 | 1171836 |
| †Brinker International, Inc. | 30800 | 4420416 |
| Cheesecake Factory, Inc. | 32874 | 1659479 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 15962 | 405435 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 20200 | 327442 |
| †Denny's Corp. | 36656 | 228000 |
| Dine Brands Global, Inc. | 11432 | 367424 |
| †El Pollo Loco Holdings, Inc. | 19700 | 206062 |
| †First Watch Restaurant <br> Group, Inc.<br>| 29200 | 440336 |
| †Genius Sports Ltd. | 156100 | 1720222 |
| †Global Business Travel Group <br> I<br>| 66600 | 509490 |
| Golden Entertainment, Inc. | 14300 | 388817 |
| †Hilton Grand Vacations, Inc. | 41100 | 1839225 |
| †Inspired Entertainment, Inc. | 17100 | 160056 |
| Jack in the Box, Inc. | 14115 | 267479 |
| Krispy Kreme, Inc. | 54400 | 218688 |
| †Kura Sushi USA, Inc. Class A | 4500 | 235485 |
| †Life Time Group Holdings, <br> Inc.<br>| 95897 | 2548942 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 26900 | 387898 |

---

LVIP SSGA Small-Cap Index Fund-13

------

**LVIP SSGA Small-Cap Index 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>| 19800 | $1142262 |
| Monarch Casino & Resort, <br> Inc.<br>| 8884 | 850199 |
| Nathan's Famous, Inc. | 1100 | 102927 |
| †Navan, Inc. Class A | 19600 | 334768 |
| Papa John's International, <br> Inc.<br>| 23222 | 893815 |
| †Portillo's, Inc. Class A | 41100 | 186594 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 15313 | 515742 |
| RCI Hospitality Holdings, <br> Inc.<br>| 6300 | 150192 |
| Red Rock Resorts, Inc. <br> Class A<br>| 34100 | 2112495 |
| †Rush Street Interactive, Inc. | 63000 | 1224090 |
| †Sabre Corp. | 258300 | 351288 |
| †Serve Robotics, Inc. | 41000 | 425580 |
| †Shake Shack, Inc. Class A | 27300 | 2215941 |
| †Six Flags Entertainment <br> Corp.<br>| 68740 | 1054471 |
| Super Group SGHC Ltd. | 112900 | 1349155 |
| †Sweetgreen, Inc. Class A | 74200 | 501592 |
| †Target Hospitality Corp. | 22400 | 179424 |
| †United Parks & Resorts, Inc. | 19462 | 706471 |
| †Xponential Fitness, Inc. <br> Class A<br>| 17900 | 147317 |
|  |  | **33673438** |
| **Household Durables–1.65%** | **Household Durables–1.65%** | **Household Durables–1.65%** |
| Bassett Furniture Industries, <br> Inc.<br>| 6100 | 102236 |
| †Beazer Homes USA, Inc. | 18719 | 379434 |
| †Cavco Industries, Inc. | 5426 | 3205355 |
| Century Communities, Inc. | 18138 | 1076490 |
| †Champion Homes, Inc. | 39434 | 3332173 |
| Cricut, Inc. Class A | 27700 | 137115 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 19900 | 340290 |
| Ethan Allen Interiors, Inc. | 14432 | 329627 |
| Flexsteel Industries, Inc. | 2500 | 98725 |
| †Green Brick Partners, Inc. | 22182 | 1389924 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 5200 | 85540 |
| †Helen of Troy Ltd. | 16598 | 352708 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 3400 | 331636 |
| Installed Building Products, <br> Inc.<br>| 16198 | 4201599 |
| KB Home | 43636 | 2461507 |
| La-Z-Boy, Inc. | 28333 | 1055971 |
| †Legacy Housing Corp. | 4160 | 81203 |
| Leggett & Platt, Inc. | 93200 | 1025200 |
| †LGI Homes, Inc. | 14600 | 627216 |
| †Lovesac Co. | 9000 | 132750 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †M/I Homes, Inc. | 18174 | $2325363 |
| Meritage Homes Corp. | 48668 | 3202355 |
| †Sonos, Inc. | 83436 | 1465136 |
| †Taylor Morrison Home Corp. | 65900 | 3879533 |
| †Traeger, Inc. | 23600 | 25488 |
| †Tri Pointe Homes, Inc. | 57652 | 1814309 |
|  |  | **33458883** |
| **Household Products–0.26%** | **Household Products–0.26%** | **Household Products–0.26%** |
| †Central Garden & Pet Co. | 41652 | 1236542 |
| Energizer Holdings, Inc. | 43800 | 871182 |
| Oil-Dri Corp. of America | 7300 | 357262 |
| Spectrum Brands Holdings, <br> Inc.<br>| 16600 | 980728 |
| WD-40 Co. | 9538 | 1878032 |
|  |  | **5323746** |
| **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** |
| †Hallador Energy Co. | 22700 | 432208 |
| †Montauk Renewables, Inc. | 47600 | 79492 |
| Ormat Technologies, Inc. | 42760 | 4723697 |
|  |  | **5235397** |
| **Industrial Conglomerates–0.03%** | **Industrial Conglomerates–0.03%** | **Industrial Conglomerates–0.03%** |
| Brookfield Business Corp. <br> Class A<br>| 16600 | 595608 |
|  |  | **595608** |
| **Industrial REITs–0.41%** | **Industrial REITs–0.41%** | **Industrial REITs–0.41%** |
| Industrial Logistics <br> Properties Trust<br>| 39200 | 217168 |
| Innovative Industrial <br> Properties, Inc.<br>| 19400 | 918784 |
| LXP Industrial Trust | 41157 | 2040564 |
| One Liberty Properties, Inc. | 12507 | 253767 |
| Plymouth Industrial REIT, <br> Inc.<br>| 30500 | 667340 |
| Terreno Realty Corp. | 70534 | 4141051 |
|  |  | **8238674** |
| **Insurance–2.01%** | **Insurance–2.01%** | **Insurance–2.01%** |
| Abacus Global Management, <br> Inc.<br>| 17100 | 146205 |
| American Coastal Insurance <br> Corp. Class C<br>| 18600 | 234918 |
| AMERISAFE, Inc. | 13899 | 533861 |
| †Aspen Insurance Holdings <br> Ltd. Class A<br>| 10100 | 374710 |
| †Baldwin Insurance Group, <br> Inc.<br>| 50700 | 1218321 |
| †Bowhead Specialty Holdings, <br> Inc.<br>| 11800 | 336772 |
| †Citizens, Inc. | 35500 | 171465 |
| CNO Financial Group, Inc. | 67512 | 2867235 |
| Crawford & Co. Class A | 11700 | 131625 |

---

LVIP SSGA Small-Cap Index Fund-14

------

**LVIP SSGA Small-Cap Index 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)** |
| Donegal Group, Inc. Class A | 11946 | $238681 |
| †eHealth, Inc. | 21600 | 99360 |
| Employers Holdings, Inc. | 16127 | 696203 |
| F&G Annuities & Life, Inc. | 25700 | 792845 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 40600 | 794542 |
| †Genworth Financial, Inc. <br> Class A<br>| 280300 | 2531109 |
| †GoHealth, Inc. Class A | 3300 | 7095 |
| Goosehead Insurance, Inc. <br> Class A<br>| 16800 | 1237320 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 20157 | 293889 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 32300 | 901170 |
| HCI Group, Inc. | 7307 | 1400679 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 17100 | 500346 |
| †Hippo Holdings, Inc. | 13232 | 398019 |
| Horace Mann Educators <br> Corp.<br>| 28431 | 1312944 |
| Investors Title Co. | 1053 | 262871 |
| James River Group Holdings, <br> Inc.<br>| 28800 | 183168 |
| †Kestrel Group Ltd. | 1150 | 11776 |
| Kingstone Cos., Inc. | 8600 | 144738 |
| †Kingsway Financial Services, <br> Inc.<br>| 12800 | 172160 |
| †Lemonade, Inc. | 41400 | 2946852 |
| †MBIA, Inc. | 33784 | 241893 |
| Mercury General Corp. | 19100 | 1796546 |
| †NI Holdings, Inc. | 3500 | 46550 |
| †Octave Specialty Group, Inc. | 30493 | 237235 |
| †Oscar Health, Inc. Class A | 135300 | 1944261 |
| †Palomar Holdings, Inc. | 18100 | 2439156 |
| †ProAssurance Corp. | 33900 | 819024 |
| †Root, Inc. Class A | 7800 | 563394 |
| Safety Insurance Group, Inc. | 10199 | 794604 |
| Selective Insurance Group, <br> Inc.<br>| 42707 | 3573295 |
| †Selectquote, Inc. | 101700 | 143397 |
| †SiriusPoint Ltd. | 73100 | 1600159 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 25300 | 1293083 |
| †Slide Insurance Holdings, <br> Inc.<br>| 16700 | 325316 |
| Stewart Information Services <br> Corp.<br>| 19739 | 1386862 |
| Tiptree, Inc. | 17446 | 318738 |
| †Trupanion, Inc. | 26361 | 985111 |
| United Fire Group, Inc. | 14421 | 524203 |
| Universal Insurance Holdings, <br> Inc.<br>| 18803 | 635541 |
|  |  | **40609247** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services–0.53%** | **Interactive Media & Services–0.53%** | **Interactive Media & Services–0.53%** |
| †Angi, Inc. | 24800 | $320664 |
| †Arena Group Holdings, Inc. | 10400 | 41600 |
| †Bumble, Inc. Class A | 53700 | 191709 |
| †Cargurus, Inc. | 56700 | 2174445 |
| †Cars.com, Inc. | 39100 | 477020 |
| †EverQuote, Inc. Class A | 19400 | 523800 |
| †fuboTV, Inc. Class A | 240000 | 604800 |
| †Getty Images Holdings, Inc. | 72300 | 96882 |
| †Grindr, Inc. | 24400 | 330376 |
| †MediaAlpha, Inc. Class A | 23060 | 298627 |
| †Nextdoor Holdings, Inc. | 155800 | 327180 |
| †QuinStreet, Inc. | 38511 | 553403 |
| †Rumble, Inc. | 62400 | 394368 |
| Shutterstock, Inc. | 18252 | 348613 |
| †Teads Holding Co. | 27500 | 19358 |
| †Travelzoo | 4900 | 34888 |
| †TripAdvisor, Inc. | 80400 | 1170624 |
| †TrueCar, Inc. | 63500 | 143510 |
| †Webtoon Entertainment, Inc. | 11200 | 145936 |
| †Yelp, Inc. | 41900 | 1273341 |
| †Ziff Davis, Inc. | 28387 | 997803 |
| †ZipRecruiter, Inc. Class A | 48000 | 187200 |
|  |  | **10656147** |
| **IT Services–0.61%** | **IT Services–0.61%** | **IT Services–0.61%** |
| †Applied Digital Corp. | 164209 | 4026405 |
| †ASGN, Inc. | 29404 | 1416391 |
| †Backblaze, Inc. Class A | 34700 | 161702 |
| †BigBear.ai Holdings, Inc. | 297900 | 1608660 |
| †Commerce.com, Inc. | 46800 | 192816 |
| †Crexendo, Inc. | 11600 | 75052 |
| CSP, Inc. | 5600 | 70000 |
| †DigitalOcean Holdings, Inc. | 47600 | 2290512 |
| †Fastly, Inc. Class A | 98100 | 998658 |
| †Grid Dynamics Holdings, Inc. | 45600 | 411768 |
| Hackett Group, Inc. | 16476 | 323424 |
| Information Services Group, <br> Inc.<br>| 27800 | 160684 |
| †Rackspace Technology, Inc. | 49600 | 48156 |
| †TSS, Inc. | 14100 | 99687 |
| †Tucows, Inc. Class A | 4500 | 100890 |
| †Unisys Corp. | 48854 | 134837 |
| †VTEX Class A | 44600 | 167696 |
| †Whitefiber, Inc. | 6100 | 96380 |
|  |  | **12383718** |
| **Leisure Products–0.43%** | **Leisure Products–0.43%** | **Leisure Products–0.43%** |
| Acushnet Holdings Corp. | 18900 | 1508598 |
| †American Outdoor Brands, <br> Inc.<br>| 8300 | 64159 |
| Clarus Corp. | 23724 | 79476 |
| Escalade, Inc. | 7400 | 99826 |
| †Funko, Inc. Class A | 22600 | 76840 |
| JAKKS Pacific, Inc. | 5100 | 86088 |

---

LVIP SSGA Small-Cap Index Fund-15

------

**LVIP SSGA Small-Cap Index 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)** |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Johnson Outdoors, Inc. <br> Class A<br>| 3386 | $143736 |
| †Latham Group, Inc. | 29900 | 189865 |
| †Malibu Boats, Inc. Class A | 13300 | 375193 |
| Marine Products Corp. | 6236 | 54627 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 11700 | 221247 |
| †Peloton Interactive, Inc. <br> Class A<br>| 268000 | 1650880 |
| Polaris, Inc. | 37600 | 2378200 |
| Smith & Wesson Brands, Inc. | 29632 | 292468 |
| Sturm Ruger & Co., Inc. | 9914 | 323692 |
| †Topgolf Callaway Brands <br> Corp.<br>| 94027 | 1097295 |
|  |  | **8642190** |
| **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** | **Life Sciences Tools & Services–0.45%** |
| †10X Genomics, Inc. Class A | 76600 | 1249346 |
| †Adaptive Biotechnologies <br> Corp.<br>| 105500 | 1713320 |
| †Azenta, Inc. | 28500 | 947910 |
| †BioLife Solutions, Inc. | 27400 | 662532 |
| †Codexis, Inc. | 59000 | 96170 |
| †CryoPort, Inc. | 33000 | 316800 |
| †Cytek Biosciences, Inc. | 84300 | 425715 |
| †Fortrea Holdings, Inc. | 64500 | 1112625 |
| †Ginkgo Bioworks Holdings, <br> Inc.<br>| 28400 | 236004 |
| †Lifecore Biomedical, Inc. | 19300 | 157874 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 81300 | 264225 |
| †MaxCyte, Inc. | 77600 | 120280 |
| Mesa Laboratories, Inc. | 3830 | 300655 |
| †Niagen Bioscience, Inc. | 37200 | 236592 |
| †OmniAb, Inc. | 68489 | 126705 |
| †Pacific Biosciences of <br> California, Inc.<br>| 205298 | 383907 |
| †Personalis, Inc. | 36400 | 289744 |
| †Quanterix Corp. | 26600 | 169176 |
| †Quantum-Si, Inc. | 91700 | 100870 |
| †Standard BioTools, Inc. | 218800 | 280064 |
|  |  | **9190514** |
| **Machinery–3.81%** | **Machinery–3.81%** | **Machinery–3.81%** |
| †3D Systems Corp. | 94022 | 166419 |
| Aebi Schmidt Holding AG | 24844 | 314277 |
| †AirJoule Technologies Corp. | 17100 | 67374 |
| Alamo Group, Inc. | 7135 | 1197752 |
| Albany International Corp. <br> Class A<br>| 20743 | 1051670 |
| †Alliance Laundry Holdings, <br> Inc.<br>| 17600 | 358160 |
| Astec Industries, Inc. | 16269 | 704773 |
| Atmus Filtration <br> Technologies, Inc.<br>| 57800 | 3000398 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Blue Bird Corp. | 22092 | $1038324 |
| †CECO Environmental Corp. | 20800 | 1244880 |
| †Chart Industries, Inc. | 31174 | 6429014 |
| Columbus McKinnon Corp. | 20408 | 352038 |
| Douglas Dynamics, Inc. | 16249 | 530530 |
| Eastern Co. | 3900 | 76791 |
| †Energy Recovery, Inc. | 37600 | 507224 |
| Enerpac Tool Group Corp. | 36714 | 1403943 |
| Enpro, Inc. | 14909 | 3192464 |
| ESCO Technologies, Inc. | 18338 | 3583062 |
| Federal Signal Corp. | 41807 | 4539822 |
| Franklin Electric Co., Inc. | 26540 | 2535366 |
| †Gencor Industries, Inc. | 7900 | 102384 |
| Gorman-Rupp Co. | 14982 | 715391 |
| †Graham Corp. | 7600 | 488148 |
| Greenbrier Cos., Inc. | 20401 | 953543 |
| Helios Technologies, Inc. | 23628 | 1263862 |
| Hillenbrand, Inc. | 49532 | 1571155 |
| †Hillman Solutions Corp. | 136600 | 1182956 |
| Hyster-Yale, Inc. | 8366 | 248554 |
| JBT Marel Corp. | 36392 | 5483183 |
| Kadant, Inc. | 8259 | 2353980 |
| Kennametal, Inc. | 53400 | 1517094 |
| †L.B. Foster Co. Class A | 6500 | 175175 |
| Lindsay Corp. | 7507 | 884850 |
| Luxfer Holdings PLC | 18300 | 247599 |
| †Manitowoc Co., Inc. | 24175 | 289858 |
| †Mayville Engineering Co., <br> Inc.<br>| 9800 | 183456 |
| †Microvast Holdings, Inc. | 144000 | 403200 |
| Miller Industries, Inc. | 7346 | 274520 |
| Mueller Water Products, Inc. <br> Class A<br>| 108427 | 2582731 |
| Omega Flex, Inc. | 2789 | 82108 |
| †Palladyne AI Corp. | 19900 | 84774 |
| Park-Ohio Holdings Corp. | 7200 | 150768 |
| †Proto Labs, Inc. | 16943 | 857146 |
| REV Group, Inc. | 34100 | 2073621 |
| †Richtech Robotics, Inc. <br> Class B<br>| 102800 | 332044 |
| †SPX Technologies, Inc. | 33650 | 6732019 |
| Standex International Corp. | 8554 | 1858613 |
| Tennant Co. | 12581 | 927220 |
| Terex Corp. | 45300 | 2418114 |
| †Titan International, Inc. | 35100 | 274833 |
| Trinity Industries, Inc. | 54900 | 1451556 |
| Wabash National Corp. | 26240 | 226976 |
| Watts Water Technologies, <br> Inc. Class A<br>| 19014 | 5248244 |
| Worthington Enterprises, <br> Inc.<br>| 21808 | 1124639 |
|  |  | **77058595** |

---

LVIP SSGA Small-Cap Index Fund-16

------

**LVIP SSGA Small-Cap Index 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–0.21%** | **Marine Transportation–0.21%** | **Marine Transportation–0.21%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 6280 | $96775 |
| Costamare, Inc. | 31200 | 492648 |
| Genco Shipping & Trading <br> Ltd.<br>| 22500 | 414675 |
| †Himalaya Shipping Ltd. | 22800 | 207480 |
| Matson, Inc. | 21800 | 2693390 |
| Pangaea Logistics Solutions <br> Ltd.<br>| 20200 | 138976 |
| Safe Bulkers, Inc. | 35200 | 169664 |
|  |  | **4213608** |
| **Media–1.00%** | **Media–1.00%** | **Media–1.00%** |
| †Advantage Solutions, Inc. | 77700 | 68376 |
| †AMC Networks, Inc. Class A | 23100 | 219912 |
| †Boston Omaha Corp. Class A | 15900 | 196683 |
| Cable One, Inc. | 3700 | 417545 |
| †EchoStar Corp. Class A | 94400 | 10261280 |
| Emerald Holding, Inc. | 11500 | 51405 |
| Entravision Communications <br> Corp. Class A<br>| 47030 | 137798 |
| †EW Scripps Co. Class A | 45766 | 182606 |
| †Gambling.com Group Ltd. | 12500 | 68250 |
| Gray Media, Inc. | 61718 | 298715 |
| †Ibotta, Inc. Class A | 9600 | 218208 |
| †iHeartMedia, Inc. Class A | 78300 | 325728 |
| John Wiley & Sons, Inc. <br> Class A<br>| 28500 | 872955 |
| †Magnite, Inc. | 98742 | 1602583 |
| National CineMedia, Inc. | 45500 | 176995 |
| †Newsmax, Inc. | 27500 | 212575 |
| †Nexxen International Ltd. | 22600 | 147804 |
| †Optimum Communications, <br> Inc. Class A<br>| 192800 | 318120 |
| †PubMatic, Inc. Class A | 28400 | 251908 |
| Scholastic Corp. | 14191 | 420479 |
| Sinclair, Inc. | 25900 | 396270 |
| †Stagwell, Inc. | 78900 | 385821 |
| †TechTarget, Inc. | 19198 | 103669 |
| TEGNA, Inc. | 108994 | 2115574 |
| †Thryv Holdings, Inc. | 27100 | 163955 |
| †USA TODAY Co., Inc. | 99924 | 514609 |
|  |  | **20129823** |
| **Metals & Mining–2.39%** | **Metals & Mining–2.39%** | **Metals & Mining–2.39%** |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 8200 | 1639016 |
| †American Battery Technology <br> Co.<br>| 77400 | 258516 |
| †Ascent Industries Co. | 4800 | 77712 |
| Caledonia Mining Corp. PLC | 12000 | 314040 |
| †Century Aluminum Co. | 37558 | 1471522 |
| †Coeur Mining, Inc. | 447186 | 7973326 |
| Commercial Metals Co. | 77600 | 5371472 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Compass Minerals <br> International, Inc.<br>| 25100 | $492964 |
| †Constellium SE | 96400 | 1817140 |
| †Contango ORE, Inc. | 5900 | 155819 |
| †Critical Metals Corp. | 30600 | 212364 |
| †Dakota Gold Corp. | 63200 | 358976 |
| Ferroglobe PLC | 87300 | 405072 |
| Friedman Industries, Inc. | 5300 | 108597 |
| Hecla Mining Co. | 437176 | 8389408 |
| †Idaho Strategic Resources, <br> Inc.<br>| 9800 | 394940 |
| †Ivanhoe Electric, Inc. | 69700 | 1113806 |
| Kaiser Aluminum Corp. | 11422 | 1311931 |
| †Lifezone Metals Ltd. | 18400 | 78568 |
| Materion Corp. | 14584 | 1813083 |
| †Metallus, Inc. | 25900 | 444444 |
| †NioCorp Developments Ltd. | 72700 | 385310 |
| †Novagold Resources, Inc. | 215100 | 2004732 |
| Olympic Steel, Inc. | 6606 | 282638 |
| †Perpetua Resources Corp. | 56700 | 1372707 |
| †Ramaco Resources, Inc. <br> Class A<br>| 26700 | 480600 |
| Ryerson Holding Corp. | 19125 | 481185 |
| †SSR Mining, Inc. | 140300 | 3075376 |
| SunCoke Energy, Inc. | 57844 | 416477 |
| †Tredegar Corp. | 17730 | 127301 |
| †U.S. Antimony Corp. | 80300 | 403106 |
| †U.S. Gold Corp. | 8700 | 168867 |
| †USA Rare Earth, Inc. | 60500 | 719950 |
| Vox Royalty Corp. | 31600 | 149784 |
| Warrior Met Coal, Inc. | 36700 | 3235839 |
| Worthington Steel, Inc. | 23208 | 803461 |
|  |  | **48310049** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.82%** | **Mortgage Real Estate Investment Trusts (REITs)–0.82%** | **Mortgage Real Estate Investment Trusts (REITs)–0.82%** |
| †ACRES Commercial Realty <br> Corp.<br>| 4700 | 100298 |
| Adamas Trust, Inc. | 62945 | 459499 |
| Advanced Flower Capital, <br> Inc.<br>| 14200 | 40470 |
| Angel Oak Mortgage REIT, <br> Inc.<br>| 9300 | 80073 |
| Apollo Commercial Real <br> Estate Finance, Inc.<br>| 99381 | 962008 |
| Arbor Realty Trust, Inc. | 136700 | 1060792 |
| ARES Commercial Real <br> Estate Corp.<br>| 39589 | 189235 |
| ARMOUR Residential REIT, <br> Inc.<br>| 75385 | 1333561 |
| Blackstone Mortgage Trust, <br> Inc. Class A<br>| 107717 | 2060626 |
| BrightSpire Capital, Inc. | 94600 | 529760 |
| Chicago Atlantic Real Estate <br> Finance, Inc.<br>| 13100 | 160606 |
| Chimera Investment Corp. | 51666 | 642208 |

---

LVIP SSGA Small-Cap Index Fund-17

------

**LVIP SSGA Small-Cap Index 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)** |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| †Claros Mortgage Trust, Inc. | 63100 | $193086 |
| Dynex Capital, Inc. | 91343 | 1279715 |
| Ellington Financial, Inc. | 65800 | 893564 |
| Franklin BSP Realty Trust, <br> Inc.<br>| 59630 | 598089 |
| Invesco Mortgage Capital, <br> Inc.<br>| 45553 | 383101 |
| KKR Real Estate Finance <br> Trust, Inc.<br>| 25600 | 210432 |
| Ladder Capital Corp. | 81589 | 896663 |
| Lument Finance Trust, Inc. | 36200 | 51042 |
| MFA Financial, Inc. | 71350 | 664269 |
| Nexpoint Real Estate <br> Finance, Inc.<br>| 4300 | 60544 |
| Orchid Island Capital, Inc. | 78860 | 567792 |
| PennyMac Mortgage <br> Investment Trust<br>| 64121 | 804719 |
| Ready Capital Corp. | 120272 | 262193 |
| Redwood Trust, Inc. | 84125 | 465211 |
| Rithm Property Trust, Inc. | 5550 | 92019 |
| Seven Hills Realty Trust | 15000 | 133500 |
| Sunrise Realty Trust, Inc. | 8100 | 76383 |
| TPG Mortgage Investment <br> Trust, Inc.<br>| 22400 | 190848 |
| TPG RE Finance Trust, Inc. | 50600 | 435666 |
| Two Harbors Investment <br> Corp.<br>| 74300 | 780150 |
|  |  | **16658122** |
| **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** |
| Avista Corp. | 56326 | 2170804 |
| Black Hills Corp. | 51373 | 3566314 |
| Northwestern Energy Group, <br> Inc.<br>| 43606 | 2814331 |
| Unitil Corp. | 12041 | 583266 |
|  |  | **9134715** |
| **Office REITs–0.51%** | **Office REITs–0.51%** | **Office REITs–0.51%** |
| Brandywine Realty Trust | 129100 | 376972 |
| City Office REIT, Inc. | 28400 | 198516 |
| COPT Defense Properties | 77000 | 2140600 |
| Douglas Emmett, Inc. | 115000 | 1263850 |
| Easterly Government <br> Properties, Inc.<br>| 28300 | 599677 |
| Empire State Realty Trust, <br> Inc. Class A<br>| 98300 | 640916 |
| Franklin Street Properties <br> Corp.<br>| 53800 | 50884 |
| †Hudson Pacific Properties, <br> Inc.<br>| 33428 | 362025 |
| JBG SMITH Properties | 43700 | 743337 |
| NET Lease Office Properties | 11000 | 283690 |
| Peakstone Realty Trust | 27600 | 396060 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 88500 | 738090 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| Postal Realty Trust, Inc. <br> Class A<br>| 16900 | $272766 |
| SL Green Realty Corp. | 50900 | 2334783 |
|  |  | **10402166** |
| **Oil, Gas & Consumable Fuels–3.00%** | **Oil, Gas & Consumable Fuels–3.00%** | **Oil, Gas & Consumable Fuels–3.00%** |
| Ardmore Shipping Corp. | 25300 | 267927 |
| †BKV Corp. | 11000 | 298650 |
| California Resources Corp. | 50318 | 2249718 |
| †Calumet, Inc. | 48700 | 967669 |
| †Centrus Energy Corp. Class A | 11524 | 2797566 |
| †Clean Energy Fuels Corp. | 126595 | 265850 |
| †CNX Resources Corp. | 91300 | 3357101 |
| =†Cobalt International Energy, <br> Inc.<br>| 1 | 0 |
| †Comstock Resources, Inc. | 52800 | 1223904 |
| Core Natural Resources, Inc. | 35672 | 3157329 |
| Crescent Energy Co. Class A | 167616 | 1406298 |
| †CVR Energy, Inc. | 22000 | 559680 |
| Delek U.S. Holdings, Inc. | 42162 | 1250525 |
| DHT Holdings, Inc. | 91100 | 1112331 |
| Diversified Energy Co. | 40300 | 583544 |
| Dorian LPG Ltd. | 26336 | 641018 |
| †Empire Petroleum Corp. | 12500 | 38000 |
| †Encore Energy Corp. | 136200 | 337776 |
| †Energy Fuels, Inc. | 156700 | 2278418 |
| Epsilon Energy Ltd. | 15100 | 70064 |
| Evolution Petroleum Corp. | 18200 | 64428 |
| Excelerate Energy, Inc. <br> Class A<br>| 16800 | 471240 |
| †FLEX LNG Ltd. | 21800 | 543910 |
| FutureFuel Corp. | 19108 | 60955 |
| †Gevo, Inc. | 156600 | 313200 |
| Golar LNG Ltd. | 67201 | 2500549 |
| Granite Ridge Resources, <br> Inc.<br>| 35300 | 165910 |
| †Green Plains, Inc. | 47293 | 463471 |
| †Gulfport Energy Corp. | 11200 | 2329488 |
| HighPeak Energy, Inc. | 11400 | 54036 |
| †Infinity Natural Resources, <br> Inc. Class A<br>| 9300 | 136989 |
| International Seaways, Inc. | 28536 | 1385423 |
| Kinetik Holdings, Inc. | 31642 | 1140694 |
| †Kolibri Global Energy, Inc. | 23000 | 90390 |
| †Kosmos Energy Ltd. | 350300 | 317862 |
| †Lightbridge Corp. | 17500 | 221200 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 126000 | 2758140 |
| Murphy Oil Corp. | 95400 | 2981250 |
| NACCO Industries, Inc. <br> Class A<br>| 2900 | 142216 |
| Navigator Holdings Ltd. | 22000 | 381040 |
| †New Fortress Energy, Inc. | 127100 | 144894 |
| †NextDecade Corp. | 97800 | 515406 |
| †NextNRG, Inc. | 15400 | 22330 |

---

LVIP SSGA Small-Cap Index Fund-18

------

**LVIP SSGA Small-Cap Index 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)** |
| Nordic American Tankers <br> Ltd.<br>| 140998 | $485033 |
| Northern Oil & Gas, Inc. | 66800 | 1434196 |
| †Par Pacific Holdings, Inc. | 35735 | 1255728 |
| PBF Energy, Inc. Class A | 59200 | 1605504 |
| Peabody Energy Corp. | 86012 | 2554556 |
| †Prairie Operating Co. | 3300 | 5577 |
| †PrimeEnergy Resources <br> Corp.<br>| 300 | 51300 |
| †REX American Resources <br> Corp.<br>| 21200 | 685184 |
| Riley Exploration Permian, <br> Inc.<br>| 8400 | 221760 |
| †Sable Offshore Corp. | 51100 | 460922 |
| SandRidge Energy, Inc. | 24400 | 352092 |
| Scorpio Tankers, Inc. | 31722 | 1612429 |
| SFL Corp. Ltd. | 83742 | 654025 |
| SM Energy Co. | 78200 | 1462340 |
| †Summit Midstream Corp. | 7600 | 202768 |
| †Talos Energy, Inc. | 86300 | 951026 |
| Teekay Corp. Ltd. | 37500 | 338625 |
| Teekay Tankers Ltd. Class A | 17100 | 913482 |
| †Uranium Energy Corp. | 326400 | 3812352 |
| VAALCO Energy, Inc. | 77300 | 281372 |
| †Verde Clean Fuels, Inc. | 1012 | 2085 |
| Vitesse Energy, Inc. | 18300 | 352458 |
| W&T Offshore, Inc. | 75836 | 123613 |
| World Kinect Corp. | 36100 | 845823 |
|  |  | **60732639** |
| **Paper & Forest Products–0.08%** | **Paper & Forest Products–0.08%** | **Paper & Forest Products–0.08%** |
| †Clearwater Paper Corp. | 10451 | 181847 |
| †Magnera Corp. | 23400 | 354276 |
| Sylvamo Corp. | 23900 | 1150785 |
|  |  | **1686908** |
| **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** |
| †Allegiant Travel Co. | 10484 | 893970 |
| †Frontier Group Holdings, Inc. | 61800 | 291078 |
| †JetBlue Airways Corp. | 212700 | 967785 |
| †Joby Aviation, Inc. | 334200 | 4411440 |
| †SkyWest, Inc. | 28092 | 2820718 |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 36100 | 519479 |
|  |  | **9904470** |
| **Personal Care Products–0.19%** | **Personal Care Products–0.19%** | **Personal Care Products–0.19%** |
| †Beauty Health Co. | 80900 | 112451 |
| Edgewell Personal Care Co. | 30100 | 513205 |
| †Herbalife Ltd. | 72000 | 928080 |
| †Honest Co., Inc. | 67000 | 172860 |
| Interparfums, Inc. | 12593 | 1068264 |
| Lifevantage Corp. | 7400 | 45584 |
| †Medifast, Inc. | 5987 | 63941 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| †Nature's Sunshine Products, <br> Inc.<br>| 9740 | $210190 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 34600 | 332852 |
| †Olaplex Holdings, Inc. | 100000 | 134000 |
| †USANA Health Sciences, Inc. | 7205 | 141434 |
| †Waldencast PLC Class A | 19600 | 36848 |
|  |  | **3759709** |
| **Pharmaceuticals–2.63%** | **Pharmaceuticals–2.63%** | **Pharmaceuticals–2.63%** |
| †Aardvark Therapeutics, Inc. | 7300 | 95813 |
| †Aclaris Therapeutics, Inc. | 71200 | 214312 |
| †Alumis, Inc. | 37543 | 366420 |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 107602 | 1355785 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 26300 | 704314 |
| †Amylyx Pharmaceuticals, <br> Inc.<br>| 58400 | 705472 |
| †ANI Pharmaceuticals, Inc. | 12900 | 1018326 |
| †Aquestive Therapeutics, Inc. | 64000 | 413440 |
| †Arvinas, Inc. | 48700 | 577582 |
| †Atea Pharmaceuticals, Inc. | 57600 | 205632 |
| †Avadel Pharmaceuticals PLC | 63700 | 1372735 |
| †Axsome Therapeutics, Inc. | 28800 | 5260032 |
| †BioAge Labs, Inc. | 13200 | 174636 |
| †Biote Corp. Class A | 20900 | 54340 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 22600 | 1046380 |
| †CorMedix, Inc. | 47500 | 552425 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 62268 | 2898575 |
| †Edgewise Therapeutics, Inc. | 46500 | 1153897 |
| †Enliven Therapeutics, Inc. | 23900 | 368060 |
| †Esperion Therapeutics, Inc. | 153100 | 566470 |
| †Eton Pharmaceuticals, Inc. | 19800 | 334818 |
| †Evolus, Inc. | 39200 | 260680 |
| †EyePoint, Inc. | 50300 | 918981 |
| †Fulcrum Therapeutics, Inc. | 27900 | 315549 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 31000 | 1160020 |
| †Harrow, Inc. | 22800 | 1117200 |
| †Indivior PLC | 85600 | 3071328 |
| †Innoviva, Inc. | 44800 | 895552 |
| †Journey Medical Corp. | 9700 | 74787 |
| †LB Pharmaceuticals, Inc. | 9800 | 218148 |
| †LENZ Therapeutics, Inc. | 10785 | 172560 |
| †Ligand Pharmaceuticals, Inc. | 13557 | 2563222 |
| †Liquidia Corp. | 45900 | 1583091 |
| †Maze Therapeutics, Inc. | 14200 | 588306 |
| †MBX Biosciences, Inc. | 19200 | 605568 |
| †MediWound Ltd. | 5200 | 95992 |
| †Mind Medicine MindMed, <br> Inc.<br>| 60600 | 811434 |
| †Nuvation Bio, Inc. | 172000 | 1541120 |

---

LVIP SSGA Small-Cap Index Fund-19

------

**LVIP SSGA Small-Cap Index 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)** |
| †Ocular Therapeutix, Inc. | 123200 | $1495648 |
| †Omeros Corp. | 42600 | 731655 |
| †Pacira BioSciences, Inc. | 32275 | 835277 |
| †Phathom Pharmaceuticals, <br> Inc.<br>| 29300 | 486087 |
| Phibro Animal Health Corp. <br> Class A<br>| 14100 | 526776 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 34455 | 2125529 |
| †Rapport Therapeutics, Inc. | 18800 | 570392 |
| †Septerna, Inc. | 14400 | 401472 |
| SIGA Technologies, Inc. | 30188 | 184449 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 38290 | 1903013 |
| †Tarsus Pharmaceuticals, Inc. | 27900 | 2284452 |
| †Terns Pharmaceuticals, Inc. | 59100 | 2387640 |
| †Theravance Biopharma, Inc. | 28600 | 535106 |
| =†Third Harmonic Bio, Inc. | 15500 | 465 |
| †Trevi Therapeutics, Inc. | 59300 | 742436 |
| †Tvardi Therapeutics, Inc. | 2700 | 11610 |
| †WaVe Life Sciences Ltd. | 82200 | 1397400 |
| †Xeris Biopharma Holdings, <br> Inc.<br>| 106700 | 837595 |
| †Zevra Therapeutics, Inc. | 40500 | 362880 |
|  |  | **53252884** |
| **Professional Services–1.72%** | **Professional Services–1.72%** | **Professional Services–1.72%** |
| Alight, Inc. Class A | 308300 | 601185 |
| †Asure Software, Inc. | 18600 | 175212 |
| Barrett Business Services, <br> Inc.<br>| 17528 | 634689 |
| †BlackSky Technology, Inc. | 19862 | 372412 |
| †CBIZ, Inc. | 34946 | 1763026 |
| †Conduent, Inc. | 107000 | 205440 |
| CRA International, Inc. | 4551 | 913363 |
| CSG Systems International, <br> Inc.<br>| 19588 | 1502204 |
| Exponent, Inc. | 35685 | 2478680 |
| †Falcon's Beyond Global, Inc. <br> Class A<br>| 9400 | 141094 |
| †First Advantage Corp. | 57118 | 829924 |
| †Forrester Research, Inc. | 8333 | 67664 |
| †Franklin Covey Co. | 8480 | 142294 |
| HireQuest, Inc. | 4300 | 45193 |
| †Huron Consulting Group, Inc. | 11978 | 2071116 |
| †IBEX Holdings Ltd. | 6459 | 246605 |
| ICF International, Inc. | 12951 | 1104720 |
| †Innodata, Inc. | 21800 | 1110710 |
| Insperity, Inc. | 25267 | 978338 |
| Kelly Services, Inc. Class A | 22177 | 195158 |
| Kforce, Inc. | 12638 | 390767 |
| Korn Ferry | 36445 | 2406099 |
| †Legalzoom.com, Inc. | 82500 | 819225 |
| Maximus, Inc. | 39474 | 3407396 |
| †Mistras Group, Inc. | 9000 | 113850 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Planet Labs PBC | 162300 | $3200556 |
| †RCM Technologies, Inc. | 3900 | 79735 |
| †Resolute Holdings <br> Management, Inc.<br>| 3025 | 624451 |
| Resources Connection, Inc. | 24989 | 125945 |
| †Skillsoft Corp. | 3100 | 28830 |
| †Spire Global, Inc. | 17300 | 129750 |
| †TIC Solutions, Inc. | 123794 | 1251557 |
| TriNet Group, Inc. | 20422 | 1207553 |
| †TrueBlue, Inc. | 21000 | 95550 |
| †TTEC Holdings, Inc. | 14560 | 52416 |
| †Upwork, Inc. | 86900 | 1722358 |
| †Verra Mobility Corp. | 110900 | 2485269 |
| †Willdan Group, Inc. | 9900 | 1026234 |
|  |  | **34746568** |
| **Real Estate Management & Development–0.70%** | **Real Estate Management & Development–0.70%** | **Real Estate Management & Development–0.70%** |
| †American Realty Investors, <br> Inc.<br>| 1300 | 20878 |
| †Anywhere Real Estate, Inc. | 72797 | 1030806 |
| †Compass, Inc. Class A | 331300 | 3501841 |
| †Cushman & Wakefield Ltd. | 163380 | 2645122 |
| †Douglas Elliman, Inc. | 57300 | 135801 |
| eXp World Holdings, Inc. | 58200 | 526710 |
| †Forestar Group, Inc. | 13605 | 335091 |
| †FRP Holdings, Inc. | 7344 | 167370 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 86153 | 833099 |
| Marcus & Millichap, Inc. | 16700 | 455743 |
| †Maui Land & Pineapple Co., <br> Inc.<br>| 5600 | 94864 |
| Newmark Group, Inc. Class A | 101400 | 1758276 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 12698 | 96378 |
| †Real Brokerage, Inc. | 75300 | 274845 |
| RMR Group, Inc. Class A | 10668 | 158953 |
| †Seaport Entertainment <br> Group, Inc.<br>| 5900 | 116643 |
| St. Joe Co. | 27168 | 1612964 |
| †Stratus Properties, Inc. | 4200 | 101556 |
| †Tejon Ranch Co. | 13818 | 217910 |
| †Transcontinental Realty <br> Investors, Inc.<br>| 900 | 52758 |
|  |  | **14137608** |
| **Residential REITs–0.38%** | **Residential REITs–0.38%** | **Residential REITs–0.38%** |
| Apartment Investment & <br> Management Co. Class A<br>| 98200 | 583308 |
| BRT Apartments Corp. | 8900 | 130830 |
| Centerspace | 12046 | 803709 |
| Clipper Realty, Inc. | 9600 | 36672 |
| Elme Communities | 62775 | 1092285 |
| Independence Realty Trust, <br> Inc.<br>| 162824 | 2846164 |

---

LVIP SSGA Small-Cap Index Fund-20

------

**LVIP SSGA Small-Cap Index 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 (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| NexPoint Residential Trust, <br> Inc.<br>| 16700 | $502670 |
| UMH Properties, Inc. | 54767 | 871343 |
| Veris Residential, Inc. | 56400 | 839232 |
|  |  | **7706213** |
| **Retail REITs–1.14%** | **Retail REITs–1.14%** | **Retail REITs–1.14%** |
| Acadia Realty Trust | 92415 | 1898204 |
| Alexander's, Inc. | 1576 | 343473 |
| CBL & Associates Properties, <br> Inc.<br>| 12700 | 469900 |
| Curbline Properties Corp. | 69750 | 1618898 |
| FrontView REIT, Inc. | 10500 | 154980 |
| Getty Realty Corp. | 37964 | 1039075 |
| InvenTrust Properties Corp. | 47075 | 1327986 |
| Kite Realty Group Trust | 148585 | 3561582 |
| Macerich Co. | 175003 | 3230555 |
| NETSTREIT Corp. | 60900 | 1074276 |
| Phillips Edison & Co., Inc. | 87000 | 3094590 |
| Saul Centers, Inc. | 7066 | 222791 |
| SITE Centers Corp. | 22075 | 141722 |
| Tanger, Inc. | 78500 | 2619545 |
| Urban Edge Properties | 90500 | 1736695 |
| Whitestone REIT | 33071 | 459356 |
|  |  | **22993628** |
| **Semiconductors & Semiconductor Equipment–3.37%** | **Semiconductors & Semiconductor Equipment–3.37%** | **Semiconductors & Semiconductor Equipment–3.37%** |
| †ACM Research, Inc. Class A | 35700 | 1408365 |
| †Aehr Test Systems | 20600 | 415914 |
| †Aeluma, Inc. | 7500 | 128775 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 17871 | 354025 |
| †Ambarella, Inc. | 28692 | 2032541 |
| †Ambiq Micro, Inc. | 600 | 17100 |
| †Atomera, Inc. | 23000 | 50830 |
| †Axcelis Technologies, Inc. | 21833 | 1754063 |
| †Blaize Holdings, Inc. | 47200 | 92040 |
| †CEVA, Inc. | 16517 | 355446 |
| †Cohu, Inc. | 32513 | 756577 |
| †Credo Technology Group <br> Holding Ltd.<br>| 105800 | 15223562 |
| †Diodes, Inc. | 31865 | 1572219 |
| †FormFactor, Inc. | 54531 | 3041739 |
| †Ichor Holdings Ltd. | 24400 | 449692 |
| †Impinj, Inc. | 18400 | 3201784 |
| †indie Semiconductor, Inc. <br> Class A<br>| 142200 | 501966 |
| †Kopin Corp. | 116200 | 271908 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 35400 | 1612824 |
| †MaxLinear, Inc. | 58634 | 1021991 |
| †Navitas Semiconductor Corp. | 108400 | 773976 |
| NVE Corp. | 3200 | 189856 |
| †PDF Solutions, Inc. | 22657 | 646404 |
| †Penguin Solutions, Inc. | 36702 | 717891 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Photronics, Inc. | 40060 | $1281920 |
| Power Integrations, Inc. | 39012 | 1386486 |
| †Rambus, Inc. | 74586 | 6853708 |
| †Rigetti Computing, Inc. | 222500 | 4928375 |
| †Semtech Corp. | 60723 | 4474678 |
| †Silicon Laboratories, Inc. | 22886 | 2991200 |
| †SiTime Corp. | 15040 | 5311978 |
| †SkyWater Technology, Inc. | 19000 | 345040 |
| †Synaptics, Inc. | 26752 | 1980183 |
| †Ultra Clean Holdings, Inc. | 31929 | 808762 |
| †Veeco Instruments, Inc. | 40835 | 1167064 |
|  |  | **68120882** |
| **Software–5.63%** | **Software–5.63%** | **Software–5.63%** |
| †8x8, Inc. | 94905 | 186963 |
| A10 Networks, Inc. | 50638 | 895786 |
| †ACI Worldwide, Inc. | 72278 | 3455611 |
| Adeia, Inc. | 76816 | 1325076 |
| †Agilysys, Inc. | 18304 | 2175247 |
| †Airship AI Holdings, Inc. | 12900 | 37281 |
| †Alarm.com Holdings, Inc. | 33000 | 1683660 |
| †Alkami Technology, Inc. | 48600 | 1121202 |
| †Amplitude, Inc. Class A | 64000 | 741120 |
| †Appian Corp. Class A | 27500 | 974050 |
| †Arteris, Inc. | 22000 | 341000 |
| †Asana, Inc. Class A | 60200 | 825342 |
| †AudioEye, Inc. | 6600 | 65934 |
| †AvePoint, Inc. | 94800 | 1316772 |
| †Bit Digital, Inc. | 218400 | 412776 |
| †Bitdeer Technologies Group <br> Class A<br>| 65900 | 738739 |
| †Blackbaud, Inc. | 27371 | 1733132 |
| †BlackLine, Inc. | 36783 | 2033732 |
| †Blend Labs, Inc. Class A | 148500 | 451440 |
| †Box, Inc. Class A | 97400 | 2913234 |
| †Braze, Inc. Class A | 56200 | 1927098 |
| †C3.ai, Inc. Class A | 89100 | 1201068 |
| †Cerence, Inc. | 29600 | 316424 |
| †Chaince Digital Holdings, <br> Inc.<br>| 27600 | 137172 |
| †Cipher Mining, Inc. | 224100 | 3307716 |
| †Cleanspark, Inc. | 195200 | 1975424 |
| Clear Secure, Inc. Class A | 59300 | 2080244 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 182439 | 4400429 |
| †Commvault Systems, Inc. | 31302 | 3924019 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 13595 | 296643 |
| †Core Scientific, Inc. | 202000 | 2941120 |
| †CS Disco, Inc. | 15700 | 121832 |
| †Daily Journal Corp. | 910 | 443461 |
| †Digimarc Corp. | 11258 | 73852 |
| †Digital Turbine, Inc. | 73300 | 366500 |
| †Domo, Inc. Class B | 23700 | 199791 |
| †D-Wave Quantum, Inc. | 232000 | 6066800 |

---

LVIP SSGA Small-Cap Index Fund-21

------

**LVIP SSGA Small-Cap Index 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)** |
| †eGain Corp. | 12600 | $129654 |
| †EverCommerce, Inc. | 10500 | 127155 |
| †Expensify, Inc. Class A | 46900 | 70819 |
| †Five9, Inc. | 54500 | 1092725 |
| †Freshworks, Inc. Class A | 143200 | 1754200 |
| †Hut 8 Corp. | 67000 | 3077980 |
| †I3 Verticals, Inc. Class A | 17191 | 433041 |
| †Intapp, Inc. | 40100 | 1837382 |
| InterDigital, Inc. | 18148 | 5777960 |
| †Jamf Holding Corp. | 49900 | 649199 |
| †Kaltura, Inc. | 54500 | 89380 |
| †Life360, Inc. | 12300 | 788922 |
| †LiveRamp Holdings, Inc. | 44972 | 1320828 |
| †MARA Holdings, Inc. | 260900 | 2342882 |
| †Mitek Systems, Inc. | 30300 | 319665 |
| †N-able, Inc. | 50800 | 379984 |
| †NCR Voyix Corp. | 98500 | 1004700 |
| †NextNav, Inc. | 64800 | 1078272 |
| †ON24, Inc. | 25900 | 206164 |
| OneSpan, Inc. | 24857 | 319164 |
| †Ooma, Inc. | 18694 | 219281 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 33300 | 695970 |
| †PagerDuty, Inc. | 60800 | 797088 |
| †PAR Technology Corp. | 28700 | 1041236 |
| †Porch Group, Inc. | 57400 | 524062 |
| †Progress Software Corp. | 30200 | 1297392 |
| †Q2 Holdings, Inc. | 43800 | 3160608 |
| †Qualys, Inc. | 25625 | 3405562 |
| †Rapid7, Inc. | 45100 | 685520 |
| Red Violet, Inc. | 8300 | 472685 |
| ReposiTrak, Inc. | 8900 | 110093 |
| †Rezolve AI PLC | 119800 | 307886 |
| †Rimini Street, Inc. | 33816 | 131206 |
| †Riot Platforms, Inc. | 243500 | 3085145 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 35500 | 422095 |
| †Silvaco Group, Inc. | 4400 | 17820 |
| †SoundHound AI, Inc. Class A | 259400 | 2586218 |
| †SoundThinking, Inc. | 7700 | 61831 |
| †Sprinklr, Inc. Class A | 81900 | 637182 |
| †Sprout Social, Inc. Class A | 37900 | 427133 |
| †SPS Commerce, Inc. | 26802 | 2388862 |
| †Synchronoss Technologies, <br> Inc.<br>| 6600 | 56496 |
| †Telos Corp. | 39100 | 199410 |
| †Tenable Holdings, Inc. | 86000 | 2023580 |
| †Terawulf, Inc. | 208300 | 2393367 |
| †Varonis Systems, Inc. | 78221 | 2565649 |
| †Vertex, Inc. Class A | 46500 | 928605 |
| †Via Transportation, Inc. <br> Class A<br>| 3600 | 104436 |
| †Viant Technology, Inc. <br> Class A<br>| 11600 | 139664 |
| †Weave Communications, Inc. | 45000 | 341550 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †WM Technology, Inc. | 65800 | $54292 |
| †Workiva, Inc. | 35400 | 3053250 |
| †Xperi, Inc. | 31206 | 182867 |
| †Yext, Inc. | 72700 | 585962 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 132200 | 2690270 |
|  |  | **113802039** |
| **Specialized REITs–0.39%** | **Specialized REITs–0.39%** | **Specialized REITs–0.39%** |
| Farmland Partners, Inc. | 26400 | 255816 |
| Four Corners Property Trust, <br> Inc.<br>| 70200 | 1618812 |
| Gladstone Land Corp. | 23300 | 213195 |
| Outfront Media, Inc. | 99243 | 2391756 |
| PotlatchDeltic Corp. | 54815 | 2180541 |
| Safehold, Inc. | 39434 | 539851 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 20800 | 643552 |
|  |  | **7843523** |
| **Specialty Retail–2.21%** | **Specialty Retail–2.21%** | **Specialty Retail–2.21%** |
| †1-800-Flowers.com, Inc. <br> Class A<br>| 17864 | 70205 |
| †Abercrombie & Fitch Co. <br> Class A<br>| 32400 | 4078188 |
| Academy Sports & Outdoors, <br> Inc.<br>| 46300 | 2313148 |
| Advance Auto Parts, Inc. | 42300 | 1662390 |
| American Eagle Outfitters, <br> Inc.<br>| 111618 | 2943367 |
| †America's Car-Mart, Inc. | 5285 | 133499 |
| †Arhaus, Inc. | 37700 | 422617 |
| Arko Corp. | 50700 | 230178 |
| †Asbury Automotive Group, <br> Inc.<br>| 13444 | 3126133 |
| †BARK, Inc. | 73200 | 44103 |
| †Barnes & Noble Education, <br> Inc.<br>| 11700 | 107523 |
| †Bed Bath & Beyond, Inc. | 40797 | 222752 |
| †Boot Barn Holdings, Inc. | 21518 | 3797281 |
| Buckle, Inc. | 21708 | 1159641 |
| Build-A-Bear Workshop, Inc. | 9000 | 551430 |
| Caleres, Inc. | 24051 | 292701 |
| Camping World Holdings, Inc. <br> Class A<br>| 42600 | 414498 |
| †Citi Trends, Inc. | 3400 | 141304 |
| Designer Brands, Inc. <br> Class A<br>| 23800 | 176834 |
| †EVgo, Inc. | 92900 | 270339 |
| †Genesco, Inc. | 7032 | 174183 |
| Group 1 Automotive, Inc. | 8515 | 3348949 |
| Haverty Furniture Cos., Inc. | 9414 | 219911 |
| J Jill, Inc. | 4400 | 60368 |
| †Lands' End, Inc. | 7900 | 114708 |
| †MarineMax, Inc. | 13440 | 325651 |

---

LVIP SSGA Small-Cap Index Fund-22

------

**LVIP SSGA Small-Cap Index 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)** |
| Monro, Inc. | 21249 | $425830 |
| †National Vision Holdings, <br> Inc.<br>| 55700 | 1438174 |
| †OneWater Marine, Inc. <br> Class A<br>| 8600 | 93052 |
| †Outdoor Holding Co. | 68100 | 116451 |
| †Petco Health & Wellness Co., <br> Inc.<br>| 55600 | 156236 |
| †RealReal, Inc. | 66400 | 1047792 |
| †Revolve Group, Inc. | 29000 | 875510 |
| †Sally Beauty Holdings, Inc. | 70700 | 1008182 |
| Shoe Carnival, Inc. | 13142 | 221837 |
| Signet Jewelers Ltd. | 28176 | 2335227 |
| †Sleep Number Corp. | 14446 | 122213 |
| Sonic Automotive, Inc. <br> Class A<br>| 10431 | 645262 |
| †Stitch Fix, Inc. Class A | 76700 | 402675 |
| †ThredUp, Inc. Class A | 66700 | 426213 |
| †Torrid Holdings, Inc. | 16000 | 15654 |
| Upbound Group, Inc. | 36210 | 635848 |
| †Urban Outfitters, Inc. | 42700 | 3213602 |
| †Victoria's Secret & Co. | 48300 | 2616411 |
| †Warby Parker, Inc. Class A | 68500 | 1492615 |
| Winmark Corp. | 1907 | 772221 |
| †Zumiez, Inc. | 10023 | 261099 |
|  |  | **44724005** |
| **Technology Hardware, Storage & Peripherals–0.73%** | **Technology Hardware, Storage & Peripherals–0.73%** | **Technology Hardware, Storage & Peripherals–0.73%** |
| †CompoSecure, Inc. Class A | 32200 | 620816 |
| †Corsair Gaming, Inc. | 33900 | 201366 |
| †CPI Card Group, Inc. | 3600 | 52848 |
| †Diebold Nixdorf, Inc. | 17800 | 1208442 |
| †Eastman Kodak Co. | 36500 | 308790 |
| Immersion Corp. | 18400 | 125120 |
| †IonQ, Inc. | 234100 | 10504067 |
| †Quantum Computing, Inc. | 138300 | 1418958 |
| †Turtle Beach Corp. | 10900 | 152927 |
| Xerox Holdings Corp. | 86900 | 205953 |
|  |  | **14799287** |
| **Textiles, Apparel & Luxury Goods–0.54%** | **Textiles, Apparel & Luxury Goods–0.54%** | **Textiles, Apparel & Luxury Goods–0.54%** |
| †Capri Holdings Ltd. | 82300 | 2008120 |
| Carter's, Inc. | 24700 | 801021 |
| Ermenegildo Zegna NV | 43100 | 441775 |
| †Figs, Inc. Class A | 63000 | 715680 |
| G-III Apparel Group Ltd. | 23796 | 689132 |
| Kontoor Brands, Inc. | 38200 | 2333638 |
| Lakeland Industries, Inc. | 6800 | 60112 |
| Movado Group, Inc. | 9280 | 191353 |
| Oxford Industries, Inc. | 9866 | 337417 |
| Rocky Brands, Inc. | 4800 | 140784 |
| Steven Madden Ltd. | 50001 | 2082042 |
| Superior Group of Cos., Inc. | 6500 | 62920 |
| Wolverine World Wide, Inc. | 54971 | 997724 |
|  |  | **10861718** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Tobacco–0.11%** | **Tobacco–0.11%** | **Tobacco–0.11%** |
| †Ispire Technology, Inc. | 15200 | $42560 |
| Turning Point Brands, Inc. | 12225 | 1325190 |
| Universal Corp. | 17042 | 898966 |
|  |  | **2266716** |
| **Trading Companies & Distributors–1.07%** | **Trading Companies & Distributors–1.07%** | **Trading Companies & Distributors–1.07%** |
| Alta Equipment Group, Inc. | 14590 | 67114 |
| †BlueLinx Holdings, Inc. | 5300 | 325579 |
| Boise Cascade Co. | 26246 | 1931706 |
| †Custom Truck One Source, <br> Inc.<br>| 44300 | 255168 |
| †Distribution Solutions Group, <br> Inc.<br>| 6996 | 191620 |
| †DNOW, Inc. | 129306 | 1713305 |
| †DXP Enterprises, Inc. | 9343 | 1025768 |
| EVI Industries, Inc. | 3600 | 88704 |
| GATX Corp. | 24700 | 4189120 |
| Global Industrial Co. | 9558 | 279285 |
| Herc Holdings, Inc. | 22837 | 3388554 |
| †Hudson Technologies, Inc. | 28500 | 195225 |
| Karat Packaging, Inc. | 5100 | 115107 |
| McGrath RentCorp | 17240 | 1808993 |
| †NPK International, Inc. | 55841 | 665625 |
| Rush Enterprises, Inc. <br> Class A<br>| 48382 | 2623621 |
| †Titan Machinery, Inc. | 15770 | 237181 |
| †Transcat, Inc. | 6700 | 380091 |
| Willis Lease Finance Corp. | 1800 | 244152 |
| †Xometry, Inc. Class A | 30800 | 1831676 |
|  |  | **21557594** |
| **Transportation Infrastructure–0.01%** | **Transportation Infrastructure–0.01%** | **Transportation Infrastructure–0.01%** |
| †Sky Harbour Group Corp. | 16600 | 148902 |
|  |  | **148902** |
| **Water Utilities–0.33%** | **Water Utilities–0.33%** | **Water Utilities–0.33%** |
| American States Water Co. | 27279 | 1977182 |
| †Cadiz, Inc. | 32901 | 184575 |
| California Water Service <br> Group<br>| 42242 | 1830346 |
| Consolidated Water Co. Ltd. | 11400 | 402306 |
| Global Water Resources, Inc. | 8783 | 74216 |
| H2O America | 22815 | 1117707 |
| Middlesex Water Co. | 12431 | 626771 |
| †Pure Cycle Corp. | 14100 | 154959 |
| York Water Co. | 10237 | 325946 |
|  |  | **6694008** |
| **Wireless Telecommunication Services–0.16%** | **Wireless Telecommunication Services–0.16%** | **Wireless Telecommunication Services–0.16%** |
| †Gogo, Inc. | 49500 | 230670 |

---

LVIP SSGA Small-Cap Index Fund-23

------

**LVIP SSGA Small-Cap Index 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)** |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Spok Holdings, Inc. | 13900 | $183341 |
| Telephone & Data Systems, <br> Inc.<br>| 70100 | 2874100 |
|  |  | **3288111** |
| **Total Common Stock** <br>**(Cost $1,161,960,033)** | **Total Common Stock** <br>**(Cost $1,161,960,033)** | **2013274207** |
| **RIGHTS–0.01%** | **RIGHTS–0.01%** | **RIGHTS–0.01%** |
| =†Aduro Biotech, Inc. | 15060 | 5723 |
| =†Akero Therapeutics, Inc. | 49800 | 32370 |
| =†Alimera Sciences, Inc. | 16900 | 676 |
| =†Chinook Therapeutics, Inc. | 47760 | 0 |
| =†Gtx, Inc. | 828 | 1565 |
| =†Tobira Therapeutics, Inc. | 7700 | 34881 |
| **Total Rights** <br>**(Cost $34,743)** | **Total Rights** <br>**(Cost $34,743)** | **75215** |
| **WARRANTS–0.00%** | **WARRANTS–0.00%** | **WARRANTS–0.00%** |
| †Nabors Industries Ltd. exp <br> 6/11/26 exercise price USD <br> 166.67<br>| 2445 | 435 |
| =†Pulse Biosciences, Inc. exp <br> 6/27/29 exercise price USD <br> 1.00<br>| 1477 | 2016 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **2451** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.41%** | **MONEY MARKET FUND–0.41%** | **MONEY MARKET FUND–0.41%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 8329745 | $8329745 |
| **Total Money Market Fund** <br>**(Cost $8,329,745)** | **Total Money Market Fund** <br>**(Cost $8,329,745)** | **8329745** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.96% (Cost $1,170,324,521)** | **2021681618** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%** | **833038** |
| **NET ASSETS APPLICABLE TO 58,144,810 SHARES OUTSTANDING–100.00%** | **$2022514656** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND STANDARD CLASS** <br>**($1,433,964,005 / 41,191,277 Shares)** | **$34.812** |
| **NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND SERVICE CLASS** <br>**($588,550,651 / 16,953,533 Shares)** | **$34.716** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1128330758** |
| Distributable earnings/(accumulated loss) | **894183898** |
| **TOTAL NET ASSETS** | **$2022514656** |

---

&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 $725,035 cash collateral held at broker for futures contracts, $2,829,820 payable for fund shares redeemed, $79,139 other accrued <br> expenses payable, $722,819 due to manager and affiliates, $890,419 due to custodian, $75,439 variation margin due to broker on futures <br> contracts, $19,687 payable for audit fee and $46,863 payable for fund accounting fee as of December 31, 2025.<br>

LVIP SSGA Small-Cap Index Fund-24

------

**LVIP SSGA Small-Cap Index 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:** |
| 76 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $9492400 | &nbsp;&nbsp; $9932053 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(439653)<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 SSGA Small-Cap Index Fund-25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $22453412 |
| Foreign taxes withheld | (47941)<br>|
|  | 22405471 |
| **EXPENSES:** |  |
| Management fees | 6240626 |
| Distribution fees-Service Class | 1371619 |
| Shareholder servicing fees | 565557 |
| Accounting and administration expenses | 327526 |
| Index fees | 217476 |
| Professional fees | 91640 |
| Trustees' fees and expenses | 56509 |
| Reports and statements to shareholders | 48841 |
| Custodian fees | 25544 |
| Pricing fees | 22356 |
| Consulting fees | 15227 |
| Other | 53883 |
|  | 9036804 |
| Less:  |  |
| Management fees waived | (192529)<br>|
| Total operating expenses | 8844275 |
| **NET INVESTMENT INCOME**  | 13561196 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 92806479 |
| Futures contracts | 922914 |
| Net realized gain | 93729393 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 134845000 |
| Futures contracts | 317715 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 135162715 |
| **NET REALIZED AND UNREALIZED GAIN** | 228892108 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $242453304 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index Fund** | **LVIP SSGA Small-Cap Index 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 | $13561196 | $18222309 |
| Net realized gain | 93729393 | 116712324 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 135162715 | 87010851 |
| Net increase in net assets <br> resulting from operations<br>| 242453304 | 221945484 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (83509438)<br>| (80315675)<br>|
| Service Class | (32348720)<br>| (27649511)<br>|
|  | (115858158)<br>| (107965186)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 169185294 | 118808709 |
| Service Class | 90095016 | 78854279 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 83509438 | 80315675 |
| Service Class | 32348720 | 27649511 |
|  | 375138468 | 305628174 |
| Cost of shares redeemed: |  |  |
| Standard Class | (338364343)<br>| (522230550)<br>|
| Service Class | (103380429)<br>| (88043434)<br>|
|  | (441744772)<br>| (610273984)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (66606304)<br>| (304645810)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 59988842 | (190665512)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1962525814 | 2153191326 |
| End of year | $2022514656 | $1962525814 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA Small-Cap Index Fund-26

------

**LVIP SSGA Small-Cap Index Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index Fund Standard Class** | **LVIP SSGA Small-Cap Index 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; $32.786 | &nbsp;&nbsp; $31.106 | &nbsp;&nbsp; $27.338 | &nbsp;&nbsp; $39.636 | &nbsp;&nbsp; $35.910 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.251 | 0.306 | 0.332 | 0.303 | 0.252 |
| Net realized and unrealized gain (loss) | 3.811 | 3.201 | 4.124 | &nbsp;&nbsp; (8.624)<br>| 4.931 |
| Total from investment operations | 4.062 | 3.507 | 4.456 | &nbsp;&nbsp; (8.321)<br>| 5.183 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.596)<br>| &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net realized gain | &nbsp;&nbsp; (1.674)<br>| &nbsp;&nbsp; (1.231)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (3.619)<br>| &nbsp;&nbsp; (1.114)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.036)<br>| &nbsp;&nbsp; (1.827)<br>| &nbsp;&nbsp; (0.688)<br>| &nbsp;&nbsp; (3.977)<br>| &nbsp;&nbsp; (1.457)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $34.812 | &nbsp;&nbsp; $32.786 | &nbsp;&nbsp; $31.106 | &nbsp;&nbsp; $27.338 | &nbsp;&nbsp; $39.636 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.46% | &nbsp;&nbsp; 11.14% | &nbsp;&nbsp; 16.50% | &nbsp;&nbsp; (20.78%)<br>| &nbsp;&nbsp; 14.56% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1433964 | &nbsp;&nbsp; $1429404 | &nbsp;&nbsp; $1664375 | &nbsp;&nbsp; $1449348 | &nbsp;&nbsp; $1994358 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.61% |
| Portfolio turnover | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 25% |

---

&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 SSGA Small-Cap Index Fund-27

------

**LVIP SSGA Small-Cap Index Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index Fund Service Class** | **LVIP SSGA Small-Cap Index 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; $32.710 | &nbsp;&nbsp; $31.046 | &nbsp;&nbsp; $27.292 | &nbsp;&nbsp; $39.580 | &nbsp;&nbsp; $35.858 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.169 | 0.224 | 0.260 | 0.221 | 0.150 |
| Net realized and unrealized gain (loss) | 3.792 | 3.187 | 4.112 | &nbsp;&nbsp; (8.609)<br>| 4.927 |
| Total from investment operations | 3.961 | 3.411 | 4.372 | &nbsp;&nbsp; (8.388)<br>| 5.077 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.281)<br>| &nbsp;&nbsp; (0.516)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.281)<br>| &nbsp;&nbsp; (0.241)<br>|
| Net realized gain | &nbsp;&nbsp; (1.674)<br>| &nbsp;&nbsp; (1.231)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (3.619)<br>| &nbsp;&nbsp; (1.114)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.955)<br>| &nbsp;&nbsp; (1.747)<br>| &nbsp;&nbsp; (0.618)<br>| &nbsp;&nbsp; (3.900)<br>| &nbsp;&nbsp; (1.355)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $34.716 | &nbsp;&nbsp; $32.710 | &nbsp;&nbsp; $31.046 | &nbsp;&nbsp; $27.292 | &nbsp;&nbsp; $39.580 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.18% | &nbsp;&nbsp; 10.87% | &nbsp;&nbsp; 16.21% | &nbsp;&nbsp; (20.98%)<br>| &nbsp;&nbsp; 14.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $588551 | &nbsp;&nbsp; $533122 | &nbsp;&nbsp; $488817 | &nbsp;&nbsp; $417135 | &nbsp;&nbsp; $551286 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.37% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.36% |
| Portfolio turnover | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 25% |

---

&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 SSGA Small-Cap Index Fund-28

------

**LVIP SSGA Small-Cap Index 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 SSGA Small-Cap Index 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 to approximate as closely as practicable, before fees and expenses, the performance of the Russell 2000<sup>®</sup> Index, which emphasizes stocks of small U.S. companies.

**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

LVIP SSGA Small-Cap Index Fund-29

------

**LVIP SSGA Small-Cap Index 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. 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 0.32% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.005% of the first $500 million of the Fund's average daily net assets; 0.010% of the next $1 billion; and 0.015% of the Fund's average daily net assets in excess of $1.5 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.

SSGA Funds 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; $160984 |
| Legal | &nbsp;&nbsp; 26735 |

---

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 SSGA Small-Cap Index Fund-30

------

**LVIP SSGA Small-Cap Index 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 $23,798 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; $544347 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 127522 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 50950 |

---

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; $315438367 |
| Sales | &nbsp;&nbsp; 465803843 |

---

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; $1199111522 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $1006281902 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (183711806)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $822570096 |

---

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 Net Assets 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.,

LVIP SSGA Small-Cap Index Fund-31

------

**LVIP SSGA Small-Cap Index 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)

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; $37464117 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37464117 |
| Air Freight & Logistics | &nbsp;&nbsp; 2262769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2262769 |
| Automobile Components | &nbsp;&nbsp; 21286674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21286674 |
| Automobiles | &nbsp;&nbsp; 992416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 992416 |
| Banks | &nbsp;&nbsp; 199366623 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 199366623 |
| Beverages | &nbsp;&nbsp; 2437900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2437900 |
| Biotechnology | &nbsp;&nbsp; 186729641 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 186729641 |
| Broadline Retail | &nbsp;&nbsp; 2058138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2058138 |
| Building Products | &nbsp;&nbsp; 29621594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29621594 |
| Capital Markets | &nbsp;&nbsp; 36110973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36110973 |
| Chemicals | &nbsp;&nbsp; 29977914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29977914 |
| Commercial Services & Supplies | &nbsp;&nbsp; 29010504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29010504 |
| Communications Equipment | &nbsp;&nbsp; 18608214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18608214 |
| Construction & Engineering | &nbsp;&nbsp; 48072183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48072183 |
| Construction Materials | &nbsp;&nbsp; 4090600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4090600 |
| Consumer Finance | &nbsp;&nbsp; 21438973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21438973 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 8958894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8958894 |
| Containers & Packaging | &nbsp;&nbsp; 4860697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4860697 |
| Distributors | &nbsp;&nbsp; 1246496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1246496 |
| Diversified Consumer Services | &nbsp;&nbsp; 22396531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22396531 |
| Diversified REITs | &nbsp;&nbsp; 10671989 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10671989 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 11240591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11240591 |
| Electric Utilities | &nbsp;&nbsp; 19117786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19117786 |
| Electrical Equipment | &nbsp;&nbsp; 48750881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48750881 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 69493383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69493383 |
| Energy Equipment & Services | &nbsp;&nbsp; 36079543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36079543 |
| Entertainment | &nbsp;&nbsp; 10506591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10506591 |
| Financial Services | &nbsp;&nbsp; 43205794 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43205794 |
| Food Products | &nbsp;&nbsp; 14340508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14340508 |
| Gas Utilities | &nbsp;&nbsp; 20688845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20688845 |
| Ground Transportation | &nbsp;&nbsp; 5830283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5830283 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 55012966 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 55012966 |
| Health Care Providers & Services | &nbsp;&nbsp; 65314110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65314110 |
| Health Care REITs | &nbsp;&nbsp; 20312977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20312977 |
| Health Care Technology | &nbsp;&nbsp; 6927382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6927382 |
| Hotel & Resort REITs | &nbsp;&nbsp; 11846675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11846675 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 33673438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33673438 |
| Household Durables | &nbsp;&nbsp; 33458883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33458883 |
| Household Products | &nbsp;&nbsp; 5323746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5323746 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 5235397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5235397 |
| Industrial Conglomerates | &nbsp;&nbsp; 595608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 595608 |
| Industrial REITs | &nbsp;&nbsp; 8238674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8238674 |
| Insurance | &nbsp;&nbsp; 40609247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40609247 |
| Interactive Media & Services | &nbsp;&nbsp; 10656147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10656147 |
| IT Services | &nbsp;&nbsp; 12383718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12383718 |
| Leisure Products | &nbsp;&nbsp; 8642190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8642190 |

---

LVIP SSGA Small-Cap Index Fund-32

------

**LVIP SSGA Small-Cap Index 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** |
| Life Sciences Tools & Services | &nbsp;&nbsp; $9190514 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9190514 |
| Machinery | &nbsp;&nbsp; 77058595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77058595 |
| Marine Transportation | &nbsp;&nbsp; 4213608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4213608 |
| Media | &nbsp;&nbsp; 20129823 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20129823 |
| Metals & Mining | &nbsp;&nbsp; 48310049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48310049 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 16658122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16658122 |
| Multi-Utilities | &nbsp;&nbsp; 9134715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9134715 |
| Office REITs | &nbsp;&nbsp; 10402166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10402166 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 60732639 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 60732639 |
| Paper & Forest Products | &nbsp;&nbsp; 1686908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1686908 |
| Passenger Airlines | &nbsp;&nbsp; 9904470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9904470 |
| Personal Care Products | &nbsp;&nbsp; 3759709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3759709 |
| Pharmaceuticals | &nbsp;&nbsp; 53252419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 53252884 |
| Professional Services | &nbsp;&nbsp; 34746568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34746568 |
| Real Estate Management & Development | &nbsp;&nbsp; 14137608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14137608 |
| Residential REITs | &nbsp;&nbsp; 7706213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7706213 |
| Retail REITs | &nbsp;&nbsp; 22993628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22993628 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 68120882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68120882 |
| Software | &nbsp;&nbsp; 113802039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113802039 |
| Specialized REITs | &nbsp;&nbsp; 7843523 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7843523 |
| Specialty Retail | &nbsp;&nbsp; 44724005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44724005 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 14799287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14799287 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 10861718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10861718 |
| Tobacco | &nbsp;&nbsp; 2266716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2266716 |
| Trading Companies & Distributors | &nbsp;&nbsp; 21557594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21557594 |
| Transportation Infrastructure | &nbsp;&nbsp; 148902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148902 |
| Water Utilities | &nbsp;&nbsp; 6694008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6694008 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 3288111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3288111 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75215 | &nbsp;&nbsp; 75215 |
| Warrants | &nbsp;&nbsp; 435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2451 |
| Money Market Fund | &nbsp;&nbsp; 8329745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8329745 |
| **Total Investments** | &nbsp;&nbsp; $2021603922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77696 | &nbsp;&nbsp; $2021681618 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(439653)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(439653)<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 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 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; $30009851 | &nbsp;&nbsp; $45070217 |
| Long-term capital gains | &nbsp;&nbsp; 85848307 | &nbsp;&nbsp; 62894969 |
| Total | &nbsp;&nbsp; $115858158 | &nbsp;&nbsp; $107965186 |

---

LVIP SSGA Small-Cap Index Fund-33

------

**LVIP SSGA Small-Cap Index 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; $491958 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 71121844 |
| Net unrealized appreciation | &nbsp;&nbsp; 822570096 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $894183898 |

---

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; 5379275 | &nbsp;&nbsp; 3681446 |
| Service Class | &nbsp;&nbsp; 2813131 | &nbsp;&nbsp; 2437156 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2400001 | &nbsp;&nbsp; 2365481 |
| Service Class | &nbsp;&nbsp; 933914 | &nbsp;&nbsp; 817247 |
|  | &nbsp;&nbsp; 11526321 | &nbsp;&nbsp; 9301330 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (10185898)<br>| &nbsp;&nbsp; (15956007)<br>|
| Service Class | &nbsp;&nbsp; (3092044)<br>| &nbsp;&nbsp; (2700578)<br>|
|  | &nbsp;&nbsp; (13277942)<br>| &nbsp;&nbsp; (18656585)<br>|
| Net decrease | &nbsp;&nbsp; (1751621)<br>| &nbsp;&nbsp; (9355255)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $56,250,000 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. In addition, certain Participants, including the Fund, is subject to an up-front fee of 0.10% of the sum of commitments. 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,

LVIP SSGA Small-Cap Index Fund-34

------

**LVIP SSGA Small-Cap Index 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)**

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 facilitate investments in portfolio securities; as a cash management tool and to reduce transaction costs.

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>| $— | Receivables and other assets net of <br> liabilities<br>| $(439653)<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; $922914 | &nbsp;&nbsp; $317715 |

---

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) | $11604367 | $— |

---

**9. 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.

LVIP SSGA Small-Cap Index Fund-35

------

**LVIP SSGA Small-Cap Index 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 SSGA Small-Cap Index Fund-36

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA Small-Cap Index Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP SSGA Small-Cap Index 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.

![](imgbbb959ff2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA Small-Cap Index Fund–37

------

![](imgc7cd820e1.jpg)

![](img2796533f2.jpg)

LVIP SSGA SMID Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP SSGA SMID Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_SOI-continued-281_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_FS-continued-281_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_FS-continued-281_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_FS-continued-281_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_FIHI-continued-281_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_NTF-continued-281_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_68ff9aa5-0626-45f8-a3f6-8e3c89f77b98_AUDIT-continued-281_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP SSGA SMID Cap 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 INVESTMENTS–97.35%** | **AFFILIATED INVESTMENTS–97.35%** | **AFFILIATED INVESTMENTS–97.35%** |
| **INVESTMENT COMPANIES–97.35%** | **INVESTMENT COMPANIES–97.35%** | **INVESTMENT COMPANIES–97.35%** |
| **Equity Funds–97.35%** | **Equity Funds–97.35%** | **Equity Funds–97.35%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 8808334 | $113530624 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 13088577 | 455639536 |
| **Total Affiliated Investments** <br>**(Cost $414,217,472)**<br>|  | **569170160** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–2.49%** | **UNAFFILIATED INVESTMENT–2.49%** | **UNAFFILIATED INVESTMENT–2.49%** |
| **INVESTMENT COMPANY–2.49%** | **INVESTMENT COMPANY–2.49%** | **INVESTMENT COMPANY–2.49%** |
| **Money Market Fund–2.49%** | **Money Market Fund–2.49%** | **Money Market Fund–2.49%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 14563396 | $14563396 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $14,563,396)**<br>|  | **14563396** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $428,780,868)** | **583733556** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **960782** |
| **NET ASSETS APPLICABLE TO 45,314,356 SHARES OUTSTANDING–100.00%** | **$584694338** |

---

&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>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 110 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $13739000 | &nbsp;&nbsp; $14360221 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(621221)<br>|
| 7 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 2327640 | &nbsp;&nbsp; 2362992 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (35352)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(656573)<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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap 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; $569170160 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 14563396 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1324921 |
| Receivable for securities sold | &nbsp;&nbsp; 159510 |
| Receivable for fund shares sold | &nbsp;&nbsp; 132292 |
| Dividends and interest receivable  | &nbsp;&nbsp; 48121 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 25646 |
| Prepaid expenses | &nbsp;&nbsp; 2213 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 585426259 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 300197 |
| Due to manager and affiliates | &nbsp;&nbsp; 256898 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 135753 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13832 |
| Other accrued expenses payable | &nbsp;&nbsp; 8170 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 731921 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $584694338 |
| Affiliated investments, at cost | &nbsp;&nbsp; $414217472 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 14563396 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $97817 |
| Shares Outstanding | &nbsp;&nbsp; 7566 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.929 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $584596521 |
| Shares Outstanding | &nbsp;&nbsp; 45306790 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.903 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $512414435 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 72279903 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $584694338 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $5529654 |
| Dividends from unaffiliated investments | 956343 |
|  | 6485997 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1493286 |
| Management fees | 1374018 |
| Shareholder servicing fees | 173246 |
| Accounting and administration expenses | 97133 |
| Professional fees | 49906 |
| Reports and statements to shareholders | 23341 |
| Trustees' fees and expenses | 17582 |
| Custodian fees | 8631 |
| Consulting fees | 8061 |
| Pricing fees | 2226 |
| Other | 16118 |
|  | 3263548 |
| Less:  |  |
| Management fees waived | (29870)<br>|
| Expenses reimbursed | (276764)<br>|
| Total operating expenses | 2956914 |
| **NET INVESTMENT INCOME**  | 3529083 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 8695051 |
| Distributions from affiliated investment <br> companies<br>| 30244039 |
| Futures contracts | (35104084)<br>|
| Net realized gain | 3835006 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 19462325 |
| Futures contracts | 1674084 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 21136409 |
| **NET REALIZED AND UNREALIZED GAIN** | 24971415 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $28500498 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID Cap Managed Volatility Fund** | **LVIP SSGA SMID 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 IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $3529083 | $7432814 |
| Net realized gain | 3835006 | 39558938 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 21136409 | 22618598 |
| Net increase in net assets resulting <br> from operations<br>| 28500498 | 69610350 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5419)<br>| (3102)<br>|
| Service Class | (32155667)<br>| (24001381)<br>|
|  | (32161086)<br>| (24004483)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 22521 | 3941 |
| Service Class | 47579154 | 19779083 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5419 | 3102 |
| Service Class | 32155667 | 24001381 |
|  | 79762761 | 43787507 |
| Cost of shares redeemed: |  |  |
| Standard Class | (6719)<br>| (12040)<br>|
| Service Class | (113973450)<br>| (119011137)<br>|
|  | (113980169)<br>| (119023177)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (34217408)<br>| (75235670)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (37877996)<br>| (29629803)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 622572334 | 652202137 |
| End of year | $584694338 | $622572334 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP SSGA SMID Cap Managed Volatility Fund-3

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Standard Class** | **LVIP SSGA SMID 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; $13.079 | &nbsp;&nbsp; $12.238 | &nbsp;&nbsp; $10.884 | &nbsp;&nbsp; $14.150 | &nbsp;&nbsp; $14.479 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.106 | 0.181 | 0.140 | 0.097 | 0.098 |
| Net realized and unrealized gain (loss) | 0.474 | 1.201 | 1.352 | &nbsp;&nbsp; (2.703)<br>| 2.216 |
| Total from investment operations | 0.580 | 1.382 | 1.492 | &nbsp;&nbsp; (2.606)<br>| 2.314 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.094)<br>| &nbsp;&nbsp; (0.379)<br>|
| Net realized gain | &nbsp;&nbsp; (0.547)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (2.264)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.730)<br>| &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.660)<br>| &nbsp;&nbsp; (2.643)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.929 | &nbsp;&nbsp; $13.079 | &nbsp;&nbsp; $12.238 | &nbsp;&nbsp; $10.884 | &nbsp;&nbsp; $14.150 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 11.33% | &nbsp;&nbsp; 13.69% | &nbsp;&nbsp; (18.36%)<br>| &nbsp;&nbsp; 16.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $98 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $79 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| 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; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.56% |
| Portfolio turnover | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 11% | &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 SSGA SMID Cap Managed Volatility Fund-4

------

**LVIP SSGA SMID Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID Cap Managed Volatility Fund Service Class** | **LVIP SSGA SMID 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; $13.056 | &nbsp;&nbsp; $12.216 | &nbsp;&nbsp; $10.867 | &nbsp;&nbsp; $14.127 | &nbsp;&nbsp; $14.463 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.074 | 0.148 | 0.111 | 0.066 | 0.058 |
| Net realized and unrealized gain (loss) | 0.470 | 1.198 | 1.348 | &nbsp;&nbsp; (2.696)<br>| 2.213 |
| Total from investment operations | 0.544 | 1.346 | 1.459 | &nbsp;&nbsp; (2.630)<br>| 2.271 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.150)<br>| &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net realized gain | &nbsp;&nbsp; (0.547)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (2.264)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.027)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.697)<br>| &nbsp;&nbsp; (0.506)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (2.607)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.903 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $12.216 | &nbsp;&nbsp; $10.867 | &nbsp;&nbsp; $14.127 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 11.05% | &nbsp;&nbsp; 13.41% | &nbsp;&nbsp; (18.57%)<br>| &nbsp;&nbsp; 15.95% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $584596 | &nbsp;&nbsp; $622496 | &nbsp;&nbsp; $652126 | &nbsp;&nbsp; $582900 | &nbsp;&nbsp; $725057 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.36% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.31% |
| Portfolio turnover | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 11% | &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 SSGA SMID Cap Managed Volatility Fund-5

------

**LVIP SSGA SMID 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 SSGA SMID 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund, which are sub-advised by an unaffiliated adviser, invest primarily in stocks that make up the SSGA Small-Cap Index and SSGA Mid-Cap Index, respectively, and money market instruments. In addition to mutual fund 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.

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 SSGA SMID Cap Managed Volatility Fund-6

------

**LVIP SSGA SMID 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)**

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 0.23% 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).

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 0.245% of the Fund's average daily net assets for the Standard Class and 0.495% 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; $284705 | &nbsp;&nbsp; $281825 | &nbsp;&nbsp; $276764 | &nbsp;&nbsp; $843294 |

---

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; $49763 |
| Legal | &nbsp;&nbsp; 8230 |

---

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 $13,834 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 SSGA SMID Cap Managed Volatility Fund-7

------

**LVIP SSGA SMID 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)**

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; $25646 |
| Management fees payable to LFI | &nbsp;&nbsp; 114696 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 127419 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14783 |

---

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 COMPANIES-97.35%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-97.35%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $119566840 | $23880738 | $28628587 | $711158 | $(1999525)<br>| $113530624 | 8808334 | $1299369 | $7793716 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 472078435 | 57609686 | 103494328 | 7983893 | 21461850 | 455639536 | 13088577 | 4230285 | 22450323 |
| Total | $591645275 | $81490424 | $132122915 | $8695051 | $19462325 | $569170160 |  | $5529654 | $30244039 |

---

&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; $81490424 |
| Sales | &nbsp;&nbsp; 132122915 |

---

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; $456556009 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $127181943 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (4398)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $127177545 |

---

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 SSGA SMID Cap Managed Volatility Fund-8

------

**LVIP SSGA SMID 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:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $569170160 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $569170160 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 14563396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14563396 |
| **Total Investments** | &nbsp;&nbsp; $583733556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $583733556 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(656573)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(656573)<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; $11745317 | &nbsp;&nbsp; $16974332 |
| Long-term capital gains | &nbsp;&nbsp; 20415769 | &nbsp;&nbsp; 7030151 |
| Total | &nbsp;&nbsp; $32161086 | &nbsp;&nbsp; $24004483 |

---

**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; $6945177 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 27150812 |
| Other temporary differences | &nbsp;&nbsp; (88993631)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 127177545 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $72279903 |

---

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 SSGA SMID Cap Managed Volatility Fund-9

------

**LVIP SSGA SMID 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; 1844 | &nbsp;&nbsp; 297 |
| Service Class | &nbsp;&nbsp; 4010720 | &nbsp;&nbsp; 1549495 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 237 |
| Service Class | &nbsp;&nbsp; 2497519 | &nbsp;&nbsp; 1836252 |
|  | &nbsp;&nbsp; 6510502 | &nbsp;&nbsp; 3386281 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (520)<br>| &nbsp;&nbsp; (907)<br>|
| Service Class | &nbsp;&nbsp; (8881211)<br>| &nbsp;&nbsp; (9089192)<br>|
|  | &nbsp;&nbsp; (8881731)<br>| &nbsp;&nbsp; (9090099)<br>|
| Net decrease | &nbsp;&nbsp; (2371229)<br>| &nbsp;&nbsp; (5703818)<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>| $— | Variation margin due to broker on futures <br> contracts<br>| $(656573)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP SSGA SMID Cap Managed Volatility Fund-10

------

**LVIP SSGA SMID 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)**

\* 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; $(35104084)<br>| &nbsp;&nbsp; $1674084 |

---

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) | $15174676 | $25586060 |

---

**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 SSGA SMID Cap Managed Volatility Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP SSGA SMID Cap Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP SSGA SMID Cap 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.

![](img07754d103.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP SSGA SMID Cap Managed Volatility Fund–12

------

![](img01d5a4161.jpg)

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_SOI-continued-248_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_FS-continued-248_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_FS-continued-248_1)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_FIHI-continued-248_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_NTF-continued-248_1)**  | &nbsp;&nbsp; **10** |
| **[Report of Independent Registered Public Accounting Firm](#xx_fdc76171-b926-4b46-ab80-470a57c53a59_AUDIT-continued-248_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP T. Rowe Price Structured Mid-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–98.49%** | **COMMON STOCK–98.49%** | **COMMON STOCK–98.49%** |
| **Aerospace & Defense–7.34%** | **Aerospace & Defense–7.34%** | **Aerospace & Defense–7.34%** |
| †Axon Enterprise, Inc. | 34492 | $19589042 |
| BWX Technologies, Inc. | 10577 | 1828129 |
| Carpenter Technology Corp. | 4900 | 1542716 |
| Curtiss-Wright Corp. | 3036 | 1673656 |
| HEICO Corp. | 48428 | 15670816 |
| Howmet Aerospace, Inc. | 198374 | 40670637 |
| †Karman Holdings, Inc. | 28822 | 2108906 |
| Leonardo DRS, Inc. | 29500 | 1005655 |
| †Loar Holdings, Inc. | 28610 | 1945480 |
| †Rocket Lab Corp. | 191854 | 13383735 |
| †StandardAero, Inc. | 80087 | 2296895 |
|  |  | **101715667** |
| **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** | **Air Freight & Logistics–0.11%** |
| †GXO Logistics, Inc. | 28400 | 1494976 |
|  |  | **1494976** |
| **Beverages–0.25%** | **Beverages–0.25%** | **Beverages–0.25%** |
| †Celsius Holdings, Inc. | 75694 | 3462244 |
|  |  | **3462244** |
| **Biotechnology–5.39%** | **Biotechnology–5.39%** | **Biotechnology–5.39%** |
| †Alkermes PLC | 39500 | 1105210 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 61047 | 24275339 |
| †Argenx SE ADR | 3482 | 2928188 |
| †Ascendis Pharma AS ADR | 7192 | 1533622 |
| †BeOne Medicines Ltd. ADR | 5506 | 1672778 |
| †Caris Life Sciences, Inc. | 68636 | 1851799 |
| †Insmed, Inc. | 73825 | 12848503 |
| †Ionis Pharmaceuticals, Inc. | 63862 | 5052123 |
| †Natera, Inc. | 50588 | 11589205 |
| †Neurocrine Biosciences, Inc. | 40408 | 5731067 |
| †Nuvalent, Inc. Class A | 13400 | 1347906 |
| †Revolution Medicines, Inc. | 26100 | 2078865 |
| †Summit Therapeutics, Inc. | 61900 | 1082631 |
| †Vaxcyte, Inc. | 35152 | 1621913 |
|  |  | **74719149** |
| **Broadline Retail–1.23%** | **Broadline Retail–1.23%** | **Broadline Retail–1.23%** |
| †Coupang, Inc. | 556029 | 13116724 |
| eBay, Inc. | 24874 | 2166526 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 16369 | 1794206 |
|  |  | **17077456** |
| **Building Products–0.34%** | **Building Products–0.34%** | **Building Products–0.34%** |
| Lennox International, Inc. | 9775 | 4746544 |
|  |  | **4746544** |
| **Capital Markets–6.09%** | **Capital Markets–6.09%** | **Capital Markets–6.09%** |
| Ameriprise Financial, Inc. | 39917 | 19572902 |
| ARES Management Corp. <br> Class A<br>| 78566 | 12698623 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Bank of New York Mellon <br> Corp.<br>| 50231 | $5831317 |
| †Coinbase Global, Inc. Class A | 12365 | 2796221 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 48121 | 3094662 |
| Invesco Ltd. | 53924 | 1416583 |
| Lazard, Inc. | 31215 | 1515800 |
| LPL Financial Holdings, Inc. | 39078 | 13957489 |
| MSCI, Inc. | 16238 | 9316228 |
| †Robinhood Markets, Inc. <br> Class A<br>| 50550 | 5717205 |
| StepStone Group, Inc. <br> Class A<br>| 23296 | 1494904 |
| Stifel Financial Corp. | 12815 | 1604694 |
| TPG, Inc. | 56714 | 3620622 |
| Tradeweb Markets, Inc. <br> Class A<br>| 16662 | 1791831 |
|  |  | **84429081** |
| **Chemicals–0.09%** | **Chemicals–0.09%** | **Chemicals–0.09%** |
| Sensient Technologies Corp. | 13328 | 1252166 |
|  |  | **1252166** |
| **Commercial Services & Supplies–0.67%** | **Commercial Services & Supplies–0.67%** | **Commercial Services & Supplies–0.67%** |
| †Clean Harbors, Inc. | 5543 | 1299723 |
| GFL Environmental, Inc. | 25770 | 1106821 |
| Tetra Tech, Inc. | 37600 | 1261104 |
| Veralto Corp. | 55559 | 5543677 |
|  |  | **9211325** |
| **Communications Equipment–0.11%** | **Communications Equipment–0.11%** | **Communications Equipment–0.11%** |
| †Lumentum Holdings, Inc. | 4248 | 1565770 |
|  |  | **1565770** |
| **Construction & Engineering–2.99%** | **Construction & Engineering–2.99%** | **Construction & Engineering–2.99%** |
| †API Group Corp. | 38113 | 1458203 |
| Comfort Systems USA, Inc. | 20240 | 18889790 |
| Quanta Services, Inc. | 49839 | 21035048 |
|  |  | **41383041** |
| **Consumer Finance–0.11%** | **Consumer Finance–0.11%** | **Consumer Finance–0.11%** |
| SLM Corp. | 54114 | 1464325 |
|  |  | **1464325** |
| **Consumer Staples Distribution & Retail–1.61%** | **Consumer Staples Distribution & Retail–1.61%** | **Consumer Staples Distribution & Retail–1.61%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 44775 | 4031093 |
| Casey's General Stores, Inc. | 6232 | 3444489 |
| Dollar General Corp. | 13499 | 1792262 |
| †Performance Food Group Co. | 20220 | 1818182 |
| †Sprouts Farmers Market, Inc. | 39816 | 3172141 |
| †U.S. Foods Holding Corp. | 107477 | 8095168 |
|  |  | **22353335** |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-1

------

**LVIP T. Rowe Price Structured Mid-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)** |
| **Diversified Consumer Services–0.48%** | **Diversified Consumer Services–0.48%** | **Diversified Consumer Services–0.48%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 20441 | $2072718 |
| †Duolingo, Inc. | 18658 | 3274479 |
| Service Corp. International | 16192 | 1262490 |
|  |  | **6609687** |
| **Diversified Telecommunication Services–0.34%** | **Diversified Telecommunication Services–0.34%** | **Diversified Telecommunication Services–0.34%** |
| †AST SpaceMobile, Inc. | 62646 | 4549979 |
| =†πSocure, Inc. | 14128 | 107373 |
|  |  | **4657352** |
| **Electric Utilities–0.82%** | **Electric Utilities–0.82%** | **Electric Utilities–0.82%** |
| NRG Energy, Inc. | 71320 | 11356997 |
|  |  | **11356997** |
| **Electrical Equipment–2.29%** | **Electrical Equipment–2.29%** | **Electrical Equipment–2.29%** |
| †Bloom Energy Corp. Class A | 10196 | 885930 |
| Hubbell, Inc. | 4449 | 1975845 |
| nVent Electric PLC | 12464 | 1270954 |
| Rockwell Automation, Inc. | 4179 | 1625924 |
| Vertiv Holdings Co. Class A | 160353 | 25978790 |
|  |  | **31737443** |
| **Electronic Equipment, Instruments & Components–1.56%** | **Electronic Equipment, Instruments & Components–1.56%** | **Electronic Equipment, Instruments & Components–1.56%** |
| Badger Meter, Inc. | 5220 | 910420 |
| CDW Corp. | 10901 | 1484716 |
| †Celestica, Inc. | 15420 | 4558306 |
| †Coherent Corp. | 12573 | 2320599 |
| Corning, Inc. | 23516 | 2059061 |
| †Fabrinet | 4061 | 1848892 |
| TD SYNNEX Corp. | 32390 | 4865950 |
| TE Connectivity PLC | 8801 | 2002315 |
| †Zebra Technologies Corp. <br> Class A<br>| 6622 | 1607954 |
|  |  | **21658213** |
| **Energy Equipment & Services–0.16%** | **Energy Equipment & Services–0.16%** | **Energy Equipment & Services–0.16%** |
| TechnipFMC PLC | 48194 | 2147525 |
|  |  | **2147525** |
| **Entertainment–3.41%** | **Entertainment–3.41%** | **Entertainment–3.41%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 36002 | 3546557 |
| †Live Nation Entertainment, <br> Inc.<br>| 67978 | 9686865 |
| †ROBLOX Corp. Class A | 277273 | 22467431 |
| †Roku, Inc. | 12633 | 1370554 |
| †Take-Two Interactive <br> Software, Inc.<br>| 19381 | 4962118 |
| TKO Group Holdings, Inc. | 24946 | 5213714 |
|  |  | **47247239** |
| **Financial Services–2.28%** | **Financial Services–2.28%** | **Financial Services–2.28%** |
| †Affirm Holdings, Inc. | 63171 | 4701817 |
| †Block, Inc. | 113307 | 7375153 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 28972 | $8718544 |
| =†πIcapital, Inc. | 89535 | 1253463 |
| Rocket Cos., Inc. Class A | 95862 | 1855888 |
| †Shift4 Payments, Inc. Class A | 20235 | 1274198 |
| †Toast, Inc. Class A | 181156 | 6432850 |
|  |  | **31611913** |
| **Food Products–0.05%** | **Food Products–0.05%** | **Food Products–0.05%** |
| †Freshpet, Inc. | 11700 | 712881 |
|  |  | **712881** |
| **Ground Transportation–0.39%** | **Ground Transportation–0.39%** | **Ground Transportation–0.39%** |
| †Lyft, Inc. Class A | 81826 | 1584970 |
| Old Dominion Freight Line, <br> Inc.<br>| 11669 | 1829699 |
| †XPO, Inc. | 14262 | 1938348 |
|  |  | **5353017** |
| **Health Care Equipment & Supplies–4.23%** | **Health Care Equipment & Supplies–4.23%** | **Health Care Equipment & Supplies–4.23%** |
| †Dexcom, Inc. | 162626 | 10793488 |
| †Glaukos Corp. | 12865 | 1452587 |
| †IDEXX Laboratories, Inc. | 39037 | 26409702 |
| †Insulet Corp. | 30096 | 8554487 |
| †Medline, Inc. Class A | 29276 | 1229592 |
| †Penumbra, Inc. | 20030 | 6227527 |
| ResMed, Inc. | 16139 | 3887401 |
|  |  | **58554784** |
| **Health Care Providers & Services–4.32%** | **Health Care Providers & Services–4.32%** | **Health Care Providers & Services–4.32%** |
| †BrightSpring Health Services, <br> Inc.<br>| 54695 | 2048328 |
| Cardinal Health, Inc. | 66700 | 13706850 |
| Cencora, Inc. | 91277 | 30828807 |
| Encompass Health Corp. | 37702 | 4001690 |
| †HealthEquity, Inc. | 11600 | 1062676 |
| †Option Care Health, Inc. | 61069 | 1945658 |
| Quest Diagnostics, Inc. | 9397 | 1630661 |
| †RadNet, Inc. | 18008 | 1284871 |
| †Tenet Healthcare Corp. | 16969 | 3372080 |
|  |  | **59881621** |
| **Health Care Technology–1.19%** | **Health Care Technology–1.19%** | **Health Care Technology–1.19%** |
| †Doximity, Inc. Class A | 71398 | 3161503 |
| †Veeva Systems, Inc. Class A | 51931 | 11592557 |
| †Waystar Holding Corp. | 54294 | 1778129 |
|  |  | **16532189** |
| **Hotels, Restaurants & Leisure–11.21%** | **Hotels, Restaurants & Leisure–11.21%** | **Hotels, Restaurants & Leisure–11.21%** |
| †Carnival Corp. | 171745 | 5245092 |
| †Cava Group, Inc. | 21766 | 1277447 |
| Churchill Downs, Inc. | 18718 | 2129734 |
| Darden Restaurants, Inc. | 47012 | 8651148 |
| Domino's Pizza, Inc. | 10032 | 4181538 |
| †DraftKings, Inc. Class A | 122285 | 4213941 |
| †Dutch Bros, Inc. Class A | 52022 | 3184787 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-2

------

**LVIP T. Rowe Price Structured Mid-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)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Expedia Group, Inc. | 57725 | $16354070 |
| †Flutter Entertainment PLC | 53426 | 11488727 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 97184 | 27916104 |
| Hyatt Hotels Corp. Class A | 9500 | 1523040 |
| Las Vegas Sands Corp. | 99025 | 6445537 |
| †MakeMyTrip Ltd. | 13600 | 1116832 |
| †Navan, Inc. Class A | 50516 | 862813 |
| †Planet Fitness, Inc. Class A | 67516 | 7323461 |
| Royal Caribbean Cruises Ltd. | 122463 | 34157380 |
| Texas Roadhouse, Inc. | 30313 | 5031958 |
| †Viking Holdings Ltd. | 96688 | 6904490 |
| Wingstop, Inc. | 17079 | 4073171 |
| Yum! Brands, Inc. | 21664 | 3277330 |
|  |  | **155358600** |
| **Household Durables–0.95%** | **Household Durables–0.95%** | **Household Durables–0.95%** |
| †SharkNinja, Inc. | 26182 | 2929766 |
| Somnigroup International, <br> Inc.<br>| 100800 | 8999424 |
| †TopBuild Corp. | 2900 | 1209851 |
|  |  | **13139041** |
| **Independent Power and Renewable Electricity Producers–1.99%** | **Independent Power and Renewable Electricity Producers–1.99%** | **Independent Power and Renewable Electricity Producers–1.99%** |
| †Talen Energy Corp. | 5227 | 1959289 |
| Vistra Corp. | 158909 | 25636789 |
|  |  | **27596078** |
| **Insurance–0.49%** | **Insurance–0.49%** | **Insurance–0.49%** |
| Allstate Corp. | 6618 | 1377537 |
| Hanover Insurance Group, <br> Inc.<br>| 11558 | 2112455 |
| Kinsale Capital Group, Inc. | 3332 | 1303212 |
| Ryan Specialty Holdings, Inc. | 37519 | 1937106 |
|  |  | **6730310** |
| **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** |
| †Reddit, Inc. Class A | 57420 | 13199135 |
|  |  | **13199135** |
| **IT Services–3.39%** | **IT Services–3.39%** | **IT Services–3.39%** |
| †Cloudflare, Inc. Class A | 138379 | 27281420 |
| †Gartner, Inc. | 10967 | 2766755 |
| †GoDaddy, Inc. Class A | 70679 | 8769850 |
| †MongoDB, Inc. | 5168 | 2168958 |
| †Okta, Inc. | 50100 | 4332147 |
| †Twilio, Inc. Class A | 11200 | 1593088 |
|  |  | **46912218** |
| **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** |
| †Medpace Holdings, Inc. | 5616 | 3154226 |
| †Mettler-Toledo International, <br> Inc.<br>| 1082 | 1508514 |
| †Repligen Corp. | 10727 | 1757726 |
|  |  | **6420466** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–0.66%** | **Machinery–0.66%** | **Machinery–0.66%** |
| Esab Corp. | 18986 | $2121116 |
| †Middleby Corp. | 11683 | 1736912 |
| †RBC Bearings, Inc. | 4858 | 2178473 |
| †Symbotic, Inc. | 29719 | 1768280 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 6266 | 1337478 |
|  |  | **9142259** |
| **Media–0.23%** | **Media–0.23%** | **Media–0.23%** |
| †Trade Desk, Inc. Class A | 84988 | 3226144 |
|  |  | **3226144** |
| **Metals & Mining–0.48%** | **Metals & Mining–0.48%** | **Metals & Mining–0.48%** |
| Anglogold Ashanti PLC | 21000 | 1790880 |
| Kinross Gold Corp. | 71610 | 2016538 |
| †MP Materials Corp. | 19944 | 1007571 |
| Steel Dynamics, Inc. | 11141 | 1887842 |
|  |  | **6702831** |
| **Oil, Gas & Consumable Fuels–2.64%** | **Oil, Gas & Consumable Fuels–2.64%** | **Oil, Gas & Consumable Fuels–2.64%** |
| Cameco Corp. | 19978 | 1827787 |
| Cheniere Energy, Inc. | 38913 | 7564298 |
| Diamondback Energy, Inc. | 9256 | 1391455 |
| EQT Corp. | 21360 | 1144896 |
| Expand Energy Corp. | 10518 | 1160766 |
| Ovintiv, Inc. | 28500 | 1116915 |
| Permian Resources Corp. | 133269 | 1869764 |
| Targa Resources Corp. | 93213 | 17197799 |
| †Uranium Energy Corp. | 115468 | 1348666 |
| Viper Energy, Inc. Class A | 49740 | 1921456 |
|  |  | **36543802** |
| **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** |
| Louisiana-Pacific Corp. | 14717 | 1188545 |
|  |  | **1188545** |
| **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** |
| †United Airlines Holdings, <br> Inc.<br>| 14900 | 1666118 |
|  |  | **1666118** |
| **Personal Care Products–0.22%** | **Personal Care Products–0.22%** | **Personal Care Products–0.22%** |
| †elf Beauty, Inc. | 15299 | 1163336 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 17287 | 1810295 |
|  |  | **2973631** |
| **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** |
| †Corcept Therapeutics, Inc. | 54851 | 1908815 |
| †Elanco Animal Health, Inc. | 63798 | 1443748 |
|  |  | **3352563** |
| **Professional Services–2.40%** | **Professional Services–2.40%** | **Professional Services–2.40%** |
| Booz Allen Hamilton Holding <br> Corp.<br>| 53598 | 4521527 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-3

------

**LVIP T. Rowe Price Structured Mid-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)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Broadridge Financial <br> Solutions, Inc.<br>| 40829 | $9111808 |
| †CACI International, Inc. <br> Class A<br>| 3000 | 1598430 |
| Equifax, Inc. | 9623 | 2087999 |
| †ExlService Holdings, Inc. | 26600 | 1128904 |
| †Parsons Corp. | 18900 | 1168020 |
| Paychex, Inc. | 21865 | 2452816 |
| †Paylocity Holding Corp. | 18201 | 2775652 |
| UL Solutions, Inc. Class A | 33149 | 2614130 |
| Verisk Analytics, Inc. | 20529 | 4592132 |
| †Verra Mobility Corp. | 51180 | 1146944 |
|  |  | **33198362** |
| **Real Estate Management & Development–0.53%** | **Real Estate Management & Development–0.53%** | **Real Estate Management & Development–0.53%** |
| †CBRE Group, Inc. Class A | 20997 | 3376108 |
| †CoStar Group, Inc. | 37177 | 2499781 |
| FirstService Corp. | 8926 | 1388261 |
|  |  | **7264150** |
| **Retail REITs–0.38%** | **Retail REITs–0.38%** | **Retail REITs–0.38%** |
| Simon Property Group, Inc. | 28730 | 5318210 |
|  |  | **5318210** |
| **Semiconductors & Semiconductor Equipment–3.18%** | **Semiconductors & Semiconductor Equipment–3.18%** | **Semiconductors & Semiconductor Equipment–3.18%** |
| †Astera Labs, Inc. | 59896 | 9964299 |
| †Credo Technology Group <br> Holding Ltd.<br>| 12806 | 1842655 |
| †Impinj, Inc. | 7300 | 1270273 |
| †Lattice Semiconductor Corp. | 49753 | 3660826 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 9600 | 1644288 |
| Monolithic Power Systems, <br> Inc.<br>| 18215 | 16509347 |
| †Onto Innovation, Inc. | 12200 | 1925892 |
| †Rambus, Inc. | 20404 | 1874924 |
| †SiTime Corp. | 4500 | 1589355 |
| Teradyne, Inc. | 6856 | 1327047 |
| †Tower Semiconductor Ltd. | 20524 | 2409928 |
|  |  | **44018834** |
| **Software–9.32%** | **Software–9.32%** | **Software–9.32%** |
| †Appfolio, Inc. Class A | 7550 | 1756507 |
| †Autodesk, Inc. | 4400 | 1302444 |
| =†πCanva, Inc. | 607 | 999207 |
| =†πDatabricks, Inc. | 29136 | 5535840 |
| †Datadog, Inc. Class A | 154489 | 21008959 |
| †Descartes Systems Group, <br> Inc.<br>| 12466 | 1092770 |
| †Docusign, Inc. | 51324 | 3510562 |
| †Dynatrace, Inc. | 116307 | 5040745 |
| †Elastic NV | 41074 | 3098623 |
| †Fair Isaac Corp. | 8168 | 13808984 |
| Gen Digital, Inc. | 53496 | 1454556 |
| †Gitlab, Inc. Class A | 90301 | 3388996 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Guidewire Software, Inc. | 40656 | $8172263 |
| †HubSpot, Inc. | 22170 | 8896821 |
| InterDigital, Inc. | 11613 | 3697347 |
| †JFrog Ltd. | 22081 | 1379179 |
| †Manhattan Associates, Inc. | 27302 | 4731710 |
| †Monday.com Ltd. | 7000 | 1032920 |
| †Nutanix, Inc. Class A | 48648 | 2514615 |
| Pegasystems, Inc. | 22400 | 1337728 |
| †Procore Technologies, Inc. | 25535 | 1857416 |
| †PTC, Inc. | 10474 | 1824676 |
| †Rubrik, Inc. Class A | 39525 | 3022872 |
| †SailPoint, Inc. | 87736 | 1774899 |
| †Samsara, Inc. Class A | 130812 | 4637285 |
| †ServiceTitan, Inc. Class A | 9623 | 1024849 |
| =†πSnyk Ltd. | 62548 | 495380 |
| =†πTanium, Inc. Class B | 26961 | 107844 |
| †Tyler Technologies, Inc. | 17068 | 7748019 |
| †Unity Software, Inc. | 36400 | 1607788 |
| †Zscaler, Inc. | 50380 | 11331470 |
|  |  | **129193274** |
| **Specialized REITs–0.49%** | **Specialized REITs–0.49%** | **Specialized REITs–0.49%** |
| Iron Mountain, Inc. | 19491 | 1616778 |
| Lamar Advertising Co. <br> Class A<br>| 41065 | 5198008 |
|  |  | **6814786** |
| **Specialty Retail–5.00%** | **Specialty Retail–5.00%** | **Specialty Retail–5.00%** |
| †AutoZone, Inc. | 339 | 1149718 |
| †Boot Barn Holdings, Inc. | 8724 | 1539524 |
| †Burlington Stores, Inc. | 35346 | 10209692 |
| †Carvana Co. | 62915 | 26551388 |
| Ross Stores, Inc. | 41035 | 7392045 |
| Tractor Supply Co. | 223281 | 11166283 |
| †Ulta Beauty, Inc. | 8814 | 5332558 |
| †Valvoline, Inc. | 101865 | 2960197 |
| †Wayfair, Inc. Class A | 13555 | 1361058 |
| Williams-Sonoma, Inc. | 9261 | 1653922 |
|  |  | **69316385** |
| **Technology Hardware, Storage & Peripherals–0.66%** | **Technology Hardware, Storage & Peripherals–0.66%** | **Technology Hardware, Storage & Peripherals–0.66%** |
| †Pure Storage, Inc. Class A | 108257 | 7254302 |
| Seagate Technology Holdings <br> PLC<br>| 7059 | 1943978 |
|  |  | **9198280** |
| **Textiles, Apparel & Luxury Goods–1.75%** | **Textiles, Apparel & Luxury Goods–1.75%** | **Textiles, Apparel & Luxury Goods–1.75%** |
| †Amer Sports, Inc. | 59401 | 2218627 |
| †Birkenstock Holding PLC | 26200 | 1071580 |
| †Deckers Outdoor Corp. | 50983 | 5285408 |
| †On Holding AG Class A | 66572 | 3094267 |
| Ralph Lauren Corp. | 13548 | 4790708 |
| Tapestry, Inc. | 61370 | 7841245 |
|  |  | **24301835** |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-4

------

**LVIP T. Rowe Price Structured Mid-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)** |
| **Trading Companies & Distributors–2.81%** | **Trading Companies & Distributors–2.81%** | **Trading Companies & Distributors–2.81%** |
| †Core & Main, Inc. Class A | 29207 | $1517888 |
| Fastenal Co. | 413350 | 16587736 |
| Ferguson Enterprises, Inc. | 13622 | 3032666 |
| FTAI Aviation Ltd. | 57764 | 11370843 |
| WW Grainger, Inc. | 6423 | 6481128 |
|  |  | **38990261** |
| **Total Common Stock** <br>**(Cost $985,679,445)** | **Total Common Stock** <br>**(Cost $985,679,445)** | **1364702058** |
| **CONVERTIBLE PREFERRED STOCKS–1.37%** | **CONVERTIBLE PREFERRED STOCKS–1.37%** | **CONVERTIBLE PREFERRED STOCKS–1.37%** |
| =†πCanva, Inc. Series A | 36 | 59261 |
| =†πCanva, Inc. Series A3 | 1 | 1646 |
| =†πDatabricks, Inc. Series F | 61884 | 11757960 |
| =†πDatabricks, Inc. Series G | 6699 | 1272810 |
| =†πDatabricks, Inc. <br>Series H<br>| 16050 | 3049500 |
| =†πDataRobot, Inc. Series G | 43773 | 69161 |
| =†πRappi, Inc. Series E | 27648 | 491305 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| =†πSnyk Ltd. Series F | 104823 | $830198 |
| =†πSocure, Inc. Series A | 17170 | 130492 |
| =†πSocure, Inc. Series A1 | 14092 | 107099 |
| =†πSocure, Inc. Series B | 255 | 1938 |
| =†πSocure, Inc. Series E | 32664 | 248247 |
| =†πTanium, Inc. Series G | 234645 | 938580 |
| **Total Convertible Preferred Stocks** <br>**(Cost $9,065,493)** | **Total Convertible Preferred Stocks** <br>**(Cost $9,065,493)** | **18958197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.24%** | **MONEY MARKET FUND–0.24%** | **MONEY MARKET FUND–0.24%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 3261938 | 3261938 |
| **Total Money Market Fund** <br>**(Cost $3,261,938)** | **Total Money Market Fund** <br>**(Cost $3,261,938)** | **3261938** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.10% (Cost $998,006,876)** | **1386922193** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.10%)** | **(1359900)**<br>|
| **NET ASSETS APPLICABLE TO 46,311,086 SHARES OUTSTANDING–100.00%** | **$1385562293** |
| **NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND STANDARD CLASS** <br>**($904,831,431 / 29,221,362 Shares)** | **$30.965** |
| **NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND SERVICE CLASS** <br>**($480,730,862 / 17,089,724 Shares)** | **$28.130** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$851186361** |
| Distributable earnings/(accumulated loss) | **534375932** |
| **TOTAL NET ASSETS** | **$1385562293** |

---

&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". |
| 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 $27,457,304, <br> which represented 1.98% 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 T. Rowe Price Structured Mid-Cap Growth Fund-5

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Canva, Inc. | 8/16/2021 | &nbsp;&nbsp; $1034657 | &nbsp;&nbsp; $999207 |
| Canva, Inc. Series A | 11/4/2021 | &nbsp;&nbsp; 61371 | &nbsp;&nbsp; 59261 |
| Canva, Inc. Series A3 | 11/4/2021 | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1646 |
| Databricks, Inc. | 7/24/2020 | &nbsp;&nbsp; 466419 | &nbsp;&nbsp; 5535840 |
| Databricks, Inc. Series F | 10/22/2019 | &nbsp;&nbsp; 885940 | &nbsp;&nbsp; 11757960 |
| Databricks, Inc. Series G | 2/1/2021 | &nbsp;&nbsp; 396063 | &nbsp;&nbsp; 1272810 |
| Databricks, Inc. Series H | 9/1/2021 | &nbsp;&nbsp; 1179420 | &nbsp;&nbsp; 3049500 |
| DataRobot, Inc. Series G | 6/11/2021 | &nbsp;&nbsp; 1197647 | &nbsp;&nbsp; 69161 |
| Icapital, Inc. | 3/14/2025 | &nbsp;&nbsp; 1253463 | &nbsp;&nbsp; 1253463 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 1651858 | &nbsp;&nbsp; 491305 |
| Snyk Ltd. | 9/3/2021 | &nbsp;&nbsp; 897220 | &nbsp;&nbsp; 495380 |
| Snyk Ltd. Series F | 9/3/2021 | &nbsp;&nbsp; 1495342 | &nbsp;&nbsp; 830198 |
| Socure, Inc. | 12/22/2021 | &nbsp;&nbsp; 227017 | &nbsp;&nbsp; 107373 |
| Socure, Inc. Series A | 12/22/2021 | &nbsp;&nbsp; 275898 | &nbsp;&nbsp; 130492 |
| Socure, Inc. Series A1 | 12/22/2021 | &nbsp;&nbsp; 226439 | &nbsp;&nbsp; 107099 |
| Socure, Inc. Series B | 12/22/2021 | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 1938 |
| Socure, Inc. Series E | 10/27/2021 | &nbsp;&nbsp; 524865 | &nbsp;&nbsp; 248247 |
| Tanium, Inc. Class B | 9/24/2020 | &nbsp;&nbsp; 307226 | &nbsp;&nbsp; 107844 |
| Tanium, Inc. Series G | 8/16/2015 | &nbsp;&nbsp; 1164848 | &nbsp;&nbsp; 938580 |
| **Total** |  | &nbsp;&nbsp; $13251495 | &nbsp;&nbsp; $27457304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,413,661 payable for fund shares redeemed, $16,267 other accrued expenses payable, $903,026 due to manager and affiliates, <br> $25,681 payable for audit fee and $33,788 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $6944382 |
| Foreign taxes withheld | (4257)<br>|
|  | 6940125 |
| **EXPENSES:** |  |
| Management fees | 8984708 |
| Distribution fees-Service Class | 1159256 |
| Shareholder servicing fees | 387472 |
| Accounting and administration expenses | 231697 |
| Professional fees | 82653 |
| Trustees' fees and expenses | 38455 |
| Reports and statements to shareholders | 37581 |
| Custodian fees | 14156 |
| Consulting fees | 11193 |
| Pricing fees | 8524 |
| Other | 48745 |
|  | 11004440 |
| Less:  |  |
| Management fees waived | (293054)<br>|
| Total operating expenses | 10711386 |
| **NET INVESTMENT LOSS** | (3771261)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 196553460 |
| Foreign currencies | 50 |
| Net realized gain | 196553510 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (58371503)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 138182007 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $134410746 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <br> **Fund** | **LVIP T. Rowe Price Structured Mid-Cap Growth** <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 loss | $(3771261)<br>| $(2158309)<br>|
| Net realized gain | 196553510 | 174732795 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (58371503)<br>| 87663832 |
| Net increase in net assets <br> resulting from operations<br>| 134410746 | 260238318 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (128072260)<br>| (75675856)<br>|
| Service Class | (74316274)<br>| (41926638)<br>|
|  | (202388534)<br>| (117602494)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 142128952 | 62999828 |
| Service Class | 83078973 | 41161059 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 128072260 | 75675856 |
| Service Class | 74316274 | 41926638 |
|  | 427596459 | 221763381 |
| Cost of shares redeemed: |  |  |
| Standard Class | (164387438)<br>| (159647623)<br>|
| Service Class | (91747002)<br>| (75958286)<br>|
|  | (256134440)<br>| (235605909)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 171462019 | (13842528)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 103484231 | 128793296 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1282078062 | 1153284766 |
| End of year | $1385562293 | $1282078062 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-7

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class** | **LVIP T. Rowe Price Structured Mid-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; $32.321 | &nbsp;&nbsp; $28.804 | &nbsp;&nbsp; $23.777 | &nbsp;&nbsp; $36.260 | &nbsp;&nbsp; $36.647 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; (0.029)<br>| 0.020 | 0.022 | &nbsp;&nbsp; (0.135)<br>|
| Net realized and unrealized gain (loss) | 3.757 | 6.596 | 5.016 | &nbsp;&nbsp; (9.040)<br>| 5.240 |
| Total from investment operations | 3.692 | 6.567 | 5.036 | &nbsp;&nbsp; (9.018)<br>| 5.105 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.005)<br>|
| Net realized gain | &nbsp;&nbsp; (5.048)<br>| &nbsp;&nbsp; (2.955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.487)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.048)<br>| &nbsp;&nbsp; (3.050)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (3.465)<br>| &nbsp;&nbsp; (5.492)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $30.965 | &nbsp;&nbsp; $32.321 | &nbsp;&nbsp; $28.804 | &nbsp;&nbsp; $23.777 | &nbsp;&nbsp; $36.260 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.04% | &nbsp;&nbsp; 23.67% | &nbsp;&nbsp; 21.17% | &nbsp;&nbsp; (24.52%)<br>| &nbsp;&nbsp; 13.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $904831 | &nbsp;&nbsp; $840481 | &nbsp;&nbsp; $765685 | &nbsp;&nbsp; $680842 | &nbsp;&nbsp; $837074 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.35%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; (0.37%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 36% |

---

&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 T. Rowe Price Structured Mid-Cap Growth Fund-8

------

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class** | **LVIP T. Rowe Price Structured Mid-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; $29.840 | &nbsp;&nbsp; $26.809 | &nbsp;&nbsp; $22.179 | &nbsp;&nbsp; $34.219 | &nbsp;&nbsp; $34.939 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.137)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.042)<br>| &nbsp;&nbsp; (0.044)<br>| &nbsp;&nbsp; (0.219)<br>|
| Net realized and unrealized gain (loss) | 3.475 | 6.110 | 4.672 | &nbsp;&nbsp; (8.535)<br>| 4.991 |
| Total from investment operations | 3.338 | 6.011 | 4.630 | &nbsp;&nbsp; (8.579)<br>| 4.772 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | 0.003 | &nbsp;&nbsp; (0.005)<br>|
| Net realized gain | &nbsp;&nbsp; (5.048)<br>| &nbsp;&nbsp; (2.955)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.487)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.048)<br>| &nbsp;&nbsp; (2.980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.461)<br>| &nbsp;&nbsp; (5.492)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $28.130 | &nbsp;&nbsp; $29.840 | &nbsp;&nbsp; $26.809 | &nbsp;&nbsp; $22.179 | &nbsp;&nbsp; $34.219 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 10.76% | &nbsp;&nbsp; 23.36% | &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; (24.71%)<br>| &nbsp;&nbsp; 13.56% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $480731 | &nbsp;&nbsp; $441597 | &nbsp;&nbsp; $387599 | &nbsp;&nbsp; $331129 | &nbsp;&nbsp; $452441 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.96% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.44%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.60%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.46%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.62%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 36% |

---

&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 T. Rowe Price Structured Mid-Cap Growth Fund-9

------

**LVIP T. Rowe Price Structured Mid-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 T. Rowe Price Structured Mid-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") 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 maximize the value of your shares (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 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.

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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-10

------

**LVIP T. Rowe Price Structured Mid-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)**

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 0.75% of the first $200 million of the Fund's average daily net assets; 0.70% of the next $200 million; and 0.65% 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 0.05% 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 Trust's Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

T. Rowe Price (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; $110131 |
| Legal | &nbsp;&nbsp; 18289 |

---

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 T. Rowe Price Structured Mid-Cap Growth Fund-11

------

**LVIP T. Rowe Price Structured Mid-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 $19,387 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; $765507 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 103290 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 34229 |

---

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; $800165560 |
| Sales | &nbsp;&nbsp; 834967295 |

---

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; $1000825350 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $438571552 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (52474709)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $386096843 |

---

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 T. Rowe Price Structured Mid-Cap Growth Fund-12

------

**LVIP T. Rowe Price Structured Mid-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)**

The following tables summarize 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; $101715667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101715667 |
| Air Freight & Logistics | &nbsp;&nbsp; 1494976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1494976 |
| Beverages | &nbsp;&nbsp; 3462244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3462244 |
| Biotechnology | &nbsp;&nbsp; 74719149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74719149 |
| Broadline Retail | &nbsp;&nbsp; 17077456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17077456 |
| Building Products | &nbsp;&nbsp; 4746544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4746544 |
| Capital Markets | &nbsp;&nbsp; 84429081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84429081 |
| Chemicals | &nbsp;&nbsp; 1252166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1252166 |
| Commercial Services & Supplies | &nbsp;&nbsp; 9211325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9211325 |
| Communications Equipment | &nbsp;&nbsp; 1565770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1565770 |
| Construction & Engineering | &nbsp;&nbsp; 41383041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41383041 |
| Consumer Finance | &nbsp;&nbsp; 1464325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1464325 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 22353335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22353335 |
| Diversified Consumer Services | &nbsp;&nbsp; 6609687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6609687 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 4549979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107373 | &nbsp;&nbsp; 4657352 |
| Electric Utilities | &nbsp;&nbsp; 11356997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11356997 |
| Electrical Equipment | &nbsp;&nbsp; 31737443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31737443 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 21658213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21658213 |
| Energy Equipment & Services | &nbsp;&nbsp; 2147525 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2147525 |
| Entertainment | &nbsp;&nbsp; 47247239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47247239 |
| Financial Services | &nbsp;&nbsp; 30358450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1253463 | &nbsp;&nbsp; 31611913 |
| Food Products | &nbsp;&nbsp; 712881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 712881 |
| Ground Transportation | &nbsp;&nbsp; 5353017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5353017 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 58554784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58554784 |
| Health Care Providers & Services | &nbsp;&nbsp; 59881621 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59881621 |
| Health Care Technology | &nbsp;&nbsp; 16532189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16532189 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 155358600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 155358600 |
| Household Durables | &nbsp;&nbsp; 13139041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13139041 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 27596078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27596078 |
| Insurance | &nbsp;&nbsp; 6730310 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6730310 |
| Interactive Media & Services | &nbsp;&nbsp; 13199135 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13199135 |
| IT Services | &nbsp;&nbsp; 46912218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46912218 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 6420466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6420466 |
| Machinery | &nbsp;&nbsp; 9142259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9142259 |
| Media | &nbsp;&nbsp; 3226144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3226144 |
| Metals & Mining | &nbsp;&nbsp; 6702831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6702831 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 36543802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36543802 |
| Paper & Forest Products | &nbsp;&nbsp; 1188545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1188545 |
| Passenger Airlines | &nbsp;&nbsp; 1666118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1666118 |
| Personal Care Products | &nbsp;&nbsp; 2973631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2973631 |
| Pharmaceuticals | &nbsp;&nbsp; 3352563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3352563 |
| Professional Services | &nbsp;&nbsp; 33198362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33198362 |
| Real Estate Management & Development | &nbsp;&nbsp; 7264150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7264150 |
| Retail REITs | &nbsp;&nbsp; 5318210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5318210 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 44018834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44018834 |
| Software | &nbsp;&nbsp; 122055003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7138271 | &nbsp;&nbsp; 129193274 |
| Specialized REITs | &nbsp;&nbsp; 6814786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6814786 |
| Specialty Retail | &nbsp;&nbsp; 69316385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69316385 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 9198280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9198280 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 24301835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24301835 |
| Trading Companies & Distributors | &nbsp;&nbsp; 38990261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38990261 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18958197 | &nbsp;&nbsp; 18958197 |
| Money Market Fund | &nbsp;&nbsp; 3261938 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3261938 |
| **Total Investments** | &nbsp;&nbsp; $1359464889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27457304 | &nbsp;&nbsp; $1386922193 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-13

------

**LVIP T. Rowe Price Structured Mid-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)**

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 | $8499107 | 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 Stocks<br>| $18958197 | Recent Transaction | # | # |
|  |  | 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 | Enterprise Value to Gross Merchandise Value Multiple (b) | 0.25x-0.35x (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 | $27457304 |  |  |  |

| (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. |

---

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 | $4305729 | $868709 | $1253463 | $— | $— | $(868709)<br>| $— | $— | $2939915 | $8499107 | $2939915 |
| Convertible Preferred Stocks | 11678085 | (868709)<br>|  |  |  |  |  |  | 8148821 | 18958197 | 7807772 |
| Total | $15983814 | $— | $1253463 | $— | $— | (868709)$| $— | $— | $11088736 | $27457304 | $10747687 |

---

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. 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; $44444641 | &nbsp;&nbsp; $12261101 |
| Long-term capital gains | &nbsp;&nbsp; 157943893 | &nbsp;&nbsp; 105341393 |
| Total | &nbsp;&nbsp; $202388534 | &nbsp;&nbsp; $117602494 |

---

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-14

------

**LVIP T. Rowe Price Structured Mid-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:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1252743 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 147026346 |
| Net unrealized appreciation | &nbsp;&nbsp; 386096843 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $534375932 |

---

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 rounding:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(2)<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; 4249224 | &nbsp;&nbsp; 1997129 |
| Service Class | &nbsp;&nbsp; 2731255 | &nbsp;&nbsp; 1415800 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 3941985 | &nbsp;&nbsp; 2510716 |
| Service Class | &nbsp;&nbsp; 2511166 | &nbsp;&nbsp; 1511706 |
|  | &nbsp;&nbsp; 13433630 | &nbsp;&nbsp; 7435351 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4974017)<br>| &nbsp;&nbsp; (5086417)<br>|
| Service Class | &nbsp;&nbsp; (2951619)<br>| &nbsp;&nbsp; (2586582)<br>|
|  | &nbsp;&nbsp; (7925636)<br>| &nbsp;&nbsp; (7672999)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 5507994 | &nbsp;&nbsp; (237648)<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**

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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund-15

------

**LVIP T. Rowe Price Structured Mid-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)**

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 T. Rowe Price Structured Mid-Cap Growth Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP T. Rowe Price Structured Mid-Cap Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP T. Rowe Price Structured Mid-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.

![](img197b6bb22.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–17

------

![](imgc96a60ae1.jpg)

LVIP T. Rowe Price Target Date Funds

---

| |
|:---|
| LVIP T. Rowe Price 2020 Fund  |
| LVIP T. Rowe Price 2030 Fund  |
| LVIP T. Rowe Price 2040 Fund  |
| LVIP T. Rowe Price 2050 Fund  |
| LVIP T. Rowe Price 2060 Fund  |

---

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP T. Rowe Price Target Date Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_SOI-continued-297_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_FS-continued-297_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Operations](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_FS-continued-297_2)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_FS-continued-297_3)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_FIHI-continued-297_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_NTF-continued-298_1)**  | &nbsp;&nbsp; **20** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6e9f0e41-b4c4-48f2-b018-731c5926a532_AUDIT-continued-297_1)**  | &nbsp;&nbsp; **28** |

---

------

**LVIP T. Rowe Price 2020 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–43.43%** | **AFFILIATED INVESTMENTS–43.43%** | **AFFILIATED INVESTMENTS–43.43%** |
| **INVESTMENT COMPANIES–43.43%** | **INVESTMENT COMPANIES–43.43%** | **INVESTMENT COMPANIES–43.43%** |
| **Equity Funds–16.19%** | **Equity Funds–16.19%** | **Equity Funds–16.19%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 109249 | $1408101 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 404518 | 13633878 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 34499 | 1200983 |
|  |  | **16242962** |
| **Fixed Income Fund–20.35%** | **Fixed Income Fund–20.35%** | **Fixed Income Fund–20.35%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 2021837 | 20408419 |
|  |  | **20408419** |
| **International Equity Fund–6.89%** | **International Equity Fund–6.89%** | **International Equity Fund–6.89%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 520876 | 6914114 |
|  |  | **6914114** |
| **Total Affiliated Investments** <br>**(Cost $28,171,442)**<br>|  | **43565495** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–58.33%** | **UNAFFILIATED INVESTMENTS–58.33%** | **UNAFFILIATED INVESTMENTS–58.33%** |
| **INVESTMENT COMPANIES–58.33%** | **INVESTMENT COMPANIES–58.33%** | **INVESTMENT COMPANIES–58.33%** |
| **Equity Funds–22.93%** | **Equity Funds–22.93%** | **Equity Funds–22.93%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 86023 | 1535517 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 45859 | 4964237 |
| \*\*T. Rowe Price Hedged Equity <br> Fund<br>| 404044 | 5268736 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 7342 | 716512 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 23718 | 760645 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 12923 | 674719 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 193204 | 3363673 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 10978 | $560303 |
| \*\*T. Rowe Price Value Fund | 108060 | 5152277 |
|  |  | **22996619** |
| **Fixed Income Funds–19.66%** | **Fixed Income Funds–19.66%** | **Fixed Income Funds–19.66%** |
| \*\*T. Rowe Price Dynamic Credit <br> Fund<br>| 147237 | 1295686 |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 562548 | 3380912 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1346905 | 12364592 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 373103 | 2682610 |
|  |  | **19723800** |
| **International Equity Funds–5.77%** | **International Equity Funds–5.77%** | **International Equity Funds–5.77%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 31355 | 1398107 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 78580 | 1640763 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 116738 | 2746836 |
|  |  | **5785706** |
| **International Fixed Income Funds–6.76%** | **International Fixed Income Funds–6.76%** | **International Fixed Income Funds–6.76%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 298852 | 2937716 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 449619 | 3844243 |
|  |  | **6781959** |
| **Money Market Fund–3.21%** | **Money Market Fund–3.21%** | **Money Market Fund–3.21%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 3222538 | 3222538 |
|  |  | **3222538** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $51,906,192)**<br>|  | **58510622** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–101.76% (Cost $80,077,634)** | **102076117** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.76%)** | **(1763747)**<br>|
| **NET ASSETS APPLICABLE TO 10,210,159 SHARES OUTSTANDING–100.00%** | **$100312370** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-1

------

**LVIP T. Rowe Price 2030 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–46.89%** | **AFFILIATED INVESTMENTS–46.89%** | **AFFILIATED INVESTMENTS–46.89%** |
| **INVESTMENT COMPANIES–46.89%** | **INVESTMENT COMPANIES–46.89%** | **INVESTMENT COMPANIES–46.89%** |
| **Equity Funds–21.78%** | **Equity Funds–21.78%** | **Equity Funds–21.78%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 354903 | $4574346 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1237649 | 41713710 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 102177 | 3556982 |
|  |  | **49845038** |
| **Fixed Income Fund–15.94%** | **Fixed Income Fund–15.94%** | **Fixed Income Fund–15.94%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 3614759 | 36487373 |
|  |  | **36487373** |
| **International Equity Fund–9.17%** | **International Equity Fund–9.17%** | **International Equity Fund–9.17%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1582327 | 21003816 |
|  |  | **21003816** |
| **Total Affiliated Investments** <br>**(Cost $61,402,543)**<br>|  | **107336227** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–54.58%** | **UNAFFILIATED INVESTMENTS–54.58%** | **UNAFFILIATED INVESTMENTS–54.58%** |
| **INVESTMENT COMPANIES–54.58%** | **INVESTMENT COMPANIES–54.58%** | **INVESTMENT COMPANIES–54.58%** |
| **Equity Funds–26.33%** | **Equity Funds–26.33%** | **Equity Funds–26.33%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 250446 | 4470461 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 138119 | 14951390 |
| \*\*T. Rowe Price Hedged Equity <br> Fund<br>| 582457 | 7595234 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 23419 | 2285423 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 70411 | 2258082 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 37382 | 1951706 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 555374 | 9669064 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 35465 | $1810153 |
| \*\*T. Rowe Price Value Fund | 320311 | 15272415 |
|  |  | **60263928** |
| **Fixed Income Funds–11.42%** | **Fixed Income Funds–11.42%** | **Fixed Income Funds–11.42%** |
| \*\*T. Rowe Price Dynamic Credit <br> Fund<br>| 90062 | 792550 |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 980247 | 5891282 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1373439 | 12608168 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 951756 | 6843123 |
|  |  | **26135123** |
| **International Equity Funds–7.54%** | **International Equity Funds–7.54%** | **International Equity Funds–7.54%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 91699 | 4088840 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 230100 | 4804499 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 354793 | 8348286 |
|  |  | **17241625** |
| **International Fixed Income Funds–5.23%** | **International Fixed Income Funds–5.23%** | **International Fixed Income Funds–5.23%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 511820 | 5031192 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 812116 | 6943594 |
|  |  | **11974786** |
| **Money Market Fund–4.06%** | **Money Market Fund–4.06%** | **Money Market Fund–4.06%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 9299147 | 9299147 |
|  |  | **9299147** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $109,940,387)**<br>|  | **124914609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–101.47% (Cost $171,342,930)** | **232250836** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.47%)** | **(3369105)**<br>|
| **NET ASSETS APPLICABLE TO 18,305,709 SHARES OUTSTANDING–100.00%** | **$228881731** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-2

------

**LVIP T. Rowe Price 2040 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–50.84%** | **AFFILIATED INVESTMENTS–50.84%** | **AFFILIATED INVESTMENTS–50.84%** |
| **INVESTMENT COMPANIES–50.84%** | **INVESTMENT COMPANIES–50.84%** | **INVESTMENT COMPANIES–50.84%** |
| **Equity Funds–31.27%** | **Equity Funds–31.27%** | **Equity Funds–31.27%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 440536 | $5678067 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1548847 | 52202330 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 126955 | 4419576 |
|  |  | **62299973** |
| **Fixed Income Fund–6.51%** | **Fixed Income Fund–6.51%** | **Fixed Income Fund–6.51%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 1284441 | 12965148 |
|  |  | **12965148** |
| **International Equity Fund–13.06%** | **International Equity Fund–13.06%** | **International Equity Fund–13.06%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1960845 | 26028259 |
|  |  | **26028259** |
| **Total Affiliated Investments** <br>**(Cost $45,540,054)**<br>|  | **101293380** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–50.02%** | **UNAFFILIATED INVESTMENTS–50.02%** | **UNAFFILIATED INVESTMENTS–50.02%** |
| **INVESTMENT COMPANIES–50.02%** | **INVESTMENT COMPANIES–50.02%** | **INVESTMENT COMPANIES–50.02%** |
| **Equity Funds–31.82%** | **Equity Funds–31.82%** | **Equity Funds–31.82%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 304699 | 5438883 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 167824 | 18166898 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 28942 | 2824422 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 85799 | 2751587 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 40313 | 2104731 |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 650795 | 11330342 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 43264 | $2208215 |
| \*\*T. Rowe Price Value Fund | 389467 | 18569770 |
|  |  | **63394848** |
| **Fixed Income Funds–2.98%** | **Fixed Income Funds–2.98%** | **Fixed Income Funds–2.98%** |
| \*\*T. Rowe Price High Yield <br> Fund<br>| 243954 | 1466162 |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 97533 | 895355 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 497131 | 3574374 |
|  |  | **5935891** |
| **International Equity Funds–10.54%** | **International Equity Funds–10.54%** | **International Equity Funds–10.54%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 115772 | 5162283 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 280922 | 5865647 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 423777 | 9971462 |
|  |  | **20999392** |
| **International Fixed Income Funds–1.72%** | **International Fixed Income Funds–1.72%** | **International Fixed Income Funds–1.72%** |
| \*\*T. Rowe Price Emerging <br> Markets Bond Fund<br>| 114143 | 1122032 |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 270258 | 2310703 |
|  |  | **3432735** |
| **Money Market Fund–2.96%** | **Money Market Fund–2.96%** | **Money Market Fund–2.96%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 5904087 | 5904087 |
|  |  | **5904087** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $82,538,575)**<br>|  | **99666953** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.86% (Cost $128,078,629)** | **200960333** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.86%)** | **(1704816)**<br>|
| **NET ASSETS APPLICABLE TO 14,338,307 SHARES OUTSTANDING–100.00%** | **$199255517** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-3

------

**LVIP T. Rowe Price 2050 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–50.12%** | **AFFILIATED INVESTMENTS–50.12%** | **AFFILIATED INVESTMENTS–50.12%** |
| **INVESTMENT COMPANIES–50.12%** | **INVESTMENT COMPANIES–50.12%** | **INVESTMENT COMPANIES–50.12%** |
| **Equity Funds–34.98%** | **Equity Funds–34.98%** | **Equity Funds–34.98%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 263466 | $3395812 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 973552 | 32812598 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 77266 | 2689787 |
|  |  | **38898197** |
| **Fixed Income Fund–0.58%** | **Fixed Income Fund–0.58%** | **Fixed Income Fund–0.58%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 64311 | 649151 |
|  |  | **649151** |
| **International Equity Fund–14.56%** | **International Equity Fund–14.56%** | **International Equity Fund–14.56%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 1219758 | 16191073 |
|  |  | **16191073** |
| **Total Affiliated Investments** <br>**(Cost $29,043,929)**<br>|  | **55738421** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–50.26%** | **UNAFFILIATED INVESTMENTS–50.26%** | **UNAFFILIATED INVESTMENTS–50.26%** |
| **INVESTMENT COMPANIES–50.26%** | **INVESTMENT COMPANIES–50.26%** | **INVESTMENT COMPANIES–50.26%** |
| **Equity Funds–35.80%** | **Equity Funds–35.80%** | **Equity Funds–35.80%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 194400 | 3470044 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 104330 | 11293709 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 17720 | 1729245 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 52178 | 1673353 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 27334 | 1427081 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 408901 | $7118965 |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 26848 | 1370337 |
| \*\*T. Rowe Price Value Fund | 246057 | 11732020 |
|  |  | **39814754** |
| **Fixed Income Funds–0.29%** | **Fixed Income Funds–0.29%** | **Fixed Income Funds–0.29%** |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 1933 | 17743 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 41616 | 299223 |
|  |  | **316966** |
| **International Equity Funds–11.89%** | **International Equity Funds–11.89%** | **International Equity Funds–11.89%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 72469 | 3231402 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 174328 | 3639972 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 270017 | 6353487 |
|  |  | **13224861** |
| **International Fixed Income Fund–0.11%** | **International Fixed Income Fund–0.11%** | **International Fixed Income Fund–0.11%** |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 13603 | 116307 |
|  |  | **116307** |
| **Money Market Fund–2.17%** | **Money Market Fund–2.17%** | **Money Market Fund–2.17%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2416309 | 2416309 |
|  |  | **2416309** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $44,386,401)**<br>|  | **55889197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.38% (Cost $73,430,330)** | **111627618** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.38%)** | **(422335)**<br>|
| **NET ASSETS APPLICABLE TO 7,230,124 SHARES OUTSTANDING–100.00%** | **$111205283** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-4

------

**LVIP T. Rowe Price 2060 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–50.81%** | **AFFILIATED INVESTMENTS–50.81%** | **AFFILIATED INVESTMENTS–50.81%** |
| **INVESTMENT COMPANIES–50.81%** | **INVESTMENT COMPANIES–50.81%** | **INVESTMENT COMPANIES–50.81%** |
| **Equity Funds–35.69%** | **Equity Funds–35.69%** | **Equity Funds–35.69%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 109630 | $1413019 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 404056 | 13618308 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 32226 | 1121840 |
|  |  | **16153167** |
| **Fixed Income Fund–0.54%** | **Fixed Income Fund–0.54%** | **Fixed Income Fund–0.54%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Bond Index <br> Fund<br>| 24334 | 245633 |
|  |  | **245633** |
| **International Equity Fund–14.58%** | **International Equity Fund–14.58%** | **International Equity Fund–14.58%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA International <br> Index Fund<br>| 496991 | 6597057 |
|  |  | **6597057** |
| **Total Affiliated Investments** <br>**(Cost $18,579,808)**<br>|  | **22995857** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–49.26%** | **UNAFFILIATED INVESTMENTS–49.26%** | **UNAFFILIATED INVESTMENTS–49.26%** |
| **INVESTMENT COMPANIES–49.26%** | **INVESTMENT COMPANIES–49.26%** | **INVESTMENT COMPANIES–49.26%** |
| **Equity Funds–36.18%** | **Equity Funds–36.18%** | **Equity Funds–36.18%** |
| \*\*T. Rowe Price Emerging <br> Markets Discovery Stock <br> Fund<br>| 79249 | 1414600 |
| \*\*T. Rowe Price Growth Stock <br> Fund<br>| 43422 | 4700437 |
| \*\*T. Rowe Price Mid-Cap <br> Growth Fund<br>| 7009 | 683970 |
| \*\*T. Rowe Price Mid-Cap Value <br> Fund<br>| 21793 | 698911 |
| \*\*T. Rowe Price New Horizons <br> Fund<br>| 11225 | 586054 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| **Equity Funds (continued)** | **Equity Funds (continued)** | **Equity Funds (continued)** |
| \*\*T. Rowe Price Real Assets <br> Fund<br>| 165786 | $2886328 |
| \*\*T. Rowe Price Small-Cap <br> Value Fund<br>| 11001 | 561500 |
| \*\*T. Rowe Price Value Fund | 101513 | 4840146 |
|  |  | **16371946** |
| **Fixed Income Funds–0.23%** | **Fixed Income Funds–0.23%** | **Fixed Income Funds–0.23%** |
| \*\*T. Rowe Price U.S. Limited <br> Duration TIPS Index Fund<br>| 678 | 6218 |
| \*\*T. Rowe Price U.S. Treasury <br> Long-Term Fund<br>| 13894 | 99897 |
|  |  | **106115** |
| **International Equity Funds–11.58%** | **International Equity Funds–11.58%** | **International Equity Funds–11.58%** |
| \*\*T. Rowe Price Emerging <br> Markets Stock Fund<br>| 28093 | 1252677 |
| \*\*T. Rowe Price International <br> Stock Fund<br>| 70193 | 1465625 |
| \*\*T. Rowe Price International <br> Value Equity Fund<br>| 107273 | 2524138 |
|  |  | **5242440** |
| **International Fixed Income Fund–0.08%** | **International Fixed Income Fund–0.08%** | **International Fixed Income Fund–0.08%** |
| \*\*T. Rowe Price International <br> Bond Fund<br>| 4351 | 37203 |
|  |  | **37203** |
| **Money Market Fund–1.19%** | **Money Market Fund–1.19%** | **Money Market Fund–1.19%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 538413 | 538413 |
|  |  | **538413** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $19,273,301)**<br>|  | **22296117** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.07% (Cost $37,853,109)** | **45291974** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)** | **(33853)**<br>|
| **NET ASSETS APPLICABLE TO 2,615,652 SHARES OUTSTANDING–100.00%** | **$45258121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |
| TIPS–Treasury Inflation-Protected Securities |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date 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** | **Statements of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **ASSETS:** |  |  |  |  |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $58510622 | &nbsp;&nbsp; $124914609 | &nbsp;&nbsp; $99666953 | &nbsp;&nbsp; $55889197 | &nbsp;&nbsp; $22296117 |
| Affiliated investments, at value | &nbsp;&nbsp; 43565495 | &nbsp;&nbsp; 107336227 | &nbsp;&nbsp; 101293380 | &nbsp;&nbsp; 55738421 | &nbsp;&nbsp; 22995857 |
| Dividends and interest receivable  | &nbsp;&nbsp; 101818 | &nbsp;&nbsp; 165204 | &nbsp;&nbsp; 92315 | &nbsp;&nbsp; 10869 | &nbsp;&nbsp; 2763 |
| Receivable for fund shares sold | &nbsp;&nbsp; 7088 | &nbsp;&nbsp; 25238 | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 39879 | &nbsp;&nbsp; 55862 |
| Expense reimbursement receivable from Lincoln Financial <br> Investments Corporation<br>| &nbsp;&nbsp; 6834 | &nbsp;&nbsp; 5296 | &nbsp;&nbsp; 4018 | &nbsp;&nbsp; 4188 | &nbsp;&nbsp; 6067 |
| Prepaid expenses | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 154 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 102192208 | &nbsp;&nbsp; 232447394 | &nbsp;&nbsp; 201060518 | &nbsp;&nbsp; 111682950 | &nbsp;&nbsp; 45356820 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1739825 | &nbsp;&nbsp; 2296307 | &nbsp;&nbsp; 1289521 | &nbsp;&nbsp; 419455 | &nbsp;&nbsp; 24 |
| Payable for securities purchased | &nbsp;&nbsp; 88556 | &nbsp;&nbsp; 1189021 | &nbsp;&nbsp; 437884 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 60488 |
| Due to manager and affiliates | &nbsp;&nbsp; 22084 | &nbsp;&nbsp; 50252 | &nbsp;&nbsp; 47717 | &nbsp;&nbsp; 27368 | &nbsp;&nbsp; 9060 |
| Payable for audit fee | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 9226 | &nbsp;&nbsp; 9239 | &nbsp;&nbsp; 9236 | &nbsp;&nbsp; 9227 | &nbsp;&nbsp; 9220 |
| Other accrued expenses payable | &nbsp;&nbsp; 3076 | &nbsp;&nbsp; 3773 | &nbsp;&nbsp; 3572 | &nbsp;&nbsp; 3068 | &nbsp;&nbsp; 2836 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1879838 | &nbsp;&nbsp; 3565663 | &nbsp;&nbsp; 1805001 | &nbsp;&nbsp; 477667 | &nbsp;&nbsp; 98699 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $100312370 | &nbsp;&nbsp; $228881731 | &nbsp;&nbsp; $199255517 | &nbsp;&nbsp; $111205283 | &nbsp;&nbsp; $45258121 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $51906192 | &nbsp;&nbsp; $109940387 | &nbsp;&nbsp; $82538575 | &nbsp;&nbsp; $44386401 | &nbsp;&nbsp; $19273301 |
| Affiliated investments, at cost | &nbsp;&nbsp; 28171442 | &nbsp;&nbsp; 61402543 | &nbsp;&nbsp; 45540054 | &nbsp;&nbsp; 29043929 | &nbsp;&nbsp; 18579808 |
| **Standard Class:** |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $85902070 | &nbsp;&nbsp; $192736454 | &nbsp;&nbsp; $149763812 | &nbsp;&nbsp; $80604663 | &nbsp;&nbsp; $41840359 |
| Shares Outstanding | &nbsp;&nbsp; 8742034 | &nbsp;&nbsp; 15411296 | &nbsp;&nbsp; 10762470 | &nbsp;&nbsp; 5231250 | &nbsp;&nbsp; 2417458 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.826 | &nbsp;&nbsp; $12.506 | &nbsp;&nbsp; $13.915 | &nbsp;&nbsp; $15.408 | &nbsp;&nbsp; $17.308 |
| **Service Class:** |  |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $14410300 | &nbsp;&nbsp; $36145277 | &nbsp;&nbsp; $49491705 | &nbsp;&nbsp; $30600620 | &nbsp;&nbsp; $3417762 |
| Shares Outstanding | &nbsp;&nbsp; 1468125 | &nbsp;&nbsp; 2894413 | &nbsp;&nbsp; 3575837 | &nbsp;&nbsp; 1998874 | &nbsp;&nbsp; 198194 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $12.488 | &nbsp;&nbsp; $13.841 | &nbsp;&nbsp; $15.309 | &nbsp;&nbsp; $17.244 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |  |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $84570663 | &nbsp;&nbsp; $171566059 | &nbsp;&nbsp; $130477997 | &nbsp;&nbsp; $72487298 | &nbsp;&nbsp; $36630026 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 15741707 | &nbsp;&nbsp; 57315672 | &nbsp;&nbsp; 68777520 | &nbsp;&nbsp; 38717985 | &nbsp;&nbsp; 8628095 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $100312370 | &nbsp;&nbsp; $228881731 | &nbsp;&nbsp; $199255517 | &nbsp;&nbsp; $111205283 | &nbsp;&nbsp; $45258121 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Operations** | **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 | Year Ended December 31, 2025 |
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends from unaffiliated investments | $1809665 | $3176195 | $1950509 | $947782 | $361898 |
| Dividends from affiliated investments | 1031578 | 2320665 | 1825391 | 905067 | 366858 |
|  | 2841243 | 5496860 | 3775900 | 1852849 | 728756 |
| **EXPENSES:** |  |  |  |  |  |
| Management fees | 182022 | 404836 | 348947 | 192757 | 70823 |
| Professional fees | 38334 | 41064 | 40411 | 38519 | 37065 |
| Distribution fees-Service Class | 36904 | 85689 | 114192 | 70414 | 7348 |
| Accounting and administration expenses | 36454 | 47809 | 44893 | 36905 | 30633 |
| Shareholder servicing fees | 27782 | 61791 | 53260 | 29421 | 10810 |
| Consulting fees | 4613 | 4699 | 4681 | 4622 | 4587 |
| Reports and statements to shareholders | 4286 | 6294 | 6248 | 5095 | 3791 |
| Custodian fees | 2790 | 2351 | 2135 | 1980 | 2614 |
| Trustees' fees and expenses | 2758 | 6070 | 5204 | 2868 | 1027 |
| Pricing fees | 371 | 777 | 667 | 382 | 159 |
| Other | 3188 | 4369 | 4514 | 3226 | 2947 |
|  | 339502 | 665749 | 625152 | 386189 | 171804 |
| Less:  |  |  |  |  |  |
| Expenses reimbursed | (72675)<br>| (47382)<br>| (33453)<br>| (41858)<br>| (63812)<br>|
| Total operating expenses | 266827 | 618367 | 591699 | 344331 | 107992 |
| **NET INVESTMENT INCOME**  | 2574416 | 4878493 | 3184201 | 1508518 | 620764 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Sale of affiliated investments | 2392509 | 3639617 | 230018 | (9507)<br>| (63731)<br>|
| Sale of unaffiliated investments | (217296)<br>| (580139)<br>| (106296)<br>| (46306)<br>| (90234)<br>|
| Distributions from affiliated investment companies | 749028 | 2399039 | 3031036 | 1885005 | 742296 |
| Distributions from unaffiliated investment companies | 1331872 | 3524711 | 3884044 | 2439078 | 987184 |
| Net realized gain | 4256113 | 8983228 | 7038802 | 4268270 | 1575515 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Affiliated investments | 1151857 | 6307057 | 10885714 | 6661650 | 2561095 |
| Unaffiliated investments | 3624392 | 9686426 | 9668447 | 5765929 | 2159726 |
| Net change in unrealized appreciation (depreciation) | 4776249 | 15993483 | 20554161 | 12427579 | 4720821 |
| **NET REALIZED AND UNREALIZED GAIN** | 9032362 | 24976711 | 27592963 | 16695849 | 6296336 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $11606778 | $29855204 | $30777164 | $18204367 | $6917100 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date 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> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 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 | $2574416 | $2332898 | $4878493 | $4029316 | $3184201 | $2400111 |
| Net realized gain | 4256113 | 5298917 | 8983228 | 10433866 | 7038802 | 8356311 |
| Net change in unrealized appreciation (depreciation) | 4776249 | 476380 | 15993483 | 4821093 | 20554161 | 8714750 |
| Net increase in net assets resulting from operations | 11606778 | 8108195 | 29855204 | 19284275 | 30777164 | 19471172 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (6643774)<br>| (3287586)<br>| (12539706)<br>| (5670995)<br>| (7838504)<br>| (4082245)<br>|
| Service Class | (1146420)<br>| (590037)<br>| (2268834)<br>| (1043828)<br>| (2458286)<br>| (1310084)<br>|
|  | (7790194)<br>| (3877623)<br>| (14808540)<br>| (6714823)<br>| (10296790)<br>| (5392329)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 18558844 | 10055959 | 35135849 | 44842666 | 24633143 | 28387488 |
| Service Class | 463433 | 616338 | 2375617 | 1660823 | 2388897 | 2169703 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 6643774 | 3287586 | 12539706 | 5670995 | 7838504 | 4082245 |
| Service Class | 1146420 | 590037 | 2268834 | 1043828 | 2458286 | 1310084 |
|  | 26812471 | 14549920 | 52320006 | 53218312 | 37318830 | 35949520 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (21595714)<br>| (20490361)<br>| (34834025)<br>| (47214668)<br>| (25133463)<br>| (28149255)<br>|
| Service Class | (2963453)<br>| (2199775)<br>| (4017956)<br>| (4157564)<br>| (3453844)<br>| (4795849)<br>|
|  | (24559167)<br>| (22690136)<br>| (38851981)<br>| (51372232)<br>| (28587307)<br>| (32945104)<br>|
| Increase (decrease) in net assets derived from capital share transactions | 2253304 | (8140216)<br>| 13468025 | 1846080 | 8731523 | 3004416 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 6069888 | (3909644)<br>| 28514689 | 14415532 | 29211897 | 17083259 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 94242482 | 98152126 | 200367042 | 185951510 | 170043620 | 152960361 |
| End of year | $100312370 | $94242482 | $228881731 | $200367042 | $199255517 | $170043620 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** | **LVIP T. Rowe Price Target Date Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 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 | $1508518 | $1118319 | $620764 | $405234 |
| Net realized gain | 4268270 | 4932258 | 1575515 | 1223380 |
| Net change in unrealized appreciation (depreciation) | 12427579 | 5880947 | 4720821 | 1611176 |
| Net increase in net assets resulting from operations | 18204367 | 11931524 | 6917100 | 3239790 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class | (4143264)<br>| (2105118)<br>| (1153252)<br>| (1193925)<br>|
| Service Class | (1516645)<br>| (763653)<br>| (86494)<br>| (97498)<br>|
|  | (5659909)<br>| (2868771)<br>| (1239746)<br>| (1291423)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 14481715 | 14349795 | 10562390 | 10804005 |
| Service Class | 1633050 | 1460962 | 990571 | 867495 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class | 4143264 | 2105118 | 1153252 | 1193925 |
| Service Class | 1516645 | 763653 | 86494 | 97498 |
|  | 21774674 | 18679528 | 12792707 | 12962923 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (14585042)<br>| (17829694)<br>| (4171649)<br>| (3960182)<br>|
| Service Class | (2169440)<br>| (1937466)<br>| (515748)<br>| (312159)<br>|
|  | (16754482)<br>| (19767160)<br>| (4687397)<br>| (4272341)<br>|
| Increase (decrease) in net assets derived from capital share transactions | 5020192 | (1087632)<br>| 8105310 | 8690582 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 17564650 | 7975121 | 13782664 | 10638949 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 93640633 | 85665512 | 31475457 | 20836508 |
| End of year | $111205283 | $93640633 | $45258121 | $31475457 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP T. Rowe Price Target Date Funds–9

------

**LVIP T. Rowe Price 2020 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 Fund Standard Class** | **LVIP T. Rowe Price 2020 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; $9.436 | &nbsp;&nbsp; $9.039 | &nbsp;&nbsp; $8.479 | &nbsp;&nbsp; $11.391 | &nbsp;&nbsp; $10.897 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.268 | 0.232 | 0.216 | 0.232 | 0.195 |
| Net realized and unrealized gain (loss) | 0.949 | 0.564 | 0.913 | &nbsp;&nbsp; (1.987)<br>| 0.917 |
| Total from investment operations | 1.217 | 0.796 | 1.129 | &nbsp;&nbsp; (1.755)<br>| 1.112 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.282)<br>| &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.220)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.339)<br>|
| Net realized gain | &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.279)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.827)<br>| &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.569)<br>| &nbsp;&nbsp; (1.157)<br>| &nbsp;&nbsp; (0.618)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.826 | &nbsp;&nbsp; $9.436 | &nbsp;&nbsp; $9.039 | &nbsp;&nbsp; $8.479 | &nbsp;&nbsp; $11.391 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.02% | &nbsp;&nbsp; 8.81% | &nbsp;&nbsp; 13.54% | &nbsp;&nbsp; (15.18%)<br>| &nbsp;&nbsp; 10.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $85902 | &nbsp;&nbsp; $79113 | &nbsp;&nbsp; $82716 | &nbsp;&nbsp; $75626 | &nbsp;&nbsp; $100543 |
| 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; 0.24% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.32% | &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; 2.73% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 1.69% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 1.63% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 8% |

---

&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 expense 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 T. Rowe Price Target Date Funds-10

------

**LVIP T. Rowe Price 2020 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 Fund Service Class** | **LVIP T. Rowe Price 2020 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; $9.427 | &nbsp;&nbsp; $9.030 | &nbsp;&nbsp; $8.472 | &nbsp;&nbsp; $11.382 | &nbsp;&nbsp; $10.889 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.243 | 0.208 | 0.194 | 0.208 | 0.166 |
| Net realized and unrealized gain (loss) | 0.946 | 0.563 | 0.911 | &nbsp;&nbsp; (1.985)<br>| 0.916 |
| Total from investment operations | 1.189 | 0.771 | 1.105 | &nbsp;&nbsp; (1.777)<br>| 1.082 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.230)<br>| &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.251)<br>| &nbsp;&nbsp; (0.310)<br>|
| Net realized gain | &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.279)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.801)<br>| &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.547)<br>| &nbsp;&nbsp; (1.133)<br>| &nbsp;&nbsp; (0.589)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $9.427 | &nbsp;&nbsp; $9.030 | &nbsp;&nbsp; $8.472 | &nbsp;&nbsp; $11.382 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.74% | &nbsp;&nbsp; 8.52% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; (15.39%)<br>| &nbsp;&nbsp; 9.95% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $14410 | &nbsp;&nbsp; $15129 | &nbsp;&nbsp; $15436 | &nbsp;&nbsp; $15015 | &nbsp;&nbsp; $20170 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.57% | &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; 2.48% | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.44% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 1.38% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 8% |

---

&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 expense 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 T. Rowe Price Target Date Funds-11

------

**LVIP T. Rowe Price 2030 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 Fund Standard Class** | **LVIP T. Rowe Price 2030 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; $11.627 | &nbsp;&nbsp; $10.894 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $13.145 | &nbsp;&nbsp; $11.978 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.285 | 0.242 | 0.222 | 0.204 | 0.170 |
| Net realized and unrealized gain (loss) | 1.444 | 0.894 | 1.361 | &nbsp;&nbsp; (2.447)<br>| 1.457 |
| Total from investment operations | 1.729 | 1.136 | 1.583 | &nbsp;&nbsp; (2.243)<br>| 1.627 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.259)<br>| &nbsp;&nbsp; (0.220)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.299)<br>|
| Net realized gain | &nbsp;&nbsp; (0.555)<br>| &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.469)<br>| &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.161)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.689)<br>| &nbsp;&nbsp; (0.902)<br>| &nbsp;&nbsp; (0.460)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.506 | &nbsp;&nbsp; $11.627 | &nbsp;&nbsp; $10.894 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $13.145 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.99% | &nbsp;&nbsp; 10.43% | &nbsp;&nbsp; 16.14% | &nbsp;&nbsp; (16.87%)<br>| &nbsp;&nbsp; 13.60% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $192737 | &nbsp;&nbsp; $167306 | &nbsp;&nbsp; $153622 | &nbsp;&nbsp; $126830 | &nbsp;&nbsp; $158690 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.27% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.32% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.30% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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 expense 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 T. Rowe Price Target Date Funds-12

------

**LVIP T. Rowe Price 2030 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 Fund Service Class** | **LVIP T. Rowe Price 2030 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; $11.613 | &nbsp;&nbsp; $10.882 | &nbsp;&nbsp; $9.992 | &nbsp;&nbsp; $13.133 | &nbsp;&nbsp; $11.969 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.254 | 0.212 | 0.196 | 0.176 | 0.138 |
| Net realized and unrealized gain (loss) | 1.441 | 0.892 | 1.357 | &nbsp;&nbsp; (2.443)<br>| 1.454 |
| Total from investment operations | 1.695 | 1.104 | 1.553 | &nbsp;&nbsp; (2.267)<br>| 1.592 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.267)<br>|
| Net realized gain | &nbsp;&nbsp; (0.555)<br>| &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.469)<br>| &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.161)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.820)<br>| &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.663)<br>| &nbsp;&nbsp; (0.874)<br>| &nbsp;&nbsp; (0.428)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.488 | &nbsp;&nbsp; $11.613 | &nbsp;&nbsp; $10.882 | &nbsp;&nbsp; $9.992 | &nbsp;&nbsp; $13.133 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.71% | &nbsp;&nbsp; 10.14% | &nbsp;&nbsp; 15.84% | &nbsp;&nbsp; (17.07%)<br>| &nbsp;&nbsp; 13.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $36145 | &nbsp;&nbsp; $33061 | &nbsp;&nbsp; $32330 | &nbsp;&nbsp; $29981 | &nbsp;&nbsp; $37437 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.52% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &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 expense 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 T. Rowe Price Target Date Funds-13

------

**LVIP T. Rowe Price 2040 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 Fund Standard Class** | **LVIP T. Rowe Price 2040 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; $12.418 | &nbsp;&nbsp; $11.352 | &nbsp;&nbsp; $10.067 | &nbsp;&nbsp; $13.056 | &nbsp;&nbsp; $11.595 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.238 | 0.188 | 0.185 | 0.171 | 0.139 |
| Net realized and unrealized gain (loss) | 2.001 | 1.292 | 1.714 | &nbsp;&nbsp; (2.510)<br>| 1.822 |
| Total from investment operations | 2.239 | 1.480 | 1.899 | &nbsp;&nbsp; (2.339)<br>| 1.961 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.219)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.337)<br>|
| Net realized gain | &nbsp;&nbsp; (0.523)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.456)<br>| &nbsp;&nbsp; (0.163)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.742)<br>| &nbsp;&nbsp; (0.414)<br>| &nbsp;&nbsp; (0.614)<br>| &nbsp;&nbsp; (0.650)<br>| &nbsp;&nbsp; (0.500)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.915 | &nbsp;&nbsp; $12.418 | &nbsp;&nbsp; $11.352 | &nbsp;&nbsp; $10.067 | &nbsp;&nbsp; $13.056 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 18.14% | &nbsp;&nbsp; 13.04% | &nbsp;&nbsp; 19.19% | &nbsp;&nbsp; (17.74%)<br>| &nbsp;&nbsp; 16.93% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $149764 | &nbsp;&nbsp; $127062 | &nbsp;&nbsp; $112467 | &nbsp;&nbsp; $90927 | &nbsp;&nbsp; $113550 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.28% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.07% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 10% | &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 expense 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 T. Rowe Price Target Date Funds-14

------

**LVIP T. Rowe Price 2040 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 Fund Service Class** | **LVIP T. Rowe Price 2040 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; $12.358 | &nbsp;&nbsp; $11.299 | &nbsp;&nbsp; $10.024 | &nbsp;&nbsp; $13.004 | &nbsp;&nbsp; $11.552 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.203 | 0.156 | 0.157 | 0.142 | 0.107 |
| Net realized and unrealized gain (loss) | 1.990 | 1.285 | 1.705 | &nbsp;&nbsp; (2.499)<br>| 1.813 |
| Total from investment operations | 2.193 | 1.441 | 1.862 | &nbsp;&nbsp; (2.357)<br>| 1.920 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.157)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (0.305)<br>|
| Net realized gain | &nbsp;&nbsp; (0.523)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.430)<br>| &nbsp;&nbsp; (0.456)<br>| &nbsp;&nbsp; (0.163)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (0.382)<br>| &nbsp;&nbsp; (0.587)<br>| &nbsp;&nbsp; (0.623)<br>| &nbsp;&nbsp; (0.468)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.841 | &nbsp;&nbsp; $12.358 | &nbsp;&nbsp; $11.299 | &nbsp;&nbsp; $10.024 | &nbsp;&nbsp; $13.004 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.84% | &nbsp;&nbsp; 12.76% | &nbsp;&nbsp; 18.89% | &nbsp;&nbsp; (17.95%)<br>| &nbsp;&nbsp; 16.64% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $49492 | &nbsp;&nbsp; $42982 | &nbsp;&nbsp; $40493 | &nbsp;&nbsp; $35417 | &nbsp;&nbsp; $42766 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.53% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.82% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 10% | &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 expense 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 T. Rowe Price Target Date Funds-15

------

**LVIP T. Rowe Price 2050 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 Fund Standard Class** | **LVIP T. Rowe Price 2050 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; $13.582 | &nbsp;&nbsp; $12.277 | &nbsp;&nbsp; $10.733 | &nbsp;&nbsp; $13.894 | &nbsp;&nbsp; $12.238 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.226 | 0.171 | 0.181 | 0.179 | 0.140 |
| Net realized and unrealized gain (loss) | 2.421 | 1.570 | 1.965 | &nbsp;&nbsp; (2.697)<br>| 2.061 |
| Total from investment operations | 2.647 | 1.741 | 2.146 | &nbsp;&nbsp; (2.518)<br>| 2.201 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.219)<br>| &nbsp;&nbsp; (0.191)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.361)<br>|
| Net realized gain | &nbsp;&nbsp; (0.602)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.184)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.821)<br>| &nbsp;&nbsp; (0.436)<br>| &nbsp;&nbsp; (0.602)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; (0.545)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.408 | &nbsp;&nbsp; $13.582 | &nbsp;&nbsp; $12.277 | &nbsp;&nbsp; $10.733 | &nbsp;&nbsp; $13.894 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.65% | &nbsp;&nbsp; 14.20% | &nbsp;&nbsp; 20.30% | &nbsp;&nbsp; (17.95%)<br>| &nbsp;&nbsp; 18.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $80605 | &nbsp;&nbsp; $67530 | &nbsp;&nbsp; $62326 | &nbsp;&nbsp; $47789 | &nbsp;&nbsp; $57815 |
| 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; 0.27% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.33% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 0.97% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 11% | &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 expense 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 T. Rowe Price Target Date Funds-16

------

**LVIP T. Rowe Price 2050 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 Fund Service Class** | **LVIP T. Rowe Price 2050 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; $13.503 | &nbsp;&nbsp; $12.208 | &nbsp;&nbsp; $10.679 | &nbsp;&nbsp; $13.827 | &nbsp;&nbsp; $12.184 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.189 | 0.137 | 0.151 | 0.149 | 0.105 |
| Net realized and unrealized gain (loss) | 2.402 | 1.560 | 1.951 | &nbsp;&nbsp; (2.682)<br>| 2.049 |
| Total from investment operations | 2.591 | 1.697 | 2.102 | &nbsp;&nbsp; (2.533)<br>| 2.154 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.157)<br>| &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (0.327)<br>|
| Net realized gain | &nbsp;&nbsp; (0.602)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (0.184)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.785)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.573)<br>| &nbsp;&nbsp; (0.615)<br>| &nbsp;&nbsp; (0.511)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.309 | &nbsp;&nbsp; $13.503 | &nbsp;&nbsp; $12.208 | &nbsp;&nbsp; $10.679 | &nbsp;&nbsp; $13.827 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.35% | &nbsp;&nbsp; 13.92% | &nbsp;&nbsp; 19.99% | &nbsp;&nbsp; (18.15%)<br>| &nbsp;&nbsp; 17.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $30600 | &nbsp;&nbsp; $26111 | &nbsp;&nbsp; $23339 | &nbsp;&nbsp; $19822 | &nbsp;&nbsp; $23862 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.58% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.72% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 11% | &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 expense 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 T. Rowe Price Target Date Funds-17

------

**LVIP T. Rowe Price 2060 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 Fund Standard Class** | **LVIP T. Rowe Price 2060 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; $14.871 | &nbsp;&nbsp; $13.581 | &nbsp;&nbsp; $11.630 | &nbsp;&nbsp; $15.026 | &nbsp;&nbsp; $13.123 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.271 | 0.231 | 0.252 | 0.261 | 0.267 |
| Net realized and unrealized gain (loss) | 2.663 | 1.705 | 2.104 | &nbsp;&nbsp; (2.958)<br>| 2.186 |
| Total from investment operations | 2.934 | 1.936 | 2.356 | &nbsp;&nbsp; (2.697)<br>| 2.453 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.260)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.338)<br>|
| Net realized gain | &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.212)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.497)<br>| &nbsp;&nbsp; (0.646)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.699)<br>| &nbsp;&nbsp; (0.550)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.308 | &nbsp;&nbsp; $14.871 | &nbsp;&nbsp; $13.581 | &nbsp;&nbsp; $11.630 | &nbsp;&nbsp; $15.026 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.77% | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; 20.31% | &nbsp;&nbsp; (17.87%)<br>| &nbsp;&nbsp; 18.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $41840 | &nbsp;&nbsp; $29066 | &nbsp;&nbsp; $19233 | &nbsp;&nbsp; $9150 | &nbsp;&nbsp; $5127 |
| 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; 0.27% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 2.81% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 1.80% |
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; (0.74%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% |

---

&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 expense 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 T. Rowe Price Target Date Funds-18

------

**LVIP T. Rowe Price 2060 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 Fund Service Class** | **LVIP T. Rowe Price 2060 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; $14.823 | &nbsp;&nbsp; $13.545 | &nbsp;&nbsp; $11.608 | &nbsp;&nbsp; $15.010 | &nbsp;&nbsp; $13.116 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.230 | 0.193 | 0.219 | 0.230 | 0.227 |
| Net realized and unrealized gain (loss) | 2.650 | 1.698 | 2.098 | &nbsp;&nbsp; (2.954)<br>| 2.186 |
| Total from investment operations | 2.880 | 1.891 | 2.317 | &nbsp;&nbsp; (2.724)<br>| 2.413 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.202)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.208)<br>| &nbsp;&nbsp; (0.307)<br>|
| Net realized gain | &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.470)<br>| &nbsp;&nbsp; (0.212)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.459)<br>| &nbsp;&nbsp; (0.613)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.678)<br>| &nbsp;&nbsp; (0.519)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.244 | &nbsp;&nbsp; $14.823 | &nbsp;&nbsp; $13.545 | &nbsp;&nbsp; $11.608 | &nbsp;&nbsp; $15.010 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 19.48% | &nbsp;&nbsp; 13.98% | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; (18.07%)<br>| &nbsp;&nbsp; 18.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3418 | &nbsp;&nbsp; $2409 | &nbsp;&nbsp; $1604 | &nbsp;&nbsp; $843 | &nbsp;&nbsp; $473 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 3.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.55% |
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; (0.99%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 25% |

---

&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 expense 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 T. Rowe Price Target Date Funds-19

------

**LVIP T. Rowe Price Target Date 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 T. Rowe Price 2020 Fund, LVIP T. Rowe Price 2030 Fund, LVIP T. Rowe Price 2040 Fund, LVIP T. Rowe Price 2050 Fund and LVIP T. Rowe Price 2060 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 open-end 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. In addition to investment companies, the Funds may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Funds are T. Rowe Price target date funds which are designed for investors planning to retire close to the year indicated in the name of the Fund.

Each Fund's investment objective is to seek the highest total return over time consistent with an emphasis on both capital growth 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. Investments in government money market funds have a stable NAV.

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.

LVIP T. Rowe Price Target Date Funds-20

------

**LVIP T. Rowe Price Target Date 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**

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 0.19% 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.

LFI has contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Funds fees and expenses) exceed the following percentages of average daily net assets for each Fund. The reimbursement is accrued daily and received monthly. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Standard Class | 0.24<br> %<br>| 0.25<br> %<br>| 0.26<br> %<br>| 0.27<br> %<br>| 0.27<br> %<br>|
| Service Class | 0.49<br> %<br>| 0.50<br> %<br>| 0.51<br> %<br>| 0.52<br> %<br>| 0.52<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 not recouped any previously reimbursed expenses of the Funds.

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 T. Rowe Price 2020 Fund | &nbsp;&nbsp; $71837 | &nbsp;&nbsp; $69419 | &nbsp;&nbsp; $72675 | &nbsp;&nbsp; $213931 |
| LVIP T. Rowe Price 2030 Fund | &nbsp;&nbsp; $51699 | &nbsp;&nbsp; $51035 | &nbsp;&nbsp; $47382 | &nbsp;&nbsp; $150116 |
| LVIP T. Rowe Price 2040 Fund | &nbsp;&nbsp; $43020 | &nbsp;&nbsp; $35153 | &nbsp;&nbsp; $33453 | &nbsp;&nbsp; $111626 |
| LVIP T. Rowe Price 2050 Fund | &nbsp;&nbsp; $49822 | &nbsp;&nbsp; $43665 | &nbsp;&nbsp; $41858 | &nbsp;&nbsp; $135345 |
| LVIP T. Rowe Price 2060 Fund | &nbsp;&nbsp; $69113 | &nbsp;&nbsp; $64329 | &nbsp;&nbsp; $63812 | &nbsp;&nbsp; $197254 |

---

T. Rowe Price Associates, Inc. is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Funds, pays T. Rowe Price Associates, Inc. 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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Administrative | &nbsp;&nbsp; $7886 | &nbsp;&nbsp; $17442 | &nbsp;&nbsp; $14986 | &nbsp;&nbsp; $8263 | &nbsp;&nbsp; $2986 |
| Legal | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 2905 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 1381 | &nbsp;&nbsp; 502 |

---

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $461 | &nbsp;&nbsp; $1097 | &nbsp;&nbsp; $1381 | &nbsp;&nbsp; $1186 | &nbsp;&nbsp; $621 |

---

LVIP T. Rowe Price Target Date Funds-21

------

**LVIP T. Rowe Price Target Date 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)**

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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $6834 | &nbsp;&nbsp; $5296 | &nbsp;&nbsp; $4018 | &nbsp;&nbsp; $4188 | &nbsp;&nbsp; $6067 |
| Management fees payable to LFI | &nbsp;&nbsp; 16492 | &nbsp;&nbsp; 36931 | &nbsp;&nbsp; 32293 | &nbsp;&nbsp; 18103 | &nbsp;&nbsp; 7239 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3065 | &nbsp;&nbsp; 7669 | &nbsp;&nbsp; 10495 | &nbsp;&nbsp; 6502 | &nbsp;&nbsp; 716 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2517 | &nbsp;&nbsp; 5637 | &nbsp;&nbsp; 4929 | &nbsp;&nbsp; 2763 | &nbsp;&nbsp; 1105 |

---

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 T. Rowe Price 2020 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-43.43%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-16.19%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $1640397 | $394902 | $615000 | $27661 | $(39859)<br>| $— | $1408101 | 109249 | $17650 | $97252 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 14112978 | 3854813 | 5706633 | 1827144 | (454424)<br>|  | 13633878 | 404518 | 134133 | 599047 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 1302519 | 215018 | 378533 | 170917 | (108938)<br>|  | 1200983 | 34499 | 8755 | 52729 |
| **Fixed Income Fund-20.35%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 19082675 | 2762896 | 2025000 | (176324)<br>| 764799 | (627)<br>| 20408419 | 2021837 | 652269 |  |
| **International Equity Fund-6.89%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 6201953 | 1263771 | 2085000 | 543111 | 990279 |  | 6914114 | 520876 | 218771 |  |
| Total | $42340522 | $8491400 | $10810166 | $2392509 | $1151857 | $(627)<br>| $43565495 |  | $1031578 | $749028 |

---

&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. |

---

LVIP T. Rowe Price Target Date Funds-22

------

**LVIP T. Rowe Price Target Date 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 T. Rowe Price 2030 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-46.89%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-21.78%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $4766040 | $1063844 | $1200000 | $17101 | $(72639)<br>| $— | $4574346 | 354903 | $52711 | $336132 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 40718412 | 6960225 | 10184691 | 3351174 | 868590 |  | 41713710 | 1237649 | 402948 | 1887587 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 3688701 | 812734 | 1145592 | 54203 | 146936 |  | 3556982 | 102177 | 26822 | 175320 |
| **Fixed Income Fund-15.94%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 31866717 | 4685140 | 1075000 | (231907)<br>| 1243467 | (1044)<br>| 36487373 | 3614759 | 1184095 |  |
| **International Equity** <br> **Fund-9.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 17934978 | 1579089 | 3080000 | 449046 | 4120703 |  | 21003816 | 1582327 | 654089 |  |
| Total | $98974848 | $15101032 | $16685283 | $3639617 | $6307057 | $(1044)<br>| $107336227 |  | $2320665 | $2399039 |

---

&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>LVIP T. Rowe Price 2040 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-50.84%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-31.27%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $5786876 | $1270035 | $1300000 | $(38148)<br>| $(40696)<br>| $— | $5678067 | 440536 | $64594 | $405441 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 48643207 | 6395124 | 7965575 | 95168 | 5034406 |  | 52202330 | 1548847 | 509330 | 2415219 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 4434836 | 456108 | 722682 | 29786 | 221528 |  | 4419576 | 126955 | 33049 | 210376 |
| **Fixed Income Fund-6.51%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 10189094 | 2702072 | 225000 | (18327)<br>| 317640 | (331)<br>| 12965148 | 1284441 | 411741 |  |
| **International Equity** <br> **Fund-13.06%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index <br> Fund<br>| 21407208 | 2136676 | 3030000 | 161539 | 5352836 |  | 26028259 | 1960845 | 806677 |  |
| Total | $90461221 | $12960015 | $13243257 | $230018 | $10885714 | $(331)<br>| $101293380 |  | $1825391 | $3031036 |

---

&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>LVIP T. Rowe Price 2050 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-50.12%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-34.98%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $3416301 | $889912 | $845000 | $(42467)<br>| $(22934)<br>| $— | $3395812 | 263466 | $39977 | $249934 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 29731502 | 4831176 | 4943419 | 11103 | 3182236 |  | 32812598 | 973552 | 323943 | 1503814 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 2656219 | 309788 | 427199 | (6983)<br>| 157962 |  | 2689787 | 77266 | 21331 | 131257 |
| **Fixed Income Fund-0.58%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 565660 | 66289 |  |  | 17220 | (18)<br>| 649151 | 64311 | 21271 |  |
| **International Equity Fund-14.56%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 13051522 | 1708545 | 1925000 | 28840 | 3327166 |  | 16191073 | 1219758 | 498545 |  |
| Total | $49421204 | $7805710 | $8140618 | $(9507)<br>| $6661650 | $(18)<br>| $55738421 |  | $905067 | $1885005 |

---

&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. |

---

LVIP T. Rowe Price Target Date Funds-23

------

**LVIP T. Rowe Price Target Date 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 T. Rowe Price 2060 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-50.81%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-35.69%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | $1168542 | $580144 | $320000 | $(22175)<br>| $6508 | $— | $1413019 | 109630 | $15934 | $99210 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 10124784 | 3519762 | 1246176 | (41036)<br>| 1260974 |  | 13618308 | 404056 | 131669 | 591917 |
| ✧✧LVIP SSGA Small-Cap Index Fund | 897601 | 212648 | 52477 | 267 | 63801 |  | 1121840 | 32226 | 9002 | 51169 |
| **Fixed Income Fund-0.54%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 158083 | 83056 |  |  | 4499 | (5)<br>| 245633 | 24334 | 8051 |  |
| **International Equity Fund-14.58%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA International Index Fund | 4410328 | 1437203 | 475000 | (787)<br>| 1225313 |  | 6597057 | 496991 | 202202 |  |
| Total | $16759338 | $5832813 | $2093653 | $(63731)<br>| $2561095 | $(5)<br>| $22995857 |  | $366858 | $742296 |

---

&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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Purchases | &nbsp;&nbsp; $16751283 | &nbsp;&nbsp; $32287708 | &nbsp;&nbsp; $26614806 | &nbsp;&nbsp; $15382344 | &nbsp;&nbsp; $11886822 |
| Sales | &nbsp;&nbsp; 19760000 | &nbsp;&nbsp; 27890000 | &nbsp;&nbsp; 20590000 | &nbsp;&nbsp; 11297000 | &nbsp;&nbsp; 3135000 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $81436654 | &nbsp;&nbsp; $173224977 | &nbsp;&nbsp; $129410402 | &nbsp;&nbsp; $74367230 | &nbsp;&nbsp; $38338229 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $22668275 | &nbsp;&nbsp; $64666033 | &nbsp;&nbsp; $73404864 | &nbsp;&nbsp; $37556310 | &nbsp;&nbsp; $7159187 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2028812)<br>| &nbsp;&nbsp; (5640173)<br>| &nbsp;&nbsp; (1854933)<br>| &nbsp;&nbsp; (295925)<br>| &nbsp;&nbsp; (205442)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $20639463 | &nbsp;&nbsp; $59025860 | &nbsp;&nbsp; $71549931 | &nbsp;&nbsp; $37260385 | &nbsp;&nbsp; $6953745 |

---

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 T. Rowe Price Target Date Funds-24

------

**LVIP T. Rowe Price Target Date 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**<br> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **Investments:** |  |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $43565495 | &nbsp;&nbsp; $107336227 | &nbsp;&nbsp; $101293380 | &nbsp;&nbsp; $55738421 | &nbsp;&nbsp; $22995857 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 58510622 | &nbsp;&nbsp; 124914609 | &nbsp;&nbsp; 99666953 | &nbsp;&nbsp; 55889197 | &nbsp;&nbsp; 22296117 |
| **Total Investments** | &nbsp;&nbsp; $102076117 | &nbsp;&nbsp; $232250836 | &nbsp;&nbsp; $200960333 | &nbsp;&nbsp; $111627618 | &nbsp;&nbsp; $45291974 |

---

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, 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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $5503299 | &nbsp;&nbsp; $8351766 | &nbsp;&nbsp; $3745875 | &nbsp;&nbsp; $1837582 | &nbsp;&nbsp; $661366 |
| Long-term capital gains | &nbsp;&nbsp; 2286895 | &nbsp;&nbsp; 6456774 | &nbsp;&nbsp; 6550915 | &nbsp;&nbsp; 3822327 | &nbsp;&nbsp; 578380 |
| Total | &nbsp;&nbsp; $7790194 | &nbsp;&nbsp; $14808540 | &nbsp;&nbsp; $10296790 | &nbsp;&nbsp; $5659909 | &nbsp;&nbsp; $1239746 |
| **Year ended December 31, 2024** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $2656174 | &nbsp;&nbsp; $4888551 | &nbsp;&nbsp; $3588580 | &nbsp;&nbsp; $1752942 | &nbsp;&nbsp; $499823 |
| Long-term capital gains | &nbsp;&nbsp; 1221449 | &nbsp;&nbsp; 1826272 | &nbsp;&nbsp; 1803749 | &nbsp;&nbsp; 1115829 | &nbsp;&nbsp; 791600 |
| Total | &nbsp;&nbsp; $3877623 | &nbsp;&nbsp; $6714823 | &nbsp;&nbsp; $5392329 | &nbsp;&nbsp; $2868771 | &nbsp;&nbsp; $1291423 |

---

**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> **T. Rowe Price**<br> **2020 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2030 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2040 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2050 Fund**<br>| **LVIP**<br> **T. Rowe Price**<br> **2060 Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $1944328 | &nbsp;&nbsp; $3507857 | &nbsp;&nbsp; $416972 | &nbsp;&nbsp; $210633 | &nbsp;&nbsp; $1641 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 2319802 | &nbsp;&nbsp; 5315258 | &nbsp;&nbsp; 6645733 | &nbsp;&nbsp; 4166825 | &nbsp;&nbsp; 1672707 |
| Other temporary differences | &nbsp;&nbsp; (9161886)<br>| &nbsp;&nbsp; (10533303)<br>| &nbsp;&nbsp; (9835116)<br>| &nbsp;&nbsp; (2919858)<br>| &nbsp;&nbsp; 2 |
| Net unrealized appreciation | &nbsp;&nbsp; 20639463 | &nbsp;&nbsp; 59025860 | &nbsp;&nbsp; 71549931 | &nbsp;&nbsp; 37260385 | &nbsp;&nbsp; 6953745 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $15741707 | &nbsp;&nbsp; $57315672 | &nbsp;&nbsp; $68777520 | &nbsp;&nbsp; $38717985 | &nbsp;&nbsp; $8628095 |

---

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 T. Rowe Price Target Date Funds-25

------

**LVIP T. Rowe Price Target Date Funds**

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2020 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2030 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2040 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; 1885780 | &nbsp;&nbsp; 1056544 | &nbsp;&nbsp; 2853424 | &nbsp;&nbsp; 3918266 | &nbsp;&nbsp; 1844083 | &nbsp;&nbsp; 2290507 |
| Service Class | &nbsp;&nbsp; 47991 | &nbsp;&nbsp; 65109 | &nbsp;&nbsp; 196006 | &nbsp;&nbsp; 142791 | &nbsp;&nbsp; 181214 | &nbsp;&nbsp; 177476 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 673032 | &nbsp;&nbsp; 345307 | &nbsp;&nbsp; 1003420 | &nbsp;&nbsp; 484879 | &nbsp;&nbsp; 568985 | &nbsp;&nbsp; 327288 |
| Service Class | &nbsp;&nbsp; 116395 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 182043 | &nbsp;&nbsp; 89319 | &nbsp;&nbsp; 179733 | &nbsp;&nbsp; 105505 |
|  | &nbsp;&nbsp; 2723198 | &nbsp;&nbsp; 1528960 | &nbsp;&nbsp; 4234893 | &nbsp;&nbsp; 4635255 | &nbsp;&nbsp; 2774015 | &nbsp;&nbsp; 2900776 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (2201264)<br>| &nbsp;&nbsp; (2168887)<br>| &nbsp;&nbsp; (2835305)<br>| &nbsp;&nbsp; (4114437)<br>| &nbsp;&nbsp; (1882546)<br>| &nbsp;&nbsp; (2293315)<br>|
| Service Class | &nbsp;&nbsp; (301229)<br>| &nbsp;&nbsp; (231628)<br>| &nbsp;&nbsp; (330417)<br>| &nbsp;&nbsp; (356213)<br>| &nbsp;&nbsp; (263095)<br>| &nbsp;&nbsp; (388841)<br>|
|  | &nbsp;&nbsp; (2502493)<br>| &nbsp;&nbsp; (2400515)<br>| &nbsp;&nbsp; (3165722)<br>| &nbsp;&nbsp; (4470650)<br>| &nbsp;&nbsp; (2145641)<br>| &nbsp;&nbsp; (2682156)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 220705 | &nbsp;&nbsp; (871555)<br>| &nbsp;&nbsp; 1069171 | &nbsp;&nbsp; 164605 | &nbsp;&nbsp; 628374 | &nbsp;&nbsp; 218620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2050 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 Fund** | **LVIP**<br> **T. Rowe Price**<br> **2060 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; 992619 | &nbsp;&nbsp; 1069630 | &nbsp;&nbsp; 662263 | &nbsp;&nbsp; 720403 |
| Service Class | &nbsp;&nbsp; 113434 | &nbsp;&nbsp; 109996 | &nbsp;&nbsp; 62806 | &nbsp;&nbsp; 58511 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 273146 | &nbsp;&nbsp; 154494 | &nbsp;&nbsp; 67057 | &nbsp;&nbsp; 80289 |
| Service Class | &nbsp;&nbsp; 100869 | &nbsp;&nbsp; 56372 | &nbsp;&nbsp; 5057 | &nbsp;&nbsp; 6576 |
|  | &nbsp;&nbsp; 1480068 | &nbsp;&nbsp; 1390492 | &nbsp;&nbsp; 797183 | &nbsp;&nbsp; 865779 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (1006484)<br>| &nbsp;&nbsp; (1329006)<br>| &nbsp;&nbsp; (266464)<br>| &nbsp;&nbsp; (262270)<br>|
| Service Class | &nbsp;&nbsp; (149149)<br>| &nbsp;&nbsp; (144451)<br>| &nbsp;&nbsp; (32207)<br>| &nbsp;&nbsp; (20943)<br>|
|  | &nbsp;&nbsp; (1155633)<br>| &nbsp;&nbsp; (1473457)<br>| &nbsp;&nbsp; (298671)<br>| &nbsp;&nbsp; (283213)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 324435 | &nbsp;&nbsp; (82965)<br>| &nbsp;&nbsp; 498512 | &nbsp;&nbsp; 582566 |

---

**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 T. Rowe Price Target Date Funds-26

------

**LVIP T. Rowe Price Target Date 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 T. Rowe Price Target Date Funds-27

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP T. Rowe Price 2020 Fund, LVIP T. Rowe Price 2030 Fund, LVIP T. Rowe Price 2040 Fund, LVIP T. Rowe Price 2050 Fund and LVIP T. Rowe Price 2060 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 T. Rowe Price 2020 Fund, LVIP T. Rowe Price 2030 Fund, LVIP T. Rowe Price 2040 Fund, LVIP T. Rowe Price 2050 Fund and LVIP T. Rowe Price 2060 Fund (collectively referred to as the "Funds") (five 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 (six 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.

![](img84574e5c2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP T. Rowe Price Target Date Funds–28

------

![](img77c8537f1.jpg)

![](img8f291a162.jpg)

LVIP U.S. Growth Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP U.S. Growth Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_SOI-continued-243_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_FS-continued-243_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_FS-continued-243_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_FS-continued-243_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_FIHI-continued-243_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_NTF-continued-243_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_1f6377fa-f87c-4fc1-98cb-bfbde842bb87_AUDIT-continued-243_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP U.S. 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–96.90%** | **AFFILIATED INVESTMENTS–96.90%** | **AFFILIATED INVESTMENTS–96.90%** |
| **INVESTMENT COMPANIES–96.90%** | **INVESTMENT COMPANIES–96.90%** | **INVESTMENT COMPANIES–96.90%** |
| **Equity Funds–69.37%** | **Equity Funds–69.37%** | **Equity Funds–69.37%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 5200490 | $252910221 |
| LVIP Baron Growth <br> Opportunities Fund<br>| 716369 | 45257328 |
| LVIP Channing Small Cap <br> Value Fund<br>| 1438438 | 18622023 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 2654816 | 44295610 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 5262919 | 76270217 |
| LVIP MFS Value Fund | 5022142 | 274620746 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 3331541 | 42940237 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 733474 | 12564406 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 9595494 | 323406514 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 840848 | 29271595 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 2308437 | 71480748 |
| LVIP Wellington SMID Cap <br> Value Fund<br>| 4651367 | 112558443 |
|  |  | **1304198088** |
| **Fixed Income Funds–27.29%** | **Fixed Income Funds–27.29%** | **Fixed Income Funds–27.29%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 2178216 | 22152455 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 957202 | 9051301 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 5747432 | $67020801 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 28824321 | 286974943 |
| LVIP JPMorgan High Yield <br> Fund<br>| 1829187 | 18333944 |
| LVIP SSGA Bond Index <br> Fund<br>| 10860699 | 109627901 |
|  |  | **513161345** |
| **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>| 575541 | 4495552 |
|  |  | **4495552** |
| **Total Affiliated Investments** <br>**(Cost $1,404,837,958)**<br>|  | **1821854985** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.95%** | **UNAFFILIATED INVESTMENT–2.95%** |
| **INVESTMENT COMPANY–2.95%** | **INVESTMENT COMPANY–2.95%** |
| **Money Market Fund–2.95%** | **Money Market Fund–2.95%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 55586001 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $55,586,001)**<br>| **55586001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.85% (Cost $1,460,423,959)** | **1877440986** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.15%** | **2757671** |
| **NET ASSETS APPLICABLE TO 144,657,615 SHARES OUTSTANDING–100.00%** | **$1880198657** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

LVIP U.S. Growth Allocation Managed Risk Fund-1

------

**LVIP U.S. 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:** |
| 80 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $9992000 | &nbsp;&nbsp; $10293533 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(301533)<br>|
| 106 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 36530250 | &nbsp;&nbsp; 36510634 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 19616 | &nbsp;&nbsp; — |
| 38 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 12635760 | &nbsp;&nbsp; 12832164 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (196404)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $19616 | &nbsp;&nbsp; $(497937)<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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth 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; $1821854985 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 55586001 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 3963936 |
| Receivable for securities sold | &nbsp;&nbsp; 374827 |
| Dividends and interest receivable  | &nbsp;&nbsp; 179354 |
| Prepaid expenses | &nbsp;&nbsp; 6920 |
| Receivable for fund shares sold | &nbsp;&nbsp; 5702 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 1881971725 |
| **LIABILITIES:** |  |
| Due to manager and affiliates | &nbsp;&nbsp; 832704 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 499500 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 392121 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Other accrued expenses payable | &nbsp;&nbsp; 16419 |
| Payable for fund accounting fee | &nbsp;&nbsp; 15253 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1773068 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $1880198657 |
| Affiliated investments, at cost | &nbsp;&nbsp; $1404837958 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 55586001 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $20565811 |
| Shares Outstanding | &nbsp;&nbsp; 1579795 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.018 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $1859632846 |
| Shares Outstanding | &nbsp;&nbsp; 143077820 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.997 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $1480134275 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 400064382 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $1880198657 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $29987201 |
| Dividends from unaffiliated investments | 2624339 |
|  | 32611540 |
| **EXPENSES:** |  |
| Management fees | 4726007 |
| Distribution fees-Service Class | 4677478 |
| Shareholder servicing fees | 548217 |
| Accounting and administration expenses | 228493 |
| Professional fees | 79038 |
| Trustees' fees and expenses | 55034 |
| Reports and statements to shareholders | 33185 |
| Custodian fees | 18125 |
| Consulting fees | 8882 |
| Pricing fees | 6891 |
| Other | 41950 |
|  | 10423300 |
| Less:  |  |
| Management fees waived | (189040)<br>|
| Total operating expenses | 10234260 |
| **NET INVESTMENT INCOME**  | 22377280 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 13522073 |
| Distributions from affiliated investment <br> companies<br>| 151397597 |
| Futures contracts | (29000554)<br>|
| Net realized gain | 135919116 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | (9610071)<br>|
| Futures contracts | 1836721 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (7773350)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 128145766 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $150523046 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation Managed Risk Fund** | **LVIP U.S. Growth Allocation 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 (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $22377280 | $30182437 |
| Net realized gain | 135919116 | 95502534 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (7773350)<br>| 106862845 |
| Net increase in net assets <br> resulting from operations<br>| 150523046 | 232547816 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (944666)<br>| (455947)<br>|
| Service Class | (83346314)<br>| (40834485)<br>|
|  | (84290980)<br>| (41290432)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 1588565 | 1167252 |
| Service Class | 37260939 | 90645947 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 944666 | 455947 |
| Service Class | 83346314 | 40834485 |
|  | 123140484 | 133103631 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1887404)<br>| (1134317)<br>|
| Service Class | (234229888)<br>| (186685712)<br>|
|  | (236117292)<br>| (187820029)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (112976808)<br>| (54716398)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (46744742)<br>| 136540986 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1926943399 | 1790402413 |
| End of year | $1880198657 | $1926943399 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP U.S. Growth Allocation Managed Risk Fund-4

------

**LVIP U.S. 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. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. 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; $12.569 | &nbsp;&nbsp; $11.338 | &nbsp;&nbsp; $10.008 | &nbsp;&nbsp; $13.421 | &nbsp;&nbsp; $12.092 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.183 | 0.227 | 0.150 | 0.138 | 0.137 |
| Net realized and unrealized gain (loss) | 0.886 | 1.309 | 1.354 | &nbsp;&nbsp; (2.840)<br>| 1.717 |
| Total from investment operations | 1.069 | 1.536 | 1.504 | &nbsp;&nbsp; (2.702)<br>| 1.854 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.358)<br>|
| Net realized gain | &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.167)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.711)<br>| &nbsp;&nbsp; (0.525)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.018 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $11.338 | &nbsp;&nbsp; $10.008 | &nbsp;&nbsp; $13.421 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.54% | &nbsp;&nbsp; 13.56% | &nbsp;&nbsp; 15.02% | &nbsp;&nbsp; (20.13%)<br>| &nbsp;&nbsp; 15.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20566 | &nbsp;&nbsp; $19231 | &nbsp;&nbsp; $16914 | &nbsp;&nbsp; $14915 | &nbsp;&nbsp; $17656 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &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; 0.30% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.05% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.04% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &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, 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 U.S. Growth Allocation Managed Risk Fund-5

------

**LVIP U.S. 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. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. 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; $12.550 | &nbsp;&nbsp; $11.322 | &nbsp;&nbsp; $9.997 | &nbsp;&nbsp; $13.406 | &nbsp;&nbsp; $12.081 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.150 | 0.196 | 0.123 | 0.110 | 0.104 |
| Net realized and unrealized gain (loss) | 0.884 | 1.306 | 1.350 | &nbsp;&nbsp; (2.835)<br>| 1.714 |
| Total from investment operations | 1.034 | 1.502 | 1.473 | &nbsp;&nbsp; (2.725)<br>| 1.818 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.189)<br>| &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (0.326)<br>|
| Net realized gain | &nbsp;&nbsp; (0.398)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.541)<br>| &nbsp;&nbsp; (0.167)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.587)<br>| &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.148)<br>| &nbsp;&nbsp; (0.684)<br>| &nbsp;&nbsp; (0.493)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.997 | &nbsp;&nbsp; $12.550 | &nbsp;&nbsp; $11.322 | &nbsp;&nbsp; $9.997 | &nbsp;&nbsp; $13.406 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 14.72% | &nbsp;&nbsp; (20.33%)<br>| &nbsp;&nbsp; 15.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1859633 | &nbsp;&nbsp; $1907713 | &nbsp;&nbsp; $1773488 | &nbsp;&nbsp; $1598845 | &nbsp;&nbsp; $2004437 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% |
| 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; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.79% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &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, 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 U.S. Growth Allocation Managed Risk Fund-6

------

**LVIP U.S. Growth 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 U.S. Growth 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 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. 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 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 a high level of current income and growth of capital, with an 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 – 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 U.S. Growth Allocation Managed Risk Fund-7

------

**LVIP U.S. Growth 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**

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 0.01% 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; $156852 |
| Legal | &nbsp;&nbsp; 25980 |

---

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 $8,934 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; $387087 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 398844 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 46773 |

---

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 U.S. Growth Allocation Managed Risk Fund-8

------

**LVIP U.S. Growth 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)**

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 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> **COMPANIES-96.90%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-69.37%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein <br> Large Cap Growth <br> Fund<br>| $265905288 | $94454815 | $53634092 | $14593240 | $(68409030)<br>| $— | $252910221 | 5200490 | $— | $86816899 |
| ✧✧LVIP Baron Growth <br> Opportunities Fund<br>| 45851584 | 16149407 | 6746036 | (536720)<br>| (9460907)<br>|  | 45257328 | 716369 |  | 5178973 |
| ✧✧LVIP Channing Small <br> Cap Value Fund<br>| 18323967 | 3557857 | 3875654 | 85065 | 530788 |  | 18622023 | 1438438 | 145073 | 606056 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 40138772 | 7257388 | 7656096 | 282111 | 4273435 |  | 44295610 | 2654816 | 411708 | 1703174 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 65304718 | 15353736 | 12824028 | (280177)<br>| 8839328 | (123360)<br>| 76270217 | 5262919 | 670102 |  |
| ✧✧LVIP MFS Value Fund | 267601137 | 38399393 | 40951073 | 299177 | 9272112 |  | 274620746 | 5022142 | 4432903 | 18470445 |
| ✧✧LVIP SSGA Mid-Cap <br> Index Fund<br>| 47522906 | 6517941 | 10324779 | (14010)<br>| (761821)<br>|  | 42940237 | 3331541 | 489054 | 2891187 |
| ✧✧LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 13387522 | 798510 | 3522464 | 968156 | 932682 |  | 12564406 | 733474 | 21578 | 458704 |
| ✧✧LVIP SSGA S&P 500 <br> Index Fund<br>| 340555951 | 25697759 | 76869615 | 16403381 | 17619038 |  | 323406514 | 9595494 | 3141797 | 15382386 |
| ✧✧LVIP SSGA Small-Cap <br> Index Fund<br>| 42222835 | 2486784 | 17204284 | 2172096 | (419988)<br>| 14152 | 29271595 | 840848 | 187106 | 1416486 |
| ✧✧LVIP T. Rowe Price <br> Structured Mid-Cap <br> Growth Fund<br>| 68414446 | 18554197 | 11933010 | 63696 | (3618581)<br>|  | 71480748 | 2308437 |  | 10258873 |
| ✧✧LVIP Wellington SMID <br> Cap Value Fund<br>| 103688084 | 31587736 | 15725778 | (1609347)<br>| (5382252)<br>|  | 112558443 | 4651367 | 1124339 | 8206360 |
| **Fixed Income** <br> **Funds-27.29%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| \*‡Lincoln Bain Capital <br> Total Credit Fund<br>|  | 22756272 |  |  | (603817)<br>|  | 22152455 | 2178216 | 694666 | 8054 |
| ✧✧LVIP BlackRock <br> Inflation Protected <br> Bond Fund<br>| 9568212 | 831151 | 1788999 | (248603)<br>| 689540 |  | 9051301 | 957202 | 74285 |  |
| ✧✧LVIP Franklin Templeton <br> Core Bond Fund<br>| 167612198 | 6186172 | 111318151 | (13211898)<br>| 17752480 |  | 67020801 | 5747432 | 2799193 |  |
| ✧✧LVIP JPMorgan Core <br> Bond Fund<br>| 176435559 | 121065364 | 17756562 | 107088 | 7123494 |  | 286974943 | 28824321 | 10222729 |  |
| ✧✧LVIP JPMorgan High <br> Yield Fund<br>| 42094237 | 4491378 | 29563004 | (719329)<br>| 2030662 |  | 18333944 | 1829187 | 1801684 |  |
| ✧✧LVIP SSGA Bond Index <br> Fund<br>| 144195326 | 6501541 | 45884220 | (4983218)<br>| 9803210 | (4738)<br>| 109627901 | 10860699 | 3631051 |  |
| **Global Equity** <br> **Fund-0.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real <br> Estate Fund<br>| 9201929 | 509416 | 5530754 | 151365 | 179556 | (15960)<br>| 4495552 | 575541 | 139933 |  |
| Total | $1868024671 | $423156817 | $473108599 | $13522073 | $(9610071)<br>| $(129906)<br>| $1821854985 |  | $29987201 | $151397597 |

---

&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 U.S. Growth Allocation Managed Risk Fund-9

------

**LVIP U.S. Growth 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; $423156817 |
| Sales | &nbsp;&nbsp; 473108599 |

---

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; $1501364871 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $381455402 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (5379292)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $376076110 |

---

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 Companies | &nbsp;&nbsp; $1799702530 | &nbsp;&nbsp; $22152455 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1821854985 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 55586001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55586001 |
| **Total Investments** | &nbsp;&nbsp; $1855288531 | &nbsp;&nbsp; $22152455 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1877440986 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $19616 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19616 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(497937)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(497937)<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, distributions from underlying regulated investment companies ("RICS") and outstanding straddle loss deferrals. The fiscal year in which

LVIP U.S. Growth Allocation Managed Risk Fund-10

------

**LVIP U.S. Growth 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)**

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; $27136260 | &nbsp;&nbsp; $41290432 |
| Long-term capital gains | &nbsp;&nbsp; 57154720 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $84290980 | &nbsp;&nbsp; $41290432 |

---

**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; $14618872 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 135499705 |
| Other temporary differences | &nbsp;&nbsp; (126130305)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 376076110 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $400064382 |

---

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; 123288 | &nbsp;&nbsp; 95350 |
| Service Class | &nbsp;&nbsp; 2956320 | &nbsp;&nbsp; 7424682 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 72354 | &nbsp;&nbsp; 36398 |
| Service Class | &nbsp;&nbsp; 6404002 | &nbsp;&nbsp; 3264252 |
|  | &nbsp;&nbsp; 9555964 | &nbsp;&nbsp; 10820682 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (145914)<br>| &nbsp;&nbsp; (93521)<br>|
| Service Class | &nbsp;&nbsp; (18285548)<br>| &nbsp;&nbsp; (15321974)<br>|
|  | &nbsp;&nbsp; (18431462)<br>| &nbsp;&nbsp; (15415495)<br>|
| Net decrease | &nbsp;&nbsp; (8875498)<br>| &nbsp;&nbsp; (4594813)<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 U.S. Growth Allocation Managed Risk Fund-11

------

**LVIP U.S. Growth 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)**

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>| $19616 | Variation margin due to broker on futures <br> contracts<br>| $(497937)<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; $(29000554)<br>| &nbsp;&nbsp; $1836721 |

---

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) | $57870439 | $— |

---

**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.

LVIP U.S. Growth Allocation Managed Risk Fund-12

------

**LVIP U.S. Growth 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 U.S. Growth Allocation Managed Risk Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP U.S. Growth Allocation Managed Risk Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP U.S. Growth 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.

![](img08a05e993.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP U.S. Growth Allocation Managed Risk Fund–14

------

![](img8cd03fe91.jpg)

LVIP Vanguard Allocation Funds

LVIP Vanguard Bond Allocation Fund <br> LVIP Vanguard Domestic Equity ETF Fund <br> LVIP Vanguard International Equity ETF Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Vanguard Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_SOI-continued-291_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_FS-continued-291_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_FS-continued-291_2)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_FIHI-continued-291_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_NTF-continued-291_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_7a077a70-a889-4995-8ff7-22e9cf8fd0bd_AUDIT-continued-291_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP Vanguard Bond 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–100.03%** | **INVESTMENT COMPANIES–100.03%** | **INVESTMENT COMPANIES–100.03%** |
| **Fixed Income Funds–99.89%** | **Fixed Income Funds–99.89%** | **Fixed Income Funds–99.89%** |
| Vanguard Core Bond Fund | 24830389 | $451168170 |
| Vanguard Intermediate-Term <br> Bond ETF<br>| 2152099 | 167605470 |
| Vanguard Long-Term Bond <br> ETF<br>| 2561984 | 178109128 |
| Vanguard Mortgage-Backed <br> Securities ETF<br>| 3750924 | 176593502 |
| Vanguard Short-Term Bond <br> ETF<br>| 3853428 | 303688661 |
| Vanguard Total International <br> Bond ETF<br>| 4629181 | 223682026 |
|  |  | **1500846957** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–0.14%** | **Money Market Fund–0.14%** | **Money Market Fund–0.14%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2055987 | $2055987 |
|  |  | **2055987** |
| **Total Investment Companies** <br>**(Cost $1,621,001,284)**<br>|  | **1502902944** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.03% (Cost $1,621,001,284)** | **1502902944** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.03%)** | **(457866)**<br>|
| **NET ASSETS APPLICABLE TO 162,522,425 SHARES OUTSTANDING–100.00%** | **$1502445078** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD BOND ALLOCATION FUND STANDARD CLASS** <br>**($324,858,189 / 35,113,026 Shares)** | **$9.252** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD BOND ALLOCATION FUND SERVICE CLASS** <br>**($1,177,586,889 / 127,409,399 Shares)** | **$9.243** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1665454498** |
| Distributable earnings/(accumulated loss) | **(163009420)**<br>|
| **TOTAL NET ASSETS** | **$1502445078** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $149,259 payable for securities purchased, $1,730,843 payable for fund shares redeemed, $10,761 other accrued expenses payable, <br> $603,484 due to manager and affiliates, $14,047 payable for audit fee and $10,355 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-1

------

**LVIP Vanguard Domestic Equity ETF 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–100.10%** | **INVESTMENT COMPANIES–100.10%** | **INVESTMENT COMPANIES–100.10%** |
| **Equity Funds–100.09%** | **Equity Funds–100.09%** | **Equity Funds–100.09%** |
| Vanguard Extended Market <br> ETF<br>| 170616 | $35679218 |
| Vanguard Growth ETF | 666229 | 325026480 |
| Vanguard Russell 3000 | 457993 | 137549038 |
| Vanguard S&P 500 ETF | 381682 | 239364233 |
| Vanguard Small-Cap ETF | 301712 | 77826610 |
| Vanguard Total Stock Market <br> ETF<br>| 820625 | 275130944 |
| Vanguard Value ETF | 1494776 | 285487268 |
|  |  | **1376063791** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–0.01%** | **Money Market Fund–0.01%** | **Money Market Fund–0.01%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 99535 | $99535 |
|  |  | **99535** |
| **Total Investment Companies** <br>**(Cost $1,052,007,478)**<br>|  | **1376163326** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.10% (Cost $1,052,007,478)** | **1376163326** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.10%)** | **(1416341)**<br>|
| **NET ASSETS APPLICABLE TO 55,067,753 SHARES OUTSTANDING–100.00%** | **$1374746985** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD DOMESTIC EQUITY ETF FUND STANDARD CLASS** <br>**($732,541,662 / 29,275,839 Shares)** | **$25.022** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD DOMESTIC EQUITY ETF FUND SERVICE CLASS** <br>**($642,205,323 / 25,791,914 Shares)** | **$24.899** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1050223124** |
| Distributable earnings/(accumulated loss) | **324523861** |
| **TOTAL NET ASSETS** | **$1374746985** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $98,289 payable for securities purchased, $2,397,013 payable for fund shares redeemed, $10,189 other accrued expenses payable, <br> $404,102 due to manager and affiliates, $14,047 payable for audit fee and $9,359 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 |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-2

------

**LVIP Vanguard International Equity ETF 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–100.06%** | **INVESTMENT COMPANIES–100.06%** | **INVESTMENT COMPANIES–100.06%** |
| **International Equity Funds–100.06%** | **International Equity Funds–100.06%** | **International Equity Funds–100.06%** |
| Vanguard FTSE All-World <br> ex-US ETF<br>| 3387122 | $249156694 |
| Vanguard FTSE Developed <br> Markets ETF<br>| 2746361 | 171565171 |
| Vanguard FTSE Emerging <br> Markets ETF<br>| 2214492 | 119051090 |
| Vanguard FTSE European <br> ETF<br>| 1337149 | 111799028 |
| Vanguard FTSE Pacific ETF | 838232 | 75776173 |
| Vanguard Total International <br> Stock ETF<br>| 1480197 | 111666062 |
|  |  | **839014218** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **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>| 26078 | $26078 |
|  |  | **26078** |
| **Total Investment Companies** <br>**(Cost $593,754,713)**<br>|  | **839040296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $593,754,713)** | **839040296** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(500353)**<br>|
| **NET ASSETS APPLICABLE TO 55,790,801 SHARES OUTSTANDING–100.00%** | **$838539943** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD INTERNATIONAL EQUITY ETF FUND STANDARD CLASS** <br>**($416,590,580 / 27,690,597 Shares)** | **$15.044** |
| **NET ASSET VALUE PER SHARE–LVIP VANGUARD INTERNATIONAL EQUITY ETF FUND SERVICE CLASS** <br>**($421,949,363 / 28,100,204 Shares)** | **$15.016** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$605673407** |
| Distributable earnings/(accumulated loss) | **232866536** |
| **TOTAL NET ASSETS** | **$838539943** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $25,898 payable for securities purchased, $1,828,330 payable for fund shares redeemed, $7,125 other accrued expenses payable, <br> $249,270 due to manager and affiliates, $14,047 payable for audit fee and $9,299 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard 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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends from unaffiliated investments | $61979128 | $15794979 | $25653327 |
| **EXPENSES:** |  |  |  |
| Management fees | 3507096 | 3136387 | 1862454 |
| Distribution fees-Service Class | 2764039 | 1493869 | 946684 |
| Shareholder servicing fees | 406823 | 363821 | 216045 |
| Accounting and administration expenses | 166548 | 149007 | 98848 |
| Professional fees | 62948 | 60131 | 48193 |
| Trustees' fees and expenses | 39825 | 35583 | 20918 |
| Reports and statements to shareholders | 34167 | 24937 | 20303 |
| Custodian fees | 7229 | 31257 | 21844 |
| Consulting fees | 5419 | 5410 | 4956 |
| Pricing fees | 4795 | 4428 | 2620 |
| Other | 24645 | 29324 | 14826 |
|  | 7023534 | 5334154 | 3257691 |
| Less:  |  |  |  |
| Management fees waived |  | (627277)<br>| (372491)<br>|
| Total operating expenses | 7023534 | 4706877 | 2885200 |
| **NET INVESTMENT INCOME**  | 54955594 | 11088102 | 22768127 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from investments | (16101270)<br>| 4620237 | 15382544 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |
| Investments | 43943223 | 180601736 | 163228740 |
| **NET REALIZED AND UNREALIZED GAIN** | 27841953 | 185221973 | 178611284 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $82797547 | $196310075 | $201379411 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard Allocation Funds** | **LVIP Vanguard 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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF 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 | $54955594 | $46033250 | $11088102 | $11414247 | $22768127 | $18808454 |
| Net realized gain (loss) | (16101270)<br>| (8895210)<br>| 4620237 | 590831869 | 15382544 | (1417858)<br>|
| Net change in unrealized appreciation (depreciation) | 43943223 | (20645011)<br>| 180601736 | (381374779)<br>| 163228740 | 5501608 |
| Net increase in net assets resulting from operations | 82797547 | 16493029 | 196310075 | 220871337 | 201379411 | 22892204 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (11187809)<br>| (10000697)<br>| (312109731)<br>| (10071978)<br>| (14084450)<br>| (8603964)<br>|
| Service Class | (37868571)<br>| (36026445)<br>| (281659872)<br>| (8090723)<br>| (13496441)<br>| (8122275)<br>|
|  | (49056380)<br>| (46027142)<br>| (593769603)<br>| (18162701)<br>| (27580891)<br>| (16726239)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 80692857 | 67730852 | 100951115 | 68350117 | 61730021 | 67850872 |
| Service Class | 191880582 | 188609653 | 88606406 | 59485815 | 66931873 | 48466731 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 11187809 | 10000697 | 312109731 | 10071978 | 14084450 | 8603964 |
| Service Class | 37868571 | 36026445 | 281659872 | 8090723 | 13496441 | 8122275 |
|  | 321629819 | 302367647 | 783327124 | 145998633 | 156242785 | 133043842 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (52254520)<br>| (31304431)<br>| (87583521)<br>| (83294896)<br>| (68001541)<br>| (45876078)<br>|
| Service Class | (142655594)<br>| (95972901)<br>| (115292512)<br>| (102286557)<br>| (81559560)<br>| (47037714)<br>|
|  | (194910114)<br>| (127277332)<br>| (202876033)<br>| (185581453)<br>| (149561101)<br>| (92913792)<br>|
| Increase (decrease) in net assets derived from capital share transactions | 126719705 | 175090315 | 580451091 | (39582820)<br>| 6681684 | 40130050 |
| **NET INCREASE IN NET ASSETS** | 160460872 | 145556202 | 182991563 | 163125816 | 180480204 | 46296015 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 1341984206 | 1196428004 | 1191755422 | 1028629606 | 658059739 | 611763724 |
| End of year | $1502445078 | $1341984206 | $1374746985 | $1191755422 | $838539943 | $658059739 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Vanguard Allocation Funds-5

------

**LVIP Vanguard Bond Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Standard Class** | **LVIP Vanguard Bond Allocation 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; $9.012 | &nbsp;&nbsp; $9.221 | &nbsp;&nbsp; $8.981 | &nbsp;&nbsp; $10.878 | &nbsp;&nbsp; $11.206 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.383 | 0.354 | 0.312 | 0.195 | 0.160 |
| Net realized and unrealized gain (loss) | 0.187 | &nbsp;&nbsp; (0.224)<br>| 0.228 | &nbsp;&nbsp; (1.649)<br>| &nbsp;&nbsp; (0.303)<br>|
| Total from investment operations | 0.570 | 0.130 | 0.540 | &nbsp;&nbsp; (1.454)<br>| &nbsp;&nbsp; (0.143)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.158)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.027)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.185)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.252 | &nbsp;&nbsp; $9.012 | &nbsp;&nbsp; $9.221 | &nbsp;&nbsp; $8.981 | &nbsp;&nbsp; $10.878 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.33% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; (13.37%)<br>| &nbsp;&nbsp; (1.29%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $324858 | &nbsp;&nbsp; $278304 | &nbsp;&nbsp; $237906 | &nbsp;&nbsp; $199220 | &nbsp;&nbsp; $227649 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% | &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; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.45% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.43% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 88% |

---

&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 Vanguard Allocation Funds-6

------

**LVIP Vanguard Bond Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation Fund**<br> **Service Class** | **LVIP Vanguard Bond Allocation 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; $9.005 | &nbsp;&nbsp; $9.214 | &nbsp;&nbsp; $8.976 | &nbsp;&nbsp; $10.871 | &nbsp;&nbsp; $11.201 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.359 | 0.330 | 0.288 | 0.171 | 0.132 |
| Net realized and unrealized gain (loss) | 0.186 | &nbsp;&nbsp; (0.222)<br>| 0.228 | &nbsp;&nbsp; (1.648)<br>| &nbsp;&nbsp; (0.304)<br>|
| Total from investment operations | 0.545 | 0.108 | 0.516 | &nbsp;&nbsp; (1.477)<br>| &nbsp;&nbsp; (0.172)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.131)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.027)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.307)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.418)<br>| &nbsp;&nbsp; (0.158)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.243 | &nbsp;&nbsp; $9.005 | &nbsp;&nbsp; $9.214 | &nbsp;&nbsp; $8.976 | &nbsp;&nbsp; $10.871 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.06% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; (13.58%)<br>| &nbsp;&nbsp; (1.54%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1177587 | &nbsp;&nbsp; $1063680 | &nbsp;&nbsp; $958522 | &nbsp;&nbsp; $851844 | &nbsp;&nbsp; $1030920 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.18% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 88% |

---

&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 Vanguard Allocation Funds-7

------

**LVIP Vanguard Domestic Equity ETF Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard Domestic Equity ETF 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; $38.119 | &nbsp;&nbsp; $31.738 | &nbsp;&nbsp; $25.816 | &nbsp;&nbsp; $32.366 | &nbsp;&nbsp; $26.296 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.335 | 0.405 | 0.394 | 0.356 | 0.322 |
| Net realized and unrealized gain (loss) | 5.400 | 6.606 | 6.115 | &nbsp;&nbsp; (6.431)<br>| 6.438 |
| Total from investment operations | 5.735 | 7.011 | 6.509 | &nbsp;&nbsp; (6.075)<br>| 6.760 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.234)<br>| &nbsp;&nbsp; (0.425)<br>| &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.379)<br>|
| Net realized gain | &nbsp;&nbsp; (18.598)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.311)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (18.832)<br>| &nbsp;&nbsp; (0.630)<br>| &nbsp;&nbsp; (0.587)<br>| &nbsp;&nbsp; (0.475)<br>| &nbsp;&nbsp; (0.690)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $25.022 | &nbsp;&nbsp; $38.119 | &nbsp;&nbsp; $31.738 | &nbsp;&nbsp; $25.816 | &nbsp;&nbsp; $32.366 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 16.47% | &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 25.22% | &nbsp;&nbsp; (18.74%)<br>| &nbsp;&nbsp; 25.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $732542 | &nbsp;&nbsp; $615074 | &nbsp;&nbsp; $516504 | &nbsp;&nbsp; $414472 | &nbsp;&nbsp; $473107 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &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; 1.00% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.03% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &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 Vanguard Allocation Funds-8

------

**LVIP Vanguard Domestic Equity ETF Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard Domestic Equity ETF 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; $38.048 | &nbsp;&nbsp; $31.684 | &nbsp;&nbsp; $25.779 | &nbsp;&nbsp; $32.314 | &nbsp;&nbsp; $26.260 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.251 | 0.315 | 0.321 | 0.286 | 0.246 |
| Net realized and unrealized gain (loss) | 5.374 | 6.587 | 6.098 | &nbsp;&nbsp; (6.416)<br>| 6.423 |
| Total from investment operations | 5.625 | 6.902 | 6.419 | &nbsp;&nbsp; (6.130)<br>| 6.669 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.282)<br>| &nbsp;&nbsp; (0.304)<br>|
| Net realized gain | &nbsp;&nbsp; (18.598)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.311)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (18.774)<br>| &nbsp;&nbsp; (0.538)<br>| &nbsp;&nbsp; (0.514)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.615)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $24.899 | &nbsp;&nbsp; $38.048 | &nbsp;&nbsp; $31.684 | &nbsp;&nbsp; $25.779 | &nbsp;&nbsp; $32.314 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 16.18% | &nbsp;&nbsp; 21.80% | &nbsp;&nbsp; 24.91% | &nbsp;&nbsp; (18.95%)<br>| &nbsp;&nbsp; 25.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $642205 | &nbsp;&nbsp; $576681 | &nbsp;&nbsp; $512126 | &nbsp;&nbsp; $422918 | &nbsp;&nbsp; $531395 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &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; 0.75% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.78% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 13% | &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 Vanguard Allocation Funds-9

------

**LVIP Vanguard International Equity ETF Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Standard Class** | **LVIP Vanguard International Equity ETF 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; $11.839 | &nbsp;&nbsp; $11.714 | &nbsp;&nbsp; $10.457 | &nbsp;&nbsp; $12.901 | &nbsp;&nbsp; $12.454 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.436 | 0.373 | 0.358 | 0.293 | 0.396 |
| Net realized and unrealized gain (loss) | 3.298 | 0.079 | 1.249 | &nbsp;&nbsp; (2.441)<br>| 0.626 |
| Total from investment operations | 3.734 | 0.452 | 1.607 | &nbsp;&nbsp; (2.148)<br>| 1.022 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.484)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.364)<br>|
| Net realized gain | &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.211)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (— )<sup>2</sup><br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.529)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.575)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.044 | &nbsp;&nbsp; $11.839 | &nbsp;&nbsp; $11.714 | &nbsp;&nbsp; $10.457 | &nbsp;&nbsp; $12.901 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 31.56% | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 15.36% | &nbsp;&nbsp; (16.62%)<br>| &nbsp;&nbsp; 8.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $416591 | &nbsp;&nbsp; $323439 | &nbsp;&nbsp; $290532 | &nbsp;&nbsp; $245817 | &nbsp;&nbsp; $265041 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.97% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.92% |
| Portfolio turnover | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &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 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 Vanguard Allocation Funds-10

------

**LVIP Vanguard International Equity ETF Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF Fund**<br> **Service Class** | **LVIP Vanguard International Equity ETF 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; $11.820 | &nbsp;&nbsp; $11.695 | &nbsp;&nbsp; $10.443 | &nbsp;&nbsp; $12.883 | &nbsp;&nbsp; $12.440 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.401 | 0.341 | 0.329 | 0.265 | 0.361 |
| Net realized and unrealized gain (loss) | 3.289 | 0.080 | 1.245 | &nbsp;&nbsp; (2.436)<br>| 0.626 |
| Total from investment operations | 3.690 | 0.421 | 1.574 | &nbsp;&nbsp; (2.171)<br>| 0.987 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.322)<br>| &nbsp;&nbsp; (0.257)<br>| &nbsp;&nbsp; (0.333)<br>|
| Net realized gain | &nbsp;&nbsp; (0.045)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; (0.211)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (— )<sup>2</sup><br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.494)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.322)<br>| &nbsp;&nbsp; (0.269)<br>| &nbsp;&nbsp; (0.544)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.016 | &nbsp;&nbsp; $11.820 | &nbsp;&nbsp; $11.695 | &nbsp;&nbsp; $10.443 | &nbsp;&nbsp; $12.883 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 31.23% | &nbsp;&nbsp; 3.62% | &nbsp;&nbsp; 15.07% | &nbsp;&nbsp; (16.83%)<br>| &nbsp;&nbsp; 7.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $421949 | &nbsp;&nbsp; $334621 | &nbsp;&nbsp; $321232 | &nbsp;&nbsp; $282554 | &nbsp;&nbsp; $330229 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.93% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 2.72% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.67% |
| Portfolio turnover | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &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 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 Vanguard Allocation Funds-11

------

**LVIP Vanguard 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 Vanguard Bond Allocation Fund , LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF 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 their 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 Vanguard Bond Allocation Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign fixed-income securities. The Underlying Funds and ETFs will primarily be those of The Vanguard Group, Inc. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments.

The LVIP Vanguard Domestic Equity ETF Fund and the LVIP Vanguard International Equity ETF Fund operate under a fund of funds structure and invest a significant portion of their assets in ETFs which, in turn, invest in U.S. and foreign stocks and money market instruments. The underlying ETFs will primarily be Vanguard ETFs<sup>®</sup>. In addition to ETFs investments, the Funds may invest in individual securities, such as money market instruments.

Financial statements for the Underlying Funds and the underlying ETFs can be found at www.sec.gov.

The investment objective of the LVIP Vanguard Bond Allocation Fund is to seek total return consistent with the preservation of capital. Total return is comprised of income and capital appreciation.

The investment objective of the LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund is to seek 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 –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 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.

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.

LVIP Vanguard Allocation Funds-12

------

**LVIP Vanguard 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)**

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 the Funds' investment portfolios, including monitoring of the Funds' 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. The waiver amount is 0.05% of each of the LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF 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).

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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Administrative | &nbsp;&nbsp; $114869 | &nbsp;&nbsp; $102570 | &nbsp;&nbsp; $60413 |
| Legal | &nbsp;&nbsp; 19142 | &nbsp;&nbsp; 17117 | &nbsp;&nbsp; 10097 |

---

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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $15251 | &nbsp;&nbsp; $7681 | &nbsp;&nbsp; $8842 |

---

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 and ETFs in which they invest. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Funds 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 Vanguard Allocation Funds-13

------

**LVIP Vanguard 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)**

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $317690 | &nbsp;&nbsp; $233388 | &nbsp;&nbsp; $140234 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 248942 | &nbsp;&nbsp; 136873 | &nbsp;&nbsp; 88702 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 36852 | &nbsp;&nbsp; 33841 | &nbsp;&nbsp; 20334 |

---

The Funds are 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 a 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 LVIP Vanguard International Equity ETF Fund engaged in securities purchases of $7,220 and securities sales of $242,267, which resulted in net realized gains of $1,806.

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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Purchases | &nbsp;&nbsp; $218939863 | &nbsp;&nbsp; $95660575 | &nbsp;&nbsp; $198978962 |
| Sales | &nbsp;&nbsp; 85186095 | &nbsp;&nbsp; 99368212 | &nbsp;&nbsp; 196877908 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $1662793005 | &nbsp;&nbsp; $1053520720 | &nbsp;&nbsp; $610889786 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $10091863 | &nbsp;&nbsp; $322759416 | &nbsp;&nbsp; $228191500 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (169981924)<br>| &nbsp;&nbsp; (116811)<br>| &nbsp;&nbsp; (40989)<br>|
| Net Unrealized Appreciation (Depreciation) of investments | &nbsp;&nbsp; $(159890061)<br>| &nbsp;&nbsp; $322642605 | &nbsp;&nbsp; $228150511 |

---

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 Vanguard Allocation Funds-14

------

**LVIP Vanguard Allocation 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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF** <br> **Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF** <br> **Fund**<br>|
| **Investments:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Investment Companies | &nbsp;&nbsp; $1502902944 | &nbsp;&nbsp; $1376163326 | &nbsp;&nbsp; $839040296 |

---

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**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF** <br> **Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF** <br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $49056380 | &nbsp;&nbsp; $14660776 | &nbsp;&nbsp; $27317097 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 579108827 | &nbsp;&nbsp; 263794 |
| Total | &nbsp;&nbsp; $49056380 | &nbsp;&nbsp; $593769603 | &nbsp;&nbsp; $27580891 |
| **Year ended December 31, 2024** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $46027142 | &nbsp;&nbsp; $15757064 | &nbsp;&nbsp; $16726239 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 2405637 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $46027142 | &nbsp;&nbsp; $18162701 | &nbsp;&nbsp; $16726239 |

---

**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> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF** <br> **Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF** <br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $5905322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 1881256 | &nbsp;&nbsp; 4716025 |
| Capital loss carryforward | &nbsp;&nbsp; (9024685)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other temporary differences | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (159890061)<br>| &nbsp;&nbsp; 322642605 | &nbsp;&nbsp; 228150511 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(163009420)<br>| &nbsp;&nbsp; $324523861 | &nbsp;&nbsp; $232866536 |

---

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 Vanguard Allocation Funds-15

------

**LVIP Vanguard Allocation 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)**

As of December 31, 2025, the Funds had the following capital loss carryforwards for federal income tax purposes:

---

| | |
|:---|:---|
|  | **Post-Enactment** <br> **Losses (No** <br> **Expiration)**<br>|
|  | **LVIP Vanguard Bond** <br> **Allocation Fund**<br>|
| Short-Term | $1777222 |
| Long-Term | 7247463 |
| Total | $9024685 |

---

In 2025, the Funds utilized the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund**<br>| **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund**<br>| **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund**<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2841416 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Bond**<br> **Allocation Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **Domestic**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF Fund** | **LVIP**<br> **Vanguard**<br> **International**<br> **Equity ETF 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; 8633490 | &nbsp;&nbsp; 7336208 | &nbsp;&nbsp; 2981791 | &nbsp;&nbsp; 1924106 | &nbsp;&nbsp; 4485542 | &nbsp;&nbsp; 5542580 |
| Service Class | &nbsp;&nbsp; 20588171 | &nbsp;&nbsp; 20435077 | &nbsp;&nbsp; 2603129 | &nbsp;&nbsp; 1644405 | &nbsp;&nbsp; 4865466 | &nbsp;&nbsp; 3987745 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1210143 | &nbsp;&nbsp; 1111559 | &nbsp;&nbsp; 12681973 | &nbsp;&nbsp; 265601 | &nbsp;&nbsp; 936817 | &nbsp;&nbsp; 729238 |
| Service Class | &nbsp;&nbsp; 4100092 | &nbsp;&nbsp; 4007391 | &nbsp;&nbsp; 11520593 | &nbsp;&nbsp; 213893 | &nbsp;&nbsp; 899598 | &nbsp;&nbsp; 689460 |
|  | &nbsp;&nbsp; 34531896 | &nbsp;&nbsp; 32890235 | &nbsp;&nbsp; 29787486 | &nbsp;&nbsp; 4048005 | &nbsp;&nbsp; 11187423 | &nbsp;&nbsp; 10949023 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (5610854)<br>| &nbsp;&nbsp; (3368988)<br>| &nbsp;&nbsp; (2523453)<br>| &nbsp;&nbsp; (2328116)<br>| &nbsp;&nbsp; (5051298)<br>| &nbsp;&nbsp; (3754879)<br>|
| Service Class | &nbsp;&nbsp; (15399681)<br>| &nbsp;&nbsp; (10345705)<br>| &nbsp;&nbsp; (3488440)<br>| &nbsp;&nbsp; (2865402)<br>| &nbsp;&nbsp; (5973443)<br>| &nbsp;&nbsp; (3834973)<br>|
|  | &nbsp;&nbsp; (21010535)<br>| &nbsp;&nbsp; (13714693)<br>| &nbsp;&nbsp; (6011893)<br>| &nbsp;&nbsp; (5193518)<br>| &nbsp;&nbsp; (11024741)<br>| &nbsp;&nbsp; (7589852)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 13521361 | &nbsp;&nbsp; 19175542 | &nbsp;&nbsp; 23775593 | &nbsp;&nbsp; (1145513)<br>| &nbsp;&nbsp; 162682 | &nbsp;&nbsp; 3359171 |

---

**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 Vanguard Allocation Funds-16

------

**LVIP Vanguard Allocation 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 Vanguard Allocation Funds-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP Vanguard Bond Allocation Fund, LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF 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 Vanguard Bond Allocation Fund, LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF 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.

![](imgbf1686cf2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Vanguard Allocation Funds–18

------

![](img785a42421.jpg)

LVIP Wellington SMID Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Wellington SMID Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_SOI-continued-259_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_FS-continued-259_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_FS-continued-259_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_FIHI-continued-259_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_NTF-continued-259_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6d26e95f-60f8-48af-bced-cd30849517fe_AUDIT-continued-259_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP Wellington SMID 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–99.85%** | **COMMON STOCK–99.85%** | **COMMON STOCK–99.85%** |
| **Aerospace & Defense–3.20%** | **Aerospace & Defense–3.20%** | **Aerospace & Defense–3.20%** |
| †Ducommun, Inc. | 31531 | $2999544 |
| Moog, Inc. Class A | 21674 | 5278703 |
| †StandardAero, Inc. | 153053 | 4389560 |
|  |  | **12667807** |
| **Air Freight & Logistics–1.02%** | **Air Freight & Logistics–1.02%** | **Air Freight & Logistics–1.02%** |
| Hub Group, Inc. Class A | 94944 | 4045564 |
|  |  | **4045564** |
| **Automobile Components–1.07%** | **Automobile Components–1.07%** | **Automobile Components–1.07%** |
| †Goodyear Tire & Rubber Co. | 484259 | 4242109 |
|  |  | **4242109** |
| **Banks–12.04%** | **Banks–12.04%** | **Banks–12.04%** |
| Ameris Bancorp | 60904 | 4523340 |
| Cadence Bank | 59147 | 2533857 |
| Columbia Banking System, <br> Inc.<br>| 238007 | 6652296 |
| National Bank Holdings Corp. <br> Class A<br>| 101677 | 3864743 |
| Seacoast Banking Corp. of <br> Florida<br>| 147039 | 4619965 |
| Southstate Bank Corp. | 73872 | 6952094 |
| Synovus Financial Corp. | 152884 | 7651844 |
| UMB Financial Corp. | 51462 | 5920189 |
| Webster Financial Corp. | 77776 | 4895221 |
|  |  | **47613549** |
| **Biotechnology–0.84%** | **Biotechnology–0.84%** | **Biotechnology–0.84%** |
| †United Therapeutics Corp. | 6789 | 3307940 |
|  |  | **3307940** |
| **Building Products–1.53%** | **Building Products–1.53%** | **Building Products–1.53%** |
| †Hayward Holdings, Inc. | 234093 | 3616737 |
| †Modine Manufacturing Co. | 18362 | 2451510 |
|  |  | **6068247** |
| **Capital Markets–2.40%** | **Capital Markets–2.40%** | **Capital Markets–2.40%** |
| Stifel Financial Corp. | 55780 | 6984771 |
| TPG, Inc. | 39227 | 2504252 |
|  |  | **9489023** |
| **Chemicals–3.42%** | **Chemicals–3.42%** | **Chemicals–3.42%** |
| Avient Corp. | 75350 | 2353934 |
| †Ingevity Corp. | 92245 | 5459059 |
| Quaker Chemical Corp. | 41560 | 5706604 |
|  |  | **13519597** |
| **Communications Equipment–0.83%** | **Communications Equipment–0.83%** | **Communications Equipment–0.83%** |
| †Viavi Solutions, Inc. | 184083 | 3280359 |
|  |  | **3280359** |
| **Construction & Engineering–0.59%** | **Construction & Engineering–0.59%** | **Construction & Engineering–0.59%** |
| †Fluor Corp. | 59136 | 2343560 |
|  |  | **2343560** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–1.71%** | **Construction Materials–1.71%** | **Construction Materials–1.71%** |
| †James Hardie Industries PLC | 325920 | $6762840 |
|  |  | **6762840** |
| **Consumer Finance–3.59%** | **Consumer Finance–3.59%** | **Consumer Finance–3.59%** |
| Ally Financial, Inc. | 130505 | 5910572 |
| Bread Financial Holdings, <br> Inc.<br>| 69560 | 5149527 |
| †PRA Group, Inc. | 176212 | 3117190 |
|  |  | **14177289** |
| **Consumer Staples Distribution & Retail–2.06%** | **Consumer Staples Distribution & Retail–2.06%** | **Consumer Staples Distribution & Retail–2.06%** |
| †U.S. Foods Holding Corp. | 107880 | 8125522 |
|  |  | **8125522** |
| **Containers & Packaging–1.33%** | **Containers & Packaging–1.33%** | **Containers & Packaging–1.33%** |
| †O-I Glass, Inc. | 356561 | 5262840 |
|  |  | **5262840** |
| **Diversified Consumer Services–0.89%** | **Diversified Consumer Services–0.89%** | **Diversified Consumer Services–0.89%** |
| OneSpaWorld Holdings Ltd. | 170062 | 3527086 |
|  |  | **3527086** |
| **Diversified REITs–1.15%** | **Diversified REITs–1.15%** | **Diversified REITs–1.15%** |
| Essential Properties Realty <br> Trust, Inc.<br>| 153650 | 4557259 |
|  |  | **4557259** |
| **Electronic Equipment, Instruments & Components–3.17%** | **Electronic Equipment, Instruments & Components–3.17%** | **Electronic Equipment, Instruments & Components–3.17%** |
| Belden, Inc. | 40507 | 4721091 |
| †Flex Ltd. | 129209 | 7806808 |
|  |  | **12527899** |
| **Financial Services–1.55%** | **Financial Services–1.55%** | **Financial Services–1.55%** |
| Voya Financial, Inc. | 82466 | 6142892 |
|  |  | **6142892** |
| **Gas Utilities–2.38%** | **Gas Utilities–2.38%** | **Gas Utilities–2.38%** |
| Chesapeake Utilities Corp. | 38556 | 4810246 |
| ONE Gas, Inc. | 59671 | 4609585 |
|  |  | **9419831** |
| **Ground Transportation–3.24%** | **Ground Transportation–3.24%** | **Ground Transportation–3.24%** |
| Ryder System, Inc. | 27415 | 5246957 |
| †XPO, Inc. | 55785 | 7581739 |
|  |  | **12828696** |
| **Health Care Equipment & Supplies–4.16%** | **Health Care Equipment & Supplies–4.16%** | **Health Care Equipment & Supplies–4.16%** |
| †Cooper Cos., Inc. | 53832 | 4412071 |
| †ICU Medical, Inc. | 37053 | 5286351 |
| †LivaNova PLC | 60952 | 3750376 |
| †Omnicell, Inc. | 66282 | 3002575 |
|  |  | **16451373** |

---

LVIP Wellington SMID Cap Value Fund-1

------

**LVIP Wellington SMID 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)** |
| **Health Care Providers & Services–0.37%** | **Health Care Providers & Services–0.37%** | **Health Care Providers & Services–0.37%** |
| †Acadia Healthcare Co., Inc. | 103785 | $1472709 |
|  |  | **1472709** |
| **Health Care REITs–1.81%** | **Health Care REITs–1.81%** | **Health Care REITs–1.81%** |
| American Healthcare REIT, <br> Inc.<br>| 50312 | 2367683 |
| CareTrust REIT, Inc. | 131905 | 4769685 |
|  |  | **7137368** |
| **Hotels, Restaurants & Leisure–2.09%** | **Hotels, Restaurants & Leisure–2.09%** | **Hotels, Restaurants & Leisure–2.09%** |
| Brightstar Lottery PLC | 187624 | 2904420 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 71095 | 5371938 |
|  |  | **8276358** |
| **Household Durables–1.59%** | **Household Durables–1.59%** | **Household Durables–1.59%** |
| Century Communities, Inc. | 31483 | 1868516 |
| Somnigroup International, <br> Inc.<br>| 49480 | 4417574 |
|  |  | **6286090** |
| **Industrial REITs–1.38%** | **Industrial REITs–1.38%** | **Industrial REITs–1.38%** |
| First Industrial Realty Trust, <br> Inc.<br>| 94943 | 5437386 |
|  |  | **5437386** |
| **Insurance–2.77%** | **Insurance–2.77%** | **Insurance–2.77%** |
| Everest Group Ltd. | 16820 | 5707867 |
| Kemper Corp. | 129401 | 5245917 |
|  |  | **10953784** |
| **IT Services–1.77%** | **IT Services–1.77%** | **IT Services–1.77%** |
| Amdocs Ltd. | 61716 | 4968755 |
| †Wix.com Ltd. | 19611 | 2037387 |
|  |  | **7006142** |
| **Leisure Products–1.26%** | **Leisure Products–1.26%** | **Leisure Products–1.26%** |
| †Malibu Boats, Inc. Class A | 175968 | 4964057 |
|  |  | **4964057** |
| **Life Sciences Tools & Services–1.92%** | **Life Sciences Tools & Services–1.92%** | **Life Sciences Tools & Services–1.92%** |
| †Evotec SE ADR | 544079 | 1675763 |
| †ICON PLC | 32496 | 5921421 |
|  |  | **7597184** |
| **Machinery–4.73%** | **Machinery–4.73%** | **Machinery–4.73%** |
| Atmus Filtration <br> Technologies, Inc.<br>| 68435 | 3552461 |
| Helios Technologies, Inc. | 88791 | 4749430 |
| IDEX Corp. | 23889 | 4250809 |
| JBT Marel Corp. | 40957 | 6170991 |
|  |  | **18723691** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining–1.73%** | **Metals & Mining–1.73%** | **Metals & Mining–1.73%** |
| Reliance, Inc. | 23718 | $6851419 |
|  |  | **6851419** |
| **Office REITs–0.63%** | **Office REITs–0.63%** | **Office REITs–0.63%** |
| Douglas Emmett, Inc. | 226334 | 2487411 |
|  |  | **2487411** |
| **Oil, Gas & Consumable Fuels–4.55%** | **Oil, Gas & Consumable Fuels–4.55%** | **Oil, Gas & Consumable Fuels–4.55%** |
| †Antero Resources Corp. | 196140 | 6758984 |
| Chord Energy Corp. | 31837 | 2951290 |
| Coterra Energy, Inc. | 122901 | 3234754 |
| Viper Energy, Inc. Class A | 130455 | 5039477 |
|  |  | **17984505** |
| **Professional Services–2.93%** | **Professional Services–2.93%** | **Professional Services–2.93%** |
| †CACI International, Inc. <br> Class A<br>| 8982 | 4785699 |
| TransUnion | 79073 | 6780510 |
|  |  | **11566209** |
| **Residential REITs–1.80%** | **Residential REITs–1.80%** | **Residential REITs–1.80%** |
| Camden Property Trust | 64742 | 7126799 |
|  |  | **7126799** |
| **Retail REITs–1.73%** | **Retail REITs–1.73%** | **Retail REITs–1.73%** |
| Brixmor Property Group, Inc. | 260907 | 6840982 |
|  |  | **6840982** |
| **Semiconductors & Semiconductor Equipment–1.85%** | **Semiconductors & Semiconductor Equipment–1.85%** | **Semiconductors & Semiconductor Equipment–1.85%** |
| MKS, Inc. | 45822 | 7322356 |
|  |  | **7322356** |
| **Software–3.45%** | **Software–3.45%** | **Software–3.45%** |
| Adeia, Inc. | 234889 | 4051835 |
| Pegasystems, Inc. | 39513 | 2359716 |
| †Progress Software Corp. | 85335 | 3665992 |
| †PTC, Inc. | 20555 | 3580887 |
|  |  | **13658430** |
| **Specialty Retail–4.79%** | **Specialty Retail–4.79%** | **Specialty Retail–4.79%** |
| †Boot Barn Holdings, Inc. | 15067 | 2658873 |
| Dick's Sporting Goods, Inc. | 33855 | 6702274 |
| †Five Below, Inc. | 19919 | 3751943 |
| †Valvoline, Inc. | 199894 | 5808920 |
|  |  | **18922010** |
| **Textiles, Apparel & Luxury Goods–1.40%** | **Textiles, Apparel & Luxury Goods–1.40%** | **Textiles, Apparel & Luxury Goods–1.40%** |
| Steven Madden Ltd. | 132876 | 5532957 |
|  |  | **5532957** |

---

LVIP Wellington SMID Cap Value Fund-2

------

**LVIP Wellington SMID 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)** |
| **Trading Companies & Distributors–3.13%** | **Trading Companies & Distributors–3.13%** | **Trading Companies & Distributors–3.13%** |
| Boise Cascade Co. | 78297 | $5762659 |
| WESCO International, Inc. | 26977 | 6599653 |
|  |  | **12362312** |
| **Total Common Stock** <br>**(Cost $330,584,522)** | **Total Common Stock** <br>**(Cost $330,584,522)** | **394871441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.17%** | **MONEY MARKET FUND–0.17%** | **MONEY MARKET FUND–0.17%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 688596 | 688596 |
| **Total Money Market Fund** <br>**(Cost $688,596)** | **Total Money Market Fund** <br>**(Cost $688,596)** | **688596** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $331,273,118)** | **$395560037** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(90804)**<br>|
| **NET ASSETS APPLICABLE TO 16,398,905 SHARES OUTSTANDING–100.00%** | **$395469233** |
| **NET ASSET VALUE PER SHARE–LVIP WELLINGTON SMID CAP VALUE FUND STANDARD CLASS** <br>**($244,759,677 / 10,114,665 Shares)** | **$24.198** |
| **NET ASSET VALUE PER SHARE–LVIP WELLINGTON SMID CAP VALUE FUND SERVICE CLASS** <br>**($150,709,556 / 6,284,240 Shares)** | **$23.982** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$349928674** |
| Distributable earnings/(accumulated loss) | **45540559** |
| **TOTAL NET ASSETS** | **$395469233** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $150,189 payable for securities purchased, $288,482 payable for fund shares redeemed, $6,881 other accrued expenses payable, <br> $277,337 due to manager and affiliates, $17,071 payable for audit fee and $14,549 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 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Wellington SMID Cap Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $6494164 |
| Foreign taxes withheld | (19209)<br>|
|  | 6474955 |
| **EXPENSES:** |  |
| Management fees | 2904942 |
| Distribution fees-Service Class | 365811 |
| Shareholder servicing fees | 107919 |
| Accounting and administration expenses | 79517 |
| Professional fees | 45506 |
| Custodian fees | 28341 |
| Reports and statements to shareholders | 14398 |
| Trustees' fees and expenses | 10748 |
| Consulting fees | 5649 |
| Pricing fees | 2041 |
| Other | 17169 |
|  | 3582041 |
| Less:  |  |
| Management fees waived | (319101)<br>|
| Total operating expenses | 3262940 |
| **NET INVESTMENT INCOME**  | 3212015 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 2978277 |
| Net change in unrealized appreciation (depreciation) <br> of investments<br>| 3637363 |
| **NET REALIZED AND UNREALIZED GAIN** | 6615640 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $9827655 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID Cap Value Fund** | **LVIP Wellington SMID 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 | $3212015 | $4021017 |
| Net realized gain | 2978277 | 40209849 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 3637363 | (1697457)<br>|
| Net increase in net assets resulting <br> from operations<br>| 9827655 | 42533409 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (20297146)<br>| (21994347)<br>|
| Service Class | (12661205)<br>| (14847833)<br>|
|  | (32958351)<br>| (36842180)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 47896504 | 22544722 |
| Service Class | 23983805 | 16741769 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 20297146 | 21994347 |
| Service Class | 12661205 | 14847833 |
|  | 104838660 | 76128671 |
| Cost of shares redeemed: |  |  |
| Standard Class | (30333784)<br>| (31423153)<br>|
| Service Class | (26647088)<br>| (33878881)<br>|
|  | (56980872)<br>| (65302034)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 47857788 | 10826637 |
| **NET INCREASE IN NET ASSETS** | 24727092 | 16517866 |
| **NET ASSETS:** |  |  |
| Beginning of year | 370742141 | 354224275 |
| End of year | $395469233 | $370742141 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Wellington SMID Cap Value Fund-4

------

**LVIP Wellington SMID Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value Fund Standard Class** | **LVIP Wellington SMID Cap Value 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; $25.814 | &nbsp;&nbsp; $25.365 | &nbsp;&nbsp; $24.760 | &nbsp;&nbsp; $31.474 | &nbsp;&nbsp; $25.906 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.237 | 0.320 | 0.244 | 0.180 | 0.139 |
| Net realized and unrealized gain (loss) | 0.349 | 2.862 | 3.760 | &nbsp;&nbsp; (3.536)<br>| 7.094 |
| Total from investment operations | 0.586 | 3.182 | 4.004 | &nbsp;&nbsp; (3.356)<br>| 7.233 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.242)<br>| &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.152)<br>|
| Net realized gain | &nbsp;&nbsp; (1.960)<br>| &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (3.159)<br>| &nbsp;&nbsp; (3.158)<br>| &nbsp;&nbsp; (1.513)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.202)<br>| &nbsp;&nbsp; (2.733)<br>| &nbsp;&nbsp; (3.399)<br>| &nbsp;&nbsp; (3.358)<br>| &nbsp;&nbsp; (1.665)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $24.198 | &nbsp;&nbsp; $25.814 | &nbsp;&nbsp; $25.365 | &nbsp;&nbsp; $24.760 | &nbsp;&nbsp; $31.474 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 12.32% | &nbsp;&nbsp; 17.24% | &nbsp;&nbsp; (10.00%)<br>| &nbsp;&nbsp; 28.20% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $244760 | &nbsp;&nbsp; $221042 | &nbsp;&nbsp; $204882 | &nbsp;&nbsp; $168753 | &nbsp;&nbsp; $212471 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.46% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.37% |
| Portfolio turnover | &nbsp;&nbsp; 161% | &nbsp;&nbsp; 148% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 58% |

---

&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 Wellington SMID Cap Value Fund-5

------

**LVIP Wellington SMID Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value Fund Service Class** | **LVIP Wellington SMID Cap Value 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; $25.609 | &nbsp;&nbsp; $25.187 | &nbsp;&nbsp; $24.614 | &nbsp;&nbsp; $31.316 | &nbsp;&nbsp; $25.785 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.174 | 0.252 | 0.179 | 0.109 | 0.062 |
| Net realized and unrealized gain (loss) | 0.343 | 2.835 | 3.732 | &nbsp;&nbsp; (3.519)<br>| 7.057 |
| Total from investment operations | 0.517 | 3.087 | 3.911 | &nbsp;&nbsp; (3.410)<br>| 7.119 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.184)<br>| &nbsp;&nbsp; (0.274)<br>| &nbsp;&nbsp; (0.179)<br>| &nbsp;&nbsp; (0.134)<br>| &nbsp;&nbsp; (0.075)<br>|
| Net realized gain | &nbsp;&nbsp; (1.960)<br>| &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (3.159)<br>| &nbsp;&nbsp; (3.158)<br>| &nbsp;&nbsp; (1.513)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.144)<br>| &nbsp;&nbsp; (2.665)<br>| &nbsp;&nbsp; (3.338)<br>| &nbsp;&nbsp; (3.292)<br>| &nbsp;&nbsp; (1.588)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $23.982 | &nbsp;&nbsp; $25.609 | &nbsp;&nbsp; $25.187 | &nbsp;&nbsp; $24.614 | &nbsp;&nbsp; $31.316 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 12.04% | &nbsp;&nbsp; 16.95% | &nbsp;&nbsp; (10.23%)<br>| &nbsp;&nbsp; 27.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $150710 | &nbsp;&nbsp; $149700 | &nbsp;&nbsp; $149343 | &nbsp;&nbsp; $132142 | &nbsp;&nbsp; $159303 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.12% |
| Portfolio turnover | &nbsp;&nbsp; 161% | &nbsp;&nbsp; 148% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 58% |

---

&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 Wellington SMID Cap Value Fund-6

------

**LVIP Wellington SMID 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 Wellington SMID 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 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.

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.

LVIP Wellington SMID Cap Value Fund-7

------

**LVIP Wellington SMID 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)**

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. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $10,029 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 1.05% of the first $25 million of the Fund's average daily net assets; 0.95% of the next $25 million; 0.85% of the next $50 million; 0.75% of the next $150 million; and 0.70% 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: 0.115% on the first $100 million of the Fund's average daily net assets and 0.075% of the Fund's average daily net assets in excess of $100 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.

Wellington Management Company LLP (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; $30618 |
| Legal | &nbsp;&nbsp; 5085 |

---

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 Wellington SMID Cap Value Fund-8

------

**LVIP Wellington SMID 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 $7,423 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; $234961 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 32498 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 9878 |

---

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; $616395076 |
| Sales | &nbsp;&nbsp; 596326781 |

---

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; $357019912 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $51961580 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (13421455)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $38540125 |

---

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 Wellington SMID Cap Value Fund-9

------

**LVIP Wellington SMID 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 | &nbsp;&nbsp; $394871441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $394871441 |
| Money Market Fund | &nbsp;&nbsp; 688596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 688596 |
| **Total Investments** | &nbsp;&nbsp; $395560037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $395560037 |

---

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; $6234910 | &nbsp;&nbsp; $23828117 |
| Long-term capital gains | &nbsp;&nbsp; 26723441 | &nbsp;&nbsp; 13014063 |
| Total | &nbsp;&nbsp; $32958351 | &nbsp;&nbsp; $36842180 |

---

**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; $7000434 |
| Net unrealized appreciation | &nbsp;&nbsp; 38540125 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $45540559 |

---

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; 1955734 | &nbsp;&nbsp; 852970 |
| Service Class | &nbsp;&nbsp; 992273 | &nbsp;&nbsp; 647393 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 844949 | &nbsp;&nbsp; 814086 |
| Service Class | &nbsp;&nbsp; 532716 | &nbsp;&nbsp; 554263 |
|  | &nbsp;&nbsp; 4325672 | &nbsp;&nbsp; 2868712 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1248966)<br>| &nbsp;&nbsp; (1181354)<br>|
| Service Class | &nbsp;&nbsp; (1086406)<br>| &nbsp;&nbsp; (1285361)<br>|
|  | &nbsp;&nbsp; (2335372)<br>| &nbsp;&nbsp; (2466715)<br>|
| Net increase | &nbsp;&nbsp; 1990300 | &nbsp;&nbsp; 401997 |

---

**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 Wellington SMID Cap Value Fund-10

------

**LVIP Wellington SMID 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**

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 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.

**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 Wellington SMID Cap Value Fund-11

------

**LVIP Wellington SMID Cap Value 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 Wellington SMID Cap Value Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Wellington SMID Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Wellington SMID 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 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.

![](img60e903302.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Wellington SMID Cap Value Fund–13

------

&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***

 ****

*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>**

---

| | |
|:---|:---|
| **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](fp0097560-1_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](fp0097560-1_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](fp0097560-1_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.

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| | |
|:---|:---|
| ⮚ | *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. |

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| | |
|:---|:---|
| ⮚ | *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. |

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&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.

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| | |
|:---|:---|
| ✓ | *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). |

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☐ *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

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| | |
|:---|:---|
| ⮚ | A fine |

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⮚ 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.

 

\* \* \*

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| | | | |
|:---|:---|:---|:---|
| **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 |

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| | | | |
|:---|:---|:---|:---|
| **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.Cert

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) |

---