# EDGAR Filing Document

**Accession Number:** 0001071939
**File Stem:** 0001104659-26-042111
**Filing Date:** 2026-4
**Character Count:** 61095
**Document Hash:** 44ae28de7c59911b78f97ee99f947d86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-042111.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001104659-26-042111

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**EFFECTIVENESS DATE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT LMB-V
- **CENTRAL INDEX KEY:** 0001071939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09075
- **FILM NUMBER:** 26855725

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 S. HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 205-268-2988

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LLAC VARIABLE ACCOUNT
- **DATE OF NAME CHANGE:** 19981009

## Series and Classes Contracts Data

### Lincoln Life Flexible Premium Variable Life Account LMB-V (Series ID: S000062935)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000232903 | Spectrum Select      |  |
| C000232904 | Spectrum Select Plus |  |

![](tm263266d2_nvpsimg01.jpg)

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Board of Directors of

Lincoln National Life Insurance Company

and Contract Owners of Lincoln Life Flexible

Premium Variable Life Account LMB-V

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise the Lincoln Life Flexible Premium Variable Life Account LMB-V (the Account) as of December 31, 2025, 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 related notes to the financial statements (collectively referred to as the "financial statements"), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts constituting Lincoln Life Flexible Premium Variable Life Account LMB-V at December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and each of their financial highlights for the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and the financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights 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 Account 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its 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 Account's internal control over financial reporting. Accordingly, we express no such opinion.

---

| |
|:---|
| 2000 Market Street, <br> Philadelphia, PA 19103 |
| **T +1 215 561 7300<br> **F** +1 215 569 8709** |
| **mitchelltitus.com** |

---

![](tm263266d2_nvpsimg01.jpg)

Our audits included performing procedures to assess the risk 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 and financial highlights. 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 and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Account's auditor since 2020.

/s/ Mitchell & Titus, LLP

Philadelphia, PA

April 10, 2026

![](tm263266d2_nvpsimg01.jpg)

**APPENDIX**

**List of Subaccounts**

▪ BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares

▪ BNY Mellon Stock Index Fund, Inc. - Initial Shares

▪ BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares

▪ BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares

▪ Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1

▪ Columbia Variable Portfolio - Government Money Market Fund - Class 1

▪ Columbia Variable Portfolio - Income Opportunities Fund - Class 1

▪ Columbia Variable Portfolio - Large Cap Growth Fund - Class 1

▪ Columbia Variable Portfolio - Small Cap Value Fund - Class 1

▪ Columbia Variable Portfolio - Strategic Income Fund - Class 1

▪ Franklin Growth and Income VIP Fund - Class 2

▪ Franklin Large Cap Growth VIP Fund - Class 2

▪ Franklin Strategic Income VIP Fund - Class 2

▪ INVESCO V.I. American Franchise Fund - Series 1

▪ INVESCO V.I. EQV International Equity Fund - Series 1

▪ INVESCO V.I. Government Securities Fund - Series 1

▪ INVESCO V.I. Technology Fund - Series 1

▪ MFS VIT II Core Equity Portfolio - Initial Class

▪ MFS VIT Growth Series - Initial Class

▪ MFS VIT II High Yield Portfolio - Initial Class

▪ MFS VIT Investor Trust Series - Initial Class

▪ MFS VIT Research Series - Initial Class

▪ MFS VIT Utilities Series - Initial Class

▪ Templeton Growth VIP Fund - Class 2

---

| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount** | **Investments** | **Total Assets** | **Net Assets** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | $26229 | $26229 | $26229 |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 5289237 | 5289237 | 5289237 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 91062 | 91062 | 91062 |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 345541 | 345541 | 345541 |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 | 5316494 | 5316494 | 5316494 |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 1017432 | 1017432 | 1017432 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 1232918 | 1232918 | 1232918 |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 | 1053978 | 1053978 | 1053978 |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 3256948 | 3256948 | 3256948 |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 1275338 | 1275338 | 1275338 |
| Franklin Growth and Income VIP Fund - Class 2 | 4410972 | 4410972 | 4410972 |
| Franklin Large Cap Growth VIP Fund - Class 2 | 441325 | 441325 | 441325 |
| Franklin Strategic Income VIP Fund - Class 2 | 1786615 | 1786615 | 1786615 |
| Invesco V.I. American Franchise Fund - Series 1 | 714687 | 714687 | 714687 |
| Invesco V.I. EQV International Equity Fund - Series 1 | 4712468 | 4712468 | 4712468 |
| Invesco V.I. Government Securities Fund - Series 1 | 114442 | 114442 | 114442 |
| Invesco V.I. Technology Fund - Series 1 | 1390537 | 1390537 | 1390537 |
| MFS VIT Growth Series - Initial Class | 3402062 | 3402062 | 3402062 |
| MFS VIT Investors Trust Series - Initial Class | 4487849 | 4487849 | 4487849 |
| MFS VIT Research Series - Initial Class | 4683682 | 4683682 | 4683682 |
| MFS VIT Utilities Series - Initial Class | 546370 | 546370 | 546370 |
| MFS VIT II Core Equity Portfolio - Initial Class | 139733 | 139733 | 139733 |
| MFS VIT II High Yield Portfolio - Initial Class | 179214 | 179214 | 179214 |
| Templeton Growth VIP Fund - Class 2 | 2481053 | 2481053 | 2481053 |

---

See accompanying notes.

---

| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **STATEMENTS OF OPERATIONS** |
| **Year Ended December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Dividends<br> from<br> investment<br> income** | **Mortality<br> expense<br> and<br> guarantee<br> charges** | **NET<br> INVESTMENT<br> INCOME<br> (LOSS)** | **Net realized<br> gain <br> (loss) on<br> investments** | **Dividends<br> from net<br> realized gain on<br> investments** | **TOTAL NET<br> REALIZED<br> GAIN <br> (LOSS) ON<br> INVESTMENTS** | **Net change<br> in unrealized<br> appreciation<br> or<br> depreciation<br> on<br> investments** | **NET<br> INCREASE IN<br> NET ASSETS<br> RESULTING<br> FROM<br> OPERATIONS** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | $- | $(261) | $(261) | $(385) | $9945 | $9560 | $(3724) | $5575 |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 51186 | (35382) | 15804 | 181830 | 278895 | 460725 | 302646 | 779175 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 212 | (1115) | (903) | 1519 | 6781 | 8300 | 4183 | 11580 |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 1198 | (2740) | (1542) | (3186) | 48721 | 45535 | (15227) | 28766 |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 |  | (32844) | (32844) | 410894 |  | 410894 | 344907 | 722957 |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 37089 | (7773) | 29316 |  |  |  |  | 29316 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 22861 | (7808) | 15053 | (15149) |  | (15149) | 89286 | 89190 |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 |  | (8244) | (8244) | 57401 |  | 57401 | 92513 | 141670 |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 38832 | (20266) | 18566 | 41483 | 536756 | 578239 | (153203) | 443602 |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 54068 | (8476) | 45592 | (12794) |  | (12794) | 43191 | 75989 |
| Franklin Growth and Income VIP Fund - Class 2 | 90895 | (28487) | 62408 | (347923) | 391338 | 43415 | 530862 | 636685 |
| Franklin Large Cap Growth VIP Fund - Class 2 |  | (4942) | (4942) | (10444) | 82812 | 72368 | (42440) | 24986 |
| Franklin Strategic Income VIP Fund - Class 2 | 79332 | (11999) | 67333 | (26429) | 18 | (26411) | 64419 | 105341 |
| Invesco V.I. American Franchise Fund - Series 1 |  | (6447) | (6447) | 21011 | 63194 | 84205 | (6658) | 71100 |
| Invesco V.I. EQV International Equity Fund - Series 1 | 65215 | (28864) | 36351 | (33001) | 289453 | 256452 | 364593 | 657396 |
| Invesco V.I. Government Securities Fund - Series 1 | 3417 | (960) | 2457 | (2648) |  | (2648) | 7384 | 7193 |
| Invesco V.I. Technology Fund - Series 1 |  | (8297) | (8297) | 166854 | 149564 | 316418 | (44175) | 263946 |
| MFS VIT Growth Series - Initial Class |  | (21772) | (21772) | 56208 | 581727 | 637935 | (254866) | 361297 |
| MFS VIT Investors Trust Series - Initial Class | 68958 | (29447) | 39511 | 102877 | 1764781 | 1867658 | (1384581) | 522588 |
| MFS VIT Research Series - Initial Class | 43210 | (28962) | 14248 | 80614 | 1058900 | 1139514 | (629905) | 523857 |
| MFS VIT Utilities Series - Initial Class | 15085 | (4707) | 10378 | 5699 | 6899 | 12598 | 44669 | 67645 |
| MFS VIT II Core Equity Portfolio - Initial Class | 606 | (1035) | (429) | 884 | 13507 | 14391 | 682 | 14644 |
| MFS VIT II High Yield Portfolio - Initial Class | 11468 | (2224) | 9244 | (1044) |  | (1044) | 3738 | 11938 |
| Templeton Growth VIP Fund - Class 2 | 20780 | (15088) | 5692 | 83613 | 178401 | 262014 | 226540 | 494246 |

---

See accompanying notes.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**STATEMENTS OF CHANGES IN NET ASSETS**

**Years Ended December 31, 2024 and 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BNY Mellon<br> Investment<br> Portfolios -<br> Technology<br> Growth<br> Portfolio -<br> Initial<br> Shares**<br>**Subaccount** | **BNY Mellon<br> Stock Index<br> Fund, Inc. -<br> Initial<br> Shares**<br>**Subaccount** | **BNY Mellon<br> Sustainable<br> U.S. Equity<br> Portfolio,<br> Inc. - Initial<br> Shares**<br>**Subaccount** | **BNY Mellon<br> Variable<br> Investment<br> Fund -<br> Appreciation<br> Portfolio -<br> Initial<br> Shares**<br>**Subaccount** | **Columbia<br> Variable<br> Portfolio -<br> Dividend<br> Opportunity<br> Fund -<br> Class 1**<br>**Subaccount** | **Columbia<br> Variable<br> Portfolio -<br> Government<br> Money<br> Market Fund<br> - Class 1**<br>**Subaccount** | **Columbia<br> Variable<br> Portfolio -<br> Income<br> Opportunities<br> Fund - Class 1**<br>**Subaccount** |
| **NET ASSETS AT JANUARY 1, 2024** | $17223 | $4283691 | $67117 | $333856 | $4686553 | $904408 | $1069520 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (227) | 20315 | (615) | (1460) | (32186) | 37954 | 55640 |
| &nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 217 | 498598 | 1477 | 22745 | 344609 |  | (13950) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 4218 | 465668 | 14630 | 16388 | 360152 | - | 15239 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 4208 | 984581 | 15492 | 37673 | 672575 | 37954 | 56929 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unit transactions | (651) | (443829) | (1184) | (45272) | (350629) | 13544 | 21446 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (651) | (443829) | (1184) | (45272) | (350629) | 13544 | 21446 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 3557 | 540752 | 14308 | (7599) | 321946 | 51498 | 78375 |
| **NET ASSETS AT DECEMBER 31, 2024** | 20780 | 4824443 | 81425 | 326257 | 5008499 | 955906 | 1147895 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (261) | 15804 | (903) | (1542) | (32844) | 29316 | 15053 |
| &nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 9560 | 460725 | 8300 | 45535 | 410894 |  | (15149) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | (3724) | 302646 | 4183 | (15227) | 344907 | - | 89286 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 5575 | 779175 | 11580 | 28766 | 722957 | 29316 | 89190 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unit transactions | (126) | (314381) | (1943) | (9482) | (414962) | 32210 | (4167) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (126) | (314381) | (1943) | (9482) | (414962) | 32210 | (4167) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 5449 | 464794 | 9637 | 19284 | 307995 | 61526 | 85023 |
| **NET ASSETS AT DECEMBER 31, 2025** | $26229 | $5289237 | $91062 | $345541 | $5316494 | $1017432 | $1232918 |

---

See accompanying notes.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**STATEMENTS OF CHANGES IN NET ASSETS**

**Years Ended December 31, 2024 and 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Columbia<br> Variable<br> Portfolio -<br> Large Cap<br> Growth Fund<br> - Class 1**<br>**Subaccount** | **Columbia<br> Variable<br> Portfolio -<br> Small Cap<br> Value Fund -<br> Class 1**<br>**Subaccount** | **Columbia<br> Variable<br> Portfolio -<br> Strategic<br> Income Fund<br> - Class 1**<br>**Subaccount** | **Franklin<br> Growth and<br> Income VIP<br> Fund - Class 2**<br>**Subaccount** | **Franklin<br> Large Cap<br> Growth VIP<br> Fund - Class 2**<br>**Subaccount** | **Franklin<br> Strategic<br> Income VIP<br> Fund - Class 2**<br>**Subaccount** | **Invesco V.I.<br> American<br> Franchise<br> Fund - Series 1**<br>**Subaccount** |
| **NET ASSETS AT JANUARY 1, 2024** | $813182 | $2943177 | $1109608 | $3918991 | $358034 | $1542824 | $606490 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (7737) | 3809 | 44423 | 65651 | (4806) | 60937 | (6478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 125906 | 141065 | (8839) | (415618) | 44349 | (19928) | 15376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 121027 | 106981 | 9902 | 997850 | 48116 | 11235 | 182755 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 239196 | 251855 | 45486 | 647883 | 87659 | 52244 | 191653 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | (103555) | (94550) | 46776 | (435893) | (27054) | 74726 | (114947) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (103555) | (94550) | 46776 | (435893) | (27054) | 74726 | (114947) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 135641 | 157305 | 92262 | 211990 | 60605 | 126970 | 76706 |
| **NET ASSETS AT DECEMBER 31, 2024** | 948823 | 3100482 | 1201870 | 4130981 | 418639 | 1669794 | 683196 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (8244) | 18566 | 45592 | 62408 | (4942) | 67333 | (6447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 57401 | 578239 | (12794) | 43415 | 72368 | (26411) | 84205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 92513 | (153203) | 43191 | 530862 | (42440) | 64419 | (6658) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 141670 | 443602 | 75989 | 636685 | 24986 | 105341 | 71100 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | (36515) | (287136) | (2521) | (356694) | (2300) | 11480 | (39609) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (36515) | (287136) | (2521) | (356694) | (2300) | 11480 | (39609) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 105155 | 156466 | 73468 | 279991 | 22686 | 116821 | 31491 |
| **NET ASSETS AT DECEMBER 31, 2025** | $1053978 | $3256948 | $1275338 | $4410972 | $441325 | $1786615 | $714687 |

---

See accompanying notes.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**STATEMENTS OF CHANGES IN NET ASSETS**

**Years Ended December 31, 2024 and 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I. EQV<br> International <br> Equity Fund -<br> Series 1**<br>**Subaccount** | **Invesco V.I. <br> Government <br> Securities Fund - <br> Series 1**<br>**Subaccount** | **Invesco V.I. <br> Technology Fund - <br> Series 1**<br>**Subaccount** | **MFS VIT Growth<br> Series - Initial<br> Class**<br>**Subaccount** | **MFS VIT Investors<br> Trust Series - Initial <br> Class**<br>**Subaccount** | **MFS VIT Research <br> Series - Initial<br> Class**<br>**Subaccount** | **MFS VIT Utilities<br> Series - Initial<br> Class**<br>**Subaccount** |
| **NET ASSETS AT JANUARY 1, 2024** | $4231495 | $118585 | $1258468 | $2975820 | $4041733 | $4197965 | $508072 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 48184 | 1854 | (8214) | (21594) | (590) | (2496) | 7076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 48539 | (2334) | (132724) | 464905 | 530120 | 406824 | 27782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | (100971) | 1711 | 535507 | 415510 | 189615 | 324268 | 17643 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (4248) | 1231 | 394569 | 858821 | 719145 | 728596 | 52501 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | 190079 | 1 | (354683) | (679474) | (555874) | (534622) | (58420) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | 190079 | 1 | (354683) | (679474) | (555874) | (534622) | (58420) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 185831 | 1232 | 39886 | 179347 | 163271 | 193974 | (5919) |
| **NET ASSETS AT DECEMBER 31, 2024** | 4417326 | 119817 | 1298354 | 3155167 | 4205004 | 4391939 | 502153 |
| Changes From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 36351 | 2457 | (8297) | (21772) | 39511 | 14248 | 10378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 256452 | (2648) | 316418 | 637935 | 1867658 | 1139514 | 12598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 364593 | 7384 | (44175) | (254866) | (1384581) | (629905) | 44669 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 657396 | 7193 | 263946 | 361297 | 522588 | 523857 | 67645 |
| Change From Unit Transactions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | (362254) | (12568) | (171763) | (114402) | (239743) | (232114) | (23428) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (362254) | (12568) | (171763) | (114402) | (239743) | (232114) | (23428) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 295142 | (5375) | 92183 | 246895 | 282845 | 291743 | 44217 |
| **NET ASSETS AT DECEMBER 31, 2025** | $4712468 | $114442 | $1390537 | $3402062 | $4487849 | $4683682 | $546370 |

---

See accompanying notes.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**STATEMENTS OF CHANGES IN NET ASSETS**

**Years Ended December 31, 2024 and 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS VIT II<br> Core Equity<br> Portfolio -<br> Initial Class**<br>**Subaccount** | **MFS VIT II<br> High Yield<br> Portfolio -<br> Initial Class**<br>**Subaccount** | **Templeton<br> Growth VIP<br> Fund - Class 2**<br>**Subaccount** |
| **NET ASSETS AT JANUARY 1, 2024** | $122927 | $156222 | $2208078 |
| Changes From Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (270) | 7996 | 6685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 11150 | (440) | (7195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 10525 | 1238 | 100833 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 21405 | 8794 | 100323 |
| Change From Unit Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | (19381) | 3781 | 6561 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | (19381) | 3781 | 6561 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 2024 | 12575 | 106884 |
| **NET ASSETS AT DECEMBER 31, 2024** | 124951 | 168797 | 2314962 |
| Changes From Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (429) | 9244 | 5692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) on investments | 14391 | (1044) | 262014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation or depreciation on investments | 682 | 3738 | 226540 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 14644 | 11938 | 494246 |
| Change From Unit Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unit transactions | 138 | (1521) | (328155) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS | 138 | (1521) | (328155) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | 14782 | 10417 | 166091 |
| **NET ASSETS AT DECEMBER 31, 2025** | $139733 | $179214 | $2481053 |

---

See accompanying notes.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**1. ACCOUNTING POLICIES AND VARIABLE ACCOUNT INFORMATION**

**The Variable Account:**

Effective October 1, 2021, Lincoln Life Assurance Company of Boston, a wholly owned subsidiary of Lincoln National Life Insurance Company ("Lincoln Life"), merged with and into Lincoln Life (the "Company"). Also effective October 1, 2021, LLAC Variable Account is now known as Lincoln Life Flexible Premium Variable Life Account LMB-V ("the Variable Account"). The Variable Account is a separate investment account established by the Company to receive and invest premium payments from individual variable life insurance contracts issued by the Company. The Variable Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940 and invests in shares of eligible funds. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies. The assets of the Variable Account are owned by the Company. The Variable Account offers two products, as follows:

- Spectrum Select

- Spectrum Select Plus

As of January 1, 2009, the Company no longer offers Variable Life Insurance policies for sale.

**Basis of Presentation:**

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.

**Accounting Estimates:**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.

**Investments:**

The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of twenty-four open-ended mutual funds (the Funds) of seven management investment companies, each Fund with its own investment objective. The Funds are:

BNY Mellon Investment Adviser, Inc.:

BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares

BNY Mellon Stock Index Fund, Inc. - Initial Shares

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares

BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares

Columbia Funds Variable Insurance Trust:

Columbia Variable Portfolio - Small Cap Value Fund - Class 1

Columbia Variable Portfolio - Strategic Income Fund - Class 1

Columbia Funds Variable Series Trust II:

Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1

Columbia Variable Portfolio - Government Money Market Fund - Class 1

Columbia Variable Portfolio - Income Opportunities Fund - Class 1

Columbia Variable Portfolio - Large Cap Growth Fund - Class 1

Franklin Templeton Funds, Inc.:

Franklin Growth and Income VIP Fund - Class 2

Franklin Large Cap Growth VIP Fund - Class 2

Franklin Strategic Income VIP Fund - Class 2

Templeton Growth VIP Fund - Class 2

Invesco Variable Insurance Funds, Inc.:

Invesco V.I. American Franchise Fund - Series 1

Invesco V.I. EQV International Equity Fund - Series 1

Invesco V.I. Government Securities Fund - Series 1

Invesco V.I. Technology Fund - Series 1

MFS Variable Insurance Trust:

MFS VIT Growth Series - Initial Class

MFS VIT Investors Trust Series - Initial Class

MFS VIT Research Series - Initial Class

MFS VIT Utilities Series - Initial Class

MFS Variable Insurance Trust II:

MFS VIT II Core Equity Portfolio - Initial Class

MFS VIT II High Yield Portfolio - Initial Class

Investments in the Funds are valued at their closing net asset value ("NAV") as determined by the respective mutual fund. Transactions are recorded on the trade date. Realized gains and losses on sales of investments are computed on the basis of the identified cost of the investment sold.

Investments in the Funds are stated at fair value as determined by the closing NAV per share on December 31, 2025. NAV is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and NAV is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.

**Lincoln Life Flexible Premium Variable Life Account LMB-V** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2025** 

**Dividends:** 

Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.

**Federal Income Taxes:** 

The operations of the Variable Account are part of the operations of the Company and are not taxed separately. The Company qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the "Code"). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on policy owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Company will review this policy and if necessary a provision may be made in future years.

**Policy Loans:** 

Policy holders are permitted to borrow against the cash value of their account. The loan proceeds are deducted from the Variable Account and recorded in the Company's general account as an asset.

**Diversification Requirements:** 

Under the provisions of Section 817(h) of the Code, a variable life policy, other than a policy issued in connection with certain types of employee benefit plans, will not be treated as a life insurance policy for federal tax purposes for any period for which the investments of the segregated asset account on which the policy is based are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. The Company believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

**ASU 2023-07 Considerations:** 

In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.

Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Variable Account using information of each fund. The Variable Account is engaged in a single line of business as a registered unit investment trust. The Variable Account is a funding vehicle for individual variable life contracts with assets owned by the Company to support the liabilities of the applicable insurance contracts. The subaccounts have identified the Board of Directors of the Lincoln Financial Investments, Corporation as the chief operating decision maker ("CODM") as the Variable Account does not have employees and is not a separate legal entity.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the subaccounts within the Variable Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the Accounting Policies and Variable Account Information (see note 1). The measure of segment assets is reported on the Statements of assets and liabilities as Total Assets and significant segment expenses are listed on the Statements of operations. Refer to the Statements of operations and Statements of changes in net assets for each subaccount's operating segment results as of December 31, 2025 and 2024.

**2. MORTALITY AND EXPENSE GUARANTEES AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Company's Spectrum Select, a modified single payment variable universal life insurance policy, has no deductions made from purchase payments for sales charges at the time of purchase. In the event of a policy termination, a contingent deferred sales charge, based upon a graded table of charges, is deducted and recorded on the Statements of Changes in Net Assets. Daily deductions are made from each subaccount for assumption of mortality and expense risk fees at an annual rate of 1.65% of policy value. These deductions are recorded on the Statements of Operations.

The Company's Spectrum Select Plus, a flexible premium variable universal life insurance policy, has a deduction made from each purchase payment for taxes and sales charges at the time of purchase. In the event of a policy termination, a contingent deferred sales charge, based upon a graded table of charges, is deducted and recorded on the Statements of Changes in Net Assets. Daily deductions are made from each subaccount for assumption of mortality and expense risk fees at an annual rate of 0.60% of policy value. These deductions are recorded on the Statements of Operations.

A monthly cost of insurance charge to cover the cost of providing insurance is deducted from each policy holder's account at the beginning of each month. An annual policy charge to cover the cost of policy administration is deducted from each policy holder's account on the policy anniversary date. These charges are reported on the Statements of Changes in Net Assets.

The Company has absorbed all organizational expenses including the fees of registering the Variable Account and its policies for distribution under federal and state securities laws.

**Lincoln Life Flexible Premium Variable Life Account LMB-V**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3. FINANCIAL HIGHLIGHTS**

A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable life policies as of and for each year or period in the five years ended December 31, 2025, follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year** | **Minimum<br> Fee Rate<br> (1)** | **Maximum<br> Fee Rate<br> (1)** | **Minimum<br> Unit<br> Value (2)** | **Maximum<br> Unit<br> Value (2)** | **Units<br> Outstanding** | **Net<br> Assets** | **Minimum<br> Total<br> Return (3)** | **Maximum<br> Total<br> Return (3)** | **Investment<br> Income<br> Ratio (4)** |
| **BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares** | 2025 | 0.60% | 1.65% | $68.29 | $76.48 | 364 | $26229 | 26.07% | 27.39% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 54.17 | 60.04 | 365 | 20780 | 23.67% | 24.98% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 43.80 | 48.04 | 377 | 17223 | 56.82% | 58.47% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 27.93 | 30.31 | 1000 | 28896 | -47.26% | -46.71% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 52.97 | 56.88 | 884 | 47717 | 11.09% | 12.26% | 0.00% |
| **BNY Mellon Stock Index Fund, Inc. - Initial Shares** | 2025 | 0.60% | 1.65% | 50.02 | 62.40 | 87006 | 5289237 | 15.61% | 16.83% | 1.01% |
|  | 2024 | 0.60% | 1.65% | 43.26 | 53.42 | 92669 | 4824443 | 22.61% | 23.91% | 1.18% |
|  | 2023 | 0.60% | 1.65% | 35.28 | 43.11 | 101741 | 4283691 | 23.87% | 25.18% | 1.41% |
|  | 2022 | 0.60% | 1.65% | 28.48 | 34.44 | 112458 | 3776935 | -19.65% | -18.81% | 1.27% |
|  | 2021 | 0.60% | 1.65% | 35.45 | 42.41 | 114501 | 4738512 | 26.29% | 27.63% | 1.15% |
| **BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares** | 2025 | 0.60% | 1.65% | 31.10 | 41.57 | 2704 | 91062 | 14.07% | 15.28% | 0.25% |
|  | 2024 | 0.60% | 1.65% | 27.26 | 36.07 | 2758 | 81425 | 22.84% | 24.14% | 0.54% |
|  | 2023 | 0.60% | 1.65% | 22.19 | 29.05 | 2798 | 67117 | 21.80% | 23.08% | 0.72% |
|  | 2022 | 0.60% | 1.65% | 18.22 | 23.60 | 2854 | 56185 | -24.13% | -23.33% | 0.49% |
|  | 2021 | 0.60% | 1.65% | 24.02 | 30.79 | 2839 | 73094 | 24.97% | 26.24% | 0.76% |
| **BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares** | 2025 | 0.60% | 1.65% | 45.01 | 55.19 | 6578 | 345541 | 8.27% | 9.41% | 0.36% |
|  | 2024 | 0.60% | 1.65% | 41.57 | 50.44 | 6772 | 326257 | 10.95% | 12.13% | 0.42% |
|  | 2023 | 0.60% | 1.65% | 37.47 | 44.98 | 7872 | 333856 | 19.00% | 20.25% | 0.72% |
|  | 2022 | 0.60% | 1.65% | 31.49 | 37.41 | 9093 | 317399 | -19.40% | -18.55% | 0.63% |
|  | 2021 | 0.60% | 1.65% | 39.07 | 45.93 | 9253 | 397807 | 25.06% | 26.35% | 0.45% |
| **Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1** | 2025 | 0.60% | 1.65% | 36.14 | 43.06 | 124553 | 5316494 | 13.94% | 15.14% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 31.72 | 37.40 | 135014 | 5008499 | 13.52% | 14.72% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 27.94 | 32.60 | 144908 | 4686553 | 3.37% | 4.46% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 27.03 | 31.20 | 137307 | 4246396 | -2.73% | -1.70% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 27.79 | 31.74 | 167690 | 5278860 | 24.12% | 25.40% | 0.00% |
| **Columbia Variable Portfolio - Government Money Market Fund - Class 1** | 2025 | 0.60% | 1.65% | 10.07 | 13.63 | 79803 | 1017432 | 2.27% | 3.35% | 3.76% |
|  | 2024 | 0.60% | 1.65% | 9.84 | 13.18 | 77632 | 955906 | 3.27% | 4.37% | 4.92% |
|  | 2023 | 0.60% | 1.65% | 9.53 | 12.63 | 76808 | 904408 | 3.02% | 4.10% | 4.48% |
|  | 2022 | 0.60% | 1.65% | 9.25 | 12.14 | 95678 | 1042826 | -0.45% | 0.60% | 0.97% |
|  | 2021 | 0.60% | 1.65% | 9.29 | 12.06 | 146570 | 1548641 | -1.69% | -0.58% | 0.01% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year** | **Minimum<br> Fee Rate<br> (1)** | **Maximum<br> Fee Rate <br> (1)** | **Minimum<br> Unit<br> Value (2)** | **Maximum<br> Unit<br> Value (2)** | **Units<br> Outstanding** | **Net<br> Assets** | **Minimum<br> Total<br> Return (3)** | **Maximum<br> Total<br> Return (3)** | **Investment<br> Income<br> Ratio (4)** |
| **Columbia Variable Portfolio - Income Opportunities Fund - Class 1** | 2025 | 0.60% | 1.65% | 21.81 | 28.80 | 43780 | 1232918 | 7.00% | 8.13% | 1.92% |
|  | 2024 | 0.60% | 1.65% | 20.39 | 26.64 | 44061 | 1147895 | 4.16% | 5.27% | 5.71% |
|  | 2023 | 0.60% | 1.65% | 19.57 | 25.31 | 43316 | 1069520 | 9.74% | 10.90% | 5.17% |
|  | 2022 | 0.60% | 1.65% | 17.83 | 22.82 | 44125 | 981220 | -11.48% | -10.55% | 5.04% |
|  | 2021 | 0.60% | 1.65% | 20.15 | 25.51 | 48958 | 1219602 | 2.81% | 3.87% | 9.28% |
| **Columbia Variable Portfolio - Large Cap Growth Fund - Class 1** | 2025 | 0.60% | 1.65% | 37.43 | 55.10 | 21260 | 1053978 | 14.24% | 15.44% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 32.77 | 47.73 | 21976 | 948823 | 29.17% | 30.54% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 25.37 | 36.56 | 24550 | 813182 | 40.83% | 42.31% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 18.01 | 25.69 | 29286 | 684859 | -32.51% | -31.79% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 26.69 | 37.67 | 29389 | 1004963 | 26.61% | 27.96% | 0.00% |
| **Columbia Variable Portfolio - Small Cap Value Fund - Class 1** | 2025 | 0.60% | 1.65% | 80.07 | 107.32 | 30832 | 3256948 | 13.11% | 14.30% | 1.22% |
|  | 2024 | 0.60% | 1.65% | 70.79 | 93.89 | 33539 | 3100482 | 7.08% | 8.21% | 0.80% |
|  | 2023 | 0.60% | 1.65% | 66.11 | 86.76 | 34541 | 2943177 | 19.95% | 21.22% | 0.75% |
|  | 2022 | 0.60% | 1.65% | 55.11 | 71.58 | 38078 | 2672695 | -10.19% | -9.24% | 0.70% |
|  | 2021 | 0.60% | 1.65% | 61.37 | 78.86 | 42453 | 3283810 | 27.09% | 28.42% | 0.68% |
| **Columbia Variable Portfolio - Strategic Income Fund - Class 1** | 2025 | 0.60% | 1.65% | 25.42 | 33.02 | 39768 | 1275338 | 5.56% | 6.68% | 4.37% |
|  | 2024 | 0.60% | 1.65% | 24.08 | 30.95 | 39961 | 1201870 | 2.98% | 4.07% | 4.56% |
|  | 2023 | 0.60% | 1.65% | 23.39 | 29.74 | 38382 | 1109608 | 7.88% | 9.02% | 3.59% |
|  | 2022 | 0.60% | 1.65% | 21.68 | 27.28 | 39073 | 1033734 | -12.82% | -11.90% | 2.72% |
|  | 2021 | 0.60% | 1.65% | 24.86 | 30.96 | 43150 | 1296101 | 0.40% | 1.47% | 5.57% |
| **Franklin Growth and Income VIP Fund - Class 2** | 2025 | 0.60% | 1.65% | 44.03 | 51.14 | 87255 | 4410972 | 14.99% | 16.20% | 2.13% |
|  | 2024 | 0.60% | 1.65% | 38.29 | 44.01 | 94880 | 4130981 | 16.05% | 17.28% | 2.32% |
|  | 2023 | 0.60% | 1.65% | 32.99 | 37.52 | 105436 | 3918991 | 7.20% | 8.33% | 2.15% |
|  | 2022 | 0.60% | 1.65% | 30.78 | 34.64 | 103698 | 3555471 | -8.33% | -7.36% | 2.85% |
|  | 2021 | 0.60% | 1.65% | 33.57 | 37.39 | 119323 | 4418526 | 23.19% | 24.51% | 2.49% |
| **Franklin Large Cap Growth VIP Fund - Class 2** | 2025 | 0.60% | 1.65% | 41.70 | 52.15 | 9588 | 441325 | 5.46% | 6.58% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 39.54 | 48.93 | 9670 | 418639 | 24.22% | 25.54% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 31.83 | 38.98 | 10327 | 358034 | 38.15% | 39.60% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 23.04 | 27.92 | 13849 | 341088 | -37.57% | -36.92% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 36.91 | 44.26 | 12551 | 489930 | 13.39% | 14.57% | 0.00% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year** | **Minimum<br> Fee Rate<br> (1)** | **Maximum<br> Fee Rate<br> (1)** | **Minimum<br> Unit<br> Value (2)** | **Maximum<br> Unit<br> Value (2)** | **Units<br> Outstanding** | **Net<br> Assets** | **Minimum<br> Total<br> Return (3)** | **Maximum<br> Total<br> Return (3)** | **Investment<br> Income<br> Ratio (4)** |
| **Franklin Strategic Income VIP Fund - Class 2** | 2025 | 0.60% | 1.65% | 21.74 | 27.69 | 66410 | 1786615 | 5.49% | 6.60% | 4.59% |
|  | 2024 | 0.60% | 1.65% | 20.61 | 25.97 | 66129 | 1669794 | 2.31% | 3.40% | 4.52% |
|  | 2023 | 0.60% | 1.65% | 20.15 | 25.12 | 63123 | 1542824 | 6.42% | 7.54% | 4.39% |
|  | 2022 | 0.60% | 1.65% | 18.93 | 23.36 | 62946 | 1429642 | -12.21% | -11.28% | 4.18% |
|  | 2021 | 0.60% | 1.65% | 21.57 | 26.33 | 68681 | 1759916 | 0.47% | 1.50% | 3.24% |
| **Invesco V.I. American Franchise Fund - Series 1** | 2025 | 0.60% | 1.65% | 29.82 | 46.04 | 18161 | 714687 | 9.84% | 11.00% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 27.14 | 41.48 | 19370 | 683196 | 32.67% | 34.08% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 20.46 | 30.93 | 23292 | 606490 | 38.63% | 40.09% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 14.76 | 22.08 | 28535 | 526667 | -32.24% | -31.52% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 21.78 | 32.25 | 27315 | 730270 | 10.11% | 11.25% | 0.00% |
| **Invesco V.I. EQV International Equity Fund - Series 1** | 2025 | 0.60% | 1.65% | 17.95 | 26.50 | 181184 | 4712468 | 14.59% | 15.80% | 1.43% |
|  | 2024 | 0.60% | 1.65% | 15.66 | 22.88 | 196611 | 4417326 | -1.04% | 0.01% | 1.75% |
|  | 2023 | 0.60% | 1.65% | 15.83 | 22.88 | 188518 | 4231495 | 16.22% | 17.44% | 0.20% |
|  | 2022 | 0.60% | 1.65% | 13.62 | 19.48 | 194940 | 3726380 | -19.64% | -18.79% | 1.65% |
|  | 2021 | 0.60% | 1.65% | 16.95 | 23.99 | 199706 | 4699212 | 4.18% | 5.27% | 1.33% |
| **Invesco V.I. Government Securities Fund - Series 1** | 2025 | 0.60% | 1.65% | 15.12 | 19.82 | 6097 | 114442 | 5.61% | 6.73% | 2.92% |
|  | 2024 | 0.60% | 1.65% | 14.32 | 18.57 | 6929 | 119817 | 0.05% | 1.11% | 2.48% |
|  | 2023 | 0.60% | 1.65% | 14.31 | 18.37 | 7061 | 118586 | 2.91% | 4.00% | 2.08% |
|  | 2022 | 0.60% | 1.65% | 13.90 | 17.66 | 6574 | 105918 | -11.76% | -10.83% | 1.78% |
|  | 2021 | 0.60% | 1.65% | 15.76 | 19.81 | 7550 | 138398 | -3.84% | -2.84% | 2.37% |
| **Invesco V.I. Technology Fund - Series 1** | 2025 | 0.60% | 1.65% | 61.38 | 79.18 | 22568 | 1390537 | 19.75% | 18.50% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 51.26 | 66.82 | 25225 | 1298354 | 33.46% | 32.06% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 38.41 | 50.60 | 32627 | 1258468 | 46.07% | 44.55% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 26.30 | 35.00 | 42873 | 1132182 | -40.31% | -40.93% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 44.05 | 59.26 | 30982 | 1369785 | 12.53% | 13.71% | 0.00% |
| **MFS VIT Growth Series - Initial Class** | 2025 | 0.60% | 1.65% | 35.38 | 60.57 | 58868 | 3402062 | 10.36% | 11.52% | 0.00% |
|  | 2024 | 0.60% | 1.65% | 32.06 | 54.31 | 60919 | 3155167 | 29.30% | 30.68% | 0.00% |
|  | 2023 | 0.60% | 1.65% | 24.79 | 41.56 | 75057 | 2975820 | 33.65% | 35.05% | 0.00% |
|  | 2022 | 0.60% | 1.65% | 18.55 | 30.78 | 90584 | 2656613 | -32.75% | -32.04% | 0.00% |
|  | 2021 | 0.60% | 1.65% | 27.59 | 45.29 | 79537 | 3418083 | 21.54% | 22.80% | 0.00% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Year** | **Minimum<br> Fee Rate<br> (1)** | **Maximum<br> Fee Rate<br> (1)** | **Minimum<br> Unit<br> Value (2)** | **Maximum<br> Unit<br> Value (2)** | **Units<br> Outstanding** | **Net<br> Assets** | **Minimum<br> Total<br> Return (3)** | **Maximum<br> Total<br> Return (3)** | **Investment<br> Income<br> Ratio (4)** |
| **MFS VIT Investors Trust Series - Initial Class** | 2025 | 0.60% | 1.65% | 44.57 | 56.70 | 80876 | 4487849 | 11.71% | 12.89% | 1.59% |
|  | 2024 | 0.60% | 1.65% | 39.89 | 50.23 | 85551 | 4205004 | 17.56% | 18.80% | 0.69% |
|  | 2023 | 0.60% | 1.65% | 33.94 | 42.28 | 97664 | 4041733 | 17.04% | 18.27% | 0.71% |
|  | 2022 | 0.60% | 1.65% | 29.00 | 35.75 | 103621 | 3628047 | -17.85% | -16.99% | 0.63% |
|  | 2021 | 0.60% | 1.65% | 35.30 | 43.06 | 106895 | 4509640 | 24.73% | 26.05% | 0.64% |
| **MFS VIT Research Series - Initial Class** | 2025 | 0.60% | 1.65% | 39.01 | 56.20 | 84855 | 4683682 | 11.00% | 12.18% | 0.95% |
|  | 2024 | 0.60% | 1.65% | 35.14 | 50.10 | 89419 | 4391939 | 16.92% | 18.16% | 0.61% |
|  | 2023 | 0.60% | 1.65% | 30.06 | 42.40 | 100886 | 4197965 | 20.42% | 21.69% | 0.50% |
|  | 2022 | 0.60% | 1.65% | 24.96 | 34.84 | 110432 | 3774039 | -18.56% | -17.71% | 0.46% |
|  | 2021 | 0.60% | 1.65% | 30.65 | 42.34 | 112275 | 4662572 | 22.75% | 24.06% | 0.55% |
| **MFS VIT Utilities Series - Initial Class** | 2025 | 0.60% | 1.65% | 44.26 | 66.19 | 9438 | 546370 | 13.13% | 14.32% | 2.88% |
|  | 2024 | 0.60% | 1.65% | 39.12 | 57.90 | 9841 | 502153 | 9.82% | 10.99% | 2.31% |
|  | 2023 | 0.60% | 1.65% | 35.62 | 52.16 | 11224 | 508072 | -3.71% | -2.69% | 3.45% |
|  | 2022 | 0.60% | 1.65% | 36.99 | 53.61 | 11115 | 517591 | -0.89% | 0.15% | 2.23% |
|  | 2021 | 0.60% | 1.65% | 37.32 | 53.53 | 13226 | 621443 | 12.21% | 13.41% | 1.76% |
| **MFS VIT II Core Equity Portfolio - Initial Class** | 2025 | 0.60% | 1.65% | 45.54 | 54.48 | 2656 | 139733 | 10.66% | 11.83% | 0.46% |
|  | 2024 | 0.60% | 1.65% | 41.15 | 48.72 | 2652 | 124951 | 18.13% | 19.39% | 0.57% |
|  | 2023 | 0.60% | 1.65% | 34.84 | 40.80 | 3098 | 122927 | 21.13% | 22.41% | 0.52% |
|  | 2022 | 0.60% | 1.65% | 28.76 | 33.34 | 3499 | 112260 | -18.62% | -17.76% | 0.30% |
|  | 2021 | 0.60% | 1.65% | 35.34 | 40.54 | 3586 | 139144 | 23.26% | 24.59% | 0.52% |
| **MFS VIT II High Yield Portfolio - Initial Class** | 2025 | 0.60% | 1.65% | 25.66 | 32.71 | 6465 | 179214 | 6.87% | 8.00% | 6.59% |
|  | 2024 | 0.60% | 1.65% | 24.01 | 30.29 | 6544 | 168797 | 5.17% | 6.28% | 6.24% |
|  | 2023 | 0.60% | 1.65% | 22.83 | 28.50 | 6420 | 156222 | 10.57% | 11.74% | 5.75% |
|  | 2022 | 0.60% | 1.65% | 20.65 | 25.51 | 6875 | 149762 | -11.98% | -11.05% | 5.21% |
|  | 2021 | 0.60% | 1.65% | 23.46 | 28.67 | 7551 | 186001 | 1.82% | 2.87% | 4.79% |
| **Templeton Growth VIP Fund - Class 2** | 2025 | 0.60% | 1.65% | 26.92 | 30.16 | 82597 | 2481053 | 21.80% | 23.09% | 0.87% |
|  | 2024 | 0.60% | 1.65% | 22.10 | 24.50 | 94830 | 2314962 | 3.67% | 4.77% | 0.94% |
|  | 2023 | 0.60% | 1.65% | 21.32 | 23.39 | 94729 | 2208078 | 19.04% | 20.29% | 3.27% |
|  | 2022 | 0.60% | 1.65% | 17.91 | 19.44 | 103429 | 2001734 | -12.95% | -12.03% | 0.15% |
|  | 2021 | 0.60% | 1.65% | 20.57 | 22.10 | 114167 | 2511203 | 3.16% | 4.25% | 1.08% |

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(1) These amounts represent the annualized
minimum and maximum policy expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts
which contain investments as of the respective year end. The ratios include only those expenses that result in a direct reduction to
unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have
been excluded.

(2) As the unit value is presented
as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values
may not be within the ranges presented as a result of partial year activity.

(3) These amounts represent the total
return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does
not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is
presented as a range of minimum to maximum values, for only those subaccounts which existed for the entire year, some individual contract
total returns may not be within the ranges presented as a result of partial year activity.

(4) These amounts represent the dividends,
excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed
by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee
charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the
timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.

Note: Amounts may not appear to foot/crossfoot/calculate due to rounding.

Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.

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| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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| |
|:---|
| **4. PURCHASES AND SALES OF INVESTMENTS** |
| The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2025: |

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| | | |
|:---|:---|:---|
| <br>**Subaccount** | **Aggregate**<br>**Cost of**<br>**Purchases** | **Aggregate**<br>**Proceeds**<br>**from Sales** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | $10491 | $933 |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 460699 | 480382 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 8163 | 4228 |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 61802 | 24105 |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 | 277903 | 725709 |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 164580 | 103054 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 130865 | 119979 |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 | 30836 | 75596 |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 840225 | 572039 |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 175974 | 132903 |
| Franklin Growth and Income VIP Fund - Class 2 | 651467 | 554415 |
| Franklin Large Cap Growth VIP Fund - Class 2 | 107071 | 31501 |
| Franklin Strategic Income VIP Fund - Class 2 | 244740 | 165908 |
| Invesco V.I. American Franchise Fund - Series 1 | 106950 | 89813 |
| Invesco V.I. EQV International Equity Fund - Series 1 | 639697 | 676147 |
| Invesco V.I. Government Securities Fund - Series 1 | 14117 | 24227 |
| Invesco V.I. Technology Fund - Series 1 | 326046 | 356541 |
| MFS VIT Growth Series - Initial Class | 869756 | 424205 |
| MFS VIT Investors Trust Series - Initial Class | 2005570 | 441021 |
| MFS VIT Research Series - Initial Class | 1344841 | 503807 |
| MFS VIT Utilities Series - Initial Class | 38476 | 44627 |
| MFS VIT II Core Equity Portfolio - Initial Class | 17121 | 3906 |
| MFS VIT II High Yield Portfolio - Initial Class | 18626 | 10903 |
| Templeton Growth VIP Fund - Class 2 | 282919 | 426981 |

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| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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| |
|:---|
| **5. INVESTMENTS** |
| The following is a summary of investments owned at December 31, 2025: |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Subaccount** |<br>**Shares**<br>**Owned** | **Net**<br>**Asset**<br>**Value** | **Fair**<br>**Value of**<br>**Shares** |<br>**Cost of**<br>**Shares** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | 1180 | $22.23 | $26229 | $23374 |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 60691 | 87.15 | 5289237 | 3642388 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 1557 | 58.50 | 91062 | 64299 |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 10263 | 33.67 | 345541 | 374175 |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 | 101344 | 52.46 | 5316494 | 3019769 |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 1017432 | 1.00 | 1017432 | 1017432 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 182115 | 6.77 | 1232918 | 1250199 |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 | 18536 | 56.86 | 1053978 | 377750 |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 257466 | 12.65 | 3256948 | 3176273 |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 336501 | 3.79 | 1275338 | 1337367 |
| Franklin Growth and Income VIP Fund - Class 2 | 600132 | 7.35 | 4410972 | 3792265 |
| Franklin Large Cap Growth VIP Fund - Class 2 | 24614 | 17.93 | 441325 | 445953 |
| Franklin Strategic Income VIP Fund - Class 2 | 195686 | 9.13 | 1786615 | 1875133 |
| Invesco V.I. American Franchise Fund - Series 1 | 8823 | 81.00 | 714687 | 551809 |
| Invesco V.I. EQV International Equity Fund - Series 1 | 130503 | 36.11 | 4712468 | 4602868 |
| Invesco V.I. Government Securities Fund - Series 1 | 10746 | 10.65 | 114442 | 119886 |
| Invesco V.I. Technology Fund - Series 1 | 54128 | 25.69 | 1390537 | 894282 |
| MFS VIT Growth Series - Initial Class | 50141 | 67.85 | 3402062 | 3233261 |
| MFS VIT Investors Trust Series - Initial Class | 171554 | 26.16 | 4487849 | 5095827 |
| MFS VIT Research Series - Initial Class | 153614 | 30.49 | 4683682 | 4614787 |
| MFS VIT Utilities Series - Initial Class | 14481 | 37.73 | 546370 | 485345 |
| MFS VIT II Core Equity Portfolio - Initial Class | 4390 | 31.83 | 139733 | 120527 |
| MFS VIT II High Yield Portfolio - Initial Class | 35209 | 5.09 | 179214 | 188716 |
| Templeton Growth VIP Fund - Class 2 | 175339 | 14.15 | 2481053 | 1906077 |

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Note: Fair Value of Shares may not appear to calculate due to rounding.

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| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

---

| |
|:---|
| **6. CHANGES IN UNITS OUTSTANDING** |
| The change in units outstanding for the year ended December 31, 2025, is as follows: |

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| | | | |
|:---|:---|:---|:---|
| <br>**Subaccount** | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | 9 | (10) | (1) |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 2418 | (8081) | (5663) |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 32 | (86) | (54) |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 235 | (429) | (194) |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 | 7102 | (17563) | (10461) |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 9706 | (7535) | 2171 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 3873 | (4154) | (281) |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 | 685 | (1401) | (716) |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 2923 | (5630) | (2707) |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 3799 | (3992) | (193) |
| Franklin Growth and Income VIP Fund - Class 2 | 3665 | (11290) | (7625) |
| Franklin Large Cap Growth VIP Fund - Class 2 | 543 | (625) | (82) |
| Franklin Strategic Income VIP Fund - Class 2 | 6174 | (5893) | 281 |
| Invesco V.I. American Franchise Fund - Series 1 | 1129 | (2338) | (1209) |
| Invesco V.I. EQV International Equity Fund - Series 1 | 11371 | (26798) | (15427) |
| Invesco V.I. Government Securities Fund - Series 1 | 570 | (1402) | (832) |
| Invesco V.I. Technology Fund - Series 1 | 3666 | (6323) | (2657) |
| MFS VIT Growth Series - Initial Class | 5330 | (7381) | (2051) |
| MFS VIT Investors Trust Series - Initial Class | 3315 | (7990) | (4675) |
| MFS VIT Research Series - Initial Class | 4876 | (9440) | (4564) |
| MFS VIT Utilities Series - Initial Class | 290 | (693) | (403) |
| MFS VIT II Core Equity Portfolio - Initial Class | 60 | (56) | 4 |
| MFS VIT II High Yield Portfolio - Initial Class | 247 | (326) | (79) |
| Templeton Growth VIP Fund - Class 2 | 3103 | (15336) | (12233) |

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| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

---

| |
|:---|
| **6. CHANGES IN UNITS OUTSTANDING** |
| The change in units outstanding for the year ended December 31, 2024, is as follows: |

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| | | | |
|:---|:---|:---|:---|
| <br>**Subaccount** | **Units**<br>**Issued** | **Units**<br>**Redeemed** | **Net Increase**<br>**(Decrease)** |
| BNY Mellon Investment Portfolios - Technology Growth Portfolio - Initial Shares | 11 | (23) | (12) |
| BNY Mellon Stock Index Fund, Inc. - Initial Shares | 1066 | (10138) | (9072) |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. - Initial Shares | 27 | (67) | (40) |
| BNY Mellon Variable Investment Fund - Appreciation Portfolio - Initial Shares | 225 | (1325) | (1100) |
| Columbia Variable Portfolio - Dividend Opportunity Fund - Class 1 | 7143 | (17037) | (9894) |
| Columbia Variable Portfolio - Government Money Market Fund - Class 1 | 11723 | (10899) | 824 |
| Columbia Variable Portfolio - Income Opportunities Fund - Class 1 | 4104 | (3359) | 745 |
| Columbia Variable Portfolio - Large Cap Growth Fund - Class 1 | 1204 | (3778) | (2574) |
| Columbia Variable Portfolio - Small Cap Value Fund - Class 1 | 4736 | (5738) | (1002) |
| Columbia Variable Portfolio - Strategic Income Fund - Class 1 | 3926 | (2347) | 1579 |
| Franklin Growth and Income VIP Fund - Class 2 | 2398 | (12954) | (10556) |
| Franklin Large Cap Growth VIP Fund - Class 2 | 94 | (751) | (657) |
| Franklin Strategic Income VIP Fund - Class 2 | 6846 | (3840) | 3006 |
| Invesco V.I. American Franchise Fund - Series 1 | 272 | (4194) | (3922) |
| Invesco V.I. EQV International Equity Fund - Series 1 | 26406 | (18313) | 8093 |
| Invesco V.I. Government Securities Fund - Series 1 | 874 | (1006) | (132) |
| Invesco V.I. Technology Fund - Series 1 | 1263 | (8665) | (7402) |
| MFS VIT Growth Series - Initial Class | 2851 | (16989) | (14138) |
| MFS VIT Investors Trust Series - Initial Class | 2583 | (14696) | (12113) |
| MFS VIT Research Series - Initial Class | 2163 | (13630) | (11467) |
| MFS VIT Utilities Series - Initial Class | 795 | (2178) | (1383) |
| MFS VIT II Core Equity Portfolio - Initial Class | 79 | (525) | (446) |
| MFS VIT II High Yield Portfolio - Initial Class | 280 | (156) | 124 |
| Templeton Growth VIP Fund - Class 2 | 9181 | (9080) | 101 |

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---

| |
|:---|
| **Lincoln Life Flexible Premium Variable Life Account LMB-V** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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---

| |
|:---|
| **7. SUBSEQUENT EVENTS** |
| Management evaluated subsequent events through April 10, 2026, the date at which the Variable Account's financial statements were available to be issued, and determined there were no matters to be disclosed. |

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