# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001398344-25-017117
**Filing Date:** 2025-8
**Character Count:** 4997702
**Document Hash:** a485fa73cb2dda680fd4162e5c0727ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017117.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001398344-25-017117

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08090
- **FILM NUMBER:** 251277410

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### LVIP Invesco Select Equity Income Managed Volatility Fund (Series ID: S000042340)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000131273 | Service Class |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT**

**COMPANIES**

Investment Company Act file number <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-08090&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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) |
| Ronald A. Holinsky, 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>June 30, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

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

**# Lincoln Hedged Nasdaq-100 Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged Nasdaq-100 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$12,267,303

* # of Portfolio Holdings18

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.1% |
| Equity Funds | 51.6% |
| Money Market Funds | 0.3% |
| Other | (6.0%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged Nasdaq-100 Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged Nasdaq-100 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $49 | 0.97%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$12,267,303

* # of Portfolio Holdings18

* Portfolio Turnover Rate24%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.1% |
| Equity Funds | 51.6% |
| Money Market Funds | 0.3% |
| Other | (6.0%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged S&P 500 Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $29 | 0.58%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$44,748,254

* # of Portfolio Holdings18

* Portfolio Turnover Rate18%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 39.2% |
| Equity Funds | 38.1% |
| Money Market Funds | 1.9% |
| Other | 20.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged S&P 500 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $47 | 0.93%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$44,748,254

* # of Portfolio Holdings18

* Portfolio Turnover Rate18%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 39.2% |
| Equity Funds | 38.1% |
| Money Market Funds | 1.9% |
| Other | 20.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Conservative Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged S&P 500 Conservative Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $29 | 0.57%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$18,944,775

* # of Portfolio Holdings18

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.7% |
| Equity Funds | 51.6% |
| Money Market Funds | 1.2% |
| Other | (6.5%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Conservative Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Hedged S&P 500 Conservative Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $47 | 0.92%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$18,944,775

* # of Portfolio Holdings18

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.7% |
| Equity Funds | 51.6% |
| Money Market Funds | 1.2% |
| Other | (6.5%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Opportunistic Hedged Equity Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Opportunistic Hedged Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.59%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$7,942,537

* # of Portfolio Holdings6

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.6% |
| Equity Funds | 50.7% |
| Money Market Funds | 0.8% |
| Other | (5.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Opportunistic Hedged Equity Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about Lincoln Opportunistic Hedged Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $47 | 0.94%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$7,942,537

* # of Portfolio Holdings6

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.6% |
| Equity Funds | 50.7% |
| Money Market Funds | 0.8% |
| Other | (5.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Aggressive Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $17 | 0.33%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$324,086,853

* # of Portfolio Holdings37

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 51.2% |
| International Equity Funds | 27.1% |
| Fixed Income Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.3% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Aggressive Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $30 | 0.58%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$324,086,853

* # of Portfolio Holdings37

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 51.2% |
| International Equity Funds | 27.1% |
| Fixed Income Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.3% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP U.S. Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.32%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$230,748,341

* # of Portfolio Holdings21

* Portfolio Turnover Rate10%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 78.4% |
| Fixed Income Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.2% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP U.S. Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $29 | 0.57%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$230,748,341

* # of Portfolio Holdings21

* Portfolio Turnover Rate10%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 78.4% |
| Fixed Income Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.2% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP AllianceBernstein Large Cap Growth Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP AllianceBernstein Large Cap Growth Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $33 | 0.64%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,612,054,656

* # of Portfolio Holdings74

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Convertible Preferred Stocks | 1.1% |
| Money Market Funds | 0.9% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 22.4% |
| Software | 13.0% |
| Interactive Media & Services | 12.1% |
| Broadline Retail | 7.7% |
| Entertainment | 5.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP AllianceBernstein Large Cap Growth Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP AllianceBernstein Large Cap Growth Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $46 | 0.89%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,612,054,656

* # of Portfolio Holdings74

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Convertible Preferred Stocks | 1.1% |
| Money Market Funds | 0.9% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 22.4% |
| Software | 13.0% |
| Interactive Media & Services | 12.1% |
| Broadline Retail | 7.7% |
| Entertainment | 5.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Balanced Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Balanced Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $14 | 0.27%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$840,802,390

* # of Portfolio Holdings10

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 39.9% |
| Fixed Income Funds | 36.0% |
| Asset Allocation Funds | 11.0% |
| International Equity Funds | 10.1% |
| Global Equity Funds | 3.1% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Balanced Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Balanced Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $32 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$840,802,390

* # of Portfolio Holdings10

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 39.9% |
| Fixed Income Funds | 36.0% |
| Asset Allocation Funds | 11.0% |
| International Equity Funds | 10.1% |
| Global Equity Funds | 3.1% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Income Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Income Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $15 | 0.30%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$169,650,097

* # of Portfolio Holdings10

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 56.0% |
| Equity Funds | 29.1% |
| Asset Allocation Funds | 11.1% |
| International Equity Funds | 2.6% |
| Global Equity Funds | 1.3% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Income Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Income Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $33 | 0.65%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$169,650,097

* # of Portfolio Holdings10

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 56.0% |
| Equity Funds | 29.1% |
| Asset Allocation Funds | 11.1% |
| International Equity Funds | 2.6% |
| Global Equity Funds | 1.3% |
| Other | (0.1%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Growth Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $14 | 0.27%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$868,829,144

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 46.0% |
| Fixed Income Funds | 27.3% |
| International Equity Funds | 17.3% |
| Asset Allocation Funds | 6.0% |
| Global Equity Funds | 3.5% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Growth Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $32 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$868,829,144

* # of Portfolio Holdings9

* Portfolio Turnover Rate12%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 46.0% |
| Fixed Income Funds | 27.3% |
| International Equity Funds | 17.3% |
| Asset Allocation Funds | 6.0% |
| Global Equity Funds | 3.5% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $34 | 0.67%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$381,061,653

* # of Portfolio Holdings603

* Portfolio Turnover Rate53%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 60.5% |
| Agency Mortgage-Backed Securities | 13.8% |
| Corporate Bonds | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Non-Agency Collateralized Mortgage Obligations | 4.0% |
| Non-Agency Asset-Backed Securities | 1.6% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.2% |
| Agency Obligations | 0.5% |
| Municipal Bonds | 0.3% |
| Other | (2.1%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $39 | 0.77%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$381,061,653

* # of Portfolio Holdings603

* Portfolio Turnover Rate53%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 60.5% |
| Agency Mortgage-Backed Securities | 13.8% |
| Corporate Bonds | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Non-Agency Collateralized Mortgage Obligations | 4.0% |
| Non-Agency Asset-Backed Securities | 1.6% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.2% |
| Agency Obligations | 0.5% |
| Municipal Bonds | 0.3% |
| Other | (2.1%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.02%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$381,061,653

* # of Portfolio Holdings603

* Portfolio Turnover Rate53%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 60.5% |
| Agency Mortgage-Backed Securities | 13.8% |
| Corporate Bonds | 10.7% |
| U.S. Treasury Obligations | 8.0% |
| Non-Agency Collateralized Mortgage Obligations | 4.0% |
| Non-Agency Asset-Backed Securities | 1.6% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.2% |
| Agency Obligations | 0.5% |
| Municipal Bonds | 0.3% |
| Other | (2.1%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.57%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$517,387,373

* # of Portfolio Holdings88

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.7% |
| Money Market Funds | 0.2% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 12.1% |
| Hotels, Restaurants & Leisure | 11.2% |
| Capital Markets | 7.3% |
| Aerospace & Defense | 6.3% |
| Health Care Equipment & Supplies | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $39 | 0.79%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$517,387,373

* # of Portfolio Holdings88

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.7% |
| Money Market Funds | 0.2% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 12.1% |
| Hotels, Restaurants & Leisure | 11.2% |
| Capital Markets | 7.3% |
| Aerospace & Defense | 6.3% |
| Health Care Equipment & Supplies | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $49 | 0.94%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$517,387,373

* # of Portfolio Holdings88

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.7% |
| Money Market Funds | 0.2% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 12.1% |
| Hotels, Restaurants & Leisure | 11.2% |
| Capital Markets | 7.3% |
| Aerospace & Defense | 6.3% |
| Health Care Equipment & Supplies | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.61%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$321,658,882

* # of Portfolio Holdings190

* Portfolio Turnover Rate43%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.7% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Machinery | 5.7% |
| Financial Services | 5.6% |
| Consumer Staples Distribution & Retail | 5.0% |
| Pharmaceuticals | 4.6% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $36 | 0.71%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$321,658,882

* # of Portfolio Holdings190

* Portfolio Turnover Rate43%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.7% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Machinery | 5.7% |
| Financial Services | 5.6% |
| Consumer Staples Distribution & Retail | 5.0% |
| Pharmaceuticals | 4.6% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.96%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$321,658,882

* # of Portfolio Holdings190

* Portfolio Turnover Rate43%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.7% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Machinery | 5.7% |
| Financial Services | 5.6% |
| Consumer Staples Distribution & Retail | 5.0% |
| Pharmaceuticals | 4.6% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $18 | 0.36%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$480,225,757

* # of Portfolio Holdings199

* Portfolio Turnover Rate32%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.8% |
| Agency Mortgage-Backed Securities | 16.0% |
| Corporate Bonds | 10.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.3% |
| Money Market Funds | 5.5% |
| Agency Obligations | 4.5% |
| Non-Agency Asset-Backed Securities | 2.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.6% |
| Municipal Bonds | 0.5% |
| Other | (1.0%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 3.3% |
| Diversified Financial Services | 1.2% |
| Insurance | 1.2% |
| Electric | 0.9% |
| Machinery Construction & Mining | 0.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 76.7% |
| AAA | 8.9% |
| AA | 3.7% |
| A | 5.8% |
| BBB | 4.6% |
| Not Rated | 0.3% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $23 | 0.46%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$480,225,757

* # of Portfolio Holdings199

* Portfolio Turnover Rate32%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.8% |
| Agency Mortgage-Backed Securities | 16.0% |
| Corporate Bonds | 10.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.3% |
| Money Market Funds | 5.5% |
| Agency Obligations | 4.5% |
| Non-Agency Asset-Backed Securities | 2.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.6% |
| Municipal Bonds | 0.5% |
| Other | (1.0%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 3.3% |
| Diversified Financial Services | 1.2% |
| Insurance | 1.2% |
| Electric | 0.9% |
| Machinery Construction & Mining | 0.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 76.7% |
| AAA | 8.9% |
| AA | 3.7% |
| A | 5.8% |
| BBB | 4.6% |
| Not Rated | 0.3% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $36 | 0.71%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$480,225,757

* # of Portfolio Holdings199

* Portfolio Turnover Rate32%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 52.8% |
| Agency Mortgage-Backed Securities | 16.0% |
| Corporate Bonds | 10.7% |
| Non-Agency Collateralized Mortgage Obligations | 7.3% |
| Money Market Funds | 5.5% |
| Agency Obligations | 4.5% |
| Non-Agency Asset-Backed Securities | 2.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.6% |
| Municipal Bonds | 0.5% |
| Other | (1.0%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 3.3% |
| Diversified Financial Services | 1.2% |
| Insurance | 1.2% |
| Electric | 0.9% |
| Machinery Construction & Mining | 0.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 76.7% |
| AAA | 8.9% |
| AA | 3.7% |
| A | 5.8% |
| BBB | 4.6% |
| Not Rated | 0.3% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.85%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$151,697,137

* # of Portfolio Holdings97

* Portfolio Turnover Rate44%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.0% |
| Money Market Funds | 2.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.3% |
| Pharmaceuticals | 6.7% |
| Textiles, Apparel & Luxury Goods | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.4% |
| Professional Services | 5.2% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 18.4% |
| France | 15.1% |
| United Kingdom | 14.3% |
| Germany | 13.5% |
| Switzerland | 7.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $50 | 0.95%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$151,697,137

* # of Portfolio Holdings97

* Portfolio Turnover Rate44%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.0% |
| Money Market Funds | 2.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.3% |
| Pharmaceuticals | 6.7% |
| Textiles, Apparel & Luxury Goods | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.4% |
| Professional Services | 5.2% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 18.4% |
| France | 15.1% |
| United Kingdom | 14.3% |
| Germany | 13.5% |
| Switzerland | 7.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $58 | 1.10%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$151,697,137

* # of Portfolio Holdings97

* Portfolio Turnover Rate44%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.0% |
| Money Market Funds | 2.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.3% |
| Pharmaceuticals | 6.7% |
| Textiles, Apparel & Luxury Goods | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.4% |
| Professional Services | 5.2% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 18.4% |
| France | 15.1% |
| United Kingdom | 14.3% |
| Germany | 13.5% |
| Switzerland | 7.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.60%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$153,301,682

* # of Portfolio Holdings90

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 2.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.0% |
| Capital Markets | 7.3% |
| Health Care Equipment & Supplies | 7.0% |
| Oil, Gas & Consumable Fuels | 6.0% |
| Pharmaceuticals | 5.0% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $36 | 0.70%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$153,301,682

* # of Portfolio Holdings90

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 2.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.0% |
| Capital Markets | 7.3% |
| Health Care Equipment & Supplies | 7.0% |
| Oil, Gas & Consumable Fuels | 6.0% |
| Pharmaceuticals | 5.0% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $43 | 0.85%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$153,301,682

* # of Portfolio Holdings90

* Portfolio Turnover Rate28%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 2.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.0% |
| Capital Markets | 7.3% |
| Health Care Equipment & Supplies | 7.0% |
| Oil, Gas & Consumable Fuels | 6.0% |
| Pharmaceuticals | 5.0% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.76%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$609,513,171

* # of Portfolio Holdings117

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 1.2% |
| Preferred Stocks | 0.8% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.5% |
| Health Care Equipment & Supplies | 7.6% |
| Health Care Providers & Services | 6.3% |
| Machinery | 4.7% |
| Electric Utilities | 4.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $43 | 0.86%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$609,513,171

* # of Portfolio Holdings117

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 1.2% |
| Preferred Stocks | 0.8% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.5% |
| Health Care Equipment & Supplies | 7.6% |
| Health Care Providers & Services | 6.3% |
| Machinery | 4.7% |
| Electric Utilities | 4.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.01%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$609,513,171

* # of Portfolio Holdings117

* Portfolio Turnover Rate48%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 1.2% |
| Preferred Stocks | 0.8% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.5% |
| Health Care Equipment & Supplies | 7.6% |
| Health Care Providers & Services | 6.3% |
| Machinery | 4.7% |
| Electric Utilities | 4.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Select Mid Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Select Mid Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.81%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$472,034,347

* # of Portfolio Holdings207

* Portfolio Turnover Rate40%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.5% |
| Money Market Funds | 4.4% |
| Preferred Stocks | 0.6% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 6.7% |
| Banks | 6.5% |
| Health Care Providers & Services | 5.2% |
| Capital Markets | 4.4% |
| Machinery | 3.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Select Mid Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Select Mid Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $58 | 1.16%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$472,034,347

* # of Portfolio Holdings207

* Portfolio Turnover Rate40%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.5% |
| Money Market Funds | 4.4% |
| Preferred Stocks | 0.6% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 6.7% |
| Banks | 6.5% |
| Health Care Providers & Services | 5.2% |
| Capital Markets | 4.4% |
| Machinery | 3.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $33 | 0.65%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,247,255,297

* # of Portfolio Holdings64

* Portfolio Turnover Rate17%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 100.0% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 16.4% |
| Interactive Media & Services | 11.3% |
| Technology Hardware, Storage & Peripherals | 7.8% |
| Broadline Retail | 7.2% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $38 | 0.75%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,247,255,297

* # of Portfolio Holdings64

* Portfolio Turnover Rate17%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 100.0% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 16.4% |
| Interactive Media & Services | 11.3% |
| Technology Hardware, Storage & Peripherals | 7.8% |
| Broadline Retail | 7.2% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $45 | 0.90%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,247,255,297

* # of Portfolio Holdings64

* Portfolio Turnover Rate17%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 100.0% |
| Money Market Funds | 0.4% |
| Rights | 0.0% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 16.4% |
| Interactive Media & Services | 11.3% |
| Technology Hardware, Storage & Peripherals | 7.8% |
| Broadline Retail | 7.2% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.61%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$873,762,839

* # of Portfolio Holdings108

* Portfolio Turnover Rate35%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.5% |
| Money Market Funds | 1.7% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.1% |
| Pharmaceuticals | 7.2% |
| Oil, Gas & Consumable Fuels | 6.5% |
| Capital Markets | 5.9% |
| Health Care Equipment & Supplies | 5.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $36 | 0.71%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$873,762,839

* # of Portfolio Holdings108

* Portfolio Turnover Rate35%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.5% |
| Money Market Funds | 1.7% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.1% |
| Pharmaceuticals | 7.2% |
| Oil, Gas & Consumable Fuels | 6.5% |
| Capital Markets | 5.9% |
| Health Care Equipment & Supplies | 5.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $44 | 0.86%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$873,762,839

* # of Portfolio Holdings108

* Portfolio Turnover Rate35%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.5% |
| Money Market Funds | 1.7% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.1% |
| Pharmaceuticals | 7.2% |
| Oil, Gas & Consumable Fuels | 6.5% |
| Capital Markets | 5.9% |
| Health Care Equipment & Supplies | 5.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Global Growth Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $32 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$384,080,756

* # of Portfolio Holdings1

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 100.1% |
| Other | (0.1%) |

---

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

The Fund invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Growth Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $31 | 0.60%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,721,909,900

* # of Portfolio Holdings1

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 100.1% |
| Other | (0.1%) |

---

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

The Fund invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth-Income Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Growth-Income Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $31 | 0.60%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,890,947,659

* # of Portfolio Holdings1

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 100.1% |
| Other | (0.1%) |

---

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

The Fund invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American International Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class II

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American International Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $33 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$298,872,928

* # of Portfolio Holdings1

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 100.1% |
| Other | (0.1%) |

---

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

The Fund invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Funds Vanguard Active Passive Growth Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Funds Vanguard Active Passive Growth Fund for the period of June 2, 2025 to June 30, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for June 2, 2025 (commencement of operations) through June 30, 2025?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $3<sup>Footnote Reference\*</sup> | 0.42%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the last six months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,402,690

* # of Portfolio Holdings12

* Portfolio Turnover Rate0%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 54.3% |
| Money Market Funds | 35.3% |
| Fixed Income Funds | 19.1% |
| International Equity Funds | 12.4% |
| Other | (21.1%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Funds Vanguard Active Passive Growth Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Funds Vanguard Active Passive Growth Fund for the period of June 2, 2025 to June 30, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for June 2, 2025 (commencement of operations) through June 30, 2025?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $6<sup>Footnote Reference\*</sup> | 0.77%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the last six months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,402,690

* # of Portfolio Holdings12

* Portfolio Turnover Rate0%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 54.3% |
| Money Market Funds | 35.3% |
| Fixed Income Funds | 19.1% |
| International Equity Funds | 12.4% |
| Other | (21.1%) |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Balanced Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Global Balanced Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.31%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,136,805,860

* # of Portfolio Holdings24

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 44.8% |
| Equity Funds | 34.0% |
| Asset Allocation Funds | 10.8% |
| International Equity Funds | 4.4% |
| Global Equity Funds | 3.6% |
| Money Market Funds | 2.3% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Balanced Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Global Balanced Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $34 | 0.66%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,136,805,860

* # of Portfolio Holdings24

* Portfolio Turnover Rate8%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 44.8% |
| Equity Funds | 34.0% |
| Asset Allocation Funds | 10.8% |
| International Equity Funds | 4.4% |
| Global Equity Funds | 3.6% |
| Money Market Funds | 2.3% |
| Other | 0.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.31%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,281,151,568

* # of Portfolio Holdings25

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 47.3% |
| Fixed Income Funds | 26.4% |
| International Equity Funds | 11.7% |
| Global Equity Funds | 5.9% |
| Asset Allocation Funds | 5.8% |
| Money Market Funds | 2.8% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $34 | 0.66%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,281,151,568

* # of Portfolio Holdings25

* Portfolio Turnover Rate9%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 47.3% |
| Fixed Income Funds | 26.4% |
| International Equity Funds | 11.7% |
| Global Equity Funds | 5.9% |
| Asset Allocation Funds | 5.8% |
| Money Market Funds | 2.8% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Preservation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Preservation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $12 | 0.24%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$588,225,773

* # of Portfolio Holdings7

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 97.1% |
| Money Market Funds | 3.0% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Preservation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP American Preservation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $30 | 0.59%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$588,225,773

* # of Portfolio Holdings7

* Portfolio Turnover Rate7%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 97.1% |
| Money Market Funds | 3.0% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Baron Growth Opportunities Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Baron Growth Opportunities Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.90%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$792,935,594

* # of Portfolio Holdings41

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 2.5% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 21.0% |
| Insurance | 19.3% |
| Hotels, Restaurants & Leisure | 10.4% |
| Software | 9.8% |
| IT Services | 7.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Baron Growth Opportunities Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Baron Growth Opportunities Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.15%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$792,935,594

* # of Portfolio Holdings41

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 2.5% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 21.0% |
| Insurance | 19.3% |
| Hotels, Restaurants & Leisure | 10.4% |
| Software | 9.8% |
| IT Services | 7.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Dividend Value Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Dividend Value Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $33 | 0.65%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,659,411,813

* # of Portfolio Holdings203

* Portfolio Turnover Rate47%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 92.4% |
| Money Market Funds | 6.4% |
| Preferred Stocks | 0.6% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.9% |
| Oil, Gas & Consumable Fuels | 7.5% |
| Health Care Providers & Services | 5.0% |
| Health Care Equipment & Supplies | 3.9% |
| Pharmaceuticals | 3.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Dividend Value Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Dividend Value Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $45 | 0.90%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,659,411,813

* # of Portfolio Holdings203

* Portfolio Turnover Rate47%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 92.4% |
| Money Market Funds | 6.4% |
| Preferred Stocks | 0.6% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.9% |
| Oil, Gas & Consumable Fuels | 7.5% |
| Health Care Providers & Services | 5.0% |
| Health Care Equipment & Supplies | 3.9% |
| Pharmaceuticals | 3.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Equity Dividend Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Equity Dividend Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $34 | 0.67%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,212,286,675

* # of Portfolio Holdings100

* Portfolio Turnover Rate105%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.9% |
| Money Market Funds | 4.2% |
| Preferred Stocks | 0.8% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Providers & Services | 6.8% |
| Health Care Equipment & Supplies | 5.3% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Technology Hardware, Storage & Peripherals | 4.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Equity Dividend Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Equity Dividend Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $49 | 0.97%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,212,286,675

* # of Portfolio Holdings100

* Portfolio Turnover Rate105%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.9% |
| Money Market Funds | 4.2% |
| Preferred Stocks | 0.8% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Providers & Services | 6.8% |
| Health Care Equipment & Supplies | 5.3% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Technology Hardware, Storage & Peripherals | 4.3% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.71%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,088,148,911

* # of Portfolio Holdings2,486

* Portfolio Turnover Rate70%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 60.5% |
| Corporate Bonds | 9.7% |
| Short-Term Investments | 6.8% |
| Loan Agreements | 4.3% |
| Sovereign Bonds | 3.4% |
| Money Market Funds | 3.2% |
| Non-Agency Asset-Backed Securities | 3.2% |
| Exchange-Traded Funds | 2.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| U.S. Treasury Obligations | 1.0% |
| Other | 4.1% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Allocation Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.96%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,088,148,911

* # of Portfolio Holdings2,486

* Portfolio Turnover Rate70%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 60.5% |
| Corporate Bonds | 9.7% |
| Short-Term Investments | 6.8% |
| Loan Agreements | 4.3% |
| Sovereign Bonds | 3.4% |
| Money Market Funds | 3.2% |
| Non-Agency Asset-Backed Securities | 3.2% |
| Exchange-Traded Funds | 2.1% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| U.S. Treasury Obligations | 1.0% |
| Other | 4.1% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $8 | 0.15%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$634,277,510

* # of Portfolio Holdings13

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Global Multi-Asset Funds | 97.0% |
| Money Market Funds | 2.8% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $26 | 0.50%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$634,277,510

* # of Portfolio Holdings13

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Global Multi-Asset Funds | 97.0% |
| Money Market Funds | 2.8% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.32%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$447,322,925

* # of Portfolio Holdings24

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 49.0% |
| Fixed Income Funds | 28.7% |
| International Equity Funds | 18.5% |
| Money Market Funds | 3.6% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $34 | 0.67%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$447,322,925

* # of Portfolio Holdings24

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 49.0% |
| Fixed Income Funds | 28.7% |
| International Equity Funds | 18.5% |
| Money Market Funds | 3.6% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Inflation Protected Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Inflation Protected Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $46 | 0.90%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,146,036,338

* # of Portfolio Holdings332

* Portfolio Turnover Rate111%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 59.5% |
| Sovereign Bonds | 40.7% |
| Agency Mortgage-Backed Securities | 12.1% |
| Non-Agency Asset-Backed Securities | 2.7% |
| Corporate Bonds | 2.0% |
| Non-Agency Collateralized Mortgage Obligations | 1.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.2% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Supranational Banks | 0.9% |
| Money Market Funds | 0.6% |
| Other | (22.6%) |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 79.6% |
| United Kingdom | 12.4% |
| France | 9.3% |
| Italy | 6.2% |
| Spain | 3.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 58.7% |
| AAA | 6.7% |
| AA | 15.9% |
| A | 3.2% |
| BBB | 8.9% |
| Not Rated | 6.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Inflation Protected Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Inflation Protected Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $58 | 1.15%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,146,036,338

* # of Portfolio Holdings332

* Portfolio Turnover Rate111%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 59.5% |
| Sovereign Bonds | 40.7% |
| Agency Mortgage-Backed Securities | 12.1% |
| Non-Agency Asset-Backed Securities | 2.7% |
| Corporate Bonds | 2.0% |
| Non-Agency Collateralized Mortgage Obligations | 1.8% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.2% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Supranational Banks | 0.9% |
| Money Market Funds | 0.6% |
| Other | (22.6%) |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 79.6% |
| United Kingdom | 12.4% |
| France | 9.3% |
| Italy | 6.2% |
| Spain | 3.7% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 58.7% |
| AAA | 6.7% |
| AA | 15.9% |
| A | 3.2% |
| BBB | 8.9% |
| Not Rated | 6.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Real Estate Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Real Estate Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.86%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$249,974,405

* # of Portfolio Holdings234

* Portfolio Turnover Rate54%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 1.5% |
| Other | 0.9% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Specialized REITs | 21.1% |
| Industrial REITs | 13.8% |
| Real Estate Management & Development | 13.7% |
| Retail REITs | 13.1% |
| Residential REITs | 12.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 61.9% |
| Japan | 9.5% |
| Australia | 6.8% |
| United Kingdom | 4.1% |
| Hong Kong | 3.5% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Real Estate Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock Real Estate Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.11%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$249,974,405

* # of Portfolio Holdings234

* Portfolio Turnover Rate54%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 1.5% |
| Other | 0.9% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Specialized REITs | 21.1% |
| Industrial REITs | 13.8% |
| Real Estate Management & Development | 13.7% |
| Retail REITs | 13.1% |
| Residential REITs | 12.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 61.9% |
| Japan | 9.5% |
| Australia | 6.8% |
| United Kingdom | 4.1% |
| Hong Kong | 3.5% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.31%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$597,202,245

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 66.7% |
| Fixed Income Funds | 28.2% |
| Money Market Funds | 4.9% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $33 | 0.66%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$597,202,245

* # of Portfolio Holdings12

* Portfolio Turnover Rate4%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 66.7% |
| Fixed Income Funds | 28.2% |
| Money Market Funds | 4.9% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Large Cap Growth Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Blended Large Cap Growth Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $32 | 0.66%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,722,132,029

* # of Portfolio Holdings134

* Portfolio Turnover Rate58%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.0% |
| Money Market Funds | 4.3% |
| Rights | 0.0% |
| Other | 0.7% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 18.9% |
| Software | 15.3% |
| Interactive Media & Services | 10.1% |
| Broadline Retail | 6.6% |
| Technology Hardware, Storage & Peripherals | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Large Cap Growth Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Blended Large Cap Growth Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $44 | 0.91%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,722,132,029

* # of Portfolio Holdings134

* Portfolio Turnover Rate58%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.0% |
| Money Market Funds | 4.3% |
| Rights | 0.0% |
| Other | 0.7% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 18.9% |
| Software | 15.3% |
| Interactive Media & Services | 10.1% |
| Broadline Retail | 6.6% |
| Technology Hardware, Storage & Peripherals | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Mid Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Blended Mid Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.72%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$773,044,353

* # of Portfolio Holdings309

* Portfolio Turnover Rate30%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.7% |
| Money Market Funds | 4.2% |
| Convertible Preferred Stocks | 0.5% |
| Short-Term Investments | 0.3% |
| Warrants | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 11.4% |
| Capital Markets | 8.3% |
| Hotels, Restaurants & Leisure | 7.7% |
| Aerospace & Defense | 7.6% |
| Entertainment | 7.5% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Mid Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Blended Mid Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $49 | 0.97%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$773,044,353

* # of Portfolio Holdings309

* Portfolio Turnover Rate30%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.7% |
| Money Market Funds | 4.2% |
| Convertible Preferred Stocks | 0.5% |
| Short-Term Investments | 0.3% |
| Warrants | 0.0% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 11.4% |
| Capital Markets | 8.3% |
| Hotels, Restaurants & Leisure | 7.7% |
| Aerospace & Defense | 7.6% |
| Entertainment | 7.5% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Channing Small Cap Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Channing Small Cap Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $43 | 0.88%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$106,654,988

* # of Portfolio Holdings42

* Portfolio Turnover Rate36%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 2.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.8% |
| Capital Markets | 11.2% |
| Machinery | 7.8% |
| Electronic Equipment, Instruments & Components | 7.7% |
| Commercial Services & Supplies | 5.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Channing Small Cap Value Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Channing Small Cap Value Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.13%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$106,654,988

* # of Portfolio Holdings42

* Portfolio Turnover Rate36%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 2.1% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.8% |
| Capital Markets | 11.2% |
| Machinery | 7.8% |
| Electronic Equipment, Instruments & Components | 7.7% |
| Commercial Services & Supplies | 5.1% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $32 | 0.65%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$446,843,228

* # of Portfolio Holdings159

* Portfolio Turnover Rate18%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.6% |
| Money Market Funds | 4.3% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 12.1% |
| Semiconductors & Semiconductor Equipment | 11.4% |
| Interactive Media & Services | 7.1% |
| Financial Services | 5.5% |
| Technology Hardware, Storage & Peripherals | 4.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 1.00%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$446,843,228

* # of Portfolio Holdings159

* Portfolio Turnover Rate18%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.6% |
| Money Market Funds | 4.3% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Software | 12.1% |
| Semiconductors & Semiconductor Equipment | 11.4% |
| Interactive Media & Services | 7.1% |
| Financial Services | 5.5% |
| Technology Hardware, Storage & Peripherals | 4.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Core Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional International Core Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $34 | 0.62%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$743,306,489

* # of Portfolio Holdings4,007

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.8% |
| Money Market Funds | 0.4% |
| Preferred Stocks | 0.4% |
| Convertible Preferred Stocks | 0.0% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 11.2% |
| Oil, Gas & Consumable Fuels | 6.1% |
| Insurance | 5.7% |
| Metals & Mining | 5.1% |
| Pharmaceuticals | 4.9% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 22.0% |
| United Kingdom | 11.2% |
| Canada | 11.2% |
| Switzerland | 8.0% |
| Germany | 7.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Core Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional International Core Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.87%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$743,306,489

* # of Portfolio Holdings4,007

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.8% |
| Money Market Funds | 0.4% |
| Preferred Stocks | 0.4% |
| Convertible Preferred Stocks | 0.0% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 11.2% |
| Oil, Gas & Consumable Fuels | 6.1% |
| Insurance | 5.7% |
| Metals & Mining | 5.1% |
| Pharmaceuticals | 4.9% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 22.0% |
| United Kingdom | 11.2% |
| Canada | 11.2% |
| Switzerland | 8.0% |
| Germany | 7.9% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional International Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $17 | 0.32%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$559,515,464

* # of Portfolio Holdings13

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.7% |
| Money Market Funds | 3.9% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional International Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $31 | 0.57%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$559,515,464

* # of Portfolio Holdings13

* Portfolio Turnover Rate2%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.7% |
| Money Market Funds | 3.9% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 1 Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 1 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $20 | 0.39%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,674,193,935

* # of Portfolio Holdings2,106

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.8% |
| Software | 8.1% |
| Banks | 5.3% |
| Interactive Media & Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 5.0% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 1 Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 1 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $38 | 0.74%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,674,193,935

* # of Portfolio Holdings2,106

* Portfolio Turnover Rate1%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.8% |
| Software | 8.1% |
| Banks | 5.3% |
| Interactive Media & Services | 5.2% |
| Technology Hardware, Storage & Peripherals | 5.0% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 2 Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 2 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.49%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$908,138,459

* # of Portfolio Holdings2,353

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.3% |
| Rights | 0.0% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 8.6% |
| Software | 8.0% |
| Interactive Media & Services | 5.6% |
| Banks | 5.5% |
| Technology Hardware, Storage & Peripherals | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 2 Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 2 Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $37 | 0.74%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$908,138,459

* # of Portfolio Holdings2,353

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.3% |
| Rights | 0.0% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 8.6% |
| Software | 8.0% |
| Interactive Media & Services | 5.6% |
| Banks | 5.5% |
| Technology Hardware, Storage & Peripherals | 4.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $15 | 0.31%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$920,567,467

* # of Portfolio Holdings6

* Portfolio Turnover Rate3%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.3% |
| Money Market Funds | 3.7% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Dimensional U.S. Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $28 | 0.56%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$920,567,467

* # of Portfolio Holdings6

* Portfolio Turnover Rate3%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.3% |
| Money Market Funds | 3.7% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $5 | 0.10%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$522,177,477

* # of Portfolio Holdings5

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.6% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $23 | 0.45%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$522,177,477

* # of Portfolio Holdings5

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.6% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.51%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,128,919,650

* # of Portfolio Holdings1,678

* Portfolio Turnover Rate183%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 35.8% |
| Corporate Bonds | 27.7% |
| Agency Mortgage-Backed Securities | 18.6% |
| Non-Agency Asset-Backed Securities | 7.7% |
| Loan Agreements | 5.4% |
| Money Market Funds | 4.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.0% |
| Sovereign Bonds | 1.3% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Non-Agency Collateralized Mortgage Obligations | 0.6% |
| Other | (5.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.1% |
| Oil & Gas | 2.4% |
| Diversified Financial Services | 1.6% |
| Real Estate Investment Trusts | 1.6% |
| Pipelines | 1.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 53.7% |
| AAA | 7.5% |
| AA | 2.7% |
| A | 7.3% |
| BBB | 14.9% |
| BB | 5.3% |
| B | 5.1% |
| CCC | 0.9% |
| C | 0.0% |
| Not Rated | 2.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $41 | 0.81%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,128,919,650

* # of Portfolio Holdings1,678

* Portfolio Turnover Rate183%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 35.8% |
| Corporate Bonds | 27.7% |
| Agency Mortgage-Backed Securities | 18.6% |
| Non-Agency Asset-Backed Securities | 7.7% |
| Loan Agreements | 5.4% |
| Money Market Funds | 4.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.0% |
| Sovereign Bonds | 1.3% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Non-Agency Collateralized Mortgage Obligations | 0.6% |
| Other | (5.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.1% |
| Oil & Gas | 2.4% |
| Diversified Financial Services | 1.6% |
| Real Estate Investment Trusts | 1.6% |
| Pipelines | 1.5% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 53.7% |
| AAA | 7.5% |
| AA | 2.7% |
| A | 7.3% |
| BBB | 14.9% |
| BB | 5.3% |
| B | 5.1% |
| CCC | 0.9% |
| C | 0.0% |
| Not Rated | 2.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Global Equity Managed Volatility Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Global Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.72%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$925,627,768

* # of Portfolio Holdings308

* Portfolio Turnover Rate21%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.9% |
| Money Market Funds | 5.6% |
| Loan Agreements | 0.2% |
| U.S. Treasury Obligations | 0.1% |
| Corporate Bonds | 0.0% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 8.9% |
| Banks | 8.3% |
| Software | 7.7% |
| Oil, Gas & Consumable Fuels | 4.5% |
| Capital Markets | 4.2% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 58.3% |
| United Kingdom | 8.9% |
| France | 4.2% |
| Germany | 3.6% |
| Japan | 3.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Global Equity Managed Volatility Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Global Equity Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $49 | 0.97%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$925,627,768

* # of Portfolio Holdings308

* Portfolio Turnover Rate21%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.9% |
| Money Market Funds | 5.6% |
| Loan Agreements | 0.2% |
| U.S. Treasury Obligations | 0.1% |
| Corporate Bonds | 0.0% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 8.9% |
| Banks | 8.3% |
| Software | 7.7% |
| Oil, Gas & Consumable Fuels | 4.5% |
| Capital Markets | 4.2% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 58.3% |
| United Kingdom | 8.9% |
| France | 4.2% |
| Germany | 3.6% |
| Japan | 3.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.46%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$528,995,158

* # of Portfolio Holdings329

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.2% |
| Preferred Stocks | 1.7% |
| Money Market Funds | 1.5% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 16.7% |
| Semiconductors & Semiconductor Equipment | 14.7% |
| Interactive Media & Services | 5.2% |
| Oil, Gas & Consumable Fuels | 4.7% |
| Technology Hardware, Storage & Peripherals | 4.4% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 26.5% |
| India | 17.7% |
| Taiwan | 16.7% |
| Republic of Korea | 11.7% |
| Brazil | 4.6% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $38 | 0.71%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$528,995,158

* # of Portfolio Holdings329

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.2% |
| Preferred Stocks | 1.7% |
| Money Market Funds | 1.5% |
| Other | (0.4%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 16.7% |
| Semiconductors & Semiconductor Equipment | 14.7% |
| Interactive Media & Services | 5.2% |
| Oil, Gas & Consumable Fuels | 4.7% |
| Technology Hardware, Storage & Peripherals | 4.4% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 26.5% |
| India | 17.7% |
| Taiwan | 16.7% |
| Republic of Korea | 11.7% |
| Brazil | 4.6% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor International Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor International Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $22 | 0.40%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$902,989,913

* # of Portfolio Holdings265

* Portfolio Turnover Rate29%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 1.5% |
| Preferred Stocks | 0.3% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.9% |
| Pharmaceuticals | 8.2% |
| Insurance | 5.8% |
| Capital Markets | 4.4% |
| Semiconductors & Semiconductor Equipment | 3.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.3% |
| United Kingdom | 15.1% |
| Germany | 10.2% |
| France | 9.7% |
| Switzerland | 9.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor International Equity Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor International Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $36 | 0.65%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$902,989,913

* # of Portfolio Holdings265

* Portfolio Turnover Rate29%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.6% |
| Money Market Funds | 1.5% |
| Preferred Stocks | 0.3% |
| Other | 0.6% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.9% |
| Pharmaceuticals | 8.2% |
| Insurance | 5.8% |
| Capital Markets | 4.4% |
| Semiconductors & Semiconductor Equipment | 3.8% |

---

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.3% |
| United Kingdom | 15.1% |
| Germany | 10.2% |
| France | 9.7% |
| Switzerland | 9.4% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $18 | 0.36%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,785,012,348

* # of Portfolio Holdings262

* Portfolio Turnover Rate27%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Money Market Funds | 1.7% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.9% |
| Software | 10.9% |
| Interactive Media & Services | 7.3% |
| Financial Services | 5.9% |
| Technology Hardware, Storage & Peripherals | 5.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $31 | 0.61%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,785,012,348

* # of Portfolio Holdings262

* Portfolio Turnover Rate27%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.2% |
| Money Market Funds | 1.7% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.9% |
| Software | 10.9% |
| Interactive Media & Services | 7.3% |
| Financial Services | 5.9% |
| Technology Hardware, Storage & Peripherals | 5.7% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $19 | 0.38%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$857,033,179

* # of Portfolio Holdings1,031

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.7% |
| Money Market Funds | 2.2% |
| Rights | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.3% |
| Biotechnology | 7.9% |
| Software | 6.6% |
| Machinery | 3.2% |
| Financial Services | 3.2% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $31 | 0.63%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$857,033,179

* # of Portfolio Holdings1,031

* Portfolio Turnover Rate23%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.7% |
| Money Market Funds | 2.2% |
| Rights | 0.0% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 9.3% |
| Biotechnology | 7.9% |
| Software | 6.6% |
| Machinery | 3.2% |
| Financial Services | 3.2% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Conservative Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Conservative Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $15 | 0.30%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$722,908,842

* # of Portfolio Holdings36

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 57.3% |
| Equity Funds | 30.5% |
| International Equity Funds | 9.6% |
| Money Market Funds | 2.3% |
| Global Equity Funds | 0.1% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Conservative Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Conservative Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $28 | 0.55%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$722,908,842

* # of Portfolio Holdings36

* Portfolio Turnover Rate5%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 57.3% |
| Equity Funds | 30.5% |
| International Equity Funds | 9.6% |
| Money Market Funds | 2.3% |
| Global Equity Funds | 0.1% |
| 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $15 | 0.29%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$5,376,743,368

* # of Portfolio Holdings39

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 45.2% |
| Fixed Income Funds | 27.9% |
| International Equity Funds | 23.2% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.7% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Growth Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $28 | 0.54%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$5,376,743,368

* # of Portfolio Holdings39

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 45.2% |
| Fixed Income Funds | 27.9% |
| International Equity Funds | 23.2% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.7% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Moderate Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Moderate Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $15 | 0.29%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$4,367,195,782

* # of Portfolio Holdings39

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.5% |
| Fixed Income Funds | 37.5% |
| International Equity Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.6% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Moderate Allocation Managed Risk Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Global Moderate Allocation Managed Risk Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $27 | 0.54%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$4,367,195,782

* # of Portfolio Holdings39

* Portfolio Turnover Rate6%

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.5% |
| Fixed Income Funds | 37.5% |
| International Equity Funds | 18.4% |
| Money Market Funds | 2.8% |
| Global Equity Funds | 0.6% |
| Other | 0.2% |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Government Money Market Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Government Money Market Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $19 | 0.38%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,879,277,110

* # of Portfolio Holdings137

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 44.5% |
| Repurchase Agreements | 39.9% |
| Agency Obligations | 16.7% |
| Money Market Funds | 0.5% |
| Other | (1.6%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Government Money Market Fund
![Image](ia6dbd1945d6aff1e2e536526.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Government Money Market Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $32 | 0.63%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$1,879,277,110

* # of Portfolio Holdings137

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 44.5% |
| Repurchase Agreements | 39.9% |
| Agency Obligations | 16.7% |
| Money Market Funds | 0.5% |
| Other | (1.6%) |

---

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Invesco Select Equity Income Managed Volatility Fund
![Image](ibe8a0450aa524b52554178db.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP Invesco Select Equity Income Managed Volatility Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $46 | 0.92%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$391,351,946

* # of Portfolio Holdings663

* Portfolio Turnover Rate39%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 83.2% |
| Corporate Bonds | 5.7% |
| Convertible Bonds | 3.8% |
| Money Market Funds | 3.4% |
| U.S. Treasury Obligations | 3.4% |
| Convertible Preferred Stocks | 0.1% |
| Agency Obligations | 0.0% |
| Short-Term Investments | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 6.7% |
| Oil, Gas & Consumable Fuels | 5.3% |
| Software | 4.3% |
| Capital Markets | 4.2% |
| Semiconductors & Semiconductor Equipment | 3.8% |

---

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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Core Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Core Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | 0.47%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,929,719,742

* # of Portfolio Holdings2,823

* Portfolio Turnover Rate10%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 32.4% |
| Corporate Bonds | 24.5% |
| Agency Mortgage-Backed Securities | 21.0% |
| Non-Agency Asset-Backed Securities | 9.4% |
| Agency Collateralized Mortgage Obligations | 4.7% |
| Non-Agency Collateralized Mortgage Obligations | 2.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.0% |
| Agency Commercial Mortgage-Backed Securities | 1.7% |
| Money Market Funds | 1.0% |
| Sovereign Bonds | 0.5% |
| Other | 0.3% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 9.2% |
| Electric | 2.3% |
| Diversified Financial Services | 1.3% |
| Pipelines | 1.2% |
| Oil & Gas | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 55.8% |
| AAA | 4.7% |
| AA | 4.9% |
| A | 14.1% |
| BBB | 11.6% |
| BB | 0.3% |
| B | 0.0% |
| CCC | 0.0% |
| C | 0.1% |
| Not Rated | 8.5% |

---

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.

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Core Bond Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan Core Bond Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $36 | 0.72%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$2,929,719,742

* # of Portfolio Holdings2,823

* Portfolio Turnover Rate10%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 32.4% |
| Corporate Bonds | 24.5% |
| Agency Mortgage-Backed Securities | 21.0% |
| Non-Agency Asset-Backed Securities | 9.4% |
| Agency Collateralized Mortgage Obligations | 4.7% |
| Non-Agency Collateralized Mortgage Obligations | 2.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.0% |
| Agency Commercial Mortgage-Backed Securities | 1.7% |
| Money Market Funds | 1.0% |
| Sovereign Bonds | 0.5% |
| Other | 0.3% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 9.2% |
| Electric | 2.3% |
| Diversified Financial Services | 1.3% |
| Pipelines | 1.2% |
| Oil & Gas | 1.0% |

---

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

---

| | |
|:---|:---|
| U.S. Government | 55.8% |
| AAA | 4.7% |
| AA | 4.9% |
| A | 14.1% |
| BBB | 11.6% |
| BB | 0.3% |
| B | 0.0% |
| CCC | 0.0% |
| C | 0.1% |
| Not Rated | 8.5% |

---

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.

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan High Yield Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Standard Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan High Yield Fund for the period of January 1, 2025 to June 30, 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 six months?

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $34 | 0.68%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$691,975,389

* # of Portfolio Holdings763

* Portfolio Turnover Rate11%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 89.8% |
| Loan Agreements | 6.5% |
| Common Stock | 1.4% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 0.2% |
| Convertible Bonds | 0.1% |
| Warrants | 0.0% |
| Private Trust | 0.0% |
| Other | 1.0% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 11.7% |
| Oil & Gas | 6.6% |
| Commercial Services | 6.2% |
| Telecommunications | 5.3% |
| Health Care Services | 4.8% |

---

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

---

| | |
|:---|:---|
| BBB | 8.9% |
| BB | 57.8% |
| B | 21.5% |
| CCC | 10.1% |
| C | 0.1% |
| Not Rated | 1.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan High Yield Fund
![Image](i2eedf41a355f04e9740e1867.jpg)

# Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
This Semi-Annual shareholder report contains important information about LVIP JPMorgan High Yield Fund for the period of January 1, 2025 to June 30, 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 six months?

#### (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 | $47 | 0.93%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics
* Total Net Assets$691,975,389

* # of Portfolio Holdings763

* Portfolio Turnover Rate11%

## What did the Fund invest in?

## *(% of Net Assets)* 

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 89.8% |
| Loan Agreements | 6.5% |
| Common Stock | 1.4% |
| Money Market Funds | 1.0% |
| Preferred Stocks | 0.2% |
| Convertible Bonds | 0.1% |
| Warrants | 0.0% |
| Private Trust | 0.0% |
| Other | 1.0% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 11.7% |
| Oil & Gas | 6.6% |
| Commercial Services | 6.2% |
| Telecommunications | 5.3% |
| Health Care Services | 4.8% |

---

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

---

| | |
|:---|:---|
| BBB | 8.9% |
| BB | 57.8% |
| B | 21.5% |
| CCC | 10.1% |
| C | 0.1% |
| Not Rated | 1.6% |

---

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

<sup>†</sup> 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.

## 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](if989d4c69c0264bd53692efe.jpg)

1-800-4LINCOLN (454-6265)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

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.

![](imga6b049f11.jpg)

Lincoln Hedged Nasdaq-100 Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**Lincoln Hedged Nasdaq-100 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_SOI-continued-550_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_FS-continued-550_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_FS-continued-550_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_FS-continued-550_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_FIHI-continued-550_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_54b3e8e2-f1ee-4fb5-953a-5108d9401d6d_NTF-continued-550_1)**  | &nbsp;&nbsp; **7** |

---

------

**Lincoln Hedged Nasdaq-100 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–51.63%** | **AFFILIATED INVESTMENT–51.63%** | **AFFILIATED INVESTMENT–51.63%** |
| **INVESTMENT COMPANY–51.63%** | **INVESTMENT COMPANY–51.63%** | **INVESTMENT COMPANY–51.63%** |
| **Equity Fund–51.63%** | **Equity Fund–51.63%** | **Equity Fund–51.63%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 396737 | $6333910 |
| **Total Affiliated Investment** <br>**(Cost $4,926,604)**<br>|  | **6333910** |
| **UNAFFILIATED INVESTMENTS–54.40%** | **UNAFFILIATED INVESTMENTS–54.40%** | **UNAFFILIATED INVESTMENTS–54.40%** |
| **INVESTMENT COMPANY–0.34%** | **INVESTMENT COMPANY–0.34%** | **INVESTMENT COMPANY–0.34%** |
| **Money Market Fund–0.34%** | **Money Market Fund–0.34%** | **Money Market Fund–0.34%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 41679 | 41679 |
| **Total Investment Company** <br>**(Cost $41,679)**<br>|  | **41679** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–54.06%** | **OPTIONS PURCHASED–54.06%** | **OPTIONS PURCHASED–54.06%** |
| **CENTRALLY CLEARED–54.06%** | **CENTRALLY CLEARED–54.06%** | **CENTRALLY CLEARED–54.06%** |
| **Call Options–51.21%** | **Call Options–51.21%** | **Call Options–51.21%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $9.43, <br> expiration date 9/17/25, <br> notional amount $27,347<br>| 29 | 1572970 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $10.33, <br> expiration date 12/17/25, <br> notional amount $29,957<br>| 29 | 1569246 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $9.62, <br> expiration date 3/18/26, <br> notional amount $27,898<br>| 29 | 1571392 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $10.58, <br> expiration date 6/17/26, <br> notional amount $30,682<br>| 29 | 1568132 |
|  |  | **6281740** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–2.85%** | **Put Options–2.85%** | **Put Options–2.85%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $471.44, <br> expiration date 9/17/25, <br> notional amount $2,734,352<br>| 58 | $17780 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $516.47, <br> expiration date 12/17/25, <br> notional amount $2,995,526<br>| 58 | 88702 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $480.89, <br> expiration date 3/18/26, <br> notional amount $2,789,162<br>| 58 | 78795 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $528.99, <br> expiration date 6/17/26, <br> notional amount $3,068,142<br>| 58 | 164101 |
|  |  | **349378** |
| **Total Options Purchased** <br>**(Cost $6,428,420)**<br>|  | **6631118** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $6,470,099)**<br>|  | **6672797** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–106.03% (Cost $11,396,703)** | **13006707** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(5.78)%** | **OPTIONS WRITTEN–(5.78)%** | **OPTIONS WRITTEN–(5.78)%** |
| **CENTRALLY CLEARED–(5.78)%** | **CENTRALLY CLEARED–(5.78)%** | **CENTRALLY CLEARED–(5.78)%** |
| **Call Options–(4.42)%** | **Call Options–(4.42)%** | **Call Options–(4.42)%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $550.83, expiration date 9/17/25, notional amount <br> $(3194814)<br>| (58)<br>| $(131054)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $608.66, expiration date 12/17/25, notional amount <br> $(3530228)<br>| (58)<br>| (57298)<br>|

---

Lincoln Hedged Nasdaq-100 Fund-1

------

**Lincoln Hedged Nasdaq-100 Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $565.43, expiration date 3/18/26, notional amount <br> $(3279494)<br>| (58)<br>| $(223372)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $620.19, expiration date 6/17/26, notional amount <br> $(3597102)<br>| (58)<br>| (130061)<br>|
|  |  | **(541785)**<br>|
| **Put Options–(1.36)%** | **Put Options–(1.36)%** | **Put Options–(1.36)%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $414.87, expiration date 9/17/25, notional amount <br> $(2406246)<br>| (58)<br>| (6212)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $454.49, expiration date 12/17/25, notional amount <br> $(2636042)<br>| (58)<br>| (37100)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $423.18, expiration date 3/18/26, notional amount <br> $(2454444)<br>| (58)<br>| (39408)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $465.51, expiration date 6/17/26, notional amount <br> $(2699958)<br>| (58)<br>| (84714)<br>|
|  |  | **(167434)**<br>|
| **Total Options Written** <br>**(Premiums received $(731226))**<br>|  | **(709219)**<br>|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.25%)** | **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.25%)** | **(30185)**<br>|
| **NET ASSETS APPLICABLE TO 1,045,262 SHARES OUTSTANDING–100.00%** | **NET ASSETS APPLICABLE TO 1,045,262 SHARES OUTSTANDING–100.00%** | **$12267303** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $6672797 |
| Affiliated investments, at value | &nbsp;&nbsp; 6333910 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 5482 |
| Dividends and interest receivable  | &nbsp;&nbsp; 221 |
| Prepaid expenses | &nbsp;&nbsp; 34 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 13012444 |
| **LIABILITIES:** |  |
| Options written, at value | &nbsp;&nbsp; 709219 |
| Payable for audit fee | &nbsp;&nbsp; 14555 |
| Payable for fund accounting fee | &nbsp;&nbsp; 9604 |
| Due to manager and affiliates | &nbsp;&nbsp; 6705 |
| Other accrued expenses payable | &nbsp;&nbsp; 3242 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1816 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 745141 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $12267303 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $6470099 |
| Affiliated investments, at cost | &nbsp;&nbsp; 4926604 |
| Options written, premiums received | &nbsp;&nbsp; (731226)<br>|
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $493628 |
| Shares Outstanding | &nbsp;&nbsp; 41666 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.847 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $11773675 |
| Shares Outstanding | &nbsp;&nbsp; 1003596 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.731 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $11537388 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 729915 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $12267303 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $1771 |
| **EXPENSES:** |  |
| Management fees | 31359 |
| Distribution fees-Service Class | 19154 |
| Professional fees | 18499 |
| Accounting and administration expenses | 15267 |
| Pricing fees | 3698 |
| Consulting fees | 2426 |
| Shareholder servicing fees | 1653 |
| Reports and statements to shareholders | 1379 |
| Custodian fees | 1127 |
| Trustees' fees and expenses | 155 |
| Index fees | 7 |
| Other | 1308 |
|  | 96032 |
| Less:  |  |
| Management fees waived | (13114)<br>|
| Expenses reimbursed | (28414)<br>|
| Total operating expenses | 54504 |
| **NET INVESTMENT LOSS** | (52733)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | (142968)<br>|
| Options purchased | (148557)<br>|
| Options written | 203741 |
| Net realized loss | (87784)<br>|
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Affiliated investments | 493060 |
| Options purchased | 154913 |
| Options written | (95972)<br>|
| Net change in unrealized appreciation (depreciation) | 552001 |
| **NET REALIZED AND UNREALIZED GAIN** | 464217 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $411484 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(52733)<br>| $(41446)<br>|
| Net realized gain (loss) | (87784)<br>| 181076 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 552001 | 706723 |
| Net increase in net assets resulting <br> from operations<br>| 411484 | 846353 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (30242)<br>|
| Service Class |  | (589900)<br>|
|  |  | (620142)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 134658 | 533734 |
| Service Class | 3315792 | 6619239 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 30242 |
| Service Class |  | 589900 |
|  | 3450450 | 7773115 |
| Cost of shares redeemed: |  |  |
| Standard Class | (186367)<br>| (54402)<br>|
| Service Class | (1926477)<br>| (822986)<br>|
|  | (2112844)<br>| (877388)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 1337606 | 6895727 |
| **NET INCREASE IN NET ASSETS** | 1749090 | 7121938 |
| **NET ASSETS:** |  |  |
| Beginning of period | 10518213 | 3396275 |
| End of period | $12267303 | $10518213 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-4

------

**Lincoln Hedged Nasdaq-100 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.306 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $8.317 | &nbsp;&nbsp; $10.254 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; (0.031)<br>| &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.028)<br>| &nbsp;&nbsp; (0.009)<br>|
| Net realized and unrealized gain (loss) | 0.574 | 1.599 | 3.080 | &nbsp;&nbsp; (1.732)<br>| 0.328 |
| Total from investment operations | 0.541 | 1.568 | 3.051 | &nbsp;&nbsp; (1.760)<br>| 0.319 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.037)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.065)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.928)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.065)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.847 | &nbsp;&nbsp; $11.306 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $8.317 | &nbsp;&nbsp; $10.254 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 15.12% | &nbsp;&nbsp; 36.82% | &nbsp;&nbsp; (17.13%)<br>| &nbsp;&nbsp; 3.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $493 | &nbsp;&nbsp; $523 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 6.50% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.59% )<sup>6</sup><br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.31%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.32% )<sup>6</sup><br>| &nbsp;&nbsp; (1.54%)<br>| &nbsp;&nbsp; (3.18%)<br>| &nbsp;&nbsp; (4.37%)<br>| &nbsp;&nbsp; (6.19%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-5

------

**Lincoln Hedged Nasdaq-100 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.215 | &nbsp;&nbsp; $10.397 | &nbsp;&nbsp; $8.288 | &nbsp;&nbsp; $10.253 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; (0.070)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.060)<br>| &nbsp;&nbsp; (0.020)<br>|
| Net realized and unrealized gain (loss) | 0.568 | 1.590 | 3.064 | &nbsp;&nbsp; (1.728)<br>| 0.328 |
| Total from investment operations | 0.516 | 1.520 | 3.000 | &nbsp;&nbsp; (1.788)<br>| 0.308 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.055)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.055)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.731 | &nbsp;&nbsp; $11.215 | &nbsp;&nbsp; $10.397 | &nbsp;&nbsp; $8.288 | &nbsp;&nbsp; $10.253 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 14.72% | &nbsp;&nbsp; 36.33% | &nbsp;&nbsp; (17.41%)<br>| &nbsp;&nbsp; 3.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11774 | &nbsp;&nbsp; $9995 | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $2659 | &nbsp;&nbsp; $2419 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 5.04% | &nbsp;&nbsp; 6.85% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.94% )<sup>6</sup><br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.65%)<br>| &nbsp;&nbsp; (0.65%)<br>| &nbsp;&nbsp; (0.66%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.67% )<sup>6</sup><br>| &nbsp;&nbsp; (1.89%)<br>| &nbsp;&nbsp; (3.53%)<br>| &nbsp;&nbsp; (4.72%)<br>| &nbsp;&nbsp; (6.54%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-6

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Hedged Nasdaq-100 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests about half of its assets in open-end investment companies, primarily the LVIP SSGA Nasdaq-100 Index Fund. The Fund is advised by Lincoln Financial Investments Corporation (LFI). The LVIP SSGA Nasdaq-100 Index Fund, which is sub-advised by an unaffiliated adviser, invests primarily in the securities that make up the Nasdaq-100 Index and money market instruments. A significant portion of the Underlying Fund employs a passive investment style (i.e., index fund). In addition to investment companies, the Fund may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup> Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Fund's sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Lincoln Hedged Nasdaq-100 Fund-7

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.23% on first $50 million and 0.00% over $50 million of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.62% of the Fund's average daily net assets for the Standard Class and 0.97% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through June 21, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $89164 | &nbsp;&nbsp; $85501 | &nbsp;&nbsp; $69901 | &nbsp;&nbsp; $244566 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's defined outcome strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $476 |
| Legal | &nbsp;&nbsp; 73 |

---

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 $11 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

Lincoln Hedged Nasdaq-100 Fund-8

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $5482 |
| Management fees payable to LFI | &nbsp;&nbsp; 3133 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3288 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 284 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

At June 30, 2025, Lincoln Life directly owned 51.68% of Lincoln Hedged Nasdaq-100 Fund.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 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> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-51.63%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-51.63%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | $5342234 | $2036527 | $1394943 | $(142968)<br>| $493060 | $6333910 | 396737 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $2036527 |
| Sales | &nbsp;&nbsp; 1394943 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $11396703 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $2003165 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (393161)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1610004 |

---

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 June 30, 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.

Lincoln Hedged Nasdaq-100 Fund-9

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $6333910 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6333910 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 41679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41679 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 6631118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6631118 |
| **Total Investments** | &nbsp;&nbsp; $6375589 | &nbsp;&nbsp; $6631118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13006707 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(709219)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(709219)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 12355 | &nbsp;&nbsp; 47075 |
| Service Class | &nbsp;&nbsp; 294323 | &nbsp;&nbsp; 586701 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2685 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 52787 |
|  | &nbsp;&nbsp; 306678 | &nbsp;&nbsp; 689248 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (16950)<br>| &nbsp;&nbsp; (4620)<br>|
| Service Class | &nbsp;&nbsp; (181922)<br>| &nbsp;&nbsp; (73832)<br>|
|  | &nbsp;&nbsp; (198872)<br>| &nbsp;&nbsp; (78452)<br>|
| Net increase | &nbsp;&nbsp; 107806 | &nbsp;&nbsp; 610796 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

Lincoln Hedged Nasdaq-100 Fund-10

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the six months ended June 30, 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 six months ended June 30, 2025, the Fund used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Fair values of derivative instruments as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $6631118 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (709219)<br>|
| Total |  | $6631118 |  | $(709219)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $(148557)<br>| &nbsp;&nbsp; $154913 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 203741 | &nbsp;&nbsp; (95972)<br>|
| Total |  | &nbsp;&nbsp; $55184 | &nbsp;&nbsp; $58941 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Options contracts (average value) | $6232271 | $463543 |

---

Lincoln Hedged Nasdaq-100 Fund-11

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln Hedged Nasdaq-100 Fund-12

------

![](img65a9b98a1.jpg)

Lincoln Hedged S&P 500 Funds

Lincoln Hedged S&P 500 Fund <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Lincoln Hedged S&P 500 Conservative Fund <br>

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**Lincoln Hedged S&P 500 Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_SOI-continued-465_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_FS-continued-465_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_FS-continued-465_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_FS-continued-465_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_FIHI-continued-465_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_18f1f492-0f6c-4ceb-a0d2-e715f4900f02_NTF-continued-465_1)**  | &nbsp;&nbsp; **12** |

---

------

**Lincoln Hedged S&P 500 Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–38.10%** | **AFFILIATED INVESTMENT–38.10%** | **AFFILIATED INVESTMENT–38.10%** |
| **INVESTMENT COMPANY–38.10%** | **INVESTMENT COMPANY–38.10%** | **INVESTMENT COMPANY–38.10%** |
| **Equity Fund–38.10%** | **Equity Fund–38.10%** | **Equity Fund–38.10%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 529925 | $17048740 |
| **Total Affiliated Investment** <br>**(Cost $15,482,858)**<br>|  | **17048740** |
| **UNAFFILIATED INVESTMENTS–41.10%** | **UNAFFILIATED INVESTMENTS–41.10%** | **UNAFFILIATED INVESTMENTS–41.10%** |
| **INVESTMENT COMPANY–1.85%** | **INVESTMENT COMPANY–1.85%** | **INVESTMENT COMPANY–1.85%** |
| **Money Market Fund–1.85%** | **Money Market Fund–1.85%** | **Money Market Fund–1.85%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 828408 | 828408 |
| **Total Investment Company** <br>**(Cost $828,408)**<br>|  | **828408** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–39.25%** | **OPTIONS PURCHASED–39.25%** | **OPTIONS PURCHASED–39.25%** |
| **CENTRALLY CLEARED–39.25%** | **CENTRALLY CLEARED–39.25%** | **CENTRALLY CLEARED–39.25%** |
| **Call Options–37.39%** | **Call Options–37.39%** | **Call Options–37.39%** |
| S&P 500 Mini Index Strike <br> price $11.35, expiration date <br> 9/17/25, notional amount <br> $78,315<br>| 69 | 4198788 |
| S&P 500 Mini Index Strike <br> price $11.86, expiration date <br> 12/17/25, notional amount <br> $81,834<br>| 69 | 4184298 |
| S&P 500 Mini Index Strike <br> price $11.46, expiration date <br> 3/18/26, notional amount <br> $79,074<br>| 69 | 4180158 |
| S&P 500 Mini Index Strike <br> price $11.96, expiration date <br> 6/17/26, notional amount <br> $82,524<br>| 69 | 4168773 |
|  |  | **16732017** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–1.86%** | **Put Options–1.86%** | **Put Options–1.86%** |
| S&P 500 Mini Index Strike <br> price $561.87, expiration <br> date 9/17/25, notional <br> amount $7,753,806<br>| 138 | $60996 |
| S&P 500 Mini Index Strike <br> price $587.24, expiration <br> date 12/17/25, notional <br> amount $8,103,912<br>| 138 | 197754 |
| S&P 500 Mini Index Strike <br> price $567.57, expiration <br> date 3/18/26, notional <br> amount $7,832,466<br>| 138 | 215556 |
| S&P 500 Mini Index Strike <br> price $598.09, expiration <br> date 6/17/26, notional <br> amount $8,253,642<br>| 138 | 356868 |
|  |  | **831174** |
| **Total Options Purchased** <br>**(Cost $17,207,140)**<br>|  | **17563191** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $18,035,548)**<br>|  | **18391599** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–79.20% (Cost $33,518,406)** | **35440339** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(2.84)%** | **OPTIONS WRITTEN–(2.84)%** | **OPTIONS WRITTEN–(2.84)%** |
| **CENTRALLY CLEARED–(2.84)%** | **CENTRALLY CLEARED–(2.84)%** | **CENTRALLY CLEARED–(2.84)%** |
| **Call Options–(1.98)%** | **Call Options–(1.98)%** | **Call Options–(1.98)%** |
| S&P 500 Mini Index Strike price $634.64, expiration date 9/17/25, notional amount $(8758032) | (138)<br>| $(156216)<br>|
| S&P 500 Mini Index Strike price $668.70, expiration date 12/17/25, notional amount $(9228060) | (138)<br>| (115368)<br>|
| S&P 500 Mini Index Strike price $645.34, expiration date 3/18/26, notional amount $(8905692) | (138)<br>| (372186)<br>|
| S&P 500 Mini Index Strike price $682.48, expiration date 6/17/26, notional amount $(9418224) | (138)<br>| (244398)<br>|
|  |  | **(888168)**<br>|
| **Put Options–(0.86)%** | **Put Options–(0.86)%** | **Put Options–(0.86)%** |
| S&P 500 Mini Index Strike price $494.45, expiration date 9/17/25, notional amount $(6823410) | (138)<br>| (19320)<br>|

---

Lincoln Hedged S&P 500 Funds-1

------

**Lincoln Hedged S&P 500 Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| S&P 500 Mini Index Strike price $516.78, expiration date 12/17/25, notional amount $(7131564) | (138)<br>| $(79488)<br>|
| S&P 500 Mini Index Strike price $499.47, expiration date 3/18/26, notional amount $(6892686) | (138)<br>| (104466)<br>|
| S&P 500 Mini Index Strike price $526.32, expiration date 6/17/26, notional amount $(7263216) | (138)<br>| (180642)<br>|
|  |  | **(383916)**<br>|
| **Total Options Written** <br>**(Premiums received $(1323613))**<br>|  | **(1272084)**<br>|
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–23.64%** | **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–23.64%** | **10579999** |
| **NET ASSETS APPLICABLE TO 3,927,053 SHARES OUTSTANDING–100.00%** | **NET ASSETS APPLICABLE TO 3,927,053 SHARES OUTSTANDING–100.00%** | **$44748254** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-2

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–51.56%** | **AFFILIATED INVESTMENT–51.56%** | **AFFILIATED INVESTMENT–51.56%** |
| **INVESTMENT COMPANY–51.56%** | **INVESTMENT COMPANY–51.56%** | **INVESTMENT COMPANY–51.56%** |
| **Equity Fund–51.56%** | **Equity Fund–51.56%** | **Equity Fund–51.56%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 303626 | $9768264 |
| **Total Affiliated Investment** <br>**(Cost $8,432,263)**<br>|  | **9768264** |
| **UNAFFILIATED INVESTMENTS–54.91%** | **UNAFFILIATED INVESTMENTS–54.91%** | **UNAFFILIATED INVESTMENTS–54.91%** |
| **INVESTMENT COMPANY–1.19%** | **INVESTMENT COMPANY–1.19%** | **INVESTMENT COMPANY–1.19%** |
| **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> 4.27%)<br>| 224715 | 224715 |
| **Total Investment Company** <br>**(Cost $224,715)**<br>|  | **224715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–53.72%** | **OPTIONS PURCHASED–53.72%** | **OPTIONS PURCHASED–53.72%** |
| **CENTRALLY CLEARED–53.72%** | **CENTRALLY CLEARED–53.72%** | **CENTRALLY CLEARED–53.72%** |
| **Call Options–51.19%** | **Call Options–51.19%** | **Call Options–51.19%** |
| S&P 500 Mini Index Strike <br> price $11.41, expiration date <br> 9/17/25, notional amount <br> $45,640<br>| 40 | 2432240 |
| S&P 500 Mini Index Strike <br> price $11.92, expiration date <br> 12/17/25, notional amount <br> $47,680<br>| 40 | 2425440 |
| S&P 500 Mini Index Strike <br> price $11.52, expiration date <br> 3/18/26, notional amount <br> $46,080<br>| 40 | 2423040 |
| S&P 500 Mini Index Strike <br> price $12.02, expiration date <br> 6/17/26, notional amount <br> $48,080<br>| 40 | 2416440 |
|  |  | **9697160** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–2.53%** | **Put Options–2.53%** | **Put Options–2.53%** |
| S&P 500 Mini Index Strike <br> price $561.89, expiration <br> date 9/17/25, notional <br> amount $4,438,931<br>| 79 | $35870 |
| S&P 500 Mini Index Strike <br> price $587.26, expiration <br> date 12/17/25, notional <br> amount $4,639,354<br>| 79 | 114537 |
| S&P 500 Mini Index Strike <br> price $567.59, expiration <br> date 3/18/26, notional <br> amount $4,483,961<br>| 79 | 124326 |
| S&P 500 Mini Index Strike <br> price $598.11, expiration <br> date 6/17/26, notional <br> amount $4,725,069<br>| 79 | 205657 |
|  |  | **480390** |
| **Total Options Purchased** <br>**(Cost $9,970,630)**<br>|  | **10177550** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $10,195,345)**<br>|  | **10402265** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–106.47% (Cost $18,627,608)** | **20170529** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(4.92)%** | **OPTIONS WRITTEN–(4.92)%** | **OPTIONS WRITTEN–(4.92)%** |
| **CENTRALLY CLEARED–(4.92)%** | **CENTRALLY CLEARED–(4.92)%** | **CENTRALLY CLEARED–(4.92)%** |
| **Call Options–(4.28)%** | **Call Options–(4.28)%** | **Call Options–(4.28)%** |
| S&P 500 Mini Index Strike price $615.93, expiration date 9/17/25, notional amount $(4865847) | (79)<br>| $(176981)<br>|
| S&P 500 Mini Index Strike price $649.15, expiration date 12/17/25, notional amount $(5128285) | (79)<br>| (122008)<br>|
| S&P 500 Mini Index Strike price $626.72, expiration date 3/18/26, notional amount $(4951088) | (79)<br>| (298965)<br>|
| S&P 500 Mini Index Strike price $660.95, expiration date 6/17/26, notional amount $(5221505) | (79)<br>| (211938)<br>|
|  |  | **(809892)**<br>|
| **Put Options–(0.64)%** | **Put Options–(0.64)%** | **Put Options–(0.64)%** |
| S&P 500 Mini Index Strike price $438.29, expiration date 9/17/25, notional amount $(3462491) | (79)<br>| (5642)<br>|

---

Lincoln Hedged S&P 500 Funds-3

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| S&P 500 Mini Index Strike price $458.07, expiration date 12/17/25, notional amount $(3618753) | (79)<br>| $(22996)<br>|
| S&P 500 Mini Index Strike price $442.74, expiration date 3/18/26, notional amount $(3497646) | (79)<br>| (34151)<br>|
| S&P 500 Mini Index Strike price $466.53, expiration date 6/17/26, notional amount $(3685587) | (79)<br>| (59021)<br>|
|  |  | **(121810)**<br>|
| **Total Options Written** <br>**(Premiums received $(795115))**<br>|  | **(931702)**<br>|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.55%)** | **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.55%)** | **(294052)**<br>|
| **NET ASSETS APPLICABLE TO 1,755,554 SHARES OUTSTANDING–100.00%** | **NET ASSETS APPLICABLE TO 1,755,554 SHARES OUTSTANDING–100.00%** | **$18944775** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **Lincoln**<br> **Hedged**<br> **S&P 500**<br> **Fund**<br>| **Lincoln Hedged**<br> **S&P 500**<br> **Conservative**<br> **Fund**<br>|
| **ASSETS:** |  |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $18391599 | &nbsp;&nbsp; $10402265 |
| Affiliated investments, at value | &nbsp;&nbsp; 17048740 | &nbsp;&nbsp; 9768264 |
| Receivable for fund shares sold | &nbsp;&nbsp; 11405133 | &nbsp;&nbsp; 368 |
| Receivable for securities sold | &nbsp;&nbsp; 36784 | &nbsp;&nbsp; 63190 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 6246 |
| Dividends and interest receivable  | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 391 |
| Prepaid expenses | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 38 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 46888784 | &nbsp;&nbsp; 20240762 |
| **LIABILITIES:** |  |  |
| Options written, at value | &nbsp;&nbsp; 1272084 | &nbsp;&nbsp; 931702 |
| Payable for securities purchased | &nbsp;&nbsp; 814900 | &nbsp;&nbsp; 242440 |
| Due to manager and affiliates | &nbsp;&nbsp; 19940 | &nbsp;&nbsp; 12110 |
| Payable for audit fee | &nbsp;&nbsp; 14555 | &nbsp;&nbsp; 14555 |
| Payable for fund accounting fee | &nbsp;&nbsp; 9605 | &nbsp;&nbsp; 9605 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 5788 | &nbsp;&nbsp; 81319 |
| Other accrued expenses payable | &nbsp;&nbsp; 3658 | &nbsp;&nbsp; 4256 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 2140530 | &nbsp;&nbsp; 1295987 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $44748254 | &nbsp;&nbsp; $18944775 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $18035548 | &nbsp;&nbsp; $10195345 |
| Affiliated investments, at cost | &nbsp;&nbsp; 15482858 | &nbsp;&nbsp; 8432263 |
| Options written, premiums received | &nbsp;&nbsp; (1323613)<br>| &nbsp;&nbsp; (795115)<br>|
| **Standard Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $11597194 | &nbsp;&nbsp; $168783 |
| Shares Outstanding | &nbsp;&nbsp; 1014096 | &nbsp;&nbsp; 15508 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.436 | &nbsp;&nbsp; $10.884 |
| **Service Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $33151060 | &nbsp;&nbsp; $18775992 |
| Shares Outstanding | &nbsp;&nbsp; 2912957 | &nbsp;&nbsp; 1740046 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.381 | &nbsp;&nbsp; $10.791 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $43152075 | &nbsp;&nbsp; $18116975 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 1596179 | &nbsp;&nbsp; 827800 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $44748254 | &nbsp;&nbsp; $18944775 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **Lincoln**<br> **Hedged**<br> **S&P 500**<br> **Fund**<br>| **Lincoln Hedged**<br> **S&P 500**<br> **Conservative**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends from unaffiliated investments | $3328 | $1647 |
| **EXPENSES:** |  |  |
| Management fees | 66447 | 44894 |
| Distribution fees-Service Class | 41800 | 28371 |
| Professional fees | 18595 | 18548 |
| Accounting and administration expenses | 15817 | 15499 |
| Pricing fees | 3698 | 3698 |
| Shareholder servicing fees | 3503 | 2367 |
| Consulting fees | 2516 | 2416 |
| Custodian fees | 1908 | 1555 |
| Reports and statements to shareholders | 1403 | 1405 |
| Trustees' fees and expenses | 289 | 226 |
| Index fees | 235 | 418 |
| Other | 1300 | 1279 |
|  | 157511 | 120676 |
| Less:  |  |  |
| Management fees waived | (14498)<br>| (9795)<br>|
| Expenses reimbursed | (31142)<br>| (35655)<br>|
| Total operating expenses | 111871 | 75226 |
| **NET INVESTMENT LOSS** | (108543)<br>| (73579)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Sale of affiliated investments | (70309)<br>| (87730)<br>|
| Sale of unaffiliated investments |  | 44 |
| Options purchased | 21621 | 57866 |
| Options written | 350131 | 266977 |
| Net realized gain | 301443 | 237157 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Affiliated investments | 1078814 | 632832 |
| Options purchased | 178764 | 11629 |
| Options written | (37664)<br>| (64337)<br>|
| Net change in unrealized appreciation (depreciation) | 1219914 | 580124 |
| **NET REALIZED AND UNREALIZED GAIN** | 1521357 | 817281 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1412814 | $743702 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(108543)<br>| $11599 | $(73579)<br>| $(4150)<br>|
| Net realized gain | 301443 | 839044 | 237157 | 637014 |
| Net change in unrealized appreciation (depreciation) | 1219914 | 436529 | 580124 | 368116 |
| Net increase in net assets resulting from operations | 1412814 | 1287172 | 743702 | 1000980 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class |  | (8712)<br>|  | (3186)<br>|
| Service Class |  | (1313544)<br>|  | (1170232)<br>|
|  |  | (1322256)<br>|  | (1173418)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 11457149 | 122477 | 120577 | 30184 |
| Service Class | 14343726 | 13636127 | 4781265 | 10120124 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class |  | 8712 |  | 3186 |
| Service Class |  | 1313544 |  | 1170232 |
|  | 25800875 | 15080860 | 4901842 | 11323726 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (12840)<br>| (365)<br>| (1461)<br>| (580)<br>|
| Service Class | (1666799)<br>| (1575172)<br>| (2104311)<br>| (2221111)<br>|
|  | (1679639)<br>| (1575537)<br>| (2105772)<br>| (2221691)<br>|
| Increase in net assets derived from capital share transactions | 24121236 | 13505323 | 2796070 | 9102035 |
| **NET INCREASE IN NET ASSETS** | 25534050 | 13470239 | 3539772 | 8929597 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 19214204 | 5743965 | 15405003 | 6475406 |
| End of period | $44748254 | $19214204 | $18944775 | $15405003 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-7

------

**Lincoln Hedged S&P 500 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.931 | &nbsp;&nbsp; $10.335 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.603 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.030)<br>| 0.051 | 0.037 | 0.030 | 0.032 |
| Net realized and unrealized gain (loss) | 0.535 | 1.417 | 1.517 | &nbsp;&nbsp; (0.737)<br>| 0.686 |
| Total from investment operations | 0.505 | 1.468 | 1.554 | &nbsp;&nbsp; (0.707)<br>| 0.718 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.036)<br>| &nbsp;&nbsp; (0.031)<br>| &nbsp;&nbsp; (0.048)<br>| &nbsp;&nbsp; (0.115)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.836)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.872)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.763)<br>| &nbsp;&nbsp; (0.115)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.436 | &nbsp;&nbsp; $10.931 | &nbsp;&nbsp; $10.335 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.603 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 14.32% | &nbsp;&nbsp; 17.03% | &nbsp;&nbsp; (6.55%)<br>| &nbsp;&nbsp; 7.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11597 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 5.54% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.55% )<sup>6</sup><br>| &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.93% )<sup>6</sup><br>| &nbsp;&nbsp; (0.39%)<br>| &nbsp;&nbsp; (1.46%)<br>| &nbsp;&nbsp; (2.98%)<br>| &nbsp;&nbsp; (4.46%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-8

------

**Lincoln Hedged S&P 500 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.897 | &nbsp;&nbsp; $10.321 | &nbsp;&nbsp; $9.127 | &nbsp;&nbsp; $10.602 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.048)<br>| 0.012 | 0.002 | &nbsp;&nbsp; (0.006)<br>| 0.010 |
| Net realized and unrealized gain (loss) | 0.532 | 1.414 | 1.515 | &nbsp;&nbsp; (0.735)<br>| 0.686 |
| Total from investment operations | 0.484 | 1.426 | 1.517 | &nbsp;&nbsp; (0.741)<br>| 0.696 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.019)<br>| &nbsp;&nbsp; (0.094)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.836)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.323)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; (0.094)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.381 | &nbsp;&nbsp; $10.897 | &nbsp;&nbsp; $10.321 | &nbsp;&nbsp; $9.127 | &nbsp;&nbsp; $10.602 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 13.91% | &nbsp;&nbsp; 16.63% | &nbsp;&nbsp; (6.88%)<br>| &nbsp;&nbsp; 6.96% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $33151 | &nbsp;&nbsp; $19076 | &nbsp;&nbsp; $5732 | &nbsp;&nbsp; $3318 | &nbsp;&nbsp; $2582 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 5.89% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.90% )<sup>6</sup><br>| &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; (0.07%)<br>| &nbsp;&nbsp; 0.15% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.28% )<sup>6</sup><br>| &nbsp;&nbsp; (0.74%)<br>| &nbsp;&nbsp; (1.81%)<br>| &nbsp;&nbsp; (3.33%)<br>| &nbsp;&nbsp; (4.81%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-9

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.432 | &nbsp;&nbsp; $10.220 | &nbsp;&nbsp; $9.315 | &nbsp;&nbsp; $10.250 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.029)<br>| 0.032 | 0.032 | 0.053 | 0.032 |
| Net realized and unrealized gain (loss) | 0.481 | 1.048 | 1.212 | &nbsp;&nbsp; (0.339)<br>| 0.337 |
| Total from investment operations | 0.452 | 1.080 | 1.244 | &nbsp;&nbsp; (0.286)<br>| 0.369 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.119)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.868)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.649)<br>| &nbsp;&nbsp; (0.119)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.884 | &nbsp;&nbsp; $10.432 | &nbsp;&nbsp; $10.220 | &nbsp;&nbsp; $9.315 | &nbsp;&nbsp; $10.250 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 10.66% | &nbsp;&nbsp; 13.39% | &nbsp;&nbsp; (2.73%)<br>| &nbsp;&nbsp; 3.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $169 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.57% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.57% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 3.63% | &nbsp;&nbsp; 5.53% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.55% )<sup>7,8</sup><br>| &nbsp;&nbsp; 0.31% <br><sup>7</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.11% )<sup>8</sup><br>| &nbsp;&nbsp; (0.59%)<br>| &nbsp;&nbsp; (1.13%)<br>| &nbsp;&nbsp; (2.51%)<br>| &nbsp;&nbsp; (4.46%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of expenses to average net assets reflects 0.01% of acquired fund fees and expenses waived for the six months ended June 30, 2025 and the year ended December 31, 2024. 

<sup>7</sup> The ratio of net investment income to average net assets reflects 0.01% of acquired fund fees and expenses waived for the six months ended June 30, 2025 and the year ended December 31, 2024. 

<sup>8</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-10

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.361 | &nbsp;&nbsp; $10.168 | &nbsp;&nbsp; $9.301 | &nbsp;&nbsp; $10.247 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.047)<br>| &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.002)<br>| 0.018 | 0.009 |
| Net realized and unrealized gain (loss) | 0.477 | 1.040 | 1.208 | &nbsp;&nbsp; (0.338)<br>| 0.336 |
| Total from investment operations | 0.430 | 1.036 | 1.206 | &nbsp;&nbsp; (0.320)<br>| 0.345 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.041)<br>| &nbsp;&nbsp; (0.098)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.843)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.626)<br>| &nbsp;&nbsp; (0.098)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.791 | &nbsp;&nbsp; $10.361 | &nbsp;&nbsp; $10.168 | &nbsp;&nbsp; $9.301 | &nbsp;&nbsp; $10.247 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; 13.00% | &nbsp;&nbsp; (3.06%)<br>| &nbsp;&nbsp; 3.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $18776 | &nbsp;&nbsp; $15362 | &nbsp;&nbsp; $6464 | &nbsp;&nbsp; $4593 | &nbsp;&nbsp; $2376 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.92% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.92% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 5.88% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.90% )<sup>7,8</sup><br>| &nbsp;&nbsp; (0.04% )<sup>7</sup><br>| &nbsp;&nbsp; (0.03%)<br>| &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.15% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.46% )<sup>8</sup><br>| &nbsp;&nbsp; (0.94%)<br>| &nbsp;&nbsp; (1.48%)<br>| &nbsp;&nbsp; (2.86%)<br>| &nbsp;&nbsp; (4.81%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of expenses to average net assets reflects 0.01% of acquired fund fees and expenses waived for the six months ended June 30, 2025 and the year ended December 31, 2024. 

<sup>7</sup> The ratio of net investment income to average net assets reflects 0.01% of acquired fund fees and expenses waived for the six months ended June 30, 2025 and the year ended December 31, 2024. 

<sup>8</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-11

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Hedged S&P 500 Fund and Lincoln Hedged S&P 500 Conservative Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests about half of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (the "Underlying Funds"). Each Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA S&P 500 Index Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in the securities that make up the S&P 500<sup>®</sup> Index and money market instruments. A significant portion of the Underlying Fund employs a passive investment style (i.e., index fund). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup>Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of each Fund is to seek long-term growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Funds' sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of each Fund's

Lincoln Hedged S&P 500 Funds-12

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.12% of each Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.58% of the Fund's average daily net assets for the Standard Class and 0.93% for the Service Class. In addition, the adviser has contractually agreed to reimburse the Lincoln Hedged S&P 500 Conservative Fund so that the Fund's Total Annual Fund Operating Expenses (including acquired fund fees and expenses) does not exceed 0.69% for the standard class and 1.04% for the service class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through June 21, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. Each Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that each Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| Lincoln Hedged S&P 500 Fund | &nbsp;&nbsp; $91320 | &nbsp;&nbsp; $78153 | &nbsp;&nbsp; $75784 | &nbsp;&nbsp; $245257 |
| Lincoln Hedged S&P 500 Conservative <br> Fund<br>| &nbsp;&nbsp; $90255 | &nbsp;&nbsp; $76462 | &nbsp;&nbsp; $79949 | &nbsp;&nbsp; $246666 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' defined outcome strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Administrative | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $674 |
| Legal | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 103 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $22 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

Lincoln Hedged S&P 500 Funds-13

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, each Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $5626 | &nbsp;&nbsp; $6246 |
| Management fees payable to LFI | &nbsp;&nbsp; 10654 | &nbsp;&nbsp; 6462 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 8568 | &nbsp;&nbsp; 5212 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 436 |

---

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 six months ended June 30, 2025, were as follows:

**<u>Lincoln Hedged S&P 500 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-38.10%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-38.10%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $9881768 | $7831151 | $1672684 | $(70309)<br>| $1078814 | $17048740 | 529925 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**<u>Lincoln Hedged S&P 500 Conservative Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-51.56%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-51.56%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $7830791 | $3144168 | $1751797 | $(87730)<br>| $632832 | $9768264 | 303626 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Purchases | &nbsp;&nbsp; $7831151 | &nbsp;&nbsp; $3144168 |
| Sales | &nbsp;&nbsp; 2436242 | &nbsp;&nbsp; 2516214 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $33518406 | &nbsp;&nbsp; $18627608 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $2661040 | &nbsp;&nbsp; $1959910 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (739107)<br>| &nbsp;&nbsp; (416989)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $1921933 | &nbsp;&nbsp; $1542921 |

---

Lincoln Hedged S&P 500 Funds-14

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 Statements of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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 June 30, 2025:

**Lincoln Hedged S&P 500 Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $17048740 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17048740 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 828408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 828408 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 17563191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17563191 |
| **Total Investments** | &nbsp;&nbsp; $17877148 | &nbsp;&nbsp; $17563191 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35440339 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1272084)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1272084)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**Lincoln Hedged S&P 500 Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $9768264 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9768264 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 224715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224715 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 10177550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10177550 |
| **Total Investments** | &nbsp;&nbsp; $9992979 | &nbsp;&nbsp; $10177550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20170529 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(931702)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(931702)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

Lincoln Hedged S&P 500 Funds-15

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1002616 | &nbsp;&nbsp; 10769 | &nbsp;&nbsp; 11519 | &nbsp;&nbsp; 2756 |
| Service Class | &nbsp;&nbsp; 1314473 | &nbsp;&nbsp; 1220080 | &nbsp;&nbsp; 460272 | &nbsp;&nbsp; 945429 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 120559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112602 |
|  | &nbsp;&nbsp; 2317089 | &nbsp;&nbsp; 1352208 | &nbsp;&nbsp; 471791 | &nbsp;&nbsp; 1061092 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (1190)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; (53)<br>|
| Service Class | &nbsp;&nbsp; (152144)<br>| &nbsp;&nbsp; (145428)<br>| &nbsp;&nbsp; (202826)<br>| &nbsp;&nbsp; (211158)<br>|
|  | &nbsp;&nbsp; (153334)<br>| &nbsp;&nbsp; (145461)<br>| &nbsp;&nbsp; (202964)<br>| &nbsp;&nbsp; (211211)<br>|
| Net increase | &nbsp;&nbsp; 2163755 | &nbsp;&nbsp; 1206747 | &nbsp;&nbsp; 268827 | &nbsp;&nbsp; 849881 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the six months ended June 30, 2025, the Funds entered into options contracts in the normal course of pursuing its investment objective and strategies. The Funds may buy or write options contracts for any number of reasons, including without limitation: to manage the Funds' exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Funds' overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Funds may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When a Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When a Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Funds are subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Funds are subject to counterparty risk.

During the six months ended June 30, 2025, the Funds used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Lincoln Hedged S&P 500 Funds-16

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>Lincoln Hedged S&P 500 Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $17563191 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (1272084)<br>|
| Total |  | $17563191 |  | $(1272084)<br>|

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $21621 | &nbsp;&nbsp; $178764 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 350131 | &nbsp;&nbsp; (37664)<br>|
| Total |  | &nbsp;&nbsp; $371752 | &nbsp;&nbsp; $141100 |

---

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>Lincoln Hedged S&P 500 Conservative Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $10177550 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (931702)<br>|
| Total |  | $10177550 |  | $(931702)<br>|

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $57866 | &nbsp;&nbsp; $11629 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 266977 | &nbsp;&nbsp; (64337)<br>|
| Total |  | &nbsp;&nbsp; $324843 | &nbsp;&nbsp; $(52708)<br>|

---

Lincoln Hedged S&P 500 Funds-17

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>| **Short Derivative** <br> **Volume**<br>|
|  | **Options**<br> **Contracts**<br> **(Average Value)** <br>| **Options**<br> **Contracts**<br> **(Average Value)**<br>|
| Lincoln Hedged S&P 500 Fund | &nbsp;&nbsp; $13010749 | &nbsp;&nbsp; $739931 |
| Lincoln Hedged S&P 500 Conservative Fund | &nbsp;&nbsp; 8815069 | &nbsp;&nbsp; 595353 |

---

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**8. 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.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

Lincoln Hedged S&P 500 Funds-18

------

![](img11d3b3681.jpg)

Lincoln Opportunistic Hedged Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**Lincoln Opportunistic Hedged Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_SOI-continued-687_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_FS-continued-687_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_FS-continued-687_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_FS-continued-687_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_FIHI-continued-687_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_ace01a40-6002-4dda-abdf-37b625c5845d_NTF-continued-687_1)**  | &nbsp;&nbsp; **6** |

---

------

**Lincoln Opportunistic Hedged Equity Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–50.69%** | **AFFILIATED INVESTMENT–50.69%** | **AFFILIATED INVESTMENT–50.69%** |
| **INVESTMENT COMPANY–50.69%** | **INVESTMENT COMPANY–50.69%** | **INVESTMENT COMPANY–50.69%** |
| **Equity Fund–50.69%** | **Equity Fund–50.69%** | **Equity Fund–50.69%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 125143 | $4026101 |
| **Total Affiliated Investment** <br>**(Cost $3,499,270)**<br>|  | **4026101** |
| **UNAFFILIATED INVESTMENTS–54.39%** | **UNAFFILIATED INVESTMENTS–54.39%** | **UNAFFILIATED INVESTMENTS–54.39%** |
| **INVESTMENT COMPANY–0.79%** | **INVESTMENT COMPANY–0.79%** | **INVESTMENT COMPANY–0.79%** |
| **Money Market Fund–0.79%** | **Money Market Fund–0.79%** | **Money Market Fund–0.79%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 62540 | 62540 |
| **Total Investment Company** <br>**(Cost $62,540)**<br>|  | **62540** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED–53.60%** | **OPTIONS PURCHASED–53.60%** | **OPTIONS PURCHASED–53.60%** |
| **CENTRALLY CLEARED–53.60%** | **CENTRALLY CLEARED–53.60%** | **CENTRALLY CLEARED–53.60%** |
| **Call Options–49.94%** | **Call Options–49.94%** | **Call Options–49.94%** |
| S&P 500 Mini Index Strike <br> price $5.89, expiration date <br> 5/13/26, notional amount <br> $38,285<br>| 65 | $3967013 |
| **Put Options–3.66%** | **Put Options–3.66%** | **Put Options–3.66%** |
| S&P 500 Mini Index Strike <br> price $589.26, expiration <br> date 5/13/26, notional <br> amount $7,660,380<br>| 130 | 290633 |
| **Total Options Purchased** <br>**(Cost $4,182,823)**<br>|  | **4257646** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $4,245,363)**<br>|  | **4320186** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–105.08% (Cost $7,744,633)** | **8346287** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(4.59)%** | **OPTIONS WRITTEN–(4.59)%** | **OPTIONS WRITTEN–(4.59)%** |
| **CENTRALLY CLEARED–(4.59)%** | **CENTRALLY CLEARED–(4.59)%** | **CENTRALLY CLEARED–(4.59)%** |
| **Call Options–(2.53)%** | **Call Options–(2.53)%** | **Call Options–(2.53)%** |
| S&P 500 Mini Index Strike price $681.13, expiration date 5/13/26, notional amount $(8854690) | (130)<br>| $(201158)<br>|
| **Put Options–(2.06)%** | **Put Options–(2.06)%** | **Put Options–(2.06)%** |
| S&P 500 Mini Index Strike price $530.33, expiration date 5/13/26, notional amount $(6894290) | (130)<br>| (163374)<br>|
| **Total Options Written** <br>**(Premiums received $(353256))**<br>|  | **(364532)**<br>|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.49%)** | **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.49%)** | **(39218)**<br>|
| **NET ASSETS APPLICABLE TO 729,203 SHARES OUTSTANDING–100.00%** | **NET ASSETS APPLICABLE TO 729,203 SHARES OUTSTANDING–100.00%** | **$7942537** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $4320186 |
| Affiliated investments, at value | &nbsp;&nbsp; 4026101 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 6788 |
| Dividends and interest receivable  | &nbsp;&nbsp; 388 |
| Prepaid expenses | &nbsp;&nbsp; 33 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 8353496 |
| **LIABILITIES:** |  |
| Options written, at value | &nbsp;&nbsp; 364532 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 15802 |
| Payable for audit fee | &nbsp;&nbsp; 11677 |
| Payable for fund accounting fee | &nbsp;&nbsp; 9605 |
| Due to manager and affiliates | &nbsp;&nbsp; 5720 |
| Other accrued expenses payable | &nbsp;&nbsp; 3623 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 410959 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $7942537 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $4245363 |
| Affiliated investments, at cost | &nbsp;&nbsp; 3499270 |
| Options written, premiums received | &nbsp;&nbsp; (353256)<br>|
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $142807 |
| Shares Outstanding | &nbsp;&nbsp; 13074 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.923 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $7799730 |
| Shares Outstanding | &nbsp;&nbsp; 716129 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.892 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $7727761 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 214776 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $7942537 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $2104 |
| **EXPENSES:** |  |
| Management fees | 19271 |
| Professional fees | 15575 |
| Accounting and administration expenses | 15047 |
| Distribution fees-Service Class | 12018 |
| Consulting fees | 2075 |
| Reports and statements to shareholders | 1364 |
| Custodian fees | 1356 |
| Shareholder servicing fees | 1016 |
| Pricing fees | 927 |
| Index fees | 98 |
| Trustees' fees and expenses | 91 |
| Other | 1336 |
|  | 70174 |
| Less:  |  |
| Expenses reimbursed | (37484)<br>|
| Total operating expenses | 32690 |
| **NET INVESTMENT LOSS** | (30586)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | (54340)<br>|
| Options purchased | 206160 |
| Options written | (289008)<br>|
| Net realized loss | (137188)<br>|
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Affiliated investments | 277163 |
| Options purchased | 97933 |
| Options written | (43656)<br>|
| Net change in unrealized appreciation (depreciation) | 331440 |
| **NET REALIZED AND UNREALIZED GAIN** | 194252 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $163666 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(30586)<br>| $(3199)<br>|
| Net realized gain (loss) | (137188)<br>| 304882 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 331440 | 235811 |
| Net increase in net assets resulting from <br> operations<br>| 163666 | 537494 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (12209)<br>|
| Service Class |  | (495132)<br>|
|  |  | (507341)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 87 | 388266 |
| Service Class | 2720183 | 3045179 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 12209 |
| Service Class |  | 495132 |
|  | 2720270 | 3940786 |
| Cost of shares redeemed: |  |  |
| Standard Class | (7686)<br>| (260385)<br>|
| Service Class | (1039902)<br>| (383642)<br>|
|  | (1047588)<br>| (644027)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 1672682 | 3296759 |
| **NET INCREASE IN NET ASSETS** | 1836348 | 3326912 |
| **NET ASSETS:** |  |  |
| Beginning of period | 6106189 | 2779277 |
| End of period | $7942537 | $6106189 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-3

------

**Lincoln Opportunistic Hedged Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Lincoln Opportunistic Hedged Equity Fund Standard Class** | **Lincoln Opportunistic Hedged Equity Fund Standard Class** | **Lincoln Opportunistic Hedged Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended**<br> **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended**<br> **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.638 | &nbsp;&nbsp; $10.084 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.028)<br>| 0.030 | 0.001 |
| Net realized and unrealized gain | 0.313 | 1.529 | 0.091 |
| Total from investment operations | 0.285 | 1.559 | 0.092 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; (0.008)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.975)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.005)<br>| &nbsp;&nbsp; (0.008)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.923 | &nbsp;&nbsp; $10.638 | &nbsp;&nbsp; $10.084 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 15.51% | &nbsp;&nbsp; 0.92% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $143 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 19.30% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.53% )<sup>6</sup><br>| &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.17%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.60% )<sup>6</sup><br>| &nbsp;&nbsp; (1.85%)<br>| &nbsp;&nbsp; (18.88%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 103% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-4

------

**Lincoln Opportunistic Hedged Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Lincoln Opportunistic Hedged Equity Fund Service Class** | **Lincoln Opportunistic Hedged Equity Fund Service Class** | **Lincoln Opportunistic Hedged Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended**<br> **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended**<br> **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.626 | &nbsp;&nbsp; $10.084 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.046)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.003)<br>|
| Net realized and unrealized gain | 0.312 | 1.527 | 0.093 |
| Total from investment operations | 0.266 | 1.518 | 0.090 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.006)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.975)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.976)<br>| &nbsp;&nbsp; (0.006)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.892 | &nbsp;&nbsp; $10.626 | &nbsp;&nbsp; $10.084 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 15.11% | &nbsp;&nbsp; 0.90% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $7800 | &nbsp;&nbsp; $5959 | &nbsp;&nbsp; $2769 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>5</sup> | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 19.65% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.88% )<sup>6</sup><br>| &nbsp;&nbsp; (0.08%)<br>| &nbsp;&nbsp; (0.52%)<br>|
| Ratio of net investment loss to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (1.95% )<sup>6</sup><br>| &nbsp;&nbsp; (2.20%)<br>| &nbsp;&nbsp; (19.23%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 103% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-5

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Opportunistic Hedged Equity Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests about half of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500<sup>®</sup> Index Fund (the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA S&P 500<sup>®</sup> Index Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in the securities that make up the S&P 500<sup>®</sup> Index and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e., index funds). In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup> Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Fund's sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025, and for all open tax years (years ended December 31, 2023–December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Lincoln Opportunistic Hedged Equity Fund-6

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.59% of the Fund's average daily net assets for the Standard Class and 0.94% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the 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 six months ended June 30, 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** |  |
|  | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $24927 | &nbsp;&nbsp; $89200 | &nbsp;&nbsp; $114127 |

---

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 six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $288 |
| Legal | &nbsp;&nbsp; 44 |

---

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 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

Lincoln Opportunistic Hedged Equity Fund-7

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $6788 |
| Management fees payable to LFI | &nbsp;&nbsp; 3410 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 2130 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 180 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

At June 30, 2025, Lincoln Life directly owned 37.47% of Lincoln Opportunistic Hedged Equity Fund.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 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> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-50.69%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-50.69%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $3015930 | $1464057 | $676709 | $(54340)<br>| $277163 | $4026101 | 125143 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1464057 |
| Sales | &nbsp;&nbsp; 3775346 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $7744633 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $728725 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (127071)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $601654 |

---

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 June 30, 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.

Lincoln Opportunistic Hedged Equity Fund-8

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $4026101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4026101 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 62540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62540 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 4257646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4257646 |
| **Total Investments** | &nbsp;&nbsp; $4088641 | &nbsp;&nbsp; $4257646 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8346287 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(364532)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(364532)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 33840 |
| Service Class | &nbsp;&nbsp; 256886 | &nbsp;&nbsp; 273982 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1152 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 46691 |
|  | &nbsp;&nbsp; 256894 | &nbsp;&nbsp; 355665 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (741)<br>| &nbsp;&nbsp; (22186)<br>|
| Service Class | &nbsp;&nbsp; (101577)<br>| &nbsp;&nbsp; (34455)<br>|
|  | &nbsp;&nbsp; (102318)<br>| &nbsp;&nbsp; (56641)<br>|
| Net increase | &nbsp;&nbsp; 154576 | &nbsp;&nbsp; 299024 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

Lincoln Opportunistic Hedged Equity Fund-9

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the six months ended June 30, 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 six months ended June 30, 2025, the Fund used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Fair values of derivative instruments as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $4257646 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (364532)<br>|
| Total |  | $4257646 |  | $(364532)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $206160 | &nbsp;&nbsp; $97933 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; (289008)<br>| &nbsp;&nbsp; (43656)<br>|
| Total |  | &nbsp;&nbsp; $(82848)<br>| &nbsp;&nbsp; $54277 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Options contracts (average value) | $3803841 | $285313 |

---

Lincoln Opportunistic Hedged Equity Fund-10

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln Opportunistic Hedged Equity Fund-11

------

![](imgf40206ac1.jpg)

![](img6f2c511b2.jpg)

LVIP Aggressive Growth Allocation Managed Risk Funds

LVIP Global Aggressive Growth Allocation Managed Risk Fund <br> LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Aggressive Growth Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_fe48391e-f552-49a2-b13c-da005c214091_SOI-continued-334_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_fe48391e-f552-49a2-b13c-da005c214091_FS-continued-334_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_fe48391e-f552-49a2-b13c-da005c214091_FS-continued-334_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_fe48391e-f552-49a2-b13c-da005c214091_FS-continued-334_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_fe48391e-f552-49a2-b13c-da005c214091_FIHI-continued-334_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_fe48391e-f552-49a2-b13c-da005c214091_NTF-continued-333_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.04%** | **AFFILIATED INVESTMENTS–97.04%** | **AFFILIATED INVESTMENTS–97.04%** |
| **INVESTMENT COMPANIES–97.04%** | **INVESTMENT COMPANIES–97.04%** | **INVESTMENT COMPANIES–97.04%** |
| **Equity Funds–51.22%** | **Equity Funds–51.22%** | **Equity Funds–51.22%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 236856 | $16277898 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 826019 | 21716053 |
| LVIP Channing Small Cap <br> Value Fund<br>| 199026 | 2414384 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 1746522 | 27476286 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 490733 | 6267644 |
| LVIP Macquarie Mid Cap <br> Value Fund<br>| 178269 | 8059889 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 1250264 | 16307188 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 200788 | 3205581 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1500736 | 48281694 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 242907 | 7810903 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 228784 | 8185197 |
|  |  | **166002717** |
| **Fixed Income Funds–18.36%** | **Fixed Income Funds–18.36%** | **Fixed Income Funds–18.36%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 326084 | 3058669 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 3024193 | 30317539 |
| LVIP Macquarie Bond Fund | 1565438 | 18467471 |
| LVIP SSGA Bond Index <br> Fund<br>| 753958 | 7653424 |
|  |  | **59497103** |
| **Global Equity Fund–0.34%** | **Global Equity Fund–0.34%** | **Global Equity Fund–0.34%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 139005 | 1101060 |
|  |  | **1101060** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–27.12%** | **International Equity Funds–27.12%** | **International Equity Funds–27.12%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 407910 | $3668742 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 937100 | 9244496 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 310617 | 6348401 |
| LVIP MFS International <br> Growth Fund<br>| 881469 | 19996117 |
| LVIP Mondrian <br> International Value Fund<br>| 1091169 | 22330767 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 840792 | 10108848 |
| LVIP SSGA International <br> Index Fund<br>| 1288449 | 16202241 |
|  |  | **87899612** |
| **Total Affiliated Investments** <br>**(Cost $249,900,788)**<br>|  | **314500492** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.80%** | **UNAFFILIATED INVESTMENT–2.80%** |
| **INVESTMENT COMPANY–2.80%** | **INVESTMENT COMPANY–2.80%** |
| **Money Market Fund–2.80%** | **Money Market Fund–2.80%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 9081874 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $9,081,874)**<br>| **9081874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $258,982,662)** | **323582366** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **504487** |
| **NET ASSETS APPLICABLE TO 26,495,116 SHARES OUTSTANDING–100.00%** | **$324086853** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP Aggressive Growth Allocation Managed Risk Funds-1

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 3 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $197685 | &nbsp;&nbsp; $195434 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $2251 | &nbsp;&nbsp; $— |
| 4 | CME British Pound Currency Futures | &nbsp;&nbsp; 343125 | &nbsp;&nbsp; 337503 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 5622 | &nbsp;&nbsp; — |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1035650 | &nbsp;&nbsp; 1006842 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 28808 | &nbsp;&nbsp; — |
| 6 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 524587 | &nbsp;&nbsp; 522807 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 38461 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 5 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 547925 | &nbsp;&nbsp; 529626 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 18299 | &nbsp;&nbsp; — |
| 12 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 3752250 | &nbsp;&nbsp; 3619649 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 132601 | &nbsp;&nbsp; — |
| 5 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1562750 | &nbsp;&nbsp; 1515559 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 47191 | &nbsp;&nbsp; — |
| 15 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 941242 | &nbsp;&nbsp; 934450 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 6792 | &nbsp;&nbsp; — |
| 3 | FTSE 100 Index Futures | &nbsp;&nbsp; 361947 | &nbsp;&nbsp; 364708 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2761)<br>|
| 8 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 493400 | &nbsp;&nbsp; 484146 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 9254 | &nbsp;&nbsp; — |
| 3 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 79052 | &nbsp;&nbsp; 77923 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; — |
| 1 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 140466 | &nbsp;&nbsp; 140466 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 2 | TSE TOPIX Futures | &nbsp;&nbsp; 396583 | &nbsp;&nbsp; 388530 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 8053 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 223319 | &nbsp;&nbsp; (2761)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $261780 | &nbsp;&nbsp; $(2761)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-2

------

**LVIP U.S. Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.04%** | **AFFILIATED INVESTMENTS–97.04%** | **AFFILIATED INVESTMENTS–97.04%** |
| **INVESTMENT COMPANIES–97.04%** | **INVESTMENT COMPANIES–97.04%** | **INVESTMENT COMPANIES–97.04%** |
| **Equity Funds–78.41%** | **Equity Funds–78.41%** | **Equity Funds–78.41%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 494347 | $33974012 |
| LVIP Baron Growth <br> Opportunities Fund<br>| 71533 | 5478151 |
| LVIP Channing Small Cap <br> Value Fund<br>| 211980 | 2571530 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 287965 | 4530262 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 566947 | 7241043 |
| LVIP MFS Value Fund | 625151 | 35194130 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 545808 | 7118968 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 143173 | 2285760 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1603856 | 51599247 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 220718 | 7097411 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 274852 | 9833387 |
| LVIP Wellington SMID Cap <br> Value Fund<br>| 562344 | 14005188 |
|  |  | **180929089** |
| **Fixed Income Funds–18.39%** | **Fixed Income Funds–18.39%** | **Fixed Income Funds–18.39%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 232578 | 2181583 |

---

---

| | | |
|:---|:---|:---|
|  | **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 JPMorgan Core Bond <br> Fund<br>| 2195995 | $22014854 |
| LVIP Macquarie Bond Fund | 1004563 | 11850834 |
| LVIP SSGA Bond Index <br> Fund<br>| 628787 | 6382811 |
|  |  | **42430082** |
| **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>| 70803 | 560825 |
|  |  | **560825** |
| **Total Affiliated Investments** <br>**(Cost $171,702,039)**<br>|  | **223919996** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.79%** | **UNAFFILIATED INVESTMENT–2.79%** |
| **INVESTMENT COMPANY–2.79%** | **INVESTMENT COMPANY–2.79%** |
| **Money Market Fund–2.79%** | **Money Market Fund–2.79%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 6429968 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $6,429,968)**<br>| **6429968** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.83% (Cost $178,132,007)** | **230349964** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.17%** | **398377** |
| **NET ASSETS APPLICABLE TO 17,895,236 SHARES OUTSTANDING–100.00%** | **$230748341** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP Aggressive Growth Allocation Managed Risk Funds-3

------

**LVIP U.S. Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 7 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $767095 | &nbsp;&nbsp; $741470 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $25625 | &nbsp;&nbsp; $— |
| 15 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 4690313 | &nbsp;&nbsp; 4524567 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 165746 | &nbsp;&nbsp; — |
| 4 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1250200 | &nbsp;&nbsp; 1212448 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 37752 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $229123 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **ASSETS:** |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $314500492 | &nbsp;&nbsp; $223919996 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 9081874 | &nbsp;&nbsp; 6429968 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 612489 | &nbsp;&nbsp; 466940 |
| Receivable for securities sold | &nbsp;&nbsp; 137441 | &nbsp;&nbsp; — |
| Dividends and interest receivable  | &nbsp;&nbsp; 41465 | &nbsp;&nbsp; 31970 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 28438 | &nbsp;&nbsp; 22393 |
| Prepaid expenses | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 544 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 2677 |
| Receivable for fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 255365 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 324403609 | &nbsp;&nbsp; 231129853 |
| **LIABILITIES:** |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 141692 | &nbsp;&nbsp; 46061 |
| Due to manager and affiliates | &nbsp;&nbsp; 136266 | &nbsp;&nbsp; 94857 |
| Payable for audit fee | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13635 | &nbsp;&nbsp; 13627 |
| Other accrued expenses payable | &nbsp;&nbsp; 11130 | &nbsp;&nbsp; 9909 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 203025 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 316756 | &nbsp;&nbsp; 381512 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $324086853 | &nbsp;&nbsp; $230748341 |
| Affiliated investments, at cost | &nbsp;&nbsp; $249900788 | &nbsp;&nbsp; $171702039 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 9081874 | &nbsp;&nbsp; 6429968 |
| **Standard Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $2983196 | &nbsp;&nbsp; $1314256 |
| Shares Outstanding | &nbsp;&nbsp; 242825 | &nbsp;&nbsp; 101547 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.285 | &nbsp;&nbsp; $12.942 |
| **Service Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $321103657 | &nbsp;&nbsp; $229434085 |
| Shares Outstanding | &nbsp;&nbsp; 26252291 | &nbsp;&nbsp; 17793689 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.231 | &nbsp;&nbsp; $12.894 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $284089423 | &nbsp;&nbsp; $193158664 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 39997430 | &nbsp;&nbsp; 37589677 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $324086853 | &nbsp;&nbsp; $230748341 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends from unaffiliated investments | $226186 | $169887 |
| **EXPENSES:** |  |  |
| Management fees | 389053 | 274959 |
| Distribution fees-Service Class | 385475 | 273301 |
| Shareholder servicing fees | 45130 | 31895 |
| Accounting and administration expenses | 35577 | 31054 |
| Professional fees | 21206 | 20243 |
| Custodian fees | 6341 | 5332 |
| Trustees' fees and expenses | 4598 | 3284 |
| Consulting fees | 3744 | 3705 |
| Reports and statements to shareholders | 3490 | 2973 |
| Pricing fees | 461 | 141 |
| Other | 4191 | 3160 |
|  | 899266 | 650047 |
| Less:  |  |  |
| Management fees waived | (7781)<br>| (16497)<br>|
| Expenses reimbursed | (1765)<br>| (13801)<br>|
| Plus: |  |  |
| Recoupment of prior expenses reduced by the Advisor | 1524 |  |
| Total operating expenses | 891244 | 619749 |
| **NET INVESTMENT LOSS** | (665058)<br>| (449862)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Sale of affiliated investments | (1019465)<br>| (774766)<br>|
| Foreign currencies | 24 |  |
| Futures contracts | (4849479)<br>| (4049513)<br>|
| Net realized loss | (5868920)<br>| (4824279)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Affiliated investments | 24865406 | 9948884 |
| Foreign currencies | 4718 |  |
| Futures contracts | 584862 | 467051 |
| Net change in unrealized appreciation (depreciation) | 25454986 | 10415935 |
| **NET REALIZED AND UNREALIZED GAIN** | 19586066 | 5591656 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $18921008 | $5141794 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(665058)<br>| $5365772 | $(449862)<br>| $2702594 |
| Net realized gain (loss) | (5868920)<br>| 9639305 | (4824279)<br>| 10086654 |
| Net change in unrealized appreciation (depreciation) | 25454986 | 16433660 | 10415935 | 16528272 |
| Net increase in net assets resulting from operations | 18921008 | 31438737 | 5141794 | 29317520 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class |  | (73622)<br>|  | (32470)<br>|
| Service Class |  | (7186431)<br>|  | (4095109)<br>|
|  |  | (7260053)<br>|  | (4127579)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 4140 | 264700 | 7644 | 360885 |
| Service Class | 7888488 | 41589028 | 13260033 | 31041894 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class |  | 73622 |  | 32470 |
| Service Class |  | 7186431 |  | 4095109 |
|  | 7892628 | 49113781 | 13267677 | 35530358 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (100862)<br>| (235378)<br>| (296784)<br>| (170059)<br>|
| Service Class | (17436677)<br>| (21904886)<br>| (12254767)<br>| (31961305)<br>|
|  | (17537539)<br>| (22140264)<br>| (12551551)<br>| (32131364)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (9644911)<br>| 26973517 | 716126 | 3398994 |
| **NET INCREASE IN NET ASSETS** | 9276097 | 51152201 | 5857920 | 28588935 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 314810756 | 263658555 | 224890421 | 196301486 |
| End of period | $324086853 | $314810756 | $230748341 | $224890421 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-7

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.556 | &nbsp;&nbsp; $10.582 | &nbsp;&nbsp; $9.434 | &nbsp;&nbsp; $12.214 | &nbsp;&nbsp; $11.197 | &nbsp;&nbsp; $10.710 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.010)<br>| 0.238 | 0.191 | 0.197 | 0.213 | 0.166 |
| Net realized and unrealized gain (loss) | 0.739 | 1.037 | 1.139 | &nbsp;&nbsp; (2.585)<br>| 1.431 | 0.522 |
| Total from investment operations | 0.729 | 1.275 | 1.330 | &nbsp;&nbsp; (2.388)<br>| 1.644 | 0.688 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.231)<br>| &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.201)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.392)<br>| &nbsp;&nbsp; (0.627)<br>| &nbsp;&nbsp; (0.201)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.285 | &nbsp;&nbsp; $11.556 | &nbsp;&nbsp; $10.582 | &nbsp;&nbsp; $9.434 | &nbsp;&nbsp; $12.214 | &nbsp;&nbsp; $11.197 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.31% | &nbsp;&nbsp; 12.05% | &nbsp;&nbsp; 14.09% | &nbsp;&nbsp; (19.54%)<br>| &nbsp;&nbsp; 14.73% | &nbsp;&nbsp; 6.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2983 | &nbsp;&nbsp; $2903 | &nbsp;&nbsp; $2557 | &nbsp;&nbsp; $2429 | &nbsp;&nbsp; $3628 | &nbsp;&nbsp; $2781 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<sup>4</sup><br>| &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.18% )<sup>5</sup><br>| &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.60% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.19% )<sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.54% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-8

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.520 | &nbsp;&nbsp; $10.551 | &nbsp;&nbsp; $9.410 | &nbsp;&nbsp; $12.183 | &nbsp;&nbsp; $11.174 | &nbsp;&nbsp; $10.694 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.025)<br>| 0.209 | 0.165 | 0.169 | 0.182 | 0.139 |
| Net realized and unrealized gain (loss) | 0.736 | 1.033 | 1.134 | &nbsp;&nbsp; (2.576)<br>| 1.428 | 0.519 |
| Total from investment operations | 0.711 | 1.242 | 1.299 | &nbsp;&nbsp; (2.407)<br>| 1.610 | 0.658 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.178)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.601)<br>| &nbsp;&nbsp; (0.178)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.231 | &nbsp;&nbsp; $11.520 | &nbsp;&nbsp; $10.551 | &nbsp;&nbsp; $9.410 | &nbsp;&nbsp; $12.183 | &nbsp;&nbsp; $11.174 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.17% | &nbsp;&nbsp; 11.77% | &nbsp;&nbsp; 13.80% | &nbsp;&nbsp; (19.74%)<br>| &nbsp;&nbsp; 14.45% | &nbsp;&nbsp; 6.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $321104 | &nbsp;&nbsp; $311908 | &nbsp;&nbsp; $261101 | &nbsp;&nbsp; $207793 | &nbsp;&nbsp; $243401 | &nbsp;&nbsp; $162522 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<sup>4</sup><br>| &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.43% )<sup>5</sup><br>| &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.44% )<sup>5</sup><br>| &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.29% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-9

------

**LVIP U.S. Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.638 | &nbsp;&nbsp; $11.214 | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $13.047 | &nbsp;&nbsp; $11.478 | &nbsp;&nbsp; $10.739 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.010)<br>| 0.185 | 0.128 | 0.122 | 0.130 | 0.126 |
| Net realized and unrealized gain (loss) | 0.314 | 1.506 | 1.424 | &nbsp;&nbsp; (2.935)<br>| 1.952 | 0.789 |
| Total from investment operations | 0.304 | 1.691 | 1.552 | &nbsp;&nbsp; (2.813)<br>| 2.082 | 0.915 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.150)<br>| &nbsp;&nbsp; (0.137)<br>| &nbsp;&nbsp; (0.327)<br>| &nbsp;&nbsp; (0.176)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.266)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.153)<br>| &nbsp;&nbsp; (0.419)<br>| &nbsp;&nbsp; (0.513)<br>| &nbsp;&nbsp; (0.176)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.942 | &nbsp;&nbsp; $12.638 | &nbsp;&nbsp; $11.214 | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $13.047 | &nbsp;&nbsp; $11.478 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 15.09% | &nbsp;&nbsp; 15.80% | &nbsp;&nbsp; (21.56%)<br>| &nbsp;&nbsp; 18.18% | &nbsp;&nbsp; 8.53% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1314 | &nbsp;&nbsp; $1566 | &nbsp;&nbsp; $1189 | &nbsp;&nbsp; $1010 | &nbsp;&nbsp; $1274 | &nbsp;&nbsp; $865 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.40% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.17% )<sup>5</sup><br>| &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.20% )<sup>5</sup><br>| &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.12% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-10

------

**LVIP U.S. Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.607 | &nbsp;&nbsp; $11.188 | &nbsp;&nbsp; $9.794 | &nbsp;&nbsp; $13.019 | &nbsp;&nbsp; $11.459 | &nbsp;&nbsp; $10.727 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.025)<br>| 0.153 | 0.101 | 0.094 | 0.098 | 0.100 |
| Net realized and unrealized gain (loss) | 0.312 | 1.502 | 1.420 | &nbsp;&nbsp; (2.926)<br>| 1.946 | 0.785 |
| Total from investment operations | 0.287 | 1.655 | 1.521 | &nbsp;&nbsp; (2.832)<br>| 2.044 | 0.885 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.124)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.298)<br>| &nbsp;&nbsp; (0.153)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.266)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.127)<br>| &nbsp;&nbsp; (0.393)<br>| &nbsp;&nbsp; (0.484)<br>| &nbsp;&nbsp; (0.153)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.894 | &nbsp;&nbsp; $12.607 | &nbsp;&nbsp; $11.188 | &nbsp;&nbsp; $9.794 | &nbsp;&nbsp; $13.019 | &nbsp;&nbsp; $11.459 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 14.80% | &nbsp;&nbsp; 15.52% | &nbsp;&nbsp; (21.76%)<br>| &nbsp;&nbsp; 17.88% | &nbsp;&nbsp; 8.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $229434 | &nbsp;&nbsp; $223324 | &nbsp;&nbsp; $195112 | &nbsp;&nbsp; $168494 | &nbsp;&nbsp; $199866 | &nbsp;&nbsp; $138679 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.42% )<sup>5</sup><br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.45% )<sup>5</sup><br>| &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.87% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-11

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Global Aggressive Growth Allocation Managed Risk Fund and LVIP U.S. Aggressive Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment, that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP Global Aggressive Growth Allocation Managed Risk Fund and the LVIP U.S. Aggressive Growth Allocation Managed Risk Fund is to seek capital appreciation.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with LVIP Global Aggressive Growth Allocation Managed Risk Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Gains or losses attributable to changes in foreign exchange rates are included in the Statements of Operations under "Net realized gain (loss) on foreign currencies". The LVIP Global Aggressive Growth Allocation Managed Risk Fund 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.

LVIP Aggressive Growth Allocation Managed Risk Funds-12

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee for each Fund. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

The waiver amount of each Fund's average daily net assets are as follows:

---

| | |
|:---|:---|
| **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| 0.005<br> %<br>| 0.015<br> %<br>|

---

LFI has also contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed certain expense limits. The reimbursement is accrued daily and received monthly. The agreements will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The expense limits as a percentage of each Fund's average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Standard Class | 0.325<br> %<br>| 0.315<br> %<br>|
| Service Class | 0.575<br> %<br>| 0.565<br> %<br>|

---

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. Each Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that each Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has recouped $1,524 in previously reimbursed Fund expenses from the LVIP Global Aggressive Growth Allocation Managed Risk Fund.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LVIP Global Aggressive Growth Allocation <br> Managed Risk Fund<br>| &nbsp;&nbsp; $43335 | &nbsp;&nbsp; $38793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82128 |
| LVIP U.S. Aggressive Growth Allocation <br> Managed Risk Fund<br>| &nbsp;&nbsp; $49014 | &nbsp;&nbsp; $43337 | &nbsp;&nbsp; $28323 | &nbsp;&nbsp; $120674 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

LVIP Aggressive Growth Allocation Managed Risk Funds-13

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $13236 | &nbsp;&nbsp; $9376 |
| Legal | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 1429 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $860 | &nbsp;&nbsp; $687 |

---

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 June 30, 2025, each Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $631 | &nbsp;&nbsp; $2677 |
| Management fees payable to LFI | &nbsp;&nbsp; 63993 | &nbsp;&nbsp; 43489 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 64698 | &nbsp;&nbsp; 46001 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 5367 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

LVIP Aggressive Growth Allocation Managed Risk Funds-14

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP 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 six months ended June 30, 2025, were as follows:

**<u>LVIP Global Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-97.04%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-51.22%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap Growth <br> Fund<br>| $16429899 | $861536 | $2095939 | $185905 | $896497 | $16277898 | 236856 | $— | $— |
| ✧✧LVIP BlackRock Equity Dividend Fund | 20767881 | 1924992 | 1541978 | (124960)<br>| 690118 | 21716053 | 826019 |  |  |
| ✧✧LVIP Channing Small Cap Value Fund | 2253238 | 419767 | 174799 | (29898)<br>| (53924)<br>| 2414384 | 199026 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| 25775072 | 2184389 | 1958135 | (150115)<br>| 1625075 | 27476286 | 1746522 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 3652982 | 2975454 | 350341 | (67542)<br>| 57091 | 6267644 | 490733 |  |  |
| ✧✧LVIP Macquarie Mid Cap Value Fund | 7266583 | 1177854 | 560778 | (58974)<br>| 235204 | 8059889 | 178269 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 16371619 | 1269038 | 1242733 | (140193)<br>| 49457 | 16307188 | 1250264 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 3113876 | 160694 | 294407 | 43303 | 182115 | 3205581 | 200788 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 47386146 | 1901707 | 3594272 | (125849)<br>| 2713962 | 48281694 | 1500736 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 9492951 | 213626 | 1628788 | (184)<br>| (266702)<br>| 7810903 | 242907 |  |  |
| ✧✧LVIP T. Rowe Price Structured Mid-Cap <br> Growth Fund<br>| 7376094 | 1053361 | 947970 | (88303)<br>| 792015 | 8185197 | 228784 |  |  |
| **Fixed Income Funds-18.36%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected Bond <br> Fund<br>| 3115457 | 86244 | 265558 | (14853)<br>| 137379 | 3058669 | 326084 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 21312928 | 7876488 | 40671 | (2868)<br>| 1171662 | 30317539 | 3024193 |  |  |
| ✧✧LVIP Macquarie Bond Fund | 23869991 | 602094 | 6774032 | (1090064)<br>| 1859482 | 18467471 | 1565438 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 8488369 | 303915 | 1441801 | (228874)<br>| 531815 | 7653424 | 753958 |  |  |
| **Global Equity Fund-0.34%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 1798253 | 82783 | 860478 | 29450 | 51052 | 1101060 | 139005 |  |  |
| **International Equity Funds-27.12%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund<br>| 3526847 | 89074 | 484395 | (1299)<br>| 538515 | 3668742 | 407910 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 8486704 | 219520 | 1258087 | 38841 | 1757518 | 9244496 | 937100 |  |  |
| ✧✧LVIP Loomis Sayles Global Growth Fund | 6185550 | 210196 | 786286 | 121324 | 617617 | 6348401 | 310617 |  |  |
| ✧✧LVIP MFS International Growth Fund | 19206705 | 488102 | 2470898 | (31047)<br>| 2803255 | 19996117 | 881469 |  |  |
| ✧✧LVIP Mondrian International Value Fund | 22557675 | 557548 | 5543714 | 453286 | 4305972 | 22330767 | 1091169 |  |  |
| ✧✧LVIP SSGA Emerging Markets Equity Index <br> Fund<br>| 10568264 | 252389 | 2144117 | (6986)<br>| 1439298 | 10108848 | 840792 |  |  |
| ✧✧LVIP SSGA International Index Fund | 16559277 | 399554 | 3757958 | 270435 | 2730933 | 16202241 | 1288449 |  |  |
| Total | $305562361 | $25310325 | $40218135 | $(1019465)<br>| $24865406 | $314500492 |  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

LVIP Aggressive Growth Allocation Managed Risk Funds-15

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP U.S. Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-97.04%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-78.41%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap Growth <br> Fund<br>| $33336608 | $1795993 | $3515338 | $504238 | $1852511 | $33974012 | 494347 | $— | $— |
| ✧✧LVIP Baron Growth Opportunities Fund | 5371671 | 721011 | 415597 | (28285)<br>| (170649)<br>| 5478151 | 71533 |  |  |
| ✧✧LVIP Channing Small Cap Value Fund | 2420605 | 430834 | 191175 | (28151)<br>| (60583)<br>| 2571530 | 211980 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| 4414792 | 239637 | 372388 | (13981)<br>| 262202 | 4530262 | 287965 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 6285452 | 1586842 | 529246 | (80119)<br>| (21886)<br>| 7241043 | 566947 |  |  |
| ✧✧LVIP MFS Value Fund | 34191290 | 2140801 | 3314121 | (113951)<br>| 2290111 | 35194130 | 625151 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 7495503 | 669396 | 1002322 | (67756)<br>| 24147 | 7118968 | 545808 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 2240167 | 119819 | 237464 | 40154 | 123084 | 2285760 | 143173 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 50260945 | 2795045 | 4234155 | (95502)<br>| 2872914 | 51599247 | 1603856 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 7737850 | 401427 | 853495 | (27545)<br>| (160826)<br>| 7097411 | 220718 |  |  |
| ✧✧LVIP T. Rowe Price Structured Mid-Cap <br> Growth Fund<br>| 9208288 | 669509 | 951909 | 586 | 906913 | 9833387 | 274852 |  |  |
| ✧✧LVIP Wellington SMID Cap Value Fund | 13320298 | 2263915 | 1041734 | (163626)<br>| (373665)<br>| 14005188 | 562344 |  |  |
| **Fixed Income Funds-18.39%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected Bond <br> Fund<br>| 2241195 | 119820 | 266674 | (12608)<br>| 99850 | 2181583 | 232578 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 15657533 | 5541047 | 30189 | (1883)<br>| 848346 | 22014854 | 2195995 |  |  |
| ✧✧LVIP Macquarie Bond Fund | 15908167 | 1182587 | 5719629 | (537025)<br>| 1016734 | 11850834 | 1004563 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 7046235 | 401536 | 1312132 | (180177)<br>| 427349 | 6382811 | 628787 |  |  |
| **Global Equity Fund-0.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 1077915 | 68677 | 628964 | 30865 | 12332 | 560825 | 70803 |  |  |
| Total | $218214514 | $21147896 | $24616532 | $(774766)<br>| $9948884 | $223919996 |  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $25310325 | &nbsp;&nbsp; $21147896 |
| Sales | &nbsp;&nbsp; 40218135 | &nbsp;&nbsp; 24616532 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $258982662 | &nbsp;&nbsp; $178132007 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $64873893 | &nbsp;&nbsp; $52447080 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (15170)<br>| &nbsp;&nbsp; — |
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $64858723 | &nbsp;&nbsp; $52447080 |

---

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 Statements of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

LVIP Aggressive Growth Allocation Managed Risk Funds-16

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Level 1** | **LVIP**<br> **Global** <br> **Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| **Investments:** |  |  |
| **<u>Assets:</u>** |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $314500492 | &nbsp;&nbsp; $223919996 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 9081874 | &nbsp;&nbsp; 6429968 |
| **Total Investments** | &nbsp;&nbsp; $323582366 | &nbsp;&nbsp; $230349964 |
| **Derivatives:** |  |  |
| **<u>Assets:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $261780 | &nbsp;&nbsp; $229123 |
| **Derivatives:** |  |  |
| **<u>Liabilities:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $(2761)<br>| &nbsp;&nbsp; $— |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP Aggressive Growth Allocation Managed Risk Funds-17

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 23827 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 29212 |
| Service Class | &nbsp;&nbsp; 682025 | &nbsp;&nbsp; 3636570 | &nbsp;&nbsp; 1064305 | &nbsp;&nbsp; 2550030 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 6383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2578 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 625001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 325992 |
|  | &nbsp;&nbsp; 682385 | &nbsp;&nbsp; 4291781 | &nbsp;&nbsp; 1064946 | &nbsp;&nbsp; 2907812 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (8751)<br>| &nbsp;&nbsp; (20678)<br>| &nbsp;&nbsp; (23011)<br>| &nbsp;&nbsp; (13924)<br>|
| Service Class | &nbsp;&nbsp; (1505058)<br>| &nbsp;&nbsp; (1932660)<br>| &nbsp;&nbsp; (985168)<br>| &nbsp;&nbsp; (2601660)<br>|
|  | &nbsp;&nbsp; (1513809)<br>| &nbsp;&nbsp; (1953338)<br>| &nbsp;&nbsp; (1008179)<br>| &nbsp;&nbsp; (2615584)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (831424)<br>| &nbsp;&nbsp; 2338443 | &nbsp;&nbsp; 56767 | &nbsp;&nbsp; 292228 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool. The LVIP Global Aggressive Growth Allocation Managed Risk Fund used futures to hedge currency risks associated with the Fund's investments.

LVIP Aggressive Growth Allocation Managed Risk Funds-18

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP Global Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| $223319 | Variation margin due from broker on <br> futures contracts<br>| $(2761)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 38461 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $261780 |  | $(2761)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(4364125)<br>| &nbsp;&nbsp; $506647 |
| 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; (485354)<br>| &nbsp;&nbsp; 78215 |
| Total |  | &nbsp;&nbsp; $(4849479)<br>| &nbsp;&nbsp; $584862 |

---

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP U.S. Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| $229123 | Variation margin due from broker on <br> futures contracts<br>| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(4049513)<br>| &nbsp;&nbsp; $467051 |

---

LVIP Aggressive Growth Allocation Managed Risk Funds-19

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the six months ended June 30, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Global Aggressive Growth Allocation Managed Risk Fund | &nbsp;&nbsp; $10221292 |
| LVIP U.S. Aggressive Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 6068255 |

---

**7. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**8. 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.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-20

------

![](img60aa85fb1.jpg)

![](img021d40282.jpg)

LVIP AllianceBernstein Large Cap Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP AllianceBernstein Large Cap Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_28ce99e9-0923-4de5-9758-334418b063be_SOI-continued-262_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_28ce99e9-0923-4de5-9758-334418b063be_FS-continued-262_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_28ce99e9-0923-4de5-9758-334418b063be_FS-continued-262_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_28ce99e9-0923-4de5-9758-334418b063be_FIHI-continued-262_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_28ce99e9-0923-4de5-9758-334418b063be_NTF-continued-262_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.20%** | **COMMON STOCK–98.20%** | **COMMON STOCK–98.20%** |
| **Aerospace & Defense–0.79%** | **Aerospace & Defense–0.79%** | **Aerospace & Defense–0.79%** |
| †Axon Enterprise, Inc. | 15422 | $12768491 |
|  |  | **12768491** |
| **Automobiles–0.73%** | **Automobiles–0.73%** | **Automobiles–0.73%** |
| Ferrari NV | 24030 | 11792482 |
|  |  | **11792482** |
| **Beverages–2.41%** | **Beverages–2.41%** | **Beverages–2.41%** |
| †Celsius Holdings, Inc. | 183126 | 8495215 |
| †Monster Beverage Corp. | 484759 | 30365304 |
|  |  | **38860519** |
| **Biotechnology–1.50%** | **Biotechnology–1.50%** | **Biotechnology–1.50%** |
| †Genmab AS ADR | 205222 | 4239887 |
| †Vertex Pharmaceuticals, Inc. | 44681 | 19891981 |
|  |  | **24131868** |
| **Broadline Retail–7.74%** | **Broadline Retail–7.74%** | **Broadline Retail–7.74%** |
| †Amazon.com, Inc. | 568918 | 124814920 |
|  |  | **124814920** |
| **Building Products–0.31%** | **Building Products–0.31%** | **Building Products–0.31%** |
| †Trex Co., Inc. | 92855 | 5049455 |
|  |  | **5049455** |
| **Capital Markets–1.38%** | **Capital Markets–1.38%** | **Capital Markets–1.38%** |
| Cboe Global Markets, Inc. | 95210 | 22203924 |
|  |  | **22203924** |
| **Chemicals–1.07%** | **Chemicals–1.07%** | **Chemicals–1.07%** |
| Sherwin-Williams Co. | 50470 | 17329379 |
|  |  | **17329379** |
| **Commercial Services & Supplies–1.02%** | **Commercial Services & Supplies–1.02%** | **Commercial Services & Supplies–1.02%** |
| †Copart, Inc. | 333663 | 16372843 |
|  |  | **16372843** |
| **Communications Equipment–1.42%** | **Communications Equipment–1.42%** | **Communications Equipment–1.42%** |
| †Arista Networks, Inc. | 140764 | 14401565 |
| Motorola Solutions, Inc. | 20118 | 8458814 |
|  |  | **22860379** |
| **Consumer Staples Distribution & Retail–2.20%** | **Consumer Staples Distribution & Retail–2.20%** | **Consumer Staples Distribution & Retail–2.20%** |
| Costco Wholesale Corp. | 35787 | 35426983 |
|  |  | **35426983** |
| **Diversified Telecommunication Services–0.00%** | **Diversified Telecommunication Services–0.00%** | **Diversified Telecommunication Services–0.00%** |
| =†πMagic Leap, Inc. Class A | 4690 | 0 |
|  |  | **0** |
| **Entertainment–5.44%** | **Entertainment–5.44%** | **Entertainment–5.44%** |
| †Netflix, Inc. | 65510 | 87726406 |
|  |  | **87726406** |
| **Financial Services–4.44%** | **Financial Services–4.44%** | **Financial Services–4.44%** |
| Visa, Inc. Class A | 201790 | 71645539 |
|  |  | **71645539** |
| **Ground Transportation–0.37%** | **Ground Transportation–0.37%** | **Ground Transportation–0.37%** |
| †Saia, Inc. | 21945 | 6012711 |
|  |  | **6012711** |
| **Health Care Equipment & Supplies–2.87%** | **Health Care Equipment & Supplies–2.87%** | **Health Care Equipment & Supplies–2.87%** |
| †Intuitive Surgical, Inc. | 52113 | 28318725 |
| Stryker Corp. | 45217 | 17889202 |
|  |  | **46207927** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–1.61%** | **Health Care Providers & Services–1.61%** | **Health Care Providers & Services–1.61%** |
| McKesson Corp. | 19070 | $13974115 |
| UnitedHealth Group, Inc. | 38529 | 12019892 |
|  |  | **25994007** |
| **Health Care Technology–1.23%** | **Health Care Technology–1.23%** | **Health Care Technology–1.23%** |
| †Veeva Systems, Inc. Class A | 68648 | 19769251 |
|  |  | **19769251** |
| **Hotels, Restaurants & Leisure–2.07%** | **Hotels, Restaurants & Leisure–2.07%** | **Hotels, Restaurants & Leisure–2.07%** |
| †Chipotle Mexican Grill, Inc. | 450107 | 25273508 |
| Texas Roadhouse, Inc. | 42910 | 8041763 |
|  |  | **33315271** |
| **Insurance–1.03%** | **Insurance–1.03%** | **Insurance–1.03%** |
| Progressive Corp. | 62090 | 16569337 |
|  |  | **16569337** |
| **Interactive Media & Services–12.08%** | **Interactive Media & Services–12.08%** | **Interactive Media & Services–12.08%** |
| Alphabet, Inc. Class C | 425245 | 75434210 |
| Meta Platforms, Inc. Class A | 153797 | 113516028 |
| †Reddit, Inc. Class A | 38095 | 5735964 |
|  |  | **194686202** |
| **IT Services–0.48%** | **IT Services–0.48%** | **IT Services–0.48%** |
| †Shopify, Inc. Class A | 66610 | 7683464 |
|  |  | **7683464** |
| **Life Sciences Tools & Services–1.71%** | **Life Sciences Tools & Services–1.71%** | **Life Sciences Tools & Services–1.71%** |
| †Mettler-Toledo International, <br> Inc.<br>| 8860 | 10408019 |
| †Waters Corp. | 49234 | 17184636 |
|  |  | **27592655** |
| **Machinery–1.04%** | **Machinery–1.04%** | **Machinery–1.04%** |
| Otis Worldwide Corp. | 169773 | 16810922 |
|  |  | **16810922** |
| **Metals & Mining–0.02%** | **Metals & Mining–0.02%** | **Metals & Mining–0.02%** |
| =†πCelonis SE | 2137 | 332068 |
|  |  | **332068** |
| **Pharmaceuticals–2.49%** | **Pharmaceuticals–2.49%** | **Pharmaceuticals–2.49%** |
| Eli Lilly & Co. | 51402 | 40069401 |
|  |  | **40069401** |
| **Professional Services–1.28%** | **Professional Services–1.28%** | **Professional Services–1.28%** |
| Verisk Analytics, Inc. | 66455 | 20700733 |
|  |  | **20700733** |
| **Semiconductors & Semiconductor Equipment–22.39%** | **Semiconductors & Semiconductor Equipment–22.39%** | **Semiconductors & Semiconductor Equipment–22.39%** |
| Applied Materials, Inc. | 145004 | 26545882 |
| ASML Holding NV | 5769 | 4623219 |
| †Astera Labs, Inc. | 92343 | 8349654 |
| Broadcom, Inc. | 288740 | 79591181 |
| NVIDIA Corp. | 1124421 | 177647274 |
| QUALCOMM, Inc. | 88142 | 14037495 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 104630 | 23697649 |
| Texas Instruments, Inc. | 127594 | 26491066 |
|  |  | **360983420** |
| **Software–13.02%** | **Software–13.02%** | **Software–13.02%** |
| †AppLovin Corp. Class A | 26718 | 9353437 |
| †Cadence Design Systems, <br> Inc.<br>| 40538 | 12491785 |
| =†πCanva, Inc. | 875 | 1258023 |

---

LVIP AllianceBernstein Large Cap Growth Fund-1

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| =†πEpic Games, Inc. | 6539 | $4810350 |
| †Manhattan Associates, Inc. | 30384 | 5999928 |
| Microsoft Corp. | 298751 | 148601735 |
| †ServiceNow, Inc. | 17022 | 17499978 |
| =†πStripe, Inc. Class B | 40238 | 1428449 |
| †Synopsys, Inc. | 16521 | 8469986 |
|  |  | **209913671** |
| **Specialty Retail–2.23%** | **Specialty Retail–2.23%** | **Specialty Retail–2.23%** |
| Home Depot, Inc. | 71069 | 26056738 |
| Tractor Supply Co. | 186259 | 9828888 |
|  |  | **35885626** |
| **Textiles, Apparel & Luxury Goods–1.35%** | **Textiles, Apparel & Luxury Goods–1.35%** | **Textiles, Apparel & Luxury Goods–1.35%** |
| †Lululemon Athletica, Inc. | 48490 | 11520254 |
| †On Holding AG Class A | 197946 | 10303089 |
|  |  | **21823343** |
| **Trading Companies & Distributors–0.48%** | **Trading Companies & Distributors–0.48%** | **Trading Companies & Distributors–0.48%** |
| United Rentals, Inc. | 10194 | 7680160 |
|  |  | **7680160** |
| **Total Common Stock** <br>**(Cost $761,487,472)** | **Total Common Stock** <br>**(Cost $761,487,472)** | **1583013357** |
| **CONVERTIBLE PREFERRED STOCKS–1.13%** | **CONVERTIBLE PREFERRED STOCKS–1.13%** | **CONVERTIBLE PREFERRED STOCKS–1.13%** |
| =†πCanva, Inc. Series A | 52 | 74763 |
| =†πCanva, Inc. Series A3 | 18 | 25879 |
| =†πCanva, Inc. Series A4 | 3 | 4313 |
| =†πCelonis SE Series D | 6459 | 1003664 |
| =†πDatabricks, Inc. Series I | 50702 | 5484942 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| =†πFormagrid, Inc. Series F | 10238 | $597285 |
| =†πGM Cruise Holdings LLC <br> Class F<br>| 126000 | 126000 |
| =†πGM Cruise Holdings LLC <br> Class G<br>| 70430 | 70430 |
| =†πNuro, Inc. Series C | 189324 | 2423347 |
| =†πNuro, Inc. Series D | 41493 | 537749 |
| =†πRappi, Inc. Series E | 36866 | 537138 |
| =†πRedwood Materials, Inc. <br> Series C<br>| 40061 | 2374416 |
| =†πRedwood Materials, Inc. <br> Series D<br>| 41085 | 2435108 |
| =†πSila Nanotechnologies, Inc. <br> Series F<br>| 35141 | 687140 |
| =†πWaymo LLC Series A-2 | 17257 | 1828379 |
| **Total Convertible Preferred Stocks** <br>**(Cost $24,627,292)** | **Total Convertible Preferred Stocks** <br>**(Cost $24,627,292)** | **18210553** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.87%** | **MONEY MARKET FUND–0.87%** | **MONEY MARKET FUND–0.87%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 14053060 | 14053060 |
| **Total Money Market Fund** <br>**(Cost $14,053,060)** | **Total Money Market Fund** <br>**(Cost $14,053,060)** | **14053060** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.20% (Cost $800,167,824)** | **1615276970** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.20%)** | **(3222314)**<br>|
| **NET ASSETS APPLICABLE TO 23,761,327 SHARES OUTSTANDING–100.00%** | **$1612054656** |
| **NET ASSET VALUE PER SHARE–LVIP ALLIANCEBERNSTEIN LARGE CAP GROWTH FUND STANDARD CLASS** <br>**($1,223,082,414 / 17,796,770 Shares)** | **$68.725** |
| **NET ASSET VALUE PER SHARE–LVIP ALLIANCEBERNSTEIN LARGE CAP GROWTH FUND SERVICE CLASS** <br>**($388,972,242 / 5,964,557 Shares)** | **$65.214** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$227447385** |
| Distributable earnings/(accumulated loss) | **1384607271** |
| **TOTAL NET ASSETS** | **$1612054656** |

---

&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 June 30, 2025, the aggregate value of restricted securities was $26,039,443, which <br> represented 1.62% 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 AllianceBernstein Large Cap Growth Fund-2

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Canva, Inc. | 12/17/2021 | &nbsp;&nbsp; $1491142 | &nbsp;&nbsp; $1258023 |
| Canva, Inc. Series A | 12/17/2021 | &nbsp;&nbsp; 88616 | &nbsp;&nbsp; 74763 |
| Canva, Inc. Series A3 | 12/17/2021 | &nbsp;&nbsp; 30675 | &nbsp;&nbsp; 25879 |
| Canva, Inc. Series A4 | 12/17/2021 | &nbsp;&nbsp; 5113 | &nbsp;&nbsp; 4313 |
| Celonis SE | 6/17/2021 | &nbsp;&nbsp; 790241 | &nbsp;&nbsp; 332068 |
| Celonis SE Series D | 6/17/2021 | &nbsp;&nbsp; 2388489 | &nbsp;&nbsp; 1003664 |
| Databricks, Inc. Series I | 9/14/2023 | &nbsp;&nbsp; 3726597 | &nbsp;&nbsp; 5484942 |
| Epic Games, Inc. | 6/18/2020 | &nbsp;&nbsp; 4238405 | &nbsp;&nbsp; 4810350 |
| Formagrid, Inc. Series F | 12/8/2021 | &nbsp;&nbsp; 1917419 | &nbsp;&nbsp; 597285 |
| GM Cruise Holdings LLC Class F | 5/8/2019 | &nbsp;&nbsp; 2299500 | &nbsp;&nbsp; 126000 |
| GM Cruise Holdings LLC Class G | 1/21/2021 | &nbsp;&nbsp; 1855831 | &nbsp;&nbsp; 70430 |
| Magic Leap, Inc. Class A | 9/20/2021 | &nbsp;&nbsp; 2280091 | &nbsp;&nbsp; 0 |
| Nuro, Inc. Series C | 10/30/2020 | &nbsp;&nbsp; 2471549 | &nbsp;&nbsp; 2423347 |
| Nuro, Inc. Series D | 10/29/2021 | &nbsp;&nbsp; 864951 | &nbsp;&nbsp; 537749 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 2202598 | &nbsp;&nbsp; 537138 |
| Redwood Materials, Inc. Series C | 5/28/2021 | &nbsp;&nbsp; 1899030 | &nbsp;&nbsp; 2374416 |
| Redwood Materials, Inc. Series D | 3/6/2023 | &nbsp;&nbsp; 1944746 | &nbsp;&nbsp; 2435108 |
| Sila Nanotechnologies, Inc. Series F | 1/7/2021 | &nbsp;&nbsp; 1450368 | &nbsp;&nbsp; 687140 |
| Stripe, Inc. Class B | 12/17/2019 | &nbsp;&nbsp; 631334 | &nbsp;&nbsp; 1428449 |
| Waymo LLC Series A-2 | 5/8/2020 | &nbsp;&nbsp; 1481810 | &nbsp;&nbsp; 1828379 |
| **Total** |  | &nbsp;&nbsp; $34058505 | &nbsp;&nbsp; $26039443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,684,028 payable for fund shares redeemed, $28,254 other accrued expenses payable, $836,083 due to manager and affiliates, <br> $20,646 payable for audit fee and $76,016 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4296221 |
| Foreign taxes withheld | (44498)<br>|
|  | 4251723 |
| **EXPENSES:** |  |
| Management fees | 4834594 |
| Distribution fees-Service Class | 458590 |
| Shareholder servicing fees | 222886 |
| Accounting and administration expenses | 189434 |
| Professional fees | 42226 |
| Trustees' fees and expenses | 23749 |
| Custodian fees | 19585 |
| Reports and statements to shareholders | 15412 |
| Consulting fees | 11617 |
| Pricing fees | 281 |
| Other | 19658 |
|  | 5838032 |
| Less:  |  |
| Management fees waived | (499573)<br>|
| Total operating expenses | 5338459 |
| **NET INVESTMENT LOSS** | (1086736)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 27233781 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 87024694 |
| Foreign currencies | 888 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 87025582 |
| **NET REALIZED AND UNREALIZED GAIN** | 114259363 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $113172627 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(1086736)<br>| $(2739590)<br>|
| Net realized gain | 27233781 | 567083406 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 87025582 | (187132519)<br>|
| Net increase in net assets <br> resulting from operations<br>| 113172627 | 377211297 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (11489881)<br>|
| Service Class |  | (3767541)<br>|
|  |  | (15257422)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 67289960 | 116213330 |
| Service Class | 12172335 | 26497334 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 11489881 |
| Service Class |  | 3767541 |
|  | 79462295 | 157968086 |
| Cost of shares redeemed: |  |  |
| Standard Class | (170141893)<br>| (326840759)<br>|
| Service Class | (42995961)<br>| (94777962)<br>|
|  | (213137854)<br>| (421618721)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (133675559)<br>| (263650635)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (20502932)<br>| 98303240 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1632557588 | 1534254348 |
| End of period | $1612054656 | $1632557588 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-4

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $63.767 | &nbsp;&nbsp; $51.096 | &nbsp;&nbsp; $34.921 | &nbsp;&nbsp; $72.325 | &nbsp;&nbsp; $64.603 | &nbsp;&nbsp; $49.150 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.245)<br>| &nbsp;&nbsp; (0.114)<br>|
| Net realized and unrealized gain (loss) | 4.984 | 13.302 | 16.238 | &nbsp;&nbsp; (28.898)<br>| 13.460 | 17.835 |
| Total from investment operations | 4.958 | 13.239 | 16.175 | &nbsp;&nbsp; (29.021)<br>| 13.215 | 17.721 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>| &nbsp;&nbsp; (2.268)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>| &nbsp;&nbsp; (2.268)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $68.725 | &nbsp;&nbsp; $63.767 | &nbsp;&nbsp; $51.096 | &nbsp;&nbsp; $34.921 | &nbsp;&nbsp; $72.325 | &nbsp;&nbsp; $64.603 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.78% | &nbsp;&nbsp; 25.93% | &nbsp;&nbsp; 46.32% | &nbsp;&nbsp; (40.72%)<br>| &nbsp;&nbsp; 20.47% | &nbsp;&nbsp; 36.47% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1223082 | &nbsp;&nbsp; $1240481 | &nbsp;&nbsp; $1163390 | &nbsp;&nbsp; $1020107 | &nbsp;&nbsp; $1354421 | &nbsp;&nbsp; $1398314 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.26%)<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.21%)<br>|
| Ratio of net investment loss to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.28%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.23%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-5

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $60.584 | &nbsp;&nbsp; $48.690 | &nbsp;&nbsp; $33.360 | &nbsp;&nbsp; $69.858 | &nbsp;&nbsp; $62.709 | &nbsp;&nbsp; $47.880 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.098)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.242)<br>|
| Net realized and unrealized gain (loss) | 4.728 | 12.663 | 15.495 | &nbsp;&nbsp; (27.878)<br>| 13.053 | 17.339 |
| Total from investment operations | 4.630 | 12.462 | 15.330 | &nbsp;&nbsp; (28.115)<br>| 12.642 | 17.097 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>| &nbsp;&nbsp; (2.268)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>| &nbsp;&nbsp; (2.268)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $65.214 | &nbsp;&nbsp; $60.584 | &nbsp;&nbsp; $48.690 | &nbsp;&nbsp; $33.360 | &nbsp;&nbsp; $69.858 | &nbsp;&nbsp; $62.709 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.64% | &nbsp;&nbsp; 25.62% | &nbsp;&nbsp; 45.95% | &nbsp;&nbsp; (40.87%)<br>| &nbsp;&nbsp; 20.18% | &nbsp;&nbsp; 36.13% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $388972 | &nbsp;&nbsp; $392077 | &nbsp;&nbsp; $370864 | &nbsp;&nbsp; $288106 | &nbsp;&nbsp; $492319 | &nbsp;&nbsp; $446379 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.39%)<br>| &nbsp;&nbsp; (0.51%)<br>| &nbsp;&nbsp; (0.59%)<br>| &nbsp;&nbsp; (0.46%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.61%)<br>| &nbsp;&nbsp; (0.48%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-6

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP AllianceBernstein Large Cap Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in

LVIP AllianceBernstein Large Cap Growth Fund-7

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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 June 30, 2025, the value and cost of foreign currency held by the LVIP AllianceBernstein Large Cap Growth Fund is $1,820 and $1,649 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.80% of the first $50 million of the Fund's average daily net assets; 0.75% of the next $50 million; 0.70% of the next $150 million; 0.65% of the next $250 million; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.065% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Alliance Bernstein L.P. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $66133 |
| Legal | &nbsp;&nbsp; 10080 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP AllianceBernstein Large Cap Growth Fund-8

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,803 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $720762 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 77693 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 563 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 37065 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $364833960 |
| Sales | &nbsp;&nbsp; 499270641 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $800167824 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $851158224 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (36049078)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $815109146 |

---

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 June 30, 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

LVIP AllianceBernstein Large Cap Growth Fund-9

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $12768491 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12768491 |
| Automobiles | &nbsp;&nbsp; 11792482 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11792482 |
| Beverages | &nbsp;&nbsp; 38860519 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38860519 |
| Biotechnology | &nbsp;&nbsp; 24131868 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24131868 |
| Broadline Retail | &nbsp;&nbsp; 124814920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124814920 |
| Building Products | &nbsp;&nbsp; 5049455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5049455 |
| Capital Markets | &nbsp;&nbsp; 22203924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22203924 |
| Chemicals | &nbsp;&nbsp; 17329379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17329379 |
| Commercial Services & Supplies | &nbsp;&nbsp; 16372843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16372843 |
| Communications Equipment | &nbsp;&nbsp; 22860379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22860379 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 35426983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35426983 |
| Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 0 |
| Entertainment | &nbsp;&nbsp; 87726406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87726406 |
| Financial Services | &nbsp;&nbsp; 71645539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71645539 |
| Ground Transportation | &nbsp;&nbsp; 6012711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6012711 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 46207927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46207927 |
| Health Care Providers & Services | &nbsp;&nbsp; 25994007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25994007 |
| Health Care Technology | &nbsp;&nbsp; 19769251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19769251 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 33315271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33315271 |
| Insurance | &nbsp;&nbsp; 16569337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16569337 |
| Interactive Media & Services | &nbsp;&nbsp; 194686202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 194686202 |
| IT Services | &nbsp;&nbsp; 7683464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7683464 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 27592655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27592655 |
| Machinery | &nbsp;&nbsp; 16810922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16810922 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 332068 | &nbsp;&nbsp; 332068 |
| Pharmaceuticals | &nbsp;&nbsp; 40069401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40069401 |
| Professional Services | &nbsp;&nbsp; 20700733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20700733 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 360983420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 360983420 |
| Software | &nbsp;&nbsp; 202416849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7496822 | &nbsp;&nbsp; 209913671 |
| Specialty Retail | &nbsp;&nbsp; 35885626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35885626 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 21823343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21823343 |
| Trading Companies & Distributors | &nbsp;&nbsp; 7680160 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7680160 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18210553 | &nbsp;&nbsp; 18210553 |
| Money Market Fund | &nbsp;&nbsp; 14053060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14053060 |
| **Total Investments** | &nbsp;&nbsp; $1589237527 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26039443 | &nbsp;&nbsp; $1615276970 |

---

&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 six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

LVIP AllianceBernstein Large Cap Growth Fund-10

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 period ended June 30, 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> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $7828890 | Recent Transaction | # | # |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 4.5x-14.1x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 8.6x-17.7x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
| Convertible<br> Preferred Stock<br>| $18210553 | Recent Transaction | # | # |
|  |  | Recent Transaction | Conversion Ratio | 1.000-1.191 (1.035) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Merchandise Value Multiple (b) | 0.4x-0.5x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 0.6x-18.0x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 4.8x-17.7x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to EBITDA multiple (b) | 7.5x-16.1x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
| Total | $26039443 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

---

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> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $6862484 | $— | $— | $— | $— | $— | $— | $— | $966406 | $7828890 | $966406 |
| Convertible Preferred Stocks | 16218752 |  |  |  |  |  |  |  | 1991801 | 18210553 | 1991801 |
| Total | $23081236 | $— | $— | $— | $— | —<br> $| $— | $— | $2958207 | $26039443 | $2958207 |

---

LVIP AllianceBernstein Large Cap Growth Fund-11

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1049355 | &nbsp;&nbsp; 1958684 |
| Service Class | &nbsp;&nbsp; 206946 | &nbsp;&nbsp; 475179 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 183168 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 63127 |
|  | &nbsp;&nbsp; 1256301 | &nbsp;&nbsp; 2680158 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2705907)<br>| &nbsp;&nbsp; (5457053)<br>|
| Service Class | &nbsp;&nbsp; (713983)<br>| &nbsp;&nbsp; (1683483)<br>|
|  | &nbsp;&nbsp; (3419890)<br>| &nbsp;&nbsp; (7140536)<br>|
| Net decrease | &nbsp;&nbsp; (2163589)<br>| &nbsp;&nbsp; (4460378)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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

LVIP AllianceBernstein Large Cap Growth Fund-12

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Risk Factors (continued)**

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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-13

------

![](imgb1d3b9d11.jpg)

LVIP American Allocation Funds

LVIP American Balanced Allocation Fund <br> LVIP American Growth Allocation Fund <br> LVIP American Income Allocation Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_1152d507-9e20-4ff8-9e56-4805c93d5316_SOI-continued-305_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_1152d507-9e20-4ff8-9e56-4805c93d5316_FS-continued-305_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_1152d507-9e20-4ff8-9e56-4805c93d5316_FS-continued-305_2)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_1152d507-9e20-4ff8-9e56-4805c93d5316_FIHI-continued-305_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_1152d507-9e20-4ff8-9e56-4805c93d5316_NTF-continued-305_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP American Balanced Allocation Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.05%** | **INVESTMENT COMPANIES–100.05%** | **INVESTMENT COMPANIES–100.05%** |
| **Asset Allocation Fund–11.04%** | **Asset Allocation Fund–11.04%** | **Asset Allocation Fund–11.04%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1215833 | $92816673 |
|  |  | **92816673** |
| **Equity Funds–39.91%** | **Equity Funds–39.91%** | **Equity Funds–39.91%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 1663252 | 98830437 |
| Growth Fund of America | 1493358 | 123082550 |
| Investment Company of <br> America<br>| 1806096 | 113657601 |
|  |  | **335570588** |
| **Fixed Income Funds–36.01%** | **Fixed Income Funds–36.01%** | **Fixed Income Funds–36.01%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 22935616 | 260548598 |
| High-Income Trust | 2845758 | 28030720 |
| Inflation Linked Bond Fund | 1483231 | 14253851 |
|  |  | **302833169** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–3.04%** | **Global Equity Fund–3.04%** | **Global Equity Fund–3.04%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 339029 | $25552599 |
|  |  | **25552599** |
| **International Equity Funds–10.05%** | **International Equity Funds–10.05%** | **International Equity Funds–10.05%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 1252021 | 76022704 |
| New World Fund | 95092 | 8462289 |
|  |  | **84484993** |
| **Total Investment Companies** <br>**(Cost $725,993,836)**<br>|  | **841258022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $725,993,836)** | **841258022** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(455632)**<br>|
| **NET ASSETS APPLICABLE TO 68,115,091 SHARES OUTSTANDING–100.00%** | **$840802390** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN BALANCED ALLOCATION FUND STANDARD CLASS** <br>**($57,467,439 / 4,638,652 Shares)** | **$12.389** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN BALANCED ALLOCATION FUND SERVICE CLASS** <br>**($783,334,951 / 63,476,439 Shares)** | **$12.341** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$711413587** |
| Distributable earnings/(accumulated loss) | **129388803** |
| **TOTAL NET ASSETS** | **$840802390** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,139,719 payable for securities purchased, $451,184 payable for fund shares redeemed, $21,132 other accrued expenses payable, <br> $383,852 due to manager and affiliates, $11,544 payable for audit fee and $8,284 payable for fund accounting fee as of June 30, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-1

------

**LVIP American Growth Allocation Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.05%** | **INVESTMENT COMPANIES–100.05%** | **INVESTMENT COMPANIES–100.05%** |
| **Asset Allocation Fund–6.00%** | **Asset Allocation Fund–6.00%** | **Asset Allocation Fund–6.00%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 683121 | $52149471 |
|  |  | **52149471** |
| **Equity Funds–45.98%** | **Equity Funds–45.98%** | **Equity Funds–45.98%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 2125447 | 126294061 |
| Growth Fund of America | 1741460 | 143531102 |
| Investment Company of <br> America<br>| 2060758 | 129683527 |
|  |  | **399508690** |
| **Fixed Income Funds–27.23%** | **Fixed Income Funds–27.23%** | **Fixed Income Funds–27.23%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 17545743 | 199319643 |
| High-Income Trust | 2357523 | 23221602 |
| Inflation Linked Bond Fund | 1458294 | 14014202 |
|  |  | **236555447** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–3.53%** | **Global Equity Fund–3.53%** | **Global Equity Fund–3.53%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 407439 | $30708711 |
|  |  | **30708711** |
| **International Equity Fund–17.31%** | **International Equity Fund–17.31%** | **International Equity Fund–17.31%** |
| ✧American Funds<sup>®</sup>–<br> EuroPacific Growth Fund<br>| 2476223 | 150356243 |
|  |  | **150356243** |
| **Total Investment Companies** <br>**(Cost $756,060,822)**<br>|  | **869278562** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $756,060,822)** | **869278562** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(449418)**<br>|
| **NET ASSETS APPLICABLE TO 69,708,901 SHARES OUTSTANDING–100.00%** | **$868829144** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH ALLOCATION FUND STANDARD CLASS** <br>**($110,104,494 / 8,801,416 Shares)** | **$12.510** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH ALLOCATION FUND SERVICE CLASS** <br>**($758,724,650 / 60,907,485 Shares)** | **$12.457** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$725839850** |
| Distributable earnings/(accumulated loss) | **142989294** |
| **TOTAL NET ASSETS** | **$868829144** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $995,901 payable for securities purchased, $173,726 payable for fund shares redeemed, $22,229 other accrued expenses payable, <br> $384,121 due to manager and affiliates, $11,544 payable for audit fee and $8,285 payable for fund accounting fee as of June 30, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-2

------

**LVIP American Income Allocation Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.07%** | **INVESTMENT COMPANIES–100.07%** | **INVESTMENT COMPANIES–100.07%** |
| **Asset Allocation Fund–11.12%** | **Asset Allocation Fund–11.12%** | **Asset Allocation Fund–11.12%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 247081 | $18862172 |
|  |  | **18862172** |
| **Equity Funds–29.05%** | **Equity Funds–29.05%** | **Equity Funds–29.05%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 221942 | 13187777 |
| Growth Fund of America | 217097 | 17893113 |
| Investment Company of <br> America<br>| 289288 | 18204932 |
|  |  | **49285822** |
| **Fixed Income Funds–55.97%** | **Fixed Income Funds–55.97%** | **Fixed Income Funds–55.97%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 7560279 | 85884764 |
| High-Income Trust | 571272 | 5627029 |
| Inflation Linked Bond Fund | 358102 | 3441358 |
|  |  | **94953151** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–1.28%** | **Global Equity Fund–1.28%** | **Global Equity Fund–1.28%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 28695 | $2162761 |
|  |  | **2162761** |
| **International Equity Funds–2.65%** | **International Equity Funds–2.65%** | **International Equity Funds–2.65%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 56537 | 3432910 |
| New World Fund | 11977 | 1065859 |
|  |  | **4498769** |
| **Total Investment Companies** <br>**(Cost $148,950,790)**<br>|  | **169762675** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.07% (Cost $148,950,790)** | **169762675** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)** | **(112578)**<br>|
| **NET ASSETS APPLICABLE TO 14,471,704 SHARES OUTSTANDING–100.00%** | **$169650097** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN INCOME ALLOCATION FUND STANDARD CLASS** <br>**($19,116,580 / 1,626,648 Shares)** | **$11.752** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN INCOME ALLOCATION FUND SERVICE CLASS** <br>**($150,533,517 / 12,845,056 Shares)** | **$11.719** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$151144559** |
| Distributable earnings/(accumulated loss) | **18505538** |
| **TOTAL NET ASSETS** | **$169650097** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $355,287 payable for securities purchased, $31,210 payable for fund shares redeemed, $7,206 other accrued expenses payable, <br> $75,830 due to manager and affiliates, $11,544 payable for audit fee and $8,215 payable for fund accounting fee as of June 30, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $9586566 | $7767599 | $2679346 |
| **EXPENSES:** |  |  |  |
| Distribution fees-Service Class | 1320894 | 1267055 | 263795 |
| Management fees | 1009117 | 1026055 | 210700 |
| Shareholder servicing fees | 117058 | 119022 | 24441 |
| Accounting and administration expenses | 52864 | 53440 | 21039 |
| Professional fees | 24029 | 24141 | 17199 |
| Trustees' fees and expenses | 12007 | 12150 | 2540 |
| Reports and statements to shareholders | 6956 | 7553 | 3083 |
| Custodian fees | 3565 | 3463 | 2582 |
| Consulting fees | 2518 | 2528 | 2305 |
| Other | 15984 | 17021 | 3197 |
|  | 2564992 | 2532428 | 550881 |
| Less:  |  |  |  |
| Management fees waived | (161459)<br>| (143648)<br>| (33712)<br>|
| Total operating expenses | 2403533 | 2388780 | 517169 |
| **NET INVESTMENT INCOME**  | 7183033 | 5378819 | 2162177 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | (4257405)<br>| 1047902 | (1314652)<br>|
| Distributions from unaffiliated investment companies | 3078943 | 5204451 | 258199 |
| Net change in unrealized appreciation (depreciation) of investments | 59210290 | 61176720 | 9973746 |
| **NET REALIZED AND UNREALIZED GAIN** | 58031828 | 67429073 | 8917293 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $65214861 | $72807892 | $11079470 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income | $7183033 | $17272698 | $5378819 | $14715683 | $2162177 | $4884153 |
| Net realized gain (loss) | (1178462)<br>| 29289251 | 6252353 | 37484062 | (1056453)<br>| 3215492 |
| Net change in unrealized appreciation (depreciation) | 59210290 | 37835511 | 61176720 | 38409160 | 9973746 | 5647033 |
| Net increase in net assets resulting from operations | 65214861 | 84397460 | 72807892 | 90608905 | 11079470 | 13746678 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (1316568)<br>|  | (2110095)<br>|  | (528359)<br>|
| Service Class |  | (17408987)<br>|  | (14729149)<br>|  | (4167953)<br>|
|  |  | (18725555)<br>|  | (16839244)<br>|  | (4696312)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 5819976 | 7545157 | 11273566 | 24513619 | 1530483 | 3932691 |
| Service Class | 24968758 | 51824847 | 28227428 | 43123902 | 5566888 | 14799660 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 1316568 |  | 2110095 |  | 528359 |
| Service Class |  | 17408987 |  | 14729149 |  | 4167953 |
|  | 30788734 | 78095559 | 39500994 | 84476765 | 7097371 | 23428663 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (3393665)<br>| (9573720)<br>| (1093966)<br>| (7690010)<br>| (1320387)<br>| (2166445)<br>|
| Service Class | (68784531)<br>| (137672088)<br>| (67962820)<br>| (128521329)<br>| (19957924)<br>| (34138997)<br>|
|  | (72178196)<br>| (147245808)<br>| (69056786)<br>| (136211339)<br>| (21278311)<br>| (36305442)<br>|
| Decrease in net assets derived from capital share transactions | (41389462)<br>| (69150249)<br>| (29555792)<br>| (51734574)<br>| (14180940)<br>| (12876779)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** | 23825399 | (3478344)<br>| 43252100 | 22035087 | (3101470)<br>| (3826413)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 816976991 | 820455335 | 825577044 | 803541957 | 172751567 | 176577980 |
| End of period | $840802390 | $816976991 | $868829144 | $825577044 | $169650097 | $172751567 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-5

------

**LVIP American Balanced Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.423 | &nbsp;&nbsp; $10.556 | &nbsp;&nbsp; $12.115 | &nbsp;&nbsp; $15.250 | &nbsp;&nbsp; $14.451 | &nbsp;&nbsp; $13.077 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.122 | 0.272 | 0.302 | 0.264 | 0.234 | 0.226 |
| Net realized and unrealized gain (loss) | 0.844 | 0.901 | 1.151 | &nbsp;&nbsp; (2.517)<br>| 1.294 | 1.870 |
| Total from investment operations | 0.966 | 1.173 | 1.453 | &nbsp;&nbsp; (2.253)<br>| 1.528 | 2.096 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.288)<br>| &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.262)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (2.711)<br>| &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.460)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.306)<br>| &nbsp;&nbsp; (3.012)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.729)<br>| &nbsp;&nbsp; (0.722)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.389 | &nbsp;&nbsp; $11.423 | &nbsp;&nbsp; $10.556 | &nbsp;&nbsp; $12.115 | &nbsp;&nbsp; $15.250 | &nbsp;&nbsp; $14.451 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.46% | &nbsp;&nbsp; 11.12% | &nbsp;&nbsp; 13.68% | &nbsp;&nbsp; (14.63%)<br>| &nbsp;&nbsp; 10.63% | &nbsp;&nbsp; 16.38% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $57467 | &nbsp;&nbsp; $50558 | &nbsp;&nbsp; $47366 | &nbsp;&nbsp; $46216 | &nbsp;&nbsp; $56474 | &nbsp;&nbsp; $49888 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.10% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.70% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.06% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.65% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-6

------

**LVIP American Balanced Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.398 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $12.103 | &nbsp;&nbsp; $15.232 | &nbsp;&nbsp; $14.436 | &nbsp;&nbsp; $13.069 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.101 | 0.232 | 0.259 | 0.217 | 0.180 | 0.179 |
| Net realized and unrealized gain (loss) | 0.842 | 0.898 | 1.147 | &nbsp;&nbsp; (2.512)<br>| 1.292 | 1.863 |
| Total from investment operations | 0.943 | 1.130 | 1.406 | &nbsp;&nbsp; (2.295)<br>| 1.472 | 2.042 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.247)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.215)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (2.711)<br>| &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.460)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (2.976)<br>| &nbsp;&nbsp; (0.834)<br>| &nbsp;&nbsp; (0.676)<br>| &nbsp;&nbsp; (0.675)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.341 | &nbsp;&nbsp; $11.398 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $12.103 | &nbsp;&nbsp; $15.232 | &nbsp;&nbsp; $14.436 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.27% | &nbsp;&nbsp; 10.74% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; (14.92%)<br>| &nbsp;&nbsp; 10.24% | &nbsp;&nbsp; 15.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $783335 | &nbsp;&nbsp; $766419 | &nbsp;&nbsp; $773090 | &nbsp;&nbsp; $756462 | &nbsp;&nbsp; $977768 | &nbsp;&nbsp; $934459 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.75% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.71% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.30% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-7

------

**LVIP American Growth Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.449 | &nbsp;&nbsp; $10.467 | &nbsp;&nbsp; $12.453 | &nbsp;&nbsp; $15.828 | &nbsp;&nbsp; $14.945 | &nbsp;&nbsp; $13.459 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.094 | 0.237 | 0.277 | 0.233 | 0.229 | 0.192 |
| Net realized and unrealized gain (loss) | 0.967 | 1.020 | 1.325 | &nbsp;&nbsp; (2.740)<br>| 1.393 | 2.057 |
| Total from investment operations | 1.061 | 1.257 | 1.602 | &nbsp;&nbsp; (2.507)<br>| 1.622 | 2.249 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.249)<br>| &nbsp;&nbsp; (0.258)<br>| &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.219)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (3.308)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (0.394)<br>| &nbsp;&nbsp; (0.544)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (3.588)<br>| &nbsp;&nbsp; (0.868)<br>| &nbsp;&nbsp; (0.739)<br>| &nbsp;&nbsp; (0.763)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.510 | &nbsp;&nbsp; $11.449 | &nbsp;&nbsp; $10.467 | &nbsp;&nbsp; $12.453 | &nbsp;&nbsp; $15.828 | &nbsp;&nbsp; $14.945 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.27% | &nbsp;&nbsp; 12.01% | &nbsp;&nbsp; 14.95% | &nbsp;&nbsp; (15.66%)<br>| &nbsp;&nbsp; 10.88% | &nbsp;&nbsp; 17.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $110104 | &nbsp;&nbsp; $90819 | &nbsp;&nbsp; $65735 | &nbsp;&nbsp; $38766 | &nbsp;&nbsp; $29845 | &nbsp;&nbsp; $20171 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.62% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.42% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.58% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.37% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-8

------

**LVIP American Growth Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.420 | &nbsp;&nbsp; $10.441 | &nbsp;&nbsp; $12.439 | &nbsp;&nbsp; $15.809 | &nbsp;&nbsp; $14.928 | &nbsp;&nbsp; $13.450 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.073 | 0.196 | 0.238 | 0.187 | 0.173 | 0.145 |
| Net realized and unrealized gain (loss) | 0.964 | 1.016 | 1.315 | &nbsp;&nbsp; (2.738)<br>| 1.391 | 2.048 |
| Total from investment operations | 1.037 | 1.212 | 1.553 | &nbsp;&nbsp; (2.551)<br>| 1.564 | 2.193 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.221)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.171)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (3.308)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (0.394)<br>| &nbsp;&nbsp; (0.544)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.233)<br>| &nbsp;&nbsp; (3.551)<br>| &nbsp;&nbsp; (0.819)<br>| &nbsp;&nbsp; (0.683)<br>| &nbsp;&nbsp; (0.715)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.457 | &nbsp;&nbsp; $11.420 | &nbsp;&nbsp; $10.441 | &nbsp;&nbsp; $12.439 | &nbsp;&nbsp; $15.809 | &nbsp;&nbsp; $14.928 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.08% | &nbsp;&nbsp; 11.61% | &nbsp;&nbsp; 14.55% | &nbsp;&nbsp; (15.96%)<br>| &nbsp;&nbsp; 10.50% | &nbsp;&nbsp; 16.79% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $758725 | &nbsp;&nbsp; $734758 | &nbsp;&nbsp; $737807 | &nbsp;&nbsp; $724801 | &nbsp;&nbsp; $949809 | &nbsp;&nbsp; $919720 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.27% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.23% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.02% |
| Portfolio turnover | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-9

------

**LVIP American Income Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.988 | &nbsp;&nbsp; $10.446 | &nbsp;&nbsp; $10.585 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.804 | &nbsp;&nbsp; $11.701 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.160 | 0.339 | 0.301 | 0.261 | 0.198 | 0.226 |
| Net realized and unrealized gain (loss) | 0.604 | 0.545 | 0.779 | &nbsp;&nbsp; (2.036)<br>| 0.745 | 1.415 |
| Total from investment operations | 0.764 | 0.884 | 1.080 | &nbsp;&nbsp; (1.775)<br>| 0.943 | 1.641 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.303)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.281)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.903)<br>| &nbsp;&nbsp; (0.508)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.257)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (1.219)<br>| &nbsp;&nbsp; (0.783)<br>| &nbsp;&nbsp; (0.604)<br>| &nbsp;&nbsp; (0.538)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.752 | &nbsp;&nbsp; $10.988 | &nbsp;&nbsp; $10.446 | &nbsp;&nbsp; $10.585 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.804 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 8.48% | &nbsp;&nbsp; 10.77% | &nbsp;&nbsp; (13.39%)<br>| &nbsp;&nbsp; 7.39% | &nbsp;&nbsp; 14.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $19117 | &nbsp;&nbsp; $17670 | &nbsp;&nbsp; $14561 | &nbsp;&nbsp; $12139 | &nbsp;&nbsp; $12452 | &nbsp;&nbsp; $11783 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.34% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.88% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.87% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.84% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.82% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-10

------

**LVIP American Income Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.976 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $10.576 | &nbsp;&nbsp; $13.130 | &nbsp;&nbsp; $12.793 | &nbsp;&nbsp; $11.694 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.140 | 0.300 | 0.263 | 0.221 | 0.151 | 0.184 |
| Net realized and unrealized gain (loss) | 0.603 | 0.543 | 0.776 | &nbsp;&nbsp; (2.034)<br>| 0.743 | 1.411 |
| Total from investment operations | 0.743 | 0.843 | 1.039 | &nbsp;&nbsp; (1.813)<br>| 0.894 | 1.595 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.233)<br>| &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.239)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.903)<br>| &nbsp;&nbsp; (0.508)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.257)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (1.181)<br>| &nbsp;&nbsp; (0.741)<br>| &nbsp;&nbsp; (0.557)<br>| &nbsp;&nbsp; (0.496)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.719 | &nbsp;&nbsp; $10.976 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $10.576 | &nbsp;&nbsp; $13.130 | &nbsp;&nbsp; $12.793 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.77% | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; (13.70%)<br>| &nbsp;&nbsp; 7.01% | &nbsp;&nbsp; 13.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $150534 | &nbsp;&nbsp; $155082 | &nbsp;&nbsp; $162017 | &nbsp;&nbsp; $163849 | &nbsp;&nbsp; $212910 | &nbsp;&nbsp; $209799 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.53% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.52% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.49% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.47% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-11

------

**LVIP American Allocation Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Balanced Allocation Fund, LVIP American Growth Allocation Fund and LVIP American Income Allocation Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Funds' shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in series of the American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, each Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Balanced Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP American Growth Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

The investment objective of the LVIP American Income Allocation Fund is to seek to have a high level of current income with some consideration given to growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Allocation Funds-12

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount for the LVIP American Growth Allocation Fund is 0.035% of the Fund's average daily net assets. The waiver amount for the LVIP American Balanced Allocation Fund and LVIP American Income Allocation Fund is 0.04% of each Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Administrative | &nbsp;&nbsp; $34311 | &nbsp;&nbsp; $34806 | &nbsp;&nbsp; $7213 |
| Legal | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; 5305 | &nbsp;&nbsp; 1099 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $1961 | &nbsp;&nbsp; $2554 | &nbsp;&nbsp; $968 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP American Allocation Funds-13

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $142621 | &nbsp;&nbsp; $150099 | &nbsp;&nbsp; $28924 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 221536 | &nbsp;&nbsp; 213776 | &nbsp;&nbsp; 42841 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 19695 | &nbsp;&nbsp; 20246 | &nbsp;&nbsp; 3994 |

---

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 six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Purchases | &nbsp;&nbsp; $74281172 | &nbsp;&nbsp; $98707079 | &nbsp;&nbsp; $14837004 |
| Sales | &nbsp;&nbsp; 105327369 | &nbsp;&nbsp; 117616830 | &nbsp;&nbsp; 26584714 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $725993836 | &nbsp;&nbsp; $756060822 | &nbsp;&nbsp; $148950790 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $121637911 | &nbsp;&nbsp; $118465326 | &nbsp;&nbsp; $23471161 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (6373725)<br>| &nbsp;&nbsp; (5247586)<br>| &nbsp;&nbsp; (2659276)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $115264186 | &nbsp;&nbsp; $113217740 | &nbsp;&nbsp; $20811885 |

---

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 Statements of Net Assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Allocation Funds-14

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Level 1** | **LVIP American**<br> **Balanced** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income** <br> **Allocation**<br> **Fund**<br>|
| **Investments:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Investment Companies | &nbsp;&nbsp; $841258022 | &nbsp;&nbsp; $869278562 | &nbsp;&nbsp; $169762675 |

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 502618 | &nbsp;&nbsp; 671128 | &nbsp;&nbsp; 962999 | &nbsp;&nbsp; 2174323 | &nbsp;&nbsp; 136466 | &nbsp;&nbsp; 361955 |
| Service Class | &nbsp;&nbsp; 2147434 | &nbsp;&nbsp; 4627291 | &nbsp;&nbsp; 2406196 | &nbsp;&nbsp; 3859055 | &nbsp;&nbsp; 499824 | &nbsp;&nbsp; 1349189 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 115580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48248 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1531537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1291917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 380948 |
|  | &nbsp;&nbsp; 2650052 | &nbsp;&nbsp; 6945536 | &nbsp;&nbsp; 3369195 | &nbsp;&nbsp; 7509938 | &nbsp;&nbsp; 636290 | &nbsp;&nbsp; 2140340 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (290018)<br>| &nbsp;&nbsp; (847777)<br>| &nbsp;&nbsp; (94073)<br>| &nbsp;&nbsp; (706930)<br>| &nbsp;&nbsp; (117899)<br>| &nbsp;&nbsp; (196161)<br>|
| Service Class | &nbsp;&nbsp; (5912734)<br>| &nbsp;&nbsp; (12313409)<br>| &nbsp;&nbsp; (5835702)<br>| &nbsp;&nbsp; (11481689)<br>| &nbsp;&nbsp; (1783375)<br>| &nbsp;&nbsp; (3129521)<br>|
|  | &nbsp;&nbsp; (6202752)<br>| &nbsp;&nbsp; (13161186)<br>| &nbsp;&nbsp; (5929775)<br>| &nbsp;&nbsp; (12188619)<br>| &nbsp;&nbsp; (1901274)<br>| &nbsp;&nbsp; (3325682)<br>|
| Net decrease | &nbsp;&nbsp; (3552700)<br>| &nbsp;&nbsp; (6215650)<br>| &nbsp;&nbsp; (2560580)<br>| &nbsp;&nbsp; (4678681)<br>| &nbsp;&nbsp; (1264984)<br>| &nbsp;&nbsp; (1185342)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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.

**7. 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.

LVIP American Allocation Funds-15

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Allocation Funds-16

------

![](imgc466937c1.jpg)

LVIP American Century Balanced Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Balanced Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_3df3a4f7-6029-4865-acd9-c5eb90272e72_SOI-continued-696_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_3df3a4f7-6029-4865-acd9-c5eb90272e72_FS-continued-696_1)**  | &nbsp;&nbsp; **14** |
| **[Statements of Changes in Net Assets](#xx_3df3a4f7-6029-4865-acd9-c5eb90272e72_FS-continued-696_1)**  | &nbsp;&nbsp; **14** |
| **[Financial Highlights](#xx_3df3a4f7-6029-4865-acd9-c5eb90272e72_FIHI-continued-696_1)**  | &nbsp;&nbsp; **15** |
| **[Notes to Financial Statements](#xx_3df3a4f7-6029-4865-acd9-c5eb90272e72_NTF-continued-696_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.13%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.13%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.13%** |
| •Federal Home Loan Mortgage <br> Corp. STACR REMICS Trust <br> Series 2023-HQA2 Class M1A <br> 6.31% (30 day USD SOFR <br> Average + 2.00%) 6/25/43<br>| 60110 | $60507 |
| •Federal National Mortgage <br> Association Connecticut <br> Avenue Securities Trust <br> Series 2017-C03 Class 1M2C <br> 7.42% (30 day USD SOFR <br> Average + 3.11%) 10/25/29<br>| 38658 | 39412 |
| \*Federal National Mortgage <br> Association REMICS Series <br> 2023-39 Class AI 2.00% <br> 7/25/52<br>| 3078071 | 400958 |
| **Total Agency Collateralized** <br> **Mortgage Obligations** <br>**(Cost $483,805)**<br>|  | **500877** |
| **AGENCY MORTGAGE-BACKED SECURITIES–13.82%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.82%** | **AGENCY MORTGAGE-BACKED SECURITIES–13.82%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 6/1/36 | 581694 | 536859 |
| 2.00% 8/1/51 | 543305 | 433996 |
| 2.50% 5/1/51 | 630984 | 528552 |
| 2.50% 8/1/51 | 826039 | 688475 |
| 2.50% 10/1/51 | 261982 | 219985 |
| 3.00% 1/1/50 | 540249 | 467852 |
| 3.00% 7/1/51 | 301372 | 262510 |
| 3.00% 12/1/51 | 452898 | 393252 |
| 3.00% 2/1/52 | 283123 | 247788 |
| 3.00% 6/1/52 | 218455 | 191036 |
| 3.50% 2/1/49 | 800338 | 736253 |
| 3.50% 5/1/50 | 101196 | 91992 |
| 3.50% 5/1/51 | 428299 | 389986 |
| 3.50% 5/1/52 | 371337 | 337833 |
| 4.00% 5/1/52 | 876483 | 819078 |
| 4.00% 6/1/52 | 1118053 | 1048345 |
| 4.50% 8/1/52 | 128780 | 124389 |
| 4.50% 10/1/52 | 1710151 | 1639585 |
| 5.00% 7/1/52 | 201266 | 199137 |
| 5.50% 11/1/52 | 136631 | 137258 |
| 5.50% 12/1/52 | 158103 | 159159 |
| 6.00% 11/1/52 | 985072 | 1004495 |
| 6.00% 1/1/53 | 552793 | 564648 |
| 6.00% 3/1/53 | 1643127 | 1671799 |
| 6.50% 11/1/53 | 549811 | 569600 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 5/1/36 | 241787 | 223635 |
| 2.00% 3/1/51 | 125171 | 99222 |
| 2.00% 3/1/52 | 955147 | 765692 |
| 2.50% 6/1/50 | 535510 | 449992 |
| 2.50% 10/1/50 | 730580 | 609637 |
| 2.50% 12/1/50 | 194905 | 161853 |
| 2.50% 2/1/51 | 850760 | 714703 |
| 2.50% 12/1/51 | 591097 | 496027 |
| 2.50% 2/1/52 | 199909 | 167346 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 3/1/52 | 425112 | $356774 |
| 3.00% 2/1/50 | 97964 | 85819 |
| 3.00% 6/1/51 | 42934 | 37747 |
| 3.00% 2/1/52 | 1238181 | 1081499 |
| 3.00% 3/1/52 | 488249 | 428526 |
| 3.00% 4/1/52 | 178644 | 156039 |
| 3.00% 5/1/52 | 351114 | 309383 |
| 3.00% 6/1/52 | 152460 | 134339 |
| •3.18% (1 yr. USD RFUCCT + <br> 1.61%) 3/1/47<br>| 15715 | 15518 |
| 3.50% 5/1/42 | 104995 | 98604 |
| 3.50% 4/1/52 | 232083 | 209177 |
| 3.50% 5/1/52 | 2099415 | 1905446 |
| 3.50% 6/1/52 | 540601 | 494720 |
| 4.00% 4/1/52 | 827261 | 774341 |
| 4.00% 5/1/52 | 1036142 | 965499 |
| 4.50% 9/1/41 | 9823 | 9731 |
| 4.50% 7/1/52 | 461873 | 442648 |
| 4.50% 9/1/52 | 271109 | 262201 |
| 5.00% 8/1/52 | 1105399 | 1091858 |
| 5.00% 9/1/52 | 307127 | 303324 |
| 5.00% 10/1/52 | 1027791 | 1012921 |
| 5.00% 1/1/53 | 845384 | 833237 |
| 5.50% 10/1/52 | 507751 | 509180 |
| 5.50% 1/1/53 | 2803657 | 2810934 |
| 5.50% 3/1/54 | 1233388 | 1236670 |
| 6.00% 9/1/53 | 1397289 | 1425987 |
| 6.00% 5/1/54 | 661730 | 673414 |
| 6.50% 1/1/53 | 776656 | 804893 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 10/20/50 | 1460935 | 1190015 |
| 2.50% 11/20/50 | 600845 | 501832 |
| 2.50% 2/20/51 | 557613 | 474199 |
| 3.00% 5/20/50 | 177339 | 157471 |
| 3.00% 7/20/50 | 469359 | 416482 |
| 3.00% 7/20/51 | 441871 | 391394 |
| 3.50% 6/20/51 | 433921 | 396826 |
| 4.00% 9/20/52 | 1264030 | 1181347 |
| 4.50% 1/15/40 | 8882 | 8723 |
| 4.50% 6/15/41 | 14770 | 14447 |
| 4.50% 9/20/52 | 1188914 | 1147848 |
| 4.50% 10/20/52 | 978849 | 945241 |
| 5.00% 12/20/54 | 581922 | 572599 |
| 6.50% 5/15/28 | 388 | 394 |
| 7.00% 4/20/26 | 241 | 249 |
| 7.00% 5/15/31 | 3941 | 4080 |
| 7.50% 8/15/26 | 293 | 294 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 2.50% 7/20/54 | 1032000 | 876621 |
| 4.00% 7/20/54 | 1488000 | 1383275 |
| 5.50% 7/20/54 | 668000 | 668877 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 5.00% 7/1/54 | 3051000 | 2989675 |

---

LVIP American Century Balanced Fund-1

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Uniform Mortgage-Backed Security, TBA (continued) | Uniform Mortgage-Backed Security, TBA (continued) | Uniform Mortgage-Backed Security, TBA (continued) |
| 5.50% 8/1/54 | 3733000 | $3732146 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $53,633,200)**<br>|  | **52676433** |
| **AGENCY OBLIGATIONS–0.54%** | **AGENCY OBLIGATIONS–0.54%** | **AGENCY OBLIGATIONS–0.54%** |
| Federal Home Loan Mortgage <br> Corp. 6.25% 7/15/32<br>| 700000 | 793664 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 0.75% 10/8/27 | 600000 | 561327 |
| 0.88% 8/5/30 | 800000 | 691179 |
| **Total Agency Obligations** <br>**(Cost $2,077,245)**<br>|  | **2046170** |
| **ΔCORPORATE BONDS–10.74%** | **ΔCORPORATE BONDS–10.74%** | **ΔCORPORATE BONDS–10.74%** |
| **Australia–0.06%** | **Australia–0.06%** | **Australia–0.06%** |
| μAustralia & New Zealand <br> Banking Group Ltd. 2.57% <br> 11/25/35<br>| 254000 | 222806 |
|  |  | **222806** |
| **Canada–0.46%** | **Canada–0.46%** | **Canada–0.46%** |
| Antares Holdings LP 6.35% <br> 10/23/29<br>| 250000 | 252568 |
| μBank of Nova Scotia |  |  |
| 3.63% 10/27/81 | 225000 | 210516 |
| 8.63% 10/27/82 | 240000 | 254693 |
| μEnbridge, Inc. 6.00% 1/15/77 | 360000 | 359779 |
| μRoyal Bank of Canada 5.15% <br> 2/4/31<br>| 243000 | 247997 |
| μToronto-Dominion Bank <br> 8.13% 10/31/82<br>| 401000 | 418807 |
|  |  | **1744360** |
| **Denmark–0.23%** | **Denmark–0.23%** | **Denmark–0.23%** |
| μDanske Bank AS |  |  |
| 4.38% 5/18/26 | 700000 | 688625 |
| 5.71% 3/1/30 | 200000 | 207506 |
|  |  | **896131** |
| **Finland–0.14%** | **Finland–0.14%** | **Finland–0.14%** |
| μNordea Bank Abp 6.63% <br> 3/26/26<br>| 515000 | 517961 |
|  |  | **517961** |
| **France–0.70%** | **France–0.70%** | **France–0.70%** |
| μBNP Paribas SA |  |  |
| 4.38% 3/1/33 | 200000 | 195909 |
| 4.63% 1/12/27 | 315000 | 305954 |
| μBPCE SA |  |  |
| 3.65% 1/14/37 | 250000 | 219800 |
| 7.00% 10/19/34 | 250000 | 274658 |
| μCredit Agricole SA 8.13% <br> 12/23/25<br>| 700000 | 708750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Electricite de France SA <br> 6.38% 1/13/55<br>| 150000 | $150467 |
| Engie SA 5.88% 4/10/54 | 205000 | 201797 |
| μSociete Generale SA |  |  |
| 4.75% 5/26/26 | 200000 | 196779 |
| 5.51% 5/22/31 | 200000 | 203961 |
| 9.38% 11/22/27 | 200000 | 212244 |
|  |  | **2670319** |
| **Germany–0.16%** | **Germany–0.16%** | **Germany–0.16%** |
| μAllianz SE 3.50% 11/17/25 | 400000 | 393263 |
| μDeutsche Bank AG 6.00% <br> 10/30/25<br>| 200000 | 199089 |
|  |  | **592352** |
| **Ireland–0.08%** | **Ireland–0.08%** | **Ireland–0.08%** |
| Avolon Holdings Funding Ltd. |  |  |
| 5.15% 1/15/30 | 53000 | 53385 |
| 6.38% 5/4/28 | 58000 | 60480 |
| Icon Investments Six DAC <br> 6.00% 5/8/34<br>| 200000 | 204396 |
|  |  | **318261** |
| **Italy–0.20%** | **Italy–0.20%** | **Italy–0.20%** |
| Eni SpA 5.95% 5/15/54 | 200000 | 193488 |
| Intesa Sanpaolo SpA |  |  |
| 3.88% 7/14/27 | 200000 | 197393 |
| μ4.20% 6/1/32 | 200000 | 183962 |
| μ7.70% 9/17/25 | 200000 | 200369 |
|  |  | **775212** |
| **Japan–0.03%** | **Japan–0.03%** | **Japan–0.03%** |
| Honda Motor Co. Ltd. 5.34% <br> 7/8/35<br>| 105000 | 105268 |
|  |  | **105268** |
| **Luxembourg–0.05%** | **Luxembourg–0.05%** | **Luxembourg–0.05%** |
| Greensaif Pipelines Bidco <br> SARL 5.85% 2/23/36<br>| 204000 | 206039 |
|  |  | **206039** |
| **Mexico–0.29%** | **Mexico–0.29%** | **Mexico–0.29%** |
| Petroleos Mexicanos |  |  |
| 5.35% 2/12/28 | 499000 | 479161 |
| 5.95% 1/28/31 | 59000 | 53338 |
| 6.49% 1/23/27 | 97000 | 96510 |
| 6.50% 3/13/27 | 253000 | 251242 |
| 6.84% 1/23/30 | 44000 | 42508 |
| Trust Fibra Uno 4.87% <br> 1/15/30<br>| 200000 | 189946 |
|  |  | **1112705** |
| **Netherlands–0.20%** | **Netherlands–0.20%** | **Netherlands–0.20%** |
| μING Groep NV 5.75% 11/16/26 | 515000 | 512169 |

---

LVIP American Century Balanced Fund-2

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Siemens <br> Financieringsmaatschappij <br> NV 1.20% 3/11/26<br>| 250000 | $244865 |
|  |  | **757034** |
| **Spain–0.05%** | **Spain–0.05%** | **Spain–0.05%** |
| μBanco Santander SA 4.75% <br> 11/12/26<br>| 200000 | 193886 |
|  |  | **193886** |
| **Sweden–0.07%** | **Sweden–0.07%** | **Sweden–0.07%** |
| Skandinaviska Enskilda <br> Banken AB<br>|  |  |
| 1.20% 9/9/26 | 50000 | 48292 |
| μ6.88% 6/30/27 | 200000 | 203750 |
|  |  | **252042** |
| **Switzerland–0.06%** | **Switzerland–0.06%** | **Switzerland–0.06%** |
| μUBS Group AG 9.25% <br> 11/13/28<br>| 205000 | 223752 |
|  |  | **223752** |
| **United Kingdom–0.43%** | **United Kingdom–0.43%** | **United Kingdom–0.43%** |
| μAustralia & New Zealand <br> Banking Group Ltd. 6.75% <br> 6/15/26<br>| 206000 | 208548 |
| μLloyds Banking Group PLC <br> 7.50% 9/27/25<br>| 570000 | 571530 |
| μMacquarie Bank Ltd. 6.13% <br> 3/8/27<br>| 245000 | 246143 |
| μNatWest Group PLC 6.00% <br> 12/29/25<br>| 495000 | 494187 |
| Rio Tinto Finance USA PLC <br> 5.75% 3/14/55<br>| 107000 | 107133 |
|  |  | **1627541** |
| **United States–7.53%** | **United States–7.53%** | **United States–7.53%** |
| AbbVie, Inc. 5.35% 3/15/44 | 111000 | 108799 |
| AEP Transmission Co. LLC <br> 5.38% 6/15/35<br>| 32000 | 32696 |
| AGCO Corp. 5.80% 3/21/34 | 121000 | 122804 |
| Aircastle Ltd. 6.50% 7/18/28 | 200000 | 208804 |
| Ally Financial, Inc. 8.00% <br> 11/1/31<br>| 266000 | 302873 |
| μAmerican Express Co. 3.55% <br> 9/15/26<br>| 190000 | 185563 |
| American Honda Finance <br> Corp. 4.95% 1/9/26<br>| 200000 | 200440 |
| American International <br> Group, Inc. 4.38% 6/30/50<br>| 83000 | 69466 |
| Amgen, Inc. 5.65% 3/2/53 | 185000 | 180633 |
| Apple, Inc. 4.50% 5/12/32 | 220000 | 222788 |
| AppLovin Corp. |  |  |
| 5.13% 12/1/29 | 45000 | 45586 |
| 5.38% 12/1/31 | 84000 | 85476 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Arizona Public Service Co. <br> 5.70% 8/15/34<br>| 123000 | $126821 |
| Ashtead Capital, Inc. 5.95% <br> 10/15/33<br>| 200000 | 207156 |
| AT&T, Inc. 6.38% 3/1/41 | 25000 | 26603 |
| Athene Global Funding 5.53% <br> 7/11/31<br>| 120000 | 122583 |
| Atlas Warehouse Lending Co. <br> LP 6.25% 1/15/30<br>| 390000 | 394119 |
| μBank of America Corp. |  |  |
| 5.47% 1/23/35 | 215000 | 220878 |
| 5.51% 1/24/36 | 145000 | 149091 |
| Beacon Funding Trust 6.27% <br> 8/15/54<br>| 125000 | 123740 |
| Black Hills Corp. 6.00% <br> 1/15/35<br>| 83000 | 86083 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 5.95% 7/16/29 | 35000 | 35662 |
| 7.30% 11/27/28 | 45000 | 47992 |
| Blue Owl Capital Corp. |  |  |
| 2.88% 6/11/28 | 50000 | 46580 |
| 5.95% 3/15/29 | 160000 | 160822 |
| Blue Owl Credit Income Corp. <br> 6.60% 9/15/29<br>| 220000 | 226368 |
| Blue Owl Technology Finance <br> Corp. 6.10% 3/15/28<br>| 136000 | 136737 |
| Boeing Co. 5.71% 5/1/40 | 125000 | 123492 |
| Boston Gas Co. 5.84% 1/10/35 | 52000 | 54046 |
| BP Capital Markets America, <br> Inc. 3.06% 6/17/41<br>| 100000 | 73811 |
| Bristol-Myers Squibb Co. <br> 5.55% 2/22/54<br>| 155000 | 151216 |
| Brown & Brown, Inc. 4.90% <br> 6/23/30<br>| 165000 | 166535 |
| Carnival Corp. 4.00% 8/1/28 | 235000 | 230006 |
| Caterpillar, Inc. 5.20% <br> 5/15/35<br>| 73000 | 74413 |
| μCharles Schwab Corp. |  |  |
| 4.00% 6/1/26 | 293000 | 288600 |
| 5.00% 6/1/27 | 300000 | 298943 |
| Cheniere Energy, Inc. 4.63% <br> 10/15/28<br>| 160000 | 159779 |
| Cisco Systems, Inc. 5.50% <br> 2/24/55<br>| 104000 | 103778 |
| Citibank NA 4.91% 5/29/30 | 250000 | 254800 |
| μCitigroup, Inc. |  |  |
| 3.88% 2/18/26 | 340000 | 335319 |
| 4.00% 12/10/25 | 307000 | 304836 |
| 4.41% 3/31/31 | 65000 | 64310 |
| 5.61% 3/4/56 | 75000 | 73616 |
| μCitizens Financial Group, Inc. <br> 5.65% 10/6/25<br>| 153000 | 152935 |
| CNO Financial Group, Inc. <br> 6.45% 6/15/34<br>| 87000 | 91240 |

---

LVIP American Century Balanced Fund-3

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Columbia Pipelines Operating <br> Co. LLC 6.04% 11/15/33<br>| 140000 | $146900 |
| μComerica, Inc. 5.63% 7/1/25 | 335000 | 335000 |
| Commonwealth Edison Co. |  |  |
| 5.30% 2/1/53 | 56000 | 53043 |
| 5.95% 6/1/55 | 53000 | 54877 |
| Corebridge Financial, Inc. |  |  |
| 5.75% 1/15/34 | 70000 | 72724 |
| μ6.38% 9/15/54 | 106000 | 105648 |
| Cousins Properties LP 5.38% <br> 2/15/32<br>| 175000 | 176821 |
| Cox Communications, Inc. <br> 5.70% 6/15/33<br>| 117000 | 118439 |
| CRH America Finance, Inc. <br> 5.50% 1/9/35<br>| 200000 | 204961 |
| CVS Health Corp. |  |  |
| 6.00% 6/1/44 | 170000 | 168028 |
| μ7.00% 3/10/55 | 98000 | 101078 |
| Dell International LLC/EMC <br> Corp. 5.30% 4/1/32<br>| 70000 | 71547 |
| Delta Air Lines, Inc. 4.95% <br> 7/10/28<br>| 130000 | 130743 |
| Diamondback Energy, Inc. <br> 6.25% 3/15/33<br>| 130000 | 138452 |
| Dominion Energy, Inc. 4.90% <br> 8/1/41<br>| 185000 | 166822 |
| Dr. Horton, Inc. 4.85% <br> 10/15/30<br>| 106000 | 106934 |
| DTE Electric Co. 5.85% <br> 5/15/55<br>| 35000 | 35833 |
| Duke Energy Corp. |  |  |
| 5.00% 8/15/52 | 80000 | 70136 |
| 5.80% 6/15/54 | 150000 | 146459 |
| Duke Energy Florida LLC <br> 5.95% 11/15/52<br>| 90000 | 92390 |
| Duke Energy Progress LLC |  |  |
| 4.15% 12/1/44 | 175000 | 142700 |
| 4.35% 3/6/27 | 131000 | 131623 |
| 5.35% 3/15/53 | 50000 | 47545 |
| 5.55% 3/15/55 | 85000 | 83082 |
| Duke University 3.30% <br> 10/1/46<br>| 110000 | 78251 |
| Duke University Health <br> System, Inc. 3.92% 6/1/47<br>| 30000 | 23662 |
| Eastern Energy Gas <br> Holdings LLC 5.65% <br> 10/15/54<br>| 63000 | 60205 |
| Energy Transfer LP |  |  |
| 6.13% 12/15/45 | 140000 | 137505 |
| 6.55% 12/1/33 | 240000 | 260391 |
| EOG Resources, Inc. 5.95% <br> 7/15/55<br>| 28000 | 28514 |
| EPR Properties |  |  |
| 3.75% 8/15/29 | 45000 | 42847 |
| 4.95% 4/15/28 | 215000 | 214582 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Expand Energy Corp. 6.75% <br> 4/15/29<br>| 51000 | $51611 |
| Expedia Group, Inc. 5.40% <br> 2/15/35<br>| 147000 | 148013 |
| μFifth Third Bancorp 4.50% <br> 9/30/25<br>| 215000 | 214143 |
| Florida Power & Light Co. <br> 4.13% 2/1/42<br>| 254000 | 215783 |
| Flowers Foods, Inc. 5.75% <br> 3/15/35<br>| 95000 | 97359 |
| Ford Motor Credit Co. LLC |  |  |
| 5.85% 5/17/27 | 200000 | 201522 |
| 6.05% 11/5/31 | 200000 | 198968 |
| 7.20% 6/10/30 | 200000 | 210479 |
| Foundry JV Holdco LLC |  |  |
| 5.50% 1/25/31 | 310000 | 317966 |
| 6.10% 1/25/36 | 200000 | 206923 |
| 6.30% 1/25/39 | 200000 | 209210 |
| General Motors Financial Co., <br> Inc. 5.60% 6/18/31<br>| 120000 | 122393 |
| Glencore Funding LLC |  |  |
| 5.19% 4/1/30 | 180000 | 183518 |
| 5.89% 4/4/54 | 45000 | 44081 |
| GLP Capital LP/GLP <br> Financing II, Inc. 5.38% <br> 4/15/26<br>| 80000 | 80017 |
| μGoldman Sachs Group, Inc. |  |  |
| 4.69% 10/23/30 | 154000 | 154463 |
| 6.48% 10/24/29 | 145000 | 153811 |
| Golub Capital BDC, Inc. 7.05% <br> 12/5/28<br>| 119000 | 124949 |
| GXO Logistics, Inc. |  |  |
| 6.25% 5/6/29 | 297000 | 310069 |
| 6.50% 5/6/34 | 90000 | 94141 |
| HCA, Inc. |  |  |
| 5.25% 3/1/30 | 111000 | 113797 |
| 6.20% 3/1/55 | 54000 | 54385 |
| Hewlett Packard Enterprise <br> Co. 4.85% 10/15/31<br>| 118000 | 117695 |
| Home Depot, Inc. 5.30% <br> 6/25/54<br>| 104000 | 99844 |
| HPS Corporate Lending Fund |  |  |
| 5.45% 1/14/28 | 65000 | 65183 |
| 6.25% 9/30/29 | 110000 | 112140 |
| Humana, Inc. 5.75% 4/15/54 | 80000 | 74521 |
| Hyatt Hotels Corp. 5.75% <br> 3/30/32<br>| 132000 | 135513 |
| Hyundai Capital America <br> 6.50% 1/16/29<br>| 50000 | 52697 |
| Intel Corp. |  |  |
| 3.90% 3/25/30 | 230000 | 222976 |
| 5.15% 2/21/34 | 115000 | 114765 |
| 5.60% 2/21/54 | 97000 | 88988 |
| 5.70% 2/10/53 | 100000 | 93064 |
| IQVIA, Inc. 6.25% 2/1/29 | 179000 | 187082 |

---

LVIP American Century Balanced Fund-4

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| μJPMorgan Chase & Co. |  |  |
| 5.10% 4/22/31 | 230000 | $235705 |
| 5.29% 7/22/35 | 88000 | 89551 |
| 5.34% 1/23/35 | 86000 | 88032 |
| 5.77% 4/22/35 | 272000 | 285760 |
| 6.09% 10/23/29 | 329000 | 345798 |
| Kaiser Foundation Hospitals <br> 3.00% 6/1/51<br>| 105000 | 67917 |
| Keysight Technologies, Inc. <br> 5.35% 7/30/30<br>| 103000 | 106237 |
| Kilroy Realty LP |  |  |
| 2.50% 11/15/32 | 115000 | 92433 |
| 2.65% 11/15/33 | 227000 | 178326 |
| Kraft Heinz Foods Co. 5.00% <br> 6/4/42<br>| 120000 | 108238 |
| Kyndryl Holdings, Inc. 3.15% <br> 10/15/31<br>| 291000 | 262804 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.75% 6/15/29 | 305000 | 296976 |
| 5.50% 8/1/30 | 88000 | 88567 |
| 7.00% 7/15/31 | 220000 | 230052 |
| Leland Stanford Junior <br> University 4.68% 3/1/35<br>| 225000 | 223437 |
| μLiberty Mutual Group, Inc. <br> 4.13% 12/15/51<br>| 180000 | 175284 |
| LPL Holdings, Inc. 5.15% <br> 6/15/30<br>| 300000 | 303720 |
| μM&T Bank Corp. 5.13% <br> 11/1/26<br>| 16000 | 15916 |
| Mars, Inc. |  |  |
| 5.20% 3/1/35 | 212000 | 214540 |
| 5.65% 5/1/45 | 130000 | 130314 |
| 5.70% 5/1/55 | 75000 | 74817 |
| Martin Marietta Materials, <br> Inc. 5.15% 12/1/34<br>| 149000 | 149692 |
| Massachusetts Institute of <br> Technology 5.62% 6/1/55<br>| 40000 | 41213 |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 177000 | 181829 |
| Meritage Homes Corp. 5.65% <br> 3/15/35<br>| 102000 | 102290 |
| MetLife, Inc. 6.40% 12/15/66 | 120000 | 125660 |
| Micron Technology, Inc. 5.30% <br> 1/15/31<br>| 245000 | 250895 |
| MidAmerican Energy Co. <br> 5.85% 9/15/54<br>| 396000 | 407561 |
| Mileage Plus <br> Holdings LLC/Mileage Plus <br> Intellectual Property Assets <br> Ltd. 6.50% 6/20/27<br>| 392925 | 393441 |
| μMorgan Stanley |  |  |
| 5.16% 4/20/29 | 112000 | 114195 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| μMorgan Stanley (continued) |  |  |
| 5.52% 11/19/55 | 60000 | $58634 |
| 5.83% 4/19/35 | 63000 | 66003 |
| 6.63% 11/1/34 | 325000 | 358247 |
| Motorola Solutions, Inc. |  |  |
| 4.85% 8/15/30 | 105000 | 106131 |
| 5.20% 8/15/32 | 110000 | 111838 |
| Newmont Corp./Newcrest <br> Finance Pty. Ltd. 5.35% <br> 3/15/34<br>| 156000 | 160030 |
| Niagara Mohawk Power Corp. <br> 4.65% 10/3/30<br>| 55000 | 55000 |
| NiSource, Inc. 5.35% 7/15/35 | 144000 | 145181 |
| Nordson Corp. 4.50% <br> 12/15/29<br>| 200000 | 200102 |
| Northern Natural Gas Co. <br> 5.63% 2/1/54<br>| 65000 | 62530 |
| Northern States Power Co. |  |  |
| 5.10% 5/15/53 | 110000 | 101401 |
| 5.65% 5/15/55 | 66000 | 65878 |
| μNorthern Trust Corp. 3.38% <br> 5/8/32<br>| 453000 | 439720 |
| Northrop Grumman Corp. <br> 5.15% 5/1/40<br>| 78000 | 76298 |
| Novant Health, Inc. 3.17% <br> 11/1/51<br>| 85000 | 55712 |
| OneMain Finance Corp. 7.50% <br> 5/15/31<br>| 73000 | 76274 |
| Oracle Corp. |  |  |
| 3.60% 4/1/40 | 450000 | 360170 |
| 5.50% 9/27/64 | 85000 | 77415 |
| Pacific Gas & Electric Co. <br> 4.20% 6/1/41<br>| 55000 | 42297 |
| Paychex, Inc. 5.35% 4/15/32 | 169000 | 173537 |
| PECO Energy Co. 4.38% <br> 8/15/52<br>| 130000 | 107504 |
| Pepperdine University 3.30% <br> 12/1/59<br>| 105000 | 64844 |
| Piedmont Operating <br> Partnership LP<br>|  |  |
| 3.15% 8/15/30 | 26000 | 23326 |
| 6.88% 7/15/29 | 33000 | 34758 |
| 9.25% 7/20/28 | 182000 | 202719 |
| Public Service Electric & Gas <br> Co. 5.50% 3/1/55<br>| 155000 | 152861 |
| Royal Caribbean Cruises Ltd. <br> 6.00% 2/1/33<br>| 232000 | 236472 |
| μSempra 4.88% 10/15/25 | 316000 | 314697 |
| Shell Finance U.S., Inc. 4.38% <br> 5/11/45<br>| 70000 | 59222 |
| SM Energy Co. 6.75% 9/15/26 | 108000 | 108051 |
| Sprint Capital Corp. 6.88% <br> 11/15/28<br>| 115000 | 123457 |
| μState Street Corp. 5.75% <br> 11/4/26<br>| 110000 | 110486 |

---

LVIP American Century Balanced Fund-5

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Synopsys, Inc. 5.00% 4/1/32 | 274000 | $277544 |
| Tenet Healthcare Corp. |  |  |
| 5.13% 11/1/27 | 57000 | 56909 |
| 6.25% 2/1/27 | 135000 | 134995 |
| Time Warner Cable LLC 6.55% <br> 5/1/37<br>| 185000 | 191072 |
| μU.S. Bancorp 5.73% 10/21/26 | 110000 | 110369 |
| U.S. Cellular Corp. 6.70% <br> 12/15/33<br>| 191000 | 200565 |
| Union Electric Co. 5.45% <br> 3/15/53<br>| 90000 | 86828 |
| United Rentals North <br> America, Inc. 6.00% <br> 12/15/29<br>| 65000 | 66572 |
| UnitedHealth Group, Inc. |  |  |
| 5.05% 4/15/53 | 210000 | 187442 |
| 5.30% 6/15/35 | 166000 | 169191 |
| 5.50% 7/15/44 | 174000 | 169474 |
| Universal Health Services, <br> Inc. 5.05% 10/15/34<br>| 96000 | 91605 |
| Verizon Communications, Inc. <br> 2.99% 10/30/56<br>| 110000 | 66204 |
| VICI Properties LP 5.75% <br> 4/1/34<br>| 62000 | 63380 |
| Vistra Operations Co. LLC <br> 6.00% 4/15/34<br>| 61000 | 63346 |
| Voya Financial, Inc. 5.00% <br> 9/20/34<br>| 119000 | 116282 |
| Walgreens Boots Alliance, <br> Inc. 3.45% 6/1/26<br>| 35000 | 34300 |
| Warnermedia Holdings, Inc. <br> 3.76% 3/15/27<br>| 94000 | 92132 |
| Weir Group, Inc. 5.35% 5/6/30 | 200000 | 202800 |
| μWells Fargo & Co. |  |  |
| 3.90% 3/15/26 | 450000 | 445388 |
| 5.01% 4/4/51 | 130000 | 118367 |
| 5.39% 4/24/34 | 190000 | 194417 |
| 5.56% 7/25/34 | 85000 | 87722 |
| μZions Bancorp NA 6.82% <br> 11/19/35<br>| 250000 | 259702 |
|  |  | **28697250** |
| **Total Corporate Bonds** <br>**(Cost $40,731,793)**<br>|  | **40912919** |
| **MUNICIPAL BONDS–0.33%** | **MUNICIPAL BONDS–0.33%** | **MUNICIPAL BONDS–0.33%** |
| California State University <br> Series B 2.98% 11/1/51<br>| 200000 | 133848 |
| City of Houston 3.96% 3/1/47 | 25000 | 20808 |
| City of Los Angeles <br> Department of Airports <br> Series C 6.58% 5/15/39<br>| 25000 | 26989 |
| Foothill-Eastern <br> Transportation Corridor <br> Agency Series A 4.09% <br> 1/15/49<br>| 85000 | 68124 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| Golden State Tobacco <br> Securitization Corp. Series <br> B 2.75% 6/1/34<br>| 225000 | $194590 |
| Michigan Strategic Fund <br> Series A 3.23% 9/1/47<br>| 200000 | 148459 |
| Missouri Highway & <br> Transportation Commission <br> 5.45% 5/1/33<br>| 20000 | 20466 |
| New Jersey Turnpike <br> Authority Series A 7.10% <br> 1/1/41<br>| 85000 | 97360 |
| Ohio Turnpike & <br> Infrastructure Commission <br> Series A 3.22% 2/15/48<br>| 100000 | 72366 |
| Port Authority of New York & <br> New Jersey 4.93% 10/1/51<br>| 40000 | 36930 |
| Regents of the University of <br> California Medical Center <br> Pooled Revenue Series N <br> 3.26% 5/15/60<br>| 100000 | 63101 |
| State of California |  |  |
| 4.60% 4/1/38 | 120000 | 121952 |
| 7.60% 11/1/40 | 20000 | 24117 |
| Sumter Landing Community <br> Development District <br> (TXBL; Insured AGC)<br>|  |  |
| 5.57% 10/1/40 | 25000 | 25332 |
| 5.74% 10/1/45 | 40000 | 40131 |
| 5.82% 10/1/54 | 70000 | 70147 |
| Texas Natural Gas <br> Securitization Finance Corp. <br> 5.17% 4/1/41<br>| 20000 | 20202 |
| United Nations Development <br> Corp. (New York) Series A <br> 6.54% 8/1/55<br>| 25000 | 26126 |
| University of California Series <br> BJ 3.07% 5/15/51<br>| 70000 | 46307 |
| **Total Municipal Bonds** <br>**(Cost $1,534,537)**<br>|  | **1257355** |
| **NON-AGENCY ASSET-BACKED SECURITIES–1.59%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.59%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.59%** |
| •ACREC LLC Series 2023-FL2 <br> Class A 6.54% (1 mo. USD <br> Term SOFR + 2.23%) <br> 2/19/38<br>| 174703 | 174812 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 199200 | 186788 |
| φBRAVO Residential Funding <br> Trust Series 2024-CES1 <br> Class A1A 6.38% 4/25/54<br>| 240603 | 242919 |
| DI Issuer LLC Series 2021-1A <br> Class A2 3.72% 9/15/51<br>| 598265 | 574488 |
| •Elmwood CLO 37 Ltd. Series <br> 2024-13A Class C 5.99% (3 <br> mo. USD Term SOFR + <br> 1.70%) 1/17/38<br>| 325000 | 326215 |

---

LVIP American Century Balanced Fund-6

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Enterprise Fleet <br> Financing LLC Series 2024-1 <br> Class A2 5.23% 3/20/30<br>| 197060 | $198476 |
| •GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd. Series 2024-23A Class C <br> 6.03% (3 mo. USD Term <br> SOFR + 1.75%) 1/20/39<br>| 325000 | 325811 |
| Goodgreen Trust | Goodgreen Trust | Goodgreen Trust |
| •Series 2018-1A Class A 3.93% <br> 10/15/53<br>| 57070 | 52800 |
| Series 2020-1A Class A 2.63% <br> 4/15/55<br>| 143355 | 120430 |
| Hotwire Funding LLC Series <br> 2024-1A Class A2 5.89% <br> 6/20/54<br>| 250000 | 253753 |
| •Madison Park Funding LXVIII <br> Ltd. Series 2024-68A Class C <br> 6.10% (3 mo. USD Term <br> SOFR + 1.80%) 1/20/38<br>| 332000 | 332421 |
| •Magnetite XLI Ltd. Series <br> 2024-41A Class C 6.09% (3 <br> mo. USD Term SOFR + <br> 1.78%) 1/25/38<br>| 250000 | 251141 |
| •Mountain View CLO LLC <br> Series 2017-2A Class B 6.22% <br> (3 mo. USD Term SOFR + <br> 1.96%) 1/16/31<br>| 175000 | 175172 |
| •Octagon Investment Partners <br> XV Ltd. Series 2013-1A <br> Class BRR 6.03% (3 mo. USD <br> Term SOFR + 1.76%) <br> 7/19/30<br>| 275000 | 275174 |
| •Palmer Square Loan Funding <br> Ltd. Series 2025-1A Class A2 <br> 5.52% (3 mo. USD Term <br> SOFR + 1.20%) 2/15/33<br>| 250000 | 247815 |
| PK ALIFT Loan Funding 3 LP <br> Series 2024-1 Class A1 5.84% <br> 9/15/39<br>| 253997 | 257131 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| •Series 2024-CES1 Class A1A <br> 6.03% 2/25/44<br>| 238501 | 239865 |
| φSeries 2024-CES6 Class A1A <br> 5.34% 9/25/44<br>| 105693 | 105683 |
| SCF Equipment Leasing LLC | SCF Equipment Leasing LLC | SCF Equipment Leasing LLC |
| Series 2024-1A Class B 5.56% <br> 4/20/32<br>| 125000 | 128798 |
| Series 2024-1A Class C 5.82% <br> 9/20/32<br>| 100000 | 103353 |
| •Shackleton CLO Ltd. Series <br> 2017-11A Class BR1 6.24% (3 <br> mo. USD Term SOFR + <br> 1.91%) 8/15/30<br>| 350000 | 350399 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2021-1A <br> Class C 1.79% 11/20/37<br>| 23040 | 22623 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Subway Funding LLC Series <br> 2024-1A Class A2I 6.03% <br> 7/30/54<br>| 484565 | $492753 |
| Switch ABS Issuer LLC Series <br> 2024-2A Class A2 5.44% <br> 6/25/54<br>| 225000 | 226675 |
| •THL Credit Wind River CLO <br> Ltd. Series 2013-2A <br> Class BR2 6.10% (3 mo. USD <br> Term SOFR + 1.83%) <br> 10/18/30<br>| 136679 | 136748 |
| •Towd Point Mortgage Trust <br> Series 2024-CES3 Class A1 <br> 6.29% 5/25/64<br>| 246153 | 248465 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $6,071,568)**<br>|  | **6050708** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.99%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.99%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.99%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 319 | 314 |
| Bank5 Series 2024-5YR7 <br> Class A3 5.77% 6/15/57<br>| 518000 | 537730 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| φSeries 2024-NQM2 Class A1 <br> 6.29% 2/25/64<br>| 350181 | 353366 |
| •Series 2024-RPL1 Class A1 <br> 3.25% 10/25/63<br>| 385700 | 352936 |
| •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust |
| Series 2024-10 Class A4 <br> 6.00% 10/25/55<br>| 369421 | 374091 |
| Series 2024-2 Class A4A <br> 6.00% 2/25/55<br>| 138866 | 140515 |
| Series 2024-6 Class A4 6.00% <br> 5/25/55<br>| 209279 | 211383 |
| Series 2024-8 Class A6A <br> 5.50% 8/25/55<br>| 254711 | 254303 |
| Series 2024-9 Class A4 5.50% <br> 9/25/55<br>| 412925 | 413802 |
| Series 2024-9 Class A6 5.50% <br> 9/25/55<br>| 167822 | 167583 |
| Series 2025-5 Class A4A <br> 5.50% 4/25/56<br>| 544755 | 545948 |
| CHL Mortgage Pass-Through <br> Trust Series 2005-17 Class <br> 1A11 5.50% 9/25/35<br>| 196 | 183 |
| •Citigroup Mortgage Loan Trust | •Citigroup Mortgage Loan Trust | •Citigroup Mortgage Loan Trust |
| Series 2024-CMI1 Class A11 <br> 5.50% 6/25/54<br>| 555483 | 556457 |
| Series 2025-2 Class A10 <br> 6.00% 2/25/55<br>| 377718 | 382955 |
| Series 2025-3 Class A11 <br> 5.50% 6/25/55<br>| 395150 | 395862 |
| φEFMT Series 2025-CES2 <br> Class A1A 5.66% 2/25/60<br>| 363928 | 366703 |

---

LVIP American Century Balanced Fund-7

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •GCAT Trust | •GCAT Trust | •GCAT Trust |
| Series 2021-NQM1 Class A3 <br> 1.15% 1/25/66<br>| 57505 | $51078 |
| Series 2024-INV2 Class A6 <br> 6.00% 6/25/54<br>| 181220 | 183236 |
| Series 2024-INV3 Class A6 <br> 5.50% 9/25/54<br>| 239229 | 239829 |
| •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust |
| Series 2023-PJ4 Class A15 <br> 6.00% 1/25/54<br>| 195636 | 197715 |
| Series 2023-PJ6 Class A15 <br> 6.00% 4/25/54<br>| 200525 | 202486 |
| Series 2024-PJ1 Class A15 <br> 6.00% 6/25/54<br>| 412960 | 415740 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2020-3 Class A15 <br> 3.50% 8/25/50<br>| 48867 | 42983 |
| Series 2023-7 Class A4A <br> 5.50% 2/25/54<br>| 506640 | 506519 |
| Series 2023-8 Class A2 6.00% <br> 2/25/54<br>| 112416 | 113298 |
| Series 2024-10 Class A4 <br> 5.50% 3/25/55<br>| 351553 | 352386 |
| Series 2024-10 Class A6 <br> 5.50% 3/25/55<br>| 253177 | 252946 |
| Series 2024-11 Class A4 <br> 6.00% 4/25/55<br>| 551470 | 558743 |
| Series 2024-11 Class A6 <br> 6.00% 4/25/55<br>| 231372 | 233053 |
| Series 2024-5 Class A6 6.00% <br> 11/25/54<br>| 293392 | 294587 |
| Series 2024-INV1 Class A4 <br> 6.00% 4/25/55<br>| 329077 | 333291 |
| Series 2025-2 Class A4 6.00% <br> 7/25/55<br>| 512442 | 519467 |
| MFA Trust | MFA Trust | MFA Trust |
| •Series 2021-INV2 Class A3 <br> 2.26% 11/25/56<br>| 177310 | 159813 |
| φSeries 2024-NQM1 Class A1 <br> 6.58% 3/25/69<br>| 233289 | 236523 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2025-1 Class A3 6.00% <br> 3/25/55<br>| 282247 | 285862 |
| OBX Trust | OBX Trust | OBX Trust |
| •Series 2024-HYB1 Class A1 <br> 3.65% 3/25/53<br>| 78212 | 76646 |
| •Series 2024-HYB2 Class A1 <br> 3.68% 4/25/53<br>| 136940 | 134276 |
| φSeries 2024-NQM7 Class A1 <br> 6.24% 3/25/64<br>| 125861 | 127218 |
| •Series 2025-J1 Class A4 <br> 6.00% 5/25/55<br>| 296435 | 300895 |
| •Provident Funding Mortgage Trust | •Provident Funding Mortgage Trust | •Provident Funding Mortgage Trust |
| Series 2024-1 Class A3 5.50% <br> 12/25/54<br>| 530970 | 532652 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Provident Funding Mortgage Trust (continued) | •Provident Funding Mortgage Trust (continued) | •Provident Funding Mortgage Trust (continued) |
| Series 2025-1 Class A3 5.50% <br> 2/25/55<br>| 671028 | $673363 |
| •Rate Mortgage Trust | •Rate Mortgage Trust | •Rate Mortgage Trust |
| Series 2024-J1 Class A7 <br> 6.00% 7/25/54<br>| 207673 | 208886 |
| Series 2024-J3 Class A8 <br> 5.50% 10/25/54<br>| 133669 | 133666 |
| Series 2025-J1 Class A5 <br> 5.50% 3/25/55<br>| 162720 | 163243 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| •Series 2024-CES2 Class A1A <br> 6.14% 4/25/44<br>| 159229 | 160353 |
| •Series 2024-CES3 Class A1A <br> 6.59% 5/25/44<br>| 112485 | 113939 |
| φSeries 2024-CES4 Class A1A <br> 6.15% 6/25/44<br>| 342933 | 345933 |
| φSeries 2024-CES8 Class A1A <br> 5.49% 11/25/44<br>| 292956 | 292963 |
| •Saluda Grade Alternative <br> Mortgage Trust Series <br> 2024-CES1 Class A1 6.31% <br> 3/25/54<br>| 313380 | 317231 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2024-10 Class A11 <br> 5.50% 11/25/54<br>| 158519 | 158407 |
| Series 2024-10 Class A5 <br> 5.50% 11/25/54<br>| 209997 | 210513 |
| Series 2024-6 Class A11 <br> 6.00% 7/27/54<br>| 323338 | 324978 |
| Series 2024-8 Class A5 5.50% <br> 9/25/54<br>| 182015 | 182387 |
| •SoFi Mortgage Trust Series <br> 2016-1A Class 1A4 3.00% <br> 11/25/46<br>| 5192 | 4653 |
| •Towd Point Mortgage Trust <br> Series 2024-1 Class A1 4.82% <br> 3/25/64<br>| 405911 | 418071 |
| •Verus Securitization Trust | •Verus Securitization Trust | •Verus Securitization Trust |
| Series 2021-R2 Class A2 <br> 1.12% 2/25/64<br>| 52467 | 48005 |
| Series 2021-R2 Class A3 <br> 1.23% 2/25/64<br>| 62960 | 57680 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $15,124,404)**<br>|  | **15219644** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.23%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.23%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.23%** |
| Aligned Data Centers <br> Issuer LLC Series 2021-1A <br> Class B 2.48% 8/15/46<br>| 226000 | 216928 |
| ARZ Trust Series 2024-BILT <br> Class A 5.77% 6/11/29<br>| 207000 | 212208 |

---

LVIP American Century Balanced Fund-8

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **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 2024-5YR6 <br> Class A3 6.23% 5/15/57<br>| 281000 | $295307 |
| BBCMS Mortgage Trust Series <br> 2024-5C27 Class A3 6.01% <br> 7/15/57<br>| 138000 | 144335 |
| BX Trust | BX Trust | BX Trust |
| •Series 2018-GW Class A <br> 5.41% (1 mo. USD Term <br> SOFR + 1.10%) 5/15/35<br>| 201000 | 201556 |
| Series 2023-LIFE Class A <br> 5.05% 2/15/28<br>| 438000 | 430883 |
| Capital Automotive REIT <br> Series 2024-2A Class A1 <br> 4.90% 5/15/54<br>| 310917 | 309812 |
| CyrusOne Data Centers Issuer <br> I LLC Series 2024-2A <br> Class A2 4.50% 5/20/49<br>| 300000 | 292134 |
| •DBSG Mortgage Trust Series <br> 2024-ALTA Class A 6.14% <br> 6/10/37<br>| 229000 | 233749 |
| Flexential Issuer Series <br> 2021-1A Class A2 3.25% <br> 11/27/51<br>| 414000 | 400636 |
| FS Commercial Mortgage <br> Trust Series 2023-4SZN <br> Class A 7.07% 11/10/39<br>| 310000 | 317196 |
| •MF1 Ltd. Series 2021-FL7 <br> Class AS 5.88% (1 mo. USD <br> Term SOFR + 1.56%) <br> 10/16/36<br>| 350000 | 348236 |
| MIRA Trust Series 2023-MILE <br> Class A 6.75% 6/10/38<br>| 314000 | 324397 |
| New Economy Assets - Phase <br> 1 Sponsor LLC Series 2021-1 <br> Class B1 2.41% 10/20/61<br>| 500000 | 455679 |
| •Ready Capital Mortgage <br> Financing LLC Series <br> 2023-FL12 Class A 6.65% (1 <br> mo. USD Term SOFR + <br> 2.34%) 5/25/38<br>| 26447 | 26447 |
| •SWCH Commercial Mortgage <br> Trust Series 2025-DATA <br> Class A 5.75% (1 mo. USD <br> Term SOFR + 1.44%) <br> 2/15/42<br>| 490000 | 486017 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $4,695,630)**<br>|  | **4695520** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS–0.07%** | **ΔSOVEREIGN BONDS–0.07%** | **ΔSOVEREIGN BONDS–0.07%** |
| **Brazil–0.05%** | **Brazil–0.05%** | **Brazil–0.05%** |
| Brazil Government <br> International Bonds 6.63% <br> 3/15/35<br>| 200000 | $201955 |
|  |  | **201955** |
| **Chile–0.02%** | **Chile–0.02%** | **Chile–0.02%** |
| Chile Government <br> International Bonds 5.33% <br> 1/5/54<br>| 70000 | 65579 |
|  |  | **65579** |
| **Total Sovereign Bonds** <br>**(Cost $266,161)**<br>|  | **267534** |
| **U.S. TREASURY OBLIGATIONS–7.94%** | **U.S. TREASURY OBLIGATIONS–7.94%** | **U.S. TREASURY OBLIGATIONS–7.94%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.25% 5/15/50 | 600000 | 288187 |
| 2.50% 2/15/45 | 1900000 | 1337570 |
| 2.75% 11/15/47 | 100000 | 71109 |
| 3.00% 5/15/42 | 200000 | 159703 |
| 3.00% 5/15/45 | 600000 | 459586 |
| 3.00% 11/15/45 | 500000 | 380918 |
| 3.25% 5/15/42 | 800000 | 661719 |
| 3.50% 2/15/39 | 500000 | 451465 |
| 4.00% 11/15/42 | 200000 | 182461 |
| 4.13% 8/15/44 | 600000 | 549680 |
| 4.38% 8/15/43 | 400000 | 381266 |
| 4.63% 2/15/40 | 400000 | 402328 |
| 4.75% 11/15/43 | 1800000 | 1798102 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.63% 5/15/30 | 1100000 | 946430 |
| 3.88% 6/15/28 | 1000000 | 1005312 |
| 4.00% 5/31/30 | 3300000 | 3331969 |
| 4.13% 7/31/28 | 1200000 | 1214484 |
| 4.13% 3/31/29 | 3700000 | 3750008 |
| 4.13% 11/30/29 | 700000 | 710281 |
| 4.13% 8/31/30 | 1500000 | 1521680 |
| 4.13% 11/30/31 | 500000 | 505059 |
| 4.13% 5/31/32 | 4400000 | 4437125 |
| 4.38% 11/30/30 | 2700000 | 2769820 |
| ∞4.88% 10/31/30 | 2800000 | 2939234 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $30,248,275)**<br>|  | **30255496** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–60.53%** | **COMMON STOCK–60.53%** | **COMMON STOCK–60.53%** |
| **Air Freight & Logistics–0.20%** | **Air Freight & Logistics–0.20%** | **Air Freight & Logistics–0.20%** |
| FedEx Corp. | 3279 | 745350 |
|  |  | **745350** |
| **Automobiles–0.88%** | **Automobiles–0.88%** | **Automobiles–0.88%** |
| †Tesla, Inc. | 10602 | 3367831 |
|  |  | **3367831** |

---

LVIP American Century Balanced Fund-9

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Banks–2.38%** | **Banks–2.38%** | **Banks–2.38%** |
| Bank of America Corp. | 67216 | $3180661 |
| JPMorgan Chase & Co. | 13266 | 3845946 |
| Regions Financial Corp. | 86256 | 2028741 |
|  |  | **9055348** |
| **Beverages–0.44%** | **Beverages–0.44%** | **Beverages–0.44%** |
| PepsiCo, Inc. | 12562 | 1658686 |
|  |  | **1658686** |
| **Biotechnology–1.18%** | **Biotechnology–1.18%** | **Biotechnology–1.18%** |
| AbbVie, Inc. | 11412 | 2118296 |
| Gilead Sciences, Inc. | 9729 | 1078654 |
| †Vertex Pharmaceuticals, Inc. | 2945 | 1311114 |
|  |  | **4508064** |
| **Broadline Retail–2.29%** | **Broadline Retail–2.29%** | **Broadline Retail–2.29%** |
| †Amazon.com, Inc. | 39810 | 8733916 |
|  |  | **8733916** |
| **Building Products–0.86%** | **Building Products–0.86%** | **Building Products–0.86%** |
| Johnson Controls <br> International PLC<br>| 31032 | 3277600 |
|  |  | **3277600** |
| **Capital Markets–3.04%** | **Capital Markets–3.04%** | **Capital Markets–3.04%** |
| Ameriprise Financial, Inc. | 3035 | 1619871 |
| Blackrock, Inc. | 1498 | 1571777 |
| Intercontinental Exchange, <br> Inc.<br>| 7292 | 1337863 |
| KKR & Co., Inc. | 10070 | 1339612 |
| Morgan Stanley | 21755 | 3064409 |
| S&P Global, Inc. | 5046 | 2660705 |
|  |  | **11594237** |
| **Chemicals–1.12%** | **Chemicals–1.12%** | **Chemicals–1.12%** |
| Ecolab, Inc. | 6424 | 1730883 |
| Linde PLC | 5412 | 2539202 |
|  |  | **4270085** |
| **Commercial Services & Supplies–0.25%** | **Commercial Services & Supplies–0.25%** | **Commercial Services & Supplies–0.25%** |
| †Copart, Inc. | 19380 | 950977 |
|  |  | **950977** |
| **Communications Equipment–0.84%** | **Communications Equipment–0.84%** | **Communications Equipment–0.84%** |
| †Arista Networks, Inc. | 12310 | 1259436 |
| Motorola Solutions, Inc. | 4602 | 1934957 |
|  |  | **3194393** |
| **Consumer Finance–0.49%** | **Consumer Finance–0.49%** | **Consumer Finance–0.49%** |
| American Express Co. | 5824 | 1857740 |
|  |  | **1857740** |
| **Consumer Staples Distribution & Retail–0.93%** | **Consumer Staples Distribution & Retail–0.93%** | **Consumer Staples Distribution & Retail–0.93%** |
| Costco Wholesale Corp. | 1803 | 1784862 |
| Sysco Corp. | 23372 | 1770195 |
|  |  | **3555057** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Containers & Packaging–0.29%** | **Containers & Packaging–0.29%** | **Containers & Packaging–0.29%** |
| Ball Corp. | 19958 | $1119444 |
|  |  | **1119444** |
| **Distributors–0.23%** | **Distributors–0.23%** | **Distributors–0.23%** |
| LKQ Corp. | 23936 | 885871 |
|  |  | **885871** |
| **Diversified Telecommunication Services–0.31%** | **Diversified Telecommunication Services–0.31%** | **Diversified Telecommunication Services–0.31%** |
| Verizon Communications, <br> Inc.<br>| 26834 | 1161107 |
|  |  | **1161107** |
| **Electric Utilities–0.87%** | **Electric Utilities–0.87%** | **Electric Utilities–0.87%** |
| NextEra Energy, Inc. | 47713 | 3312236 |
|  |  | **3312236** |
| **Electrical Equipment–0.75%** | **Electrical Equipment–0.75%** | **Electrical Equipment–0.75%** |
| Eaton Corp. PLC | 5220 | 1863488 |
| GE Vernova, Inc. | 1886 | 997977 |
|  |  | **2861465** |
| **Electronic Equipment, Instruments & Components–0.26%** | **Electronic Equipment, Instruments & Components–0.26%** | **Electronic Equipment, Instruments & Components–0.26%** |
| CDW Corp. | 5606 | 1001176 |
|  |  | **1001176** |
| **Energy Equipment & Services–0.52%** | **Energy Equipment & Services–0.52%** | **Energy Equipment & Services–0.52%** |
| Schlumberger NV | 58434 | 1975069 |
|  |  | **1975069** |
| **Entertainment–0.78%** | **Entertainment–0.78%** | **Entertainment–0.78%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 4451 | 465129 |
| †Netflix, Inc. | 1867 | 2500156 |
|  |  | **2965285** |
| **Financial Services–2.12%** | **Financial Services–2.12%** | **Financial Services–2.12%** |
| †Fiserv, Inc. | 7266 | 1252731 |
| Mastercard, Inc. Class A | 7909 | 4444384 |
| Visa, Inc. Class A | 6706 | 2380965 |
|  |  | **8078080** |
| **Ground Transportation–0.77%** | **Ground Transportation–0.77%** | **Ground Transportation–0.77%** |
| †Uber Technologies, Inc. | 15231 | 1421052 |
| Union Pacific Corp. | 6599 | 1518298 |
|  |  | **2939350** |
| **Health Care Equipment & Supplies–0.86%** | **Health Care Equipment & Supplies–0.86%** | **Health Care Equipment & Supplies–0.86%** |
| †IDEXX Laboratories, Inc. | 2944 | 1578985 |
| †Intuitive Surgical, Inc. | 3145 | 1709024 |
|  |  | **3288009** |
| **Health Care Providers & Services–1.03%** | **Health Care Providers & Services–1.03%** | **Health Care Providers & Services–1.03%** |
| Cencora, Inc. | 2346 | 703448 |
| Cigna Group | 5945 | 1965298 |
| UnitedHealth Group, Inc. | 3986 | 1243513 |
|  |  | **3912259** |

---

LVIP American Century Balanced Fund-10

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Hotels, Restaurants & Leisure–1.37%** | **Hotels, Restaurants & Leisure–1.37%** | **Hotels, Restaurants & Leisure–1.37%** |
| †Airbnb, Inc. Class A | 3559 | $470998 |
| Booking Holdings, Inc. | 261 | 1510992 |
| †Chipotle Mexican Grill, Inc. | 26243 | 1473544 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 6683 | 1779950 |
|  |  | **5235484** |
| **Household Products–1.28%** | **Household Products–1.28%** | **Household Products–1.28%** |
| Church & Dwight Co., Inc. | 12363 | 1188208 |
| Colgate-Palmolive Co. | 9701 | 881821 |
| Procter & Gamble Co. | 17586 | 2801801 |
|  |  | **4871830** |
| **Industrial Conglomerates–0.45%** | **Industrial Conglomerates–0.45%** | **Industrial Conglomerates–0.45%** |
| Honeywell International, Inc. | 7323 | 1705380 |
|  |  | **1705380** |
| **Industrial Reits–0.53%** | **Industrial Reits–0.53%** | **Industrial Reits–0.53%** |
| Prologis, Inc. | 19376 | 2036805 |
|  |  | **2036805** |
| **Insurance–1.12%** | **Insurance–1.12%** | **Insurance–1.12%** |
| Marsh & McLennan Cos., Inc. | 5724 | 1251495 |
| MetLife, Inc. | 21906 | 1761681 |
| Progressive Corp. | 4734 | 1263315 |
|  |  | **4276491** |
| **Interactive Media & Services–4.06%** | **Interactive Media & Services–4.06%** | **Interactive Media & Services–4.06%** |
| Alphabet, Inc. Class A | 49611 | 8742946 |
| Meta Platforms, Inc. Class A | 9110 | 6724000 |
|  |  | **15466946** |
| **IT Services–1.48%** | **IT Services–1.48%** | **IT Services–1.48%** |
| Accenture PLC Class A | 6874 | 2054570 |
| International Business <br> Machines Corp.<br>| 10176 | 2999681 |
| †MongoDB, Inc. | 2828 | 593852 |
|  |  | **5648103** |
| **Life Sciences Tools & Services–1.10%** | **Life Sciences Tools & Services–1.10%** | **Life Sciences Tools & Services–1.10%** |
| Agilent Technologies, Inc. | 6977 | 823356 |
| Danaher Corp. | 10332 | 2040983 |
| Thermo Fisher Scientific, <br> Inc.<br>| 3257 | 1320583 |
|  |  | **4184922** |
| **Machinery–1.55%** | **Machinery–1.55%** | **Machinery–1.55%** |
| Cummins, Inc. | 4820 | 1578550 |
| Deere & Co. | 2476 | 1259021 |
| Parker-Hannifin Corp. | 1752 | 1223720 |
| Xylem, Inc. | 14230 | 1840793 |
|  |  | **5902084** |
| **Oil, Gas & Consumable Fuels–0.90%** | **Oil, Gas & Consumable Fuels–0.90%** | **Oil, Gas & Consumable Fuels–0.90%** |
| Cheniere Energy, Inc. | 7290 | 1775261 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **OIL, GAS & CONSUMABLE FUELS (continued)** | **OIL, GAS & CONSUMABLE FUELS (continued)** | **OIL, GAS & CONSUMABLE FUELS (continued)** |
| EOG Resources, Inc. | 3555 | $425214 |
| Williams Cos., Inc. | 19361 | 1216064 |
|  |  | **3416539** |
| **Pharmaceuticals–1.60%** | **Pharmaceuticals–1.60%** | **Pharmaceuticals–1.60%** |
| Bristol-Myers Squibb Co. | 13166 | 609454 |
| Eli Lilly & Co. | 3682 | 2870230 |
| Merck & Co., Inc. | 11826 | 936146 |
| Zoetis, Inc. | 10804 | 1684884 |
|  |  | **6100714** |
| **Professional Services–0.33%** | **Professional Services–0.33%** | **Professional Services–0.33%** |
| Automatic Data Processing, <br> Inc.<br>| 4123 | 1271533 |
|  |  | **1271533** |
| **Semiconductors & Semiconductor Equipment–7.67%** | **Semiconductors & Semiconductor Equipment–7.67%** | **Semiconductors & Semiconductor Equipment–7.67%** |
| Analog Devices, Inc. | 12243 | 2914079 |
| Applied Materials, Inc. | 3549 | 649715 |
| †ARM Holdings PLC ADR | 3406 | 550886 |
| ASML Holding NV | 1730 | 1386313 |
| Broadcom, Inc. | 26761 | 7376670 |
| NVIDIA Corp. | 103549 | 16359707 |
|  |  | **29237370** |
| **Software–7.46%** | **Software–7.46%** | **Software–7.46%** |
| †Cadence Design Systems, <br> Inc.<br>| 8619 | 2655945 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 2204 | 1122519 |
| †Dynatrace, Inc. | 19448 | 1073724 |
| Microsoft Corp. | 40345 | 20068007 |
| Salesforce, Inc. | 4198 | 1144753 |
| †ServiceNow, Inc. | 867 | 891345 |
| †Workday, Inc. Class A | 6073 | 1457520 |
|  |  | **28413813** |
| **Specialized Reits–0.66%** | **Specialized Reits–0.66%** | **Specialized Reits–0.66%** |
| Equinix, Inc. | 2740 | 2179588 |
| SBA Communications Corp. | 1393 | 327132 |
|  |  | **2506720** |
| **Specialty Retail–2.09%** | **Specialty Retail–2.09%** | **Specialty Retail–2.09%** |
| †CarMax, Inc. | 8749 | 588021 |
| Home Depot, Inc. | 9255 | 3393253 |
| TJX Cos., Inc. | 19894 | 2456710 |
| Tractor Supply Co. | 29069 | 1533971 |
|  |  | **7971955** |
| **Technology Hardware, Storage & Peripherals–2.50%** | **Technology Hardware, Storage & Peripherals–2.50%** | **Technology Hardware, Storage & Peripherals–2.50%** |
| Apple, Inc. | 46399 | 9519683 |
|  |  | **9519683** |
| **Textiles, Apparel & Luxury Goods–0.14%** | **Textiles, Apparel & Luxury Goods–0.14%** | **Textiles, Apparel & Luxury Goods–0.14%** |
| †Deckers Outdoor Corp. | 5192 | 535139 |
|  |  | **535139** |

---

LVIP American Century Balanced Fund-11

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Trading Companies & Distributors–0.55%** | **Trading Companies & Distributors–0.55%** | **Trading Companies & Distributors–0.55%** |
| Ferguson Enterprises, Inc. | 4664 | $1015586 |
| United Rentals, Inc. | 1423 | 1072088 |
|  |  | **2087674** |
| **Total Common Stock** <br>**(Cost $140,132,407)**<br>|  | **230657820** |
| **EXCHANGE-TRADED FUND–0.24%** | **EXCHANGE-TRADED FUND–0.24%** | **EXCHANGE-TRADED FUND–0.24%** |
| iShares Core S&P 500 ETF  | 1477 | 917069 |
| **Total Exchange-Traded Fund** <br>**(Cost $855,942)** | **Total Exchange-Traded Fund** <br>**(Cost $855,942)** | **917069** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.54%** | **MONEY MARKET FUND–1.54%** | **MONEY MARKET FUND–1.54%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 5857866 | $5857866 |
| **Total Money Market Fund** <br>**(Cost $5,857,866)** | **Total Money Market Fund** <br>**(Cost $5,857,866)** | **5857866** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–102.69% (Cost $301,712,833)** | **391315411** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(2.69%)** | **(10253758)**<br>|
| **NET ASSETS APPLICABLE TO 44,044,339 SHARES OUTSTANDING –100.00%** | **$381061653** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND STANDARD CLASS** <br>**($11,224 / 1,295 Shares)** | **$8.666** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND STANDARD CLASS II** <br>**($221,820,195 / 25,622,111 Shares)** | **$8.657** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND SERVICE CLASS** <br>**($159,230,234 / 18,420,933 Shares)** | **$8.644** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$308631230** |
| Distributable earnings/(accumulated loss) | **72430423** |
| **TOTAL NET ASSETS** | **$381061653** |

---

&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 June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. Refer to Note 7 in the accompanying notes for further information on these types of securities. |
| ΔSecurities have been classified by country of origin. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| ∞Fully or partially pledged as collateral for futures contracts. |
| †Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $28,071 expense reimbursement receivable from Lincoln Financial Investments Corporation, $72,683 variation margin due from <br> broker on futures contracts, $14,787,551 payable for securities purchased, $262,639 payable for fund shares redeemed, $20,812 other <br> accrued expenses payable, $270,678 due to manager and affiliates, $31,317 payable for audit fee and $23,325 payable for fund accounting fee <br> as of June 30, 2025.<br>

LVIP American Century Balanced Fund-12

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 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>|
| GS | EUR | &nbsp;&nbsp; (240096)<br>| USD | &nbsp;&nbsp; 278538 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5925)<br>|
| JPM | EUR | &nbsp;&nbsp; (240096)<br>| USD | &nbsp;&nbsp; 278641 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5822)<br>|
| MSC | EUR | &nbsp;&nbsp; (296416)<br>| USD | &nbsp;&nbsp; 344193 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6997)<br>|
| UBS | EUR | &nbsp;&nbsp; (240096)<br>| USD | &nbsp;&nbsp; 278516 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5947)<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; $— | &nbsp;&nbsp; $(24691)<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:** |
| 20 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $2242500 | &nbsp;&nbsp; $2229008 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $13492 | &nbsp;&nbsp; $— |
| 21 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 4368492 | &nbsp;&nbsp; 4350244 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 18248 | &nbsp;&nbsp; — |
| 51 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 5559000 | &nbsp;&nbsp; 5532142 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 26858 | &nbsp;&nbsp; — |
| 9 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 1039219 | &nbsp;&nbsp; 1011784 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 27435 | &nbsp;&nbsp; — |
| 36 | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 4288500 | &nbsp;&nbsp; 4171695 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 116805 | &nbsp;&nbsp; — |
| 10 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 1142656 | &nbsp;&nbsp; 1142066 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $203428 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BNP–BNP Paribas |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| ETF–Exchange-Traded Fund |
| EUR–Euro |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |
| TBA–To be announced |
| USD–United States Dollar |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-13

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $3700956 |
| Dividends | 1439084 |
| Foreign taxes withheld | (3137)<br>|
|  | 5136903 |
| **EXPENSES:** |  |
| Management fees | 1195463 |
| Shareholder servicing fees | 237248 |
| Distribution fees-Service Class | 192879 |
| Accounting and administration expenses | 43225 |
| Professional fees | 40362 |
| Pricing fees | 19854 |
| Custodian fees | 12454 |
| Trustees' fees and expenses | 5553 |
| Reports and statements to shareholders | 4886 |
| Consulting fees | 3474 |
| Other | 4113 |
|  | 1759511 |
| Less:  |  |
| Expenses reimbursed | (150474)<br>|
| Total operating expenses | 1609037 |
| **NET INVESTMENT INCOME**  | 3527866 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 6715963 |
| Foreign currencies | (6362)<br>|
| Foreign currency exchange contracts | (137193)<br>|
| Futures contracts | (374682)<br>|
| Swap contracts | (8872)<br>|
| Net realized gain | 6188854 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 501837 |
| Foreign currencies | 1081 |
| Foreign currency exchange contracts | (53554)<br>|
| Futures contracts | 523273 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 972637 |
| **NET REALIZED AND UNREALIZED GAIN** | 7161491 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $10689357 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $3527866 | $6852465 |
| Net realized gain | 6188854 | 3405679 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 972637 | 32193887 |
| Net increase in net assets resulting <br> from operations<br>| 10689357 | 42452031 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (169)<br>|
| Standard Class II |  | (4454783)<br>|
| Service Class |  | (2891232)<br>|
|  |  | (7346184)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 6488375 | 12697716 |
| Service Class | 11247893 | 13014514 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 169 |
| Standard Class II |  | 4454783 |
| Service Class |  | 2891232 |
|  | 17736268 | 33068414 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Standard Class II | (12091156)<br>| (22117806)<br>|
| Service Class | (16523966)<br>| (23628051)<br>|
|  | (28615122)<br>| (45745857)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (10878854)<br>| (12677443)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (189497)<br>| 22428404 |
| **NET ASSETS:** |  |  |
| Beginning of period | 381251150 | 358822746 |
| End of period | $381061653 | $381251150 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-14

------

**LVIP American Century Balanced Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Standard Class** | **LVIP American Century Balanced Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.407 | &nbsp;&nbsp; $7.840 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.088 | 0.114 |
| Net realized and unrealized gain | 0.171 | 0.586 |
| Total from investment operations | 0.259 | 0.700 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.133)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.133)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.666 | &nbsp;&nbsp; $8.407 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 3.08% | &nbsp;&nbsp; 8.88% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.02% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.92% |
| Portfolio turnover | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Balanced Fund-15

------

**LVIP American Century Balanced Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.403 | &nbsp;&nbsp; $7.650 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.083 | 0.158 | 0.14 | 0.09 | 0.06 | 0.08 |
| Net realized and unrealized gain (loss) | 0.171 | 0.765 | 0.95 | &nbsp;&nbsp; (1.57)<br>| 1.27 | 0.84 |
| Total from investment operations | 0.254 | 0.923 | 1.09 | &nbsp;&nbsp; (1.48)<br>| 1.33 | 0.92 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.37)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.657 | &nbsp;&nbsp; $8.403 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 12.06% | &nbsp;&nbsp; 16.41% | &nbsp;&nbsp; (17.27%)<br>| &nbsp;&nbsp; 15.77% | &nbsp;&nbsp; 12.53% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $221820 | &nbsp;&nbsp; $221018 | &nbsp;&nbsp; $205828 | &nbsp;&nbsp; $184541 | &nbsp;&nbsp; $231837 | &nbsp;&nbsp; $201325 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.99% |
| Portfolio turnover | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Balanced Fund-16

------

**LVIP American Century Balanced Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.401 | &nbsp;&nbsp; $7.650 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.073 | 0.137 | 0.12 | 0.07 | 0.03 | 0.06 |
| Net realized and unrealized gain (loss) | 0.170 | 0.765 | 0.95 | &nbsp;&nbsp; (1.57)<br>| 1.27 | 0.85 |
| Total from investment operations | 0.243 | 0.902 | 1.07 | &nbsp;&nbsp; (1.50)<br>| 1.30 | 0.91 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.644 | &nbsp;&nbsp; $8.401 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 11.79% | &nbsp;&nbsp; 16.12% | &nbsp;&nbsp; (17.47%)<br>| &nbsp;&nbsp; 15.48% | &nbsp;&nbsp; 12.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $159230 | &nbsp;&nbsp; $160222 | &nbsp;&nbsp; $152995 | &nbsp;&nbsp; $134601 | &nbsp;&nbsp; $164809 | &nbsp;&nbsp; $139620 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.10% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.74% |
| Portfolio turnover | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Balanced Fund-17

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Balanced Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth and current income.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and

LVIP American Century Balanced Fund-18

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP American Century Balanced Fund is $106 and $96 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends and interest are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Century Balanced Fund-19

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $500 million. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses exceed (excluding Underlying Fund fees and expenses) 0.67% of the Fund's average daily net assets for the Standard Class, 0.77% for the Standard Class II and 1.02% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $243818 | &nbsp;&nbsp; $243818 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $15730 |
| Legal | &nbsp;&nbsp; 2397 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,747 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP American Century Balanced Fund-20

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $28071 |
| Management fees payable to LFI | &nbsp;&nbsp; 199139 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 32019 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 39520 |

---

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 six months ended June 30, 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; $118104707 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 86614233 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 130270414 |
| Sales of U.S. government securities | &nbsp;&nbsp; 78190469 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $301712833 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $97352792 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7571477)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $89781315 |

---

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 June 30, 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 American Century Balanced Fund-21

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $500877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $500877 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 52676433 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52676433 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2046170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2046170 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 40912919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40912919 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1257355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1257355 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6050708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6050708 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 15219644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15219644 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4695520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4695520 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 267534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 267534 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 30255496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30255496 |
| Common Stock | &nbsp;&nbsp; 229271507 | &nbsp;&nbsp; 1386313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 230657820 |
| Exchange-Traded Fund | &nbsp;&nbsp; 917069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 917069 |
| Money Market Fund | &nbsp;&nbsp; 5857866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5857866 |
| **Total Investments** | &nbsp;&nbsp; $236046442 | &nbsp;&nbsp; $155268969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $391315411 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $203428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203428 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24691)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24691)<br>|

---

There were no Level 3 investments at the end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1275 |
| Standard Class II | &nbsp;&nbsp; 779809 | &nbsp;&nbsp; 1553192 |
| Service Class | &nbsp;&nbsp; 1358332 | &nbsp;&nbsp; 1581941 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 526609 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 341938 |
|  | &nbsp;&nbsp; 2138141 | &nbsp;&nbsp; 4004975 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (1458525)<br>| &nbsp;&nbsp; (2698431)<br>|
| Service Class | &nbsp;&nbsp; (2009335)<br>| &nbsp;&nbsp; (2862700)<br>|
|  | &nbsp;&nbsp; (3467860)<br>| &nbsp;&nbsp; (5561131)<br>|
| Net decrease | &nbsp;&nbsp; (1329719)<br>| &nbsp;&nbsp; (1556156)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the

LVIP American Century Balanced Fund-22

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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.

LVIP American Century Balanced Fund-23

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

During the six months ended June 30, 2025, the Fund entered into CDS contracts as a seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, by trading these instruments through a central counterparty.

During the six months ended June 30, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 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>| $— | Liabilities net of receivables and other <br> assets<br>| $(24691)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 203428 | Liabilities net of receivables and other <br> assets<br>|  |
| Total |  | $203428 |  | $(24691)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(137193)<br>| &nbsp;&nbsp; $(53554)<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; (374682)<br>| &nbsp;&nbsp; 523273 |
| 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; (8872)<br>| &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; $(520747)<br>| &nbsp;&nbsp; $469719 |

---

LVIP American Century Balanced Fund-24

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $568111 | $2234053 |
| Futures contracts (average notional value) | 17987203 | 4647300 |
| CDS contracts (average notional value)\* |  | 321143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection.<br>

**7. Risk Factors**

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

LVIP American Century Balanced Fund-25

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Balanced Fund-26

------

![](imgdeba63861.jpg)

LVIP American Century Capital Appreciation Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Capital Appreciation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_55574fff-8356-4805-8c10-f15720d60ca9_SOI-continued-697_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_55574fff-8356-4805-8c10-f15720d60ca9_FS-continued-697_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_55574fff-8356-4805-8c10-f15720d60ca9_FS-continued-697_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_55574fff-8356-4805-8c10-f15720d60ca9_FIHI-continued-697_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_55574fff-8356-4805-8c10-f15720d60ca9_NTF-continued-697_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.65%** | **COMMON STOCK–99.65%** | **COMMON STOCK–99.65%** |
| **Aerospace & Defense–6.31%** | **Aerospace & Defense–6.31%** | **Aerospace & Defense–6.31%** |
| †Axon Enterprise, Inc. | 11088 | $9180199 |
| Curtiss-Wright Corp. | 9812 | 4793653 |
| HEICO Corp. | 15885 | 5210280 |
| Howmet Aerospace, Inc. | 72320 | 13460921 |
|  |  | **32645053** |
| **Banks–0.43%** | **Banks–0.43%** | **Banks–0.43%** |
| †NU Holdings Ltd. Class A | 161931 | 2221693 |
|  |  | **2221693** |
| **Biotechnology–3.21%** | **Biotechnology–3.21%** | **Biotechnology–3.21%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 21229 | 6922565 |
| †Argenx SE ADR | 6242 | 3440715 |
| †Natera, Inc. | 36986 | 6248415 |
|  |  | **16611695** |
| **Broadline Retail–1.54%** | **Broadline Retail–1.54%** | **Broadline Retail–1.54%** |
| †Coupang, Inc. | 266316 | 7978827 |
|  |  | **7978827** |
| **Building Products–1.30%** | **Building Products–1.30%** | **Building Products–1.30%** |
| Johnson Controls <br> International PLC<br>| 63503 | 6707187 |
|  |  | **6707187** |
| **Capital Markets–7.27%** | **Capital Markets–7.27%** | **Capital Markets–7.27%** |
| ARES Management Corp. <br> Class A<br>| 69799 | 12089187 |
| †Coinbase Global, Inc. Class A | 6812 | 2387538 |
| LPL Financial Holdings, Inc. | 36000 | 13498920 |
| MSCI, Inc. | 11278 | 6504473 |
| TPG, Inc. | 60135 | 3154081 |
|  |  | **37634199** |
| **Chemicals–1.19%** | **Chemicals–1.19%** | **Chemicals–1.19%** |
| Avient Corp. | 52555 | 1698052 |
| Element Solutions, Inc. | 196144 | 4442662 |
|  |  | **6140714** |
| **Commercial Services & Supplies–0.97%** | **Commercial Services & Supplies–0.97%** | **Commercial Services & Supplies–0.97%** |
| Republic Services, Inc. | 20388 | 5027885 |
|  |  | **5027885** |
| **Communications Equipment–0.50%** | **Communications Equipment–0.50%** | **Communications Equipment–0.50%** |
| †Ciena Corp. | 31914 | 2595565 |
|  |  | **2595565** |
| **Construction & Engineering–1.29%** | **Construction & Engineering–1.29%** | **Construction & Engineering–1.29%** |
| EMCOR Group, Inc. | 12515 | 6694148 |
|  |  | **6694148** |
| **Construction Materials–0.80%** | **Construction Materials–0.80%** | **Construction Materials–0.80%** |
| Vulcan Materials Co. | 15818 | 4125651 |
|  |  | **4125651** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail–2.93%** | **Consumer Staples Distribution & Retail–2.93%** | **Consumer Staples Distribution & Retail–2.93%** |
| Casey's General Stores, Inc. | 8153 | $4160231 |
| †Maplebear, Inc. | 80416 | 3638020 |
| †Sprouts Farmers Market, Inc. | 44618 | 7345908 |
|  |  | **15144159** |
| **Distributors–0.85%** | **Distributors–0.85%** | **Distributors–0.85%** |
| Pool Corp. | 15175 | 4423209 |
|  |  | **4423209** |
| **Diversified Consumer Services–2.01%** | **Diversified Consumer Services–2.01%** | **Diversified Consumer Services–2.01%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 22345 | 2761618 |
| †Duolingo, Inc. | 18639 | 7642363 |
|  |  | **10403981** |
| **Electrical Equipment–1.94%** | **Electrical Equipment–1.94%** | **Electrical Equipment–1.94%** |
| Hubbell, Inc. | 6339 | 2588911 |
| Vertiv Holdings Co. Class A | 57995 | 7447138 |
|  |  | **10036049** |
| **Entertainment–2.16%** | **Entertainment–2.16%** | **Entertainment–2.16%** |
| †ROBLOX Corp. Class A | 55876 | 5878155 |
| †Spotify Technology SA | 6890 | 5286973 |
|  |  | **11165128** |
| **Financial Services–2.68%** | **Financial Services–2.68%** | **Financial Services–2.68%** |
| †Block, Inc. | 78539 | 5335154 |
| †Corpay, Inc. | 25644 | 8509192 |
|  |  | **13844346** |
| **Ground Transportation–0.93%** | **Ground Transportation–0.93%** | **Ground Transportation–0.93%** |
| Norfolk Southern Corp. | 18875 | 4831434 |
|  |  | **4831434** |
| **Health Care Equipment & Supplies–4.78%** | **Health Care Equipment & Supplies–4.78%** | **Health Care Equipment & Supplies–4.78%** |
| †Dexcom, Inc. | 115209 | 10056594 |
| GE HealthCare Technologies, <br> Inc.<br>| 40692 | 3014057 |
| †IDEXX Laboratories, Inc. | 9045 | 4851195 |
| †Insulet Corp. | 21591 | 6783460 |
|  |  | **24705306** |
| **Health Care Providers & Services–1.99%** | **Health Care Providers & Services–1.99%** | **Health Care Providers & Services–1.99%** |
| Cencora, Inc. | 34362 | 10303446 |
|  |  | **10303446** |
| **Health Care Technology–1.29%** | **Health Care Technology–1.29%** | **Health Care Technology–1.29%** |
| †Veeva Systems, Inc. Class A | 23232 | 6690351 |
|  |  | **6690351** |
| **Hotels, Restaurants & Leisure–11.18%** | **Hotels, Restaurants & Leisure–11.18%** | **Hotels, Restaurants & Leisure–11.18%** |
| †Airbnb, Inc. Class A | 19220 | 2543575 |
| †Chipotle Mexican Grill, Inc. | 146780 | 8241697 |
| †DoorDash, Inc. Class A | 13959 | 3441033 |
| †Flutter Entertainment PLC | 25037 | 7154573 |

---

LVIP American Century Capital Appreciation Fund-1

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Hilton Worldwide Holdings, <br> Inc.<br>| 58945 | $15699411 |
| Royal Caribbean Cruises Ltd. | 43337 | 13570548 |
| †Viking Holdings Ltd. | 64240 | 3423350 |
| Wingstop, Inc. | 11124 | 3745896 |
|  |  | **57820083** |
| **Household Durables–0.71%** | **Household Durables–0.71%** | **Household Durables–0.71%** |
| †TopBuild Corp. | 11342 | 3671859 |
|  |  | **3671859** |
| **Household Products–0.89%** | **Household Products–0.89%** | **Household Products–0.89%** |
| Church & Dwight Co., Inc. | 47963 | 4609724 |
|  |  | **4609724** |
| **Independent Power and Renewable Electricity Producers–3.20%** | **Independent Power and Renewable Electricity Producers–3.20%** | **Independent Power and Renewable Electricity Producers–3.20%** |
| Vistra Corp. | 85428 | 16556801 |
|  |  | **16556801** |
| **Insurance–1.20%** | **Insurance–1.20%** | **Insurance–1.20%** |
| Ryan Specialty Holdings, Inc. | 91352 | 6211022 |
|  |  | **6211022** |
| **Interactive Media & Services–1.20%** | **Interactive Media & Services–1.20%** | **Interactive Media & Services–1.20%** |
| †Pinterest, Inc. Class A | 172672 | 6192018 |
|  |  | **6192018** |
| **IT Services–2.79%** | **IT Services–2.79%** | **IT Services–2.79%** |
| †Cloudflare, Inc. Class A | 73758 | 14444029 |
|  |  | **14444029** |
| **Life Sciences Tools & Services–4.07%** | **Life Sciences Tools & Services–4.07%** | **Life Sciences Tools & Services–4.07%** |
| Agilent Technologies, Inc. | 28495 | 3362695 |
| Bio-Techne Corp. | 63647 | 3274638 |
| †IQVIA Holdings, Inc. | 33711 | 5312516 |
| †Mettler-Toledo International, <br> Inc.<br>| 3072 | 3608740 |
| West Pharmaceutical <br> Services, Inc.<br>| 25155 | 5503914 |
|  |  | **21062503** |
| **Machinery–0.85%** | **Machinery–0.85%** | **Machinery–0.85%** |
| Crane Co. | 23235 | 4412094 |
|  |  | **4412094** |
| **Media–1.22%** | **Media–1.22%** | **Media–1.22%** |
| †Trade Desk, Inc. Class A | 87407 | 6292430 |
|  |  | **6292430** |
| **Oil, Gas & Consumable Fuels–2.63%** | **Oil, Gas & Consumable Fuels–2.63%** | **Oil, Gas & Consumable Fuels–2.63%** |
| Expand Energy Corp. | 32918 | 3849431 |
| Permian Resources Corp. | 176777 | 2407703 |
| Targa Resources Corp. | 42270 | 7358361 |
|  |  | **13615495** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services–2.14%** | **Professional Services–2.14%** | **Professional Services–2.14%** |
| †CACI International, Inc. <br> Class A<br>| 3977 | $1895836 |
| Equifax, Inc. | 9352 | 2425628 |
| Verisk Analytics, Inc. | 21681 | 6753632 |
|  |  | **11075096** |
| **Semiconductors & Semiconductor Equipment–2.18%** | **Semiconductors & Semiconductor Equipment–2.18%** | **Semiconductors & Semiconductor Equipment–2.18%** |
| Analog Devices, Inc. | 11789 | 2806018 |
| †Lattice Semiconductor Corp. | 37881 | 1855790 |
| Monolithic Power Systems, <br> Inc.<br>| 9061 | 6627034 |
|  |  | **11288842** |
| **Software–12.12%** | **Software–12.12%** | **Software–12.12%** |
| †Cadence Design Systems, <br> Inc.<br>| 14817 | 4565859 |
| †Datadog, Inc. Class A | 68248 | 9167754 |
| †Docusign, Inc. | 73611 | 5733561 |
| †Fair Isaac Corp. | 5326 | 9735715 |
| †Guidewire Software, Inc. | 31452 | 7405373 |
| †HubSpot, Inc. | 14331 | 7977065 |
| †Manhattan Associates, Inc. | 22433 | 4429844 |
| †Samsara, Inc. Class A | 110081 | 4379022 |
| †Zscaler, Inc. | 29610 | 9295763 |
|  |  | **62689956** |
| **Specialized REITs–0.74%** | **Specialized REITs–0.74%** | **Specialized REITs–0.74%** |
| SBA Communications Corp. | 16407 | 3853020 |
|  |  | **3853020** |
| **Specialty Retail–2.83%** | **Specialty Retail–2.83%** | **Specialty Retail–2.83%** |
| †Burlington Stores, Inc. | 30748 | 7153215 |
| †Carvana Co. | 22177 | 7472762 |
|  |  | **14625977** |
| **Technology Hardware, Storage & Peripherals–0.30%** | **Technology Hardware, Storage & Peripherals–0.30%** | **Technology Hardware, Storage & Peripherals–0.30%** |
| †Super Micro Computer, Inc. | 31623 | 1549843 |
|  |  | **1549843** |
| **Textiles, Apparel & Luxury Goods–0.84%** | **Textiles, Apparel & Luxury Goods–0.84%** | **Textiles, Apparel & Luxury Goods–0.84%** |
| †On Holding AG Class A | 83441 | 4343104 |
|  |  | **4343104** |
| **Trading Companies & Distributors–2.19%** | **Trading Companies & Distributors–2.19%** | **Trading Companies & Distributors–2.19%** |
| †Core & Main, Inc. Class A | 66807 | 4031803 |
| Fastenal Co. | 62357 | 2618994 |
| WESCO International, Inc. | 25341 | 4693153 |
|  |  | **11343950** |
| **Total Common Stock** <br>**(Cost $383,903,915)** | **Total Common Stock** <br>**(Cost $383,903,915)** | **515587872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Capital Appreciation Fund-2

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.21%** | **MONEY MARKET FUND–0.21%** | **MONEY MARKET FUND–0.21%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 1082533 | $1082533 |
| **Total Money Market Fund** <br>**(Cost $1,082,533)** | **Total Money Market Fund** <br>**(Cost $1,082,533)** | **1082533** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.86% (Cost $384,986,448)** | **$516670405** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.14%** | **716968** |
| **NET ASSETS APPLICABLE TO 27,505,089 SHARES OUTSTANDING–100.00%** | **$517387373** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND STANDARD CLASS** <br>**($391,868,867 / 20,638,810 Shares)** | **$18.987** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND STANDARD CLASS II** <br>**($99,892,614 / 5,433,875 Shares)** | **$18.383** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND SERVICE CLASS** <br>**($25,625,892 / 1,432,404 Shares)** | **$17.890** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$264681335** |
| Distributable earnings/(accumulated loss) | **252706038** |
| **TOTAL NET ASSETS** | **$517387373** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $21,258 expense reimbursement receivable from Lincoln Financial Investments Corporation, $65,997,500 payable for securities <br> purchased, $158,553 payable for fund shares redeemed, $7,737 other accrued expenses payable, $264,624 due to manager and affiliates, <br> $14,395 payable for audit fee and $19,669 payable for fund accounting fee as of June 30, 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 American Century Capital Appreciation Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $1201680 |
| **EXPENSES:** |  |
| Management fees | 1317370 |
| Shareholder servicing fees | 179452 |
| Accounting and administration expenses | 46989 |
| Distribution fees-Service Class | 24653 |
| Professional fees | 24308 |
| Trustees' fees and expenses | 7143 |
| Custodian fees | 3917 |
| Reports and statements to shareholders | 3805 |
| Consulting fees | 2883 |
| Pricing fees | 871 |
| Other | 6239 |
|  | 1617630 |
| Less:  |  |
| Expenses reimbursed | (117712)<br>|
| Total operating expenses | 1499918 |
| **NET INVESTMENT LOSS** | (298238)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 59939629 |
| Foreign currencies | 2210 |
| Foreign currency exchange contracts | 22129 |
| Net realized gain | 59963968 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (14285666)<br>|
| Foreign currencies | (2)<br>|
| Foreign currency exchange contracts | (11677)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| (14297345)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 45666623 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $45368385 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(298238)<br>| $(681232)<br>|
| Net realized gain | 59963968 | 79519466 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (14297345)<br>| 26818710 |
| Net increase in net assets resulting <br> from operations<br>| 45368385 | 105656944 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (22310740)<br>|
| Standard Class II |  | (5130784)<br>|
| Service Class |  | (492913)<br>|
|  |  | (27934437)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4404597 | 5189560 |
| Standard Class II | 11877666 | 9356089 |
| Service Class | 12749274 | 10690857 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 22310740 |
| Standard Class II |  | 5130784 |
| Service Class |  | 492913 |
|  | 29031537 | 53170943 |
| Cost of shares redeemed: |  |  |
| Standard Class | (34451575)<br>| (63062166)<br>|
| Standard Class II | (11138732)<br>| (14447108)<br>|
| Service Class | (3535181)<br>| (2224367)<br>|
|  | (49125488)<br>| (79733641)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (20093951)<br>| (26562698)<br>|
| **NET INCREASE IN NET ASSETS** | 25274434 | 51159809 |
| **NET ASSETS:** |  |  |
| Beginning of period | 492112939 | 440953130 |
| End of period | $517387373 | $492112939 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-4

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $17.297 | &nbsp;&nbsp; $14.600 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $16.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) | 1.696 | 3.681 | 2.55 | &nbsp;&nbsp; (4.92)<br>| 2.00 | 5.28 |
| Total from investment operations | 1.690 | 3.666 | 2.55 | &nbsp;&nbsp; (4.94)<br>| 1.94 | 5.27 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.84)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.86)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.987 | &nbsp;&nbsp; $17.297 | &nbsp;&nbsp; $14.60 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $19.50 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 9.67% | &nbsp;&nbsp; 25.37% | &nbsp;&nbsp; 21.14% | &nbsp;&nbsp; (27.92%)<br>| &nbsp;&nbsp; 11.57% | &nbsp;&nbsp; 43.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $391869 | &nbsp;&nbsp; $387301 | &nbsp;&nbsp; $360677 | &nbsp;&nbsp; $342863 | &nbsp;&nbsp; $527924 | &nbsp;&nbsp; $550919 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.07%)<br>| &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; (0.12%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.06%)<br>|
| Ratio of net investment loss to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.12%)<br>| &nbsp;&nbsp; (0.15%)<br>| &nbsp;&nbsp; (0.08%)<br>| &nbsp;&nbsp; (0.20%)<br>| &nbsp;&nbsp; (0.38%)<br>| &nbsp;&nbsp; (0.16%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class Y shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class Y shares. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Per-share amount was less than $0.005.

<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. 

<sup>6</sup> Ratio was less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-5

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.766 | &nbsp;&nbsp; $14.220 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $19.27 | &nbsp;&nbsp; $15.96 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.024)<br>| &nbsp;&nbsp; (0.055)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 1.641 | 3.570 | 2.49 | &nbsp;&nbsp; (4.83)<br>| 1.97 | 5.21 |
| Total from investment operations | 1.617 | 3.515 | 2.44 | &nbsp;&nbsp; (4.89)<br>| 1.85 | 5.15 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.84)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.84)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $18.383 | &nbsp;&nbsp; $16.766 | &nbsp;&nbsp; $14.22 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $19.27 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 9.56% | &nbsp;&nbsp; 24.98% | &nbsp;&nbsp; 20.69% | &nbsp;&nbsp; (28.11%)<br>| &nbsp;&nbsp; 11.16% | &nbsp;&nbsp; 42.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $99893 | &nbsp;&nbsp; $90665 | &nbsp;&nbsp; $76651 | &nbsp;&nbsp; $79646 | &nbsp;&nbsp; $121050 | &nbsp;&nbsp; $119549 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.47%)<br>| &nbsp;&nbsp; (0.65%)<br>| &nbsp;&nbsp; (0.41%)<br>|
| Ratio of net investment loss to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.43%)<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.73%)<br>| &nbsp;&nbsp; (0.51%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Capital Appreciation Fund-6

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.328 | &nbsp;&nbsp; $13.890 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $18.37 | &nbsp;&nbsp; $18.99 | &nbsp;&nbsp; $15.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.035)<br>| &nbsp;&nbsp; (0.075)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | 1.597 | 3.482 | 2.43 | &nbsp;&nbsp; (4.73)<br>| 1.93 | 5.13 |
| Total from investment operations | 1.562 | 3.407 | 2.37 | &nbsp;&nbsp; (4.81)<br>| 1.79 | 5.05 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.84)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (1.84)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.890 | &nbsp;&nbsp; $16.328 | &nbsp;&nbsp; $13.89 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $18.37 | &nbsp;&nbsp; $18.99 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 9.48% | &nbsp;&nbsp; 24.79% | &nbsp;&nbsp; 20.55% | &nbsp;&nbsp; (28.25%)<br>| &nbsp;&nbsp; 11.05% | &nbsp;&nbsp; 42.29% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $25626 | &nbsp;&nbsp; $14147 | &nbsp;&nbsp; $3625 | &nbsp;&nbsp; $3569 | &nbsp;&nbsp; $5485 | &nbsp;&nbsp; $2235 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.05% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.44%)<br>| &nbsp;&nbsp; (0.46%)<br>| &nbsp;&nbsp; (0.50%)<br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.80%)<br>| &nbsp;&nbsp; (0.56%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.49%)<br>| &nbsp;&nbsp; (0.52%)<br>| &nbsp;&nbsp; (0.58%)<br>| &nbsp;&nbsp; (0.70%)<br>| &nbsp;&nbsp; (0.88%)<br>| &nbsp;&nbsp; (0.66%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Capital Appreciation Fund-7

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Capital Appreciation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with there organization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class, Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class Y, Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

LVIP American Century Capital Appreciation Fund-8

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $1 billion of the Fund's average daily net assets; and 0.50% of the Fund's average daily net assets in excess of $1 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.57% of the Fund's average daily net assets for the Standard Class, 0.79% for the Standard Class II and 0.94% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

LVIP American Century Capital Appreciation Fund-9

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $180893 | &nbsp;&nbsp; $180893 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $20403 |
| Legal | &nbsp;&nbsp; 3110 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.249% of the Fund's average daily net assets for the Standard Class II shares and 0.149% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $30 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $21258 |
| Management fees payable to LFI | &nbsp;&nbsp; 227755 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 5003 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 31866 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $234678778 |
| Sales | &nbsp;&nbsp; 256781621 |

---

LVIP American Century Capital Appreciation Fund-10

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $384986448 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $137769163 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (6085206)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $131683957 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $515587872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $515587872 |
| Money Market Fund | &nbsp;&nbsp; 1082533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1082533 |
| **Total Investments** | &nbsp;&nbsp; $516670405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $516670405 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP American Century Capital Appreciation Fund-11

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 249163 | &nbsp;&nbsp; 312506 |
| Standard Class II | &nbsp;&nbsp; 689808 | &nbsp;&nbsp; 599539 |
| Service Class | &nbsp;&nbsp; 793653 | &nbsp;&nbsp; 716311 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1326689 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 313445 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 29885 |
|  | &nbsp;&nbsp; 1732624 | &nbsp;&nbsp; 3298375 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2001650)<br>| &nbsp;&nbsp; (3944098)<br>|
| Standard Class II | &nbsp;&nbsp; (663570)<br>| &nbsp;&nbsp; (896697)<br>|
| Service Class | &nbsp;&nbsp; (227710)<br>| &nbsp;&nbsp; (140795)<br>|
|  | &nbsp;&nbsp; (2892930)<br>| &nbsp;&nbsp; (4981590)<br>|
| Net decrease | &nbsp;&nbsp; (1160306)<br>| &nbsp;&nbsp; (1683215)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP American Century Capital Appreciation Fund-12

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $22129 | &nbsp;&nbsp; $(11677)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $230583 | $503158 |

---

**7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP American Century Capital Appreciation Fund-13

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Capital Appreciation Fund-14

------

![](img89e51f5d1.jpg)

LVIP American Century Disciplined Core Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Disciplined Core Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_10777c81-6dc3-4d9a-bbec-f427f14bd5a1_SOI-continued-698_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_10777c81-6dc3-4d9a-bbec-f427f14bd5a1_FS-continued-698_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_10777c81-6dc3-4d9a-bbec-f427f14bd5a1_FS-continued-698_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_10777c81-6dc3-4d9a-bbec-f427f14bd5a1_FIHI-continued-698_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_10777c81-6dc3-4d9a-bbec-f427f14bd5a1_NTF-continued-698_1)**  | &nbsp;&nbsp; **10** |

---

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.34%** | **COMMON STOCK–99.34%** | **COMMON STOCK–99.34%** |
| **Aerospace & Defense–1.41%** | **Aerospace & Defense–1.41%** | **Aerospace & Defense–1.41%** |
| General Electric Co. | 1597 | $411052 |
| Lockheed Martin Corp. | 7974 | 3693078 |
| RTX Corp. | 2419 | 353223 |
| Textron, Inc. | 835 | 67042 |
|  |  | **4524395** |
| **Air Freight & Logistics–0.58%** | **Air Freight & Logistics–0.58%** | **Air Freight & Logistics–0.58%** |
| FedEx Corp. | 8169 | 1856895 |
|  |  | **1856895** |
| **Automobile Components–0.49%** | **Automobile Components–0.49%** | **Automobile Components–0.49%** |
| †Aptiv PLC | 11933 | 814070 |
| BorgWarner, Inc. | 23015 | 770542 |
|  |  | **1584612** |
| **Banks–8.57%** | **Banks–8.57%** | **Banks–8.57%** |
| Bank of America Corp. | 77480 | 3666354 |
| JPMorgan Chase & Co. | 55530 | 16098702 |
| Truist Financial Corp. | 6118 | 263013 |
| U.S. Bancorp | 92065 | 4165941 |
| Wells Fargo & Co. | 42219 | 3382586 |
|  |  | **27576596** |
| **Beverages–0.56%** | **Beverages–0.56%** | **Beverages–0.56%** |
| Coca-Cola Co. | 10961 | 775491 |
| PepsiCo, Inc. | 7721 | 1019481 |
|  |  | **1794972** |
| **Biotechnology–4.58%** | **Biotechnology–4.58%** | **Biotechnology–4.58%** |
| AbbVie, Inc. | 13902 | 2580489 |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 18163 | 391776 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 1853 | 604245 |
| Amgen, Inc. | 2892 | 807475 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 5326 | 292770 |
| †Exelixis, Inc. | 10691 | 471206 |
| Gilead Sciences, Inc. | 62707 | 6952325 |
| †Incyte Corp. | 5947 | 404991 |
| †Neurocrine Biosciences, Inc. | 11791 | 1482011 |
| †United Therapeutics Corp. | 1086 | 312062 |
| †Vertex Pharmaceuticals, Inc. | 936 | 416707 |
|  |  | **14716057** |
| **Broadline Retail–0.26%** | **Broadline Retail–0.26%** | **Broadline Retail–0.26%** |
| †Amazon.com, Inc. | 3744 | 821396 |
|  |  | **821396** |
| **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** |
| Allegion PLC | 6274 | 904209 |
| Masco Corp. | 15273 | 982970 |
|  |  | **1887179** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets–2.63%** | **Capital Markets–2.63%** | **Capital Markets–2.63%** |
| Cboe Global Markets, Inc. | 13190 | $3076040 |
| Goldman Sachs Group, Inc. | 529 | 374400 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 39648 | 2196896 |
| Morgan Stanley | 6160 | 867697 |
| MSCI, Inc. | 3385 | 1952265 |
|  |  | **8467298** |
| **Chemicals–1.28%** | **Chemicals–1.28%** | **Chemicals–1.28%** |
| †Axalta Coating Systems Ltd. | 25370 | 753235 |
| PPG Industries, Inc. | 26187 | 2978771 |
| Scotts Miracle-Gro Co. | 5953 | 392660 |
|  |  | **4124666** |
| **Commercial Services & Supplies–0.36%** | **Commercial Services & Supplies–0.36%** | **Commercial Services & Supplies–0.36%** |
| MSA Safety, Inc. | 2536 | 424856 |
| Veralto Corp. | 7383 | 745314 |
|  |  | **1170170** |
| **Communications Equipment–1.81%** | **Communications Equipment–1.81%** | **Communications Equipment–1.81%** |
| Cisco Systems, Inc. | 51005 | 3538727 |
| †F5, Inc. | 7784 | 2290987 |
|  |  | **5829714** |
| **Construction & Engineering–1.61%** | **Construction & Engineering–1.61%** | **Construction & Engineering–1.61%** |
| †API Group Corp. | 5548 | 283225 |
| †Dycom Industries, Inc. | 2930 | 716063 |
| EMCOR Group, Inc. | 3779 | 2021349 |
| Granite Construction, Inc. | 5455 | 510097 |
| †MasTec, Inc. | 3537 | 602811 |
| Primoris Services Corp. | 2174 | 169442 |
| Valmont Industries, Inc. | 2692 | 879126 |
|  |  | **5182113** |
| **Consumer Finance–0.18%** | **Consumer Finance–0.18%** | **Consumer Finance–0.18%** |
| American Express Co. | 1843 | 587880 |
|  |  | **587880** |
| **Consumer Staples Distribution & Retail–4.95%** | **Consumer Staples Distribution & Retail–4.95%** | **Consumer Staples Distribution & Retail–4.95%** |
| Dollar General Corp. | 1688 | 193073 |
| †Dollar Tree, Inc. | 14892 | 1474904 |
| Kroger Co. | 6502 | 466388 |
| †Maplebear, Inc. | 15095 | 682898 |
| Sysco Corp. | 14548 | 1101866 |
| Target Corp. | 37820 | 3730943 |
| †U.S. Foods Holding Corp. | 27847 | 2144498 |
| Walmart, Inc. | 62817 | 6142246 |
|  |  | **15936816** |
| **Containers & Packaging–0.41%** | **Containers & Packaging–0.41%** | **Containers & Packaging–0.41%** |
| Crown Holdings, Inc. | 12762 | 1314231 |
|  |  | **1314231** |

---

LVIP American Century Disciplined Core Value Fund-1

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Distributors–0.27%** | **Distributors–0.27%** | **Distributors–0.27%** |
| LKQ Corp. | 23337 | $863702 |
|  |  | **863702** |
| **Diversified Consumer Services–0.18%** | **Diversified Consumer Services–0.18%** | **Diversified Consumer Services–0.18%** |
| ADT, Inc. | 40167 | 340215 |
| H&R Block, Inc. | 4634 | 254360 |
|  |  | **594575** |
| **Diversified Telecommunication Services–2.63%** | **Diversified Telecommunication Services–2.63%** | **Diversified Telecommunication Services–2.63%** |
| AT&T, Inc. | 25195 | 729143 |
| Verizon Communications, <br> Inc.<br>| 178495 | 7723479 |
|  |  | **8452622** |
| **Electric Utilities–1.31%** | **Electric Utilities–1.31%** | **Electric Utilities–1.31%** |
| Evergy, Inc. | 25035 | 1725662 |
| NextEra Energy, Inc. | 14869 | 1032206 |
| NRG Energy, Inc. | 9153 | 1469789 |
|  |  | **4227657** |
| **Electrical Equipment–0.97%** | **Electrical Equipment–0.97%** | **Electrical Equipment–0.97%** |
| Acuity, Inc. | 3027 | 903075 |
| Hubbell, Inc. | 3887 | 1587490 |
| †NEXTracker, Inc. Class A | 5076 | 275982 |
| Powell Industries, Inc. | 1605 | 337772 |
|  |  | **3104319** |
| **Electronic Equipment, Instruments & Components–1.10%** | **Electronic Equipment, Instruments & Components–1.10%** | **Electronic Equipment, Instruments & Components–1.10%** |
| TE Connectivity PLC | 21014 | 3544431 |
|  |  | **3544431** |
| **Energy Equipment & Services–1.22%** | **Energy Equipment & Services–1.22%** | **Energy Equipment & Services–1.22%** |
| Schlumberger NV | 75657 | 2557207 |
| TechnipFMC PLC | 39685 | 1366751 |
|  |  | **3923958** |
| **Entertainment–1.13%** | **Entertainment–1.13%** | **Entertainment–1.13%** |
| Electronic Arts, Inc. | 21130 | 3374461 |
| †Roku, Inc. | 3026 | 265955 |
|  |  | **3640416** |
| **Financial Services–5.57%** | **Financial Services–5.57%** | **Financial Services–5.57%** |
| †Affirm Holdings, Inc. | 5467 | 377988 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 15642 | 7598414 |
| Global Payments, Inc. | 15470 | 1238219 |
| Jack Henry & Associates, <br> Inc.<br>| 958 | 172603 |
| Mastercard, Inc. Class A | 5505 | 3093480 |
| †PayPal Holdings, Inc. | 73201 | 5440298 |
|  |  | **17921002** |
| **Food Products–0.71%** | **Food Products–0.71%** | **Food Products–0.71%** |
| Cal-Maine Foods, Inc. | 2266 | 225762 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Ingredion, Inc. | 11904 | $1614420 |
| Pilgrim's Pride Corp. | 10034 | 451329 |
|  |  | **2291511** |
| **Ground Transportation–0.64%** | **Ground Transportation–0.64%** | **Ground Transportation–0.64%** |
| †Uber Technologies, Inc. | 21957 | 2048588 |
|  |  | **2048588** |
| **Health Care Equipment & Supplies–3.29%** | **Health Care Equipment & Supplies–3.29%** | **Health Care Equipment & Supplies–3.29%** |
| †Align Technology, Inc. | 1667 | 315613 |
| †Hologic, Inc. | 22197 | 1446356 |
| †Lantheus Holdings, Inc. | 5187 | 424608 |
| Medtronic PLC | 47017 | 4098472 |
| ResMed, Inc. | 12054 | 3109932 |
| †Solventum Corp. | 15777 | 1196528 |
|  |  | **10591509** |
| **Health Care Providers & Services–2.53%** | **Health Care Providers & Services–2.53%** | **Health Care Providers & Services–2.53%** |
| Cigna Group | 3035 | 1003310 |
| †DaVita, Inc. | 3567 | 508119 |
| †Henry Schein, Inc. | 4560 | 333108 |
| Labcorp Holdings, Inc. | 2050 | 538146 |
| Quest Diagnostics, Inc. | 2694 | 483923 |
| UnitedHealth Group, Inc. | 16901 | 5272605 |
|  |  | **8139211** |
| **Health Care Technology–0.90%** | **Health Care Technology–0.90%** | **Health Care Technology–0.90%** |
| †Veeva Systems, Inc. Class A | 10023 | 2886424 |
|  |  | **2886424** |
| **Hotels, Restaurants & Leisure–1.41%** | **Hotels, Restaurants & Leisure–1.41%** | **Hotels, Restaurants & Leisure–1.41%** |
| Booking Holdings, Inc. | 200 | 1157848 |
| †Brinker International, Inc. | 3591 | 647565 |
| †DoorDash, Inc. Class A | 1274 | 314054 |
| Expedia Group, Inc. | 9888 | 1667908 |
| Yum! Brands, Inc. | 4984 | 738529 |
|  |  | **4525904** |
| **Household Durables–0.31%** | **Household Durables–0.31%** | **Household Durables–0.31%** |
| †TopBuild Corp. | 3085 | 998738 |
|  |  | **998738** |
| **Household Products–3.53%** | **Household Products–3.53%** | **Household Products–3.53%** |
| Colgate-Palmolive Co. | 36032 | 3275309 |
| Kimberly-Clark Corp. | 16795 | 2165211 |
| Procter & Gamble Co. | 37046 | 5902169 |
|  |  | **11342689** |
| **Industrial REITs–0.14%** | **Industrial REITs–0.14%** | **Industrial REITs–0.14%** |
| Prologis, Inc. | 4290 | 450965 |
|  |  | **450965** |
| **Insurance–3.48%** | **Insurance–3.48%** | **Insurance–3.48%** |
| Allstate Corp. | 4622 | 930455 |
| CNA Financial Corp. | 19418 | 903520 |

---

LVIP American Century Disciplined Core Value Fund-2

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Everest Group Ltd. | 2029 | $689556 |
| Hartford Insurance Group, <br> Inc.<br>| 22444 | 2847470 |
| Progressive Corp. | 3526 | 940948 |
| Travelers Cos., Inc. | 8182 | 2189012 |
| W.R. Berkley Corp. | 36531 | 2683933 |
|  |  | **11184894** |
| **IT Services–4.20%** | **IT Services–4.20%** | **IT Services–4.20%** |
| Accenture PLC Class A | 12084 | 3611787 |
| †Akamai Technologies, Inc. | 4104 | 327335 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 48837 | 3810751 |
| International Business <br> Machines Corp.<br>| 15035 | 4432017 |
| †Twilio, Inc. Class A | 10690 | 1329409 |
|  |  | **13511299** |
| **Leisure Products–0.22%** | **Leisure Products–0.22%** | **Leisure Products–0.22%** |
| †Mattel, Inc. | 36095 | 711793 |
|  |  | **711793** |
| **Life Sciences Tools & Services–0.54%** | **Life Sciences Tools & Services–0.54%** | **Life Sciences Tools & Services–0.54%** |
| †Illumina, Inc. | 18310 | 1746957 |
|  |  | **1746957** |
| **Machinery–5.67%** | **Machinery–5.67%** | **Machinery–5.67%** |
| Caterpillar, Inc. | 13986 | 5429505 |
| Cummins, Inc. | 13943 | 4566333 |
| Donaldson Co., Inc. | 11526 | 799328 |
| Flowserve Corp. | 3148 | 164798 |
| Lincoln Electric Holdings, <br> Inc.<br>| 2147 | 445116 |
| †Middleby Corp. | 6380 | 918720 |
| Mueller Industries, Inc. | 1980 | 157351 |
| Parker-Hannifin Corp. | 5652 | 3947752 |
| Snap-on, Inc. | 3574 | 1112157 |
| Toro Co. | 2458 | 173731 |
| Watts Water Technologies, <br> Inc. Class A<br>| 2092 | 514402 |
|  |  | **18229193** |
| **Media–2.18%** | **Media–2.18%** | **Media–2.18%** |
| Comcast Corp. Class A | 157376 | 5616749 |
| Fox Corp. Class A | 24994 | 1400664 |
|  |  | **7017413** |
| **Metals & Mining–0.77%** | **Metals & Mining–0.77%** | **Metals & Mining–0.77%** |
| Commercial Metals Co. | 9844 | 481470 |
| Newmont Corp. | 34463 | 2007814 |
|  |  | **2489284** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Multi-Utilities–0.92%** | **Multi-Utilities–0.92%** | **Multi-Utilities–0.92%** |
| Consolidated Edison, Inc. | 5387 | $540586 |
| WEC Energy Group, Inc. | 23336 | 2431611 |
|  |  | **2972197** |
| **Oil, Gas & Consumable Fuels–2.50%** | **Oil, Gas & Consumable Fuels–2.50%** | **Oil, Gas & Consumable Fuels–2.50%** |
| Chevron Corp. | 6514 | 932740 |
| Crescent Energy Co. Class A | 12952 | 111387 |
| Devon Energy Corp. | 12088 | 384519 |
| Diamondback Energy, Inc. | 11059 | 1519507 |
| Exxon Mobil Corp. | 39816 | 4292165 |
| Permian Resources Corp. | 57929 | 788993 |
|  |  | **8029311** |
| **Personal Care Products–0.66%** | **Personal Care Products–0.66%** | **Personal Care Products–0.66%** |
| Kenvue, Inc. | 101812 | 2130925 |
|  |  | **2130925** |
| **Pharmaceuticals–4.62%** | **Pharmaceuticals–4.62%** | **Pharmaceuticals–4.62%** |
| Bristol-Myers Squibb Co. | 14983 | 693563 |
| †Jazz Pharmaceuticals PLC | 6518 | 691690 |
| Johnson & Johnson | 57147 | 8729204 |
| Merck & Co., Inc. | 59755 | 4730206 |
|  |  | **14844663** |
| **Professional Services–2.06%** | **Professional Services–2.06%** | **Professional Services–2.06%** |
| †Amentum Holdings, Inc. | 409 | 9656 |
| Booz Allen Hamilton Holding <br> Corp.<br>| 9121 | 949770 |
| †CACI International, Inc. <br> Class A<br>| 1283 | 611606 |
| Genpact Ltd. | 19324 | 850449 |
| Jacobs Solutions, Inc. | 6733 | 885053 |
| KBR, Inc. | 3374 | 161750 |
| Leidos Holdings, Inc. | 14913 | 2352675 |
| †Parsons Corp. | 5068 | 363730 |
| Science Applications <br> International Corp.<br>| 4039 | 454832 |
|  |  | **6639521** |
| **Real Estate Management & Development–0.27%** | **Real Estate Management & Development–0.27%** | **Real Estate Management & Development–0.27%** |
| †Jones Lang LaSalle, Inc. | 3374 | 863002 |
|  |  | **863002** |
| **Semiconductors & Semiconductor Equipment–3.50%** | **Semiconductors & Semiconductor Equipment–3.50%** | **Semiconductors & Semiconductor Equipment–3.50%** |
| Amkor Technology, Inc. | 7514 | 157719 |
| Applied Materials, Inc. | 7294 | 1335313 |
| Broadcom, Inc. | 4323 | 1191635 |
| KLA Corp. | 5696 | 5102135 |
| Marvell Technology, Inc. | 28373 | 2196070 |
| Micron Technology, Inc. | 1905 | 234791 |
| †Qorvo, Inc. | 6406 | 543933 |
| QUALCOMM, Inc. | 3135 | 499280 |
|  |  | **11260876** |

---

LVIP American Century Disciplined Core Value Fund-3

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software–2.00%** | **Software–2.00%** | **Software–2.00%** |
| †AppLovin Corp. Class A | 3036 | $1062843 |
| Microsoft Corp. | 3651 | 1816044 |
| Salesforce, Inc. | 5383 | 1467890 |
| †Zoom Communications, Inc. <br> Class A<br>| 26668 | 2079571 |
|  |  | **6426348** |
| **Specialized REITs–1.33%** | **Specialized REITs–1.33%** | **Specialized REITs–1.33%** |
| Lamar Advertising Co. <br> Class A<br>| 2406 | 291992 |
| Public Storage | 8480 | 2488202 |
| SBA Communications Corp. | 6357 | 1492878 |
|  |  | **4273072** |
| **Specialty Retail–2.30%** | **Specialty Retail–2.30%** | **Specialty Retail–2.30%** |
| Bath & Body Works, Inc. | 23112 | 692436 |
| Gap, Inc. | 24333 | 530703 |
| Home Depot, Inc. | 10839 | 3974011 |
| Lowe's Cos., Inc. | 7307 | 1621204 |
| †Ulta Beauty, Inc. | 1221 | 571208 |
|  |  | **7389562** |
| **Technology Hardware, Storage & Peripherals–1.74%** | **Technology Hardware, Storage & Peripherals–1.74%** | **Technology Hardware, Storage & Peripherals–1.74%** |
| Apple, Inc. | 14542 | 2983582 |
| Hewlett Packard Enterprise <br> Co.<br>| 101689 | 2079540 |
| NetApp, Inc. | 5021 | 534988 |
|  |  | **5598110** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** |
| Ralph Lauren Corp. | 4887 | $1340406 |
|  |  | **1340406** |
| **Trading Companies & Distributors–1.85%** | **Trading Companies & Distributors–1.85%** | **Trading Companies & Distributors–1.85%** |
| †Core & Main, Inc. Class A | 11155 | 673204 |
| Ferguson Enterprises, Inc. | 14741 | 3209853 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 6941 | 590124 |
| Rush Enterprises, Inc. <br> Class A<br>| 4222 | 217475 |
| Watsco, Inc. | 1144 | 505213 |
| WESCO International, Inc. | 4053 | 750616 |
|  |  | **5946485** |
| **Total Common Stock** <br>**(Cost $267,804,497)** | **Total Common Stock** <br>**(Cost $267,804,497)** | **319528522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.68%** | **MONEY MARKET FUND–0.68%** | **MONEY MARKET FUND–0.68%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 2189793 | 2189793 |
| **Total Money Market Fund** <br>**(Cost $2,189,793)** | **Total Money Market Fund** <br>**(Cost $2,189,793)** | **2189793** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $269,994,290)** | **321718315** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(59433)**<br>|
| **NET ASSETS APPLICABLE TO 36,582,738 SHARES OUTSTANDING–100.00%** | **$321658882** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND STANDARD CLASS** <br>**($10,960 / 1,245 Shares)** | **$8.802** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND STANDARD CLASS II** <br>**($285,811,022 / 32,500,892 Shares)** | **$8.794** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND SERVICE CLASS** <br>**($35,836,900 / 4,080,601 Shares)** | **$8.782** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$266869017** |
| Distributable earnings/(accumulated loss) | **54789865** |
| **TOTAL NET ASSETS** | **$321658882** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $5,025 expense reimbursement receivable from Lincoln Financial Investments Corporation, $167,050 payable for fund shares <br> redeemed, $7,827 other accrued expenses payable, $183,478 due to manager and affiliates, $19,831 due to custodian, $14,252 payable for <br> audit fee and $17,378 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Disciplined Core Value Fund-4

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3285424 |
| **EXPENSES:** |  |
| Management fees | 863431 |
| Shareholder servicing fees | 202509 |
| Distribution fees-Service Class | 42636 |
| Accounting and administration expenses | 34445 |
| Professional fees | 22200 |
| Trustees' fees and expenses | 4810 |
| Reports and statements to shareholders | 4247 |
| Custodian fees | 1805 |
| Consulting fees | 1775 |
| Pricing fees | 723 |
| Other | 4921 |
|  | 1183502 |
| Less:  |  |
| Expenses reimbursed | (26260)<br>|
| Total operating expenses | 1157242 |
| **NET INVESTMENT INCOME**  | 2128182 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 3935340 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | 2246473 |
| Foreign currencies | 2736 |
| Net change in unrealized appreciation (depreciation) | 2249209 |
| **NET REALIZED AND UNREALIZED GAIN** | 6184549 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $8312731 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $2128182 | $4137734 |
| Net realized gain | 3935340 | 40618660 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 2249209 | (3103252)<br>|
| Net increase in net assets resulting <br> from operations<br>| 8312731 | 41653142 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (109)<br>|
| Standard Class II |  | (3901664)<br>|
| Service Class |  | (372054)<br>|
|  |  | (4273827)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 4593470 | 10804264 |
| Service Class | 3125234 | 4294223 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 109 |
| Standard Class II |  | 3901664 |
| Service Class |  | 372054 |
|  | 7718704 | 19382314 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Standard Class II | (18822428)<br>| (54832583)<br>|
| Service Class | (2599237)<br>| (6057291)<br>|
|  | (21421665)<br>| (60889874)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (13702961)<br>| (41507560)<br>|
| **NET DECREASE IN NET ASSETS** | (5390230)<br>| (4128245)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 327049112 | 331177357 |
| End of period | $321658882 | $327049112 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-6

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Standard Class** | **LVIP American Century Disciplined Core Value Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.569 | &nbsp;&nbsp; $8.110 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.064 | 0.079 |
| Net realized and unrealized gain | 0.169 | 0.468 |
| Total from investment operations | 0.233 | 0.547 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.088)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.088)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.802 | &nbsp;&nbsp; $8.569 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 6.70% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.31% |
| Portfolio turnover | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Disciplined Core Value Fund-7

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.670 | &nbsp;&nbsp; $7.17 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.058 | 0.105 | 0.11 | 0.14 | 0.11 | 0.19 |
| Net realized and unrealized gain (loss) | 0.171 | 0.901 | 0.50 | &nbsp;&nbsp; (1.20)<br>| 2.13 | 0.73 |
| Total from investment operations | 0.229 | 1.006 | 0.61 | &nbsp;&nbsp; (1.06)<br>| 2.24 | 0.92 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (0.66)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.794 | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.17 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; 8.65% | &nbsp;&nbsp; (12.74%)<br>| &nbsp;&nbsp; 23.65% | &nbsp;&nbsp; 11.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $285811 | &nbsp;&nbsp; $292641 | &nbsp;&nbsp; $299110 | &nbsp;&nbsp; $326453 | &nbsp;&nbsp; $410287 | &nbsp;&nbsp; $362015 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 2.03% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 109% | &nbsp;&nbsp; 217% | &nbsp;&nbsp; 248% | &nbsp;&nbsp; 163% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Disciplined Core Value Fund-8

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.670 | &nbsp;&nbsp; $7.18 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.03 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.048 | 0.084 | 0.09 | 0.12 | 0.09 | 0.16 |
| Net realized and unrealized gain (loss) | 0.169 | 0.903 | 0.49 | &nbsp;&nbsp; (1.19)<br>| 2.13 | 0.73 |
| Total from investment operations | 0.217 | 0.987 | 0.58 | &nbsp;&nbsp; (1.07)<br>| 2.22 | 0.89 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.092)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.092)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.64)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.782 | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.18 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 12.84% | &nbsp;&nbsp; 8.24% | &nbsp;&nbsp; (12.83%)<br>| &nbsp;&nbsp; 23.34% | &nbsp;&nbsp; 11.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $35837 | &nbsp;&nbsp; $34397 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $34590 | &nbsp;&nbsp; $40762 | &nbsp;&nbsp; $30024 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.78% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.78% |
| Portfolio turnover | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 109% | &nbsp;&nbsp; 217% | &nbsp;&nbsp; 248% | &nbsp;&nbsp; 163% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Disciplined Core Value Fund-9

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Disciplined Core Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Disciplined Core Value Fund-10

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $5 billion of the Fund's average daily net assets; and 0.50% of the Fund's average daily net assets in excess of $5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.61% of the Fund's average daily net assets for the Standard Class, 0.71% for the Standard Class II and 0.96% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Disciplined Core Value Fund-11

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $83574 | &nbsp;&nbsp; $83574 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $13489 |
| Legal | &nbsp;&nbsp; 2056 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $256 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $5025 |
| Management fees payable to LFI | &nbsp;&nbsp; 142582 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 7207 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 248 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 33441 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $136970755 |
| Sales | &nbsp;&nbsp; 148338488 |

---

LVIP American Century Disciplined Core Value Fund-12

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**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $269994290 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $60964205 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (9240180)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $51724025 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $319528522 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $319528522 |
| Money Market Fund | &nbsp;&nbsp; 2189793 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2189793 |
| **Total Investments** | &nbsp;&nbsp; $321718315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $321718315 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP American Century Disciplined Core Value Fund-13

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1233 |
| Standard Class II | &nbsp;&nbsp; 542752 | &nbsp;&nbsp; 1290592 |
| Service Class | &nbsp;&nbsp; 370743 | &nbsp;&nbsp; 514749 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 445490 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 42449 |
|  | &nbsp;&nbsp; 913495 | &nbsp;&nbsp; 2294525 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (2207812)<br>| &nbsp;&nbsp; (6586855)<br>|
| Service Class | &nbsp;&nbsp; (306324)<br>| &nbsp;&nbsp; (723083)<br>|
|  | &nbsp;&nbsp; (2514136)<br>| &nbsp;&nbsp; (7309938)<br>|
| Net decrease | &nbsp;&nbsp; (1600641)<br>| &nbsp;&nbsp; (5015413)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 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 American Century Disciplined Core Value Fund-14

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Disciplined Core Value Fund-15

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![](img5c29aa5f1.jpg)

LVIP American Century Inflation Protection Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Inflation Protection Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_a011856d-a6dd-4120-883e-b8adc71210f4_SOI-continued-699_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_a011856d-a6dd-4120-883e-b8adc71210f4_FS-continued-699_1)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_a011856d-a6dd-4120-883e-b8adc71210f4_FS-continued-699_1)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_a011856d-a6dd-4120-883e-b8adc71210f4_FIHI-continued-699_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_a011856d-a6dd-4120-883e-b8adc71210f4_NTF-continued-699_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP American Century Inflation Protection Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES–15.96%** | **AGENCY MORTGAGE-BACKED SECURITIES–15.96%** | **AGENCY MORTGAGE-BACKED SECURITIES–15.96%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.50% 11/1/50 | 1164381 | $978701 |
| 3.50% 8/1/52 | 2642178 | 2383095 |
| 4.00% 11/1/52 | 3153322 | 2952968 |
| 4.50% 10/1/52 | 2333127 | 2235940 |
| 4.50% 4/1/53 | 2628503 | 2519278 |
| 5.00% 6/1/53 | 2883367 | 2832381 |
| 5.50% 10/1/54 | 3872801 | 3875925 |
| 6.00% 11/1/53 | 4541853 | 4632091 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.50% 1/1/52 | 10357626 | 8686552 |
| 4.00% 9/1/52 | 7874333 | 7326121 |
| 5.50% 1/1/53 | 4990062 | 5004494 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 10/20/50 | 3061753 | 2493972 |
| 3.00% 9/20/51 | 4422298 | 3916422 |
| 4.00% 10/20/52 | 5218439 | 4886492 |
| 5.00% 8/20/53 | 7792720 | 7671500 |
| 5.50% 11/20/52 | 2358971 | 2384421 |
| 5.50% 12/20/52 | 2008554 | 2028246 |
| 6.00% 11/20/54 | 4893813 | 4969229 |
| Government National <br> Mortgage Association, TBA <br> 4.00% 7/20/54<br>| 5248000 | 4878647 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $77,409,058)**<br>|  | **76656475** |
| **AGENCY OBLIGATIONS–4.53%** | **AGENCY OBLIGATIONS–4.53%** | **AGENCY OBLIGATIONS–4.53%** |
| Federal Home Loan Mortgage <br> Corp. 6.25% 7/15/32<br>| 2475000 | 2806168 |
| Federal National Mortgage <br> Association 6.63% 11/15/30<br>| 13825000 | 15641896 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 4.70% 7/15/33 | 2058000 | 2103054 |
| 4.88% 5/15/35 | 900000 | 919841 |
| 5.25% 2/1/55 | 300000 | 292624 |
| **Total Agency Obligations** <br>**(Cost $22,331,132)**<br>|  | **21763583** |
| **ΔCORPORATE BONDS–10.72%** | **ΔCORPORATE BONDS–10.72%** | **ΔCORPORATE BONDS–10.72%** |
| **United States–10.72%** | **United States–10.72%** | **United States–10.72%** |
| AbbVie, Inc. 2.95% 11/21/26 | 1200000 | 1180113 |
| μAmerican Express Co. 3.55% <br> 9/15/26<br>| 1060000 | 1035245 |
| American International <br> Group, Inc. 5.13% 3/27/33<br>| 1775000 | 1804563 |
| Amgen, Inc. 5.25% 3/2/33 | 1145000 | 1172506 |
| Apple, Inc. 4.20% 5/12/30 | 1312000 | 1317854 |
| Athene Global Funding |  |  |
| 4.86% 8/27/26 | 1330000 | 1335664 |
| 5.35% 7/9/27 | 1025000 | 1040916 |
| Atlas Warehouse Lending Co. <br> LP 6.25% 1/15/30<br>| 1015000 | 1025719 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| μBank of America Corp. 5.47% <br> 1/23/35<br>| 510000 | $523943 |
| μCapital One Financial Corp. <br> 7.62% 10/30/31<br>| 1555000 | 1756910 |
| Caterpillar Financial Services <br> Corp. 3.65% 8/12/25<br>| 3160000 | 3157223 |
| μCharles Schwab Corp. |  |  |
| 4.00% 6/1/26 | 1022000 | 1006652 |
| 5.00% 6/1/27 | 1040000 | 1036335 |
| μCitibank NA 4.88% 11/19/27 | 2245000 | 2258656 |
| μCitigroup, Inc. 5.83% 2/13/35 | 670000 | 683644 |
| CVS Health Corp. 5.25% <br> 2/21/33<br>| 760000 | 765077 |
| Duke Energy Corp. 5.45% <br> 6/15/34<br>| 770000 | 790852 |
| Evergy Kansas Central, Inc. <br> 4.70% 3/13/28<br>| 1250000 | 1264111 |
| GA Global Funding Trust <br> 4.40% 9/23/27<br>| 1360000 | 1357319 |
| μGoldman Sachs Group, Inc. <br> 4.94% 4/23/28<br>| 676000 | 681269 |
| HCA, Inc. 5.25% 3/1/30 | 1235000 | 1266115 |
| Hewlett Packard Enterprise <br> Co. 4.40% 9/25/27<br>| 797000 | 797697 |
| Highwoods Realty LP 3.88% <br> 3/1/27<br>| 1375000 | 1349695 |
| Hyatt Hotels Corp. 5.75% <br> 3/30/32<br>| 495000 | 508175 |
| Intel Corp. 2.45% 11/15/29 | 1050000 | 959395 |
| μJPMorgan Chase & Co. |  |  |
| 4.51% 10/22/28 | 552000 | 553651 |
| 5.00% 7/22/30 | 1375000 | 1400111 |
| 5.30% 7/24/29 | 740000 | 759767 |
| 6.09% 10/23/29 | 1524000 | 1601810 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp. 4.25% <br> 2/1/27<br>| 1475000 | 1454210 |
| μM&T Bank Corp. 5.13% <br> 11/1/26<br>| 56000 | 55707 |
| Mars, Inc. 5.20% 3/1/35 | 1743000 | 1763880 |
| μMorgan Stanley 4.99% <br> 4/12/29<br>| 642000 | 651339 |
| Motorola Solutions, Inc. 4.85% <br> 8/15/30<br>| 705000 | 712596 |
| Oncor Electric Delivery Co. <br> LLC 4.30% 5/15/28<br>| 2205000 | 2215090 |
| Roche Holdings, Inc. 2.31% <br> 3/10/27<br>| 1930000 | 1878818 |
| Synopsys, Inc. |  |  |
| 4.65% 4/1/28 | 760000 | 767736 |
| 4.85% 4/1/30 | 755000 | 765472 |
| Trans-Allegheny Interstate <br> Line Co. 5.00% 1/15/31<br>| 281000 | 285895 |

---

LVIP American Century Inflation Protection Fund-1

------

**LVIP American Century Inflation Protection Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| μTruist Financial Corp. 6.12% <br> 10/28/33<br>| 2034000 | $2161720 |
| μU.S. Bank NA 4.51% 10/22/27 | 1340000 | 1341439 |
| μWells Fargo & Co. |  |  |
| 3.90% 3/15/26 | 1560000 | 1544011 |
| 4.97% 4/23/29 | 975000 | 988643 |
| 5.39% 4/24/34 | 175000 | 179068 |
| 6.30% 10/23/29 | 275000 | 290644 |
| **Total Corporate Bonds** <br>**(Cost $51,038,053)**<br>|  | **51447255** |
| **MUNICIPAL BONDS–0.52%** | **MUNICIPAL BONDS–0.52%** | **MUNICIPAL BONDS–0.52%** |
| Golden State Tobacco <br> Securitization Corp. Series <br> B 2.75% 6/1/34<br>| 1120000 | 968627 |
| University of California Series <br> BG 1.32% 5/15/27<br>| 1605000 | 1531251 |
| **Total Municipal Bonds** <br>**(Cost $2,648,699)**<br>|  | **2499878** |
| **NON-AGENCY ASSET-BACKED SECURITIES–2.05%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.05%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.05%** |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 929601 | 871679 |
| Dryden 43 Senior Loan Fund <br> Series 2016-43A Class B2R2 <br> 3.09% 4/20/34<br>| 3000000 | 2771244 |
| FirstKey Homes Trust Series <br> 2020-SFR2 Class D 1.97% <br> 10/19/37<br>| 1500000 | 1481827 |
| Goodgreen Trust Series <br> 2020-1A Class A 2.63% <br> 4/15/55<br>| 764560 | 642293 |
| Hilton Grand Vacations Trust <br> Series 2019-AA Class B <br> 2.54% 7/25/33<br>| 408829 | 402151 |
| •Palmer Square CLO Ltd. <br> Series 2024-4A Class A2 <br> 5.83% (3 mo. USD Term <br> SOFR + 1.50%) 1/15/38<br>| 775000 | 775719 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2021-1A <br> Class B 1.34% 11/20/37<br>| 668173 | 656453 |
| Subway Funding LLC Series <br> 2024-1A Class A2II 6.27% <br> 7/30/54<br>| 718390 | 735968 |
| Switch ABS Issuer LLC Series <br> 2024-2A Class A2 5.44% <br> 6/25/54<br>| 825000 | 831142 |
| •Towd Point Mortgage Trust <br> Series 2024-CES3 Class A1 <br> 6.29% 5/25/64<br>| 681653 | 688058 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $10,242,788)**<br>|  | **9856534** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–7.27%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–7.27%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–7.27%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 7168 | $7049 |
| •Agate Bay Mortgage Trust <br> Series 2015-7 Class A3 3.50% <br> 10/25/45<br>| 412474 | 375155 |
| •Angel Oak Mortgage Trust | •Angel Oak Mortgage Trust | •Angel Oak Mortgage Trust |
| Series 2019-5 Class A3 2.92% <br> 10/25/49<br>| 109493 | 107676 |
| Series 2019-6 Class A3 2.93% <br> 11/25/59<br>| 133302 | 130997 |
| •Arroyo Mortgage Trust | •Arroyo Mortgage Trust | •Arroyo Mortgage Trust |
| Series 2021-1R Class A2 <br> 1.48% 10/25/48<br>| 315637 | 280210 |
| Series 2021-1R Class A3 <br> 1.64% 10/25/48<br>| 257493 | 228369 |
| Bank5 Series 2024-5YR7 <br> Class A3 5.77% 6/15/57<br>| 1983000 | 2058529 |
| φBRAVO Residential Funding <br> Trust Series 2024-NQM4 <br> Class A1B 4.35% 1/25/60<br>| 1474741 | 1432720 |
| Cendant Mortgage Corp. <br> Series 2003-6 Class A3 5.25% <br> 7/25/33<br>| 65849 | 63969 |
| •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust |
| Series 2024-10 Class A4 <br> 6.00% 10/25/55<br>| 1341582 | 1358542 |
| Series 2024-2 Class A4A <br> 6.00% 2/25/55<br>| 538106 | 544495 |
| Series 2024-7 Class A4 6.00% <br> 6/25/55<br>| 2112910 | 2136323 |
| Series 2024-9 Class A4 5.50% <br> 9/25/55<br>| 1496853 | 1500033 |
| Series 2024-9 Class A6 5.50% <br> 9/25/55<br>| 625517 | 624626 |
| •Citigroup Mortgage Loan <br> Trust Series 2024-CMI1 <br> Class A11 5.50% 6/25/54<br>| 2070436 | 2074068 |
| •CSMC Trust | •CSMC Trust | •CSMC Trust |
| Series 2015-WIN1 Class A10 <br> 3.50% 12/25/44<br>| 191510 | 176259 |
| Series 2021-NQM2 Class A3 <br> 1.54% 2/25/66<br>| 375918 | 341536 |
| Deephaven Residential <br> Mortgage Trust Series <br> 2020-2 Class A3 2.86% <br> 5/25/65<br>| 222339 | 220969 |
| •GCAT Trust Series 2024-INV3 <br> Class A6 5.50% 9/25/54<br>| 897107 | 899361 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2014-5 Class A1 2.62% <br> 10/25/29<br>| 222970 | 217754 |
| Series 2016-1 Class A7 3.50% <br> 5/25/46<br>| 1061077 | 957084 |
| Series 2023-7 Class A4A <br> 5.50% 2/25/54<br>| 1712095 | 1711686 |

---

LVIP American Century Inflation Protection Fund-2

------

**LVIP American Century Inflation Protection 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)** |
| •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) |
| Series 2024-10 Class A4 <br> 5.50% 3/25/55<br>| 1295194 | $1298266 |
| Series 2024-10 Class A6 <br> 5.50% 3/25/55<br>| 962073 | 961196 |
| Series 2024-11 Class A4 <br> 6.00% 4/25/55<br>| 2022057 | 2048725 |
| Series 2024-11 Class A6 <br> 6.00% 4/25/55<br>| 829084 | 835105 |
| Series 2024-5 Class A6 6.00% <br> 11/25/54<br>| 936061 | 939873 |
| Series 2024-6 Class A6 6.00% <br> 12/25/54<br>| 673097 | 676332 |
| Series 2024-9 Class A6 5.50% <br> 2/25/55<br>| 1063105 | 1061719 |
| Series 2024-INV1 Class A4 <br> 6.00% 4/25/55<br>| 1172338 | 1187350 |
| •Provident Funding Mortgage <br> Trust Series 2024-1 Class A3 <br> 5.50% 12/25/54<br>| 1969014 | 1975252 |
| •Rate Mortgage Trust Series <br> 2024-J3 Class A8 5.50% <br> 10/25/54<br>| 496486 | 496475 |
| •RCKT Mortgage Trust Series <br> 2024-CES3 Class A1A 6.59% <br> 5/25/44<br>| 487435 | 493736 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2017-7 Class A7 3.50% <br> 10/25/47<br>| 704721 | 630402 |
| Series 2024-10 Class A11 <br> 5.50% 11/25/54<br>| 951116 | 950445 |
| Series 2024-10 Class A5 <br> 5.50% 11/25/54<br>| 801806 | 803776 |
| Series 2024-6 Class A11 <br> 6.00% 7/27/54<br>| 462520 | 464866 |
| Series 2024-9 Class A5 5.50% <br> 10/25/54<br>| 1082963 | 1084767 |
| •STAR Trust Series 2021-1 <br> Class A1 1.22% 5/25/65<br>| 711598 | 672198 |
| •Verus Securitization Trust <br> Series 2021-1 Class A3 1.16% <br> 1/25/66<br>| 681832 | 616900 |
| •Vista Point Securitization <br> Trust Series 2020-2 Class A3 <br> 2.50% 4/25/65<br>| 271082 | 260624 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $35,122,759)**<br>|  | **34905417** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.63%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.63%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.63%** |
| Aligned Data Centers <br> Issuer LLC Series 2021-1A <br> Class B 2.48% 8/15/46<br>| 1500000 | 1439790 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2024-5YR6 <br> Class A3 6.23% 5/15/57<br>| 1061000 | $1115021 |
| BBCMS Mortgage Trust Series <br> 2024-5C27 Class A3 6.01% <br> 7/15/57<br>| 519000 | 542824 |
| •Benchmark Mortgage Trust <br> Series 2024-V8 Class A3 <br> 6.19% 7/15/57<br>| 1831000 | 1931419 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2018-AON Class A <br> 4.13% 7/5/31<br>| 3055000 | 2803804 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $8,111,402)**<br>|  | **7832858** |
| **U.S. TREASURY OBLIGATIONS–52.77%** | **U.S. TREASURY OBLIGATIONS–52.77%** | **U.S. TREASURY OBLIGATIONS–52.77%** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 0.13% 2/15/51 | 6468157 | 3520365 |
| 0.13% 2/15/52 | 5634600 | 3005855 |
| 0.25% 2/15/50 | 10642369 | 6177155 |
| 0.63% 2/15/43 | 11664912 | 8666916 |
| 0.75% 2/15/42 | 5984823 | 4646077 |
| 0.75% 2/15/45 | 13553392 | 9890734 |
| 0.88% 1/15/29 | 5208353 | 5127346 |
| 0.88% 2/15/47 | 6743660 | 4883930 |
| 1.00% 2/15/46 | 10613322 | 8038941 |
| 1.00% 2/15/48 | 3512052 | 2581671 |
| 1.00% 2/15/49 | 509884 | 369748 |
| 1.38% 7/15/33 | 24967386 | 24245395 |
| 1.38% 2/15/44 | 13350207 | 11205728 |
| 1.50% 2/15/53 | 4370274 | 3459475 |
| 1.75% 1/15/28 | 8200625 | 8305171 |
| 1.88% 7/15/34 | 29491624 | 29514235 |
| 2.13% 4/15/29 | 3525902 | 3620681 |
| 2.38% 1/15/27 | 1445828 | 1470042 |
| 2.50% 1/15/29 | 7283250 | 7577819 |
| 3.38% 4/15/32 | 903555 | 1005717 |
| 3.63% 4/15/28 | 4355085 | 4630922 |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| \*0.13% 7/15/26 | 2341798 | 2321526 |
| 0.13% 4/15/27 | 1420075 | 1390339 |
| 0.13% 1/15/30 | 13751322 | 12977085 |
| 0.13% 7/15/30 | 5129346 | 4818196 |
| 0.13% 1/15/31 | 6284220 | 5822239 |
| 0.13% 7/15/31 | 15857335 | 14591708 |
| 0.13% 1/15/32 | 9511691 | 8620542 |
| 0.38% 7/15/27 | 10031215 | 9895389 |
| 0.50% 1/15/28 | 13263978 | 13017114 |
| 0.63% 7/15/32 | 10267107 | 9576386 |
| \*1.13% 1/15/33 | 7107078 | 6791065 |
| 1.25% 4/15/28 | 3742865 | 3735822 |
| 1.63% 10/15/29 | 509705 | 515961 |

---

LVIP American Century Inflation Protection Fund-3

------

**LVIP American Century Inflation Protection 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 Inflation Indexed Notes (continued) | U.S. Treasury Inflation Indexed Notes (continued) | U.S. Treasury Inflation Indexed Notes (continued) |
| 1.75% 1/15/34 | 4721838 | $4680499 |
| 2.38% 10/15/28 | 2618100 | 2715696 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $278,597,965)**<br>|  | **253413490** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–5.53%** | **MONEY MARKET FUND–5.53%** | **MONEY MARKET FUND–5.53%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 26576176 | 26576176 |
| **Total Money Market Fund** <br>**(Cost $26,576,176)** | **Total Money Market Fund** <br>**(Cost $26,576,176)** | **26576176** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.98% (Cost $512,078,032)** | **484951666** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.98%)** | **(4725909)**<br>|
| **NET ASSETS APPLICABLE TO 50,221,429 SHARES OUTSTANDING –100.00%** | **$480225757** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INFLATION PROTECTION FUND STANDARD CLASS** <br>**($581,928 / 60,607 Shares)** | **$9.602** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INFLATION PROTECTION FUND STANDARD CLASS II** <br>**($87,719,757 / 9,145,147 Shares)** | **$9.592** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INFLATION PROTECTION FUND SERVICE CLASS** <br>**($391,924,072 / 41,015,675 Shares)** | **$9.555** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$543946729** |
| Distributable earnings/(accumulated loss) | **(63720972)**<br>|
| **TOTAL NET ASSETS** | **$480225757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ΔSecurities have been classified by country of origin. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| \*Fully or partially pledged as collateral for derivatives. |

---

LVIP American Century Inflation Protection Fund-4

------

**LVIP American Century Inflation Protection Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $13,849 expense reimbursement receivable from Lincoln Financial Investments Corporation, $15,030,724 variation margin due <br> from brokers on centrally cleared swap contracts, $4,829,982 payable for securities purchased, $968,315 payable for fund shares redeemed, <br> $7,503,529 cash collateral due to brokers for certain open bilateral derivatives, $7,545 other accrued expenses payable, $252,464 due to <br> manager and affiliates, $15,012,370 variation margin due to broker on futures contracts, $24,985 payable for audit fee and $22,605 payable <br> for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts and swap contracts were outstanding at June 30, 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>|
| **Interest Rate Contract:** | **Interest Rate Contract:** | **Interest Rate Contract:** | **Interest Rate Contract:** | **Interest Rate Contract:** | **Interest Rate Contract:** | **Interest Rate Contract:** |
| 16 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $1828250 | &nbsp;&nbsp; $1795781 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $32469 | &nbsp;&nbsp; $— |

---

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** <br>|  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 9000000 | 2.24% | 1/12/26 | $1169705 | $1169705 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1000000 | 1.88% | 11/21/29 | 161994 | 161994 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 6100000 | 1.80% | 10/21/29 | 1035103 | 1035103 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 18300000 | 2.37% | 2/2/29 | 218558 | 218558 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 4900000 | 2.49% | 2/2/34 | 13589 | 13589 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3400000 | 2.66% | 8/2/30 | (15421) |  | (15421) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 10800000 | 2.65% | 8/2/33 | (106429) |  | (106429) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 8000000 | 1.63% | 6/25/30 | 1603601 | 1603601 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 11500000 | 2.31% | 3/28/28 | 1312345 | 1312345 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 1.87% | 11/25/29 | 814674 | 814674 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3200000 | 2.62% | 3/2/33 | (4685) |  | (4685) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.15% | 11/20/27 | 688967 | 688967 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 10500000 | 2.44% | 2/2/30 | 156077 | 156077 |  |

---

LVIP American Century Inflation Protection Fund-5

------

**LVIP American Century Inflation Protection Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 10000000 | 2.50% | 9/3/31 | $758925 | $758925 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.47% | 5/3/28 | 58930 | 58930 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3500000 | 2.50% | 5/3/33 | 16628 | 16628 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 10000000 | 2.50% | 8/9/26 | 122468 | 122468 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3000000 | 1.29% | 5/19/30 | 661975 | 661975 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 11700000 | 2.39% | 8/2/29 | 68391 | 68391 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1400000 | 2.52% | 11/4/29 | 2079 | 2079 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1400000 | 2.52% | 11/4/29 | 2079 | 2079 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5800000 | 2.56% | 2/4/30 | (8119) |  | (8119) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | (2.42%) | 5/2/32 | 4007 | 4007 |  |
|  |  |  |  |  | 8870095 | (134654) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** <br>|  |  |  |  |  |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 2500000 | 2.28% | 11/16/26 | $308812 | $308812 | $— |
| BRC–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 15100000 | 2.90% | 12/21/27 | (1853149) |  | (1853149) |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 2500000 | 2.25% | 11/15/26 | 319255 | 319255 |  |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 1750000 | 2.22% | 4/13/27 | 218754 | 218754 |  |

---

LVIP American Century Inflation Protection Fund-6

------

**LVIP American Century Inflation Protection Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |
| BRC–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 3600000 | 2.78% | 7/2/44 | $(222732) | $— | $(222732) |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 3000000 | 1.79% | 8/27/25 | 468817 | 468817 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 1500000 | 1.87% | 5/23/26 | 262246 | 262246 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 13000000 | 1.92% | 5/31/26 | 2189606 | 2189606 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 12500000 | 1.77% | 6/16/26 | 2306016 | 2306016 |  |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 7000000 | 2.24% | 4/11/27 | 857778 | 857778 |  |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 4000000 | 2.24% | 4/28/27 | 493174 | 493174 |  |
|  |  |  |  |  | 7424458 | (2075881) |
| **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | $14084018 | $16294553 | $(2210535) |

---

&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 6 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 June 30, 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:** |
| BOA–Bank of America |
| BRC–Barclays Bank |
| CLO–Collateralized Loan Obligation |
| GSI–Goldman Sachs International |
| SOFR–Secured Overnight Financing Rate |
| TBA–To be announced |
| USA-CPI-U–United States Consumer Price Index for All Urban Consumers |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $11591274 |
| **EXPENSES:** |  |
| Management fees | 757905 |
| Distribution fees-Service Class | 496889 |
| Shareholder servicing fees | 315246 |
| Accounting and administration expenses | 50720 |
| Professional fees | 35443 |
| Trustees' fees and expenses | 7436 |
| Pricing fees | 6627 |
| Custodian fees | 6497 |
| Reports and statements to shareholders | 5866 |
| Consulting fees | 2807 |
| Other | 5289 |
|  | 1690725 |
| Less:  |  |
| Expenses reimbursed | (69343)<br>|
| Total operating expenses | 1621382 |
| **NET INVESTMENT INCOME**  | 9969892 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (5699146)<br>|
| Foreign currencies | 257 |
| Futures contracts | 240401 |
| Swap contracts | 732603 |
| Net realized loss | (4725885)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 14520304 |
| Futures contracts | 84591 |
| Swap contracts | 968678 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 15573573 |
| **NET REALIZED AND UNREALIZED GAIN** | 10847688 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $20817580 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $9969892 | $18065617 |
| Net realized loss | (4725885)<br>| (10015262)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 15573573 | 391366 |
| Net increase in net assets resulting <br> from operations<br>| 20817580 | 8441721 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (350)<br>|
| Standard Class II |  | (3612895)<br>|
| Service Class |  | (14692312)<br>|
| Return of capital: |  |  |
| Standard Class |  | (16)<br>|
| Standard Class II |  | (223292)<br>|
| Service Class |  | (982021)<br>|
|  |  | (19510886)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 624966 | 10000 |
| Standard Class II | 10274348 | 32502238 |
| Service Class | 30748064 | 54921855 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 366 |
| Standard Class II |  | 3836187 |
| Service Class |  | 15674333 |
|  | 41647378 | 106944979 |
| Cost of shares redeemed: |  |  |
| Standard Class | (59300)<br>|  |
| Standard Class II | (24015536)<br>| (38873743)<br>|
| Service Class | (64252856)<br>| (124561434)<br>|
|  | (88327692)<br>| (163435177)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (46680314)<br>| (56490198)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (25862734)<br>| (67559363)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 506088491 | 573647854 |
| End of period | $480225757 | $506088491 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-8

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Standard Class** | **LVIP American Century Inflation Protection Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.193 | &nbsp;&nbsp; $9.200 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.204 | 0.236 |
| Net realized and unrealized gain | 0.205 | 0.094 |
| Total from investment operations | 0.409 | 0.330 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.322)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.337)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.602 | &nbsp;&nbsp; $9.193 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 3.52% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $582 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.38% | &nbsp;&nbsp; 3.66% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 3.62% |
| Portfolio turnover | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Inflation Protection Fund-9

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.188 | &nbsp;&nbsp; $9.390 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $10.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.200 | 0.336 | 0.34 | 0.50 | 0.39 | 0.16 |
| Net realized and unrealized gain (loss) | 0.204 | &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.94)<br>| 0.32 | 0.84 |
| Total from investment operations | 0.404 | 0.175 | 0.33 | &nbsp;&nbsp; (1.44)<br>| 0.71 | 1.00 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.377)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.592 | &nbsp;&nbsp; $9.188 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.11 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; (12.88%)<br>| &nbsp;&nbsp; 6.61% | &nbsp;&nbsp; 9.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $87720 | &nbsp;&nbsp; $97478 | &nbsp;&nbsp; $101999 | &nbsp;&nbsp; $102827 | &nbsp;&nbsp; $126346 | &nbsp;&nbsp; $123185 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.28% | &nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 1.53% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 3.53% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Inflation Protection Fund-10

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.164 | &nbsp;&nbsp; $9.370 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $11.09 | &nbsp;&nbsp; $10.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.187 | 0.312 | 0.31 | 0.48 | 0.36 | 0.14 |
| Net realized and unrealized gain (loss) | 0.204 | &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (1.95)<br>| 0.32 | 0.84 |
| Total from investment operations | 0.391 | 0.149 | 0.31 | &nbsp;&nbsp; (1.47)<br>| 0.68 | 0.98 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.555 | &nbsp;&nbsp; $9.164 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $11.09 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; (13.08%)<br>| &nbsp;&nbsp; 6.27% | &nbsp;&nbsp; 9.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $391924 | &nbsp;&nbsp; $408600 | &nbsp;&nbsp; $471649 | &nbsp;&nbsp; $519180 | &nbsp;&nbsp; $664287 | &nbsp;&nbsp; $514161 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 3.31% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 1.28% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 3.28% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Per-share amount was less than $0.005.

<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 American Century Inflation Protection Fund-11

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Inflation Protection Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund, a former portfolio of American Century Variable Portfolios II, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to pursue long-term total return using a strategy that seeks to protect against U.S. inflation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Inflation Protection Fund-12

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.31% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.36% of the Fund's average daily net assets for the Standard Class, 0.46% for the Standard Class II and 0.71% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

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 six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Inflation Protection Fund-13

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $151586 | &nbsp;&nbsp; $151586 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $21013 |
| Legal | &nbsp;&nbsp; 3202 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $991 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $13849 |
| Management fees payable to LFI | &nbsp;&nbsp; 121420 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 79970 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 595 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 50479 |

---

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 six months ended June 30, 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; $116719753 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 41321894 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 109060121 |
| Sales of U.S. government securities | &nbsp;&nbsp; 75620022 |

---

LVIP American Century Inflation Protection Fund-14

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $512078032 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $19080608 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (32090487)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(13009879)<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. 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 June 30, 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 American Century Inflation Protection Fund-15

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76656475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76656475 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21763583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21763583 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 51447255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51447255 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2499878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2499878 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9856534 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 34905417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34905417 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7832858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7832858 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 253413490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253413490 |
| Money Market Fund | &nbsp;&nbsp; 26576176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26576176 |
| **Total Investments** | &nbsp;&nbsp; $26576176 | &nbsp;&nbsp; $458375490 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $484951666 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $32469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32469 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16294553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16294553 |
| **Liabilities:** |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2210535)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2210535)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 65678 | &nbsp;&nbsp; 1087 |
| Standard Class II | &nbsp;&nbsp; 1091276 | &nbsp;&nbsp; 3445494 |
| Service Class | &nbsp;&nbsp; 3273285 | &nbsp;&nbsp; 5846940 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 410611 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1681632 |
|  | &nbsp;&nbsp; 4430239 | &nbsp;&nbsp; 11385803 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6197)<br>| &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (2555452)<br>| &nbsp;&nbsp; (4111815)<br>|
| Service Class | &nbsp;&nbsp; (6843413)<br>| &nbsp;&nbsp; (13299033)<br>|
|  | &nbsp;&nbsp; (9405062)<br>| &nbsp;&nbsp; (17410848)<br>|
| Net decrease | &nbsp;&nbsp; (4974823)<br>| &nbsp;&nbsp; (6025045)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP American Century Inflation Protection Fund-16

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 six months ended June 30, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts–The Fund enters into inflation swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the six months ended June 30, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 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>| Liabilities net of receivables and other <br> assets<br>| $32469 | Liabilities net of receivables and other <br> assets<br>| $— |
| Swap contracts <br> (Inflation <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 16294553 | Liabilities net of receivables and other <br> assets<br>| (2210535)<br>|
| Total |  | $16327022 |  | $(2210535)<br>|

---

LVIP American Century Inflation Protection Fund-17

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $240401 | &nbsp;&nbsp; $84591 |
| Swap contracts (Inflation <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 732603 | &nbsp;&nbsp; 968678 |
| Total |  | &nbsp;&nbsp; $973004 | &nbsp;&nbsp; $1053269 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $5648699 | $— |
| Inflation rate swap contracts (average notional value)\* | 181735714 | 37957143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

At June 30, 2025, the Fund received cash collateral and securities collateral (comprised of U.S. treasury securities) for certain open bilateral derivatives as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash Collateral** | **Securities Collateral** |
| Bank of America N.A. | &nbsp;&nbsp; $2060000 | &nbsp;&nbsp; $— |
| Barclays Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; 2078761 |
| Goldman Sachs International | &nbsp;&nbsp; 5443529 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $7503529 | &nbsp;&nbsp; $2078761 |

---

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 June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $2038523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2038523 |
| Barclays Bank PLC | &nbsp;&nbsp; — | &nbsp;&nbsp; (2075881)<br>| &nbsp;&nbsp; (2075881)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 5385935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5385935 |
| Total | &nbsp;&nbsp; $7424458 | &nbsp;&nbsp; $(2075881)<br>| &nbsp;&nbsp; $5348577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Inflation Protection Fund-18

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $2038523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2038523)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; (2075881)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2075881)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 5385935 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5385935)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $5348577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7424458)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2075881)<br>|

---

&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.

**7. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in Inflation-indexed debt securities which are designed to protect the future purchasing power of the money invested in them. Under normal circumstances, the Fund will invest over 50% of its net assets in inflation -indexed debt securities issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as forwards, futures contracts, or swap agreements that, when combined with non-inflation indexed bonds, have economic characteristics similar to inflation-indexed bonds.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal 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 American Century Inflation Protection Fund-19

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Inflation Protection Fund-20

------

![](imga21eb4261.jpg)

LVIP American Century International Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century International Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_4ea9a6f2-6e9c-4f13-baf7-2ca68e7e1a59_SOI-continued-700_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_4ea9a6f2-6e9c-4f13-baf7-2ca68e7e1a59_FS-continued-700_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_4ea9a6f2-6e9c-4f13-baf7-2ca68e7e1a59_FS-continued-700_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_4ea9a6f2-6e9c-4f13-baf7-2ca68e7e1a59_FIHI-continued-700_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_4ea9a6f2-6e9c-4f13-baf7-2ca68e7e1a59_NTF-continued-700_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP American Century International Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–96.98%** | **ΔCOMMON STOCK–96.98%** | **ΔCOMMON STOCK–96.98%** |
| **Australia–0.92%** | **Australia–0.92%** | **Australia–0.92%** |
| CSL Ltd. | 8858 | $1399215 |
|  |  | **1399215** |
| **Austria–0.64%** | **Austria–0.64%** | **Austria–0.64%** |
| Erste Group Bank AG | 11354 | 966513 |
|  |  | **966513** |
| **Belgium–0.46%** | **Belgium–0.46%** | **Belgium–0.46%** |
| UCB SA | 3573 | 703015 |
|  |  | **703015** |
| **Canada–4.05%** | **Canada–4.05%** | **Canada–4.05%** |
| Canadian Pacific Kansas <br> City Ltd.<br>| 10379 | 824527 |
| †Capstone Copper Corp. | 64061 | 393281 |
| GFL Environmental, Inc. | 28265 | 1426252 |
| Intact Financial Corp. | 5872 | 1365426 |
| †Shopify, Inc. Class A | 11532 | 1330065 |
| TC Energy Corp. | 16541 | 807524 |
|  |  | **6147075** |
| **China–0.43%** | **China–0.43%** | **China–0.43%** |
| Trip.com Group Ltd. ADR | 11105 | 651197 |
|  |  | **651197** |
| **Denmark–2.25%** | **Denmark–2.25%** | **Denmark–2.25%** |
| Novo Nordisk AS Class B | 21336 | 1478457 |
| Novonesis Novozymes B <br> Class B<br>| 11247 | 807499 |
| Pandora AS | 6378 | 1123773 |
|  |  | **3409729** |
| **France–15.07%** | **France–15.07%** | **France–15.07%** |
| Accor SA | 16812 | 881091 |
| Air Liquide SA | 15570 | 3210551 |
| Airbus SE | 12831 | 2684254 |
| BNP Paribas SA | 8173 | 733132 |
| Bureau Veritas SA | 49044 | 1673984 |
| Cie de Saint-Gobain SA | 11894 | 1397250 |
| EssilorLuxottica SA | 6071 | 1667052 |
| Hermes International SCA | 627 | 1699713 |
| L'Oreal SA | 3017 | 1292343 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 1610 | 842642 |
| Safran SA | 4550 | 1483866 |
| Schneider Electric SE | 8752 | 2349780 |
| Societe Generale SA | 51393 | 2939896 |
|  |  | **22855554** |
| **Germany–13.51%** | **Germany–13.51%** | **Germany–13.51%** |
| adidas AG | 3561 | 831244 |
| Commerzbank AG | 53076 | 1672585 |
| Deutsche Boerse AG | 4196 | 1370789 |
| Infineon Technologies AG | 53725 | 2292555 |
| Rheinmetall AG | 753 | 1594627 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| SAP SE | 19720 | $6029974 |
| Siemens AG | 6976 | 1791844 |
| †Siemens Energy AG | 25064 | 2929504 |
| Symrise AG | 10018 | 1050532 |
| †Zalando SE | 28294 | 933627 |
|  |  | **20497281** |
| **Hong Kong–1.79%** | **Hong Kong–1.79%** | **Hong Kong–1.79%** |
| AIA Group Ltd. | 148200 | 1342460 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 17400 | 935886 |
| Techtronic Industries Co. <br> Ltd.<br>| 39500 | 435842 |
|  |  | **2714188** |
| **India–0.55%** | **India–0.55%** | **India–0.55%** |
| †MakeMyTrip Ltd. | 8494 | 832582 |
|  |  | **832582** |
| **Indonesia–0.58%** | **Indonesia–0.58%** | **Indonesia–0.58%** |
| Bank Central Asia Tbk. PT | 1657200 | 885852 |
|  |  | **885852** |
| **Ireland–2.44%** | **Ireland–2.44%** | **Ireland–2.44%** |
| Experian PLC | 31815 | 1640580 |
| Kerry Group PLC Class A | 18584 | 2053280 |
|  |  | **3693860** |
| **Italy–2.16%** | **Italy–2.16%** | **Italy–2.16%** |
| Ferrari NV | 4965 | 2432408 |
| Saipem SpA | 307935 | 841833 |
|  |  | **3274241** |
| **Japan–18.44%** | **Japan–18.44%** | **Japan–18.44%** |
| Asics Corp. | 32100 | 818562 |
| BayCurrent, Inc. | 23000 | 1183222 |
| Fast Retailing Co. Ltd. | 3600 | 1234310 |
| Hitachi Ltd. | 83300 | 2421059 |
| Hoya Corp. | 11700 | 1389516 |
| Keyence Corp. | 5600 | 2239037 |
| Kobe Bussan Co. Ltd. | 40700 | 1263961 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 114200 | 2857784 |
| MonotaRO Co. Ltd. | 74000 | 1456753 |
| NEC Corp. | 82100 | 2395271 |
| Panasonic Holdings Corp. | 34600 | 370196 |
| †Rakuten Bank Ltd. | 26400 | 1210252 |
| Recruit Holdings Co. Ltd. | 12300 | 723321 |
| Ryohin Keikaku Co. Ltd. | 41300 | 1980695 |
| Sony Group Corp. | 92500 | 2405028 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 93300 | 2349383 |
| Terumo Corp. | 90900 | 1668185 |
|  |  | **27966535** |

---

LVIP American Century International Fund-1

------

**LVIP American Century International Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Luxembourg–0.46%** | **Luxembourg–0.46%** | **Luxembourg–0.46%** |
| †Birkenstock Holding PLC | 14031 | $690045 |
|  |  | **690045** |
| **Netherlands–4.70%** | **Netherlands–4.70%** | **Netherlands–4.70%** |
| †Adyen NV | 1154 | 2119364 |
| ASML Holding NV | 5146 | 4123680 |
| Heineken NV | 10183 | 888393 |
|  |  | **7131437** |
| **New Zealand–0.64%** | **New Zealand–0.64%** | **New Zealand–0.64%** |
| †Xero Ltd. | 1886 | 223181 |
| Xero Ltd. (XRO) | 6340 | 750207 |
|  |  | **973388** |
| **Spain–2.57%** | **Spain–2.57%** | **Spain–2.57%** |
| †Cellnex Telecom SA | 33839 | 1317632 |
| Iberdrola SA | 134415 | 2585880 |
|  |  | **3903512** |
| **Sweden–1.51%** | **Sweden–1.51%** | **Sweden–1.51%** |
| Atlas Copco AB Class A | 51063 | 825484 |
| Hexagon AB Class B | 109790 | 1106639 |
| †Spotify Technology SA | 476 | 365254 |
|  |  | **2297377** |
| **Switzerland–7.31%** | **Switzerland–7.31%** | **Switzerland–7.31%** |
| Alcon AG | 10191 | 903768 |
| Cie Financiere Richemont <br> SA Class A<br>| 9322 | 1764028 |
| DSM-Firmenich AG | 6238 | 663631 |
| Galderma Group AG | 14960 | 2174521 |
| Lonza Group AG | 3457 | 2472320 |
| †On Holding AG Class A | 30707 | 1598299 |
| Zurich Insurance Group <br> AG<br>| 2159 | 1510701 |
|  |  | **11087268** |
| **Taiwan–1.13%** | **Taiwan–1.13%** | **Taiwan–1.13%** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 47000 | 1718759 |
|  |  | **1718759** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom–14.26%** | **United Kingdom–14.26%** | **United Kingdom–14.26%** |
| AstraZeneca PLC | 27577 | $3837867 |
| BAE Systems PLC | 71066 | 1844366 |
| Barclays PLC | 202424 | 935354 |
| BP PLC | 108340 | 539782 |
| British American Tobacco <br> PLC<br>| 15145 | 720089 |
| Compass Group PLC | 54156 | 1834370 |
| Haleon PLC | 393902 | 2024509 |
| Kingfisher PLC | 186429 | 744522 |
| Lloyds Banking Group PLC | 855242 | 899300 |
| London Stock Exchange <br> Group PLC<br>| 21095 | 3085083 |
| Marex Group PLC | 16943 | 668740 |
| National Grid PLC | 69626 | 1022016 |
| RELX PLC | 49172 | 2665008 |
| Unilever PLC | 13204 | 805790 |
|  |  | **21626796** |
| **United States–1.11%** | **United States–1.11%** | **United States–1.11%** |
| CRH PLC | 18371 | 1686458 |
|  |  | **1686458** |
| **Total Common Stock** <br>**(Cost $96,550,688)** | **Total Common Stock** <br>**(Cost $96,550,688)** | **147111877** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.70%** | **MONEY MARKET FUND–2.70%** | **MONEY MARKET FUND–2.70%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 4105092 | 4105092 |
| **Total Money Market Fund** <br>**(Cost $4,105,092)** | **Total Money Market Fund** <br>**(Cost $4,105,092)** | **4105092** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.68% (Cost $100,655,780)** | **151216969** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.32%** | **480168** |
| **NET ASSETS APPLICABLE TO 12,424,242 SHARES OUTSTANDING–100.00%** | **$151697137** |

---

LVIP American Century International Fund-2

------

**LVIP American Century International Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND STANDARD CLASS** <br>**($286,574 / 23,440 Shares)** | **$12.226** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND STANDARD CLASS II** <br>**($107,726,012 / 8,818,960 Shares)** | **$12.215** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND SERVICE CLASS** <br>**($43,684,551 / 3,581,842 Shares)** | **$12.196** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$91147794** |
| Distributable earnings/(accumulated loss) | **60549343** |
| **TOTAL NET ASSETS** | **$151697137** |

---

&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 $13,529 expense reimbursement receivable from Lincoln Financial Investments Corporation, $546,802 payable for securities <br> purchased, $466,143 payable for fund shares redeemed, $11,690 other accrued expenses payable, $126,527 due to manager and affiliates, <br> $14,604 payable for audit fee and $14,228 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century International Fund** | **LVIP American Century International Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $2181780 |
| Foreign taxes withheld | (206758)<br>|
|  | 1975022 |
| **EXPENSES:** |  |
| Management fees | 664216 |
| Shareholder servicing fees | 87280 |
| Distribution fees-Service Class | 49370 |
| Accounting and administration expenses | 22090 |
| Professional fees | 20751 |
| Custodian fees | 18136 |
| Pricing fees | 5236 |
| Consulting fees | 3356 |
| Reports and statements to shareholders | 2719 |
| Trustees' fees and expenses | 2452 |
| Other | 9936 |
|  | 885542 |
| Less:  |  |
| Expenses reimbursed | (67241)<br>|
| Total operating expenses | 818301 |
| **NET INVESTMENT INCOME**  | 1156721 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 12071884 |
| Foreign currencies | 26250 |
| Net realized gain | 12098134 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 9568926 |
| Foreign currencies | 51038 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 9619964 |
| **NET REALIZED AND UNREALIZED GAIN** | 21718098 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $22874819 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century International Fund** | **LVIP American Century International Fund** | **LVIP American Century International Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $1156721 | $846147 |
| Net realized gain | 12098134 | 5283436 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 9619964 | (1531443)<br>|
| Net increase in net assets resulting <br> from operations<br>| 22874819 | 4598140 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (67)<br>|
| Standard Class II |  | (2010736)<br>|
| Service Class |  | (474363)<br>|
| Return of capital: |  |  |
| Standard Class |  | (8)<br>|
| Standard Class II |  | (151146)<br>|
| Service Class |  | (43017)<br>|
|  |  | (2679337)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 298663 | 10000 |
| Standard Class II | 6597445 | 12608382 |
| Service Class | 4246671 | 3048802 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 75 |
| Standard Class II |  | 2161882 |
| Service Class |  | 517380 |
|  | 11142779 | 18346521 |
| Cost of shares redeemed: |  |  |
| Standard Class | (53704)<br>|  |
| Standard Class II | (43033099)<br>| (22115131)<br>|
| Service Class | (2762699)<br>| (4389070)<br>|
|  | (45849502)<br>| (26504201)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (34706723)<br>| (8157680)<br>|
| **NET DECREASE IN NET ASSETS** | (11831904)<br>| (6238877)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 163529041 | 169767918 |
| End of period | $151697137 | $163529041 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-4

------

**LVIP American Century International Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century International Fund Standard Class** | **LVIP American Century International Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.687 | &nbsp;&nbsp; $10.730 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.086 | 0.050 |
| Net realized and unrealized gain (loss) | 1.453 | &nbsp;&nbsp; (0.012)<br>|
| Total from investment operations | 1.539 | 0.038 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.072)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.081)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.226 | &nbsp;&nbsp; $10.687 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 14.40% | &nbsp;&nbsp; 0.32% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $287 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 0.54% |
| Portfolio turnover | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century International Fund-5

------

**LVIP American Century International Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.684 | &nbsp;&nbsp; $10.580 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $14.10 | &nbsp;&nbsp; $11.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.080 | 0.058 | 0.09 | 0.13 | 0.14 | 0.02 |
| Net realized and unrealized gain (loss) | 1.451 | 0.225 | 1.10 | &nbsp;&nbsp; (3.51)<br>| 1.05 | 2.81 |
| Total from investment operations | 1.531 | 0.283 | 1.19 | &nbsp;&nbsp; (3.38)<br>| 1.19 | 2.83 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.17)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.179)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.215 | &nbsp;&nbsp; $10.684 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $14.10 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 14.34% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 12.57% | &nbsp;&nbsp; (24.75%)<br>| &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 25.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $107726 | &nbsp;&nbsp; $126688 | &nbsp;&nbsp; $132504 | &nbsp;&nbsp; $126117 | &nbsp;&nbsp; $175756 | &nbsp;&nbsp; $175606 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.00% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.36% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; (0.15%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP International Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century International Fund-6

------

**LVIP American Century International Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.675 | &nbsp;&nbsp; $10.560 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $11.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.072 | 0.042 | 0.08 | 0.12 | 0.11 | 0.01 |
| Net realized and unrealized gain (loss) | 1.449 | 0.224 | 1.10 | &nbsp;&nbsp; (3.51)<br>| 1.06 | 2.79 |
| Total from investment operations | 1.521 | 0.266 | 1.18 | &nbsp;&nbsp; (3.39)<br>| 1.17 | 2.80 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — <br><sup>4</sup><br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.17)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.196 | &nbsp;&nbsp; $10.675 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $14.07 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 14.26% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; (24.86%)<br>| &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 25.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $43684 | &nbsp;&nbsp; $36831 | &nbsp;&nbsp; $37264 | &nbsp;&nbsp; $35074 | &nbsp;&nbsp; $50432 | &nbsp;&nbsp; $48151 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.15% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.51% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.06% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; (0.30%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP International Fund a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Per-share amount was less than $0.005.

<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 American Century International Fund-7

------

**LVIP American Century International Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century International Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP International Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century International Fund-8

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP American Century International Fund is $51,121 and $50,951 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.80% of the first $1 billion of the Fund's average daily net assets; and 0.75% of the Fund's average daily net assets in excess of $1 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.85% of the Fund's average daily net assets for the Standard Class, 0.95% for the Standard Class II and 1.10% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century International Fund-9

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $101173 | &nbsp;&nbsp; $101173 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $7122 |
| Legal | &nbsp;&nbsp; 1085 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $508 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $13529 |
| Management fees payable to LFI | &nbsp;&nbsp; 104435 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 8795 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 13297 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $74050615 |
| Sales | &nbsp;&nbsp; 108246035 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $100655780 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $51335488 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (774299)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $50561189 |

---

LVIP American Century International Fund-10

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 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)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP American Century International Fund-11

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1399215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1399215 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 966513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 966513 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 703015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 703015 |
| Canada | &nbsp;&nbsp; 6147075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6147075 |
| China | &nbsp;&nbsp; 651197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 651197 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 3409729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3409729 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 22855554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22855554 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 20497281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20497281 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 2714188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2714188 |
| India | &nbsp;&nbsp; 832582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 832582 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 885852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 885852 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 3693860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3693860 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 3274241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3274241 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 27966535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27966535 |
| Luxembourg | &nbsp;&nbsp; 690045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 690045 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 7131437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7131437 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 973388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 973388 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903512 |
| Sweden | &nbsp;&nbsp; 365254 | &nbsp;&nbsp; 1932123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2297377 |
| Switzerland | &nbsp;&nbsp; 1598299 | &nbsp;&nbsp; 9488969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11087268 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1718759 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1718759 |
| United Kingdom | &nbsp;&nbsp; 668740 | &nbsp;&nbsp; 20958056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21626796 |
| United States | &nbsp;&nbsp; 1686458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1686458 |
| Money Market Fund | &nbsp;&nbsp; 4105092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4105092 |
| **Total Investments** | &nbsp;&nbsp; $16744742 | &nbsp;&nbsp; $134472227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151216969 |

---

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 27182 | &nbsp;&nbsp; 932 |
| Standard Class II | &nbsp;&nbsp; 583340 | &nbsp;&nbsp; 1140185 |
| Service Class | &nbsp;&nbsp; 378040 | &nbsp;&nbsp; 274651 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 193646 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 46384 |
|  | &nbsp;&nbsp; 988562 | &nbsp;&nbsp; 1655805 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4681)<br>| &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (3621909)<br>| &nbsp;&nbsp; (2000839)<br>|
| Service Class | &nbsp;&nbsp; (246468)<br>| &nbsp;&nbsp; (399578)<br>|
|  | &nbsp;&nbsp; (3873058)<br>| &nbsp;&nbsp; (2400417)<br>|
| Net decrease | &nbsp;&nbsp; (2884496)<br>| &nbsp;&nbsp; (744612)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

LVIP American Century International Fund-12

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century International Fund-13

------

![](img5294fcfd1.jpg)

LVIP American Century Large Company Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Large Company Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_668a4bb9-859f-40c4-80df-ada87f86ebb8_SOI-continued-701_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_668a4bb9-859f-40c4-80df-ada87f86ebb8_FS-continued-701_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_668a4bb9-859f-40c4-80df-ada87f86ebb8_FS-continued-701_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_668a4bb9-859f-40c4-80df-ada87f86ebb8_FIHI-continued-701_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_668a4bb9-859f-40c4-80df-ada87f86ebb8_NTF-continued-701_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.64%** | **COMMON STOCK–97.64%** | **COMMON STOCK–97.64%** |
| **Aerospace & Defense–1.39%** | **Aerospace & Defense–1.39%** | **Aerospace & Defense–1.39%** |
| RTX Corp. | 14565 | $2126781 |
|  |  | **2126781** |
| **Air Freight & Logistics–1.36%** | **Air Freight & Logistics–1.36%** | **Air Freight & Logistics–1.36%** |
| United Parcel Service, Inc. <br> Class B<br>| 20733 | 2092789 |
|  |  | **2092789** |
| **Automobile Components–0.62%** | **Automobile Components–0.62%** | **Automobile Components–0.62%** |
| †Aptiv PLC | 13871 | 946280 |
|  |  | **946280** |
| **Banks–7.96%** | **Banks–7.96%** | **Banks–7.96%** |
| JPMorgan Chase & Co. | 20432 | 5923441 |
| Truist Financial Corp. | 72529 | 3118022 |
| U.S. Bancorp | 69976 | 3166414 |
|  |  | **12207877** |
| **Beverages–3.91%** | **Beverages–3.91%** | **Beverages–3.91%** |
| Heineken Holding NV | 22253 | 1660512 |
| PepsiCo, Inc. | 19554 | 2581910 |
| Pernod Ricard SA | 17579 | 1753530 |
|  |  | **5995952** |
| **Building Products–1.03%** | **Building Products–1.03%** | **Building Products–1.03%** |
| A.O. Smith Corp. | 24020 | 1574991 |
|  |  | **1574991** |
| **Capital Markets–7.33%** | **Capital Markets–7.33%** | **Capital Markets–7.33%** |
| Bank of New York Mellon <br> Corp.<br>| 23336 | 2126143 |
| Blackrock, Inc. | 3278 | 3439441 |
| Charles Schwab Corp. | 42072 | 3838649 |
| Northern Trust Corp. | 14507 | 1839343 |
|  |  | **11243576** |
| **Chemicals–1.29%** | **Chemicals–1.29%** | **Chemicals–1.29%** |
| Akzo Nobel NV | 12284 | 861890 |
| PPG Industries, Inc. | 9866 | 1122258 |
|  |  | **1984148** |
| **Communications Equipment–3.21%** | **Communications Equipment–3.21%** | **Communications Equipment–3.21%** |
| Cisco Systems, Inc. | 44006 | 3053136 |
| †F5, Inc. | 6368 | 1874230 |
|  |  | **4927366** |
| **Construction Materials–1.40%** | **Construction Materials–1.40%** | **Construction Materials–1.40%** |
| CRH PLC | 12805 | 1175499 |
| Martin Marietta Materials, <br> Inc.<br>| 1774 | 973855 |
|  |  | **2149354** |
| **Consumer Staples Distribution & Retail–0.52%** | **Consumer Staples Distribution & Retail–0.52%** | **Consumer Staples Distribution & Retail–0.52%** |
| †Dollar Tree, Inc. | 8018 | 794103 |
|  |  | **794103** |
| **Containers & Packaging–1.32%** | **Containers & Packaging–1.32%** | **Containers & Packaging–1.32%** |
| Graphic Packaging Holding <br> Co.<br>| 96193 | 2026787 |
|  |  | **2026787** |
| **Diversified Telecommunication Services–1.59%** | **Diversified Telecommunication Services–1.59%** | **Diversified Telecommunication Services–1.59%** |
| Verizon Communications, <br> Inc.<br>| 56220 | 2432639 |
|  |  | **2432639** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electric Utilities–4.78%** | **Electric Utilities–4.78%** | **Electric Utilities–4.78%** |
| Duke Energy Corp. | 24811 | $2927698 |
| Eversource Energy | 24604 | 1565306 |
| Xcel Energy, Inc. | 41608 | 2833505 |
|  |  | **7326509** |
| **Electrical Equipment–0.80%** | **Electrical Equipment–0.80%** | **Electrical Equipment–0.80%** |
| Emerson Electric Co. | 9165 | 1221969 |
|  |  | **1221969** |
| **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** |
| TE Connectivity PLC | 7682 | 1295723 |
|  |  | **1295723** |
| **Energy Equipment & Services–0.72%** | **Energy Equipment & Services–0.72%** | **Energy Equipment & Services–0.72%** |
| Baker Hughes Co. | 28733 | 1101623 |
|  |  | **1101623** |
| **Entertainment–1.49%** | **Entertainment–1.49%** | **Entertainment–1.49%** |
| Walt Disney Co. | 18424 | 2284760 |
|  |  | **2284760** |
| **Financial Services–1.69%** | **Financial Services–1.69%** | **Financial Services–1.69%** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 5338 | 2593040 |
|  |  | **2593040** |
| **Food Products–2.16%** | **Food Products–2.16%** | **Food Products–2.16%** |
| Conagra Brands, Inc. | 39750 | 813683 |
| General Mills, Inc. | 19388 | 1004492 |
| Mondelez International, Inc. <br> Class A<br>| 22148 | 1493661 |
|  |  | **3311836** |
| **Ground Transportation–2.39%** | **Ground Transportation–2.39%** | **Ground Transportation–2.39%** |
| Norfolk Southern Corp. | 14315 | 3664211 |
|  |  | **3664211** |
| **Health Care Equipment & Supplies–6.95%** | **Health Care Equipment & Supplies–6.95%** | **Health Care Equipment & Supplies–6.95%** |
| Becton Dickinson & Co. | 22243 | 3831357 |
| Medtronic PLC | 37210 | 3243596 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 39227 | 3577894 |
|  |  | **10652847** |
| **Health Care Providers & Services–4.18%** | **Health Care Providers & Services–4.18%** | **Health Care Providers & Services–4.18%** |
| †Centene Corp. | 16421 | 891332 |
| CVS Health Corp. | 11157 | 769610 |
| †Henry Schein, Inc. | 25954 | 1895939 |
| Quest Diagnostics, Inc. | 4217 | 757500 |
| UnitedHealth Group, Inc. | 4267 | 1331176 |
| Universal Health Services, <br> Inc. Class B<br>| 4179 | 757026 |
|  |  | **6402583** |
| **Household Durables–0.93%** | **Household Durables–0.93%** | **Household Durables–0.93%** |
| †Mohawk Industries, Inc. | 13596 | 1425405 |
|  |  | **1425405** |
| **Household Products–1.24%** | **Household Products–1.24%** | **Household Products–1.24%** |
| Kimberly-Clark Corp. | 7287 | 939440 |
| Reckitt Benckiser Group PLC | 14126 | 962361 |
|  |  | **1901801** |
| **Industrial Conglomerates–0.89%** | **Industrial Conglomerates–0.89%** | **Industrial Conglomerates–0.89%** |
| Siemens AG | 5325 | 1367771 |
|  |  | **1367771** |

---

LVIP American Century Large Company Value Fund-1

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance–3.40%** | **Insurance–3.40%** | **Insurance–3.40%** |
| Allstate Corp. | 8290 | $1668860 |
| Chubb Ltd. | 2650 | 767758 |
| Willis Towers Watson PLC | 9054 | 2775051 |
|  |  | **5211669** |
| **Interactive Media & Services–1.51%** | **Interactive Media & Services–1.51%** | **Interactive Media & Services–1.51%** |
| Alphabet, Inc. Class A | 13163 | 2319715 |
|  |  | **2319715** |
| **IT Services–1.68%** | **IT Services–1.68%** | **IT Services–1.68%** |
| Amdocs Ltd. | 17406 | 1588124 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 12707 | 991527 |
|  |  | **2579651** |
| **Life Sciences Tools & Services–1.53%** | **Life Sciences Tools & Services–1.53%** | **Life Sciences Tools & Services–1.53%** |
| †IQVIA Holdings, Inc. | 14904 | 2348721 |
|  |  | **2348721** |
| **Machinery–3.93%** | **Machinery–3.93%** | **Machinery–3.93%** |
| Cummins, Inc. | 4762 | 1559555 |
| Dover Corp. | 6638 | 1216281 |
| Oshkosh Corp. | 17481 | 1984793 |
| Toro Co. | 17793 | 1257609 |
|  |  | **6018238** |
| **Metals & Mining–0.58%** | **Metals & Mining–0.58%** | **Metals & Mining–0.58%** |
| Reliance, Inc. | 2823 | 886140 |
|  |  | **886140** |
| **Oil, Gas & Consumable Fuels–5.99%** | **Oil, Gas & Consumable Fuels–5.99%** | **Oil, Gas & Consumable Fuels–5.99%** |
| Chevron Corp. | 4625 | 662254 |
| Coterra Energy, Inc. | 41254 | 1047026 |
| Enterprise Products <br> Partners LP<br>| 68433 | 2122107 |
| Exxon Mobil Corp. | 28132 | 3032630 |
| Shell PLC | 46154 | 1610291 |
| TotalEnergies SE ADR | 11460 | 703529 |
|  |  | **9177837** |
| **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** |
| Southwest Airlines Co. | 23361 | 757831 |
|  |  | **757831** |
| **Personal Care Products–4.37%** | **Personal Care Products–4.37%** | **Personal Care Products–4.37%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 27867 | 2251654 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Kenvue, Inc. | 110009 | $2302488 |
| Unilever PLC ADR | 35101 | 2147128 |
|  |  | **6701270** |
| **Pharmaceuticals–4.97%** | **Pharmaceuticals–4.97%** | **Pharmaceuticals–4.97%** |
| Johnson & Johnson | 31413 | 4798336 |
| Merck & Co., Inc. | 18897 | 1495887 |
| Roche Holding AG | 4039 | 1318409 |
|  |  | **7612632** |
| **Residential REITs–1.49%** | **Residential REITs–1.49%** | **Residential REITs–1.49%** |
| Equity Residential | 33901 | 2287978 |
|  |  | **2287978** |
| **Retail REITs–0.52%** | **Retail REITs–0.52%** | **Retail REITs–0.52%** |
| Realty Income Corp. | 13812 | 795709 |
|  |  | **795709** |
| **Semiconductors & Semiconductor Equipment–2.87%** | **Semiconductors & Semiconductor Equipment–2.87%** | **Semiconductors & Semiconductor Equipment–2.87%** |
| Analog Devices, Inc. | 10275 | 2445656 |
| †ON Semiconductor Corp. | 14752 | 773152 |
| QUALCOMM, Inc. | 7445 | 1185691 |
|  |  | **4404499** |
| **Specialized REITs–1.16%** | **Specialized REITs–1.16%** | **Specialized REITs–1.16%** |
| American Tower Corp. | 8041 | 1777222 |
|  |  | **1777222** |
| **Trading Companies & Distributors–1.15%** | **Trading Companies & Distributors–1.15%** | **Trading Companies & Distributors–1.15%** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 20683 | 1758469 |
|  |  | **1758469** |
| **Total Common Stock** <br>**(Cost $128,862,965)** | **Total Common Stock** <br>**(Cost $128,862,965)** | **149690302** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.99%** | **MONEY MARKET FUND–1.99%** | **MONEY MARKET FUND–1.99%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3044435 | 3044435 |
| **Total Money Market Fund** <br>**(Cost $3,044,435)** | **Total Money Market Fund** <br>**(Cost $3,044,435)** | **3044435** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.63% (Cost $131,907,400)** | **152734737** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.37%** | **566945** |
| **NET ASSETS APPLICABLE TO 7,626,194 SHARES OUTSTANDING–100.00%** | **$153301682** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND STANDARD CLASS** <br>**($11,211 / 566 Shares)** | **$19.786** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND STANDARD CLASS II** <br>**($20,582,386 / 1,040,945 Shares)** | **$19.773** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND SERVICE CLASS** <br>**($132,708,085 / 6,584,683 Shares)** | **$20.154** |

---

LVIP American Century Large Company Value Fund-2

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$123215633** |
| Distributable earnings/(accumulated loss) | **30086049** |
| **TOTAL NET ASSETS** | **$153301682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $9,558 expense reimbursement receivable from Lincoln Financial Investments Corporation, $76,326 payable for securities <br> purchased, $14,955 payable for fund shares redeemed, $6,868 other accrued expenses payable, $99,670 due to manager and affiliates, <br> $15,882 payable for audit fee and $13,800 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; (991986)<br>| USD | &nbsp;&nbsp; 1328540 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(33883)<br>|
| CBK | GBP | &nbsp;&nbsp; (991986)<br>| USD | &nbsp;&nbsp; 1328753 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33670)<br>|
| GS | EUR | &nbsp;&nbsp; (1132827)<br>| USD | &nbsp;&nbsp; 1314204 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (27956)<br>|
| GS | GBP | &nbsp;&nbsp; (991986)<br>| USD | &nbsp;&nbsp; 1329038 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33385)<br>|
| JPM | CHF | &nbsp;&nbsp; (446310)<br>| USD | &nbsp;&nbsp; 551650 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17032)<br>|
| JPM | EUR | &nbsp;&nbsp; (1132827)<br>| USD | &nbsp;&nbsp; 1314690 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (27471)<br>|
| MSC | EUR | &nbsp;&nbsp; (1132827)<br>| USD | &nbsp;&nbsp; 1313076 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29085)<br>|
| UBS | CHF | &nbsp;&nbsp; (446310)<br>| USD | &nbsp;&nbsp; 551636 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17045)<br>|
| UBS | EUR | &nbsp;&nbsp; (1132827)<br>| USD | &nbsp;&nbsp; 1314102 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28058)<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; $— | &nbsp;&nbsp; $(247585)<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 6 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BOA–Bank of America |
| CBK–Citigroup Global Markets |
| CHF–Swiss Franc |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $2111559 |
| Foreign taxes withheld | (23910)<br>|
|  | 2087649 |
| **EXPENSES:** |  |
| Management fees | 410700 |
| Distribution fees-Service Class | 161277 |
| Shareholder servicing fees | 31812 |
| Professional fees | 21878 |
| Accounting and administration expenses | 20762 |
| Custodian fees | 8244 |
| Pricing fees | 3001 |
| Reports and statements to shareholders | 2717 |
| Consulting fees | 2265 |
| Trustees' fees and expenses | 2238 |
| Other | 3696 |
|  | 668590 |
| Less:  |  |
| Expenses reimbursed | (49121)<br>|
| Total operating expenses | 619469 |
| **NET INVESTMENT INCOME**  | 1468180 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Investments | 3035077 |
| Foreign currencies | 2525 |
| Foreign currency exchange contracts | (815786)<br>|
| Net realized gain | 2221816 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | 4134948 |
| Foreign currencies | 9443 |
| Foreign currency exchange contracts | (393107)<br>|
| Net change in unrealized appreciation (depreciation) | 3751284 |
| **NET REALIZED AND UNREALIZED GAIN** | 5973100 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $7441280 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $1468180 | $2736672 |
| Net realized gain | 2221816 | 9789034 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 3751284 | 2506109 |
| Net increase in net assets resulting <br> from operations<br>| 7441280 | 15031815 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (299)<br>|
| Standard Class II |  | (999863)<br>|
| Service Class |  | (5353977)<br>|
|  |  | (6354139)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10001 |
| Standard Class II | 1844888 | 5670411 |
| Service Class | 8879130 | 15681014 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 299 |
| Standard Class II |  | 999863 |
| Service Class |  | 5353977 |
|  | 10724018 | 27715565 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Standard Class II | (4113528)<br>| (7767757)<br>|
| Service Class | (12527721)<br>| (21970416)<br>|
|  | (16641249)<br>| (29738173)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (5917231)<br>| (2022608)<br>|
| **NET INCREASE IN NET ASSETS** | 1524049 | 6655068 |
| **NET ASSETS:** |  |  |
| Beginning of period | 151777633 | 145122565 |
| End of period | $153301682 | $151777633 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-4

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Standard Class** | **LVIP American Century Large Company Value Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $18.815 | &nbsp;&nbsp; $18.140 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.212 | 0.268 |
| Net realized and unrealized gain | 0.759 | 0.950 |
| Total from investment operations | 0.971 | 1.218 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.398)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.145)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.543)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.786 | &nbsp;&nbsp; $18.815 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.16% | &nbsp;&nbsp; 6.61% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.04% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.96% |
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Large Company Value Fund-5

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $18.812 | &nbsp;&nbsp; $17.750 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $19.49 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $16.29 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.200 | 0.365 | 0.37 | 0.35 | 0.31 | 0.30 |
| Net realized and unrealized gain (loss) | 0.761 | 1.538 | 0.26 | &nbsp;&nbsp; (0.37)<br>| 3.20 | 0.02 |
| Total from investment operations | 0.961 | 1.903 | 0.63 | &nbsp;&nbsp; (0.02)<br>| 3.51 | 0.32 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.495)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.841)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.37)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.773 | &nbsp;&nbsp; $18.812 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $19.49 | &nbsp;&nbsp; $16.24 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.11% | &nbsp;&nbsp; 10.72% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (0.26%)<br>| &nbsp;&nbsp; 21.71% | &nbsp;&nbsp; 2.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20582 | &nbsp;&nbsp; $21846 | &nbsp;&nbsp; $21616 | &nbsp;&nbsp; $23858 | &nbsp;&nbsp; $16520 | &nbsp;&nbsp; $11424 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 2.07% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.91% |
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Large Company Value Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Large Company Value Fund-6

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.189 | &nbsp;&nbsp; $18.100 | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.52 | &nbsp;&nbsp; $16.56 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.189 | 0.344 | 0.35 | 0.33 | 0.29 | 0.28 |
| Net realized and unrealized gain (loss) | 0.776 | 1.559 | 0.28 | &nbsp;&nbsp; (0.39)<br>| 3.25 | 0.03 |
| Total from investment operations | 0.965 | 1.903 | 0.63 | &nbsp;&nbsp; (0.06)<br>| 3.54 | 0.31 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.468)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.814)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.154 | &nbsp;&nbsp; $19.189 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.52 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.03% | &nbsp;&nbsp; 10.52% | &nbsp;&nbsp; 3.78% | &nbsp;&nbsp; (0.46%)<br>| &nbsp;&nbsp; 21.53% | &nbsp;&nbsp; 2.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $132708 | &nbsp;&nbsp; $129921 | &nbsp;&nbsp; $123507 | &nbsp;&nbsp; $130585 | &nbsp;&nbsp; $84448 | &nbsp;&nbsp; $58635 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.89% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.05% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.92% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.76% |
| Portfolio turnover | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Large Company Value Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Large Company Value Fund-7

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Large Company Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments VP Large Company Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Large Company Value Fund-8

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $5 billion of the Fund's average daily net assets; and 0.45% of the Fund's average daily net assets in excess of $5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.60% of the Fund's average daily net assets for the Standard Class, 0.70% for the Standard Class II and 0.85% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

LVIP American Century Large Company Value Fund-9

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $81062 | &nbsp;&nbsp; $81062 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $6374 |
| Legal | &nbsp;&nbsp; 971 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $588 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $9558 |
| Management fees payable to LFI | &nbsp;&nbsp; 67741 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 26736 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5193 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $42977050 |
| Sales | &nbsp;&nbsp; 49061133 |

---

LVIP American Century Large Company Value Fund-10

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $131907400 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $27724869 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7145117)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $20579752 |

---

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 June 30, 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 American Century Large Company Value Fund-11

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $2126781 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2126781 |
| Air Freight & Logistics | &nbsp;&nbsp; 2092789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2092789 |
| Automobile Components | &nbsp;&nbsp; 946280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 946280 |
| Banks | &nbsp;&nbsp; 12207877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12207877 |
| Beverages | &nbsp;&nbsp; 2581910 | &nbsp;&nbsp; 3414042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5995952 |
| Building Products | &nbsp;&nbsp; 1574991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1574991 |
| Capital Markets | &nbsp;&nbsp; 11243576 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11243576 |
| Chemicals | &nbsp;&nbsp; 1122258 | &nbsp;&nbsp; 861890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1984148 |
| Communications Equipment | &nbsp;&nbsp; 4927366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4927366 |
| Construction Materials | &nbsp;&nbsp; 2149354 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2149354 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 794103 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 794103 |
| Containers & Packaging | &nbsp;&nbsp; 2026787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2026787 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 2432639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2432639 |
| Electric Utilities | &nbsp;&nbsp; 7326509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7326509 |
| Electrical Equipment | &nbsp;&nbsp; 1221969 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1221969 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1295723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1295723 |
| Energy Equipment & Services | &nbsp;&nbsp; 1101623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1101623 |
| Entertainment | &nbsp;&nbsp; 2284760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2284760 |
| Financial Services | &nbsp;&nbsp; 2593040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2593040 |
| Food Products | &nbsp;&nbsp; 3311836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3311836 |
| Ground Transportation | &nbsp;&nbsp; 3664211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3664211 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 10652847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10652847 |
| Health Care Providers & Services | &nbsp;&nbsp; 6402583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6402583 |
| Household Durables | &nbsp;&nbsp; 1425405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1425405 |
| Household Products | &nbsp;&nbsp; 939440 | &nbsp;&nbsp; 962361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1901801 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367771 |
| Insurance | &nbsp;&nbsp; 5211669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211669 |
| Interactive Media & Services | &nbsp;&nbsp; 2319715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2319715 |
| IT Services | &nbsp;&nbsp; 2579651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2579651 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 2348721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2348721 |
| Machinery | &nbsp;&nbsp; 6018238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6018238 |
| Metals & Mining | &nbsp;&nbsp; 886140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 886140 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 7567546 | &nbsp;&nbsp; 1610291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9177837 |
| Passenger Airlines | &nbsp;&nbsp; 757831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 757831 |
| Personal Care Products | &nbsp;&nbsp; 6701270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6701270 |
| Pharmaceuticals | &nbsp;&nbsp; 6294223 | &nbsp;&nbsp; 1318409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7612632 |
| Residential REITs | &nbsp;&nbsp; 2287978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2287978 |
| Retail REITs | &nbsp;&nbsp; 795709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 795709 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4404499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4404499 |
| Specialized REITs | &nbsp;&nbsp; 1777222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1777222 |
| Trading Companies & Distributors | &nbsp;&nbsp; 1758469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1758469 |
| Money Market Fund | &nbsp;&nbsp; 3044435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3044435 |
| **Total Investments** | &nbsp;&nbsp; $143199973 | &nbsp;&nbsp; $9534764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152734737 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(247585)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(247585)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP American Century Large Company Value Fund-12

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 551 |
| Standard Class II | &nbsp;&nbsp; 95483 | &nbsp;&nbsp; 307579 |
| Service Class | &nbsp;&nbsp; 452425 | &nbsp;&nbsp; 818330 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 52690 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 276219 |
|  | &nbsp;&nbsp; 547908 | &nbsp;&nbsp; 1455384 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (215809)<br>| &nbsp;&nbsp; (416560)<br>|
| Service Class | &nbsp;&nbsp; (638192)<br>| &nbsp;&nbsp; (1148984)<br>|
|  | &nbsp;&nbsp; (854001)<br>| &nbsp;&nbsp; (1565544)<br>|
| Net decrease | &nbsp;&nbsp; (306093)<br>| &nbsp;&nbsp; (110160)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP American Century Large Company Value Fund-13

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 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>| $— | Receivables and other assets net of <br> liabilities<br>| $(247585)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(815786)<br>| &nbsp;&nbsp; $(393107)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $813971 | $11766046 |

---

**7. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 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 American Century Large Company Value Fund-14

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Large Company Value Fund-15

------

![](img5cfe56841.jpg)

LVIP American Century Mid Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_19bb6b1b-a8ab-4b36-aa9e-6ee3e94b44b2_SOI-continued-702_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_19bb6b1b-a8ab-4b36-aa9e-6ee3e94b44b2_FS-continued-702_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_19bb6b1b-a8ab-4b36-aa9e-6ee3e94b44b2_FS-continued-702_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_19bb6b1b-a8ab-4b36-aa9e-6ee3e94b44b2_FIHI-continued-702_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_19bb6b1b-a8ab-4b36-aa9e-6ee3e94b44b2_NTF-continued-702_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.80%** | **COMMON STOCK–97.80%** | **COMMON STOCK–97.80%** |
| **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** |
| Hexcel Corp. | 68726 | $3882332 |
| L3Harris Technologies, Inc. | 34412 | 8631906 |
|  |  | **12514238** |
| **Automobile Components–1.61%** | **Automobile Components–1.61%** | **Automobile Components–1.61%** |
| BorgWarner, Inc. | 111784 | 3742528 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 88785 | 3302288 |
| Gentex Corp. | 126959 | 2791829 |
|  |  | **9836645** |
| **Banks–8.50%** | **Banks–8.50%** | **Banks–8.50%** |
| Commerce Bancshares, Inc. | 152626 | 9488759 |
| First Hawaiian, Inc. | 63357 | 1581391 |
| PNC Financial Services <br> Group, Inc.<br>| 44698 | 8332601 |
| Prosperity Bancshares, Inc. | 74917 | 5262170 |
| Truist Financial Corp. | 278361 | 11966739 |
| U.S. Bancorp | 264856 | 11984734 |
| Westamerica BanCorp | 65845 | 3189532 |
|  |  | **51805926** |
| **Beverages–1.59%** | **Beverages–1.59%** | **Beverages–1.59%** |
| Heineken NV | 49163 | 4289119 |
| Pernod Ricard SA | 53878 | 5374405 |
|  |  | **9663524** |
| **Building Products–0.60%** | **Building Products–0.60%** | **Building Products–0.60%** |
| A.O. Smith Corp. | 55612 | 3646479 |
|  |  | **3646479** |
| **Capital Markets–3.77%** | **Capital Markets–3.77%** | **Capital Markets–3.77%** |
| Bank of New York Mellon <br> Corp.<br>| 44979 | 4098037 |
| Northern Trust Corp. | 84447 | 10707035 |
| Raymond James Financial, <br> Inc.<br>| 21297 | 3266321 |
| T. Rowe Price Group, Inc. | 51041 | 4925456 |
|  |  | **22996849** |
| **Chemicals–1.22%** | **Chemicals–1.22%** | **Chemicals–1.22%** |
| Akzo Nobel NV | 45335 | 3180870 |
| PPG Industries, Inc. | 37564 | 4272905 |
|  |  | **7453775** |
| **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** | **Commercial Services & Supplies–0.80%** |
| ABM Industries, Inc. | 84678 | 3997648 |
| Republic Services, Inc. | 3668 | 904566 |
|  |  | **4902214** |
| **Communications Equipment–0.50%** | **Communications Equipment–0.50%** | **Communications Equipment–0.50%** |
| †F5, Inc. | 10308 | 3033851 |
|  |  | **3033851** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering–0.50%** | **Construction & Engineering–0.50%** | **Construction & Engineering–0.50%** |
| Vinci SA | 20535 | $3028304 |
|  |  | **3028304** |
| **Construction Materials–0.75%** | **Construction Materials–0.75%** | **Construction Materials–0.75%** |
| Eagle Materials, Inc. | 22601 | 4567888 |
|  |  | **4567888** |
| **Consumer Staples Distribution & Retail–0.74%** | **Consumer Staples Distribution & Retail–0.74%** | **Consumer Staples Distribution & Retail–0.74%** |
| Koninklijke Ahold Delhaize <br> NV<br>| 108758 | 4542434 |
|  |  | **4542434** |
| **Containers & Packaging–2.50%** | **Containers & Packaging–2.50%** | **Containers & Packaging–2.50%** |
| Graphic Packaging Holding <br> Co.<br>| 389641 | 8209736 |
| Packaging Corp. of America | 37342 | 7037100 |
|  |  | **15246836** |
| **Electric Utilities–4.70%** | **Electric Utilities–4.70%** | **Electric Utilities–4.70%** |
| Duke Energy Corp. | 13003 | 1534354 |
| Evergy, Inc. | 125541 | 8653541 |
| Eversource Energy | 133536 | 8495560 |
| PPL Corp. | 45422 | 1539352 |
| Xcel Energy, Inc. | 123535 | 8412734 |
|  |  | **28635541** |
| **Electrical Equipment–1.09%** | **Electrical Equipment–1.09%** | **Electrical Equipment–1.09%** |
| Emerson Electric Co. | 27158 | 3620976 |
| Legrand SA | 22530 | 3019664 |
|  |  | **6640640** |
| **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** | **Electronic Equipment, Instruments & Components–0.85%** |
| †Ralliant Corp. | 8480 | 411179 |
| TE Connectivity PLC | 28366 | 4784493 |
|  |  | **5195672** |
| **Energy Equipment & Services–1.42%** | **Energy Equipment & Services–1.42%** | **Energy Equipment & Services–1.42%** |
| Baker Hughes Co. | 225616 | 8650117 |
|  |  | **8650117** |
| **Food Products–2.18%** | **Food Products–2.18%** | **Food Products–2.18%** |
| Conagra Brands, Inc. | 274785 | 5624849 |
| General Mills, Inc. | 88452 | 4582698 |
| Mondelez International, Inc. <br> Class A<br>| 45338 | 3057595 |
|  |  | **13265142** |
| **Gas Utilities–1.97%** | **Gas Utilities–1.97%** | **Gas Utilities–1.97%** |
| ONE Gas, Inc. | 78500 | 5641010 |
| Spire, Inc. | 86980 | 6348670 |
|  |  | **11989680** |

---

LVIP American Century Mid Cap Value Fund-1

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–3.10%** | **Ground Transportation–3.10%** | **Ground Transportation–3.10%** |
| CSX Corp. | 290187 | $9468802 |
| Norfolk Southern Corp. | 36846 | 9431470 |
|  |  | **18900272** |
| **Health Care Equipment & Supplies–7.62%** | **Health Care Equipment & Supplies–7.62%** | **Health Care Equipment & Supplies–7.62%** |
| Becton Dickinson & Co. | 48935 | 8429054 |
| †Envista Holdings Corp. | 211614 | 4134938 |
| GE HealthCare Technologies, <br> Inc.<br>| 87584 | 6487347 |
| †Hologic, Inc. | 77076 | 5022272 |
| Medtronic PLC | 69337 | 6044106 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 178858 | 16313638 |
|  |  | **46431355** |
| **Health Care Providers & Services–6.32%** | **Health Care Providers & Services–6.32%** | **Health Care Providers & Services–6.32%** |
| Cencora, Inc. | 7909 | 2371514 |
| †Centene Corp. | 86800 | 4711504 |
| †Henry Schein, Inc. | 169781 | 12402502 |
| Labcorp Holdings, Inc. | 40216 | 10557102 |
| Quest Diagnostics, Inc. | 27130 | 4873362 |
| Universal Health Services, <br> Inc. Class B<br>| 19744 | 3576625 |
|  |  | **38492609** |
| **Health Care REITs–1.57%** | **Health Care REITs–1.57%** | **Health Care REITs–1.57%** |
| Healthpeak Properties, Inc. | 280082 | 4904236 |
| Ventas, Inc. | 74313 | 4692866 |
|  |  | **9597102** |
| **Hotels, Restaurants & Leisure–0.53%** | **Hotels, Restaurants & Leisure–0.53%** | **Hotels, Restaurants & Leisure–0.53%** |
| Sodexo SA | 52783 | 3248606 |
|  |  | **3248606** |
| **Household Durables–1.10%** | **Household Durables–1.10%** | **Household Durables–1.10%** |
| †Mohawk Industries, Inc. | 43779 | 4589790 |
| PulteGroup, Inc. | 20172 | 2127339 |
|  |  | **6717129** |
| **Household Products–2.36%** | **Household Products–2.36%** | **Household Products–2.36%** |
| Kimberly-Clark Corp. | 65186 | 8403779 |
| Reckitt Benckiser Group PLC | 87573 | 5966081 |
|  |  | **14369860** |
| **Insurance–4.39%** | **Insurance–4.39%** | **Insurance–4.39%** |
| Allstate Corp. | 17424 | 3507625 |
| Hanover Insurance Group, <br> Inc.<br>| 20654 | 3508495 |
| Reinsurance Group of <br> America, Inc.<br>| 43261 | 8581252 |
| Willis Towers Watson PLC | 36332 | 11135758 |
|  |  | **26733130** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services–1.93%** | **IT Services–1.93%** | **IT Services–1.93%** |
| Amdocs Ltd. | 71700 | $6541908 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 66883 | 5218881 |
|  |  | **11760789** |
| **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** |
| †ICON PLC | 20285 | 2950453 |
| †IQVIA Holdings, Inc. | 31111 | 4902782 |
| †Qiagen NV | 22876 | 1099421 |
|  |  | **8952656** |
| **Machinery–4.74%** | **Machinery–4.74%** | **Machinery–4.74%** |
| Cummins, Inc. | 20283 | 6642683 |
| Dover Corp. | 8822 | 1616455 |
| Fortive Corp. | 25439 | 1326135 |
| †Gates Industrial Corp. PLC | 63307 | 1457960 |
| Oshkosh Corp. | 84847 | 9633528 |
| Timken Co. | 65888 | 4780174 |
| Toro Co. | 48895 | 3455899 |
|  |  | **28912834** |
| **Media–1.44%** | **Media–1.44%** | **Media–1.44%** |
| Interpublic Group of Cos., <br> Inc.<br>| 181896 | 4452814 |
| Omnicom Group, Inc. | 60439 | 4347982 |
|  |  | **8800796** |
| **Metals & Mining–0.97%** | **Metals & Mining–0.97%** | **Metals & Mining–0.97%** |
| Reliance, Inc. | 18773 | 5892845 |
|  |  | **5892845** |
| **Multi-Utilities–1.29%** | **Multi-Utilities–1.29%** | **Multi-Utilities–1.29%** |
| Northwestern Energy Group, <br> Inc.<br>| 152914 | 7844488 |
|  |  | **7844488** |
| **Oil, Gas & Consumable Fuels–4.21%** | **Oil, Gas & Consumable Fuels–4.21%** | **Oil, Gas & Consumable Fuels–4.21%** |
| Coterra Energy, Inc. | 205304 | 5210616 |
| Diamondback Energy, Inc. | 26822 | 3685343 |
| Enterprise Products <br> Partners LP<br>| 413725 | 12829612 |
| Occidental Petroleum Corp. | 93124 | 3912139 |
|  |  | **25637710** |
| **Passenger Airlines–0.98%** | **Passenger Airlines–0.98%** | **Passenger Airlines–0.98%** |
| Southwest Airlines Co. | 184602 | 5988489 |
|  |  | **5988489** |
| **Personal Care Products–2.73%** | **Personal Care Products–2.73%** | **Personal Care Products–2.73%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 79921 | 6457617 |
| Kenvue, Inc. | 487568 | 10204798 |
|  |  | **16662415** |

---

LVIP American Century Mid Cap Value Fund-2

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Residential REITs–1.71%** | **Residential REITs–1.71%** | **Residential REITs–1.71%** |
| Equity Residential | 122277 | $8252475 |
| Essex Property Trust, Inc. | 7592 | 2151573 |
|  |  | **10404048** |
| **Retail REITs–2.21%** | **Retail REITs–2.21%** | **Retail REITs–2.21%** |
| Agree Realty Corp. | 29857 | 2181352 |
| Realty Income Corp. | 166441 | 9588666 |
| Regency Centers Corp. | 23841 | 1698195 |
|  |  | **13468213** |
| **Semiconductors & Semiconductor Equipment–1.75%** | **Semiconductors & Semiconductor Equipment–1.75%** | **Semiconductors & Semiconductor Equipment–1.75%** |
| Analog Devices, Inc. | 5177 | 1232230 |
| NXP Semiconductors NV | 15751 | 3441436 |
| Teradyne, Inc. | 66721 | 5999552 |
|  |  | **10673218** |
| **Specialized REITs–3.53%** | **Specialized REITs–3.53%** | **Specialized REITs–3.53%** |
| American Tower Corp. | 27086 | 5986548 |
| Public Storage | 22777 | 6683227 |
| VICI Properties, Inc. | 270859 | 8830003 |
|  |  | **21499778** |
| **Technology Hardware, Storage & Peripherals–0.99%** | **Technology Hardware, Storage & Peripherals–0.99%** | **Technology Hardware, Storage & Peripherals–0.99%** |
| HP, Inc. | 247163 | 6045607 |
|  |  | **6045607** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors–3.52%** | **Trading Companies & Distributors–3.52%** | **Trading Companies & Distributors–3.52%** |
| Ashtead Group PLC | 47544 | $3048806 |
| Bunzl PLC | 269620 | 8591835 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 115204 | 9794644 |
|  |  | **21435285** |
| **Total Common Stock** <br>**(Cost $548,426,446)** | **Total Common Stock** <br>**(Cost $548,426,446)** | **596084989** |
| **PREFERRED STOCK–0.76%** | **PREFERRED STOCK–0.76%** | **PREFERRED STOCK–0.76%** |
| Henkel AG & Co. KGaA 3.06% | 58707 | 4613407 |
| **Total Preferred Stock** <br>**(Cost $3,884,016)** | **Total Preferred Stock** <br>**(Cost $3,884,016)** | **4613407** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.17%** | **MONEY MARKET FUND–1.17%** | **MONEY MARKET FUND–1.17%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 7152724 | 7152724 |
| **Total Money Market Fund** <br>**(Cost $7,152,724)** | **Total Money Market Fund** <br>**(Cost $7,152,724)** | **7152724** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.73% (Cost $559,463,186)** | **607851120** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%** | **1662051** |
| **NET ASSETS APPLICABLE TO 30,221,958 SHARES OUTSTANDING–100.00%** | **$609513171** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND STANDARD CLASS** <br>**($10,973 / 544 Shares)** | **$20.178** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND STANDARD CLASS II** <br>**($166,127,210 / 8,239,480 Shares)** | **$20.162** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND SERVICE CLASS** <br>**($443,374,988 / 21,981,934 Shares)** | **$20.170** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$511640635** |
| Distributable earnings/(accumulated loss) | **97872536** |
| **TOTAL NET ASSETS** | **$609513171** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $8,486 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,126,269 payable for securities <br> purchased, $395,607 payable for fund shares redeemed, $8,200 other accrued expenses payable, $467,565 due to manager and affiliates, <br> $14,221 payable for audit fee and $23,548 payable for fund accounting fee as of June 30, 2025.<br>

LVIP American Century Mid Cap Value Fund-3

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; (3833569)<br>| USD | &nbsp;&nbsp; 5144552 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(120584)<br>|
| CBK | GBP | &nbsp;&nbsp; (3507623)<br>| USD | &nbsp;&nbsp; 4698418 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (119054)<br>|
| GS | EUR | &nbsp;&nbsp; (6259650)<br>| USD | &nbsp;&nbsp; 7261883 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (154479)<br>|
| GS | GBP | &nbsp;&nbsp; (3507623)<br>| USD | &nbsp;&nbsp; 4699425 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (118048)<br>|
| JPM | EUR | &nbsp;&nbsp; (6259650)<br>| USD | &nbsp;&nbsp; 7264568 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (151794)<br>|
| MSC | EUR | &nbsp;&nbsp; (6259650)<br>| USD | &nbsp;&nbsp; 7255648 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (160714)<br>|
| UBS | EUR | &nbsp;&nbsp; (6259650)<br>| USD | &nbsp;&nbsp; 7261320 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (155042)<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; $— | &nbsp;&nbsp; $(979715)<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 6 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BOA–Bank of America |
| CBK–Citigroup Global Markets |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $9368369 |
| Foreign taxes withheld | (125588)<br>|
|  | 9242781 |
| **EXPENSES:** |  |
| Management fees | 2142663 |
| Distribution fees-Service Class | 555695 |
| Shareholder servicing fees | 172579 |
| Accounting and administration expenses | 58610 |
| Professional fees | 26064 |
| Custodian fees | 13430 |
| Trustees' fees and expenses | 9291 |
| Reports and statements to shareholders | 6354 |
| Consulting fees | 4030 |
| Index fees | 2380 |
| Pricing fees | 2132 |
| Other | 5561 |
|  | 2998789 |
| Less:  |  |
| Expenses reimbursed | (32963)<br>|
| Total operating expenses | 2965826 |
| **NET INVESTMENT INCOME**  | 6276955 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 23339055 |
| Foreign currencies | (101414)<br>|
| Foreign currency exchange contracts | (3488611)<br>|
| Net realized gain | 19749030 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (9120998)<br>|
| Foreign currencies | 11582 |
| Foreign currency exchange contracts | (1549661)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| (10659077)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 9089953 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $15366908 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $6276955 | $10627472 |
| Net realized gain | 19749030 | 49061225 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (10659077)<br>| (5208986)<br>|
| Net increase in net assets resulting <br> from operations<br>| 15366908 | 54479711 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (424)<br>|
| Standard Class II |  | (12759340)<br>|
| Service Class |  | (33375095)<br>|
|  |  | (46134859)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 10301140 | 19640546 |
| Service Class | 16633357 | 30417938 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 424 |
| Standard Class II |  | 12684392 |
| Service Class |  | 33375095 |
|  | 26934497 | 96128395 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Standard Class II | (20978124)<br>| (40222861)<br>|
| Service Class | (42281026)<br>| (93865446)<br>|
|  | (63259150)<br>| (134088307)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (36324653)<br>| (37959912)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (20957745)<br>| (29615060)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 630470916 | 660085976 |
| End of period | $609513171 | $630470916 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-5

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Standard Class** | **LVIP American Century Mid Cap Value Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.662 | &nbsp;&nbsp; $19.120 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.222 | 0.261 |
| Net realized and unrealized gain | 0.294 | 1.091 |
| Total from investment operations | 0.516 | 1.352 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.439)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.371)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.810)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.178 | &nbsp;&nbsp; $19.662 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 6.93% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.84% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.82% |
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Mid Cap Value Fund-6

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.657 | &nbsp;&nbsp; $19.440 | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $20.68 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.212 | 0.345 | 0.37 | 0.42 | 0.34 | 0.30 |
| Net realized and unrealized gain (loss) | 0.293 | 1.337 | 0.71 | &nbsp;&nbsp; (0.57)<br>| 4.41 | &nbsp;&nbsp; (0.10)<br>|
| Total from investment operations | 0.505 | 1.682 | 1.08 | &nbsp;&nbsp; (0.15)<br>| 4.75 | 0.20 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.950)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.465)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.162 | &nbsp;&nbsp; $19.657 | &nbsp;&nbsp; $19.44 | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $20.55 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 8.73% | &nbsp;&nbsp; 6.13% | &nbsp;&nbsp; (1.19%)<br>| &nbsp;&nbsp; 23.20% | &nbsp;&nbsp; 1.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $166127 | &nbsp;&nbsp; $172495 | &nbsp;&nbsp; $178367 | &nbsp;&nbsp; $172440 | &nbsp;&nbsp; $182236 | &nbsp;&nbsp; $158968 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.85% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.69% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.54% |
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Mid Cap Value Fund-7

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.679 | &nbsp;&nbsp; $19.470 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $20.57 | &nbsp;&nbsp; $20.70 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.197 | 0.316 | 0.34 | 0.39 | 0.31 | 0.28 |
| Net realized and unrealized gain (loss) | 0.294 | 1.329 | 0.73 | &nbsp;&nbsp; (0.57)<br>| 4.41 | &nbsp;&nbsp; (0.10)<br>|
| Total from investment operations | 0.491 | 1.645 | 1.07 | &nbsp;&nbsp; (0.18)<br>| 4.72 | 0.18 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.486)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.950)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.436)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.170 | &nbsp;&nbsp; $19.679 | &nbsp;&nbsp; $19.47 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $20.57 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 8.52% | &nbsp;&nbsp; 6.03% | &nbsp;&nbsp; (1.38%)<br>| &nbsp;&nbsp; 23.02% | &nbsp;&nbsp; 1.11% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $443375 | &nbsp;&nbsp; $457965 | &nbsp;&nbsp; $481719 | &nbsp;&nbsp; $507485 | &nbsp;&nbsp; $541594 | &nbsp;&nbsp; $465890 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.00% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.15% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.54% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.39% |
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Mid Cap Value Fund-8

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Mid Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Mid Cap Value Fund-9

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.70% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying fund fees and expenses) exceed 0.76% of the Fund's average daily net assets for the Standard Class, 0.86% for the Standard Class II and 1.01% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

LVIP American Century Mid Cap Value Fund-10

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $64480 | &nbsp;&nbsp; $64480 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $26289 |
| Legal | &nbsp;&nbsp; 4007 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,853 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $8486 |
| Management fees payable to LFI | &nbsp;&nbsp; 347499 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 90347 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1820 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 27899 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, the Fund engaged in securities purchases of $90,314 and securities sales of $28,774, which resulted in net realized losses of $16,810.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $296889117 |
| Sales | &nbsp;&nbsp; 331446172 |

---

LVIP American Century Mid Cap Value Fund-11

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $559463186 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $75520235 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (28112016)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $47408219 |

---

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 June 30, 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 American Century Mid Cap Value Fund-12

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $12514238 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12514238 |
| Automobile Components | &nbsp;&nbsp; 6534357 | &nbsp;&nbsp; 3302288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9836645 |
| Banks | &nbsp;&nbsp; 51805926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51805926 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 9663524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9663524 |
| Building Products | &nbsp;&nbsp; 3646479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3646479 |
| Capital Markets | &nbsp;&nbsp; 22996849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22996849 |
| Chemicals | &nbsp;&nbsp; 4272905 | &nbsp;&nbsp; 3180870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7453775 |
| Commercial Services & Supplies | &nbsp;&nbsp; 4902214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4902214 |
| Communications Equipment | &nbsp;&nbsp; 3033851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3033851 |
| Construction & Engineering | &nbsp;&nbsp; — | &nbsp;&nbsp; 3028304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3028304 |
| Construction Materials | &nbsp;&nbsp; 4567888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4567888 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 4542434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4542434 |
| Containers & Packaging | &nbsp;&nbsp; 15246836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15246836 |
| Electric Utilities | &nbsp;&nbsp; 28635541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28635541 |
| Electrical Equipment | &nbsp;&nbsp; 3620976 | &nbsp;&nbsp; 3019664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6640640 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5195672 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5195672 |
| Energy Equipment & Services | &nbsp;&nbsp; 8650117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8650117 |
| Food Products | &nbsp;&nbsp; 13265142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13265142 |
| Gas Utilities | &nbsp;&nbsp; 11989680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11989680 |
| Ground Transportation | &nbsp;&nbsp; 18900272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18900272 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 46431355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46431355 |
| Health Care Providers & Services | &nbsp;&nbsp; 38492609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38492609 |
| Health Care REITs | &nbsp;&nbsp; 9597102 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9597102 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; 3248606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3248606 |
| Household Durables | &nbsp;&nbsp; 6717129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6717129 |
| Household Products | &nbsp;&nbsp; 8403779 | &nbsp;&nbsp; 5966081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14369860 |
| Insurance | &nbsp;&nbsp; 26733130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26733130 |
| IT Services | &nbsp;&nbsp; 11760789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11760789 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 8952656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8952656 |
| Machinery | &nbsp;&nbsp; 28912834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28912834 |
| Media | &nbsp;&nbsp; 8800796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8800796 |
| Metals & Mining | &nbsp;&nbsp; 5892845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5892845 |
| Multi-Utilities | &nbsp;&nbsp; 7844488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7844488 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 25637710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25637710 |
| Passenger Airlines | &nbsp;&nbsp; 5988489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5988489 |
| Personal Care Products | &nbsp;&nbsp; 16662415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16662415 |
| Residential REITs | &nbsp;&nbsp; 10404048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10404048 |
| Retail REITs | &nbsp;&nbsp; 13468213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13468213 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 10673218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10673218 |
| Specialized REITs | &nbsp;&nbsp; 21499778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21499778 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 6045607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6045607 |
| Trading Companies & Distributors | &nbsp;&nbsp; 9794644 | &nbsp;&nbsp; 11640641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21435285 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 4613407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4613407 |
| Money Market Fund | &nbsp;&nbsp; 7152724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7152724 |
| **Total Investments** | &nbsp;&nbsp; $555645301 | &nbsp;&nbsp; $52205819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $607851120 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(979715)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(979715)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP American Century Mid Cap Value Fund-13

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 523 |
| Standard Class II | &nbsp;&nbsp; 521087 | &nbsp;&nbsp; 995332 |
| Service Class | &nbsp;&nbsp; 838822 | &nbsp;&nbsp; 1541331 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 640456 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1684205 |
|  | &nbsp;&nbsp; 1359909 | &nbsp;&nbsp; 4861868 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (1057003)<br>| &nbsp;&nbsp; (2033564)<br>|
| Service Class | &nbsp;&nbsp; (2128920)<br>| &nbsp;&nbsp; (4699053)<br>|
|  | &nbsp;&nbsp; (3185923)<br>| &nbsp;&nbsp; (6732617)<br>|
| Net decrease | &nbsp;&nbsp; (1826014)<br>| &nbsp;&nbsp; (1870749)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP American Century Mid Cap Value Fund-14

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 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>| $— | Receivables and other assets net of <br> liabilities<br>| $(979715)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(3488611)<br>| &nbsp;&nbsp; $(1549661)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $2959626 | $47401141 |

---

**7. 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 six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP American Century Mid Cap Value Fund-15

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Mid Cap Value Fund-16

------

![](img99d915311.jpg)

![](img778609eb2.jpg)

LVIP American Century Select Mid Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Select Mid Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_0b3ce17b-e457-4238-ac7d-ffcfec947a3c_SOI-continued-285_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_0b3ce17b-e457-4238-ac7d-ffcfec947a3c_FS-continued-285_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_0b3ce17b-e457-4238-ac7d-ffcfec947a3c_FS-continued-285_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_0b3ce17b-e457-4238-ac7d-ffcfec947a3c_FIHI-continued-285_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_0b3ce17b-e457-4238-ac7d-ffcfec947a3c_NTF-continued-285_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–94.46%** | **COMMON STOCK–94.46%** | **COMMON STOCK–94.46%** |
| **Aerospace & Defense–2.85%** | **Aerospace & Defense–2.85%** | **Aerospace & Defense–2.85%** |
| †Axon Enterprise, Inc. | 2102 | $1740330 |
| Curtiss-Wright Corp. | 1838 | 897955 |
| HEICO Corp. | 2999 | 983672 |
| Hexcel Corp. | 39646 | 2239603 |
| Howmet Aerospace, Inc. | 13676 | 2545514 |
| L3Harris Technologies, Inc. | 20079 | 5036616 |
|  |  | **13443690** |
| **Automobile Components–1.22%** | **Automobile Components–1.22%** | **Automobile Components–1.22%** |
| BorgWarner, Inc. | 65398 | 2189525 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 51943 | 1931979 |
| Gentex Corp. | 73851 | 1623983 |
|  |  | **5745487** |
| **Banks–6.51%** | **Banks–6.51%** | **Banks–6.51%** |
| Commerce Bancshares, Inc. | 89620 | 5571675 |
| First Hawaiian, Inc. | 35809 | 893793 |
| †NU Holdings Ltd. Class A | 30910 | 424085 |
| PNC Financial Services <br> Group, Inc.<br>| 26072 | 4860342 |
| Prosperity Bancshares, Inc. | 43700 | 3069488 |
| Truist Financial Corp. | 162415 | 6982221 |
| U.S. Bancorp | 154488 | 6990582 |
| Westamerica BanCorp | 39823 | 1929026 |
|  |  | **30721212** |
| **Beverages–1.20%** | **Beverages–1.20%** | **Beverages–1.20%** |
| Heineken NV | 28737 | 2507097 |
| Pernod Ricard SA | 31490 | 3141171 |
|  |  | **5648268** |
| **Biotechnology–0.66%** | **Biotechnology–0.66%** | **Biotechnology–0.66%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 3996 | 1303055 |
| †Argenx SE ADR | 1177 | 648786 |
| †Natera, Inc. | 6969 | 1177343 |
|  |  | **3129184** |
| **Broadline Retail–0.32%** | **Broadline Retail–0.32%** | **Broadline Retail–0.32%** |
| †Coupang, Inc. | 50276 | 1506269 |
|  |  | **1506269** |
| **Building Products–0.72%** | **Building Products–0.72%** | **Building Products–0.72%** |
| A.O. Smith Corp. | 32338 | 2120402 |
| Johnson Controls <br> International PLC<br>| 12027 | 1270292 |
|  |  | **3390694** |
| **Capital Markets–4.36%** | **Capital Markets–4.36%** | **Capital Markets–4.36%** |
| ARES Management Corp. <br> Class A<br>| 13253 | 2295420 |
| Bank of New York Mellon <br> Corp.<br>| 26245 | 2391182 |
| †Coinbase Global, Inc. Class A | 1279 | 448277 |
| LPL Financial Holdings, Inc. | 6830 | 2561045 |
| MSCI, Inc. | 2137 | 1232493 |
| Northern Trust Corp. | 49272 | 6247197 |
| Raymond James Financial, <br> Inc.<br>| 12427 | 1905929 |
| T. Rowe Price Group, Inc. | 30052 | 2900018 |
| TPG, Inc. | 11320 | 593734 |
|  |  | **20575295** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals–1.17%** | **Chemicals–1.17%** | **Chemicals–1.17%** |
| Akzo Nobel NV | 26515 | $1860389 |
| Avient Corp. | 10267 | 331727 |
| Element Solutions, Inc. | 34961 | 791867 |
| PPG Industries, Inc. | 22141 | 2518539 |
|  |  | **5502522** |
| **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** |
| ABM Industries, Inc. | 49492 | 2336517 |
| Republic Services, Inc. | 6011 | 1482373 |
|  |  | **3818890** |
| **Communications Equipment–0.48%** | **Communications Equipment–0.48%** | **Communications Equipment–0.48%** |
| †Ciena Corp. | 5963 | 484971 |
| †F5, Inc. | 6030 | 1774749 |
|  |  | **2259720** |
| **Construction & Engineering–0.64%** | **Construction & Engineering–0.64%** | **Construction & Engineering–0.64%** |
| EMCOR Group, Inc. | 2359 | 1261806 |
| Vinci SA | 11942 | 1761091 |
|  |  | **3022897** |
| **Construction Materials–0.73%** | **Construction Materials–0.73%** | **Construction Materials–0.73%** |
| Eagle Materials, Inc. | 13142 | 2656130 |
| Vulcan Materials Co. | 3078 | 802804 |
|  |  | **3458934** |
| **Consumer Staples Distribution & Retail–1.18%** | **Consumer Staples Distribution & Retail–1.18%** | **Consumer Staples Distribution & Retail–1.18%** |
| Casey's General Stores, Inc. | 1531 | 781223 |
| Koninklijke Ahold Delhaize <br> NV<br>| 63539 | 2653798 |
| †Maplebear, Inc. | 15104 | 683305 |
| †Sprouts Farmers Market, Inc. | 8741 | 1439118 |
|  |  | **5557444** |
| **Containers & Packaging–1.89%** | **Containers & Packaging–1.89%** | **Containers & Packaging–1.89%** |
| Graphic Packaging Holding <br> Co.<br>| 227941 | 4802717 |
| Packaging Corp. of America | 21782 | 4104818 |
|  |  | **8907535** |
| **Distributors–0.18%** | **Distributors–0.18%** | **Distributors–0.18%** |
| Pool Corp. | 2871 | 836839 |
|  |  | **836839** |
| **Diversified Consumer Services–0.42%** | **Diversified Consumer Services–0.42%** | **Diversified Consumer Services–0.42%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 4218 | 521303 |
| †Duolingo, Inc. | 3524 | 1444910 |
|  |  | **1966213** |
| **Electric Utilities–3.54%** | **Electric Utilities–3.54%** | **Electric Utilities–3.54%** |
| Duke Energy Corp. | 7587 | 895266 |
| Evergy, Inc. | 73491 | 5065735 |
| Eversource Energy | 77914 | 4956889 |
| PPL Corp. | 26503 | 898187 |
| Xcel Energy, Inc. | 72136 | 4912461 |
|  |  | **16728538** |
| **Electrical Equipment–1.22%** | **Electrical Equipment–1.22%** | **Electrical Equipment–1.22%** |
| Emerson Electric Co. | 15846 | 2112747 |
| Hubbell, Inc. | 1196 | 488458 |
| Legrand SA | 13146 | 1761940 |
| Vertiv Holdings Co. Class A | 10969 | 1408529 |
|  |  | **5771674** |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-1

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components–0.64%** | **Electronic Equipment, Instruments & Components–0.64%** | **Electronic Equipment, Instruments & Components–0.64%** |
| †Ralliant Corp. | 4948 | $239913 |
| TE Connectivity PLC | 16551 | 2791657 |
|  |  | **3031570** |
| **Energy Equipment & Services–1.07%** | **Energy Equipment & Services–1.07%** | **Energy Equipment & Services–1.07%** |
| Baker Hughes Co. | 131600 | 5045544 |
|  |  | **5045544** |
| **Entertainment–0.45%** | **Entertainment–0.45%** | **Entertainment–0.45%** |
| †ROBLOX Corp. Class A | 10593 | 1114384 |
| †Spotify Technology SA | 1297 | 995240 |
|  |  | **2109624** |
| **Financial Services–0.56%** | **Financial Services–0.56%** | **Financial Services–0.56%** |
| †Block, Inc. | 14855 | 1009100 |
| †Corpay, Inc. | 4887 | 1621604 |
|  |  | **2630704** |
| **Food Products–1.65%** | **Food Products–1.65%** | **Food Products–1.65%** |
| Conagra Brands, Inc. | 161544 | 3306806 |
| General Mills, Inc. | 52082 | 2698368 |
| Mondelez International, Inc. <br> Class A<br>| 26446 | 1783518 |
|  |  | **7788692** |
| **Gas Utilities–1.48%** | **Gas Utilities–1.48%** | **Gas Utilities–1.48%** |
| ONE Gas, Inc. | 45885 | 3297296 |
| Spire, Inc. | 50841 | 3710885 |
|  |  | **7008181** |
| **Ground Transportation–2.53%** | **Ground Transportation–2.53%** | **Ground Transportation–2.53%** |
| CSX Corp. | 169269 | 5523248 |
| Norfolk Southern Corp. | 25055 | 6413328 |
|  |  | **11936576** |
| **Health Care Equipment & Supplies–6.74%** | **Health Care Equipment & Supplies–6.74%** | **Health Care Equipment & Supplies–6.74%** |
| Becton Dickinson & Co. | 29098 | 5012131 |
| †Dexcom, Inc. | 21784 | 1901525 |
| †Envista Holdings Corp. | 123630 | 2415730 |
| GE HealthCare Technologies, <br> Inc.<br>| 58701 | 4347983 |
| †Hologic, Inc. | 44771 | 2917278 |
| †IDEXX Laboratories, Inc. | 1703 | 913387 |
| †Insulet Corp. | 3963 | 1245095 |
| Medtronic PLC | 40553 | 3535005 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 104678 | 9547681 |
|  |  | **31835815** |
| **Health Care Providers & Services–5.17%** | **Health Care Providers & Services–5.17%** | **Health Care Providers & Services–5.17%** |
| Cencora, Inc. | 11128 | 3336731 |
| †Centene Corp. | 51109 | 2774197 |
| †Henry Schein, Inc. | 99062 | 7236479 |
| Labcorp Holdings, Inc. | 23377 | 6136696 |
| Quest Diagnostics, Inc. | 15830 | 2843543 |
| Universal Health Services, <br> Inc. Class B<br>| 11474 | 2078515 |
|  |  | **24406161** |
| **Health Care REITs–1.19%** | **Health Care REITs–1.19%** | **Health Care REITs–1.19%** |
| Healthpeak Properties, Inc. | 164916 | 2887679 |
| Ventas, Inc. | 43451 | 2743931 |
|  |  | **5631610** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Technology–0.27%** | **Health Care Technology–0.27%** | **Health Care Technology–0.27%** |
| †Veeva Systems, Inc. Class A | 4365 | $1257033 |
|  |  | **1257033** |
| **Hotels, Restaurants & Leisure–2.71%** | **Hotels, Restaurants & Leisure–2.71%** | **Hotels, Restaurants & Leisure–2.71%** |
| †Airbnb, Inc. Class A | 3629 | 480262 |
| †Chipotle Mexican Grill, Inc. | 27635 | 1551705 |
| †DoorDash, Inc. Class A | 2643 | 651526 |
| †Flutter Entertainment PLC | 4742 | 1355074 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 11160 | 2972355 |
| Royal Caribbean Cruises Ltd. | 8181 | 2561798 |
| Sodexo SA | 30863 | 1899508 |
| †Viking Holdings Ltd. | 11517 | 613741 |
| Wingstop, Inc. | 2085 | 702103 |
|  |  | **12788072** |
| **Household Durables–0.98%** | **Household Durables–0.98%** | **Household Durables–0.98%** |
| †Mohawk Industries, Inc. | 25587 | 2682541 |
| PulteGroup, Inc. | 11767 | 1240948 |
| †TopBuild Corp. | 2162 | 699926 |
|  |  | **4623415** |
| **Household Products–1.96%** | **Household Products–1.96%** | **Household Products–1.96%** |
| Church & Dwight Co., Inc. | 9147 | 879118 |
| Kimberly-Clark Corp. | 38022 | 4901796 |
| Reckitt Benckiser Group PLC | 51265 | 3492528 |
|  |  | **9273442** |
| **Independent Power and Renewable Electricity Producers–0.66%** | **Independent Power and Renewable Electricity Producers–0.66%** | **Independent Power and Renewable Electricity Producers–0.66%** |
| Vistra Corp. | 16154 | 3130807 |
|  |  | **3130807** |
| **Insurance–3.55%** | **Insurance–3.55%** | **Insurance–3.55%** |
| Allstate Corp. | 10185 | 2050342 |
| Hanover Insurance Group, <br> Inc.<br>| 12049 | 2046764 |
| Reinsurance Group of <br> America, Inc.<br>| 25274 | 5013351 |
| Ryan Specialty Holdings, Inc. | 17192 | 1168884 |
| Willis Towers Watson PLC | 21193 | 6495654 |
|  |  | **16774995** |
| **Interactive Media & Services–0.25%** | **Interactive Media & Services–0.25%** | **Interactive Media & Services–0.25%** |
| †Pinterest, Inc. Class A | 32558 | 1167530 |
|  |  | **1167530** |
| **IT Services–2.04%** | **IT Services–2.04%** | **IT Services–2.04%** |
| Amdocs Ltd. | 42214 | 3851605 |
| †Cloudflare, Inc. Class A | 13895 | 2721058 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 38958 | 3039893 |
|  |  | **9612556** |
| **Life Sciences Tools & Services–1.96%** | **Life Sciences Tools & Services–1.96%** | **Life Sciences Tools & Services–1.96%** |
| Agilent Technologies, Inc. | 5396 | 636782 |
| Bio-Techne Corp. | 12015 | 618172 |
| †ICON PLC | 12006 | 1746273 |
| †IQVIA Holdings, Inc. | 24701 | 3892630 |
| †Mettler-Toledo International, <br> Inc.<br>| 581 | 682512 |
| †Qiagen NV | 13347 | 641457 |
| West Pharmaceutical <br> Services, Inc.<br>| 4768 | 1043238 |
|  |  | **9261064** |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-2

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–3.75%** | **Machinery–3.75%** | **Machinery–3.75%** |
| Crane Co. | 4324 | $821084 |
| Cummins, Inc. | 11844 | 3878910 |
| Dover Corp. | 5148 | 943268 |
| Fortive Corp. | 14843 | 773766 |
| †Gates Industrial Corp. PLC | 36929 | 850475 |
| Oshkosh Corp. | 49507 | 5621025 |
| Timken Co. | 38815 | 2816028 |
| Toro Co. | 28565 | 2018974 |
|  |  | **17723530** |
| **Media–1.34%** | **Media–1.34%** | **Media–1.34%** |
| Interpublic Group of Cos., <br> Inc.<br>| 107713 | 2636814 |
| Omnicom Group, Inc. | 34585 | 2488045 |
| †Trade Desk, Inc. Class A | 16577 | 1193378 |
|  |  | **6318237** |
| **Metals & Mining–0.71%** | **Metals & Mining–0.71%** | **Metals & Mining–0.71%** |
| Reliance, Inc. | 10743 | 3372228 |
|  |  | **3372228** |
| **Multi-Utilities–0.99%** | **Multi-Utilities–0.99%** | **Multi-Utilities–0.99%** |
| Northwestern Energy Group, <br> Inc.<br>| 90939 | 4665171 |
|  |  | **4665171** |
| **Oil, Gas & Consumable Fuels–3.72%** | **Oil, Gas & Consumable Fuels–3.72%** | **Oil, Gas & Consumable Fuels–3.72%** |
| Coterra Energy, Inc. | 119398 | 3030321 |
| Diamondback Energy, Inc. | 15793 | 2169958 |
| Enterprise Products <br> Partners LP<br>| 242136 | 7508637 |
| Expand Energy Corp. | 6143 | 718363 |
| Occidental Petroleum Corp. | 54889 | 2305887 |
| Permian Resources Corp. | 33113 | 450999 |
| Targa Resources Corp. | 7994 | 1391596 |
|  |  | **17575761** |
| **Passenger Airlines–0.74%** | **Passenger Airlines–0.74%** | **Passenger Airlines–0.74%** |
| Southwest Airlines Co. | 107332 | 3481850 |
|  |  | **3481850** |
| **Personal Care Products–2.06%** | **Personal Care Products–2.06%** | **Personal Care Products–2.06%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 46632 | 3767865 |
| Kenvue, Inc. | 284403 | 5952555 |
|  |  | **9720420** |
| **Professional Services–0.45%** | **Professional Services–0.45%** | **Professional Services–0.45%** |
| †CACI International, Inc. <br> Class A<br>| 801 | 381837 |
| Equifax, Inc. | 1720 | 446116 |
| Verisk Analytics, Inc. | 4146 | 1291479 |
|  |  | **2119432** |
| **Residential REITs–1.29%** | **Residential REITs–1.29%** | **Residential REITs–1.29%** |
| Equity Residential | 71325 | 4813724 |
| Essex Property Trust, Inc. | 4541 | 1286920 |
|  |  | **6100644** |
| **Retail REITs–1.67%** | **Retail REITs–1.67%** | **Retail REITs–1.67%** |
| Agree Realty Corp. | 17370 | 1269052 |
| Realty Income Corp. | 97411 | 5611848 |
| Regency Centers Corp. | 13892 | 989527 |
|  |  | **7870427** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment–1.76%** | **Semiconductors & Semiconductor Equipment–1.76%** | **Semiconductors & Semiconductor Equipment–1.76%** |
| Analog Devices, Inc. | 5401 | $1285546 |
| †Lattice Semiconductor Corp. | 6988 | 342342 |
| Monolithic Power Systems, <br> Inc.<br>| 1707 | 1248466 |
| NXP Semiconductors NV | 8975 | 1960948 |
| Teradyne, Inc. | 38785 | 3487547 |
|  |  | **8324849** |
| **Software–2.50%** | **Software–2.50%** | **Software–2.50%** |
| †Cadence Design Systems, <br> Inc.<br>| 2778 | 856041 |
| †Datadog, Inc. Class A | 12856 | 1726947 |
| †Docusign, Inc. | 13932 | 1085163 |
| †Fair Isaac Corp. | 1013 | 1851724 |
| †Guidewire Software, Inc. | 5912 | 1391980 |
| †HubSpot, Inc. | 2642 | 1470616 |
| †Manhattan Associates, Inc. | 4245 | 838260 |
| †Samsara, Inc. Class A | 20728 | 824560 |
| †Zscaler, Inc. | 5615 | 1762773 |
|  |  | **11808064** |
| **Specialized REITs–2.84%** | **Specialized REITs–2.84%** | **Specialized REITs–2.84%** |
| American Tower Corp. | 15824 | 3497421 |
| Public Storage | 13376 | 3924786 |
| SBA Communications Corp. | 3101 | 728239 |
| VICI Properties, Inc. | 161144 | 5253294 |
|  |  | **13403740** |
| **Specialty Retail–0.60%** | **Specialty Retail–0.60%** | **Specialty Retail–0.60%** |
| †Burlington Stores, Inc. | 5813 | 1352336 |
| †Carvana Co. | 4355 | 1467461 |
|  |  | **2819797** |
| **Technology Hardware, Storage & Peripherals–0.81%** | **Technology Hardware, Storage & Peripherals–0.81%** | **Technology Hardware, Storage & Peripherals–0.81%** |
| HP, Inc. | 145524 | 3559517 |
| †Super Micro Computer, Inc. | 5878 | 288081 |
|  |  | **3847598** |
| **Textiles, Apparel & Luxury Goods–0.17%** | **Textiles, Apparel & Luxury Goods–0.17%** | **Textiles, Apparel & Luxury Goods–0.17%** |
| †On Holding AG Class A | 15802 | 822494 |
|  |  | **822494** |
| **Trading Companies & Distributors–3.10%** | **Trading Companies & Distributors–3.10%** | **Trading Companies & Distributors–3.10%** |
| Ashtead Group PLC | 27734 | 1778470 |
| Bunzl PLC | 157728 | 5026233 |
| †Core & Main, Inc. Class A | 12471 | 752625 |
| Fastenal Co. | 11710 | 491820 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 66892 | 5687158 |
| WESCO International, Inc. | 4766 | 882663 |
|  |  | **14618969** |
| **Total Common Stock** <br>**(Cost $395,965,580)** | **Total Common Stock** <br>**(Cost $395,965,580)** | **445897907** |
| **PREFERRED STOCK–0.57%** | **PREFERRED STOCK–0.57%** | **PREFERRED STOCK–0.57%** |
| Henkel AG & Co. KGaA 3.06% | 34101 | 2679779 |
| **Total Preferred Stock** <br>**(Cost $2,231,893)** | **Total Preferred Stock** <br>**(Cost $2,231,893)** | **2679779** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Select Mid Cap Managed Volatility Fund-3

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **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> 4.27%)<br>| 20844167 | $20844167 |
| **Total Money Market Fund** <br>**(Cost $20,844,167)** | **Total Money Market Fund** <br>**(Cost $20,844,167)** | **20844167** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.45% (Cost $419,041,640)** | **469421853** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.55%** | **2612494** |
| **NET ASSETS APPLICABLE TO 34,261,256 SHARES OUTSTANDING–100.00%** | **$472034347** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY SELECT MID CAP MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($24,434 / 1,766 Shares)** | **$13.833** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY SELECT MID CAP MANAGED VOLATILITY FUND SERVICE** <br> **CLASS** <br>**($472,009,913 / 34,259,490 Shares)** | **$13.777** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$386866280** |
| Distributable earnings/(accumulated loss) | **85168067** |
| **TOTAL NET ASSETS** | **$472034347** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,378,883 cash collateral held at broker for futures contracts, $29,658 variation margin due from broker on futures contracts, <br> $651,176 payable for securities purchased, $15,214 payable for fund shares redeemed, $22,752 other accrued expenses payable, $421,662 <br> due to manager and affiliates, $16,205 payable for audit fee and $26,452 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; (2239606)<br>| USD | &nbsp;&nbsp; 3005384 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70557)<br>|
| CBK | GBP | &nbsp;&nbsp; (2052679)<br>| USD | &nbsp;&nbsp; 2749539 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (69671)<br>|
| GS | EUR | &nbsp;&nbsp; (3653460)<br>| USD | &nbsp;&nbsp; 4238415 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (90162)<br>|
| GS | GBP | &nbsp;&nbsp; (2052679)<br>| USD | &nbsp;&nbsp; 2750128 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (69082)<br>|
| JPM | EUR | &nbsp;&nbsp; (3653460)<br>| USD | &nbsp;&nbsp; 4239983 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (88595)<br>|
| MSC | EUR | &nbsp;&nbsp; (3653460)<br>| USD | &nbsp;&nbsp; 4234776 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (93801)<br>|
| UBS | EUR | &nbsp;&nbsp; (3653460)<br>| USD | &nbsp;&nbsp; 4238087 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (90491)<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; $— | &nbsp;&nbsp; $(572359)<br>|

---

LVIP American Century Select Mid Cap Managed Volatility Fund-4

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 5 | CME British Pound Currency Futures | &nbsp;&nbsp; $428906 | &nbsp;&nbsp; $422826 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $6080 | &nbsp;&nbsp; $— |
| 4 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 591800 | &nbsp;&nbsp; 577356 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 14444 | &nbsp;&nbsp; — |
| 5 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 437156 | &nbsp;&nbsp; 436088 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 21592 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 15 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1643775 | &nbsp;&nbsp; 1618069 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 25706 | &nbsp;&nbsp; — |
| 14 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 4377625 | &nbsp;&nbsp; 4257498 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 120127 | &nbsp;&nbsp; — |
| 33 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 10314150 | &nbsp;&nbsp; 10160043 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 154107 | &nbsp;&nbsp; — |
| 10 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 627494 | &nbsp;&nbsp; 630394 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2900)<br>|
| 3 | FTSE 100 Index Futures | &nbsp;&nbsp; 361947 | &nbsp;&nbsp; 364989 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3042)<br>|
| 2 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 562620 | &nbsp;&nbsp; 533599 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 29021 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 328961 | &nbsp;&nbsp; (5942)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $350553 | &nbsp;&nbsp; $(5942)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BOA–Bank of America |
| CBK–Citigroup Global Markets |
| CME–Chicago Mercantile Exchange |
| EUR–Euro |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $6032648 |
| Foreign taxes withheld | (71765)<br>|
|  | 5960883 |
| **EXPENSES:** |  |
| Management fees | 1779359 |
| Distribution fees-Service Class | 830326 |
| Shareholder servicing fees | 68802 |
| Accounting and administration expenses | 61214 |
| Professional fees | 25756 |
| Custodian fees | 19317 |
| Reports and statements to shareholders | 9502 |
| Trustees' fees and expenses | 7317 |
| Consulting fees | 6545 |
| Pricing fees | 2337 |
| Other | 9546 |
|  | 2820021 |
| Less:  |  |
| Management fees waived | (71174)<br>|
| Total operating expenses | 2748847 |
| **NET INVESTMENT INCOME**  | 3212036 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 26270048 |
| Foreign currencies | (1023)<br>|
| Foreign currency exchange contracts | (2006017)<br>|
| Futures contracts | (17040374)<br>|
| Net realized gain | 7222634 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | (9805527)<br>|
| Foreign currencies | 1340 |
| Foreign currency exchange contracts | (913209)<br>|
| Futures contracts | 1452493 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (9264903)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (2042269)<br>|
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1169767 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $3212036 | $5886386 |
| Net realized gain | 7222634 | 49367062 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (9264903)<br>| 1944399 |
| Net increase in net assets resulting <br> from operations<br>| 1169767 | 57197847 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1610)<br>|
| Service Class |  | (32133831)<br>|
|  |  | (32135441)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 6386295 | 11815244 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1610 |
| Service Class |  | 32133831 |
|  | 6386295 | 43950685 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Service Class | (34363737)<br>| (87587001)<br>|
|  | (34363737)<br>| (87587001)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (27977442)<br>| (43636316)<br>|
| **NET DECREASE IN NET ASSETS** | (26807675)<br>| (18573910)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 498842022 | 517415932 |
| End of period | $472034347 | $498842022 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-6

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $13.775 | &nbsp;&nbsp; $13.173 | &nbsp;&nbsp; $13.156 | &nbsp;&nbsp; $15.994 | &nbsp;&nbsp; $13.667 | &nbsp;&nbsp; $14.029 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.115 | 0.209 | 0.211 | 0.186 | 0.144 | 0.137 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.057)<br>| 1.354 | 0.972 | &nbsp;&nbsp; (1.457)<br>| 2.755 | 0.442 |
| Total from investment operations | 0.058 | 1.563 | 1.183 | &nbsp;&nbsp; (1.271)<br>| 2.899 | 0.579 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.213)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.206)<br>| &nbsp;&nbsp; (0.084)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.670)<br>| &nbsp;&nbsp; (0.953)<br>| &nbsp;&nbsp; (1.278)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.803)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.054)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.961)<br>| &nbsp;&nbsp; (1.166)<br>| &nbsp;&nbsp; (1.567)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.941)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.833 | &nbsp;&nbsp; $13.775 | &nbsp;&nbsp; $13.173 | &nbsp;&nbsp; $13.156 | &nbsp;&nbsp; $15.994 | &nbsp;&nbsp; $13.667 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; 9.50% | &nbsp;&nbsp; (7.40%)<br>| &nbsp;&nbsp; 21.22% | &nbsp;&nbsp; 5.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $18 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.87% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.87% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 American Century Select Mid Cap Managed Volatility Fund-7

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $13.744 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $13.134 | &nbsp;&nbsp; $15.970 | &nbsp;&nbsp; $13.649 | &nbsp;&nbsp; $14.018 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.091 | 0.158 | 0.164 | 0.134 | 0.087 | 0.092 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.058)<br>| 1.352 | 0.966 | &nbsp;&nbsp; (1.452)<br>| 2.750 | 0.436 |
| Total from investment operations | 0.033 | 1.510 | 1.130 | &nbsp;&nbsp; (1.318)<br>| 2.837 | 0.528 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.150)<br>| &nbsp;&nbsp; (0.057)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.670)<br>| &nbsp;&nbsp; (0.953)<br>| &nbsp;&nbsp; (1.278)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.803)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.037)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.909)<br>| &nbsp;&nbsp; (1.121)<br>| &nbsp;&nbsp; (1.518)<br>| &nbsp;&nbsp; (0.516)<br>| &nbsp;&nbsp; (0.897)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.777 | &nbsp;&nbsp; $13.744 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $13.134 | &nbsp;&nbsp; $15.970 | &nbsp;&nbsp; $13.649 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 11.54% | &nbsp;&nbsp; 9.13% | &nbsp;&nbsp; (7.73%)<br>| &nbsp;&nbsp; 20.79% | &nbsp;&nbsp; 4.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $472010 | &nbsp;&nbsp; $498818 | &nbsp;&nbsp; $517394 | &nbsp;&nbsp; $490594 | &nbsp;&nbsp; $593950 | &nbsp;&nbsp; $542608 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.22% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.22% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.74% |
| Portfolio turnover | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 American Century Select Mid Cap Managed Volatility Fund-8

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Select Mid Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in

LVIP American Century Select Mid Cap Managed Volatility Fund-9

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP American Century Select Mid Cap Managed Volatility Fund is $95 and $95 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.03% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

American Century Investment Management, Inc, ("American Century") is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $20480 |
| Legal | &nbsp;&nbsp; 3121 |

---

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 American Century Select Mid Cap Managed Volatility Fund-10

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,875 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $276103 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 134209 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 229 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 11121 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, the Fund engaged in securities purchases of $15,716 and securities sales of $16,855, which resulted in net realized losses of $11,373.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $179979183 |
| Sales | &nbsp;&nbsp; 215812954 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $419041640 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $67894739 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (17742274)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $50152465 |

---

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 June 30, 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.

LVIP American Century Select Mid Cap Managed Volatility Fund-11

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**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $13443690 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13443690 |
| Automobile Components | &nbsp;&nbsp; 3813508 | &nbsp;&nbsp; 1931979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5745487 |
| Banks | &nbsp;&nbsp; 30721212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30721212 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 5648268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5648268 |
| Biotechnology | &nbsp;&nbsp; 3129184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3129184 |
| Broadline Retail | &nbsp;&nbsp; 1506269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1506269 |
| Building Products | &nbsp;&nbsp; 3390694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3390694 |
| Capital Markets | &nbsp;&nbsp; 20575295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20575295 |
| Chemicals | &nbsp;&nbsp; 3642133 | &nbsp;&nbsp; 1860389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5502522 |
| Commercial Services & Supplies | &nbsp;&nbsp; 3818890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3818890 |
| Communications Equipment | &nbsp;&nbsp; 2259720 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2259720 |
| Construction & Engineering | &nbsp;&nbsp; 1261806 | &nbsp;&nbsp; 1761091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3022897 |
| Construction Materials | &nbsp;&nbsp; 3458934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3458934 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2903646 | &nbsp;&nbsp; 2653798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5557444 |
| Containers & Packaging | &nbsp;&nbsp; 8907535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8907535 |
| Distributors | &nbsp;&nbsp; 836839 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 836839 |
| Diversified Consumer Services | &nbsp;&nbsp; 1966213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1966213 |
| Electric Utilities | &nbsp;&nbsp; 16728538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16728538 |
| Electrical Equipment | &nbsp;&nbsp; 4009734 | &nbsp;&nbsp; 1761940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5771674 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3031570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3031570 |
| Energy Equipment & Services | &nbsp;&nbsp; 5045544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5045544 |
| Entertainment | &nbsp;&nbsp; 2109624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2109624 |
| Financial Services | &nbsp;&nbsp; 2630704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2630704 |
| Food Products | &nbsp;&nbsp; 7788692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7788692 |
| Gas Utilities | &nbsp;&nbsp; 7008181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7008181 |
| Ground Transportation | &nbsp;&nbsp; 11936576 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11936576 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 31835815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31835815 |
| Health Care Providers & Services | &nbsp;&nbsp; 24406161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24406161 |
| Health Care REITs | &nbsp;&nbsp; 5631610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5631610 |
| Health Care Technology | &nbsp;&nbsp; 1257033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1257033 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 10888564 | &nbsp;&nbsp; 1899508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12788072 |
| Household Durables | &nbsp;&nbsp; 4623415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4623415 |
| Household Products | &nbsp;&nbsp; 5780914 | &nbsp;&nbsp; 3492528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9273442 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 3130807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3130807 |
| Insurance | &nbsp;&nbsp; 16774995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16774995 |
| Interactive Media & Services | &nbsp;&nbsp; 1167530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1167530 |
| IT Services | &nbsp;&nbsp; 9612556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9612556 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 9261064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9261064 |
| Machinery | &nbsp;&nbsp; 17723530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17723530 |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-12

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Media | &nbsp;&nbsp; $6318237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6318237 |
| Metals & Mining | &nbsp;&nbsp; 3372228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3372228 |
| Multi-Utilities | &nbsp;&nbsp; 4665171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4665171 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 17575761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17575761 |
| Passenger Airlines | &nbsp;&nbsp; 3481850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3481850 |
| Personal Care Products | &nbsp;&nbsp; 9720420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9720420 |
| Professional Services | &nbsp;&nbsp; 2119432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2119432 |
| Residential REITs | &nbsp;&nbsp; 6100644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6100644 |
| Retail REITs | &nbsp;&nbsp; 7870427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7870427 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8324849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8324849 |
| Software | &nbsp;&nbsp; 11808064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11808064 |
| Specialized REITs | &nbsp;&nbsp; 13403740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13403740 |
| Specialty Retail | &nbsp;&nbsp; 2819797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2819797 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3847598 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3847598 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 822494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 822494 |
| Trading Companies & Distributors | &nbsp;&nbsp; 7814266 | &nbsp;&nbsp; 6804703 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14618969 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 2679779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2679779 |
| Money Market Fund | &nbsp;&nbsp; 20844167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20844167 |
| **Total Investments** | &nbsp;&nbsp; $438927870 | &nbsp;&nbsp; $30493983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $469421853 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $350553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $350553 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(572359)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(572359)<br>|
| Futures Contracts | &nbsp;&nbsp; $(5942)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5942)<br>|

---

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; 476808 | &nbsp;&nbsp; 859085 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2320214 |
|  | &nbsp;&nbsp; 476808 | &nbsp;&nbsp; 3179415 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (2512104)<br>| &nbsp;&nbsp; (6250311)<br>|
|  | &nbsp;&nbsp; (2512104)<br>| &nbsp;&nbsp; (6250311)<br>|
| Net decrease | &nbsp;&nbsp; (2035296)<br>| &nbsp;&nbsp; (3070896)<br>|

---

**5. 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.

LVIP American Century Select Mid Cap Managed Volatility Fund-13

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Line of Credit (continued)**

The Fund had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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 American Century Select Mid Cap Managed Volatility Fund-14

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP American Century Select Mid Cap Managed Volatility Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $— | Receivables and other assets net of <br> liabilities<br>| $(572359)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 328961 | Receivables and other assets net of <br> liabilities<br>| (5942)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 21592 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $350553 |  | $(578301)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(2006017)<br>| &nbsp;&nbsp; $(913209)<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; (16747733)<br>| &nbsp;&nbsp; 1392985 |
| 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; (292641)<br>| &nbsp;&nbsp; 59508 |
| Total |  | &nbsp;&nbsp; $(19046391)<br>| &nbsp;&nbsp; $539284 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $1965789 | $27928612 |
| Futures contracts (average notional value) | 17726330 | 10927169 |

---

**7. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests 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.

LVIP American Century Select Mid Cap Managed Volatility Fund-15

------

**LVIP American Century Select Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-16

------

![](img5fcf3df31.jpg)

LVIP American Century Ultra<sup>®</sup> Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Ultra**<sup>®</sup> **Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_8dff3f75-273b-47a8-a860-0b0744d8326a_SOI-continued-703_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_8dff3f75-273b-47a8-a860-0b0744d8326a_FS-continued-703_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_8dff3f75-273b-47a8-a860-0b0744d8326a_FS-continued-703_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_8dff3f75-273b-47a8-a860-0b0744d8326a_FIHI-continued-703_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_8dff3f75-273b-47a8-a860-0b0744d8326a_NTF-continued-703_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.93%** | **COMMON STOCK–99.93%** | **COMMON STOCK–99.93%** |
| **Aerospace & Defense–0.51%** | **Aerospace & Defense–0.51%** | **Aerospace & Defense–0.51%** |
| Howmet Aerospace, Inc. | 34083 | $6343869 |
|  |  | **6343869** |
| **Automobiles–3.69%** | **Automobiles–3.69%** | **Automobiles–3.69%** |
| Ferrari NV | 7659 | 3758578 |
| †Tesla, Inc. | 133104 | 42281816 |
|  |  | **46040394** |
| **Biotechnology–1.53%** | **Biotechnology–1.53%** | **Biotechnology–1.53%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 35622 | 11615978 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 14101 | 7403025 |
|  |  | **19019003** |
| **Broadline Retail–7.21%** | **Broadline Retail–7.21%** | **Broadline Retail–7.21%** |
| †Amazon.com, Inc. | 410082 | 89967890 |
|  |  | **89967890** |
| **Building Products–0.73%** | **Building Products–0.73%** | **Building Products–0.73%** |
| Advanced Drainage Systems, <br> Inc.<br>| 43511 | 4997674 |
| Johnson Controls <br> International PLC<br>| 38494 | 4065736 |
|  |  | **9063410** |
| **Capital Markets–2.48%** | **Capital Markets–2.48%** | **Capital Markets–2.48%** |
| Interactive Brokers Group, <br> Inc. Class A<br>| 174320 | 9659071 |
| MSCI, Inc. | 21690 | 12509491 |
| Tradeweb Markets, Inc. <br> Class A<br>| 59833 | 8759551 |
|  |  | **30928113** |
| **Chemicals–0.89%** | **Chemicals–0.89%** | **Chemicals–0.89%** |
| Ecolab, Inc. | 41182 | 11096078 |
|  |  | **11096078** |
| **Commercial Services & Supplies–0.51%** | **Commercial Services & Supplies–0.51%** | **Commercial Services & Supplies–0.51%** |
| Cintas Corp. | 12668 | 2823317 |
| †Copart, Inc. | 72926 | 3578479 |
|  |  | **6401796** |
| **Consumer Staples Distribution & Retail–2.35%** | **Consumer Staples Distribution & Retail–2.35%** | **Consumer Staples Distribution & Retail–2.35%** |
| Costco Wholesale Corp. | 29650 | 29351721 |
|  |  | **29351721** |
| **Electrical Equipment–1.15%** | **Electrical Equipment–1.15%** | **Electrical Equipment–1.15%** |
| Acuity, Inc. | 25971 | 7748188 |
| Vertiv Holdings Co. Class A | 51460 | 6607979 |
|  |  | **14356167** |
| **Electronic Equipment, Instruments & Components–0.40%** | **Electronic Equipment, Instruments & Components–0.40%** | **Electronic Equipment, Instruments & Components–0.40%** |
| Keyence Corp. | 12600 | 5037833 |
|  |  | **5037833** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services–0.19%** | **Energy Equipment & Services–0.19%** | **Energy Equipment & Services–0.19%** |
| Schlumberger NV | 71685 | $2422953 |
|  |  | **2422953** |
| **Entertainment–3.94%** | **Entertainment–3.94%** | **Entertainment–3.94%** |
| †Netflix, Inc. | 36731 | 49187584 |
|  |  | **49187584** |
| **Financial Services–5.21%** | **Financial Services–5.21%** | **Financial Services–5.21%** |
| Mastercard, Inc. Class A | 92851 | 52176691 |
| Visa, Inc. Class A | 35889 | 12742389 |
|  |  | **64919080** |
| **Health Care Equipment & Supplies–3.59%** | **Health Care Equipment & Supplies–3.59%** | **Health Care Equipment & Supplies–3.59%** |
| †Dexcom, Inc. | 37524 | 3275470 |
| †IDEXX Laboratories, Inc. | 12934 | 6937021 |
| †Insulet Corp. | 29961 | 9413147 |
| †Intuitive Surgical, Inc. | 46365 | 25195205 |
|  |  | **44820843** |
| **Health Care Providers & Services–0.46%** | **Health Care Providers & Services–0.46%** | **Health Care Providers & Services–0.46%** |
| UnitedHealth Group, Inc. | 18360 | 5727769 |
|  |  | **5727769** |
| **Hotels, Restaurants & Leisure–3.77%** | **Hotels, Restaurants & Leisure–3.77%** | **Hotels, Restaurants & Leisure–3.77%** |
| Booking Holdings, Inc. | 1675 | 9696977 |
| †Chipotle Mexican Grill, Inc. | 450696 | 25306580 |
| Wingstop, Inc. | 35496 | 11952923 |
|  |  | **46956480** |
| **Insurance–0.29%** | **Insurance–0.29%** | **Insurance–0.29%** |
| Arthur J Gallagher & Co. | 11246 | 3600070 |
|  |  | **3600070** |
| **Interactive Media & Services–11.30%** | **Interactive Media & Services–11.30%** | **Interactive Media & Services–11.30%** |
| Alphabet, Inc. Class A | 517031 | 91543746 |
| Meta Platforms, Inc. Class A | 66922 | 49394459 |
|  |  | **140938205** |
| **IT Services–1.62%** | **IT Services–1.62%** | **IT Services–1.62%** |
| †Cloudflare, Inc. Class A | 43156 | 8451240 |
| †Gartner, Inc. | 11059 | 4470269 |
| †Okta, Inc. | 72890 | 7286813 |
|  |  | **20208322** |
| **Life Sciences Tools & Services–0.21%** | **Life Sciences Tools & Services–0.21%** | **Life Sciences Tools & Services–0.21%** |
| †Waters Corp. | 7369 | 2572076 |
|  |  | **2572076** |
| **Machinery–0.97%** | **Machinery–0.97%** | **Machinery–0.97%** |
| Donaldson Co., Inc. | 38697 | 2683637 |
| Nordson Corp. | 10766 | 2307908 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 33909 | 7098849 |
|  |  | **12090394** |

---

LVIP American Century Ultra<sup>®</sup> Fund-1

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–0.61%** | **Oil, Gas & Consumable Fuels–0.61%** | **Oil, Gas & Consumable Fuels–0.61%** |
| EOG Resources, Inc. | 63854 | $7637577 |
|  |  | **7637577** |
| **Pharmaceuticals–1.22%** | **Pharmaceuticals–1.22%** | **Pharmaceuticals–1.22%** |
| Eli Lilly & Co. | 19450 | 15161859 |
|  |  | **15161859** |
| **Semiconductors & Semiconductor Equipment–20.34%** | **Semiconductors & Semiconductor Equipment–20.34%** | **Semiconductors & Semiconductor Equipment–20.34%** |
| Analog Devices, Inc. | 59807 | 14235262 |
| Applied Materials, Inc. | 119153 | 21813340 |
| ASML Holding NV | 14691 | 11772954 |
| Broadcom, Inc. | 82362 | 22703085 |
| NVIDIA Corp. | 1159316 | 183160335 |
|  |  | **253684976** |
| **Software–16.35%** | **Software–16.35%** | **Software–16.35%** |
| †Datadog, Inc. Class A | 78216 | 10506755 |
| †Docusign, Inc. | 134652 | 10488044 |
| †Dynatrace, Inc. | 189293 | 10450867 |
| †Fair Isaac Corp. | 10767 | 19681645 |
| Microsoft Corp. | 187774 | 93400665 |
| †Palantir Technologies, Inc. <br> Class A<br>| 16983 | 2315123 |
| Salesforce, Inc. | 62336 | 16998404 |
| †Synopsys, Inc. | 22342 | 11454297 |
| †Workday, Inc. Class A | 30809 | 7394160 |
| †Zscaler, Inc. | 67658 | 21240552 |
|  |  | **203930512** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–7.83%** | **Technology Hardware, Storage & Peripherals–7.83%** | **Technology Hardware, Storage & Peripherals–7.83%** |
| Apple, Inc. | 476018 | $97664613 |
|  |  | **97664613** |
| **Textiles, Apparel & Luxury Goods–0.58%** | **Textiles, Apparel & Luxury Goods–0.58%** | **Textiles, Apparel & Luxury Goods–0.58%** |
| †Lululemon Athletica, Inc. | 30492 | 7244289 |
|  |  | **7244289** |
| **Total Common Stock** <br>**(Cost $592,879,365)** | **Total Common Stock** <br>**(Cost $592,879,365)** | **1246373876** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 4290 | 4376 |
| **Total Rights** <br>**(Cost $4,376)** | **Total Rights** <br>**(Cost $4,376)** | **4376** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.45%** | **MONEY MARKET FUND–0.45%** | **MONEY MARKET FUND–0.45%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 5587996 | 5587996 |
| **Total Money Market Fund** <br>**(Cost $5,587,996)** | **Total Money Market Fund** <br>**(Cost $5,587,996)** | **5587996** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.38% (Cost $598,471,737)** | **1251966248** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.38%)** | **(4710951)**<br>|
| **NET ASSETS APPLICABLE TO 40,971,690 SHARES OUTSTANDING–100.00%** | **$1247255297** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND STANDARD CLASS** <br>**($400,436,066 / 12,830,667 Shares)** | **$31.209** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND STANDARD CLASS II** <br>**($185,480,693 / 5,949,543 Shares)** | **$31.176** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND SERVICE CLASS** <br>**($661,338,538 / 22,191,480 Shares)** | **$29.801** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$490499658** |
| Distributable earnings/(accumulated loss) | **756755639** |
| **TOTAL NET ASSETS** | **$1247255297** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

LVIP American Century Ultra<sup>®</sup> Fund-2

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $98,026 expense reimbursement receivable from Lincoln Financial Investments Corporation, $7,329,120 payable for securities <br> purchased, $2,613,133 payable for fund shares redeemed, $9,901 other accrued expenses payable, $772,812 due to manager and affiliates, <br> $14,105 payable for audit fee and $19,292 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contract**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| MSC | JPY | &nbsp;&nbsp; (247753800)<br>| USD | &nbsp;&nbsp; 1699610 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37840)<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 7 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| IT–Information Technology |
| JPY–Japanese Yen |
| MSC–Morgan Stanley & Co. |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $2420405 |
| Foreign taxes withheld | (10146)<br>|
|  | 2410259 |
| **EXPENSES:** |  |
| Management fees | 3474142 |
| Distribution fees-Service Class | 766354 |
| Shareholder servicing fees | 256309 |
| Accounting and administration expenses | 112638 |
| Professional fees | 34603 |
| Trustees' fees and expenses | 17584 |
| Reports and statements to shareholders | 6467 |
| Custodian fees | 6142 |
| Consulting fees | 5335 |
| Pricing fees | 2757 |
| Other | 95375 |
|  | 4777706 |
| Less:  |  |
| Expenses reimbursed | (159305)<br>|
| Total operating expenses | 4618401 |
| **NET INVESTMENT LOSS** | (2208142)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 2820943 |
| Foreign currencies | 2694 |
| Foreign currency exchange contracts | (49117)<br>|
| Net realized gain | 2774520 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 35121382 |
| Foreign currencies | 391 |
| Foreign currency exchange contracts | (104235)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 35017538 |
| **NET REALIZED AND UNREALIZED GAIN** | 37792058 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $35583916 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(2208142)<br>| $(2853175)<br>|
| Net realized gain | 2774520 | 122224192 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 35017538 | 414142703 |
| Net increase in net assets <br> resulting from operations<br>| 35583916 | 533513720 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (4331209)<br>|
| Standard Class II |  | (12661470)<br>|
| Service Class |  | (23671740)<br>|
|  |  | (40664419)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 21275971 | 267393664 |
| Standard Class II | 10475879 | 10436193 |
| Service Class | 50785444 | 264016835 |
| Net assets from merger: |  |  |
| Standard Class |  | 371280451 |
| Service Class |  | 434651568 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 4331209 |
| Standard Class II |  | 12661470 |
| Service Class |  | 23671740 |
|  | 82537294 | 1388443130 |
| Cost of shares redeemed: |  |  |
| Standard Class | (21297321)<br>| (392423872)<br>|
| Standard Class II | (21380810)<br>| (52330518)<br>|
| Service Class | (57514557)<br>| (543675047)<br>|
|  | (100192688)<br>| (988429437)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (17655394)<br>| 400013693 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 17928522 | 892862994 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1229326775 | 336463781 |
| End of period | $1247255297 | $1229326775 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-4

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.369 | &nbsp;&nbsp; $25.690 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (0.051)<br>|
| Net realized and unrealized gain | 0.874 | 5.067 |
| Total from investment operations | 0.840 | 5.016 |
| **Less dividends and distributions from:** |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.337)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.337)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $31.209 | &nbsp;&nbsp; $30.369 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 19.49% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $400436 | &nbsp;&nbsp; $388786 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.23%)<br>| &nbsp;&nbsp; (0.26%)<br>|
| Ratio of net investment loss to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (0.26%)<br>| &nbsp;&nbsp; (0.27%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Ultra<sup>®</sup> Fund-5

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $30.351 | &nbsp;&nbsp; $25.650 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $31.38 | &nbsp;&nbsp; $27.48 | &nbsp;&nbsp; $20.93 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.048)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.873 | 7.162 | 7.98 | &nbsp;&nbsp; (9.41)<br>| 5.98 | 8.75 |
| Total from investment operations | 0.825 | 7.060 | 7.95 | &nbsp;&nbsp; (9.46)<br>| 5.88 | 8.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (2.16)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (2.16)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $31.176 | &nbsp;&nbsp; $30.351 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $31.38 | &nbsp;&nbsp; $27.48 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 28.80% | &nbsp;&nbsp; 43.51% | &nbsp;&nbsp; (32.38%)<br>| &nbsp;&nbsp; 23.16% | &nbsp;&nbsp; 49.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $185481 | &nbsp;&nbsp; $191486 | &nbsp;&nbsp; $133825 | &nbsp;&nbsp; $68354 | &nbsp;&nbsp; $117231 | &nbsp;&nbsp; $96249 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.33%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.18%)<br>|
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; (0.38%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Ultra<sup>®</sup> Fund-6

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $29.035 | &nbsp;&nbsp; $24.660 | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $30.44 | &nbsp;&nbsp; $26.76 | &nbsp;&nbsp; $20.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.066)<br>| &nbsp;&nbsp; (0.140)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.832 | 6.874 | 7.68 | &nbsp;&nbsp; (9.10)<br>| 5.80 | 8.51 |
| Total from investment operations | 0.766 | 6.734 | 7.62 | &nbsp;&nbsp; (9.18)<br>| 5.66 | 8.44 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (2.16)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (2.16)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $29.801 | &nbsp;&nbsp; $29.035 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $30.44 | &nbsp;&nbsp; $26.76 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 28.62% | &nbsp;&nbsp; 43.27% | &nbsp;&nbsp; (32.46%)<br>| &nbsp;&nbsp; 22.99% | &nbsp;&nbsp; 49.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $661339 | &nbsp;&nbsp; $649054 | &nbsp;&nbsp; $202639 | &nbsp;&nbsp; $148203 | &nbsp;&nbsp; $220389 | &nbsp;&nbsp; $201527 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.15% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.48%)<br>| &nbsp;&nbsp; (0.51%)<br>| &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.50%)<br>| &nbsp;&nbsp; (0.33%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.51%)<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.42%)<br>| &nbsp;&nbsp; (0.47%)<br>| &nbsp;&nbsp; (0.66%)<br>| &nbsp;&nbsp; (0.53%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Ultra<sup>®</sup> Fund-7

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Ultra<sup>®</sup> Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Ultra<sup>®</sup> Fund-8

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP American Century Ultra<sup>®</sup> Fund is $47 and $45 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.60% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying fund fees and expenses) exceed 0.65% of the Fund's average daily net assets for the Standard Class, 0.75% for the Standard Class II and 0.90% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through 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 six months ended June 30, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

LVIP American Century Ultra<sup>®</sup> Fund-9

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $78546 | &nbsp;&nbsp; $78546 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $49559 |
| Legal | &nbsp;&nbsp; 7553 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $63 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $98026 |
| Management fees payable to LFI | &nbsp;&nbsp; 596991 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 132169 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 43652 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $201128304 |
| Sales | &nbsp;&nbsp; 219667208 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $598471737 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $660997768 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7541097)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $653456671 |

---

LVIP American Century Ultra<sup>®</sup> Fund-10

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 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)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP American Century Ultra<sup>®</sup> Fund-11

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $6343869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6343869 |
| Automobiles | &nbsp;&nbsp; 46040394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46040394 |
| Biotechnology | &nbsp;&nbsp; 19019003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19019003 |
| Broadline Retail | &nbsp;&nbsp; 89967890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89967890 |
| Building Products | &nbsp;&nbsp; 9063410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9063410 |
| Capital Markets | &nbsp;&nbsp; 30928113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30928113 |
| Chemicals | &nbsp;&nbsp; 11096078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11096078 |
| Commercial Services & Supplies | &nbsp;&nbsp; 6401796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6401796 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 29351721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29351721 |
| Electrical Equipment | &nbsp;&nbsp; 14356167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14356167 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; — | &nbsp;&nbsp; 5037833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5037833 |
| Energy Equipment & Services | &nbsp;&nbsp; 2422953 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2422953 |
| Entertainment | &nbsp;&nbsp; 49187584 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49187584 |
| Financial Services | &nbsp;&nbsp; 64919080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64919080 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 44820843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44820843 |
| Health Care Providers & Services | &nbsp;&nbsp; 5727769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5727769 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 46956480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46956480 |
| Insurance | &nbsp;&nbsp; 3600070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3600070 |
| Interactive Media & Services | &nbsp;&nbsp; 140938205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140938205 |
| IT Services | &nbsp;&nbsp; 20208322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20208322 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 2572076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2572076 |
| Machinery | &nbsp;&nbsp; 12090394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12090394 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 7637577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7637577 |
| Pharmaceuticals | &nbsp;&nbsp; 15161859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15161859 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 249664669 | &nbsp;&nbsp; 4020307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253684976 |
| Software | &nbsp;&nbsp; 203930512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 203930512 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 97664613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97664613 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 7244289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7244289 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4376 | &nbsp;&nbsp; 4376 |
| Money Market Fund | &nbsp;&nbsp; 5587996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5587996 |
| **Total Investments** | &nbsp;&nbsp; $1242903732 | &nbsp;&nbsp; $9058140 | &nbsp;&nbsp; $4376 | &nbsp;&nbsp; $1251966248 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37840)<br>|

---

During the six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's common stock investments was categorized as Level 2.

LVIP American Century Ultra<sup>®</sup> Fund-12

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 756575 | &nbsp;&nbsp; 13362957 |
| Standard Class II | &nbsp;&nbsp; 372380 | &nbsp;&nbsp; 2519950 |
| Service Class | &nbsp;&nbsp; 1906016 | &nbsp;&nbsp; 17187012 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 138670 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 468552 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 891890 |
| Shares from merger: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 12914248 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 15790885 |
|  | &nbsp;&nbsp; 3034971 | &nbsp;&nbsp; 63274164 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (727927)<br>| &nbsp;&nbsp; (13613856)<br>|
| Standard Class II | &nbsp;&nbsp; (731802)<br>| &nbsp;&nbsp; (1897242)<br>|
| Service Class | &nbsp;&nbsp; (2068617)<br>| &nbsp;&nbsp; (19732810)<br>|
|  | &nbsp;&nbsp; (3528346)<br>| &nbsp;&nbsp; (35243908)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (493375)<br>| &nbsp;&nbsp; 28030256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. Fund Merger**

As of the close of business on August 23, 2024, the Fund acquired all of the assets and liabilities of the LVIP Wellington Capital Growth Fund ("Acquired Fund"), an open-end investment company, in exchange for the shares of the LVIP American Century Ultra Fund ("Acquiring Fund") pursuant to a Plan and Agreement of Reorganization ("Reorganization"). The purpose of the Reorganization was to combine 2 funds managed by LFI with comparable investment objectives and strategies. The Reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of the Acquiring Fund reflected the historical basis of the assets of the Acquired Fund as of the date of the Reorganization. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquired Fund**<br> **Shares**<br> **Outstanding**<br>| **Acquiring Fund** | **Shares**<br> **Converted to**<br> **Acquiring Fund**<br>| **Acquired Fund**<br> **Net Assets**<br>| **Conversion** <br> **Ratio**<br>|
| Acquired Fund - Standard Class | &nbsp;&nbsp; 6858751 | Standard Class | &nbsp;&nbsp; 12914248 | &nbsp;&nbsp; $371280451 | 1.883 |
| Acquired Fund - Service Class | &nbsp;&nbsp; 8713179 | Service Class | &nbsp;&nbsp; 15790885 | &nbsp;&nbsp; 434651568 | 1.812 |

---

The net assets of the Acquiring Fund before the acquisition were $414,349,470. The net assets of the Acquiring Fund immediately following the acquisition were $1,220,281,489.

If the acquisition had been completed on January 1, 2024, the beginning of the Acquiring Fund's reporting period, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2024, would have been as follows (unaudited):

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp; $(3649745 )<sup>(a)</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; 624363145 <br><sup>(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 777461343 <br><sup>(c)</sup><br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1398174743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $(2,853,175),
 as reported in the Statements of Changes in Net Assets, plus $(796,570) Net investment income(loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $122,224,192,
 as reported in the Statements of Changes in Net Assets, plus $502,138,953 Net realized gain (loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) $414,142,703,
 as reported in the Statements of Changes in Net Assets, plus $363,318,640 Net change in unrealized appreciation (depreciation) from
 Acquired Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund's Statements of Changes in Net Assets since August 26, 2024.

LVIP American Century Ultra<sup>®</sup> Fund-13

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 June 30, 2025, or at any time during the period then ended.

**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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Fair values of derivative instruments as of June 30, 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>| $— | Liabilities net of receivables and other <br> assets<br>| $(37840)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(49117)<br>| &nbsp;&nbsp; $(104235)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $144278 | $2251471 |

---

LVIP American Century Ultra<sup>®</sup> Fund-14

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-15

------

![](imgab1cb4ee1.jpg)

LVIP American Century Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Century Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_66f07850-4f1b-4e70-84a6-6e9d6f5688a0_SOI-continued-704_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_66f07850-4f1b-4e70-84a6-6e9d6f5688a0_FS-continued-704_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_66f07850-4f1b-4e70-84a6-6e9d6f5688a0_FS-continued-704_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_66f07850-4f1b-4e70-84a6-6e9d6f5688a0_FIHI-continued-704_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_66f07850-4f1b-4e70-84a6-6e9d6f5688a0_NTF-continued-704_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP American Century Value Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.47%** | **COMMON STOCK–98.47%** | **COMMON STOCK–98.47%** |
| **Aerospace & Defense–2.00%** | **Aerospace & Defense–2.00%** | **Aerospace & Defense–2.00%** |
| L3Harris Technologies, Inc. | 26455 | $6635972 |
| RTX Corp. | 74013 | 10807378 |
|  |  | **17443350** |
| **Air Freight & Logistics–1.27%** | **Air Freight & Logistics–1.27%** | **Air Freight & Logistics–1.27%** |
| United Parcel Service, Inc. <br> Class B<br>| 110194 | 11122982 |
|  |  | **11122982** |
| **Automobile Components–0.88%** | **Automobile Components–0.88%** | **Automobile Components–0.88%** |
| BorgWarner, Inc. | 230190 | 7706761 |
|  |  | **7706761** |
| **Automobiles–0.64%** | **Automobiles–0.64%** | **Automobiles–0.64%** |
| General Motors Co. | 112912 | 5556399 |
|  |  | **5556399** |
| **Banks–9.09%** | **Banks–9.09%** | **Banks–9.09%** |
| Bank of America Corp. | 351782 | 16646324 |
| JPMorgan Chase & Co. | 89266 | 25879106 |
| PNC Financial Services <br> Group, Inc.<br>| 36549 | 6813465 |
| Truist Financial Corp. | 237570 | 10213134 |
| U.S. Bancorp | 438958 | 19862850 |
|  |  | **79414879** |
| **Beverages–3.21%** | **Beverages–3.21%** | **Beverages–3.21%** |
| Heineken Holding NV | 54608 | 4074831 |
| Heineken NV | 67693 | 5905729 |
| PepsiCo, Inc. | 64327 | 8493737 |
| Pernod Ricard SA | 95969 | 9573041 |
|  |  | **28047338** |
| **Building Products–0.77%** | **Building Products–0.77%** | **Building Products–0.77%** |
| A.O. Smith Corp. | 103066 | 6758038 |
|  |  | **6758038** |
| **Capital Markets–5.90%** | **Capital Markets–5.90%** | **Capital Markets–5.90%** |
| Bank of New York Mellon <br> Corp.<br>| 119777 | 10912882 |
| Blackrock, Inc. | 5909 | 6200018 |
| Charles Schwab Corp. | 143440 | 13087466 |
| Northern Trust Corp. | 55205 | 6999442 |
| State Street Corp. | 70771 | 7525788 |
| T. Rowe Price Group, Inc. | 70534 | 6806531 |
|  |  | **51532127** |
| **Chemicals–0.75%** | **Chemicals–0.75%** | **Chemicals–0.75%** |
| PPG Industries, Inc. | 57783 | 6572816 |
|  |  | **6572816** |
| **Communications Equipment–3.22%** | **Communications Equipment–3.22%** | **Communications Equipment–3.22%** |
| Cisco Systems, Inc. | 284184 | 19716686 |
| †F5, Inc. | 28667 | 8437271 |
|  |  | **28153957** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–0.74%** | **Construction Materials–0.74%** | **Construction Materials–0.74%** |
| Martin Marietta Materials, <br> Inc.<br>| 11803 | $6479375 |
|  |  | **6479375** |
| **Consumer Staples Distribution & Retail–0.94%** | **Consumer Staples Distribution & Retail–0.94%** | **Consumer Staples Distribution & Retail–0.94%** |
| Koninklijke Ahold Delhaize <br> NV<br>| 83151 | 3472921 |
| Target Corp. | 48490 | 4783539 |
|  |  | **8256460** |
| **Containers & Packaging–0.75%** | **Containers & Packaging–0.75%** | **Containers & Packaging–0.75%** |
| Packaging Corp. of America | 34723 | 6543549 |
|  |  | **6543549** |
| **Diversified Telecommunication Services–2.75%** | **Diversified Telecommunication Services–2.75%** | **Diversified Telecommunication Services–2.75%** |
| AT&T, Inc. | 305583 | 8843572 |
| Verizon Communications, <br> Inc.<br>| 351346 | 15202741 |
|  |  | **24046313** |
| **Electric Utilities–4.13%** | **Electric Utilities–4.13%** | **Electric Utilities–4.13%** |
| Duke Energy Corp. | 78522 | 9265596 |
| Evergy, Inc. | 127403 | 8781889 |
| Eversource Energy | 81856 | 5207679 |
| Xcel Energy, Inc. | 189056 | 12874713 |
|  |  | **36129877** |
| **Electrical Equipment–1.61%** | **Electrical Equipment–1.61%** | **Electrical Equipment–1.61%** |
| Emerson Electric Co. | 52271 | 6969292 |
| nVent Electric PLC | 96359 | 7058297 |
|  |  | **14027589** |
| **Energy Equipment & Services–0.86%** | **Energy Equipment & Services–0.86%** | **Energy Equipment & Services–0.86%** |
| Baker Hughes Co. | 195269 | 7486613 |
|  |  | **7486613** |
| **Entertainment–1.06%** | **Entertainment–1.06%** | **Entertainment–1.06%** |
| Walt Disney Co. | 75027 | 9304098 |
|  |  | **9304098** |
| **Financial Services–3.42%** | **Financial Services–3.42%** | **Financial Services–3.42%** |
| †Berkshire Hathaway, Inc. <br> Class A<br>| 41 | 29880800 |
|  |  | **29880800** |
| **Food Products–1.84%** | **Food Products–1.84%** | **Food Products–1.84%** |
| Conagra Brands, Inc. | 406963 | 8330533 |
| Mondelez International, Inc. <br> Class A<br>| 115257 | 7772932 |
|  |  | **16103465** |
| **Gas Utilities–0.75%** | **Gas Utilities–0.75%** | **Gas Utilities–0.75%** |
| ONE Gas, Inc. | 90721 | 6519211 |
|  |  | **6519211** |

---

LVIP American Century Value Fund-1

------

**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–1.20%** | **Ground Transportation–1.20%** | **Ground Transportation–1.20%** |
| Norfolk Southern Corp. | 40823 | $10449463 |
|  |  | **10449463** |
| **Health Care Equipment & Supplies–5.88%** | **Health Care Equipment & Supplies–5.88%** | **Health Care Equipment & Supplies–5.88%** |
| Becton Dickinson & Co. | 66404 | 11438089 |
| Dentsply Sirona, Inc. | 348375 | 5532195 |
| GE HealthCare Technologies, <br> Inc.<br>| 56967 | 4219546 |
| Medtronic PLC | 191710 | 16711361 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 147892 | 13489229 |
|  |  | **51390420** |
| **Health Care Providers & Services–4.91%** | **Health Care Providers & Services–4.91%** | **Health Care Providers & Services–4.91%** |
| †Centene Corp. | 103771 | 5632690 |
| CVS Health Corp. | 89638 | 6183229 |
| †Henry Schein, Inc. | 97957 | 7155759 |
| Labcorp Holdings, Inc. | 34434 | 9039270 |
| UnitedHealth Group, Inc. | 29027 | 9055553 |
| Universal Health Services, <br> Inc. Class B<br>| 32214 | 5835566 |
|  |  | **42902067** |
| **Health Care REITs–1.19%** | **Health Care REITs–1.19%** | **Health Care REITs–1.19%** |
| Healthpeak Properties, Inc. | 324570 | 5683221 |
| Ventas, Inc. | 74539 | 4707138 |
|  |  | **10390359** |
| **Household Durables–0.67%** | **Household Durables–0.67%** | **Household Durables–0.67%** |
| †Mohawk Industries, Inc. | 56264 | 5898718 |
|  |  | **5898718** |
| **Household Products–1.72%** | **Household Products–1.72%** | **Household Products–1.72%** |
| Kimberly-Clark Corp. | 64620 | 8330810 |
| Reckitt Benckiser Group PLC | 97990 | 6675760 |
|  |  | **15006570** |
| **Industrial Conglomerates–0.56%** | **Industrial Conglomerates–0.56%** | **Industrial Conglomerates–0.56%** |
| Siemens AG | 18968 | 4872089 |
|  |  | **4872089** |
| **Insurance–3.06%** | **Insurance–3.06%** | **Insurance–3.06%** |
| Allstate Corp. | 43634 | 8783960 |
| Reinsurance Group of <br> America, Inc.<br>| 46630 | 9249527 |
| Willis Towers Watson PLC | 28298 | 8673337 |
|  |  | **26706824** |
| **Interactive Media & Services–1.55%** | **Interactive Media & Services–1.55%** | **Interactive Media & Services–1.55%** |
| Alphabet, Inc. Class A | 76771 | 13529353 |
|  |  | **13529353** |
| **Life Sciences Tools & Services–0.68%** | **Life Sciences Tools & Services–0.68%** | **Life Sciences Tools & Services–0.68%** |
| †ICON PLC | 41037 | 5968832 |
|  |  | **5968832** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–3.41%** | **Machinery–3.41%** | **Machinery–3.41%** |
| Cummins, Inc. | 23290 | $7627475 |
| Dover Corp. | 29624 | 5428005 |
| IMI PLC | 151016 | 4345505 |
| Oshkosh Corp. | 59427 | 6747342 |
| Toro Co. | 80331 | 5677795 |
|  |  | **29826122** |
| **Media–0.47%** | **Media–0.47%** | **Media–0.47%** |
| Interpublic Group of Cos., <br> Inc.<br>| 167691 | 4105076 |
|  |  | **4105076** |
| **Multi-Utilities–1.06%** | **Multi-Utilities–1.06%** | **Multi-Utilities–1.06%** |
| WEC Energy Group, Inc. | 88738 | 9246500 |
|  |  | **9246500** |
| **Oil, Gas & Consumable Fuels–6.50%** | **Oil, Gas & Consumable Fuels–6.50%** | **Oil, Gas & Consumable Fuels–6.50%** |
| Chevron Corp. | 81571 | 11680152 |
| Exxon Mobil Corp. | 196985 | 21234983 |
| Occidental Petroleum Corp. | 167087 | 7019325 |
| Shell PLC | 241402 | 8422399 |
| TotalEnergies SE | 138065 | 8438902 |
|  |  | **56795761** |
| **Paper & Forest Products–0.49%** | **Paper & Forest Products–0.49%** | **Paper & Forest Products–0.49%** |
| Mondi PLC | 259887 | 4246684 |
|  |  | **4246684** |
| **Passenger Airlines–0.83%** | **Passenger Airlines–0.83%** | **Passenger Airlines–0.83%** |
| Southwest Airlines Co. | 224570 | 7285051 |
|  |  | **7285051** |
| **Personal Care Products–3.94%** | **Personal Care Products–3.94%** | **Personal Care Products–3.94%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 126173 | 10194778 |
| Kenvue, Inc. | 594280 | 12438281 |
| Unilever PLC | 193337 | 11800781 |
|  |  | **34433840** |
| **Pharmaceuticals–7.24%** | **Pharmaceuticals–7.24%** | **Pharmaceuticals–7.24%** |
| Bristol-Myers Squibb Co. | 140352 | 6496894 |
| Johnson & Johnson | 175432 | 26797238 |
| Merck & Co., Inc. | 88227 | 6984049 |
| Pfizer, Inc. | 409053 | 9915445 |
| Roche Holding AG | 19765 | 6451685 |
| Sanofi SA | 68157 | 6598535 |
|  |  | **63243846** |
| **Residential REITs–0.59%** | **Residential REITs–0.59%** | **Residential REITs–0.59%** |
| Equity Residential | 76618 | 5170949 |
|  |  | **5170949** |
| **Retail REITs–1.74%** | **Retail REITs–1.74%** | **Retail REITs–1.74%** |
| Agree Realty Corp. | 72878 | 5324467 |

---

LVIP American Century Value Fund-2

------

**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Retail REITs (continued)** | **Retail REITs (continued)** | **Retail REITs (continued)** |
| Realty Income Corp. | 69509 | $4004413 |
| Regency Centers Corp. | 81942 | 5836729 |
|  |  | **15165609** |
| **Semiconductors & Semiconductor Equipment–3.21%** | **Semiconductors & Semiconductor Equipment–3.21%** | **Semiconductors & Semiconductor Equipment–3.21%** |
| Analog Devices, Inc. | 27687 | 6590060 |
| Infineon Technologies AG | 128013 | 5462575 |
| QUALCOMM, Inc. | 56673 | 9025742 |
| Teradyne, Inc. | 77091 | 6932023 |
|  |  | **28010400** |
| **Trading Companies & Distributors–0.99%** | **Trading Companies & Distributors–0.99%** | **Trading Companies & Distributors–0.99%** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 101849 | 8659202 |
|  |  | **8659202** |
| **Total Common Stock** <br>**(Cost $658,058,221)** | **Total Common Stock** <br>**(Cost $658,058,221)** | **860389732** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <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> 4.27%)<br>| 14762861 | $14762861 |
| **Total Money Market Fund** <br>**(Cost $14,762,861)** | **Total Money Market Fund** <br>**(Cost $14,762,861)** | **14762861** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.16% (Cost $672,821,082)** | **875152593** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.16%)** | **(1389754)**<br>|
| **NET ASSETS APPLICABLE TO 68,059,047 SHARES OUTSTANDING–100.00%** | **$873762839** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND STANDARD CLASS** <br>**($11,200 / 872 Shares)** | **$12.838** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND STANDARD CLASS II** <br>**($376,045,690 / 29,301,846 Shares)** | **$12.834** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND SERVICE CLASS** <br>**($497,705,949 / 38,756,329 Shares)** | **$12.842** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$614810658** |
| Distributable earnings/(accumulated loss) | **258952181** |
| **TOTAL NET ASSETS** | **$873762839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $30,788 expense reimbursement receivable from Lincoln Financial Investments Corporation, $10,307,807 payable for securities <br> purchased, $550,648 payable for fund shares redeemed, $10,706 other accrued expenses payable, $564,932 due to manager and affiliates, <br> $15,533 payable for audit fee and $28,289 payable for fund accounting fee as of June 30, 2025.<br>

LVIP American Century Value Fund-3

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**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; (4536354)<br>| USD | &nbsp;&nbsp; 6075417 | 9/26/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154947)<br>|
| BOA | GBP | &nbsp;&nbsp; 376859 | USD | &nbsp;&nbsp; (518414)<br>| 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (824)<br>|
| CBK | GBP | &nbsp;&nbsp; (4536354)<br>| USD | &nbsp;&nbsp; 6076392 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (153971)<br>|
| GS | EUR | &nbsp;&nbsp; (9533676)<br>| USD | &nbsp;&nbsp; 11060113 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (235277)<br>|
| GS | GBP | &nbsp;&nbsp; (4536354)<br>| USD | &nbsp;&nbsp; 6077694 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (152669)<br>|
| JPM | CHF | &nbsp;&nbsp; (1927088)<br>| USD | &nbsp;&nbsp; 2381929 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (73539)<br>|
| JPM | EUR | &nbsp;&nbsp; (9533676)<br>| USD | &nbsp;&nbsp; 11064203 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (231187)<br>|
| MSC | EUR | &nbsp;&nbsp; (9533676)<br>| USD | &nbsp;&nbsp; 11050616 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (244774)<br>|
| UBS | CHF | &nbsp;&nbsp; (1927088)<br>| USD | &nbsp;&nbsp; 2381870 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (73598)<br>|
| UBS | EUR | &nbsp;&nbsp; (9533676)<br>| USD | &nbsp;&nbsp; 11059255 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (236135)<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; $— | &nbsp;&nbsp; $(1556921)<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 6 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BOA–Bank of America |
| CBK–Citigroup Global Markets |
| CHF–Swiss Franc |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Value Fund** | **LVIP American Century Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $13364853 |
| Foreign taxes withheld | (182962)<br>|
|  | 13181891 |
| **EXPENSES:** |  |
| Management fees | 2498898 |
| Distribution fees-Service Class | 609718 |
| Shareholder servicing fees | 311897 |
| Accounting and administration expenses | 78431 |
| Professional fees | 30608 |
| Custodian fees | 15638 |
| Trustees' fees and expenses | 12956 |
| Reports and statements to shareholders | 9156 |
| Consulting fees | 5723 |
| Pricing fees | 3339 |
| Other | 10249 |
|  | 3586613 |
| Less:  |  |
| Expenses reimbursed | (161792)<br>|
| Total operating expenses | 3424821 |
| **NET INVESTMENT INCOME**  | 9757070 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 20907214 |
| Foreign currencies | 14001 |
| Foreign currency exchange contracts | (4973167)<br>|
| Net realized gain | 15948048 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 18573788 |
| Foreign currencies | 55620 |
| Foreign currency exchange contracts | (2591706)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 16037702 |
| **NET REALIZED AND UNREALIZED GAIN** | 31985750 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $41742820 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Value Fund** | **LVIP American Century Value Fund** | **LVIP American Century Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $9757070 | $19757616 |
| Net realized gain | 15948048 | 75949816 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 16037702 | (14764542)<br>|
| Net increase in net assets resulting <br> from operations<br>| 41742820 | 80942890 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (342)<br>|
| Standard Class II |  | (33488830)<br>|
| Service Class |  | (43420623)<br>|
|  |  | (76909795)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 7574525 | 15658222 |
| Service Class | 22258782 | 20461937 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 342 |
| Standard Class II |  | 33081877 |
| Service Class |  | 43420623 |
|  | 29833307 | 112633001 |
| Cost of shares redeemed: |  |  |
| Standard Class |  |  |
| Standard Class II | (30357850)<br>| (56996137)<br>|
| Service Class | (42594832)<br>| (89297970)<br>|
|  | (72952682)<br>| (146294107)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (43119375)<br>| (33661106)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (1376555)<br>| (29628011)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 875139394 | 904767405 |
| End of period | $873762839 | $875139394 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-5

------

**LVIP American Century Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Value Fund Standard Class** | **LVIP American Century Value Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.227 | &nbsp;&nbsp; $11.830 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>3</sup> | 0.154 | 0.192 |
| Net realized and unrealized gain | 0.457 | 0.610 |
| Total from investment operations | 0.611 | 0.802 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.290)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.115)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.405)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.838 | &nbsp;&nbsp; $12.227 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 5.01% | &nbsp;&nbsp; 6.67% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.37% |
| Ratio of net investment income to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 2.32% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 American Century Value Fund-6

------

**LVIP American Century Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.229 | &nbsp;&nbsp; $12.190 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.145 | 0.282 | 0.28 | 0.27 | 0.23 | 0.23 |
| Net realized and unrealized gain (loss) | 0.460 | 0.849 | 0.72 | &nbsp;&nbsp; (0.16)<br>| 2.50 | &nbsp;&nbsp; (0.29)<br>|
| Total from investment operations | 0.605 | 1.131 | 1.00 | 0.11 | 2.73 | &nbsp;&nbsp; (0.06)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.723)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.092)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.49)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.834 | &nbsp;&nbsp; $12.229 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $11.17 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 9.48% | &nbsp;&nbsp; 9.10% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 24.51% | &nbsp;&nbsp; 0.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $376046 | &nbsp;&nbsp; $380764 | &nbsp;&nbsp; $387290 | &nbsp;&nbsp; $387024 | &nbsp;&nbsp; $430055 | &nbsp;&nbsp; $376355 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.75% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.98% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 2.34% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 2.11% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>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 American Century Value Fund-7

------

**LVIP American Century Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24**<sup>2</sup> <br>| **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.246 | &nbsp;&nbsp; $12.210 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $11.74 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.136 | 0.264 | 0.26 | 0.25 | 0.21 | 0.21 |
| Net realized and unrealized gain (loss) | 0.460 | 0.846 | 0.74 | &nbsp;&nbsp; (0.16)<br>| 2.50 | &nbsp;&nbsp; (0.29)<br>|
| Total from investment operations | 0.596 | 1.110 | 1.00 | 0.09 | 2.71 | &nbsp;&nbsp; (0.08)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.723)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.842 | &nbsp;&nbsp; $12.246 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $11.19 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 9.29% | &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 24.28% | &nbsp;&nbsp; 0.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $497706 | &nbsp;&nbsp; $494364 | &nbsp;&nbsp; $517477 | &nbsp;&nbsp; $539924 | &nbsp;&nbsp; $543896 | &nbsp;&nbsp; $442431 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.13% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 2.19% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.96% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>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 American Century Value Fund-8

------

**LVIP American Century Value Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Value Fund-9

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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.

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 six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.58% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.61% of the Fund's average daily net assets for the Standard Class, 0.71% for the Standard Class II and 0.86% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LVIP American Century Value Fund-10

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 six months ended June 30, 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** |  |
|  | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $277572 | &nbsp;&nbsp; $277572 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $36827 |
| Legal | &nbsp;&nbsp; 5612 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $2,370 for the six months ended June 30, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $30788 |
| Management fees payable to LFI | &nbsp;&nbsp; 410960 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 100746 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 2122 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 51104 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, the Fund engaged in securities purchases of $134,769.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP American Century Value Fund-11

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $310085307 |
| Sales | &nbsp;&nbsp; 347850188 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $672821082 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $232029900 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (31255310)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $200774590 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $17443350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17443350 |
| Air Freight & Logistics | &nbsp;&nbsp; 11122982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11122982 |
| Automobile Components | &nbsp;&nbsp; 7706761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7706761 |
| Automobiles | &nbsp;&nbsp; 5556399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5556399 |
| Banks | &nbsp;&nbsp; 79414879 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79414879 |
| Beverages | &nbsp;&nbsp; 8493737 | &nbsp;&nbsp; 19553601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28047338 |
| Building Products | &nbsp;&nbsp; 6758038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6758038 |
| Capital Markets | &nbsp;&nbsp; 51532127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51532127 |
| Chemicals | &nbsp;&nbsp; 6572816 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6572816 |
| Communications Equipment | &nbsp;&nbsp; 28153957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28153957 |
| Construction Materials | &nbsp;&nbsp; 6479375 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6479375 |

---

LVIP American Century Value Fund-12

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; $4783539 | &nbsp;&nbsp; $3472921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8256460 |
| Containers & Packaging | &nbsp;&nbsp; 6543549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6543549 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 24046313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24046313 |
| Electric Utilities | &nbsp;&nbsp; 36129877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36129877 |
| Electrical Equipment | &nbsp;&nbsp; 14027589 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027589 |
| Energy Equipment & Services | &nbsp;&nbsp; 7486613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7486613 |
| Entertainment | &nbsp;&nbsp; 9304098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9304098 |
| Financial Services | &nbsp;&nbsp; 29880800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29880800 |
| Food Products | &nbsp;&nbsp; 16103465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16103465 |
| Gas Utilities | &nbsp;&nbsp; 6519211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6519211 |
| Ground Transportation | &nbsp;&nbsp; 10449463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10449463 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 51390420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51390420 |
| Health Care Providers & Services | &nbsp;&nbsp; 42902067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42902067 |
| Health Care REITs | &nbsp;&nbsp; 10390359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10390359 |
| Household Durables | &nbsp;&nbsp; 5898718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5898718 |
| Household Products | &nbsp;&nbsp; 8330810 | &nbsp;&nbsp; 6675760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15006570 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 4872089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4872089 |
| Insurance | &nbsp;&nbsp; 26706824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26706824 |
| Interactive Media & Services | &nbsp;&nbsp; 13529353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13529353 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 5968832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5968832 |
| Machinery | &nbsp;&nbsp; 25480617 | &nbsp;&nbsp; 4345505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29826122 |
| Media | &nbsp;&nbsp; 4105076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4105076 |
| Multi-Utilities | &nbsp;&nbsp; 9246500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9246500 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 39934460 | &nbsp;&nbsp; 16861301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56795761 |
| Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 4246684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4246684 |
| Passenger Airlines | &nbsp;&nbsp; 7285051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7285051 |
| Personal Care Products | &nbsp;&nbsp; 22633059 | &nbsp;&nbsp; 11800781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34433840 |
| Pharmaceuticals | &nbsp;&nbsp; 50193626 | &nbsp;&nbsp; 13050220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63243846 |
| Residential REITs | &nbsp;&nbsp; 5170949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5170949 |
| Retail REITs | &nbsp;&nbsp; 15165609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15165609 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 22547825 | &nbsp;&nbsp; 5462575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28010400 |
| Trading Companies & Distributors | &nbsp;&nbsp; 8659202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8659202 |
| Money Market Fund | &nbsp;&nbsp; 14762861 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14762861 |
| **Total Investments** | &nbsp;&nbsp; $784811156 | &nbsp;&nbsp; $90341437 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $875152593 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1556921)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1556921)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP American Century Value Fund-13

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 845 |
| Standard Class II | &nbsp;&nbsp; 607681 | &nbsp;&nbsp; 1276765 |
| Service Class | &nbsp;&nbsp; 1777005 | &nbsp;&nbsp; 1652418 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| Standard Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 2711238 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3555474 |
|  | &nbsp;&nbsp; 2384686 | &nbsp;&nbsp; 9196767 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (2442059)<br>| &nbsp;&nbsp; (4615338)<br>|
| Service Class | &nbsp;&nbsp; (3389877)<br>| &nbsp;&nbsp; (7220390)<br>|
|  | &nbsp;&nbsp; (5831936)<br>| &nbsp;&nbsp; (11835728)<br>|
| Net decrease | &nbsp;&nbsp; (3447250)<br>| &nbsp;&nbsp; (2638961)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP American Century Value Fund-14

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 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>| $— | Liabilities net of receivables and other <br> assets<br>| $(1556921)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(4973167)<br>| &nbsp;&nbsp; $(2591706)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $4533406 | $75031682 |

---

**7. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP American Century Value Fund-15

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Value Fund-16

------

![](img9d90fa431.jpg)

LVIP American Funds

---

| |
|:---|
| LVIP American Global Growth Fund  |
| LVIP American Growth Fund  |
| LVIP American Growth-Income Fund  |
| LVIP American International Fund  |

---

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_SOI-continued-300_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_FS-continued-300_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_FS-continued-300_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_FS-continued-300_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_FIHI-continued-300_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_4f569a6b-72b9-435c-b3f0-835eeec65bbc_NTF-continued-300_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP American Global Growth Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–100.05%** | **AFFILIATED INVESTMENT–100.05%** | **AFFILIATED INVESTMENT–100.05%** |
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **International Equity Fund–100.05%** | **International Equity Fund–100.05%** | **International Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Global Growth Fund<br>| 10725125 | $384281226 |
| **Total Affiliated Investment** <br>**(Cost $288,670,263)**<br>|  | **384281226** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $288,670,263)** | **384281226** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(200470)**<br>|
| **NET ASSETS APPLICABLE TO 14,533,224 SHARES OUTSTANDING–100.00%** | **$384080756** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Global Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-1

------

**LVIP American Growth Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **Equity Fund–100.05%** | **Equity Fund–100.05%** | **Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Growth Fund<br>| 21095282 | $2723189958 |
| **Total Investment Company** <br>**(Cost $1,721,984,952)**<br>|  | **2723189958** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $1,721,984,952)** | **2723189958** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(1280058)**<br>|
| **NET ASSETS APPLICABLE TO 71,332,791 SHARES OUTSTANDING–100.00%** | **$2721909900** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-2

------

**LVIP American Growth-Income Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **Equity Fund–100.05%** | **Equity Fund–100.05%** | **Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Growth-Income Fund<br>| 30318039 | $1891845617 |
| **Total Investment Company** <br>**(Cost $1,508,963,583)**<br>|  | **1891845617** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $1,508,963,583)** | **1891845617** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(897958)**<br>|
| **NET ASSETS APPLICABLE TO 58,085,790 SHARES OUTSTANDING–100.00%** | **$1890947659** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Growth-Income Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-3

------

**LVIP American International Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.06%** | **INVESTMENT COMPANY–100.06%** | **INVESTMENT COMPANY–100.06%** |
| **International Equity Fund–100.06%** | **International Equity Fund–100.06%** | **International Equity Fund–100.06%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> International Fund<br>| 14951974 | $299039477 |
| **Total Investment Company** <br>**(Cost $251,707,099)**<br>|  | **299039477** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $251,707,099)** | **299039477** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(166549)**<br>|
| **NET ASSETS APPLICABLE TO 21,367,055 SHARES OUTSTANDING–100.00%** | **$298872928** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American International Fund (Fund) invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **ASSETS:** |  |  |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $384281226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Unaffiliated investments, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 2723189958 | &nbsp;&nbsp; 1891845617 | &nbsp;&nbsp; 299039477 |
| Receivable for fund shares sold | &nbsp;&nbsp; 242883 | &nbsp;&nbsp; 972442 | &nbsp;&nbsp; 521360 | &nbsp;&nbsp; 36874 |
| Prepaid expenses | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 8243 | &nbsp;&nbsp; 5960 | &nbsp;&nbsp; 998 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 3266404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 420785 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 384525384 | &nbsp;&nbsp; 2727437047 | &nbsp;&nbsp; 1892372937 | &nbsp;&nbsp; 299498134 |
| **LIABILITIES:** |  |  |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 215314 | &nbsp;&nbsp; 4238845 | &nbsp;&nbsp; 449747 | &nbsp;&nbsp; 457659 |
| Due to manager and affiliates | &nbsp;&nbsp; 177772 | &nbsp;&nbsp; 1247009 | &nbsp;&nbsp; 871267 | &nbsp;&nbsp; 140904 |
| Payable for securities purchased | &nbsp;&nbsp; 27569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71613 | &nbsp;&nbsp; — |
| Payable for audit fee | &nbsp;&nbsp; 9694 | &nbsp;&nbsp; 9694 | &nbsp;&nbsp; 9694 | &nbsp;&nbsp; 9694 |
| Payable for fund accounting fee | &nbsp;&nbsp; 7841 | &nbsp;&nbsp; 8004 | &nbsp;&nbsp; 7961 | &nbsp;&nbsp; 7834 |
| Other accrued expenses payable | &nbsp;&nbsp; 6438 | &nbsp;&nbsp; 23595 | &nbsp;&nbsp; 14996 | &nbsp;&nbsp; 9115 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 444628 | &nbsp;&nbsp; 5527147 | &nbsp;&nbsp; 1425278 | &nbsp;&nbsp; 625206 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $384080756 | &nbsp;&nbsp; $2721909900 | &nbsp;&nbsp; $1890947659 | &nbsp;&nbsp; $298872928 |
| Affiliated investments, at cost | &nbsp;&nbsp; $288670263 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Unaffiliated investments, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 1721984952 | &nbsp;&nbsp; 1508963583 | &nbsp;&nbsp; 251707099 |
| **Service Class II:** |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $384080756 | &nbsp;&nbsp; $2721909900 | &nbsp;&nbsp; $1890947659 | &nbsp;&nbsp; $298872928 |
| Shares outstanding | &nbsp;&nbsp; 14533224 | &nbsp;&nbsp; 71332791 | &nbsp;&nbsp; 58085790 | &nbsp;&nbsp; 21367055 |
| Net asset value per share | &nbsp;&nbsp; $26.428 | &nbsp;&nbsp; $38.158 | &nbsp;&nbsp; $32.554 | &nbsp;&nbsp; $13.988 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $239740521 | &nbsp;&nbsp; $1541300478 | &nbsp;&nbsp; $1160536857 | &nbsp;&nbsp; $272648311 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 144340235 | &nbsp;&nbsp; 1180609422 | &nbsp;&nbsp; 730410802 | &nbsp;&nbsp; 26224617 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $384080756 | &nbsp;&nbsp; $2721909900 | &nbsp;&nbsp; $1890947659 | &nbsp;&nbsp; $298872928 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from affiliated investments | $1289476 | $5129270 | $— | $— |
| Dividends from investment companies |  |  | 4403058 | 188557 |
|  | 1289476 | 5129270 | 4403058 | 188557 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees-Service Class II | 977618 | 6556765 | 4709112 | 767275 |
| Shareholder servicing fees | 51547 | 345720 | 248299 | 40456 |
| Accounting and administration expenses | 29599 | 128919 | 96300 | 25811 |
| Professional fees | 17307 | 38283 | 31475 | 16491 |
| Trustees' fees and expenses | 5237 | 33986 | 24639 | 4100 |
| Reports and statements to shareholders | 5066 | 16269 | 13184 | 7028 |
| Consulting fees | 2193 | 2938 | 2680 | 2161 |
| Custodian fees | 1301 | 4194 | 3294 | 1187 |
| Other | 6739 | 24976 | 17715 | 5827 |
| Total operating expenses | 1096607 | 7152050 | 5146698 | 870336 |
| **NET INVESTMENT INCOME (LOSS)**  | 192869 | (2022780)<br>| (743640)<br>| (681779)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Sale of affiliated investments | (56197)<br>| (1204318)<br>|  |  |
| Sale of investment companies |  |  | (1421830)<br>| (362121)<br>|
| Distributions from affiliated investment companies | 46133972 | 206359281 |  |  |
| Distributions from investment companies |  |  | 304669994 |  |
| Net realized gain (loss) | 46077775 | 205154963 | 303248164 | (362121)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| Affiliated investments | (7801270)<br>| 51651748 |  |  |
| Unaffiliated investments |  |  | (164401137)<br>| 33146999 |
| Net change in unrealized appreciation (depreciation) | (7801270)<br>| 51651748 | (164401137)<br>| 33146999 |
| **NET REALIZED AND UNREALIZED GAIN** | 38276505 | 256806711 | 138847027 | 32784878 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $38469374 | $254783931 | $138103387 | $32103099 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | $192869 | $4109867 | $(2022780)<br>| $(239430)<br>| $(743640)<br>| $11794105 |
| Net realized gain (loss) | 46077775 | 13164445 | 205154963 | 41072175 | 303248164 | 69472847 |
| Net change in unrealized appreciation (depreciation) | (7801270)<br>| 26549694 | 51651748 | 506830605 | (164401137)<br>| 238465817 |
| Net increase in net assets resulting from operations | 38469374 | 43824006 | 254783931 | 547663350 | 138103387 | 319732769 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Service Class II |  | (30879057)<br>|  | (77245431)<br>|  | (78344898)<br>|
|  |  | (30879057)<br>|  | (77245431)<br>|  | (78344898)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Service Class II | 22138531 | 30940796 | 279790534 | 297974944 | 155862176 | 208653295 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Service Class II |  | 30879057 |  | 77245431 |  | 78344898 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Service Class II | (31706478)<br>| (56999611)<br>| (156494593)<br>| (262966930)<br>| (98255753)<br>| (186325210)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (9567947)<br>| 4820242 | 123295941 | 112253445 | 57606423 | 100672983 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 28901427 | 17765191 | 378079872 | 582671364 | 195709810 | 342060854 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 355179329 | 337414138 | 2343830028 | 1761158664 | 1695237849 | 1353176995 |
| End of period | $384080756 | $355179329 | $2721909900 | $2343830028 | $1890947659 | $1695237849 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP American**<br> **International**<br> **Fund** | **LVIP American**<br> **International**<br> **Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $(681779)<br>| $2252369 |
| Net realized gain (loss) | (362121)<br>| (1454058)<br>|
| Net change in unrealized appreciation (depreciation) | 33146999 | 7912834 |
| Net increase in net assets resulting from operations | 32103099 | 8711145 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Distributable earnings: |  |  |
| Service Class II |  | (2205758)<br>|
|  |  | (2205758)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Service Class II | 14749750 | 34537336 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Service Class II |  | 2205758 |
| Cost of shares redeemed: |  |  |
| Service Class II | (23399701)<br>| (59637519)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (8649951)<br>| (22894425)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** | 23453148 | (16389038)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 275419780 | 291808818 |
| End of period | $298872928 | $275419780 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-8

------

**LVIP American Global Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $23.810 | &nbsp;&nbsp; $22.989 | &nbsp;&nbsp; $20.980 | &nbsp;&nbsp; $30.532 | &nbsp;&nbsp; $27.014 | &nbsp;&nbsp; $21.644 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.013 | 0.289 | 0.117 | 0.063 | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.006)<br>|
| Net realized and unrealized gain (loss) | 2.605 | 2.761 | 4.301 | &nbsp;&nbsp; (7.837)<br>| 4.345 | 6.342 |
| Total from investment operations | 2.618 | 3.050 | 4.418 | &nbsp;&nbsp; (7.774)<br>| 4.340 | 6.336 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.937)<br>| &nbsp;&nbsp; (2.298)<br>| &nbsp;&nbsp; (1.649)<br>| &nbsp;&nbsp; (0.822)<br>| &nbsp;&nbsp; (0.966)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.229)<br>| &nbsp;&nbsp; (2.409)<br>| &nbsp;&nbsp; (1.778)<br>| &nbsp;&nbsp; (0.822)<br>| &nbsp;&nbsp; (0.966)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $26.428 | &nbsp;&nbsp; $23.810 | &nbsp;&nbsp; $22.989 | &nbsp;&nbsp; $20.980 | &nbsp;&nbsp; $30.532 | &nbsp;&nbsp; $27.014 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 13.25% | &nbsp;&nbsp; 22.16% | &nbsp;&nbsp; (25.02%)<br>| &nbsp;&nbsp; 16.02% | &nbsp;&nbsp; 29.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $384081 | &nbsp;&nbsp; $355179 | &nbsp;&nbsp; $337414 | &nbsp;&nbsp; $296654 | &nbsp;&nbsp; $455371 | &nbsp;&nbsp; $385084 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.11% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; (0.03%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-9

------

**LVIP American Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $34.711 | &nbsp;&nbsp; $27.479 | &nbsp;&nbsp; $22.546 | &nbsp;&nbsp; $38.600 | &nbsp;&nbsp; $32.636 | &nbsp;&nbsp; $23.030 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.004)<br>| 0.002 | &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; (0.043)<br>| &nbsp;&nbsp; (0.016)<br>|
| Net realized and unrealized gain (loss) | 3.476 | 8.446 | 8.163 | &nbsp;&nbsp; (11.593)<br>| 7.055 | 11.488 |
| Total from investment operations | 3.447 | 8.442 | 8.165 | &nbsp;&nbsp; (11.593)<br>| 7.012 | 11.472 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.201)<br>| &nbsp;&nbsp; (3.230)<br>| &nbsp;&nbsp; (4.056)<br>| &nbsp;&nbsp; (0.854)<br>| &nbsp;&nbsp; (1.866)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.210)<br>| &nbsp;&nbsp; (3.232)<br>| &nbsp;&nbsp; (4.461)<br>| &nbsp;&nbsp; (1.048)<br>| &nbsp;&nbsp; (1.866)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $38.158 | &nbsp;&nbsp; $34.711 | &nbsp;&nbsp; $27.479 | &nbsp;&nbsp; $22.546 | &nbsp;&nbsp; $38.600 | &nbsp;&nbsp; $32.636 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 9.93% | &nbsp;&nbsp; 31.19% | &nbsp;&nbsp; 37.99% | &nbsp;&nbsp; (30.19%)<br>| &nbsp;&nbsp; 21.58% | &nbsp;&nbsp; 51.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2721910 | &nbsp;&nbsp; $2343830 | &nbsp;&nbsp; $1761159 | &nbsp;&nbsp; $1317383 | &nbsp;&nbsp; $1764769 | &nbsp;&nbsp; $1403276 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; (0.17% )<sup>6</sup><br>| &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; — <br><sup>7</sup><br>| &nbsp;&nbsp; (0.12%)<br>| &nbsp;&nbsp; (0.06%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Amount rounds to less than $0.001 per share.

<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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

<sup>7</sup> Amount rounds to less than 0.001%.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-10

------

**LVIP American Growth-Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.197 | &nbsp;&nbsp; $25.636 | &nbsp;&nbsp; $22.301 | &nbsp;&nbsp; $27.805 | &nbsp;&nbsp; $23.052 | &nbsp;&nbsp; $22.114 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.013)<br>| 0.222 | 0.248 | 0.224 | 0.202 | 0.224 |
| Net realized and unrealized gain (loss) | 2.370 | 5.825 | 5.284 | &nbsp;&nbsp; (4.916)<br>| 5.239 | 2.495 |
| Total from investment operations | 2.357 | 6.047 | 5.532 | &nbsp;&nbsp; (4.692)<br>| 5.441 | 2.719 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.242)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.574)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.289)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.244)<br>| &nbsp;&nbsp; (1.961)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.489)<br>| &nbsp;&nbsp; (1.492)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.486)<br>| &nbsp;&nbsp; (2.197)<br>| &nbsp;&nbsp; (0.812)<br>| &nbsp;&nbsp; (0.688)<br>| &nbsp;&nbsp; (1.781)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $32.554 | &nbsp;&nbsp; $30.197 | &nbsp;&nbsp; $25.636 | &nbsp;&nbsp; $22.301 | &nbsp;&nbsp; $27.805 | &nbsp;&nbsp; $23.052 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 25.72% | &nbsp;&nbsp; (16.80%)<br>| &nbsp;&nbsp; 23.69% | &nbsp;&nbsp; 13.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1890948 | &nbsp;&nbsp; $1695238 | &nbsp;&nbsp; $1353177 | &nbsp;&nbsp; $1093085 | &nbsp;&nbsp; $1330283 | &nbsp;&nbsp; $1063359 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; (0.09% )<sup>5</sup><br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-11

------

**LVIP American International Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.507 | &nbsp;&nbsp; $12.271 | &nbsp;&nbsp; $12.337 | &nbsp;&nbsp; $16.103 | &nbsp;&nbsp; $16.769 | &nbsp;&nbsp; $15.125 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.031)<br>| 0.102 | 0.120 | 0.197 | 0.362 | 0.040 |
| Net realized and unrealized gain (loss) | 1.512 | 0.236 | 1.647 | &nbsp;&nbsp; (3.598)<br>| &nbsp;&nbsp; (0.672)<br>| 1.947 |
| Total from investment operations | 1.481 | 0.338 | 1.767 | &nbsp;&nbsp; (3.401)<br>| &nbsp;&nbsp; (0.310)<br>| 1.987 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.315)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.037)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.723)<br>| &nbsp;&nbsp; (0.050)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.306)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (1.833)<br>| &nbsp;&nbsp; (0.365)<br>| &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.343)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.988 | &nbsp;&nbsp; $12.507 | &nbsp;&nbsp; $12.271 | &nbsp;&nbsp; $12.337 | &nbsp;&nbsp; $16.103 | &nbsp;&nbsp; $16.769 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 15.41% | &nbsp;&nbsp; (21.07%)<br>| &nbsp;&nbsp; (1.84%)<br>| &nbsp;&nbsp; 13.57% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $298873 | &nbsp;&nbsp; $275420 | &nbsp;&nbsp; $291809 | &nbsp;&nbsp; $269139 | &nbsp;&nbsp; $296356 | &nbsp;&nbsp; $294834 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.49% )<sup>5</sup><br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 0.29% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-12

------

**LVIP American Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund operate under a fund of funds structure and invest substantially all of their assets in Class 1 shares of the Global Growth Fund, Growth Fund, Growth-Income Fund and International Fund, respectively, each a series of the American Funds Insurance Series<sup>®</sup> (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Global Growth Fund and LVIP American International Fund is long-term growth of capital.

The investment objective of the LVIP American Growth Fund is growth of capital.

The investment objective of the LVIP American Growth-Income Fund is long-term growth of capital and income.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

LVIP American Funds-13

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. To the extent that a Fund invests all of its investable assets (i.e., securities and cash) in another registered investment company, the Trust will not pay the adviser any advisory fees.

To the extent a Fund does not invest investable assets in another registered investment company, the advisory fee rates payable by the Service Class II of each Fund to LFI are set forth in the following table:

---

| | |
|:---|:---|
| **Fund**  | **Annual Fee Rate**<br> **Based on**<br> **Average Daily**<br> **Net Asset Value** <br>|
| LVIP American Global Growth Fund | 0.80% |
| LVIP American Growth Fund | 0.75% |
| LVIP American Growth-Income Fund | 0.75% |
| LVIP American International Fund | 0.85% |

---

The fee is calculated daily and paid monthly. This fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds. For the six months ended June 30, 2025, no advisory fees were charged to the Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Administrative | &nbsp;&nbsp; $15022 | &nbsp;&nbsp; $99759 | &nbsp;&nbsp; $71905 | &nbsp;&nbsp; $11793 |
| Legal | &nbsp;&nbsp; 2290 | &nbsp;&nbsp; 15204 | &nbsp;&nbsp; 10959 | &nbsp;&nbsp; 1797 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $2151 | &nbsp;&nbsp; $6016 | &nbsp;&nbsp; $5034 | &nbsp;&nbsp; $4418 |

---

The Funds currently offer one class of shares: Service Class II. The Service Class II shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class II shares an annual 12b-1 Fee at a rate not to exceed 0.75% of average daily net assets of the Service Class II shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.55% of the average daily net assets of the Service Class II shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP American Funds-14

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Distribution fees payable to LFD | &nbsp;&nbsp; $168868 | &nbsp;&nbsp; $1184551 | &nbsp;&nbsp; $827628 | &nbsp;&nbsp; $131482 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2489 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 8904 | &nbsp;&nbsp; 62458 | &nbsp;&nbsp; 43639 | &nbsp;&nbsp; 6933 |

---

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 six months ended June 30, 2025, were as follows:

**<u>LVIP American Global Growth Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-100.05%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity Fund-100.05%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✢‡American Funds Insurance Series<sup>®</sup> – <br> Global Growth Fund<br>| $— | $55687590 | $18937583 | $(56197)<br>| $(7801270)<br>| $384281226 | 10725125 | $1289476 | $46133972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✢</sup> Class 1 shares. |
| <sup>‡</sup> Issuer considered an unaffiliated investment of the Fund at December 31, 2024. |

---

**<u>LVIP American Growth Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-0.00%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-0.00%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ×,✢American Funds Insurance Series<sup>®</sup> – <br> Growth Fund<br>| $2345036508 | $375416405 | $47710386 | $(1204318)<br>| $51651748 | $— |  | $5129270 | $206359281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>×</sup> Issuer is no longer an affiliate of the Fund at June 30, 2025. |
| <sup>✢</sup> Class 1 shares. |

---

**3. Investments**

For the six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Purchases | &nbsp;&nbsp; $55687590 | &nbsp;&nbsp; $375416405 | &nbsp;&nbsp; $387218502 | &nbsp;&nbsp; $5535798 |
| Sales | &nbsp;&nbsp; 18937583 | &nbsp;&nbsp; 47710386 | &nbsp;&nbsp; 25655448 | &nbsp;&nbsp; 14871283 |

---

LVIP American Funds-15

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $288670263 | &nbsp;&nbsp; $1721984952 | &nbsp;&nbsp; $1508963583 | &nbsp;&nbsp; $251707099 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $95610963 | &nbsp;&nbsp; $1001205006 | &nbsp;&nbsp; $382882034 | &nbsp;&nbsp; $47332378 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp; $95610963 | &nbsp;&nbsp; $1001205006 | &nbsp;&nbsp; $382882034 | &nbsp;&nbsp; $47332378 |

---

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 Statements of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level 1** | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **Investments:** |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $384281226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Unaffiliated Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 2723189958 | &nbsp;&nbsp; 1891845617 | &nbsp;&nbsp; 299039477 |
| **Total Investments** | &nbsp;&nbsp; $384281226 | &nbsp;&nbsp; $2723189958 | &nbsp;&nbsp; $1891845617 | &nbsp;&nbsp; $299039477 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP American Funds-16

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; 917551 | &nbsp;&nbsp; 1238169 | &nbsp;&nbsp; 8206432 | &nbsp;&nbsp; 9286659 | &nbsp;&nbsp; 5167958 | &nbsp;&nbsp; 7136655 |
| Shares reinvested: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 1273464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2458468 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670398 |
|  | &nbsp;&nbsp; 917551 | &nbsp;&nbsp; 2511633 | &nbsp;&nbsp; 8206432 | &nbsp;&nbsp; 11745127 | &nbsp;&nbsp; 5167958 | &nbsp;&nbsp; 9807053 |
| Shares redeemed: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; (1301574)<br>| &nbsp;&nbsp; (2271694)<br>| &nbsp;&nbsp; (4397153)<br>| &nbsp;&nbsp; (8312415)<br>| &nbsp;&nbsp; (3221107)<br>| &nbsp;&nbsp; (6451487)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (384023)<br>| &nbsp;&nbsp; 239939 | &nbsp;&nbsp; 3809279 | &nbsp;&nbsp; 3432712 | &nbsp;&nbsp; 1946851 | &nbsp;&nbsp; 3355566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **LVIP American**<br> **International**<br> **Fund** | **LVIP American**<br> **International**<br> **Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Service Class II | &nbsp;&nbsp; 1140116 | &nbsp;&nbsp; 2656919 |
| Shares reinvested: |  |  |
| Service Class II | &nbsp;&nbsp; — | &nbsp;&nbsp; 175046 |
|  | &nbsp;&nbsp; 1140116 | &nbsp;&nbsp; 2831965 |
| Shares redeemed: |  |  |
| Service Class II | &nbsp;&nbsp; (1794162)<br>| &nbsp;&nbsp; (4592062)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (654046)<br>| &nbsp;&nbsp; (1760097)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Funds-17

------

![](imgf9f321691.jpg)

LVIP American Funds Vanguard Active Passive Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Funds Vanguard Active Passive Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_8abc74a2-c3ae-403e-b838-5915389e7bd5_SOI-continued-741_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_8abc74a2-c3ae-403e-b838-5915389e7bd5_FS-continued-741_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Changes in Net Assets](#xx_8abc74a2-c3ae-403e-b838-5915389e7bd5_FS-continued-741_1)**  | &nbsp;&nbsp; **2** |
| **[Financial Highlights](#xx_8abc74a2-c3ae-403e-b838-5915389e7bd5_FIHI-continued-741_1)**  | &nbsp;&nbsp; **3** |
| **[Notes to Financial Statements](#xx_8abc74a2-c3ae-403e-b838-5915389e7bd5_NTF-continued-741_1)**  | &nbsp;&nbsp; **4** |

---

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–121.07%** | **INVESTMENT COMPANIES–121.07%** | **INVESTMENT COMPANIES–121.07%** |
| **Equity Funds–54.29%** | **Equity Funds–54.29%** | **Equity Funds–54.29%** |
| American Funds<sup>®</sup>- | American Funds<sup>®</sup>- |  |
| ✧American Funds <br> Fundamental Investors<br>| 3565 | $313130 |
| ✧American Mutual Fund | 3241 | 192582 |
| Capital Group Core Equity <br> ETF<br>| 6538 | 241448 |
| Capital Group Growth ETF | 4574 | 185933 |
| Vanguard S&P 500 Growth <br> ETF<br>| 468 | 185581 |
| Vanguard S&P 500 Value ETF | 985 | 185879 |
|  |  | **1304553** |
| **Fixed Income Funds–19.07%** | **Fixed Income Funds–19.07%** | **Fixed Income Funds–19.07%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 25349 | 287969 |
| Corporate Bond | 10111 | 96052 |
| Vanguard Intermediate-Term <br> Corporate Bond ETF<br>| 895 | 74214 |
|  |  | **458235** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–12.37%** | **International Equity Funds–12.37%** | **International Equity Funds–12.37%** |
| American Funds<sup>®</sup>–<br> Capital Group Global <br> Growth Equity ETF<br>| 6392 | $204352 |
| Vanguard FTSE Developed <br> Markets ETF<br>| 1628 | 92812 |
|  |  | **297164** |
| **Money Market Fund–35.34%** | **Money Market Fund–35.34%** | **Money Market Fund–35.34%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 849041 | 849041 |
|  |  | **849041** |
| **Total Investment Companies** <br>**(Cost $2,900,488)**<br>|  | **2908993** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–121.07% (Cost $2,900,488)** | **2908993** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(21.07%)** | **(506303)**<br>|
| **NET ASSETS APPLICABLE TO 230,807 SHARES OUTSTANDING–100.00%** | **$2402690** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN FUNDS VANGUARD ACTIVE PASSIVE GROWTH FUND STANDARD** <br> **CLASS** <br>**($10,409 / 1,000 Shares)** | **$10.410**<sup>1</sup> <br>|
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN FUNDS VANGUARD ACTIVE PASSIVE GROWTH FUND SERVICE CLASS** <br>**($2,392,281 / 229,807 Shares)** | **$10.410** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2393024** |
| Distributable earnings/(accumulated loss) | **9666** |
| **TOTAL NET ASSETS** | **$2402690** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 Net Asset Value Per Share does not recalculate exactly, due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $12,541 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,049,539 payable for securities <br> purchased, $13 payable for fund shares redeemed, $1,521 other accrued expenses payable, $115 due to manager and affiliates, $8,950 <br> payable for audit fee and $2,013 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** | **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| June 2, 2025\* to June 30, 2025 (unaudited) | June 2, 2025\* to June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $1073 |
| **EXPENSES:** |  |
| Professional fees | 9190 |
| Accounting and administration expenses | 2023 |
| Custodian fees | 318 |
| Trustees' fees and expenses | 247 |
| Consulting fees | 238 |
| Reports and statements to shareholders | 170 |
| Pricing fees | 40 |
| Distribution fees-Service Class | 25 |
| Management fees | 20 |
| Shareholder servicing fees | 2 |
| Other | 325 |
|  | 12598 |
| Less:  |  |
| Expenses reimbursed | (12541)<br>|
| Total operating expenses | 57 |
| **NET INVESTMENT INCOME**  | 1016 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain from: |  |
| Investments | 145 |
| Net change in unrealized appreciation (depreciation) of <br> investments<br>| 8505 |
| **NET REALIZED AND UNREALIZED GAIN** | 8650 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $9666 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** | **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** |
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **6/2/25\***<br> **to**<br> **6/30/25**<br> **(unaudited)**<br>|
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |
| Net investment income | $1016 |
| Net realized gain | 145 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 8505 |
| Net increase in net assets resulting from operations | 9666 |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Proceeds from shares sold: |  |
| Standard Class | 10000 |
| Service Class | 2383038 |
|  | 2393038 |
| Cost of shares redeemed: |  |
| Service Class | (14)<br>|
|  | (14)<br>|
| Increase in net assets derived from capital share <br> transactions<br>| 2393024 |
| **NET INCREASE IN NET ASSETS** | 2402690 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $2402690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-2

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Standard Class** | **Service Class** |
|  | **6/2/25**<sup>1</sup> <br>**to**<br> **6/30/25**<br> **(unaudited)**<br>| **6/2/25**<sup>1</sup> <br>**to**<br> **6/30/25**<br> **(unaudited)**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.098 | 0.067 |
| Net realized and unrealized gain | 0.312 | 0.343 |
| Total from investment operations | 0.410 | 0.410 |
| Net asset value, end of period | &nbsp;&nbsp; $10.410 | &nbsp;&nbsp; $10.410 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.03% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $2392 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.77% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 160.95% | &nbsp;&nbsp; 161.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 13.31% <br><sup>5</sup><br>| &nbsp;&nbsp; 12.96% <br><sup>5</sup><br>|
| Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (147.22% )<sup>5</sup><br>| &nbsp;&nbsp; (147.57% )<sup>5</sup><br>|
| Portfolio turnover | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-3

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Funds Vanguard Active Passive Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a "fund of funds" structure. The Fund invests substantially all of its assets in mutual funds and exchange-traded funds ("ETFs") (the "Underlying Funds") which, in turn, invest in equity securities (stocks) and/or fixed income securities (bonds). The Underlying Funds include American Funds<sup>®</sup> mutual funds, Capital Group ETFs, and Vanguard ETFs. The Fund is advised by Lincoln Financial Investments Corporation (LFI). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek to provide long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current period. Management has analyzed the tax positions to be taken on the Fund's federal income tax return from the period June 2, 2025\* through the period ended June 30, 2025, and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During period June 2, 2025\* through June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Funds Vanguard Active Passive Growth Fund-4

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

\* Date of commencement of operations.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.42% of the Fund's average daily net assets for the Standard Class and 0.77% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least July 1, 2027, and cannot be terminated before that date without the mutual agreement of the 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 June 30, 2025, no expense reimbursements were subject to recoupment.

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 $68 for the period June 2, 2025\* through June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds and ETFs in which it invests. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds and ETFs at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $12541 |
| Management fees payable to LFI | &nbsp;&nbsp; 20 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 25 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 68 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the period June 2, 2025\* through June 30, 2025, the Fund engaged in securities purchases of $38,385.

LVIP American Funds Vanguard Active Passive Growth Fund-5

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

\* Date of commencement of operations.

**3. Investments**

For the period June 2, 2025\* through June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $2013062 |
| Sales | &nbsp;&nbsp; — |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $2900488 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $8505 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp; $8505 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $2908993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2908993 |

---

There were no Level 3 investments at the beginning or end of the period.

\* Date of commencement of operations.

LVIP American Funds Vanguard Active Passive Growth Fund-6

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | |
|:---|:---|
|  | **6/2/25**<sup>\*</sup> <br>**to**<br>|
|  | **6/30/25** |
| Shares sold: |  |
| Standard Class | &nbsp;&nbsp; 1000 |
| Service Class | &nbsp;&nbsp; 229808 |
|  | &nbsp;&nbsp; 230808 |
| Shares redeemed: |  |
| Standard Class | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (1)<br>|
|  | &nbsp;&nbsp; (1)<br>|
| Net increase | &nbsp;&nbsp; 230807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

**5. 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.

**6. 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.

**7. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-7

------

![](img2655146c1.jpg)

![](imgac473e3c2.jpg)

LVIP American Global Allocation Managed Risk Funds

LVIP American Global Balanced Allocation Managed Risk Fund <br> LVIP American Global Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Global Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_a528a631-9e10-4dc0-a71d-8fa2e32b12af_SOI-continued-322_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_a528a631-9e10-4dc0-a71d-8fa2e32b12af_FS-continued-322_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_a528a631-9e10-4dc0-a71d-8fa2e32b12af_FS-continued-322_2)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_a528a631-9e10-4dc0-a71d-8fa2e32b12af_FIHI-continued-322_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_a528a631-9e10-4dc0-a71d-8fa2e32b12af_NTF-continued-322_1)**  | &nbsp;&nbsp; **11** |

---

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.86%** | **INVESTMENT COMPANIES–99.86%** | **INVESTMENT COMPANIES–99.86%** |
| **Asset Allocation Fund–10.80%** | **Asset Allocation Fund–10.80%** | **Asset Allocation Fund–10.80%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1607849 | $122743169 |
|  |  | **122743169** |
| **Equity Funds–33.95%** | **Equity Funds–33.95%** | **Equity Funds–33.95%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 1864381 | 110781552 |
| Growth Fund of America | 1793986 | 147860317 |
| Investment Company of <br> America<br>| 2023941 | 127366596 |
|  |  | **386008465** |
| **Fixed Income Funds–44.80%** | **Fixed Income Funds–44.80%** | **Fixed Income Funds–44.80%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 38931531 | 442262192 |
| High-Income Trust | 3247031 | 31983252 |
| Inflation Linked Bond Fund | 3643938 | 35018247 |
|  |  | **509263691** |
| **Global Equity Fund–3.57%** | **Global Equity Fund–3.57%** | **Global Equity Fund–3.57%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 538028 | 40551142 |
|  |  | **40551142** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–4.42%** | **International Equity Funds–4.42%** | **International Equity Funds–4.42%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 643914 | $39098465 |
| New World Fund | 125752 | 11190688 |
|  |  | **50289153** |
| **Money Market Fund–2.32%** | **Money Market Fund–2.32%** | **Money Market Fund–2.32%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 26371275 | 26371275 |
|  |  | **26371275** |
| **Total Investment Companies** <br>**(Cost $996,767,025)**<br>|  | **1135226895** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.86% (Cost $996,767,025)** | **1135226895** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.14%** | **1578965** |
| **NET ASSETS APPLICABLE TO 101,070,073 SHARES OUTSTANDING–100.00%** | **$1136805860** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL BALANCED ALLOCATION MANAGED RISK FUND** <br> **STANDARD CLASS** <br>**($19,698,797 / 1,747,570 Shares)** | **$11.272** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL BALANCED ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($1,117,107,063 / 99,322,503 Shares)** | **$11.247** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$992323596** |
| Distributable earnings/(accumulated loss) | **144482264** |
| **TOTAL NET ASSETS** | **$1136805860** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,030,845 cash collateral held at broker for futures contracts, $110,663 variation margin due from broker on futures contracts, <br> $1,828,091 payable for securities purchased, $626,195 payable for fund shares redeemed, $25,531 other accrued expenses payable, $573,156 <br> due to manager and affiliates, $14,033 payable for audit fee and $13,738 payable for fund accounting fee as of June 30, 2025.<br>

LVIP American Global Allocation Managed Risk Funds-1

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 5 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $329475 | &nbsp;&nbsp; $325904 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $3571 | &nbsp;&nbsp; $— |
| 9 | CME British Pound Currency Futures | &nbsp;&nbsp; 772031 | &nbsp;&nbsp; 759382 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 12649 | &nbsp;&nbsp; — |
| 13 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1923350 | &nbsp;&nbsp; 1869849 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 53501 | &nbsp;&nbsp; — |
| 11 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 961744 | &nbsp;&nbsp; 958659 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 72806 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 7 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 767095 | &nbsp;&nbsp; 741470 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 25625 | &nbsp;&nbsp; — |
| 62 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 19386625 | &nbsp;&nbsp; 18701549 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 685076 | &nbsp;&nbsp; — |
| 11 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3438050 | &nbsp;&nbsp; 3334188 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 103862 | &nbsp;&nbsp; — |
| 31 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1945233 | &nbsp;&nbsp; 1931196 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 14037 | &nbsp;&nbsp; — |
| 6 | FTSE 100 Index Futures | &nbsp;&nbsp; 723894 | &nbsp;&nbsp; 729416 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5522)<br>|
| 18 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 1110150 | &nbsp;&nbsp; 1089359 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 20791 | &nbsp;&nbsp; — |
| 6 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 158103 | &nbsp;&nbsp; 156030 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; — |
| 3 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 421397 | &nbsp;&nbsp; 421646 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (249)<br>|
| 5 | TSE TOPIX Futures | &nbsp;&nbsp; 991459 | &nbsp;&nbsp; 971326 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 20133 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 871597 | &nbsp;&nbsp; (5771)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $944403 | &nbsp;&nbsp; $(5771)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-2

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.84%** | **INVESTMENT COMPANIES–99.84%** | **INVESTMENT COMPANIES–99.84%** |
| **Asset Allocation Fund–5.82%** | **Asset Allocation Fund–5.82%** | **Asset Allocation Fund–5.82%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1738859 | $132744464 |
|  |  | **132744464** |
| **Equity Funds–47.31%** | **Equity Funds–47.31%** | **Equity Funds–47.31%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 5742448 | 341216264 |
| Growth Fund of America | 4377344 | 360780686 |
| Investment Company of <br> America<br>| 5995871 | 377320152 |
|  |  | **1079317102** |
| **Fixed Income Funds–26.39%** | **Fixed Income Funds–26.39%** | **Fixed Income Funds–26.39%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 42947649 | 487885300 |
| High-Income Trust | 6000059 | 59100583 |
| Inflation Linked Bond Fund | 5711728 | 54889703 |
|  |  | **601875586** |
| **Global Equity Fund–5.87%** | **Global Equity Fund–5.87%** | **Global Equity Fund–5.87%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 1777699 | 133985147 |
|  |  | **133985147** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–11.66%** | **International Equity Funds–11.66%** | **International Equity Funds–11.66%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 3282732 | $199327528 |
| New World Fund | 747919 | 66557299 |
|  |  | **265884827** |
| **Money Market Fund–2.79%** | **Money Market Fund–2.79%** | **Money Market Fund–2.79%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 63641489 | 63641489 |
|  |  | **63641489** |
| **Total Investment Companies** <br>**(Cost $1,921,284,400)**<br>|  | **2277448615** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $1,921,284,400)** | **2277448615** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **3702953** |
| **NET ASSETS APPLICABLE TO 196,877,853 SHARES OUTSTANDING–100.00%** | **$2281151568** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL GROWTH ALLOCATION MANAGED RISK FUND STANDARD** <br> **CLASS** <br>**($1,179,039 / 101,484 Shares)** | **$11.618** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL GROWTH ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($2,279,972,529 / 196,776,369 Shares)** | **$11.587** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1908697945** |
| Distributable earnings/(accumulated loss) | **372453623** |
| **TOTAL NET ASSETS** | **$2281151568** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,546,571 cash collateral held at broker for futures contracts, $231,936 variation margin due from broker on futures contracts, <br> $2,160,295 payable for securities purchased, $1,952,861 payable for fund shares redeemed, $55,939 other accrued expenses payable, <br> $1,159,911 due to manager and affiliates, $14,033 payable for audit fee and $13,872 payable for fund accounting fee as of June 30, 2025.<br>

LVIP American Global Allocation Managed Risk Funds-3

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 16 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $1054320 | &nbsp;&nbsp; $1042493 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $11827 | &nbsp;&nbsp; $— |
| 24 | CME British Pound Currency Futures | &nbsp;&nbsp; 2058750 | &nbsp;&nbsp; 2025019 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 33731 | &nbsp;&nbsp; — |
| 38 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 5622100 | &nbsp;&nbsp; 5465713 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 156387 | &nbsp;&nbsp; — |
| 30 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2622937 | &nbsp;&nbsp; 2614523 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 8414 | &nbsp;&nbsp; — |
| 1 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 212250 | &nbsp;&nbsp; 209751 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 2499 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 212858 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 21 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 2301285 | &nbsp;&nbsp; 2224386 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 76899 | &nbsp;&nbsp; — |
| 118 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 36897125 | &nbsp;&nbsp; 35593266 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1303859 | &nbsp;&nbsp; — |
| 26 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 8126300 | &nbsp;&nbsp; 7880800 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 245500 | &nbsp;&nbsp; — |
| 99 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 6212194 | &nbsp;&nbsp; 6167366 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 44828 | &nbsp;&nbsp; — |
| 20 | FTSE 100 Index Futures | &nbsp;&nbsp; 2412981 | &nbsp;&nbsp; 2431388 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18407)<br>|
| 57 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 3515474 | &nbsp;&nbsp; 3449942 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 65532 | &nbsp;&nbsp; — |
| 15 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 395258 | &nbsp;&nbsp; 391067 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 4191 | &nbsp;&nbsp; — |
| 8 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 1123726 | &nbsp;&nbsp; 1124126 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (400)<br>|
| 15 | TSE TOPIX Futures | &nbsp;&nbsp; 2974376 | &nbsp;&nbsp; 2913976 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 60400 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 1801209 | &nbsp;&nbsp; (18807)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2014067 | &nbsp;&nbsp; $(18807)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $15278224 | $21766050 |
| **EXPENSES:** |  |  |
| Distribution fees-Service Class | 1937489 | 3911565 |
| Management fees | 1397444 | 2795358 |
| Shareholder servicing fees | 162103 | 324262 |
| Accounting and administration expenses | 76401 | 132767 |
| Professional fees | 30114 | 42394 |
| Trustees' fees and expenses | 17053 | 34092 |
| Reports and statements to shareholders | 10145 | 17314 |
| Custodian fees | 5928 | 7656 |
| Consulting fees | 3991 | 4376 |
| Pricing fees | 422 | 422 |
| Other | 21834 | 51736 |
| Total operating expenses | 3662924 | 7321942 |
| **NET INVESTMENT INCOME**  | 11615300 | 14444108 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments | (3296960)<br>| (17407161)<br>|
| Distributions from investment companies | 2186500 | 8739727 |
| Foreign currencies | (7784)<br>| (8921)<br>|
| Futures contracts | (10098044)<br>| (30282796)<br>|
| Net realized loss | (11216288)<br>| (38959151)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Investments | 67109961 | 175700415 |
| Foreign currencies | 16772 | 49020 |
| Futures contracts | 1983432 | 4634974 |
| Net change in unrealized appreciation (depreciation) | 69110165 | 180384409 |
| **NET REALIZED AND UNREALIZED GAIN** | 57893877 | 141425258 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $69509177 | $155869366 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $11615300 | $28663324 | $14444108 | $42146182 |
| Net realized gain (loss) | (11216288)<br>| 37216677 | (38959151)<br>| 114832244 |
| Net change in unrealized appreciation (depreciation) | 69110165 | 45436866 | 180384409 | 118770895 |
| Net increase in net assets resulting from operations | 69509177 | 111316867 | 155869366 | 275749321 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class |  | (253376)<br>|  | (24019)<br>|
| Service Class |  | (31249945)<br>|  | (42142959)<br>|
|  |  | (31503321)<br>|  | (42166978)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 11674781 | 1586954 | 5532 | 6909 |
| Service Class | 6653749 | 14439693 | 10496467 | 24772601 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class |  | 253376 |  | 24019 |
| Service Class |  | 31249945 |  | 42142959 |
|  | 18328530 | 47529968 | 10501999 | 66946488 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (1292112)<br>| (946673)<br>| (19155)<br>| (28418)<br>|
| Service Class | (112326396)<br>| (213161568)<br>| (208051908)<br>| (458683879)<br>|
|  | (113618508)<br>| (214108241)<br>| (208071063)<br>| (458712297)<br>|
| Decrease in net assets derived from capital share transactions | (95289978)<br>| (166578273)<br>| (197569064)<br>| (391765809)<br>|
| **NET DECREASE IN NET ASSETS** | (25780801)<br>| (86764727)<br>| (41699698)<br>| (158183466)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | 1162586661 | 1249351388 | 2322851266 | 2481034732 |
| End of period | $1136805860 | $1162586661 | $2281151568 | $2322851266 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-6

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.575 | &nbsp;&nbsp; $9.929 | &nbsp;&nbsp; $10.210 | &nbsp;&nbsp; $13.150 | &nbsp;&nbsp; $12.362 | &nbsp;&nbsp; $11.761 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.129 | 0.283 | 0.275 | 0.240 | 0.183 | 0.200 |
| Net realized and unrealized gain (loss) | 0.568 | 0.696 | 0.850 | &nbsp;&nbsp; (2.289)<br>| 0.973 | 0.959 |
| Total from investment operations | 0.697 | 0.979 | 1.125 | &nbsp;&nbsp; (2.049)<br>| 1.156 | 1.159 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.368)<br>| &nbsp;&nbsp; (0.225)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (1.125)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.333)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (1.406)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.368)<br>| &nbsp;&nbsp; (0.558)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.272 | &nbsp;&nbsp; $10.575 | &nbsp;&nbsp; $9.929 | &nbsp;&nbsp; $10.210 | &nbsp;&nbsp; $13.150 | &nbsp;&nbsp; $12.362 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.59% | &nbsp;&nbsp; 9.86% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; (15.53%)<br>| &nbsp;&nbsp; 9.36% | &nbsp;&nbsp; 10.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $19699 | &nbsp;&nbsp; $8326 | &nbsp;&nbsp; $6972 | &nbsp;&nbsp; $5759 | &nbsp;&nbsp; $3623 | &nbsp;&nbsp; $1272 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.70% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.69% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 88% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-7

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.571 | &nbsp;&nbsp; $9.923 | &nbsp;&nbsp; $10.208 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.355 | &nbsp;&nbsp; $11.758 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.110 | 0.246 | 0.239 | 0.202 | 0.136 | 0.158 |
| Net realized and unrealized gain (loss) | 0.566 | 0.695 | 0.846 | &nbsp;&nbsp; (2.287)<br>| 0.972 | 0.955 |
| Total from investment operations | 0.676 | 0.941 | 1.085 | &nbsp;&nbsp; (2.085)<br>| 1.108 | 1.113 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.259)<br>| &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.183)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (1.125)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.333)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (1.370)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.516)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.247 | &nbsp;&nbsp; $10.571 | &nbsp;&nbsp; $9.923 | &nbsp;&nbsp; $10.208 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.355 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.39% | &nbsp;&nbsp; 9.49% | &nbsp;&nbsp; 11.41% | &nbsp;&nbsp; (15.82%)<br>| &nbsp;&nbsp; 8.97% | &nbsp;&nbsp; 9.70% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1117107 | &nbsp;&nbsp; $1154260 | &nbsp;&nbsp; $1242380 | &nbsp;&nbsp; $1274854 | &nbsp;&nbsp; $1701925 | &nbsp;&nbsp; $1741094 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.34% |
| Portfolio turnover | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 88% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-8

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.819 | &nbsp;&nbsp; $9.851 | &nbsp;&nbsp; $10.948 | &nbsp;&nbsp; $14.421 | &nbsp;&nbsp; $13.250 | &nbsp;&nbsp; $12.374 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.089 | 0.220 | 0.243 | 0.198 | 0.177 | 0.154 |
| Net realized and unrealized gain (loss) | 0.710 | 0.987 | 1.110 | &nbsp;&nbsp; (2.821)<br>| 1.303 | 1.168 |
| Total from investment operations | 0.799 | 1.207 | 1.353 | &nbsp;&nbsp; (2.623)<br>| 1.480 | 1.322 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.309)<br>| &nbsp;&nbsp; (0.189)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.189)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.257)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (2.450)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.309)<br>| &nbsp;&nbsp; (0.446)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.618 | &nbsp;&nbsp; $10.819 | &nbsp;&nbsp; $9.851 | &nbsp;&nbsp; $10.948 | &nbsp;&nbsp; $14.421 | &nbsp;&nbsp; $13.250 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.39% | &nbsp;&nbsp; 12.26% | &nbsp;&nbsp; 13.97% | &nbsp;&nbsp; (18.13%)<br>| &nbsp;&nbsp; 11.17% | &nbsp;&nbsp; 10.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1179 | &nbsp;&nbsp; $1111 | &nbsp;&nbsp; $1010 | &nbsp;&nbsp; $901 | &nbsp;&nbsp; $1120 | &nbsp;&nbsp; $1033 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &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; 1.64% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.64% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-9

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.809 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $10.944 | &nbsp;&nbsp; $14.413 | &nbsp;&nbsp; $13.242 | &nbsp;&nbsp; $12.369 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.070 | 0.182 | 0.205 | 0.155 | 0.127 | 0.111 |
| Net realized and unrealized gain (loss) | 0.708 | 0.986 | 1.106 | &nbsp;&nbsp; (2.818)<br>| 1.300 | 1.163 |
| Total from investment operations | 0.778 | 1.168 | 1.311 | &nbsp;&nbsp; (2.663)<br>| 1.427 | 1.274 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.142)<br>| &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.144)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.189)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.257)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (2.415)<br>| &nbsp;&nbsp; (0.806)<br>| &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.401)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.587 | &nbsp;&nbsp; $10.809 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $10.944 | &nbsp;&nbsp; $14.413 | &nbsp;&nbsp; $13.242 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; 13.57% | &nbsp;&nbsp; (18.42%)<br>| &nbsp;&nbsp; 10.78% | &nbsp;&nbsp; 10.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2279973 | &nbsp;&nbsp; $2321740 | &nbsp;&nbsp; $2480024 | &nbsp;&nbsp; $2495434 | &nbsp;&nbsp; $3417726 | &nbsp;&nbsp; $3462302 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.29% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.29% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-10

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in the series of American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Global Balanced Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital.

The investment objective of the LVIP American Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP American Global Allocation Managed Risk Funds-11

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $47943 | &nbsp;&nbsp; $95899 |
| Legal | &nbsp;&nbsp; 7307 | &nbsp;&nbsp; 14616 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $3422 | &nbsp;&nbsp; $5231 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

LVIP American Global Allocation Managed Risk Funds-12

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $229993 | &nbsp;&nbsp; $460972 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 316353 | &nbsp;&nbsp; 645031 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 435 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 26679 | &nbsp;&nbsp; 53473 |

---

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 six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $93546419 | &nbsp;&nbsp; $204853676 |
| Sales | &nbsp;&nbsp; 181843720 | &nbsp;&nbsp; 402634827 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $996767025 | &nbsp;&nbsp; $1921284400 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $156112687 | &nbsp;&nbsp; $360808306 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (16714185)<br>| &nbsp;&nbsp; (2648830)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $139398502 | &nbsp;&nbsp; $358159476 |

---

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 Statements of Net Assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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

LVIP American Global Allocation Managed Risk Funds-13

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Level 1** | **LVIP American** <br> **Global**<br> **Balanced** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP American** <br> **Global**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| **Investments:** |  |  |
| **<u>Assets:</u>** |  |  |
| Investment Companies | &nbsp;&nbsp; $1135226895 | &nbsp;&nbsp; $2277448615 |
| **Derivatives:** |  |  |
| **<u>Assets:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $944403 | &nbsp;&nbsp; $2014067 |
| **Derivatives:** |  |  |
| **<u>Liabilities:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $(5771)<br>| &nbsp;&nbsp; $(18807)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1079755 | &nbsp;&nbsp; 154415 | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 648 |
| Service Class | &nbsp;&nbsp; 619633 | &nbsp;&nbsp; 1384989 | &nbsp;&nbsp; 957242 | &nbsp;&nbsp; 2358309 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 24035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2225 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2965453 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3906466 |
|  | &nbsp;&nbsp; 1699388 | &nbsp;&nbsp; 4528892 | &nbsp;&nbsp; 957760 | &nbsp;&nbsp; 6267648 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (119509)<br>| &nbsp;&nbsp; (93255)<br>| &nbsp;&nbsp; (1737)<br>| &nbsp;&nbsp; (2734)<br>|
| Service Class | &nbsp;&nbsp; (10492818)<br>| &nbsp;&nbsp; (20351558)<br>| &nbsp;&nbsp; (18987020)<br>| &nbsp;&nbsp; (43496712)<br>|
|  | &nbsp;&nbsp; (10612327)<br>| &nbsp;&nbsp; (20444813)<br>| &nbsp;&nbsp; (18988757)<br>| &nbsp;&nbsp; (43499446)<br>|
| Net decrease | &nbsp;&nbsp; (8912939)<br>| &nbsp;&nbsp; (15915921)<br>| &nbsp;&nbsp; (18030997)<br>| &nbsp;&nbsp; (37231798)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP American Global Allocation Managed Risk Funds-14

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP American Global Balanced Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $871597 | Receivables and other assets net of <br> liabilities<br>| $(5771)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 72806 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $944403 |  | $(5771)<br>|

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(9516199)<br>| &nbsp;&nbsp; $1805984 |
| 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; (581845)<br>| &nbsp;&nbsp; 177448 |
| Total |  | &nbsp;&nbsp; $(10098044)<br>| &nbsp;&nbsp; $1983432 |

---

LVIP American Global Allocation Managed Risk Funds-15

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP American Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $1801209 | Receivables and other assets net of <br> liabilities<br>| $(18807)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 212858 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $2014067 |  | $(18807)<br>|

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(28055333)<br>| &nbsp;&nbsp; $4124025 |
| 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; (2227463)<br>| &nbsp;&nbsp; 510949 |
| Total |  | &nbsp;&nbsp; $(30282796)<br>| &nbsp;&nbsp; $4634974 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the six months ended June 30, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP American Global Balanced Allocation Managed Risk Fund | &nbsp;&nbsp; $32863278 |
| LVIP American Global Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 79338654 |

---

**7. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

LVIP American Global Allocation Managed Risk Funds-16

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. 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.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Global Allocation Managed Risk Funds-17

------

![](img0857b8211.jpg)

LVIP American Preservation Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP American Preservation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_b63477f7-c4b5-493c-be12-657b4c963db0_SOI-continued-246_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_b63477f7-c4b5-493c-be12-657b4c963db0_FS-continued-246_1)**  | &nbsp;&nbsp; **2** |
| **[Statements of Changes in Net Assets](#xx_b63477f7-c4b5-493c-be12-657b4c963db0_FS-continued-246_1)**  | &nbsp;&nbsp; **2** |
| **[Financial Highlights](#xx_b63477f7-c4b5-493c-be12-657b4c963db0_FIHI-continued-246_1)**  | &nbsp;&nbsp; **3** |
| **[Notes to Financial Statements](#xx_b63477f7-c4b5-493c-be12-657b4c963db0_NTF-continued-246_1)**  | &nbsp;&nbsp; **5** |

---

------

**LVIP American Preservation Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–3.04%** | **AFFILIATED INVESTMENT–3.04%** | **AFFILIATED INVESTMENT–3.04%** |
| **INVESTMENT COMPANY–3.04%** | **INVESTMENT COMPANY–3.04%** | **INVESTMENT COMPANY–3.04%** |
| **Fixed Income Fund–3.04%** | **Fixed Income Fund–3.04%** | **Fixed Income Fund–3.04%** |
| ✧American Funds<sup>®</sup>–<br> Corporate Bond<br>| 1881581 | $17875018 |
| **Total Affiliated Investment** <br>**(Cost $17,532,376)**<br>|  | **17875018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–97.02%** | **UNAFFILIATED INVESTMENTS–97.02%** | **UNAFFILIATED INVESTMENTS–97.02%** |
| **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** |
| **Fixed Income Funds–94.06%** | **Fixed Income Funds–94.06%** | **Fixed Income Funds–94.06%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 5227902 | 59388965 |
| Intermediate Bond Fund of <br> America<br>| 6990815 | 88643530 |
| Mortgage Fund | 6728423 | 59479261 |
| Short Term Bond Fund of <br> America<br>| 32243041 | 310178051 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| ✧American Funds<sup>®</sup>- (continued) | ✧American Funds<sup>®</sup>- (continued) |  |
| U.S. Government Securities <br> Fund<br>| 2953097 | $35584825 |
|  |  | **553274632** |
| **Money Market Fund–2.96%** | **Money Market Fund–2.96%** | **Money Market Fund–2.96%** |
| ✧American Funds<sup>®</sup>– <br> U.S. Government Money <br> Market Fund - (seven-day <br> effective yield 3.99%)<br>| 17437780 | 17437780 |
|  |  | **17437780** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $581,959,739)**<br>|  | **570712412** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $599,492,115)** | **588587430** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(361657)**<br>|
| **NET ASSETS APPLICABLE TO 62,926,033 SHARES OUTSTANDING–100.00%** | **$588225773** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN PRESERVATION FUND STANDARD CLASS** <br>**($197,503 / 21,098 Shares)** | **$9.361** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN PRESERVATION FUND SERVICE CLASS** <br>**($588,028,270 / 62,904,935 Shares)** | **$9.348** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$634934088** |
| Distributable earnings/(accumulated loss) | **(46708315)**<br>|
| **TOTAL NET ASSETS** | **$588225773** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,132,637 payable for securities purchased, $795,015 payable for fund shares redeemed, $9,206 other accrued expenses payable, <br> $269,211 due to manager and affiliates, $11,544 payable for audit fee and $9,249 payable for fund accounting fee as of June 30, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Preservation Fund** | **LVIP American Preservation Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $12499709 |
| Dividends from affiliated investments | 412425 |
|  | 12912134 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1033779 |
| Management fees | 738708 |
| Shareholder servicing fees | 85690 |
| Accounting and administration expenses | 43739 |
| Professional fees | 21713 |
| Trustees' fees and expenses | 8860 |
| Reports and statements to shareholders | 6967 |
| Custodian fees | 2669 |
| Consulting fees | 2438 |
| Other | 6255 |
|  | 1950818 |
| Less:  |  |
| Management fees waived | (206838)<br>|
| Total operating expenses | 1743980 |
| **NET INVESTMENT INCOME**  | 11168154 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss from: |  |
| Sale of affiliated investments | (4375)<br>|
| Sale of unaffiliated investments | (4714938)<br>|
| Net realized loss | (4719313)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 281540 |
| Unaffiliated investments | 13084309 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 13365849 |
| **NET REALIZED AND UNREALIZED GAIN** | 8646536 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $19814690 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Preservation Fund** | **LVIP American Preservation Fund** | **LVIP American Preservation Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $11168154 | $24297625 |
| Net realized loss | (4719313)<br>| (21328796)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 13365849 | 14913582 |
| Net increase in net assets resulting <br> from operations<br>| 19814690 | 17882411 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (12132)<br>|
| Service Class |  | (24050054)<br>|
|  |  | (24062186)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 867 | 36206 |
| Service Class | 57103408 | 104742585 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 12132 |
| Service Class |  | 24050054 |
|  | 57104275 | 128840977 |
| Cost of shares redeemed: |  |  |
| Standard Class | (91119)<br>| (67630)<br>|
| Service Class | (92079745)<br>| (158663905)<br>|
|  | (92170864)<br>| (158731535)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (35066589)<br>| (29890558)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (15251899)<br>| (36070333)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 603477672 | 639548005 |
| End of period | $588225773 | $603477672 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-2

------

**LVIP American Preservation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.037 | &nbsp;&nbsp; $9.150 | &nbsp;&nbsp; $9.107 | &nbsp;&nbsp; $10.001 | &nbsp;&nbsp; $10.316 | &nbsp;&nbsp; $9.904 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.188 | 0.393 | 0.315 | 0.198 | 0.091 | 0.158 |
| Net realized and unrealized gain (loss) | 0.136 | &nbsp;&nbsp; (0.097)<br>| 0.059 | &nbsp;&nbsp; (0.863)<br>| &nbsp;&nbsp; (0.144)<br>| 0.418 |
| Total from investment operations | 0.324 | 0.296 | 0.374 | &nbsp;&nbsp; (0.665)<br>| &nbsp;&nbsp; (0.053)<br>| 0.576 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.329)<br>| &nbsp;&nbsp; (0.204)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.164)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.164)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.361 | &nbsp;&nbsp; $9.037 | &nbsp;&nbsp; $9.150 | &nbsp;&nbsp; $9.107 | &nbsp;&nbsp; $10.001 | &nbsp;&nbsp; $10.316 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.59% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; (6.65%)<br>| &nbsp;&nbsp; (0.52%)<br>| &nbsp;&nbsp; 5.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $198 | &nbsp;&nbsp; $279 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $352 | &nbsp;&nbsp; $672 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.21% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.13% <br><sup>5</sup><br>| &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.53% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.06% <br><sup>5</sup><br>| &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 1.43% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-3

------

**LVIP American Preservation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.040 | &nbsp;&nbsp; $9.152 | &nbsp;&nbsp; $9.108 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.314 | &nbsp;&nbsp; $9.906 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.172 | 0.360 | 0.282 | 0.164 | 0.055 | 0.121 |
| Net realized and unrealized gain (loss) | 0.136 | &nbsp;&nbsp; (0.097)<br>| 0.059 | &nbsp;&nbsp; (0.862)<br>| &nbsp;&nbsp; (0.143)<br>| 0.417 |
| Total from investment operations | 0.308 | 0.263 | 0.341 | &nbsp;&nbsp; (0.698)<br>| &nbsp;&nbsp; (0.088)<br>| 0.538 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.130)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.297)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.130)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.348 | &nbsp;&nbsp; $9.040 | &nbsp;&nbsp; $9.152 | &nbsp;&nbsp; $9.108 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.314 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.41% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; (6.97%)<br>| &nbsp;&nbsp; (0.86%)<br>| &nbsp;&nbsp; 5.44% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $588028 | &nbsp;&nbsp; $603199 | &nbsp;&nbsp; $639247 | &nbsp;&nbsp; $678238 | &nbsp;&nbsp; $779341 | &nbsp;&nbsp; $802996 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.78% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 1.18% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.71% <br><sup>5</sup><br>| &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 1.08% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-4

------

**LVIP American Preservation Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Preservation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") and series of the American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek current income, consistent with the preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP American Preservation Fund-5

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.07% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $25249 |
| Legal | &nbsp;&nbsp; 3848 |

---

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 $2,843 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $86666 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 168461 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 121 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 13963 |

---

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 six months ended June 30, 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> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-3.04%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Fixed Income Fund-3.04%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧American Funds<sup>®</sup> - Corporate Bond | $18000789 | $1430974 | $1833910 | $(4375)<br>| $281540 | $17875018 | 1881581 | $412425 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧</sup> Class R-6 shares. |

---

LVIP American Preservation Fund-6

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $38010290 |
| Sales | &nbsp;&nbsp; 61034968 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $599492115 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $342642 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (11247327)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(10904685)<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. 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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $17875018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17875018 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 570712412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 570712412 |
| **Total Investments** | &nbsp;&nbsp; $588587430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $588587430 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP American Preservation Fund-7

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 3866 |
| Service Class | &nbsp;&nbsp; 6202236 | &nbsp;&nbsp; 11323352 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1346 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2667486 |
|  | &nbsp;&nbsp; 6202331 | &nbsp;&nbsp; 13996050 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (9914)<br>| &nbsp;&nbsp; (7154)<br>|
| Service Class | &nbsp;&nbsp; (10022484)<br>| &nbsp;&nbsp; (17114014)<br>|
|  | &nbsp;&nbsp; (10032398)<br>| &nbsp;&nbsp; (17121168)<br>|
| Net decrease | &nbsp;&nbsp; (3830067)<br>| &nbsp;&nbsp; (3125118)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Preservation Fund-8

------

![](imge3be5a081.jpg)

LVIP Baron Growth Opportunities Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Baron Growth Opportunities Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_02b16fc6-0901-4bf1-9aa7-f82970c1cf6c_SOI-continued-264_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_02b16fc6-0901-4bf1-9aa7-f82970c1cf6c_FS-continued-264_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_02b16fc6-0901-4bf1-9aa7-f82970c1cf6c_FS-continued-264_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_02b16fc6-0901-4bf1-9aa7-f82970c1cf6c_FIHI-continued-264_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_02b16fc6-0901-4bf1-9aa7-f82970c1cf6c_NTF-continued-264_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Baron Growth Opportunities Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.61%** | **COMMON STOCK–97.61%** | **COMMON STOCK–97.61%** |
| **Aerospace & Defense–1.49%** | **Aerospace & Defense–1.49%** | **Aerospace & Defense–1.49%** |
| †Karman Holdings, Inc. | 155878 | $7851575 |
| †Loar Holdings, Inc. | 46254 | 3985707 |
|  |  | **11837282** |
| **Building Products–1.02%** | **Building Products–1.02%** | **Building Products–1.02%** |
| †Trex Co., Inc. | 148000 | 8048240 |
|  |  | **8048240** |
| **Capital Markets–20.96%** | **Capital Markets–20.96%** | **Capital Markets–20.96%** |
| Carlyle Group, Inc. | 157000 | 8069800 |
| Cohen & Steers, Inc. | 171000 | 12884850 |
| FactSet Research Systems, <br> Inc.<br>| 48400 | 21648352 |
| Houlihan Lokey, Inc. | 122404 | 22026600 |
| Moelis & Co. Class A | 93400 | 5820688 |
| Morningstar, Inc. | 83580 | 26238269 |
| MSCI, Inc. | 120500 | 69497170 |
|  |  | **166185729** |
| **Diversified Consumer Services–1.24%** | **Diversified Consumer Services–1.24%** | **Diversified Consumer Services–1.24%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 79497 | 9825034 |
|  |  | **9825034** |
| **Diversified Telecommunication Services–1.22%** | **Diversified Telecommunication Services–1.22%** | **Diversified Telecommunication Services–1.22%** |
| Iridium Communications, <br> Inc.<br>| 320000 | 9654400 |
|  |  | **9654400** |
| **Health Care Equipment & Supplies–6.11%** | **Health Care Equipment & Supplies–6.11%** | **Health Care Equipment & Supplies–6.11%** |
| †IDEXX Laboratories, Inc. | 75000 | 40225500 |
| †Integer Holdings Corp. | 67100 | 8251287 |
|  |  | **48476787** |
| **Hotels, Restaurants & Leisure–10.43%** | **Hotels, Restaurants & Leisure–10.43%** | **Hotels, Restaurants & Leisure–10.43%** |
| Choice Hotels International, <br> Inc.<br>| 279000 | 35399520 |
| Red Rock Resorts, Inc. <br> Class A<br>| 286000 | 14880580 |
| Vail Resorts, Inc. | 206500 | 32447345 |
|  |  | **82727445** |
| **Insurance–19.28%** | **Insurance–19.28%** | **Insurance–19.28%** |
| Arch Capital Group Ltd. | 626500 | 57042825 |
| Kinsale Capital Group, Inc. | 114250 | 55285575 |
| Primerica, Inc. | 148294 | 40583619 |
|  |  | **152912019** |
| **IT Services–7.88%** | **IT Services–7.88%** | **IT Services–7.88%** |
| †Gartner, Inc. | 154670 | 62520708 |
|  |  | **62520708** |
| **Life Sciences Tools & Services–4.73%** | **Life Sciences Tools & Services–4.73%** | **Life Sciences Tools & Services–4.73%** |
| Bio-Techne Corp. | 230000 | 11833500 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Mettler-Toledo International, <br> Inc.<br>| 10400 | $12217088 |
| West Pharmaceutical <br> Services, Inc.<br>| 61500 | 13456200 |
|  |  | **37506788** |
| **Machinery–0.71%** | **Machinery–0.71%** | **Machinery–0.71%** |
| Enpro, Inc. | 29200 | 5593260 |
|  |  | **5593260** |
| **Professional Services–1.46%** | **Professional Services–1.46%** | **Professional Services–1.46%** |
| Exponent, Inc. | 61170 | 4570011 |
| SS&C Technologies Holdings, <br> Inc.<br>| 85000 | 7038000 |
|  |  | **11608011** |
| **Real Estate Management & Development–6.38%** | **Real Estate Management & Development–6.38%** | **Real Estate Management & Development–6.38%** |
| †CoStar Group, Inc. | 629000 | 50571600 |
|  |  | **50571600** |
| **Software–9.85%** | **Software–9.85%** | **Software–9.85%** |
| †Agilysys, Inc. | 43713 | 5011258 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 534299 | 11717177 |
| †Guidewire Software, Inc. | 121000 | 28489450 |
| †Intapp, Inc. | 218803 | 11294611 |
| †JFrog Ltd. | 71755 | 3148609 |
| †nCino, Inc. | 214217 | 5991650 |
| †Procore Technologies, Inc. | 92685 | 6341508 |
| †ServiceTitan, Inc. Class A | 56973 | 6106366 |
|  |  | **78100629** |
| **Specialized REITs–1.76%** | **Specialized REITs–1.76%** | **Specialized REITs–1.76%** |
| Gaming & Leisure Properties, <br> Inc.<br>| 298157 | 13917969 |
|  |  | **13917969** |
| **Textiles, Apparel & Luxury Goods–1.64%** | **Textiles, Apparel & Luxury Goods–1.64%** | **Textiles, Apparel & Luxury Goods–1.64%** |
| †Figs, Inc. Class A | 2304669 | 12998333 |
|  |  | **12998333** |
| **Trading Companies & Distributors–1.45%** | **Trading Companies & Distributors–1.45%** | **Trading Companies & Distributors–1.45%** |
| †SiteOne Landscape Supply, <br> Inc.<br>| 38707 | 4681224 |
| †Transcat, Inc. | 78932 | 6784995 |
|  |  | **11466219** |
| **Total Common Stock** <br>**(Cost $173,763,018)** | **Total Common Stock** <br>**(Cost $173,763,018)** | **773950453** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Baron Growth Opportunities Fund-1

------

**LVIP Baron Growth Opportunities Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **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> 4.27%)<br>| 19743974 | $19743974 |
| **Total Money Market Fund** <br>**(Cost $19,743,974)** | **Total Money Market Fund** <br>**(Cost $19,743,974)** | **19743974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.10% (Cost $193,506,992)** | **$793694427** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.10%)** | **(758833)**<br>|
| **NET ASSETS APPLICABLE TO 10,841,602 SHARES OUTSTANDING–100.00%** | **$792935594** |
| **NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND STANDARD CLASS** <br>**($76,400,960 / 997,637 Shares)** | **$76.582** |
| **NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND SERVICE CLASS** <br>**($716,534,634 / 9,843,965 Shares)** | **$72.789** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$69419292** |
| Distributable earnings/(accumulated loss) | **723516302** |
| **TOTAL NET ASSETS** | **$792935594** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,013,882 payable for fund shares redeemed, $15,611 other accrued expenses payable, $700,832 due to manager and affiliates, <br> $14,033 payable for audit fee and $22,752 payable for fund accounting fee as of June 30, 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 Baron Growth Opportunities Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $4095085 |
| **EXPENSES:** |  |
| Management fees | 3925928 |
| Distribution fees-Service Class | 889025 |
| Shareholder servicing fees | 113852 |
| Accounting and administration expenses | 74361 |
| Professional fees | 26896 |
| Reports and statements to shareholders | 14501 |
| Trustees' fees and expenses | 12111 |
| Consulting fees | 4939 |
| Custodian fees | 4085 |
| Pricing fees | 208 |
| Other | 11353 |
|  | 5077259 |
| Less:  |  |
| Management fees waived | (654073)<br>|
| Total operating expenses | 4423186 |
| **NET INVESTMENT LOSS** | (328101)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 31801403 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (60417640)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (28616237)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(28944338)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income (loss) | $(328101)<br>| $1534031 |
| Net realized gain | 31801403 | 92556018 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (60417640)<br>| (45700905)<br>|
| Net increase (decrease) in net <br> assets resulting from operations<br>| (28944338)<br>| 48389144 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (690581)<br>|
| Service Class |  | (5257516)<br>|
|  |  | (5948097)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 10166377 | 12451069 |
| Service Class | 55795044 | 117856174 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 690581 |
| Service Class |  | 5257516 |
|  | 65961421 | 136255340 |
| Cost of shares redeemed: |  |  |
| Standard Class | (7595018)<br>| (12840485)<br>|
| Service Class | (65465223)<br>| (215830770)<br>|
|  | (73060241)<br>| (228671255)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (7098820)<br>| (92415915)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (36043158)<br>| (49974868)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 828978752 | 878953620 |
| End of period | $792935594 | $828978752 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-3

------

**LVIP Baron Growth Opportunities Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $79.237 | &nbsp;&nbsp; $75.619 | &nbsp;&nbsp; $64.976 | &nbsp;&nbsp; $95.264 | &nbsp;&nbsp; $81.827 | &nbsp;&nbsp; $62.157 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.054 | 0.314 | 0.056 | 0.033 | &nbsp;&nbsp; (0.255)<br>| &nbsp;&nbsp; (0.198)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2.709)<br>| 4.018 | 11.661 | &nbsp;&nbsp; (24.952)<br>| 15.744 | 21.270 |
| Total from investment operations | &nbsp;&nbsp; (2.655)<br>| 4.332 | 11.717 | &nbsp;&nbsp; (24.919)<br>| 15.489 | 21.072 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>| &nbsp;&nbsp; (1.402)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.714)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>| &nbsp;&nbsp; (1.402)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $76.582 | &nbsp;&nbsp; $79.237 | &nbsp;&nbsp; $75.619 | &nbsp;&nbsp; $64.976 | &nbsp;&nbsp; $95.264 | &nbsp;&nbsp; $81.827 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (3.35%)<br>| &nbsp;&nbsp; 5.71% | &nbsp;&nbsp; 18.10% | &nbsp;&nbsp; (25.64%)<br>| &nbsp;&nbsp; 19.02% | &nbsp;&nbsp; 34.41% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $76401 | &nbsp;&nbsp; $76537 | &nbsp;&nbsp; $72667 | &nbsp;&nbsp; $59697 | &nbsp;&nbsp; $78495 | &nbsp;&nbsp; $69487 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.28%)<br>| &nbsp;&nbsp; (0.32%)<br>|
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.03%)<br>| &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.46%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-4

------

**LVIP Baron Growth Opportunities Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $75.406 | &nbsp;&nbsp; $71.993 | &nbsp;&nbsp; $62.061 | &nbsp;&nbsp; $91.567 | &nbsp;&nbsp; $78.916 | &nbsp;&nbsp; $60.140 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.038)<br>| 0.114 | &nbsp;&nbsp; (0.116)<br>| &nbsp;&nbsp; (0.141)<br>| &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.347)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (2.579)<br>| 3.814 | 11.122 | &nbsp;&nbsp; (23.996)<br>| 15.163 | 20.525 |
| Total from investment operations | &nbsp;&nbsp; (2.617)<br>| 3.928 | 11.006 | &nbsp;&nbsp; (24.137)<br>| 14.703 | 20.178 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>| &nbsp;&nbsp; (1.402)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>| &nbsp;&nbsp; (1.402)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $72.789 | &nbsp;&nbsp; $75.406 | &nbsp;&nbsp; $71.993 | &nbsp;&nbsp; $62.061 | &nbsp;&nbsp; $91.567 | &nbsp;&nbsp; $78.916 |
| Total return<sup>3</sup> | &nbsp;&nbsp; (3.47%)<br>| &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 17.81% | &nbsp;&nbsp; (25.83%)<br>| &nbsp;&nbsp; 18.72% | &nbsp;&nbsp; 34.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $716535 | &nbsp;&nbsp; $752442 | &nbsp;&nbsp; $806286 | &nbsp;&nbsp; $709587 | &nbsp;&nbsp; $969345 | &nbsp;&nbsp; $867155 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.18% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.32% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.57%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.28%)<br>| &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.70%)<br>| &nbsp;&nbsp; (0.71%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-5

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Baron Growth Opportunities Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation through long-term investments in securities of small-sized companies with undervalued assets or favorable growth prospects.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Baron Growth Opportunities Fund-6

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 1.00% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.11% on the first $250 million of the Fund's average daily net assets; 0.16% on the next $250 million; 0.21% on the next $200 million; 0.22% on the next $50 million; and 0.27% in excess of $750 million of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BAMCO, Inc. (the "Sub-Adviser") a subsidiary of Baron Capital Group, Inc., provides day-to-day portfolio management services to the Fund. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $33829 |
| Legal | &nbsp;&nbsp; 5156 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,322 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $536597 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 145199 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 397 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 18639 |

---

LVIP Baron Growth Opportunities Fund-7

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $45008576 |
| Sales | &nbsp;&nbsp; 69438104 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $193506992 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $605742891 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (5555456)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $600187435 |

---

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 June 30, 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 Baron Growth Opportunities Fund-8

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $773950453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $773950453 |
| Money Market Fund | &nbsp;&nbsp; 19743974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19743974 |
| **Total Investments** | &nbsp;&nbsp; $793694427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $793694427 |

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 133014 | &nbsp;&nbsp; 162010 |
| Service Class | &nbsp;&nbsp; 770142 | &nbsp;&nbsp; 1603087 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8504 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 68479 |
|  | &nbsp;&nbsp; 903156 | &nbsp;&nbsp; 1842080 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (101299)<br>| &nbsp;&nbsp; (165559)<br>|
| Service Class | &nbsp;&nbsp; (904671)<br>| &nbsp;&nbsp; (2892574)<br>|
|  | &nbsp;&nbsp; (1005970)<br>| &nbsp;&nbsp; (3058133)<br>|
| Net decrease | &nbsp;&nbsp; (102814)<br>| &nbsp;&nbsp; (1216053)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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

LVIP Baron Growth Opportunities Fund-9

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Baron Growth Opportunities Fund-10

------

![](img466a7c411.jpg)

![](img4acf308f2.jpg)

LVIP BlackRock Dividend Value Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Dividend Value Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_df4c5f09-4bfe-49fe-a019-124f8852b729_SOI-continued-238_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_df4c5f09-4bfe-49fe-a019-124f8852b729_FS-continued-238_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_df4c5f09-4bfe-49fe-a019-124f8852b729_FS-continued-238_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_df4c5f09-4bfe-49fe-a019-124f8852b729_FIHI-continued-238_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_df4c5f09-4bfe-49fe-a019-124f8852b729_NTF-continued-238_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–92.43%** | **COMMON STOCK–92.43%** | **COMMON STOCK–92.43%** |
| **Aerospace & Defense–3.64%** | **Aerospace & Defense–3.64%** | **Aerospace & Defense–3.64%** |
| Airbus SE | 32609 | $6821825 |
| †Boeing Co. | 30974 | 6489982 |
| L3Harris Technologies, Inc. | 87268 | 21890305 |
| Lockheed Martin Corp. | 42835 | 19838602 |
| RTX Corp. | 37089 | 5415736 |
|  |  | **60456450** |
| **Air Freight & Logistics–0.68%** | **Air Freight & Logistics–0.68%** | **Air Freight & Logistics–0.68%** |
| United Parcel Service, Inc. <br> Class B<br>| 112565 | 11362311 |
|  |  | **11362311** |
| **Automobile Components–0.37%** | **Automobile Components–0.37%** | **Automobile Components–0.37%** |
| Autoliv, Inc. | 10920 | 1221948 |
| Lear Corp. | 51686 | 4909136 |
|  |  | **6131084** |
| **Automobiles–0.92%** | **Automobiles–0.92%** | **Automobiles–0.92%** |
| Ford Motor Co. | 599111 | 6500354 |
| General Motors Co. | 179267 | 8821729 |
|  |  | **15322083** |
| **Banks–9.92%** | **Banks–9.92%** | **Banks–9.92%** |
| 1st Source Corp. | 2687 | 166782 |
| Bank of America Corp. | 291112 | 13775420 |
| Bank OZK | 16320 | 768019 |
| Banner Corp. | 5437 | 348784 |
| Cathay General Bancorp | 10520 | 478976 |
| Central Pacific Financial <br> Corp.<br>| 4242 | 118903 |
| Citigroup, Inc. | 503116 | 42825234 |
| City Holding Co. | 2404 | 294298 |
| Columbia Banking System, <br> Inc.<br>| 32895 | 769085 |
| Comerica, Inc. | 20284 | 1209941 |
| CVB Financial Corp. | 20159 | 398947 |
| East West Bancorp, Inc. | 21287 | 2149561 |
| Fifth Third Bancorp | 102573 | 4218827 |
| First Citizens BancShares, <br> Inc. Class A<br>| 17829 | 34881904 |
| First Commonwealth <br> Financial Corp.<br>| 16597 | 269369 |
| First Financial Corp. | 1713 | 92827 |
| German American Bancorp, <br> Inc.<br>| 6342 | 244230 |
| International Bancshares <br> Corp.<br>| 8275 | 550784 |
| JPMorgan Chase & Co. | 53468 | 15500908 |
| Lakeland Financial Corp. | 4172 | 256369 |
| Northwest Bancshares, Inc. | 20839 | 266322 |
| OFG Bancorp | 7439 | 318389 |
| Regions Financial Corp. | 138113 | 3248418 |
| S&T Bancorp, Inc. | 6258 | 236678 |
| Wells Fargo & Co. | 514968 | 41259236 |
|  |  | **164648211** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Beverages–2.18%** | **Beverages–2.18%** | **Beverages–2.18%** |
| Coca-Cola Co. | 205671 | $14551223 |
| Keurig Dr. Pepper, Inc. | 208848 | 6904515 |
| PepsiCo, Inc. | 111492 | 14721404 |
|  |  | **36177142** |
| **Biotechnology–1.74%** | **Biotechnology–1.74%** | **Biotechnology–1.74%** |
| AbbVie, Inc. | 78394 | 14551494 |
| Amgen, Inc. | 51167 | 14286338 |
|  |  | **28837832** |
| **Broadline Retail–1.85%** | **Broadline Retail–1.85%** | **Broadline Retail–1.85%** |
| †Amazon.com, Inc. | 139647 | 30637155 |
|  |  | **30637155** |
| **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** |
| Allegion PLC | 22761 | 3280315 |
| Johnson Controls <br> International PLC<br>| 61616 | 6507882 |
|  |  | **9788197** |
| **Capital Markets–2.93%** | **Capital Markets–2.93%** | **Capital Markets–2.93%** |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 11461 | 508066 |
| Carlyle Group, Inc. | 249497 | 12824146 |
| Charles Schwab Corp. | 91501 | 8348551 |
| Cohen & Steers, Inc. | 4438 | 334403 |
| Federated Hermes, Inc. | 11933 | 528871 |
| Intercontinental Exchange, <br> Inc.<br>| 116825 | 21433883 |
| Janus Henderson Group PLC | 20002 | 776878 |
| Moelis & Co. Class A | 7242 | 451321 |
| T. Rowe Price Group, Inc. | 34062 | 3286983 |
| Virtus Investment Partners, <br> Inc.<br>| 1103 | 200084 |
|  |  | **48693186** |
| **Chemicals–2.10%** | **Chemicals–2.10%** | **Chemicals–2.10%** |
| Air Products & Chemicals, <br> Inc.<br>| 34294 | 9672966 |
| CF Industries Holdings, Inc. | 24837 | 2285004 |
| FMC Corp. | 19161 | 799972 |
| Huntsman Corp. | 25328 | 263918 |
| International Flavors & <br> Fragrances, Inc.<br>| 97602 | 7178627 |
| LyondellBasell Industries NV <br> Class A<br>| 39389 | 2279047 |
| PPG Industries, Inc. | 108580 | 12350975 |
|  |  | **34830509** |
| **Commercial Services & Supplies–0.60%** | **Commercial Services & Supplies–0.60%** | **Commercial Services & Supplies–0.60%** |
| Ennis, Inc. | 3785 | 68660 |
| Rentokil Initial PLC | 2050393 | 9892667 |
|  |  | **9961327** |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-1

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment–1.89%** | **Communications Equipment–1.89%** | **Communications Equipment–1.89%** |
| Cisco Systems, Inc. | 452367 | $31385222 |
|  |  | **31385222** |
| **Consumer Finance–0.31%** | **Consumer Finance–0.31%** | **Consumer Finance–0.31%** |
| Capital One Financial Corp. | 23889 | 5082624 |
|  |  | **5082624** |
| **Consumer Staples Distribution & Retail–1.69%** | **Consumer Staples Distribution & Retail–1.69%** | **Consumer Staples Distribution & Retail–1.69%** |
| Dollar General Corp. | 185287 | 21193127 |
| Target Corp. | 69720 | 6877878 |
|  |  | **28071005** |
| **Containers & Packaging–1.36%** | **Containers & Packaging–1.36%** | **Containers & Packaging–1.36%** |
| Amcor PLC | 350710 | 3223025 |
| Crown Holdings, Inc. | 55802 | 5746490 |
| Packaging Corp. of America | 13765 | 2594014 |
| Sealed Air Corp. | 356617 | 11065826 |
|  |  | **22629355** |
| **Diversified Telecommunication Services–1.59%** | **Diversified Telecommunication Services–1.59%** | **Diversified Telecommunication Services–1.59%** |
| Verizon Communications, <br> Inc.<br>| 608644 | 26336026 |
|  |  | **26336026** |
| **Electric Utilities–2.14%** | **Electric Utilities–2.14%** | **Electric Utilities–2.14%** |
| American Electric Power Co., <br> Inc.<br>| 57678 | 5984669 |
| Edison International | 79507 | 4102561 |
| Evergy, Inc. | 88390 | 6092723 |
| Exelon Corp. | 273677 | 11883056 |
| PG&E Corp. | 532229 | 7419272 |
|  |  | **35482281** |
| **Electronic Equipment, Instruments & Components–0.11%** | **Electronic Equipment, Instruments & Components–0.11%** | **Electronic Equipment, Instruments & Components–0.11%** |
| †Ralliant Corp. | 36609 | 1775187 |
|  |  | **1775187** |
| **Energy Equipment & Services–0.59%** | **Energy Equipment & Services–0.59%** | **Energy Equipment & Services–0.59%** |
| Halliburton Co. | 131710 | 2684250 |
| Schlumberger NV | 208648 | 7052302 |
|  |  | **9736552** |
| **Entertainment–1.41%** | **Entertainment–1.41%** | **Entertainment–1.41%** |
| Electronic Arts, Inc. | 98306 | 15699468 |
| Walt Disney Co. | 61522 | 7629343 |
|  |  | **23328811** |
| **Financial Services–1.71%** | **Financial Services–1.71%** | **Financial Services–1.71%** |
| Fidelity National Information <br> Services, Inc.<br>| 249682 | 20326612 |
| Radian Group, Inc. | 20596 | 741868 |
| Visa, Inc. Class A | 19424 | 6896491 |
| Western Union Co. | 50224 | 422886 |
|  |  | **28387857** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products–2.16%** | **Food Products–2.16%** | **Food Products–2.16%** |
| Archer-Daniels-Midland Co. | 73791 | $3894689 |
| Flowers Foods, Inc. | 29543 | 472097 |
| General Mills, Inc. | 84001 | 4352092 |
| Hershey Co. | 22718 | 3770052 |
| Kraft Heinz Co. | 613310 | 15835664 |
| Lamb Weston Holdings, Inc. | 145183 | 7527739 |
|  |  | **35852333** |
| **Ground Transportation–0.40%** | **Ground Transportation–0.40%** | **Ground Transportation–0.40%** |
| CSX Corp. | 201220 | 6565809 |
|  |  | **6565809** |
| **Health Care Equipment & Supplies–3.93%** | **Health Care Equipment & Supplies–3.93%** | **Health Care Equipment & Supplies–3.93%** |
| Baxter International, Inc. | 785861 | 23795871 |
| Becton Dickinson & Co. | 102881 | 17721252 |
| Medtronic PLC | 272194 | 23727151 |
|  |  | **65244274** |
| **Health Care Providers & Services–5.03%** | **Health Care Providers & Services–5.03%** | **Health Care Providers & Services–5.03%** |
| Cardinal Health, Inc. | 149815 | 25168920 |
| Cigna Group | 18962 | 6268458 |
| CVS Health Corp. | 434743 | 29988572 |
| Elevance Health, Inc. | 29625 | 11522940 |
| Labcorp Holdings, Inc. | 40203 | 10553690 |
|  |  | **83502580** |
| **Health Care REITs–0.23%** | **Health Care REITs–0.23%** | **Health Care REITs–0.23%** |
| Healthcare Realty Trust, Inc. | 245941 | 3900624 |
|  |  | **3900624** |
| **Hotels, Restaurants & Leisure–0.31%** | **Hotels, Restaurants & Leisure–0.31%** | **Hotels, Restaurants & Leisure–0.31%** |
| Darden Restaurants, Inc. | 17973 | 3917575 |
| Vail Resorts, Inc. | 5710 | 897212 |
| Wendy's Co. | 24727 | 282382 |
|  |  | **5097169** |
| **Household Durables–0.45%** | **Household Durables–0.45%** | **Household Durables–0.45%** |
| Ethan Allen Interiors, Inc. | 3218 | 89621 |
| Sony Group Corp. | 247900 | 6445476 |
| Whirlpool Corp. | 8530 | 865113 |
|  |  | **7400210** |
| **Household Products–0.39%** | **Household Products–0.39%** | **Household Products–0.39%** |
| Kimberly-Clark Corp. | 50877 | 6559063 |
|  |  | **6559063** |
| **Independent Power and Renewable Electricity Producers–0.01%** | **Independent Power and Renewable Electricity Producers–0.01%** | **Independent Power and Renewable Electricity Producers–0.01%** |
| Clearway Energy, Inc. Class A | 5346 | 161770 |
|  |  | **161770** |
| **Industrial Conglomerates–0.55%** | **Industrial Conglomerates–0.55%** | **Industrial Conglomerates–0.55%** |
| Honeywell International, Inc. | 39150 | 9117252 |
|  |  | **9117252** |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-2

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial REITs–0.43%** | **Industrial REITs–0.43%** | **Industrial REITs–0.43%** |
| Rexford Industrial Realty, <br> Inc.<br>| 64588 | $2297395 |
| STAG Industrial, Inc. | 135536 | 4917246 |
|  |  | **7214641** |
| **Insurance–3.40%** | **Insurance–3.40%** | **Insurance–3.40%** |
| American Financial Group, <br> Inc.<br>| 10994 | 1387553 |
| American International <br> Group, Inc.<br>| 132505 | 11341103 |
| AMERISAFE, Inc. | 2944 | 128741 |
| Cincinnati Financial Corp. | 24065 | 3583760 |
| CNA Financial Corp. | 2907 | 135263 |
| Fidelity National Financial, <br> Inc.<br>| 262133 | 14695176 |
| Unum Group | 24721 | 1996468 |
| Willis Towers Watson PLC | 75645 | 23185192 |
|  |  | **56453256** |
| **Interactive Media & Services–1.50%** | **Interactive Media & Services–1.50%** | **Interactive Media & Services–1.50%** |
| Alphabet, Inc. Class C | 104530 | 18542577 |
| Meta Platforms, Inc. Class A | 8610 | 6354955 |
|  |  | **24897532** |
| **IT Services–0.65%** | **IT Services–0.65%** | **IT Services–0.65%** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 137356 | 10717889 |
|  |  | **10717889** |
| **Leisure Products–0.79%** | **Leisure Products–0.79%** | **Leisure Products–0.79%** |
| Hasbro, Inc. | 177225 | 13082749 |
|  |  | **13082749** |
| **Machinery–1.28%** | **Machinery–1.28%** | **Machinery–1.28%** |
| CNH Industrial NV | 449986 | 5831818 |
| Fortive Corp. | 109828 | 5725334 |
| Snap-on, Inc. | 8034 | 2500020 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 34439 | 7209805 |
|  |  | **21266977** |
| **Media–1.86%** | **Media–1.86%** | **Media–1.86%** |
| Comcast Corp. Class A | 566356 | 20213246 |
| Interpublic Group of Cos., <br> Inc.<br>| 57002 | 1395409 |
| Nexstar Media Group, Inc. | 4341 | 750776 |
| WPP PLC | 1197509 | 8431644 |
|  |  | **30791075** |
| **Metals & Mining–0.43%** | **Metals & Mining–0.43%** | **Metals & Mining–0.43%** |
| Teck Resources Ltd. Class B | 176770 | 7137973 |
|  |  | **7137973** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Multi-Utilities–1.28%** | **Multi-Utilities–1.28%** | **Multi-Utilities–1.28%** |
| Dominion Energy, Inc. | 174087 | $9839397 |
| Sempra | 151466 | 11476579 |
|  |  | **21315976** |
| **Oil, Gas & Consumable Fuels–7.48%** | **Oil, Gas & Consumable Fuels–7.48%** | **Oil, Gas & Consumable Fuels–7.48%** |
| APA Corp. | 55461 | 1014382 |
| BP PLC | 4559263 | 22715577 |
| Chevron Corp. | 106850 | 15299851 |
| ConocoPhillips | 170909 | 15337374 |
| Coterra Energy, Inc. | 116914 | 2967277 |
| Enterprise Products <br> Partners LP<br>| 309693 | 9603580 |
| EOG Resources, Inc. | 83682 | 10009204 |
| Hess Corp. | 73300 | 10154982 |
| HF Sinclair Corp. | 24867 | 1021536 |
| Murphy Oil Corp. | 20581 | 463072 |
| ONEOK, Inc. | 95960 | 7833215 |
| Ovintiv, Inc. | 39816 | 1514999 |
| Shell PLC | 564008 | 19677967 |
| Valero Energy Corp. | 48034 | 6456730 |
|  |  | **124069746** |
| **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** |
| Interparfums, Inc. | 2752 | 361365 |
|  |  | **361365** |
| **Pharmaceuticals–3.70%** | **Pharmaceuticals–3.70%** | **Pharmaceuticals–3.70%** |
| AstraZeneca PLC | 55065 | 7663348 |
| Bristol-Myers Squibb Co. | 369666 | 17111839 |
| Eli Lilly & Co. | 7315 | 5702262 |
| Merck & Co., Inc. | 225198 | 17826674 |
| Pfizer, Inc. | 124570 | 3019577 |
| Sanofi SA | 103672 | 10036876 |
|  |  | **61360576** |
| **Professional Services–3.13%** | **Professional Services–3.13%** | **Professional Services–3.13%** |
| Insperity, Inc. | 5457 | 328075 |
| Kforce, Inc. | 2589 | 106486 |
| Leidos Holdings, Inc. | 66226 | 10447814 |
| Paychex, Inc. | 49294 | 7170305 |
| Robert Half, Inc. | 15708 | 644813 |
| SS&C Technologies Holdings, <br> Inc.<br>| 401688 | 33259766 |
|  |  | **51957259** |
| **Residential REITs–0.47%** | **Residential REITs–0.47%** | **Residential REITs–0.47%** |
| AvalonBay Communities, Inc. | 38680 | 7871380 |
|  |  | **7871380** |
| **Semiconductors & Semiconductor Equipment–2.83%** | **Semiconductors & Semiconductor Equipment–2.83%** | **Semiconductors & Semiconductor Equipment–2.83%** |
| Amkor Technology, Inc. | 139676 | 2931799 |
| Intel Corp. | 168376 | 3771622 |
| NVIDIA Corp. | 33896 | 5355229 |
| Skyworks Solutions, Inc. | 23080 | 1719922 |
| STMicroelectronics NV | 268670 | 8237958 |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-3

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 39345 | $8911249 |
| Texas Instruments, Inc. | 77035 | 15994007 |
|  |  | **46921786** |
| **Software–1.98%** | **Software–1.98%** | **Software–1.98%** |
| Microsoft Corp. | 53460 | 26591539 |
| Salesforce, Inc. | 22780 | 6211878 |
|  |  | **32803417** |
| **Specialized REITs–0.82%** | **Specialized REITs–0.82%** | **Specialized REITs–0.82%** |
| Crown Castle, Inc. | 131929 | 13553066 |
|  |  | **13553066** |
| **Specialty Retail–1.03%** | **Specialty Retail–1.03%** | **Specialty Retail–1.03%** |
| Best Buy Co., Inc. | 29558 | 1984228 |
| Buckle, Inc. | 4657 | 211195 |
| Home Depot, Inc. | 39450 | 14463948 |
| Signet Jewelers Ltd. | 6587 | 523996 |
|  |  | **17183367** |
| **Technology Hardware, Storage & Peripherals–3.15%** | **Technology Hardware, Storage & Peripherals–3.15%** | **Technology Hardware, Storage & Peripherals–3.15%** |
| Hewlett Packard Enterprise <br> Co.<br>| 506380 | 10355471 |
| HP, Inc. | 590356 | 14440108 |
| Samsung Electronics Co. Ltd. <br> GDR<br>| 18012 | 19895783 |
| Western Digital Corp. | 118966 | 7612634 |
|  |  | **52303996** |
| **Textiles, Apparel & Luxury Goods–0.02%** | **Textiles, Apparel & Luxury Goods–0.02%** | **Textiles, Apparel & Luxury Goods–0.02%** |
| Carter's, Inc. | 5750 | 173248 |
| Oxford Industries, Inc. | 2289 | 92132 |
|  |  | **265380** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Tobacco–1.62%** | **Tobacco–1.62%** | **Tobacco–1.62%** |
| Altria Group, Inc. | 247506 | $14511277 |
| British American Tobacco <br> PLC ADR<br>| 263160 | 12455363 |
|  |  | **26966640** |
| **Trading Companies & Distributors–0.78%** | **Trading Companies & Distributors–0.78%** | **Trading Companies & Distributors–0.78%** |
| Fastenal Co. | 176002 | 7392084 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 6945 | 590464 |
| Watsco, Inc. | 5380 | 2375915 |
| WESCO International, Inc. | 13955 | 2584466 |
|  |  | **12942929** |
| **Total Common Stock** <br>**(Cost $1,252,174,501)** | **Total Common Stock** <br>**(Cost $1,252,174,501)** | **1533900466** |
| **PREFERRED STOCK–0.60%** | **PREFERRED STOCK–0.60%** | **PREFERRED STOCK–0.60%** |
| Henkel AG & Co. KGaA 3.06% | 126515 | 9942003 |
| **Total Preferred Stock** <br>**(Cost $10,462,841)** | **Total Preferred Stock** <br>**(Cost $10,462,841)** | **9942003** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–6.41%** | **MONEY MARKET FUND–6.41%** | **MONEY MARKET FUND–6.41%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 106307058 | 106307058 |
| **Total Money Market Fund** <br>**(Cost $106,307,058)** | **Total Money Market Fund** <br>**(Cost $106,307,058)** | **106307058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.44% (Cost $1,368,944,400)** | **1650149527** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.56%** | **9262286** |
| **NET ASSETS APPLICABLE TO 78,007,674 SHARES OUTSTANDING–100.00%** | **$1659411813** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND STANDARD CLASS** <br>**($289,952,098 / 13,567,250 Shares)** | **$21.371** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($1,369,459,715 / 64,440,424 Shares)** | **$21.252** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1268281269** |
| Distributable earnings/(accumulated loss) | **391130544** |
| **TOTAL NET ASSETS** | **$1659411813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

LVIP BlackRock Dividend Value Managed Volatility Fund-4

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,853,482 cash collateral held at broker for futures contracts, $257,540 variation margin due from broker on futures contracts, <br> $1,178,844 payable for securities purchased, $1,406,517 payable for fund shares redeemed, $64,554 other accrued expenses payable, <br> $1,080,081 due to manager and affiliates, $16,187 payable for audit fee and $50,697 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 21 | CME British Pound Currency Futures | &nbsp;&nbsp; $1801406 | &nbsp;&nbsp; $1775866 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $25540 | &nbsp;&nbsp; $— |
| 21 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 3106950 | &nbsp;&nbsp; 3031117 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 75833 | &nbsp;&nbsp; — |
| 24 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2098350 | &nbsp;&nbsp; 2093223 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 5127 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 106500 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 3 | CME E-mini Consumer Staples Select Sector Futures | &nbsp;&nbsp; 247050 | &nbsp;&nbsp; 246381 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; — |
| 16 | CME E-mini Russell 1000 Value Index Futures | &nbsp;&nbsp; 1539920 | &nbsp;&nbsp; 1511352 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 28568 | &nbsp;&nbsp; — |
| 7 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 767095 | &nbsp;&nbsp; 755099 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 11996 | &nbsp;&nbsp; — |
| 142 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 44401625 | &nbsp;&nbsp; 43183196 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1218429 | &nbsp;&nbsp; — |
| 31 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 9689050 | &nbsp;&nbsp; 9544283 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 144767 | &nbsp;&nbsp; — |
| 48 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 3011973 | &nbsp;&nbsp; 3025895 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13922)<br>|
| 15 | FTSE 100 Index Futures | &nbsp;&nbsp; 1809736 | &nbsp;&nbsp; 1824944 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15208)<br>|
| 3 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 185025 | &nbsp;&nbsp; 182287 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 2738 | &nbsp;&nbsp; — |
| 8 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 2250477 | &nbsp;&nbsp; 2134394 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 116083 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 1523250 | &nbsp;&nbsp; (29130)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1629750 | &nbsp;&nbsp; $(29130)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| GDR–Global Depository Receipt |
| ICE–Intercontinental Exchange |
| IT–Information Technology |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $25366625 |
| Foreign taxes withheld | (234008)<br>|
|  | 25132617 |
| **EXPENSES:** |  |
| Management fees | 5943807 |
| Distribution fees-Service Class | 1717244 |
| Shareholder servicing fees | 241108 |
| Accounting and administration expenses | 157208 |
| Index fees | 65402 |
| Custodian fees | 39096 |
| Professional fees | 38929 |
| Trustees' fees and expenses | 25394 |
| Reports and statements to shareholders | 23355 |
| Consulting fees | 10011 |
| Pricing fees | 3810 |
| Other | 23650 |
|  | 8289014 |
| Less:  |  |
| Management fees waived | (1200077)<br>|
| Total operating expenses | 7088937 |
| **NET INVESTMENT INCOME**  | 18043680 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 130052143 |
| Foreign currencies | 43243 |
| Futures contracts | (76265595)<br>|
| Net realized gain | 53829791 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (34425301)<br>|
| Foreign currencies | 105248 |
| Futures contracts | 5078496 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (29241557)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 24588234 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $42631914 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $18043680 | $39963710 |
| Net realized gain | 53829791 | 104707765 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (29241557)<br>| 48543942 |
| Net increase in net assets <br> resulting from operations<br>| 42631914 | 193215417 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (24488036)<br>|
| Service Class |  | (115891260)<br>|
|  |  | (140379296)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 19113311 | 29025925 |
| Service Class | 21411209 | 37932263 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 24488036 |
| Service Class |  | 115891260 |
|  | 40524520 | 207337484 |
| Cost of shares redeemed: |  |  |
| Standard Class | (31208440)<br>| (58298362)<br>|
| Service Class | (108871563)<br>| (258437660)<br>|
|  | (140080003)<br>| (316736022)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (99555483)<br>| (109398538)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (56923569)<br>| (56562417)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1716335382 | 1772897799 |
| End of period | $1659411813 | $1716335382 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-6

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $20.821 | &nbsp;&nbsp; $20.303 | &nbsp;&nbsp; $20.596 | &nbsp;&nbsp; $24.007 | &nbsp;&nbsp; $20.691 | &nbsp;&nbsp; $20.923 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.248 | 0.531 | 0.521 | 0.461 | 0.407 | 0.425 |
| Net realized and unrealized gain (loss) | 0.302 | 1.807 | 1.317 | &nbsp;&nbsp; (1.130)<br>| 4.367 | &nbsp;&nbsp; (0.203)<br>|
| Total from investment operations | 0.550 | 2.338 | 1.838 | &nbsp;&nbsp; (0.669)<br>| 4.774 | 0.222 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.609)<br>| &nbsp;&nbsp; (0.538)<br>| &nbsp;&nbsp; (0.501)<br>| &nbsp;&nbsp; (0.510)<br>| &nbsp;&nbsp; (0.409)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.211)<br>| &nbsp;&nbsp; (1.593)<br>| &nbsp;&nbsp; (2.241)<br>| &nbsp;&nbsp; (0.948)<br>| &nbsp;&nbsp; (0.045)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.820)<br>| &nbsp;&nbsp; (2.131)<br>| &nbsp;&nbsp; (2.742)<br>| &nbsp;&nbsp; (1.458)<br>| &nbsp;&nbsp; (0.454)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.371 | &nbsp;&nbsp; $20.821 | &nbsp;&nbsp; $20.303 | &nbsp;&nbsp; $20.596 | &nbsp;&nbsp; $24.007 | &nbsp;&nbsp; $20.691 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 11.50% | &nbsp;&nbsp; 9.39% | &nbsp;&nbsp; (2.28%)<br>| &nbsp;&nbsp; 23.07% | &nbsp;&nbsp; 1.12% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $289952 | &nbsp;&nbsp; $294432 | &nbsp;&nbsp; $291082 | &nbsp;&nbsp; $286139 | &nbsp;&nbsp; $320848 | &nbsp;&nbsp; $288674 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 2.26% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 2.12% |
| Portfolio turnover | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 BlackRock Dividend Value Managed Volatility Fund-7

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $20.730 | &nbsp;&nbsp; $20.220 | &nbsp;&nbsp; $20.524 | &nbsp;&nbsp; $23.935 | &nbsp;&nbsp; $20.634 | &nbsp;&nbsp; $20.871 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.221 | 0.474 | 0.467 | 0.402 | 0.345 | 0.376 |
| Net realized and unrealized gain (loss) | 0.301 | 1.799 | 1.309 | &nbsp;&nbsp; (1.126)<br>| 4.352 | &nbsp;&nbsp; (0.206)<br>|
| Total from investment operations | 0.522 | 2.273 | 1.776 | &nbsp;&nbsp; (0.724)<br>| 4.697 | 0.170 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.552)<br>| &nbsp;&nbsp; (0.487)<br>| &nbsp;&nbsp; (0.446)<br>| &nbsp;&nbsp; (0.448)<br>| &nbsp;&nbsp; (0.362)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.211)<br>| &nbsp;&nbsp; (1.593)<br>| &nbsp;&nbsp; (2.241)<br>| &nbsp;&nbsp; (0.948)<br>| &nbsp;&nbsp; (0.045)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.763)<br>| &nbsp;&nbsp; (2.080)<br>| &nbsp;&nbsp; (2.687)<br>| &nbsp;&nbsp; (1.396)<br>| &nbsp;&nbsp; (0.407)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.252 | &nbsp;&nbsp; $20.730 | &nbsp;&nbsp; $20.220 | &nbsp;&nbsp; $20.524 | &nbsp;&nbsp; $23.935 | &nbsp;&nbsp; $20.634 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 11.22% | &nbsp;&nbsp; 9.12% | &nbsp;&nbsp; (2.53%)<br>| &nbsp;&nbsp; 22.76% | &nbsp;&nbsp; 0.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1369460 | &nbsp;&nbsp; $1421903 | &nbsp;&nbsp; $1481816 | &nbsp;&nbsp; $1452868 | &nbsp;&nbsp; $1641353 | &nbsp;&nbsp; $1524745 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.91% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.05% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 2.01% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.87% |
| Portfolio turnover | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 BlackRock Dividend Value Managed Volatility Fund-8

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Dividend Value Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek reasonable income by investing primarily in income-producing equity securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of

LVIP BlackRock Dividend Value Managed Volatility Fund-9

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP BlackRock Dividend Value Managed Volatility Fund is $341,848 and $342,076 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.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; and 0.70% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.125% on the first $750 million of the Fund's average daily net assets and 0.16% of the Fund's average daily net assets in excess of $750 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BlackRock Investment Management LLC ("BlackRock") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $71545 |
| Legal | &nbsp;&nbsp; 10904 |

---

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 BlackRock Dividend Value Managed Volatility Fund-10

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 $13,365 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $764366 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 275673 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1255 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 38787 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $740790509 |
| Sales | &nbsp;&nbsp; 886107277 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 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; $1368944400 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $336005596 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (53199849)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $282805747 |

---

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 June 30, 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

LVIP BlackRock Dividend Value Managed Volatility Fund-11

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $53634625 | &nbsp;&nbsp; $6821825 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60456450 |
| Air Freight & Logistics | &nbsp;&nbsp; 11362311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11362311 |
| Automobile Components | &nbsp;&nbsp; 6131084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6131084 |
| Automobiles | &nbsp;&nbsp; 15322083 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15322083 |
| Banks | &nbsp;&nbsp; 164648211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 164648211 |
| Beverages | &nbsp;&nbsp; 36177142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36177142 |
| Biotechnology | &nbsp;&nbsp; 28837832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28837832 |
| Broadline Retail | &nbsp;&nbsp; 30637155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30637155 |
| Building Products | &nbsp;&nbsp; 9788197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9788197 |
| Capital Markets | &nbsp;&nbsp; 48693186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48693186 |
| Chemicals | &nbsp;&nbsp; 34830509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34830509 |
| Commercial Services & Supplies | &nbsp;&nbsp; 68660 | &nbsp;&nbsp; 9892667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9961327 |
| Communications Equipment | &nbsp;&nbsp; 31385222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31385222 |
| Consumer Finance | &nbsp;&nbsp; 5082624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5082624 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 28071005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28071005 |
| Containers & Packaging | &nbsp;&nbsp; 22629355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22629355 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 26336026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26336026 |
| Electric Utilities | &nbsp;&nbsp; 35482281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35482281 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1775187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1775187 |
| Energy Equipment & Services | &nbsp;&nbsp; 9736552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9736552 |
| Entertainment | &nbsp;&nbsp; 23328811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23328811 |
| Financial Services | &nbsp;&nbsp; 28387857 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28387857 |
| Food Products | &nbsp;&nbsp; 35852333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35852333 |
| Ground Transportation | &nbsp;&nbsp; 6565809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6565809 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 65244274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65244274 |
| Health Care Providers & Services | &nbsp;&nbsp; 83502580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83502580 |
| Health Care REITs | &nbsp;&nbsp; 3900624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3900624 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 5097169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5097169 |
| Household Durables | &nbsp;&nbsp; 954734 | &nbsp;&nbsp; 6445476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7400210 |
| Household Products | &nbsp;&nbsp; 6559063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6559063 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 161770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161770 |
| Industrial Conglomerates | &nbsp;&nbsp; 9117252 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9117252 |
| Industrial REITs | &nbsp;&nbsp; 7214641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7214641 |
| Insurance | &nbsp;&nbsp; 56453256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56453256 |
| Interactive Media & Services | &nbsp;&nbsp; 24897532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24897532 |
| IT Services | &nbsp;&nbsp; 10717889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10717889 |
| Leisure Products | &nbsp;&nbsp; 13082749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13082749 |
| Machinery | &nbsp;&nbsp; 21266977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21266977 |
| Media | &nbsp;&nbsp; 22359431 | &nbsp;&nbsp; 8431644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30791075 |
| Metals & Mining | &nbsp;&nbsp; 7137973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7137973 |
| Multi-Utilities | &nbsp;&nbsp; 21315976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21315976 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 81676202 | &nbsp;&nbsp; 42393544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124069746 |
| Personal Care Products | &nbsp;&nbsp; 361365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 361365 |
| Pharmaceuticals | &nbsp;&nbsp; 43660352 | &nbsp;&nbsp; 17700224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61360576 |
| Professional Services | &nbsp;&nbsp; 51957259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51957259 |
| Residential REITs | &nbsp;&nbsp; 7871380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7871380 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 38683828 | &nbsp;&nbsp; 8237958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46921786 |
| Software | &nbsp;&nbsp; 32803417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32803417 |
| Specialized REITs | &nbsp;&nbsp; 13553066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13553066 |
| Specialty Retail | &nbsp;&nbsp; 17183367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17183367 |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-12

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; $32408213 | &nbsp;&nbsp; $19895783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52303996 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 265380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 265380 |
| Tobacco | &nbsp;&nbsp; 26966640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26966640 |
| Trading Companies & Distributors | &nbsp;&nbsp; 12942929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12942929 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 9942003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9942003 |
| Money Market Fund | &nbsp;&nbsp; 106307058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106307058 |
| **Total Investments** | &nbsp;&nbsp; $1520388403 | &nbsp;&nbsp; $129761124 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1650149527 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1629750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1629750 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(29130)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29130)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 897391 | &nbsp;&nbsp; 1326537 |
| Service Class | &nbsp;&nbsp; 1022887 | &nbsp;&nbsp; 1755993 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1149444 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 5461140 |
|  | &nbsp;&nbsp; 1920278 | &nbsp;&nbsp; 9693114 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1471356)<br>| &nbsp;&nbsp; (2671633)<br>|
| Service Class | &nbsp;&nbsp; (5174955)<br>| &nbsp;&nbsp; (11910183)<br>|
|  | &nbsp;&nbsp; (6646311)<br>| &nbsp;&nbsp; (14581816)<br>|
| Net decrease | &nbsp;&nbsp; (4726033)<br>| &nbsp;&nbsp; (4888702)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 BlackRock Dividend Value Managed Volatility Fund-13

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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 six months ended June 30, 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 June 30, 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>| $1523250 | Receivables and other assets net of <br> liabilities<br>| $(29130)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 106500 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $1629750 |  | $(29130)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(74967651)<br>| &nbsp;&nbsp; $4730584 |
| 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; (1297944)<br>| &nbsp;&nbsp; 347912 |
| Total |  | &nbsp;&nbsp; $(76265595)<br>| &nbsp;&nbsp; $5078496 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $66658401 | $66909229 |

---

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.

LVIP BlackRock Dividend Value Managed Volatility Fund-14

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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.

**7. 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 six months ended June 30, 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-15

------

![](img444e234f1.jpg)

LVIP BlackRock Equity Dividend Fund

(formerly, LVIP Macquarie Value Fund)

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Equity Dividend Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_25117370-e970-4938-a4ff-f1f198e90abc_SOI-continued-452_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_25117370-e970-4938-a4ff-f1f198e90abc_FS-continued-452_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_25117370-e970-4938-a4ff-f1f198e90abc_FS-continued-452_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_25117370-e970-4938-a4ff-f1f198e90abc_FIHI-continued-452_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_25117370-e970-4938-a4ff-f1f198e90abc_NTF-continued-452_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–94.88%** | **COMMON STOCK–94.88%** | **COMMON STOCK–94.88%** |
| **Aerospace & Defense–3.79%** | **Aerospace & Defense–3.79%** | **Aerospace & Defense–3.79%** |
| Airbus SE | 32686 | $6837933 |
| †Boeing Co. | 30685 | 6429428 |
| L3Harris Technologies, Inc. | 86442 | 21683111 |
| Lockheed Martin Corp. | 12270 | 5682728 |
| RTX Corp. | 36746 | 5365651 |
|  |  | **45998851** |
| **Automobile Components–0.40%** | **Automobile Components–0.40%** | **Automobile Components–0.40%** |
| Lear Corp. | 51279 | 4870479 |
|  |  | **4870479** |
| **Automobiles–0.72%** | **Automobiles–0.72%** | **Automobiles–0.72%** |
| General Motors Co. | 177612 | 8740287 |
|  |  | **8740287** |
| **Banks–12.11%** | **Banks–12.11%** | **Banks–12.11%** |
| Bank of America Corp. | 288815 | 13666726 |
| Citigroup, Inc. | 496361 | 42250248 |
| First Citizens BancShares, <br> Inc. Class A<br>| 17710 | 34649084 |
| JPMorgan Chase & Co. | 52967 | 15355663 |
| Wells Fargo & Co. | 510093 | 40868651 |
|  |  | **146790372** |
| **Beverages–0.56%** | **Beverages–0.56%** | **Beverages–0.56%** |
| Keurig Dr. Pepper, Inc. | 206873 | 6839221 |
|  |  | **6839221** |
| **Broadline Retail–2.50%** | **Broadline Retail–2.50%** | **Broadline Retail–2.50%** |
| †Amazon.com, Inc. | 138322 | 30346464 |
|  |  | **30346464** |
| **Building Products–0.80%** | **Building Products–0.80%** | **Building Products–0.80%** |
| Allegion PLC | 22681 | 3268786 |
| Johnson Controls <br> International PLC<br>| 61032 | 6446200 |
|  |  | **9714986** |
| **Capital Markets–3.48%** | **Capital Markets–3.48%** | **Capital Markets–3.48%** |
| Carlyle Group, Inc. | 246908 | 12691071 |
| Charles Schwab Corp. | 90928 | 8296271 |
| Intercontinental Exchange, <br> Inc.<br>| 115714 | 21230048 |
|  |  | **42217390** |
| **Chemicals–2.69%** | **Chemicals–2.69%** | **Chemicals–2.69%** |
| Air Products & Chemicals, <br> Inc.<br>| 33725 | 9512473 |
| †Axalta Coating Systems Ltd. | 122831 | 3646852 |
| International Flavors & <br> Fragrances, Inc.<br>| 96670 | 7110079 |
| PPG Industries, Inc. | 108204 | 12308205 |
|  |  | **32577609** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** |
| Rentokil Initial PLC | 2027130 | $9780428 |
|  |  | **9780428** |
| **Communications Equipment–1.28%** | **Communications Equipment–1.28%** | **Communications Equipment–1.28%** |
| Cisco Systems, Inc. | 223524 | 15508095 |
|  |  | **15508095** |
| **Consumer Finance–0.42%** | **Consumer Finance–0.42%** | **Consumer Finance–0.42%** |
| Capital One Financial Corp. | 23666 | 5035178 |
|  |  | **5035178** |
| **Consumer Staples Distribution & Retail–1.74%** | **Consumer Staples Distribution & Retail–1.74%** | **Consumer Staples Distribution & Retail–1.74%** |
| Dollar General Corp. | 184783 | 21135480 |
|  |  | **21135480** |
| **Containers & Packaging–1.06%** | **Containers & Packaging–1.06%** | **Containers & Packaging–1.06%** |
| Crown Holdings, Inc. | 55764 | 5742577 |
| Sealed Air Corp. | 227579 | 7061776 |
|  |  | **12804353** |
| **Diversified Telecommunication Services–0.95%** | **Diversified Telecommunication Services–0.95%** | **Diversified Telecommunication Services–0.95%** |
| Verizon Communications, <br> Inc.<br>| 266583 | 11535046 |
|  |  | **11535046** |
| **Electric Utilities–2.90%** | **Electric Utilities–2.90%** | **Electric Utilities–2.90%** |
| American Electric Power Co., <br> Inc.<br>| 57370 | 5952711 |
| Edison International | 79148 | 4084037 |
| Evergy, Inc. | 87550 | 6034821 |
| Exelon Corp. | 271080 | 11770294 |
| PG&E Corp. | 527869 | 7358494 |
|  |  | **35200357** |
| **Electronic Equipment, Instruments & Components–0.15%** | **Electronic Equipment, Instruments & Components–0.15%** | **Electronic Equipment, Instruments & Components–0.15%** |
| †Ralliant Corp. | 36483 | 1769061 |
|  |  | **1769061** |
| **Entertainment–1.92%** | **Entertainment–1.92%** | **Entertainment–1.92%** |
| Electronic Arts, Inc. | 98037 | 15656509 |
| Walt Disney Co. | 60938 | 7556921 |
|  |  | **23213430** |
| **Financial Services–2.21%** | **Financial Services–2.21%** | **Financial Services–2.21%** |
| Fidelity National Information <br> Services, Inc.<br>| 249065 | 20276382 |
| Visa, Inc. Class A | 18201 | 6462265 |
|  |  | **26738647** |
| **Food Products–1.91%** | **Food Products–1.91%** | **Food Products–1.91%** |
| Kraft Heinz Co. | 608471 | 15710721 |
| Lamb Weston Holdings, Inc. | 144454 | 7489940 |
|  |  | **23200661** |

---

LVIP BlackRock Equity Dividend Fund-1

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.54%** | **Ground Transportation–0.54%** | **Ground Transportation–0.54%** |
| CSX Corp. | 199807 | $6519702 |
|  |  | **6519702** |
| **Health Care Equipment & Supplies–5.33%** | **Health Care Equipment & Supplies–5.33%** | **Health Care Equipment & Supplies–5.33%** |
| Baxter International, Inc. | 777442 | 23540944 |
| Becton Dickinson & Co. | 101905 | 17553136 |
| Medtronic PLC | 269608 | 23501729 |
|  |  | **64595809** |
| **Health Care Providers & Services–6.83%** | **Health Care Providers & Services–6.83%** | **Health Care Providers & Services–6.83%** |
| Cardinal Health, Inc. | 148398 | 24930864 |
| Cigna Group | 18896 | 6246640 |
| CVS Health Corp. | 430624 | 29704443 |
| Elevance Health, Inc. | 29344 | 11413642 |
| Labcorp Holdings, Inc. | 39884 | 10469949 |
|  |  | **82765538** |
| **Health Care REITs–0.32%** | **Health Care REITs–0.32%** | **Health Care REITs–0.32%** |
| Healthcare Realty Trust, Inc. | 246104 | 3903209 |
|  |  | **3903209** |
| **Household Durables–0.53%** | **Household Durables–0.53%** | **Household Durables–0.53%** |
| Sony Group Corp. | 245500 | 6383075 |
|  |  | **6383075** |
| **Industrial Conglomerates–0.75%** | **Industrial Conglomerates–0.75%** | **Industrial Conglomerates–0.75%** |
| Honeywell International, Inc. | 38825 | 9041566 |
|  |  | **9041566** |
| **Industrial REITs–0.59%** | **Industrial REITs–0.59%** | **Industrial REITs–0.59%** |
| Rexford Industrial Realty, <br> Inc.<br>| 63975 | 2275591 |
| STAG Industrial, Inc. | 135622 | 4920366 |
|  |  | **7195957** |
| **Insurance–3.77%** | **Insurance–3.77%** | **Insurance–3.77%** |
| American International <br> Group, Inc.<br>| 131177 | 11227439 |
| Fidelity National Financial, <br> Inc.<br>| 218233 | 12234142 |
| Willis Towers Watson PLC | 72638 | 22263547 |
|  |  | **45725128** |
| **Interactive Media & Services–2.03%** | **Interactive Media & Services–2.03%** | **Interactive Media & Services–2.03%** |
| Alphabet, Inc. Class C | 103540 | 18366960 |
| Meta Platforms, Inc. Class A | 8530 | 6295908 |
|  |  | **24662868** |
| **IT Services–0.88%** | **IT Services–0.88%** | **IT Services–0.88%** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 136053 | 10616216 |
|  |  | **10616216** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Leisure Products–1.07%** | **Leisure Products–1.07%** | **Leisure Products–1.07%** |
| Hasbro, Inc. | 175546 | $12958806 |
|  |  | **12958806** |
| **Machinery–1.54%** | **Machinery–1.54%** | **Machinery–1.54%** |
| CNH Industrial NV | 445724 | 5776583 |
| Fortive Corp. | 109449 | 5705576 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 34110 | 7140929 |
|  |  | **18623088** |
| **Media–2.35%** | **Media–2.35%** | **Media–2.35%** |
| Comcast Corp. Class A | 562206 | 20065132 |
| WPP PLC | 1189959 | 8378485 |
|  |  | **28443617** |
| **Metals & Mining–0.59%** | **Metals & Mining–0.59%** | **Metals & Mining–0.59%** |
| Teck Resources Ltd. Class B | 176634 | 7132481 |
|  |  | **7132481** |
| **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** | **Multi-Utilities–1.74%** |
| Dominion Energy, Inc. | 171388 | 9686850 |
| Sempra | 150035 | 11368152 |
|  |  | **21055002** |
| **Oil, Gas & Consumable Fuels–5.08%** | **Oil, Gas & Consumable Fuels–5.08%** | **Oil, Gas & Consumable Fuels–5.08%** |
| BP PLC | 4516726 | 22503645 |
| Enterprise Products <br> Partners LP<br>| 306260 | 9497123 |
| Hess Corp. | 72624 | 10061329 |
| Shell PLC | 560708 | 19562831 |
|  |  | **61624928** |
| **Pharmaceuticals–2.64%** | **Pharmaceuticals–2.64%** | **Pharmaceuticals–2.64%** |
| AstraZeneca PLC | 54210 | 7544359 |
| Bristol-Myers Squibb Co. | 62820 | 2907938 |
| Eli Lilly & Co. | 7324 | 5709278 |
| Merck & Co., Inc. | 37150 | 2940794 |
| Pfizer, Inc. | 123390 | 2990973 |
| Sanofi SA | 102719 | 9944612 |
|  |  | **32037954** |
| **Professional Services–3.57%** | **Professional Services–3.57%** | **Professional Services–3.57%** |
| Leidos Holdings, Inc. | 65665 | 10359310 |
| SS&C Technologies Holdings, <br> Inc.<br>| 397625 | 32923350 |
|  |  | **43282660** |
| **Residential REITs–0.64%** | **Residential REITs–0.64%** | **Residential REITs–0.64%** |
| AvalonBay Communities, Inc. | 38350 | 7804225 |
|  |  | **7804225** |
| **Semiconductors & Semiconductor Equipment–2.38%** | **Semiconductors & Semiconductor Equipment–2.38%** | **Semiconductors & Semiconductor Equipment–2.38%** |
| Amkor Technology, Inc. | 138499 | 2907094 |
| Intel Corp. | 166187 | 3722589 |
| NVIDIA Corp. | 33696 | 5323631 |

---

LVIP BlackRock Equity Dividend Fund-2

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| STMicroelectronics NV | 266167 | $8161211 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 240000 | 8776643 |
|  |  | **28891168** |
| **Software–2.68%** | **Software–2.68%** | **Software–2.68%** |
| Microsoft Corp. | 52957 | 26341341 |
| Salesforce, Inc. | 22560 | 6151887 |
|  |  | **32493228** |
| **Specialized REITs–1.11%** | **Specialized REITs–1.11%** | **Specialized REITs–1.11%** |
| Crown Castle, Inc. | 131061 | 13463897 |
|  |  | **13463897** |
| **Technology Hardware, Storage & Peripherals–4.29%** | **Technology Hardware, Storage & Peripherals–4.29%** | **Technology Hardware, Storage & Peripherals–4.29%** |
| Hewlett Packard Enterprise <br> Co.<br>| 503837 | 10303467 |
| HP, Inc. | 588747 | 14400751 |
| Samsung Electronics Co. Ltd. | 445912 | 19718944 |
| Western Digital Corp. | 119128 | 7623001 |
|  |  | **52046163** |
| **Tobacco–1.02%** | **Tobacco–1.02%** | **Tobacco–1.02%** |
| British American Tobacco <br> PLC ADR<br>| 262257 | 12412624 |
|  |  | **12412624** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors–0.21%** | **Trading Companies & Distributors–0.21%** | **Trading Companies & Distributors–0.21%** |
| WESCO International, Inc. | 13845 | $2564094 |
|  |  | **2564094** |
| **Total Common Stock** <br>**(Cost $1,071,364,668)** | **Total Common Stock** <br>**(Cost $1,071,364,668)** | **1150259398** |
| **PREFERRED STOCK–0.81%** | **PREFERRED STOCK–0.81%** | **PREFERRED STOCK–0.81%** |
| Henkel AG & Co. KGaA 3.06% | 125310 | 9847310 |
| **Total Preferred Stock** <br>**(Cost $9,811,017)** | **Total Preferred Stock** <br>**(Cost $9,811,017)** | **9847310** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–4.20%** | **MONEY MARKET FUND–4.20%** | **MONEY MARKET FUND–4.20%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 50866214 | 50866214 |
| **Total Money Market Fund** <br>**(Cost $50,866,214)** | **Total Money Market Fund** <br>**(Cost $50,866,214)** | **50866214** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.89% (Cost $1,132,041,899)** | **1210972922** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.11%** | **1313753** |
| **NET ASSETS APPLICABLE TO 46,132,996 SHARES OUTSTANDING–100.00%** | **$1212286675** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK EQUITY DIVIDEND FUND STANDARD CLASS** <br>**($943,045,333 / 35,870,793 Shares)** | **$26.290** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK EQUITY DIVIDEND FUND SERVICE CLASS** <br>**($269,241,342 / 10,262,203 Shares)** | **$26.236** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$914672878** |
| Distributable earnings/(accumulated loss) | **297613797** |
| **TOTAL NET ASSETS** | **$1212286675** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,172,892 payable for securities purchased, $601,601 payable for fund shares redeemed, $16,965 other accrued expenses payable, <br> $670,166 due to manager and affiliates, $15,960 payable for audit fee and $32,978 payable for fund accounting fee as of June 30, 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 BlackRock Equity Dividend Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $14460546 |
| Foreign taxes withheld | (123257)<br>|
|  | 14337289 |
| **EXPENSES:** |  |
| Management fees | 3612029 |
| Distribution fees-Service Class | 393190 |
| Shareholder servicing fees | 170842 |
| Accounting and administration expenses | 107954 |
| Professional fees | 33204 |
| Trustees' fees and expenses | 18271 |
| Reports and statements to shareholders | 17187 |
| Consulting fees | 5710 |
| Custodian fees | 3741 |
| Pricing fees | 225 |
| Other | 20849 |
|  | 4383202 |
| Less:  |  |
| Management fees waived | (38972)<br>|
| Total operating expenses | 4344230 |
| **NET INVESTMENT INCOME**  | 9993059 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 105308941 |
| Foreign currencies | (153603)<br>|
| Net realized gain | 105155338 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (83944749)<br>|
| Foreign currencies | 6995 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (83937754)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 21217584 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $31210643 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $9993059 | $22959864 |
| Net realized gain | 105155338 | 105817602 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (83937754)<br>| (30899342)<br>|
| Net increase in net assets <br> resulting from operations<br>| 31210643 | 97878124 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (57462344)<br>|
| Service Class |  | (15048891)<br>|
|  |  | (72511235)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 52622463 | 72011856 |
| Service Class | 11068902 | 18097425 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 57462344 |
| Service Class |  | 15048891 |
|  | 63691365 | 162620516 |
| Cost of shares redeemed: |  |  |
| Standard Class | (92214614)<br>| (233709778)<br>|
| Service Class | (20570748)<br>| (63713665)<br>|
|  | (112785362)<br>| (297423443)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (49093997)<br>| (134802927)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (17883354)<br>| (109436038)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1230170029 | 1339606067 |
| End of period | $1212286675 | $1230170029 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-4

------

**LVIP BlackRock Equity Dividend Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $25.560 | &nbsp;&nbsp; $25.237 | &nbsp;&nbsp; $25.984 | &nbsp;&nbsp; $29.690 | &nbsp;&nbsp; $28.810 | &nbsp;&nbsp; $31.090 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.221 | 0.472 | 0.477 | 0.457 | 0.454 | 0.550 |
| Net realized and unrealized gain (loss) | 0.509 | 1.369 | 0.367 | &nbsp;&nbsp; (1.613)<br>| 5.619 | &nbsp;&nbsp; (0.920)<br>|
| Total from investment operations | 0.730 | 1.841 | 0.844 | &nbsp;&nbsp; (1.156)<br>| 6.073 | &nbsp;&nbsp; (0.370)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.512)<br>| &nbsp;&nbsp; (0.432)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (1.059)<br>| &nbsp;&nbsp; (0.580)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.006)<br>| &nbsp;&nbsp; (1.159)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (4.131)<br>| &nbsp;&nbsp; (1.330)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.518)<br>| &nbsp;&nbsp; (1.591)<br>| &nbsp;&nbsp; (2.550)<br>| &nbsp;&nbsp; (5.193)<br>| &nbsp;&nbsp; (1.910)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $26.290 | &nbsp;&nbsp; $25.560 | &nbsp;&nbsp; $25.237 | &nbsp;&nbsp; $25.984 | &nbsp;&nbsp; $29.690 | &nbsp;&nbsp; $28.810 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; 7.18% | &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; (3.27%)<br>| &nbsp;&nbsp; 22.42% | &nbsp;&nbsp; 0.41% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $943045 | &nbsp;&nbsp; $958299 | &nbsp;&nbsp; $1042285 | &nbsp;&nbsp; $397629 | &nbsp;&nbsp; $463942 | &nbsp;&nbsp; $419362 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.91% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 2.10% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 2.10% |
| Portfolio turnover | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Value Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Value Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> The Fund recouped previously waived expenses during the year ended December 31, 2023, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-5

------

**LVIP BlackRock Equity Dividend Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $25.545 | &nbsp;&nbsp; $25.220 | &nbsp;&nbsp; $25.970 | &nbsp;&nbsp; $29.673 | &nbsp;&nbsp; $28.700 | &nbsp;&nbsp; $30.950 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.183 | 0.391 | 0.402 | 0.373 | 0.365 | 0.470 |
| Net realized and unrealized gain (loss) | 0.508 | 1.368 | 0.361 | &nbsp;&nbsp; (1.612)<br>| 5.595 | &nbsp;&nbsp; (0.900)<br>|
| Total from investment operations | 0.691 | 1.759 | 0.763 | &nbsp;&nbsp; (1.239)<br>| 5.960 | &nbsp;&nbsp; (0.430)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.354)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.854)<br>| &nbsp;&nbsp; (0.490)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.006)<br>| &nbsp;&nbsp; (1.159)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (4.130)<br>| &nbsp;&nbsp; (1.330)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.434)<br>| &nbsp;&nbsp; (1.513)<br>| &nbsp;&nbsp; (2.464)<br>| &nbsp;&nbsp; (4.987)<br>| &nbsp;&nbsp; (1.820)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $26.236 | &nbsp;&nbsp; $25.545 | &nbsp;&nbsp; $25.220 | &nbsp;&nbsp; $25.970 | &nbsp;&nbsp; $29.673 | &nbsp;&nbsp; $28.700 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 6.86% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; (3.56%)<br>| &nbsp;&nbsp; 22.04% | &nbsp;&nbsp; 0.13% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $269242 | &nbsp;&nbsp; $271871 | &nbsp;&nbsp; $297321 | &nbsp;&nbsp; $319612 | &nbsp;&nbsp; $385587 | &nbsp;&nbsp; $362270 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.61% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.80% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.80% |
| Portfolio turnover | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Value Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Value Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> The Fund recouped previously waived expenses during the year ended December 31, 2023, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-6

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Equity Dividend Fund (formerly, LVIP Macquarie Value Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in

LVIP BlackRock Equity Dividend Fund-7

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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 June 30, 2025, the value and cost of foreign currency held by the LVIP BlackRock Equity Dividend Fund is $335,101 and $335,321 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. 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. Effective May 1, 2025, LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.02% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Effective May 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.67% of the average daily net assets for the Standard Class and 0.97% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses were not to exceed 0.69% the Fund's average daily net assets for the Standard Class and 0.99% for the Service Class.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. As of June 30, 2025, no expense reimbursements were subject to recoupment.

Effective May 1, 2025, BlackRock Investment Management, LLC ("BlackRock") (the "Sub Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to May 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

LVIP BlackRock Equity Dividend Fund-8

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $50667 |
| Legal | &nbsp;&nbsp; 7722 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,995 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $575832 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 64726 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1473 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 28135 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1240471759 |
| Sales | &nbsp;&nbsp; 1319071465 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $1132041899 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $100060865 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (21129842)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $78931023 |

---

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 June 30, 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.

LVIP BlackRock Equity Dividend Fund-9

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $39160918 | &nbsp;&nbsp; $6837933 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45998851 |
| Automobile Components | &nbsp;&nbsp; 4870479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4870479 |
| Automobiles | &nbsp;&nbsp; 8740287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8740287 |
| Banks | &nbsp;&nbsp; 146790372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 146790372 |
| Beverages | &nbsp;&nbsp; 6839221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6839221 |
| Broadline Retail | &nbsp;&nbsp; 30346464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30346464 |
| Building Products | &nbsp;&nbsp; 9714986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9714986 |
| Capital Markets | &nbsp;&nbsp; 42217390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42217390 |
| Chemicals | &nbsp;&nbsp; 32577609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32577609 |
| Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; 9780428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9780428 |
| Communications Equipment | &nbsp;&nbsp; 15508095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15508095 |
| Consumer Finance | &nbsp;&nbsp; 5035178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5035178 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 21135480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21135480 |
| Containers & Packaging | &nbsp;&nbsp; 12804353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12804353 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 11535046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11535046 |
| Electric Utilities | &nbsp;&nbsp; 35200357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35200357 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1769061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1769061 |
| Entertainment | &nbsp;&nbsp; 23213430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23213430 |
| Financial Services | &nbsp;&nbsp; 26738647 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26738647 |
| Food Products | &nbsp;&nbsp; 23200661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23200661 |
| Ground Transportation | &nbsp;&nbsp; 6519702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6519702 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 64595809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64595809 |
| Health Care Providers & Services | &nbsp;&nbsp; 82765538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82765538 |
| Health Care REITs | &nbsp;&nbsp; 3903209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903209 |
| Household Durables | &nbsp;&nbsp; — | &nbsp;&nbsp; 6383075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6383075 |
| Industrial Conglomerates | &nbsp;&nbsp; 9041566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9041566 |
| Industrial REITs | &nbsp;&nbsp; 7195957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7195957 |
| Insurance | &nbsp;&nbsp; 45725128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45725128 |
| Interactive Media & Services | &nbsp;&nbsp; 24662868 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24662868 |
| IT Services | &nbsp;&nbsp; 10616216 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10616216 |
| Leisure Products | &nbsp;&nbsp; 12958806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12958806 |
| Machinery | &nbsp;&nbsp; 18623088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18623088 |
| Media | &nbsp;&nbsp; 20065132 | &nbsp;&nbsp; 8378485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28443617 |
| Metals & Mining | &nbsp;&nbsp; 7132481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7132481 |
| Multi-Utilities | &nbsp;&nbsp; 21055002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21055002 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 19558452 | &nbsp;&nbsp; 42066476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61624928 |
| Pharmaceuticals | &nbsp;&nbsp; 14548983 | &nbsp;&nbsp; 17488971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32037954 |
| Professional Services | &nbsp;&nbsp; 43282660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43282660 |
| Residential REITs | &nbsp;&nbsp; 7804225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7804225 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 11953314 | &nbsp;&nbsp; 16937854 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28891168 |

---

LVIP BlackRock Equity Dividend Fund-10

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Software | &nbsp;&nbsp; $32493228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32493228 |
| Specialized REITs | &nbsp;&nbsp; 13463897 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13463897 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 32327219 | &nbsp;&nbsp; 19718944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52046163 |
| Tobacco | &nbsp;&nbsp; 12412624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12412624 |
| Trading Companies & Distributors | &nbsp;&nbsp; 2564094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2564094 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 9847310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9847310 |
| Money Market Fund | &nbsp;&nbsp; 50866214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50866214 |
| **Total Investments** | &nbsp;&nbsp; $1073533446 | &nbsp;&nbsp; $137439476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1210972922 |

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2072910 | &nbsp;&nbsp; 2727487 |
| Service Class | &nbsp;&nbsp; 436635 | &nbsp;&nbsp; 688010 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2176623 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 570220 |
|  | &nbsp;&nbsp; 2509545 | &nbsp;&nbsp; 6162340 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3694472)<br>| &nbsp;&nbsp; (8711138)<br>|
| Service Class | &nbsp;&nbsp; (817066)<br>| &nbsp;&nbsp; (2404916)<br>|
|  | &nbsp;&nbsp; (4511538)<br>| &nbsp;&nbsp; (11116054)<br>|
| Net decrease | &nbsp;&nbsp; (2001993)<br>| &nbsp;&nbsp; (4953714)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

LVIP BlackRock Equity Dividend Fund-11

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Equity Dividend Fund-12

------

![](img32de7a0b1.jpg)

LVIP BlackRock Global Allocation Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Global Allocation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Consolidated Statement of Net Assets](#xx_30caaf42-42af-4b28-a17e-894c3e1900ce_SOI-continued-352_1)**  | &nbsp;&nbsp; **1** |
| **[Consolidated Statement of Operations](#xx_30caaf42-42af-4b28-a17e-894c3e1900ce_FS-continued-352_1)**  | &nbsp;&nbsp; **61** |
| **[Consolidated Statements of Changes in Net Assets](#xx_30caaf42-42af-4b28-a17e-894c3e1900ce_FS-continued-352_1)**  | &nbsp;&nbsp; **61** |
| **[Consolidated Financial Highlights](#xx_30caaf42-42af-4b28-a17e-894c3e1900ce_FIHI-continued-352_1)**  | &nbsp;&nbsp; **62** |
| **[Notes to Consolidated Financial Statements](#xx_30caaf42-42af-4b28-a17e-894c3e1900ce_NTF-continued-352_1)**  | &nbsp;&nbsp; **64** |

---

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–60.49%** | **ΔCOMMON STOCK–60.49%** | **ΔCOMMON STOCK–60.49%** |
| **Australia–0.28%** | **Australia–0.28%** | **Australia–0.28%** |
| BHP Group Ltd. | 60215 | $1448628 |
| CSL Ltd. | 2983 | 471196 |
| Fortescue Ltd. | 14769 | 148461 |
| †IREN Ltd. | 17900 | 260803 |
| Macquarie Group Ltd. | 3855 | 579814 |
| =†πQuintis Australia Pty. Ltd. | 3249491 | 0 |
| Santos Ltd. | 95736 | 482688 |
| Steadfast Group Ltd. | 21724 | 86041 |
| †Telix Pharmaceuticals Ltd. | 23739 | 381309 |
| Transurban Group | 114126 | 1050069 |
| Woolworths Group Ltd. | 42079 | 861939 |
|  |  | **5770948** |
| **Austria–0.00%** | **Austria–0.00%** | **Austria–0.00%** |
| Raiffeisen Bank <br> International AG<br>| 1872 | 57262 |
|  |  | **57262** |
| **Belgium–0.02%** | **Belgium–0.02%** | **Belgium–0.02%** |
| Elia Group SA | 2777 | 320728 |
|  |  | **320728** |
| **Brazil–0.17%** | **Brazil–0.17%** | **Brazil–0.17%** |
| B3 SA - Brasil Bolsa Balcao | 398956 | 1067682 |
| Banco do Brasil SA | 200651 | 818765 |
| BB Seguridade <br> Participacoes SA<br>| 89634 | 591775 |
| †Eneva SA | 49088 | 124321 |
| Lojas Renner SA | 205713 | 743249 |
| Rede D'Or Sao Luiz SA | 6460 | 42079 |
| XP, Inc. Class A | 3109 | 62802 |
|  |  | **3450673** |
| **Canada–1.19%** | **Canada–1.19%** | **Canada–1.19%** |
| Agnico Eagle Mines Ltd. | 4650 | 554005 |
| Algoma Steel Group, Inc. | 67032 | 461851 |
| Alimentation Couche-Tard, <br> Inc.<br>| 28801 | 1431643 |
| Barrick Mining Corp. | 76230 | 1587017 |
| Cameco Corp. | 96606 | 7171063 |
| Canadian National Railway <br> Co.<br>| 14377 | 1498037 |
| Canadian Natural <br> Resources Ltd.<br>| 33533 | 1053947 |
| Cenovus Energy, Inc. | 58068 | 790160 |
| Constellation Software, <br> Inc.<br>| 282 | 1034024 |
| †Eldorado Gold Corp. | 9297 | 189101 |
| †Lionsgate Studios Corp. | 84585 | 491439 |
| †Lululemon Athletica, Inc. | 741 | 176047 |
| Power Corp. of Canada | 2608 | 101869 |
| †Shopify, Inc. Class A | 5104 | 588679 |
| Suncor Energy, Inc. | 106769 | 3999476 |
| TC Energy Corp. | 33647 | 1642631 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Teck Resources Ltd. <br> Class B<br>| 9574 | $387178 |
| Thomson Reuters Corp. | 8593 | 1728002 |
|  |  | **24886169** |
| **Chile–0.00%** | **Chile–0.00%** | **Chile–0.00%** |
| =†Wom New Holdco | 399 | 11172 |
|  |  | **11172** |
| **China–1.33%** | **China–1.33%** | **China–1.33%** |
| Alibaba Group Holding <br> Ltd.<br>| 531 | 7517 |
| Alibaba Group Holding Ltd. <br> ADR<br>| 12340 | 1399479 |
| Belimo Holding AG | 628 | 640122 |
| BYD Co. Ltd. Class H | 506000 | 7878430 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class A<br>| 88977 | 3136647 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 15600 | 683828 |
| †Great Wall Motor Co. Ltd. <br> Class A<br>| 350127 | 1050222 |
| Haidilao International <br> Holding Ltd.<br>| 98000 | 186844 |
| Hygon Information <br> Technology Co. Ltd. <br> Class A<br>| 20327 | 401373 |
| JD.com, Inc. Class A | 65450 | 1068949 |
| NetEase, Inc. | 64700 | 1743624 |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 39180 | 200985 |
| Shenzhou International <br> Group Holdings Ltd.<br>| 37800 | 270199 |
| Sungrow Power Supply Co. <br> Ltd. Class A<br>| 13300 | 125861 |
| Tencent Holdings Ltd. | 108495 | 6990941 |
| Weichai Power Co. Ltd. <br> Class H<br>| 254000 | 517149 |
| †Xiaomi Corp. Class B | 67600 | 520367 |
| Yum China Holdings, Inc. | 21956 | 981653 |
|  |  | **27804190** |
| **Colombia–0.00%** | **Colombia–0.00%** | **Colombia–0.00%** |
| Grupo Cibest SA ADR | 1920 | 88685 |
|  |  | **88685** |
| **Czech Republic–0.01%** | **Czech Republic–0.01%** | **Czech Republic–0.01%** |
| Komercni Banka AS | 1843 | 89188 |
| Moneta Money Bank AS | 11362 | 78366 |
|  |  | **167554** |
| **Denmark–0.50%** | **Denmark–0.50%** | **Denmark–0.50%** |
| Carlsberg AS Class B | 1428 | 202324 |
| Coloplast AS Class B | 4484 | 426890 |
| DSV AS | 20955 | 5026145 |

---

LVIP BlackRock Global Allocation Fund-1

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| †Genmab AS | 1545 | $320848 |
| Novo Nordisk AS Class B | 64982 | 4502863 |
|  |  | **10479070** |
| **Faeroe Islands–0.05%** | **Faeroe Islands–0.05%** | **Faeroe Islands–0.05%** |
| Vestas Wind Systems AS | 67978 | 1021094 |
|  |  | **1021094** |
| **Finland–0.06%** | **Finland–0.06%** | **Finland–0.06%** |
| Elisa OYJ | 6980 | 387959 |
| Kone OYJ Class B | 8009 | 527639 |
| Sampo OYJ Class A | 32757 | 352547 |
|  |  | **1268145** |
| **France–2.15%** | **France–2.15%** | **France–2.15%** |
| Accor SA | 66836 | 3502773 |
| Airbus SE | 7482 | 1565239 |
| AXA SA | 10430 | 512166 |
| Bouygues SA | 13076 | 591358 |
| Carrefour SA | 31273 | 441144 |
| Cie de Saint-Gobain SA | 54877 | 6446688 |
| Dassault Systemes SE | 30791 | 1115916 |
| Edenred SE | 7544 | 234321 |
| Eiffage SA | 6391 | 898021 |
| Engie SA | 11978 | 281517 |
| EssilorLuxottica SA | 27532 | 7560087 |
| Hermes International SCA | 3379 | 9160014 |
| L'Oreal SA | 780 | 334116 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 7649 | 4003334 |
| Orange SA | 60771 | 925432 |
| Safran SA | 2071 | 675403 |
| Sanofi SA | 56513 | 5471236 |
| Schneider Electric SE | 1265 | 339633 |
| Sodexo SA | 6827 | 420178 |
| †Vivendi SE | 95557 | 329629 |
|  |  | **44808205** |
| **Germany–0.63%** | **Germany–0.63%** | **Germany–0.63%** |
| Allianz SE | 4848 | 1967480 |
| Evonik Industries AG | 22231 | 459261 |
| Merck KGaA | 5548 | 719345 |
| †Northern Data AG | 5262 | 149258 |
| Rheinmetall AG | 4 | 8471 |
| RWE AG | 22002 | 919424 |
| SAP SE | 20323 | 6214359 |
| †Siemens Energy AG | 12435 | 1453415 |
| Symrise AG | 5811 | 609367 |
| Vonovia SE | 15558 | 551584 |
|  |  | **13051964** |
| **Greece–0.02%** | **Greece–0.02%** | **Greece–0.02%** |
| Athens International <br> Airport SA<br>| 12548 | 146153 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 4255 | $80896 |
| National Bank of Greece <br> SA<br>| 6807 | 86794 |
| OPAP SA | 3767 | 85419 |
|  |  | **399262** |
| **Hong Kong–0.15%** | **Hong Kong–0.15%** | **Hong Kong–0.15%** |
| AIA Group Ltd. | 116095 | 1051640 |
| Geely Automobile Holdings <br> Ltd.<br>| 165000 | 336799 |
| †NagaCorp Ltd. | 118000 | 53584 |
| Prudential PLC | 70768 | 885749 |
| Techtronic Industries Co. <br> Ltd.<br>| 66000 | 728242 |
|  |  | **3056014** |
| **Hungary–0.01%** | **Hungary–0.01%** | **Hungary–0.01%** |
| OTP Bank Nyrt | 3553 | 283991 |
|  |  | **283991** |
| **India–0.08%** | **India–0.08%** | **India–0.08%** |
| Axis Bank Ltd. | 2775 | 38811 |
| Bajaj Finance Ltd. | 2840 | 31017 |
| Eicher Motors Ltd. | 1264 | 83391 |
| GAIL India Ltd. | 25747 | 57319 |
| Hindustan Aeronautics <br> Ltd.<br>| 4501 | 255670 |
| Hindustan Petroleum Corp. <br> Ltd.<br>| 8172 | 41761 |
| ICICI Bank Ltd. | 2620 | 44277 |
| Infosys Ltd. | 19572 | 365657 |
| Tata Consultancy Services <br> Ltd.<br>| 20960 | 846375 |
|  |  | **1764278** |
| **Indonesia–0.03%** | **Indonesia–0.03%** | **Indonesia–0.03%** |
| Astra International Tbk. <br> PT<br>| 458000 | 127010 |
| Bank Mandiri Persero Tbk. <br> PT<br>| 753800 | 226430 |
| Bank Syariah Indonesia <br> Tbk. PT<br>| 336363 | 53486 |
| Ciputra Development Tbk. <br> PT<br>| 2173200 | 128124 |
| Mitra Adiperkasa Tbk. PT | 862700 | 62656 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 227400 | 38904 |
|  |  | **636610** |
| **Ireland–1.10%** | **Ireland–1.10%** | **Ireland–1.10%** |
| Accenture PLC Class A | 4996 | 1493255 |
| Experian PLC | 9590 | 494520 |
| †James Hardie Industries <br> PLC CDI<br>| 18225 | 489402 |

---

LVIP BlackRock Global Allocation Fund-2

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Kingspan Group PLC | 8415 | $717037 |
| Medtronic PLC | 87402 | 7618832 |
| †PDD Holdings, Inc. ADR | 308 | 32235 |
| TE Connectivity PLC | 3237 | 545985 |
| Trane Technologies PLC | 26475 | 11580430 |
|  |  | **22971696** |
| **Israel–0.35%** | **Israel–0.35%** | **Israel–0.35%** |
| †CyberArk Software Ltd. | 17033 | 6930387 |
| †Etoro Group Ltd. Class A | 7156 | 476518 |
|  |  | **7406905** |
| **Italy–1.23%** | **Italy–1.23%** | **Italy–1.23%** |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 25944 | 220046 |
| BPER Banca SpA | 73539 | 667460 |
| Ferrari NV | 4454 | 2182063 |
| FinecoBank Banca Fineco <br> SpA<br>| 9124 | 202403 |
| Intesa Sanpaolo SpA | 1781983 | 10264956 |
| Leonardo SpA | 6806 | 384041 |
| Prysmian SpA | 13845 | 980215 |
| UniCredit SpA | 160949 | 10797000 |
|  |  | **25698184** |
| **Japan–1.72%** | **Japan–1.72%** | **Japan–1.72%** |
| Asahi Intecc Co. Ltd. | 22400 | 354368 |
| Asahi Kasei Corp. | 34700 | 247021 |
| Canon, Inc. | 25700 | 745396 |
| Dai-ichi Life Holdings, Inc. | 144300 | 1097056 |
| Daiichi Sankyo Co. Ltd. | 50373 | 1167046 |
| Daikin Industries Ltd. | 10095 | 1184988 |
| Daiwa Securities Group, <br> Inc.<br>| 29200 | 207379 |
| Ebara Corp. | 22700 | 435333 |
| ENEOS Holdings, Inc. | 168300 | 834235 |
| FANUC Corp. | 8945 | 242832 |
| Fast Retailing Co. Ltd. | 1100 | 377150 |
| FUJIFILM Holdings Corp. | 38583 | 835537 |
| GMO Payment Gateway, <br> Inc.<br>| 6600 | 426879 |
| Hoya Corp. | 4700 | 558182 |
| Idemitsu Kosan Co. Ltd. | 56700 | 343850 |
| Isetan Mitsukoshi Holdings <br> Ltd.<br>| 22100 | 336503 |
| J Front Retailing Co. Ltd. | 2900 | 39406 |
| Japan Exchange Group, <br> Inc.<br>| 58700 | 594632 |
| Japan Post Bank Co. Ltd. | 178100 | 1920012 |
| Japan Post Holdings Co. <br> Ltd.<br>| 59000 | 546471 |
| Japan Tobacco, Inc. | 27300 | 804242 |
| Kakaku.com, Inc. | 18600 | 344921 |
| Kansai Paint Co. Ltd. | 16971 | 232684 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Kawasaki Kisen Kaisha <br> Ltd.<br>| 30300 | $429110 |
| Keyence Corp. | 3000 | 1199484 |
| Komatsu Ltd. | 20800 | 686266 |
| Kuraray Co. Ltd. | 29100 | 370044 |
| LY Corp. | 189800 | 698958 |
| Mazda Motor Corp. | 55700 | 335046 |
| MISUMI Group, Inc. | 23400 | 312588 |
| Mitsubishi Corp. | 10100 | 201817 |
| Mitsubishi Electric Corp. | 21071 | 453215 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 131561 | 1793649 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 15900 | 355454 |
| Murata Manufacturing Co. <br> Ltd.<br>| 102700 | 1517976 |
| Nexon Co. Ltd. | 47500 | 956726 |
| NIDEC Corp. | 36600 | 711251 |
| Nikon Corp. | 21500 | 220431 |
| Nintendo Co. Ltd. | 200 | 19206 |
| Nippon Paint Holdings Co. <br> Ltd.<br>| 65156 | 524001 |
| Nippon Yusen KK | 21500 | 773461 |
| Nissan Chemical Corp. | 13300 | 405618 |
| Nomura Holdings, Inc. | 54500 | 359139 |
| Obayashi Corp. | 26900 | 407584 |
| Olympus Corp. | 56500 | 671125 |
| Rakus Co. Ltd. | 18721 | 300079 |
| †Rakuten Group, Inc. | 63000 | 347141 |
| Rohto Pharmaceutical Co. <br> Ltd.<br>| 18000 | 255102 |
| Santen Pharmaceutical Co. <br> Ltd.<br>| 24363 | 279576 |
| Shimizu Corp. | 58700 | 655665 |
| Socionext, Inc. | 26800 | 513441 |
| SoftBank Group Corp. | 3400 | 247200 |
| Sojitz Corp. | 1100 | 27031 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 53400 | 1344663 |
| Suzuki Motor Corp. | 74200 | 894572 |
| TDK Corp. | 16000 | 186761 |
| Tokio Marine Holdings, <br> Inc.<br>| 13100 | 555192 |
| Tokyo Electron Ltd. | 1200 | 229811 |
| TOTO Ltd. | 18600 | 468366 |
| Toyota Tsusho Corp. | 23700 | 536835 |
| Trend Micro, Inc. | 9056 | 626366 |
| Unicharm Corp. | 61600 | 444800 |
| Yamaha Motor Co. Ltd. | 68940 | 515883 |
| Yaskawa Electric Corp. | 4800 | 108543 |
|  |  | **35815299** |
| **Jersey–0.00%** | **Jersey–0.00%** | **Jersey–0.00%** |
| †Wizz Air Holdings PLC | 6235 | 93617 |
|  |  | **93617** |

---

LVIP BlackRock Global Allocation Fund-3

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** |
| Halyk Savings Bank of <br> Kazakhstan JSC GDR<br>| 3455 | $84908 |
| Kaspi.KZ JSC ADR | 2053 | 174279 |
|  |  | **259187** |
| **Macau–0.02%** | **Macau–0.02%** | **Macau–0.02%** |
| Wynn Macau Ltd. | 596859 | 413091 |
|  |  | **413091** |
| **Malaysia–0.01%** | **Malaysia–0.01%** | **Malaysia–0.01%** |
| CIMB Group Holdings Bhd. | 29900 | 48225 |
| Frontken Corp. Bhd. | 118700 | 111793 |
|  |  | **160018** |
| **Mexico–0.10%** | **Mexico–0.10%** | **Mexico–0.10%** |
| Cemex SAB de CV | 336197 | 232737 |
| Fomento Economico <br> Mexicano SAB de CV<br>| 3938 | 40512 |
| Fresnillo PLC | 33336 | 662615 |
| Grupo Aeroportuario del <br> Sureste SAB de CV <br> Class B<br>| 3495 | 111568 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 118774 | 1089914 |
| Grupo Mexico SAB de CV | 6940 | 41885 |
|  |  | **2179231** |
| **Netherlands–1.15%** | **Netherlands–1.15%** | **Netherlands–1.15%** |
| †Argenx SE | 1366 | 756194 |
| †Argenx SE ADR | 796 | 438771 |
| ASML Holding NV | 17062 | 13672411 |
| ING Groep NV | 69431 | 1521767 |
| Koninklijke KPN NV | 199999 | 975633 |
| Koninklijke Vopak NV | 3702 | 183876 |
| NXP Semiconductors NV | 13858 | 3027834 |
| Prosus NV | 48521 | 2722343 |
| Stellantis NV | 40123 | 401877 |
| Universal Music Group NV | 7898 | 256216 |
|  |  | **23956922** |
| **New Zealand–0.00%** | **New Zealand–0.00%** | **New Zealand–0.00%** |
| †Xero Ltd. | 388 | 45914 |
|  |  | **45914** |
| **Norway–0.08%** | **Norway–0.08%** | **Norway–0.08%** |
| DNB Bank ASA | 11470 | 317198 |
| Kongsberg Gruppen ASA | 22991 | 891525 |
| Telenor ASA | 30950 | 481959 |
|  |  | **1690682** |
| **Peru–0.04%** | **Peru–0.04%** | **Peru–0.04%** |
| Credicorp Ltd. | 3573 | 798637 |
|  |  | **798637** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Philippines–0.01%** | **Philippines–0.01%** | **Philippines–0.01%** |
| Ayala Land, Inc. | 155300 | $74521 |
| Bloomberry Resorts Corp. | 351100 | 31884 |
| DigiPlus Interactive Corp. | 66110 | 61043 |
| International Container <br> Terminal Services, Inc.<br>| 8020 | 58469 |
| Metropolitan Bank & Trust <br> Co.<br>| 47680 | 61367 |
|  |  | **287284** |
| **Poland–0.05%** | **Poland–0.05%** | **Poland–0.05%** |
| LPP SA | 48 | 195629 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 52218 | 913141 |
|  |  | **1108770** |
| **Portugal–0.01%** | **Portugal–0.01%** | **Portugal–0.01%** |
| Jeronimo Martins SGPS SA | 5013 | 126919 |
|  |  | **126919** |
| **Republic of Korea–0.33%** | **Republic of Korea–0.33%** | **Republic of Korea–0.33%** |
| GS Engineering & <br> Construction Corp.<br>| 10074 | 154542 |
| HD Hyundai Mipo | 2963 | 461547 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 980 | 264640 |
| KB Financial Group, Inc. | 7221 | 593395 |
| Kia Corp. | 7815 | 559197 |
| †Krafton, Inc. | 2164 | 581011 |
| KT&G Corp. | 5254 | 495906 |
| Misto Holdings Corp. | 2328 | 61513 |
| NAVER Corp. | 8681 | 1685719 |
| Samsung Electronics Co. <br> Ltd.<br>| 23160 | 1024172 |
| SK Hynix, Inc. | 4469 | 962987 |
|  |  | **6844629** |
| **Saudi Arabia–0.04%** | **Saudi Arabia–0.04%** | **Saudi Arabia–0.04%** |
| Al Rajhi Bank | 12146 | 306357 |
| Elm Co. | 317 | 84642 |
| Etihad Etisalat Co. | 12357 | 195379 |
| Saudi Basic Industries <br> Corp.<br>| 3623 | 52792 |
| Saudi National Bank | 4940 | 47565 |
| Yanbu National <br> Petrochemical Co.<br>| 8920 | 71868 |
|  |  | **758603** |
| **Singapore–0.01%** | **Singapore–0.01%** | **Singapore–0.01%** |
| UOL Group Ltd. | 22394 | 108957 |
|  |  | **108957** |
| **South Africa–0.11%** | **South Africa–0.11%** | **South Africa–0.11%** |
| FirstRand Ltd. | 151573 | 647950 |

---

LVIP BlackRock Global Allocation Fund-4

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Harmony Gold Mining Co. <br> Ltd.<br>| 49497 | $688699 |
| Kumba Iron Ore Ltd. | 7185 | 115682 |
| Mr. Price Group Ltd. | 23471 | 294253 |
| Valterra Platinum Ltd. | 10722 | 477419 |
|  |  | **2224003** |
| **Spain–0.59%** | **Spain–0.59%** | **Spain–0.59%** |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 172265 | 2652584 |
| Banco de Sabadell SA | 279317 | 889220 |
| Bankinter SA | 66327 | 865864 |
| CaixaBank SA | 193604 | 1677543 |
| †Cellnex Telecom SA | 124701 | 4855640 |
| Industria de Diseno Textil <br> SA<br>| 13447 | 701486 |
| Repsol SA | 44638 | 652893 |
|  |  | **12295230** |
| **Sweden–0.28%** | **Sweden–0.28%** | **Sweden–0.28%** |
| Atlas Copco AB Class A | 40182 | 649582 |
| †Boliden AB | 12440 | 388743 |
| Evolution AB | 12865 | 1021778 |
| Investor AB Class B | 26245 | 777728 |
| †Spotify Technology SA | 2587 | 1985109 |
| SSAB AB Class A | 23984 | 144334 |
| SSAB AB Class B | 47847 | 283216 |
| =†πVolta | 1948 | 0 |
| Volvo AB Class B | 24180 | 680367 |
|  |  | **5930857** |
| **Switzerland–0.68%** | **Switzerland–0.68%** | **Switzerland–0.68%** |
| ABB Ltd. | 5322 | 318941 |
| Alcon AG | 8218 | 728796 |
| Galderma Group AG | 11331 | 1647025 |
| Garmin Ltd. | 790 | 164889 |
| Geberit AG | 2135 | 1681408 |
| Holcim AG | 7741 | 574840 |
| Kuehne & Nagel <br> International AG<br>| 5383 | 1165650 |
| Logitech International SA | 12654 | 1147521 |
| Novartis AG | 7996 | 970532 |
| Partners Group Holding <br> AG<br>| 1640 | 2145655 |
| Roche Holding AG | 3501 | 1142795 |
| SGS SA | 6085 | 617844 |
| STMicroelectronics NV | 30555 | 936877 |
| Straumann Holding AG | 866 | 113351 |
| Zurich Insurance Group <br> AG<br>| 1345 | 941127 |
|  |  | **14297251** |
| **Taiwan–1.06%** | **Taiwan–1.06%** | **Taiwan–1.06%** |
| Accton Technology Corp. | 6000 | 149962 |
| Airtac International Group | 14000 | 416823 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| ASMedia Technology, Inc. | 5000 | $327203 |
| Genius Electronic Optical <br> Co. Ltd.<br>| 34685 | 497131 |
| Global Unichip Corp. | 9000 | 402559 |
| International Games <br> System Co. Ltd.<br>| 20000 | 587115 |
| King Slide Works Co. Ltd. | 4000 | 278451 |
| MediaTek, Inc. | 30060 | 1288031 |
| Realtek Semiconductor <br> Corp.<br>| 54682 | 1061979 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 448000 | 16383067 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 2998 | 679017 |
|  |  | **22071338** |
| **Thailand–0.04%** | **Thailand–0.04%** | **Thailand–0.04%** |
| CP ALL PCL | 123500 | 167276 |
| †Sea Ltd. ADR | 3515 | 562189 |
| †True Corp. PCL NVDR | 236100 | 80749 |
|  |  | **810214** |
| **Turkey–0.01%** | **Turkey–0.01%** | **Turkey–0.01%** |
| Akbank TAS | 68498 | 117387 |
| Turkiye Is Bankasi AS <br> Class C<br>| 461825 | 154994 |
|  |  | **272381** |
| **United Arab Emirates–0.03%** | **United Arab Emirates–0.03%** | **United Arab Emirates–0.03%** |
| Abu Dhabi Commercial <br> Bank PJSC<br>| 20898 | 76706 |
| Air Arabia PJSC | 82348 | 76901 |
| Aldar Properties PJSC | 40946 | 99499 |
| Borouge PLC | 124985 | 86482 |
| Emaar Development PJSC | 17079 | 62878 |
| Emaar Properties PJSC | 84409 | 313127 |
| =†NMC Health PLC | 123425 | 0 |
|  |  | **715593** |
| **United Kingdom–3.67%** | **United Kingdom–3.67%** | **United Kingdom–3.67%** |
| Admiral Group PLC | 17453 | 783754 |
| Amcor PLC | 91418 | 840131 |
| AstraZeneca PLC | 6625 | 921996 |
| BAE Systems PLC | 608594 | 15794754 |
| BP PLC | 78407 | 390647 |
| British American Tobacco <br> PLC<br>| 23769 | 1130128 |
| Bunzl PLC | 13250 | 422231 |
| Compass Group PLC | 282322 | 9562802 |
| †Genius Sports Ltd. | 68687 | 714345 |
| GSK PLC | 57117 | 1089019 |
| Imperial Brands PLC | 14031 | 554367 |
| J Sainsbury PLC | 220576 | 877861 |
| Lion Finance Group PLC | 1547 | 150682 |

---

LVIP BlackRock Global Allocation Fund-5

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Lloyds Banking Group PLC | 480784 | $505552 |
| Marks & Spencer Group <br> PLC<br>| 121929 | 593431 |
| National Grid PLC | 834432 | 12248342 |
| NatWest Group PLC | 145112 | 1019115 |
| RELX PLC | 247575 | 13417987 |
| Rolls-Royce Holdings PLC | 253299 | 3356882 |
| Shell PLC | 348721 | 12246911 |
|  |  | **76620937** |
| **United States–40.99%** | **United States–40.99%** | **United States–40.99%** |
| AbbVie, Inc. | 6551 | 1215997 |
| ∞†Adobe, Inc. | 8068 | 3121348 |
| †Advanced Micro Devices, <br> Inc.<br>| 1879 | 266630 |
| Agilent Technologies, Inc. | 952 | 112346 |
| Air Products & Chemicals, <br> Inc.<br>| 12743 | 3594291 |
| †Airbnb, Inc. Class A | 3798 | 502627 |
| Alphabet, Inc. Class C | 139849 | 24807814 |
| Altria Group, Inc. | 22798 | 1336647 |
| †Amazon.com, Inc. | 173152 | 37987817 |
| †AMC Networks, Inc. <br> Class A<br>| 10929 | 68525 |
| †Amentum Holdings, Inc. | 30994 | 731768 |
| Amgen, Inc. | 2767 | 772574 |
| Amphenol Corp. Class A | 17892 | 1766835 |
| †Amrize Ltd. | 7741 | 386148 |
| Analog Devices, Inc. | 1064 | 253253 |
| †ANSYS, Inc. | 2938 | 1031884 |
| Apollo Global Management, <br> Inc.<br>| 44099 | 6256325 |
| Apple, Inc. | 157925 | 32401472 |
| Applied Materials, Inc. | 6930 | 1268675 |
| †Arista Networks, Inc. | 12003 | 1228027 |
| AT&T, Inc. | 72769 | 2105935 |
| Automatic Data Processing, <br> Inc.<br>| 2363 | 728749 |
| †Avaya Holdings Corp. | 121 | 934 |
| Ball Corp. | 7914 | 443896 |
| Bank of America Corp. | 265285 | 12553286 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 228 | 110756 |
| Best Buy Co., Inc. | 10688 | 717485 |
| †Boeing Co. | 60484 | 12673212 |
| Booking Holdings, Inc. | 300 | 1736772 |
| †Boston Scientific Corp. | 118069 | 12681791 |
| Broadcom, Inc. | 78704 | 21694758 |
| †Cadence Design Systems, <br> Inc.<br>| 10450 | 3220167 |
| †Caesars Entertainment, <br> Inc.<br>| 10015 | 284326 |
| Capital One Financial <br> Corp.<br>| 84982 | 18080770 |
| =†πCaresyntax, Inc. | 2497 | 9139 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †CarMax, Inc. | 25992 | $1746922 |
| Carrier Global Corp. | 7080 | 518185 |
| CF Industries Holdings, <br> Inc.<br>| 15426 | 1419192 |
| †Charter Communications, <br> Inc. Class A<br>| 1929 | 788594 |
| Cheniere Energy, Inc. | 3603 | 877403 |
| Chevron Corp. | 30711 | 4397508 |
| Cintas Corp. | 4053 | 903292 |
| Cisco Systems, Inc. | 110168 | 7643456 |
| Citigroup, Inc. | 151883 | 12928281 |
| Clorox Co. | 1646 | 197635 |
| Comerica, Inc. | 1401 | 83570 |
| †CommScope Holding Co., <br> Inc.<br>| 34359 | 284493 |
| †Confluent, Inc. Class A | 187553 | 4675696 |
| Costco Wholesale Corp. | 17892 | 17712006 |
| CRH PLC | 71652 | 6577654 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 3625 | 1846249 |
| =†πCrown PropTech <br> Acquisitions<br>| 7060 | 0 |
| =†Crown PropTech <br> Acquisitions Class A<br>| 8069 | 91825 |
| Danaher Corp. | 16748 | 3308400 |
| †Datadog, Inc. Class A | 23813 | 3198800 |
| †DaVita, Inc. | 5580 | 794871 |
| Delta Air Lines, Inc. | 54563 | 2683408 |
| †Dexcom, Inc. | 12855 | 1122113 |
| Digital Realty Trust, Inc. | 1429 | 249118 |
| †DoorDash, Inc. Class A | 2383 | 587433 |
| Dr. Horton, Inc. | 24250 | 3126310 |
| †DraftKings, Inc. Class A | 29830 | 1279409 |
| Duke Energy Corp. | 12600 | 1486800 |
| DuPont de Nemours, Inc. | 16058 | 1101418 |
| eBay, Inc. | 9378 | 698286 |
| Edison International | 12480 | 643968 |
| †Edwards Lifesciences <br> Corp.<br>| 11938 | 933671 |
| Electronic Arts, Inc. | 6530 | 1042841 |
| Eli Lilly & Co. | 25660 | 20002740 |
| Enterprise Products <br> Partners LP<br>| 17813 | 552381 |
| EOG Resources, Inc. | 23629 | 2826265 |
| †EPAM Systems, Inc. | 617 | 109098 |
| =†πEpic Games, Inc. | 3175 | 2335657 |
| EQT Corp. | 97071 | 5661181 |
| Erie Indemnity Co. Class A | 2358 | 817731 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 5533 | 447066 |
| Eversource Energy | 10140 | 645107 |
| =†πExo, Inc. | 1035 | 373 |
| FactSet Research Systems, <br> Inc.<br>| 852 | 381083 |
| †Fair Isaac Corp. | 629 | 1149787 |

---

LVIP BlackRock Global Allocation Fund-6

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| =†πFanatics Holdings, Inc. | 37931 | $2309998 |
| =†πFarmers Business Network, <br> Inc.<br>| 24139 | 31139 |
| Fifth Third Bancorp | 16708 | 687200 |
| First Citizens BancShares, <br> Inc. Class A<br>| 251 | 491074 |
| First Horizon Corp. | 7872 | 166886 |
| †Fiserv, Inc. | 14224 | 2452360 |
| Flagstar Financial, Inc. | 68261 | 723567 |
| Flowco Holdings, Inc. <br> Class A<br>| 20291 | 361383 |
| †Flutter Entertainment <br> PLC<br>| 12203 | 3487129 |
| †Fortinet, Inc. | 23530 | 2487592 |
| Fox Corp. Class A | 42849 | 2401258 |
| Freeport-McMoRan, Inc. | 121408 | 5263037 |
| GE Vernova, Inc. | 2723 | 1440875 |
| Gen Digital, Inc. | 17356 | 510266 |
| General Dynamics Corp. | 1682 | 490572 |
| General Electric Co. | 8443 | 2173144 |
| General Motors Co. | 2992 | 147236 |
| Gilead Sciences, Inc. | 7921 | 878201 |
| Global Payments, Inc. | 1368 | 109495 |
| =†πGrand Rounds, Inc. | 1035048 | 817688 |
| Hess Corp. | 20742 | 2873597 |
| Hewlett Packard <br> Enterprise Co.<br>| 26033 | 532375 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 18719 | 4985618 |
| Home Depot, Inc. | 28134 | 10315050 |
| Howmet Aerospace, Inc. | 13090 | 2436442 |
| HP, Inc. | 95798 | 2343219 |
| Humana, Inc. | 482 | 117839 |
| Huntington Ingalls <br> Industries, Inc.<br>| 3932 | 949421 |
| †iHeartMedia, Inc. Class A | 721 | 1269 |
| Intuit, Inc. | 11374 | 8958504 |
| †Intuitive Surgical, Inc. | 15940 | 8661955 |
| Invesco Ltd. | 62205 | 980973 |
| †IQVIA Holdings, Inc. | 2298 | 362142 |
| Jabil, Inc. | 9100 | 1984710 |
| =†πJawbone, Inc. | 32637 | 0 |
| Johnson & Johnson | 14255 | 2177451 |
| JPMorgan Chase & Co. | 49578 | 14373158 |
| Lam Research Corp. | 17287 | 1682717 |
| Las Vegas Sands Corp. | 46958 | 2043143 |
| †Live Nation Entertainment, <br> Inc.<br>| 42809 | 6476145 |
| Lockheed Martin Corp. | 8956 | 4147882 |
| †Lumen Technologies, Inc. | 128113 | 561135 |
| LyondellBasell Industries <br> NV Class A<br>| 10704 | 619333 |
| Marathon Petroleum Corp. | 4607 | 765269 |
| MarketAxess Holdings, <br> Inc.<br>| 5052 | 1128314 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Marsh & McLennan Cos., <br> Inc.<br>| 62317 | $13624989 |
| Marvell Technology, Inc. | 21610 | 1672614 |
| †Masimo Corp. | 15653 | 2633148 |
| Mastercard, Inc. Class A | 18097 | 10169428 |
| Match Group, Inc. | 81999 | 2532949 |
| McKesson Corp. | 13523 | 9909384 |
| Merck & Co., Inc. | 17073 | 1351499 |
| Meta Platforms, Inc. <br> Class A<br>| 34783 | 25672984 |
| †Mettler-Toledo <br> International, Inc.<br>| 458 | 538022 |
| †MGM Resorts <br> International<br>| 1911 | 65719 |
| Microchip Technology, Inc. | 11896 | 837122 |
| Micron Technology, Inc. | 78681 | 9697433 |
| ∞Microsoft Corp. | 102329 | 50899468 |
| †πMNTN, Inc. | 20836 | 455683 |
| †Moderna, Inc. | 11787 | 325203 |
| Molson Coors Beverage Co. <br> Class B<br>| 3049 | 146626 |
| Mosaic Co. | 26170 | 954682 |
| MSCI, Inc. | 3652 | 2106254 |
| =†πMythic AI, Inc. | 685 | 0 |
| †Netflix, Inc. | 7773 | 10409057 |
| NextEra Energy, Inc. | 126011 | 8747684 |
| NIKE, Inc. Class B | 5223 | 371042 |
| Northern Trust Corp. | 4392 | 556862 |
| Northrop Grumman Corp. | 1940 | 969961 |
| NRG Energy, Inc. | 11088 | 1780511 |
| Nucor Corp. | 4301 | 557152 |
| NVIDIA Corp. | 312741 | 49409951 |
| †Opendoor Technologies, <br> Inc.<br>| 55264 | 29456 |
| Oracle Corp. | 62093 | 13575393 |
| Otis Worldwide Corp. | 4694 | 464800 |
| †Palantir Technologies, Inc. <br> Class A<br>| 3007 | 409914 |
| †Palladyne AI Corp. | 2338 | 20247 |
| †Palo Alto Networks, Inc. | 7705 | 1576751 |
| Paramount Global Class B | 10697 | 137991 |
| Paychex, Inc. | 1574 | 228954 |
| †PayPal Holdings, Inc. | 16635 | 1236313 |
| PepsiCo, Inc. | 18002 | 2376984 |
| Philip Morris International, <br> Inc.<br>| 8938 | 1627878 |
| Phillips 66 | 5488 | 654718 |
| PNC Financial Services <br> Group, Inc.<br>| 14998 | 2795927 |
| Principal Financial Group, <br> Inc.<br>| 20537 | 1631254 |
| Progressive Corp. | 50158 | 13385164 |
| QUALCOMM, Inc. | 3379 | 538140 |
| ResMed, Inc. | 2446 | 631068 |
| Rockwell Automation, Inc. | 2046 | 679620 |

---

LVIP BlackRock Global Allocation Fund-7

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| RTX Corp. | 2794 | $407980 |
| S&P Global, Inc. | 3446 | 1817041 |
| Salesforce, Inc. | 41638 | 11354266 |
| =†πSalt Pay Co. Ltd. | 331 | 90989 |
| †ServiceTitan, Inc. Class A | 36379 | 3899101 |
| =†πSnorkel AI, Inc. | 4461 | 42736 |
| †Snowflake, Inc. Class A | 9484 | 2122235 |
| Solaris Energy <br> Infrastructure, Inc. <br> Class A<br>| 55889 | 1581100 |
| =†Source Global PBC | 8696 | 696 |
| Southwest Airlines Co. | 14870 | 482383 |
| †Starz Entertainment Corp. | 3456 | 55538 |
| State Street Corp. | 8668 | 921755 |
| Stryker Corp. | 24919 | 9858704 |
| Synchrony Financial | 24299 | 1621715 |
| T. Rowe Price Group, Inc. | 13265 | 1280072 |
| †Take-Two Interactive <br> Software, Inc.<br>| 5039 | 1223721 |
| †Tesla, Inc. | 23989 | 7620346 |
| Texas Instruments, Inc. | 2929 | 608119 |
| Textron, Inc. | 22153 | 1778664 |
| TJX Cos., Inc. | 69664 | 8602807 |
| T-Mobile U.S., Inc. | 5520 | 1315195 |
| Toll Brothers, Inc. | 7002 | 799138 |
| Tractor Supply Co. | 14612 | 771075 |
| TransDigm Group, Inc. | 9889 | 15037609 |
| †Uber Technologies, Inc. | 52031 | 4854492 |
| †Ulta Beauty, Inc. | 1245 | 582436 |
| Union Pacific Corp. | 35559 | 8181415 |
| †United Airlines Holdings, <br> Inc.<br>| 28311 | 2254405 |
| UnitedHealth Group, Inc. | 2888 | 900969 |
| Universal Health Services, <br> Inc. Class B<br>| 4525 | 819704 |
| Valero Energy Corp. | 54517 | 7328175 |
| Ventas, Inc. | 7399 | 467247 |
| Venture Global, Inc. <br> Class A<br>| 13168 | 205157 |
| Verizon Communications, <br> Inc.<br>| 61380 | 2655913 |
| †Vertex Pharmaceuticals, <br> Inc.<br>| 1334 | 593897 |
| Vertiv Holdings Co. Class A | 84878 | 10899184 |
| Viatris, Inc. | 57254 | 511278 |
| Viper Energy, Inc. | 12752 | 486234 |
| Visa, Inc. Class A | 5133 | 1822472 |
| Vistra Corp. | 47085 | 9125544 |
| Walgreens Boots Alliance, <br> Inc.<br>| 36403 | 417906 |
| Walmart, Inc. | 154374 | 15094690 |
| Walt Disney Co. | 66174 | 8206238 |
| †Warner Bros Discovery, <br> Inc.<br>| 73062 | 837290 |
| Waste Management, Inc. | 3685 | 843202 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Waters Corp. | 1197 | $417801 |
| Wells Fargo & Co. | 181540 | 14544985 |
| Western Digital Corp. | 9345 | 597987 |
| Williams Cos., Inc. | 90596 | 5690335 |
| †Workday, Inc. Class A | 5001 | 1200240 |
| Yum! Brands, Inc. | 4773 | 707263 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 6948 | 633727 |
| Zoetis, Inc. | 2427 | 378491 |
|  |  | **855885677** |
| **Uruguay–0.09%** | **Uruguay–0.09%** | **Uruguay–0.09%** |
| †MercadoLibre, Inc. | 732 | 1913177 |
|  |  | **1913177** |
| **Total Common Stock** <br>**(Cost $880,159,420)** | **Total Common Stock** <br>**(Cost $880,159,420)** | **1263087217** |
| **ΔCONVERTIBLE PREFERRED STOCKS–0.44%** | **ΔCONVERTIBLE PREFERRED STOCKS–0.44%** | **ΔCONVERTIBLE PREFERRED STOCKS–0.44%** |
| **United States–0.44%** | **United States–0.44%** | **United States–0.44%** |
| =†πDatabricks, Inc. Series F | 60501 | 6544998 |
| =†πDatabricks, Inc. Series G | 16533 | 1788540 |
| =†πGM Cruise Holdings LLC <br> Class G<br>| 27806 | 27806 |
| †Wells Fargo & Co. Series L <br> Class A<br>| 617 | 724438 |
| **Total Convertible Preferred Stocks** <br>**(Cost $6,040,578)** | **Total Convertible Preferred Stocks** <br>**(Cost $6,040,578)** | **9085782** |
| **ΔPREFERRED STOCKS–0.84%** | **ΔPREFERRED STOCKS–0.84%** | **ΔPREFERRED STOCKS–0.84%** |
| **Brazil–0.04%** | **Brazil–0.04%** | **Brazil–0.04%** |
| Banco Bradesco SA 5.63% | 187776 | 580979 |
| Gerdau SA 4.00% | 115428 | 339925 |
|  |  | **920904** |
| **Germany–0.02%** | **Germany–0.02%** | **Germany–0.02%** |
| Henkel AG & Co. KGaA <br> 3.06%<br>| 5302 | 416650 |
|  |  | **416650** |
| **United Kingdom–0.03%** | **United Kingdom–0.03%** | **United Kingdom–0.03%** |
| =†π10X Future Technologies <br> Services Ltd. Series D<br>| 46779 | 683207 |
|  |  | **683207** |
| **United States–0.75%** | **United States–0.75%** | **United States–0.75%** |
| =†πBreeze Aviation Group, Inc. <br> Series B<br>| 1998 | 303197 |
| =†πBytedance Ltd. Series E1 | 23481 | 5448531 |
| •Citigroup Capital XIII <br> 10.91% 10/30/40<br>| 51122 | 1504009 |
| =†πDream Finders Homes, Inc. | 2409 | 2372865 |
| =†πExo, Inc. Series D | 48140 | 35624 |
| =†πJumpcloud, Inc. Series E1 <br> Series E-1<br>| 491634 | 1199587 |

---

LVIP BlackRock Global Allocation Fund-8

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| =†πJumpcloud, Inc. Series F <br> Series F<br>| 32336 | $78900 |
| =†Lessen Holdings, Inc. | 53911 | 118065 |
| =†πLoadsmart, Inc. Series C <br> Series C<br>| 96249 | 564019 |
| =†πLoadsmart, Inc. Series D <br> Series D<br>| 8526 | 77928 |
| =†πNeon Pagamentos SA | 3076 | 1254885 |
| =†πNoodle Partners, Inc. Series <br> C<br>| 69413 | 69413 |
| =†πPsiQuantum Corp. Series D | 14776 | 601974 |
| =†πRelativity Space, Inc. Series <br> E<br>| 29214 | 292 |
| =†πSambaNova Systems, Inc. <br> Series C Series C<br>| 16831 | 748475 |
| =†πSambaNova Systems, Inc. <br> Series D Series D<br>| 5355 | 283119 |
| =†πSnorkel AI, Inc. Series C | 15980 | 153088 |
| =†πUrsa Major Technologies, <br> Inc.<br>| 102993 | 394463 |
| =†πVerge Genomics, Inc. Series <br> B<br>| 108057 | 207469 |
| =†Veritas Kapital Assurance <br> PLC Series G1<br>| 2783 | 62618 |
| =†Veritas Kapital Assurance <br> PLC Series G<br>| 4028 | 90630 |
|  |  | **15569151** |
| **Total Preferred Stocks** <br>**(Cost $21,560,338)** | **Total Preferred Stocks** <br>**(Cost $21,560,338)** | **17589912** |
| **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** |
| **Brazil–0.00%** | **Brazil–0.00%** | **Brazil–0.00%** |
| †Lavoro Ltd. exp 12/27/27 <br> exercise price USD 11.5000<br>| 6063 | 218 |
|  |  | **218** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| =†Crown PropTech <br> Acquisitions exp 12/31/27 <br> exercise price USD 11.5000<br>| 12103 | 30 |
| †EVgo, Inc. exp 7/01/26 <br> exercise price USD 11.5000<br>| 16129 | 3548 |
| †Hippo Holdings, Inc. exp <br> 8/02/26 exercise price USD <br> 287.5000<br>| 12653 | 168 |
| =†Latch, Inc. exp 6/04/26 <br> exercise price USD 11.5000<br>| 20232 | 2 |
| †Offerpad Solutions, Inc. exp <br> 9/01/26 exercise price USD <br> 11.5000<br>| 22210 | 223 |
| †Palladyne AI Corp. exp <br> 9/24/26 exercise price USD <br> 11.5000<br>| 44727 | 17086 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| =†πSonder Holdings, Inc. exp <br> 12/31/99 exercise price <br> USD 1.0000<br>| 3371 | $9068 |
| =†πSonder Holdings, Inc. exp <br> 12/31/99 exercise price <br> USD 1.0000<br>| 33652 | 63603 |
|  |  | **93728** |
| **Total Warrants** <br>**(Cost $153,096)** | **Total Warrants** <br>**(Cost $153,096)** | **93946** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **ΔCONVERTIBLE BONDS–0.26%** | **ΔCONVERTIBLE BONDS–0.26%** | **ΔCONVERTIBLE BONDS–0.26%** |
| **Australia–0.02%** | **Australia–0.02%** | **Australia–0.02%** |
| IREN Ltd. 3.50%, exercise <br> price $3.5000 12/15/29<br>| 299000 | 386607 |
|  |  | **386607** |
| **Austria–0.02%** | **Austria–0.02%** | **Austria–0.02%** |
| ams-OSRAM AG 2.13%, <br> exercise price $2.1250 <br> 11/3/27<br>| 500000 | 552930 |
|  |  | **552930** |
| **Bermuda–0.01%** | **Bermuda–0.01%** | **Bermuda–0.01%** |
| Golar LNG Ltd. 2.75%, <br> exercise price $2.7500 <br> 12/15/30<br>| 168000 | 172200 |
|  |  | **172200** |
| **Chile–0.01%** | **Chile–0.01%** | **Chile–0.01%** |
| WOM Chile Holdco SpA 5.00%, <br> exercise price $5.0000 <br> 4/1/32<br>| 210253 | 206048 |
|  |  | **206048** |
| **China–0.03%** | **China–0.03%** | **China–0.03%** |
| Alibaba Group Holding Ltd. <br> 0.50%, exercise price <br> $0.5000 6/1/31<br>| 490000 | 624174 |
|  |  | **624174** |
| **Germany–0.02%** | **Germany–0.02%** | **Germany–0.02%** |
| Vonovia SE 0.88%, exercise <br> price $0.8750 5/20/32<br>| 300000 | 370628 |
|  |  | **370628** |
| **India–0.00%** | **India–0.00%** | **India–0.00%** |
| =‡REI Agro Ltd. 5.50%, exercise <br> price $5.5000 11/13/14<br>| 599000 | 0 |
|  |  | **0** |
| **Italy–0.01%** | **Italy–0.01%** | **Italy–0.01%** |
| ^Nexi SpA 0.00%, exercise <br> price $0.0100 2/24/28<br>| 300000 | 320241 |
|  |  | **320241** |

---

LVIP BlackRock Global Allocation Fund-9

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCONVERTIBLE BONDS (continued)** | **ΔCONVERTIBLE BONDS (continued)** | **ΔCONVERTIBLE BONDS (continued)** |
| **Spain–0.02%** | **Spain–0.02%** | **Spain–0.02%** |
| Cellnex Telecom SA 0.75%, <br> exercise price $0.7500 <br> 11/20/31<br>| 200000 | $209929 |
| Iberdrola Finanzas SA 1.50%, <br> exercise price $1.5000 <br> 3/27/30<br>| 200000 | 245025 |
|  |  | **454954** |
| **United States–0.12%** | **United States–0.12%** | **United States–0.12%** |
| AMC Networks, Inc. 4.25%, <br> exercise price $4.2500 <br> 2/15/29<br>| 417000 | 350280 |
| ^Core Scientific, Inc. 0.00%, <br> exercise price $0.0100 <br> 6/15/31<br>| 104000 | 112970 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| ^0.00%, exercise price <br> $0.0100 12/15/25<br>| 653000 | 587700 |
| 3.38%, exercise price <br> $3.3750 8/15/26<br>| 195000 | 161947 |
| Solaris Energy Infrastructure, <br> Inc. 4.75%, exercise price <br> $4.7500 5/1/30<br>| 878000 | 1171581 |
| Stem, Inc. 0.50%, exercise <br> price $0.5000 12/1/28<br>| 73000 | 17703 |
| Tempus Ai, Inc. 0.75%, <br> exercise price $0.7500 <br> 7/15/30<br>| 32000 | 32000 |
| Wolfspeed, Inc. 1.75%, <br> exercise price $1.7500 <br> 5/1/26<br>| 150000 | 37125 |
|  |  | **2471306** |
| **Total Convertible Bonds** <br>**(Cost $5,108,295)** | **Total Convertible Bonds** <br>**(Cost $5,108,295)** | **5559088** |
| **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** | **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** | **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| •Federal Home Loan Mortgage <br> Corp. STACR REMICS Trust <br> 7.71% (30 day USD SOFR <br> Average + 3.40%) 1/25/42<br>| 138145 | 142104 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $120,702)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $120,702)** | **142104** |
| **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.02%** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.02%** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.02%** |
| **United States–0.02%** | **United States–0.02%** | **United States–0.02%** |
| \*♦•Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Pass-Through <br> Certificates <br>|  |  |
| Class X1 0.92% 5/25/29 | 5986894 | 133050 |
| Class X1 1.12% 10/25/30 | 1694693 | 73351 |
| Class XFX 1.46% 12/25/29 | 931410 | 38632 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔAGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| \*♦•Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Pass-Through <br> Certificates (continued) <br>|  |  |  |
| Class X1 1.52% 7/25/30 |  | 274159 | $15618 |
| Class X1 1.69% 4/25/30 |  | 537605 | 32805 |
| Class X1 1.76% 4/25/30 |  | 262119 | 16529 |
| •Federal National Mortgage <br> Association-ACES 3.87% <br> 9/25/30<br>|  | 61088 | 59672 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $379,358)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $379,358)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $379,358)** | **369657** |
| **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** |
| **United States–0.63%** | **United States–0.63%** | **United States–0.63%** | **United States–0.63%** |
| Uniform Mortgage-Backed <br> Security, TBA 3.50% 7/1/54<br>|  | 14543000 | 13091687 |
| **Total Agency Mortgage-Backed Security** <br>**(Cost $12,802,385)** | **Total Agency Mortgage-Backed Security** <br>**(Cost $12,802,385)** | **Total Agency Mortgage-Backed Security** <br>**(Cost $12,802,385)** | **13091687** |
| **ΔCORPORATE BONDS–9.73%** | **ΔCORPORATE BONDS–9.73%** | **ΔCORPORATE BONDS–9.73%** | **ΔCORPORATE BONDS–9.73%** |
| **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** |
| Pampa Energia SA 7.88% <br> 12/16/34<br>|  | 30000 | 29928 |
| Telecom Argentina SA 9.25% <br> 5/28/33<br>|  | 32000 | 32564 |
| Vista Energy Argentina SAU <br> 8.50% 6/10/33<br>|  | 33000 | 33351 |
|  |  |  | **95843** |
| **Australia–0.06%** | **Australia–0.06%** | **Australia–0.06%** | **Australia–0.06%** |
| Mineral Resources Ltd.  |  |  |  |
| 8.50% 5/1/30 |  | 262000 | 260704 |
| 9.25% 10/1/28 |  | 93000 | 95177 |
| μPacific National Finance Pty. <br> Ltd. 7.75% 12/11/54<br>| AUD | 190000 | 124122 |
| =@Quintis Australia Pty. Ltd. <br> (PIK Rate 12.00%, Cash Rate <br> 12.00%) 12.00% 10/1/28<br>|  | 6149065 | 0 |
| =Quintis Australia Pty. Ltd. <br> (PIK Rate 7.50%, Cash Rate <br> 8.00%) 7.50% 10/1/26<br>|  | 6870789 | 790140 |
|  |  |  | **1270143** |
| **Austria–0.01%** | **Austria–0.01%** | **Austria–0.01%** | **Austria–0.01%** |
| Sappi Papier Holding GmbH <br> 4.50% 3/15/32<br>| EUR | 166000 | 192082 |
|  |  |  | **192082** |
| **Belgium–0.02%** | **Belgium–0.02%** | **Belgium–0.02%** | **Belgium–0.02%** |
| Anheuser-Busch InBev SA <br> 4.00% 9/24/25<br>| GBP | 100000 | 137062 |
| μKBC Group NV 1.25% 9/21/27 | GBP | 100000 | 131731 |

---

LVIP BlackRock Global Allocation Fund-10

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Ontex Group NV 5.25% <br> 4/15/30<br>| EUR | 100000 | $120294 |
|  |  |  | **389087** |
| **Brazil–0.00%** | **Brazil–0.00%** | **Brazil–0.00%** | **Brazil–0.00%** |
| @Samarco Mineracao SA  |  |  |  |
| 9.50% 6/30/31 |  | 11225 | 11035 |
| 9.50% 6/30/31 |  | 8601 | 8455 |
| Suzano Austria GmbH 3.13% <br> 1/15/32<br>|  | 45000 | 39657 |
| Vale Overseas Ltd. 6.40% <br> 6/28/54<br>|  | 12000 | 11793 |
|  |  |  | **70940** |
| **Canada–0.14%** | **Canada–0.14%** | **Canada–0.14%** | **Canada–0.14%** |
| 1011778 BC ULC/New Red <br> Finance, Inc. 4.00% <br> 10/15/30<br>|  | 481000 | 448229 |
| ♦Air Canada Pass-Through <br> Trust 10.50% 7/15/26<br>|  | 664000 | 698626 |
| Bausch & Lomb Corp.  |  |  |  |
| • 5.87% (3 mo. EURIBOR + <br> 3.88%) 1/15/31<br>| EUR | 128000 | 151727 |
| 8.38% 10/1/28 |  | 170000 | 177437 |
| Bombardier, Inc. 7.00% <br> 6/1/32<br>|  | 325000 | 338450 |
| Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC 4.88% <br> 2/15/30<br>|  | 163000 | 145493 |
| First Quantum Minerals Ltd.  |  |  |  |
| 6.88% 10/15/27 |  | 231000 | 231319 |
| 9.38% 3/1/29 |  | 200000 | 212269 |
| Garda World Security Corp. <br> 4.63% 2/15/27<br>|  | 100000 | 99380 |
| Husky Injection Molding <br> Systems Ltd./Titan <br> Co-Borrower LLC 9.00% <br> 2/15/29<br>|  | 100000 | 104555 |
| Mercer International, Inc. <br> 5.13% 2/1/29<br>|  | 184000 | 150089 |
| Toronto-Dominion Bank <br> 2.88% 4/5/27<br>| GBP | 100000 | 133516 |
|  |  |  | **2891090** |
| **Chile–0.00%** | **Chile–0.00%** | **Chile–0.00%** | **Chile–0.00%** |
| WOM Mobile SA 11.00% <br> 4/1/31<br>|  | 59664 | 56650 |
|  |  |  | **56650** |
| **China–0.00%** | **China–0.00%** | **China–0.00%** | **China–0.00%** |
| ‡Fantasia Holdings Group Co. <br> Ltd. <br>|  |  |  |
| 10.88% 1/9/23 |  | 233000 | 5634 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
| ‡Fantasia Holdings Group Co. <br> Ltd. (continued) <br>|  |  |  |
| 11.75% 4/17/22 |  | 204000 | $4080 |
|  |  |  | **9714** |
| **Colombia–0.00%** | **Colombia–0.00%** | **Colombia–0.00%** | **Colombia–0.00%** |
| Ecopetrol SA 8.88% 1/13/33 |  | 77000 | 79434 |
|  |  |  | **79434** |
| **Costa Rica–0.01%** | **Costa Rica–0.01%** | **Costa Rica–0.01%** | **Costa Rica–0.01%** |
| Liberty Costa Rica Senior <br> Secured Finance 10.88% <br> 1/15/31<br>|  | 200000 | 212700 |
|  |  |  | **212700** |
| **Czech Republic–0.02%** | **Czech Republic–0.02%** | **Czech Republic–0.02%** | **Czech Republic–0.02%** |
| Czechoslovak Group AS 5.25% <br> 1/10/31<br>| EUR | 300000 | 359152 |
|  |  |  | **359152** |
| **Denmark–0.01%** | **Denmark–0.01%** | **Denmark–0.01%** | **Denmark–0.01%** |
| •SGL Group ApS 6.30% (3 mo. <br> EURIBOR + 4.25%) 2/24/31<br>| EUR | 160000 | 187264 |
|  |  |  | **187264** |
| **Finland–0.01%** | **Finland–0.01%** | **Finland–0.01%** | **Finland–0.01%** |
| Mehilainen Yhtiot OYJ 5.13% <br> 6/30/32<br>| EUR | 207000 | 244870 |
|  |  |  | **244870** |
| **France–0.46%** | **France–0.46%** | **France–0.46%** | **France–0.46%** |
| Afflelou SAS 6.00% 7/25/29 | EUR | 324000 | 396777 |
| μAir France-KLM 5.75% <br> 5/21/30<br>| EUR | 200000 | 233962 |
| Altice France SA 4.25% <br> 10/15/29<br>| EUR | 161000 | 158832 |
| φAtos SE  |  |  |  |
| 1.00% 12/18/32 | EUR | 300771 | 150173 |
| 5.00% 12/18/30 | EUR | 389161 | 389543 |
| 9.00% 12/18/29 | EUR | 338921 | 445238 |
| •Bertrand Franchise Finance <br> SAS 5.99% (3 mo. EURIBOR <br> + 3.75%) 7/18/30<br>| EUR | 359000 | 414427 |
| BNP Paribas SA  |  |  |  |
| 1.88% 12/14/27 | GBP | 100000 | 129054 |
| 3.38% 1/23/26 | GBP | 100000 | 136333 |
| Constellium SE 5.38% 8/15/32 | EUR | 166000 | 197984 |
| μElectricite de France SA  |  |  |  |
| 5.13% 9/17/29 | EUR | 200000 | 241495 |
| 7.38% 6/17/35 | GBP | 200000 | 277233 |
| ELO SACA  |  |  |  |
| 2.88% 1/29/26 | EUR | 100000 | 116175 |
| 4.88% 12/8/28 | EUR | 200000 | 213236 |
| Eutelsat SA 1.50% 10/13/28 | EUR | 200000 | 214221 |
| Forvia SE 2.75% 2/15/27 | EUR | 201000 | 232903 |

---

LVIP BlackRock Global Allocation Fund-11

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Goldstory SAS  |  |  |  |
| • 6.18% (3 mo. EURIBOR + <br> 4.00%) 2/1/30<br>| EUR | 346000 | $411637 |
| 6.75% 2/1/30 | EUR | 500000 | 611661 |
| Iliad Holding SASU  |  |  |  |
| 5.63% 10/15/28 | EUR | 1000000 | 1199183 |
| 7.00% 10/15/28 |  | 400000 | 407309 |
| Loxam SAS 6.38% 5/31/29 | EUR | 708000 | 868798 |
| •Nova Alexandre III SAS 7.53% <br> (3 mo. EURIBOR + 5.25%) <br> 7/15/29<br>| EUR | 317000 | 378088 |
| Paprec Holding SA 7.25% <br> 11/17/29<br>| EUR | 286000 | 353096 |
| μRCI Banque SA  |  |  |  |
| 4.75% 3/24/37 | EUR | 200000 | 237682 |
| 5.50% 10/9/34 | EUR | 400000 | 495568 |
| μSociete Generale SA 8.13% <br> 11/21/29<br>|  | 301000 | 307137 |
| Tereos Finance Groupe I SA <br> 5.75% 4/30/31<br>| EUR | 110000 | 128732 |
| Worldline SA 5.50% 6/10/30 | EUR | 300000 | 306799 |
|  |  |  | **9653276** |
| **Germany–0.51%** | **Germany–0.51%** | **Germany–0.51%** | **Germany–0.51%** |
| Adler Pelzer Holding GmbH <br> 9.50% 4/1/27<br>| EUR | 202000 | 234428 |
| Alstria Office AG 5.50% <br> 3/20/31<br>| EUR | 200000 | 239878 |
| •APCOA Group GmbH 6.40% (3 <br> mo. EURIBOR + 4.13%) <br> 4/15/31<br>| EUR | 157000 | 186325 |
| μCommerzbank AG  |  |  |  |
| 4.25% 10/9/27 | EUR | 200000 | 229761 |
| 6.50% 10/9/29 | EUR | 400000 | 496506 |
| 7.88% 10/9/31 | EUR | 200000 | 261626 |
| φDEMIRE Deutsche <br> Mittelstand Real Estate AG <br> 5.00% 12/31/27<br>| EUR | 540000 | 597827 |
| μDeutsche Bank AG  |  |  |  |
| 4.50% 11/30/26 | EUR | 200000 | 229408 |
| 4.63% 10/30/27 | EUR | 1000000 | 1132305 |
| 7.13% 10/30/30 | EUR | 200000 | 239976 |
| μDeutsche Lufthansa AG 5.25% <br> 1/15/55<br>| EUR | 500000 | 584587 |
| Dynamo Newco II GmbH <br> 6.25% 10/15/31<br>| EUR | 130000 | 156964 |
| Fressnapf Holding SE 5.25% <br> 10/31/31<br>| EUR | 152000 | 180865 |
| @IHO Verwaltungs GmbH  |  |  |  |
| 7.00% 11/15/31 | EUR | 275000 | 341820 |
| 8.75% 5/15/28 | EUR | 477216 | 588444 |
| Mahle GmbH 6.50% 5/2/31 | EUR | 574000 | 686318 |
| PCF GmbH  |  |  |  |
| 4.75% 4/15/29 | EUR | 218000 | 211789 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| PCF GmbH (continued)  |  |  |  |
| • 7.03% (3 mo. EURIBOR + <br> 4.75%) 4/15/29<br>| EUR | 245440 | $241317 |
| •PrestigeBidCo GmbH 6.03% <br> (3 mo. EURIBOR + 3.75%) <br> 7/1/29<br>| EUR | 262000 | 310089 |
| ProGroup AG  |  |  |  |
| 5.13% 4/15/29 | EUR | 168000 | 200122 |
| 5.38% 4/15/31 | EUR | 116000 | 135447 |
| Schaeffler AG  |  |  |  |
| 4.25% 4/1/28 | EUR | 100000 | 118530 |
| 5.38% 4/1/31 | EUR | 100000 | 120311 |
| @Tele Columbus AG 10.00% <br> 1/1/29<br>| EUR | 543287 | 439016 |
| TK Elevator Holdco GmbH <br> 6.63% 7/15/28<br>| EUR | 395100 | 466572 |
| TK Elevator Midco GmbH <br> 4.38% 7/15/27<br>| EUR | 1218000 | 1434656 |
| TUI Cruises GmbH  |  |  |  |
| 5.00% 5/15/30 | EUR | 113000 | 133864 |
| 6.25% 4/15/29 | EUR | 389000 | 477124 |
|  |  |  | **10675875** |
| **Greece–0.03%** | **Greece–0.03%** | **Greece–0.03%** | **Greece–0.03%** |
| μEurobank SA 4.00% 2/7/36 | EUR | 272000 | 314516 |
| μNational Bank of Greece SA <br> 5.88% 6/28/35<br>| EUR | 173000 | 217320 |
|  |  |  | **531836** |
| **Hong Kong–0.10%** | **Hong Kong–0.10%** | **Hong Kong–0.10%** | **Hong Kong–0.10%** |
| AIA Group Ltd. 5.40% 9/30/54 |  | 200000 | 187060 |
| Far East Horizon Ltd. 6.00% <br> 10/1/28<br>|  | 200000 | 199287 |
| FWD Group Holdings Ltd. <br> 8.40% 4/5/29<br>|  | 1200000 | 1224692 |
| HKT Capital No. 6 Ltd. 3.00% <br> 1/18/32<br>|  | 201000 | 178889 |
| μMTR Corp. CI Ltd. 5.63% <br> 9/24/35<br>|  | 200000 | 201460 |
| Studio City Finance Ltd. <br> 5.00% 1/15/29<br>|  | 200000 | 183506 |
|  |  |  | **2174894** |
| **India–0.01%** | **India–0.01%** | **India–0.01%** | **India–0.01%** |
| μAxis Bank Ltd. 4.10% 9/8/26 |  | 200000 | 194326 |
|  |  |  | **194326** |
| **Indonesia–0.04%** | **Indonesia–0.04%** | **Indonesia–0.04%** | **Indonesia–0.04%** |
| μBank Negara Indonesia <br> Persero Tbk. PT 4.30% <br> 3/24/27<br>|  | 200000 | 190562 |
| Freeport Indonesia PT  |  |  |  |
| 4.76% 4/14/27 |  | 246000 | 245370 |
| 6.20% 4/14/52 |  | 200000 | 195920 |

---

LVIP BlackRock Global Allocation Fund-12

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara 1.88% <br> 11/5/31<br>| EUR | 200000 | $205230 |
|  |  |  | **837082** |
| **Ireland–0.14%** | **Ireland–0.14%** | **Ireland–0.14%** | **Ireland–0.14%** |
| Adient Global Holdings Ltd. <br> 7.50% 2/15/33<br>|  | 233000 | 238266 |
| μAIB Group PLC 6.00% 7/14/31 | EUR | 325000 | 380441 |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings USA, <br> Inc. 2.13% 8/15/26<br>| EUR | 266000 | 299933 |
| μBank of Ireland Group PLC <br> 6.00% 9/1/25<br>| EUR | 324000 | 383805 |
| Dell Bank International DAC <br> 0.50% 10/27/26<br>| EUR | 214000 | 245734 |
| eircom Finance DAC 5.00% <br> 4/30/31<br>| EUR | 312000 | 360843 |
| Flutter Treasury DAC  |  |  |  |
| 4.00% 6/4/31 | EUR | 277000 | 326802 |
| 6.13% 6/4/31 | GBP | 131000 | 181093 |
| Perrigo Finance Unlimited <br> Co. 5.38% 9/30/32<br>| EUR | 114000 | 137646 |
| Virgin Media Vendor <br> Financing Notes IV DAC <br> 5.00% 7/15/28<br>|  | 407000 | 398447 |
|  |  |  | **2953010** |
| **Israel–0.03%** | **Israel–0.03%** | **Israel–0.03%** | **Israel–0.03%** |
| Teva Pharmaceutical Finance <br> Netherlands II BV 7.88% <br> 9/15/31<br>| EUR | 506000 | 709341 |
|  |  |  | **709341** |
| **Italy–0.40%** | **Italy–0.40%** | **Italy–0.40%** | **Italy–0.40%** |
| μA2A SpA 5.00% 6/11/29 | EUR | 125000 | 152424 |
| Agrifarma SpA 4.50% <br> 10/31/28<br>| EUR | 1022000 | 1203858 |
| Almaviva-The Italian <br> Innovation Co. SpA 5.00% <br> 10/30/30<br>| EUR | 431000 | 508265 |
| μBPER Banca SpA 6.50% <br> 3/20/30<br>| EUR | 200000 | 241489 |
| Bubbles Bidco SpA  |  |  |  |
| • 6.23% (3 mo. EURIBOR + <br> 4.25%) 9/30/31<br>| EUR | 251000 | 296587 |
| 6.50% 9/30/31 | EUR | 156000 | 186269 |
| Dolcetto Holdco SpA  |  |  |  |
| • 5.56% (3 mo. EURIBOR + <br> 3.63%) 7/14/32<br>| EUR | 100000 | 117967 |
| 5.63% 7/14/32 | EUR | 217000 | 257536 |
| •Duomo Bidco SpA 6.40% (3 <br> mo. EURIBOR + 4.13%) <br> 7/15/31<br>| EUR | 332000 | 393035 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Engineering - Ingegneria <br> Informatica - SpA 8.63% <br> 2/15/30<br>| EUR | 153000 | $192813 |
| μEni SpA 4.88% 1/21/34 | EUR | 225000 | 266383 |
| Fedrigoni SpA 6.13% 6/15/31 | EUR | 347000 | 390957 |
| @Fiber Midco SpA 10.75% <br> 6/15/29<br>| EUR | 217000 | 232991 |
| Fibercop SpA  |  |  |  |
| 4.75% 6/30/30 | EUR | 100000 | 118549 |
| 5.13% 6/30/32 | EUR | 100000 | 117960 |
| FIS Fabbrica Italiana <br> Sintetici SpA 5.63% 8/1/27<br>| EUR | 288000 | 342144 |
| •IMA Industria Macchine <br> Automatiche SpA 6.03% (3 <br> mo. EURIBOR + 3.75%) <br> 4/15/29<br>| EUR | 385000 | 455869 |
| •Irca SpA/Gallarate 5.73% (3 <br> mo. EURIBOR + 3.75%) <br> 12/15/29<br>| EUR | 213000 | 251242 |
| Itelyum Regeneration SpA <br> 5.75% 4/15/30<br>| EUR | 100000 | 118803 |
| Lottomatica Group SpA  |  |  |  |
| 4.88% 1/31/31 | EUR | 189000 | 228274 |
| • 5.25% (3 mo. EURIBOR + <br> 3.25%) 6/1/31<br>| EUR | 155000 | 183385 |
| 5.38% 6/1/30 | EUR | 102000 | 125033 |
| Marcolin SpA 6.13% 11/15/26 | EUR | 593000 | 698570 |
| μPrysmian SpA 5.25% 5/21/30 | EUR | 350000 | 423118 |
| TeamSystem SpA  |  |  |  |
| 5.00% 7/1/31 | EUR | 110000 | 129594 |
| • 5.19% (3 mo. EURIBOR + <br> 3.25%) 7/1/32<br>| EUR | 187000 | 220037 |
| • 5.78% (3 mo. EURIBOR + <br> 3.50%) 7/31/31<br>| EUR | 241000 | 284322 |
| Unipol Assicurazioni SpA <br> 4.90% 5/23/34<br>| EUR | 100000 | 123611 |
|  |  |  | **8261085** |
| **Japan–0.13%** | **Japan–0.13%** | **Japan–0.13%** | **Japan–0.13%** |
| μNomura Holdings, Inc. 7.00% <br> 7/15/30<br>|  | 200000 | 202550 |
| μRakuten Group, Inc.  |  |  |  |
| 4.25% 4/22/27 | EUR | 200000 | 222350 |
| 8.13% 12/15/29 |  | 400000 | 391330 |
| SoftBank Group Corp.  |  |  |  |
| 3.38% 7/6/29 | EUR | 100000 | 111125 |
| 5.38% 1/8/29 | EUR | 388000 | 464247 |
| 5.75% 7/8/32 | EUR | 481000 | 565889 |
| μ 6.88% 7/19/27 |  | 200000 | 195256 |
| Takeda Pharmaceutical Co. <br> Ltd. 2.25% 11/21/26<br>| EUR | 392000 | 460674 |
|  |  |  | **2613421** |

---

LVIP BlackRock Global Allocation Fund-13

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Jersey–0.07%** | **Jersey–0.07%** | **Jersey–0.07%** | **Jersey–0.07%** |
| AA Bond Co. Ltd. 6.50% <br> 1/31/26<br>| GBP | 308495 | $422129 |
| Aston Martin Capital <br> Holdings Ltd. 10.00% <br> 3/31/29<br>|  | 331000 | 313420 |
| Toucan FinCo Ltd./Toucan <br> FinCo Can, Inc./Toucan <br> FinCo U.S. LLC 9.50% <br> 5/15/30<br>|  | 724000 | 740086 |
|  |  |  | **1475635** |
| **Kuwait–0.01%** | **Kuwait–0.01%** | **Kuwait–0.01%** | **Kuwait–0.01%** |
| EQUATE Petrochemical Co. <br> KSC 4.25% 11/3/26<br>|  | 200000 | 198001 |
|  |  |  | **198001** |
| **Luxembourg–0.68%** | **Luxembourg–0.68%** | **Luxembourg–0.68%** | **Luxembourg–0.68%** |
| @Adler Financing SARL  |  |  |  |
| 8.25% 12/31/28 | EUR | 949489 | 1171577 |
| 10.00% 12/31/29 | EUR | 115000 | 142576 |
| Albion Financing 1 <br> SARL/Aggreko Holdings, <br> Inc. 5.38% 5/21/30<br>| EUR | 237000 | 285569 |
| •Arena Luxembourg Finance <br> SARL 4.82% (3 mo. <br> EURIBOR + 2.50%) 5/1/30<br>| EUR | 217000 | 257635 |
| μAroundtown Finance SARL  |  |  |  |
| 7.13% 1/16/30 | EUR | 304000 | 376368 |
| 8.63% 5/7/29 | GBP | 366000 | 507137 |
| Becton Dickinson Euro <br> Finance SARL 3.55% <br> 9/13/29<br>| EUR | 664000 | 803855 |
| Cidron Aida Finco SARL  |  |  |  |
| 7.00% 10/27/31 | EUR | 118000 | 141885 |
| 9.13% 10/27/31 | GBP | 121000 | 169478 |
| Cirsa Finance International <br> SARL 7.88% 7/31/28<br>| EUR | 479000 | 587335 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>|  | 458000 | 460349 |
| ContourGlobal Power <br> Holdings SA 5.00% 2/28/30<br>| EUR | 183000 | 217180 |
| Currenta Group Holdings <br> SARL <br>|  |  |  |
| 5.50% 5/15/30 | EUR | 203000 | 243812 |
| • 6.14% (3 mo. EURIBOR + <br> 4.00%) 5/15/32<br>| EUR | 208000 | 245592 |
| Dana Financing Luxembourg <br> SARL 8.50% 7/15/31<br>| EUR | 336000 | 430764 |
| EIG Pearl Holdings SARL <br> 3.55% 8/31/36<br>|  | 204484 | 181982 |
| gategroup Finance <br> Luxembourg SA 3.00% <br> 2/28/27<br>| CHF | 350000 | 433956 |
| Herens Midco SARL 5.25% <br> 5/15/29<br>| EUR | 608000 | 523861 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| INEOS Finance PLC 6.63% <br> 5/15/28<br>| EUR | 435000 | $526061 |
| Intelsat Jackson Holdings SA <br> 6.50% 3/15/30<br>|  | 208000 | 212097 |
| ION Trading Technologies <br> SARL 5.75% 5/15/28<br>|  | 400000 | 385937 |
| Kleopatra Finco SARL 4.25% <br> 3/1/26<br>| EUR | 448000 | 494809 |
| •Lion/Polaris Lux 4 SA 5.56% <br> (3 mo. EURIBOR + 3.63%) <br> 7/1/29<br>| EUR | 335000 | 396407 |
| Luna 2 5SARL 5.50% 7/1/32 | EUR | 100000 | 120024 |
| Lune Holdings SARL 5.63% <br> 11/15/28<br>| EUR | 243000 | 115051 |
| Matterhorn Telecom SA 3.13% <br> 9/15/26<br>| EUR | 638613 | 751435 |
| Maxam Prill SARL 6.00% <br> 7/15/30<br>| EUR | 429000 | 502743 |
| Motion Finco SARL 7.38% <br> 6/15/30<br>| EUR | 221000 | 244122 |
| Puma International <br> Financing SA 7.75% 4/25/29<br>|  | 200000 | 205500 |
| Rossini SARL  |  |  |  |
| • 5.86% (3 mo. EURIBOR + <br> 3.88%) 12/31/29<br>| EUR | 97157 | 115555 |
| 6.75% 12/31/29 | EUR | 162000 | 201444 |
| SES SA  |  |  |  |
| 4.13% 6/24/30 | EUR | 100000 | 118804 |
| 4.88% 6/24/33 | EUR | 125000 | 148671 |
| Stena International SA 7.25% <br> 1/15/31<br>|  | 1015000 | 1018144 |
| Summer BC Holdco B SARL  |  |  |  |
| 5.88% 2/15/30 | EUR | 108000 | 126120 |
| • 6.39% (3 mo. EURIBOR + <br> 4.25%) 2/15/30<br>| EUR | 140000 | 163262 |
| Telenet Finance Luxembourg <br> Notes SARL 5.50% 3/1/28<br>|  | 600000 | 593576 |
| @Vivion Investments SARL <br> 6.50% 8/31/28<br>| EUR | 516848 | 598167 |
|  |  |  | **14218840** |
| **Macau–0.01%** | **Macau–0.01%** | **Macau–0.01%** | **Macau–0.01%** |
| Wynn Macau Ltd. 5.63% <br> 8/26/28<br>|  | 200000 | 196618 |
|  |  |  | **196618** |
| **Malta–0.01%** | **Malta–0.01%** | **Malta–0.01%** | **Malta–0.01%** |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc. <br>|  |  |  |
| 6.38% 2/1/30 |  | 106000 | 99373 |
| 9.50% 6/1/28 |  | 100000 | 102779 |
|  |  |  | **202152** |

---

LVIP BlackRock Global Allocation Fund-14

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Mauritius–0.16%** | **Mauritius–0.16%** | **Mauritius–0.16%** | **Mauritius–0.16%** |
| Clean Renewable Power <br> Mauritius Pte. Ltd. 4.25% <br> 3/25/27<br>|  | 161000 | $156214 |
| Diamond II Ltd. 7.95% <br> 7/28/26<br>|  | 200000 | 201775 |
| =•Flourishing Trade & <br> Investment Ltd. 11.04% <br> 4/2/28<br>|  | 2582000 | 2633640 |
| Greenko Wind Projects <br> Mauritius Ltd. 7.25% <br> 9/27/28<br>|  | 200000 | 201707 |
| India Cleantech Energy 4.70% <br> 8/10/26<br>|  | 197500 | 194412 |
|  |  |  | **3387748** |
| **Mexico–0.15%** | **Mexico–0.15%** | **Mexico–0.15%** | **Mexico–0.15%** |
| μBanco Mercantil del Norte SA <br> 5.88% 1/24/27<br>|  | 200000 | 194233 |
| Petroleos Mexicanos  |  |  |  |
| 5.95% 1/28/31 |  | 62000 | 56050 |
| 7.50% 3/31/26 |  | 2810000 | 2810000 |
| 8.75% 6/2/29 |  | 55093 | 57078 |
| 10.00% 2/7/33 |  | 16000 | 17130 |
|  |  |  | **3134491** |
| **Netherlands–0.46%** | **Netherlands–0.46%** | **Netherlands–0.46%** | **Netherlands–0.46%** |
| μABN AMRO Bank NV 6.38% <br> 9/22/34<br>| EUR | 200000 | 243208 |
| Boels Topholding BV  |  |  |  |
| 5.75% 5/15/30 | EUR | 100000 | 122194 |
| 6.25% 2/15/29 | EUR | 708000 | 863383 |
| Citycon Treasury BV  |  |  |  |
| 5.00% 3/11/30 | EUR | 100000 | 120624 |
| 5.38% 7/8/31 | EUR | 100000 | 121079 |
| μCooperatieve Rabobank UA <br> 1.88% 7/12/28<br>| GBP | 100000 | 130293 |
| Darling Global Finance BV <br> 4.50% 7/15/32<br>| EUR | 277000 | 330531 |
| Global Switch Finance BV <br> 1.38% 10/7/30<br>| EUR | 146000 | 161046 |
| Heimstaden Bostad Treasury <br> BV <br>|  |  |  |
| 0.63% 7/24/25 | EUR | 359000 | 421660 |
| 1.38% 3/3/27 | EUR | 167000 | 191506 |
| ING Groep NV  |  |  |  |
| 3.00% 2/18/26 | GBP | 100000 | 135931 |
| μ 3.88% 5/16/27 |  | 400000 | 371631 |
| μ 7.25% 11/16/34 |  | 325000 | 330281 |
| IPD 3 BV 5.50% 6/15/31 | EUR | 226000 | 269877 |
| Minejesa Capital BV  |  |  |  |
| 4.63% 8/10/30 |  | 161038 | 158794 |
| 5.63% 8/10/37 |  | 200000 | 192539 |
| μNN Group NV 5.75% 9/11/34 | EUR | 200000 | 233425 |
| Nobian Finance BV 3.63% <br> 7/15/26<br>| EUR | 376000 | 441279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Q-Park Holding I BV 5.13% <br> 2/15/30<br>| EUR | 508000 | $617997 |
| Sigma Holdco BV 5.75% <br> 5/15/26<br>| EUR | 116127 | 136450 |
| Sunrise FinCo I BV 4.88% <br> 7/15/31<br>|  | 610000 | 576908 |
| Teva Pharmaceutical Finance <br> Netherlands II BV <br>|  |  |  |
| 1.88% 3/31/27 | EUR | 235000 | 269407 |
| 3.75% 5/9/27 | EUR | 465000 | 550381 |
| Trivium Packaging Finance <br> BV 6.63% 7/15/30<br>| EUR | 129000 | 157050 |
| United Group BV  |  |  |  |
| • 6.39% (3 mo. EURIBOR + <br> 4.25%) 2/15/31<br>| EUR | 478000 | 561971 |
| 6.50% 10/31/31 | EUR | 111000 | 132109 |
| μVolkswagen International <br> Finance NV 5.99% 11/15/33<br>| EUR | 100000 | 118918 |
| VZ Secured Financing BV <br> 5.00% 1/15/32<br>|  | 385000 | 342499 |
| VZ Vendor Financing II BV <br> 2.88% 1/15/29<br>| EUR | 709000 | 758021 |
| μWintershall Dea Finance 2 BV <br> 6.12% 5/8/30<br>| EUR | 250000 | 300746 |
| ZF Europe Finance BV 7.00% <br> 6/12/30<br>| EUR | 200000 | 236099 |
|  |  |  | **9597837** |
| **Panama–0.01%** | **Panama–0.01%** | **Panama–0.01%** | **Panama–0.01%** |
| Aeropuerto Internacional de <br> Tocumen SA 5.13% 8/11/61<br>|  | 200000 | 139660 |
|  |  |  | **139660** |
| **Peru–0.01%** | **Peru–0.01%** | **Peru–0.01%** | **Peru–0.01%** |
| Pluspetrol Camisea <br> SA/Pluspetrol Lote 56 SA <br> 6.24% 7/3/36<br>|  | 55000 | 56723 |
| Volcan Cia Minera SAA 8.75% <br> 1/24/30<br>|  | 51000 | 50664 |
|  |  |  | **107387** |
| **Philippines–0.01%** | **Philippines–0.01%** | **Philippines–0.01%** | **Philippines–0.01%** |
| μSan Miguel Global Power <br> Holdings Corp. 8.13% <br> 12/2/29<br>|  | 200000 | 196954 |
|  |  |  | **196954** |
| **Portugal–0.02%** | **Portugal–0.02%** | **Portugal–0.02%** | **Portugal–0.02%** |
| μEDP SA 4.63% 9/16/54 | EUR | 300000 | 358327 |
|  |  |  | **358327** |
| **Republic of Korea–0.02%** | **Republic of Korea–0.02%** | **Republic of Korea–0.02%** | **Republic of Korea–0.02%** |
| LG Energy Solution Ltd.  |  |  |  |
| 5.38% 4/2/30 |  | 200000 | 200515 |

---

LVIP BlackRock Global Allocation Fund-15

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| LG Energy Solution <br> Ltd. (continued) <br>|  |  |  |
| • 6.09% (1 day USD SOFR + <br> 1.70%) 4/2/30<br>|  | 200000 | $199819 |
|  |  |  | **400334** |
| **Singapore–0.09%** | **Singapore–0.09%** | **Singapore–0.09%** | **Singapore–0.09%** |
| Continuum Energy Aura Pte. <br> Ltd. 9.50% 2/24/27<br>|  | 200000 | 206502 |
| Seagate Data Storage <br> Technology Pte. Ltd. <br>|  |  |  |
| 8.25% 12/15/29 |  | 681000 | 727327 |
| 8.50% 7/15/31 |  | 362000 | 387531 |
| Seagate Data Storguar 144A <br> 12/32 9.625 9.63% 12/1/32<br>|  | 560000 | 631384 |
|  |  |  | **1952744** |
| **Spain–0.13%** | **Spain–0.13%** | **Spain–0.13%** | **Spain–0.13%** |
| μBanco Bilbao Vizcaya <br> Argentaria SA <br>|  |  |  |
| 6.88% 12/13/30 | EUR | 200000 | 249431 |
| 7.75% 1/14/32 |  | 400000 | 405483 |
| 8.38% 6/21/28 | EUR | 200000 | 260622 |
| μBanco Santander SA 3.13% <br> 10/6/26<br>| GBP | 200000 | 273337 |
| μBankinter SA 7.38% 8/15/28 | EUR | 400000 | 505341 |
| μCaixaBank SA 5.88% 10/9/27 | EUR | 200000 | 244162 |
| Grifols SA 7.13% 5/1/30 | EUR | 258000 | 315342 |
| Kaixo Bondco Telecom SA <br> 5.13% 9/30/29<br>| EUR | 207000 | 247194 |
| Telefonica Emisiones SA <br> 5.38% 2/2/26<br>| GBP | 133000 | 183177 |
|  |  |  | **2684089** |
| **Sweden–0.12%** | **Sweden–0.12%** | **Sweden–0.12%** | **Sweden–0.12%** |
| ‡Intrum AB  |  |  |  |
| 3.00% 9/15/27 | EUR | 406000 | 404287 |
| 9.25% 3/15/28 | EUR | 162000 | 169837 |
| Preem Holdings AB 12.00% <br> 6/30/27<br>| EUR | 152800 | 187458 |
| μSwedbank AB 1.38% 12/8/27 | GBP | 100000 | 131379 |
| Verisure Holding AB  |  |  |  |
| 3.25% 2/15/27 | EUR | 324000 | 379287 |
| 9.25% 10/15/27 | EUR | 367200 | 450744 |
| Verisure Midholding AB 5.25% <br> 2/15/29<br>| EUR | 605000 | 715333 |
|  |  |  | **2438325** |
| **Switzerland–0.03%** | **Switzerland–0.03%** | **Switzerland–0.03%** | **Switzerland–0.03%** |
| μUBS Group AG  |  |  |  |
| 6.85% 9/10/29 |  | 525000 | 527304 |
| 7.00% 2/10/30 |  | 200000 | 198956 |
|  |  |  | **726260** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** |
| AngloGold Ashanti Holdings <br> PLC 3.75% 10/1/30<br>|  | 208000 | $194084 |
|  |  |  | **194084** |
| **Thailand–0.01%** | **Thailand–0.01%** | **Thailand–0.01%** | **Thailand–0.01%** |
| Muangthai Capital PCL 6.88% <br> 9/30/28<br>|  | 200000 | 199427 |
|  |  |  | **199427** |
| **United Arab Emirates–0.01%** | **United Arab Emirates–0.01%** | **United Arab Emirates–0.01%** | **United Arab Emirates–0.01%** |
| μDP World Salaam 6.00% <br> 10/1/25<br>|  | 200000 | 199685 |
|  |  |  | **199685** |
| **United Kingdom–1.23%** | **United Kingdom–1.23%** | **United Kingdom–1.23%** | **United Kingdom–1.23%** |
| Allwyn Entertainment <br> Financing U.K. PLC 7.25% <br> 4/30/30<br>| EUR | 478000 | 597388 |
| Amber Finco PLC 6.63% <br> 7/15/29<br>| EUR | 577000 | 711147 |
| Ardonagh Finco Ltd. 6.88% <br> 2/15/31<br>| EUR | 1051000 | 1272126 |
| Aston Martin Capital <br> Holdings Ltd. 10.38% <br> 3/31/29<br>| GBP | 461000 | 589568 |
| Barclays PLC 3.25% 2/12/27 | GBP | 100000 | 134598 |
| BCP V Modular Services <br> Finance II PLC <br>|  |  |  |
| 6.13% 11/30/28 | GBP | 1008000 | 1336851 |
| 6.13% 11/30/28 | GBP | 153000 | 202915 |
| BCP V Modular Services <br> Finance PLC 6.75% 11/30/29<br>| EUR | 678000 | 712512 |
| Bellis Acquisition Co. PLC <br> 8.00% 7/1/31<br>| EUR | 225000 | 265558 |
| Bellis Finco PLC 4.00% <br> 2/16/27<br>| GBP | 729000 | 1000087 |
| BG Energy Capital PLC 5.13% <br> 12/1/25<br>| GBP | 133000 | 182770 |
| @Bracken MidCo1 PLC 6.75% <br> 11/1/27<br>| GBP | 131000 | 177869 |
| μBritish Telecommunications <br> PLC 4.88% 11/23/81<br>|  | 331000 | 303066 |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 5.63% <br> 2/15/32<br>| EUR | 216000 | 261701 |
| CD&R Firefly Bidco PLC <br> 8.63% 4/30/29<br>| GBP | 100000 | 141110 |
| μCentrica PLC 6.50% 5/21/55 | GBP | 356000 | 494161 |
| Deuce Finco PLC  |  |  |  |
| 5.50% 6/15/27 | GBP | 656000 | 892534 |
| 5.50% 6/15/27 | GBP | 610000 | 829948 |
| Edge Finco PLC 8.13% <br> 8/15/31<br>| GBP | 641000 | 916453 |
| eG Global Finance PLC <br> 12.00% 11/30/28<br>|  | 487000 | 537587 |

---

LVIP BlackRock Global Allocation Fund-16

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Gatwick Airport Finance PLC <br> 4.38% 4/7/26<br>| GBP | 214000 | $291540 |
| Global Auto Holdings <br> Ltd./AAG FH U.K. Ltd. <br> 11.50% 8/15/29<br>|  | 200000 | 195692 |
| Heathrow Finance PLC 6.63% <br> 3/1/31<br>| GBP | 625000 | 852749 |
| μHSBC Holdings PLC  |  |  |  |
| 4.75% 7/4/29 | EUR | 341000 | 399746 |
| 6.95% 8/27/31 |  | 68000 | 68257 |
| INEOS Finance PLC 5.63% <br> 8/15/30<br>| EUR | 107000 | 122482 |
| INEOS Quattro Finance 2 <br> PLC <br>|  |  |  |
| 6.75% 4/15/30 | EUR | 188000 | 204186 |
| 8.50% 3/15/29 | EUR | 251000 | 294548 |
| Informa PLC 3.13% 7/5/26 | GBP | 100000 | 135168 |
| Kane Bidco Ltd. 6.50% <br> 2/15/27<br>| GBP | 616000 | 854226 |
| μLloyds Banking Group PLC <br> 7.50% 6/27/30<br>| GBP | 200000 | 275930 |
| Market Bidco Finco PLC  |  |  |  |
| 4.75% 11/4/27 | EUR | 286000 | 335158 |
| 5.50% 11/4/27 | GBP | 626000 | 842119 |
| Mobico Group PLC 4.88% <br> 9/26/31<br>| EUR | 250000 | 238425 |
| National Grid PLC 0.16% <br> 1/20/28<br>| EUR | 564000 | 624554 |
| μNationwide Building Society  |  |  |  |
| 5.75% 6/20/27 | GBP | 200000 | 270534 |
| 7.50% 12/20/30 | GBP | 409000 | 566635 |
| μNatWest Group PLC  |  |  |  |
| 3.13% 3/28/27 | GBP | 100000 | 135880 |
| 7.50% 2/28/32 | GBP | 200000 | 272444 |
| Ocado Group PLC 11.00% <br> 6/15/30<br>| GBP | 180000 | 240316 |
| OEG Finance PLC 7.25% <br> 9/27/29<br>|  | 148000 | 178695 |
| Pinewood Finco PLC 6.00% <br> 3/27/30<br>| GBP | 630000 | 853963 |
| Pinnacle Bidco PLC 10.00% <br> 10/11/28<br>| GBP | 194000 | 281473 |
| Stonegate Pub Co. Financing <br> PLC <br>|  |  |  |
| • 8.77% (3 mo. EURIBOR + <br> 6.63%) 7/31/29<br>| EUR | 139000 | 166191 |
| 10.75% 7/31/29 | GBP | 406000 | 577746 |
| Thames Water Utilities <br> Finance PLC 4.00% 6/19/27<br>| GBP | 400000 | 382581 |
| ^Thames Water Utilities Ltd. <br> 0.00% 3/22/27<br>| GBP | 3000 | 3435 |
| Unique Pub Finance Co. PLC <br> 6.46% 3/30/32<br>| GBP | 365267 | 524787 |
| Vedanta Resources Finance II <br> PLC 10.88% 9/17/29<br>|  | 200000 | 207121 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Virgin Media Secured <br> Finance PLC <br>|  |  |  |
| 4.13% 8/15/30 | GBP | 707000 | $875407 |
| 4.25% 1/15/30 | GBP | 340000 | 426460 |
| Virgin Media Vendor <br> Financing Notes III DAC <br> 4.88% 7/15/28<br>| GBP | 941000 | 1228695 |
| Vmed O2 U.K. Financing I <br> PLC 4.50% 7/15/31<br>| GBP | 424000 | 520893 |
| μVodafone Group PLC  |  |  |  |
| 4.13% 6/4/81 |  | 67000 | 61232 |
| 8.00% 8/30/86 | GBP | 147000 | 218990 |
| Zegona Finance PLC 6.75% <br> 7/15/29<br>| EUR | 357000 | 446811 |
|  |  |  | **25735018** |
| **United States–4.34%** | **United States–4.34%** | **United States–4.34%** | **United States–4.34%** |
| Acadia Healthcare Co., Inc.  |  |  |  |
| 5.50% 7/1/28 |  | 198000 | 196727 |
| 7.38% 3/15/33 |  | 174000 | 179260 |
| Acrisure LLC/Acrisure <br> Finance, Inc. 4.25% 2/15/29<br>|  | 266000 | 255286 |
| Aethon United BR LP/Aethon <br> United Finance Corp. 7.50% <br> 10/1/29<br>|  | 185000 | 194053 |
| Affinity Interactive 6.88% <br> 12/15/27<br>|  | 92000 | 56465 |
| AG Issuer LLC 6.25% 3/1/28 |  | 300000 | 300052 |
| Alexander Funding Trust II <br> 7.47% 7/31/28<br>|  | 145000 | 155061 |
| Allegiant Travel Co. 7.25% <br> 8/15/27<br>|  | 252000 | 252073 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer <br>|  |  |  |
| 4.25% 10/15/27 |  | 343000 | 336689 |
| 7.00% 1/15/31 |  | 200000 | 206882 |
| Allied Universal Holdco LLC <br> 7.88% 2/15/31<br>|  | 300000 | 313408 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 <br> SARL 4.88% 6/1/28<br>| GBP | 1424000 | 1873799 |
| Alpha Generation LLC 6.75% <br> 10/15/32<br>|  | 200000 | 206169 |
| AMC Networks, Inc.  |  |  |  |
| 4.25% 2/15/29 |  | 595000 | 476660 |
| 10.25% 1/15/29 |  | 679000 | 703929 |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>|  | 200000 | 205831 |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd. 5.50% 4/20/26<br>|  | 14667 | 14633 |
| American Axle & <br> Manufacturing, Inc. 5.00% <br> 10/1/29<br>|  | 285000 | 260811 |

---

LVIP BlackRock Global Allocation Fund-17

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| American Tower Corp. 0.45% <br> 1/15/27<br>| EUR | 983000 | $1123341 |
| Amgen, Inc. 5.50% 12/7/26 | GBP | 100000 | 139057 |
| Amkor Technology, Inc. 6.63% <br> 9/15/27<br>|  | 190000 | 190476 |
| AmWINS Group, Inc.  |  |  |  |
| 4.88% 6/30/29 |  | 67000 | 65112 |
| 6.38% 2/15/29 |  | 200000 | 203847 |
| Aramark Services, Inc. 5.00% <br> 2/1/28<br>|  | 200000 | 199195 |
| Arches Buyer, Inc. 4.25% <br> 6/1/28<br>|  | 174000 | 166542 |
| Arcosa, Inc. 6.88% 8/15/32 |  | 268000 | 278136 |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings USA, <br> Inc. 4.13% 8/15/26<br>|  | 2125000 | 1995099 |
| Aretec Group, Inc. 10.00% <br> 8/15/30<br>|  | 440000 | 483524 |
| AT&T, Inc.  |  |  |  |
| 2.90% 12/4/26 | GBP | 152000 | 204049 |
| 5.50% 3/15/27 | GBP | 50000 | 69720 |
| ATI, Inc. 7.25% 8/15/30 |  | 334000 | 350000 |
| Aviation Capital Group LLC <br> 1.95% 9/20/26<br>|  | 18000 | 17422 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc. <br>|  |  |  |
| 5.38% 3/1/29 |  | 247000 | 238058 |
| 8.00% 2/15/31 |  | 100000 | 103574 |
| 8.25% 1/15/30 |  | 100000 | 104440 |
| Ball Corp. 4.25% 7/1/32 | EUR | 231000 | 275688 |
| μBank of America Corp. 1.95% <br> 10/27/26<br>| EUR | 399000 | 469388 |
| μBank of New York Mellon <br> Corp. 6.30% 3/20/30<br>|  | 49000 | 50338 |
| BCPE Flavor Debt Merger <br> Sub LLC & BCPE Flavor <br> Issuer, Inc. 9.50% 7/1/32<br>|  | 153000 | 156515 |
| Beach Acquisition Bidco LLC <br> 5.25% 7/15/32<br>| EUR | 177000 | 210061 |
| Blue Racer <br> Midstream LLC/Blue Racer <br> Finance Corp. 7.25% 7/15/32<br>|  | 257000 | 272332 |
| Boyd Gaming Corp. 4.75% <br> 6/15/31<br>|  | 282000 | 270282 |
| Caesars Entertainment, Inc.  |  |  |  |
| 4.63% 10/15/29 |  | 205000 | 195680 |
| 6.00% 10/15/32 |  | 190000 | 186335 |
| California Resources Corp. <br> 8.25% 6/15/29<br>|  | 266000 | 273043 |
| Calpine Corp.  |  |  |  |
| 4.63% 2/1/29 |  | 93000 | 91849 |
| 5.00% 2/1/31 |  | 362000 | 358104 |
| 5.13% 3/15/28 |  | 100000 | 99888 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp. 4.75% <br> 2/1/32<br>|  | 135000 | $128051 |
| Central Parent LLC/CDK <br> Global II LLC/CDK <br> Financing Co., Inc. 8.00% <br> 6/15/29<br>|  | 32000 | 26461 |
| Central Parent, Inc./CDK <br> Global, Inc. 7.25% 6/15/29<br>|  | 105000 | 85329 |
| CHS/Community Health <br> Systems, Inc. <br>|  |  |  |
| 4.75% 2/15/31 |  | 173000 | 147895 |
| 5.25% 5/15/30 |  | 340000 | 301494 |
| Churchill Downs, Inc.  |  |  |  |
| 5.50% 4/1/27 |  | 258000 | 257503 |
| 5.75% 4/1/30 |  | 265000 | 265864 |
| Cinemark USA, Inc.  |  |  |  |
| 5.25% 7/15/28 |  | 200000 | 199052 |
| 7.00% 8/1/32 |  | 138000 | 143267 |
| Citigroup, Inc.  |  |  |  |
| μ 1.25% 7/6/26 | EUR | 399000 | 470007 |
| 1.75% 10/23/26 | GBP | 100000 | 132485 |
| μ 6.95% 2/15/30 |  | 54000 | 55151 |
| Civitas Resources, Inc.  |  |  |  |
| 8.38% 7/1/28 |  | 296000 | 303078 |
| 8.63% 11/1/30 |  | 263000 | 267008 |
| Clarios Global LP/Clarios <br> U.S. Finance Co. <br>|  |  |  |
| 4.75% 6/15/31 | EUR | 296000 | 350012 |
| 6.75% 5/15/28 |  | 104000 | 106751 |
| 6.75% 2/15/30 |  | 386000 | 401358 |
| Clear Channel Outdoor <br> Holdings, Inc. <br>|  |  |  |
| 5.13% 8/15/27 |  | 147000 | 145328 |
| 9.00% 9/15/28 |  | 100000 | 104782 |
| Cloud Software Group, Inc.  |  |  |  |
| 6.50% 3/31/29 |  | 768000 | 775152 |
| 8.25% 6/30/32 |  | 667000 | 709841 |
| 9.00% 9/30/29 |  | 188000 | 194867 |
| Clydesdale Acquisition <br> Holdings, Inc. <br>|  |  |  |
| 6.63% 4/15/29 |  | 197000 | 199853 |
| 6.75% 4/15/32 |  | 100000 | 102627 |
| 8.75% 4/15/30 |  | 369000 | 377422 |
| Comcast Corp. 0.25% 9/14/29 | EUR | 234000 | 248503 |
| CommScope LLC 9.50% <br> 12/15/31<br>|  | 130000 | 136138 |
| Comstock Resources, Inc.  |  |  |  |
| 6.75% 3/1/29 |  | 100000 | 100224 |
| 6.75% 3/1/29 |  | 200000 | 199380 |
| Cornerstone Building Brands, <br> Inc. 9.50% 8/15/29<br>|  | 100000 | 91932 |
| Crescent Energy Finance LLC <br> 7.38% 1/15/33<br>|  | 263000 | 251377 |

---

LVIP BlackRock Global Allocation Fund-18

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CSC Holdings LLC  |  |  |  |
| 5.50% 4/15/27 |  | 400000 | $381899 |
| 11.25% 5/15/28 |  | 200000 | 199247 |
| 11.75% 1/31/29 |  | 363000 | 345270 |
| CVR Energy, Inc.  |  |  |  |
| 5.75% 2/15/28 |  | 200000 | 191501 |
| 8.50% 1/15/29 |  | 5000 | 5002 |
| Delek Logistics <br> Partners LP/Delek Logistics <br> Finance Corp. <br>|  |  |  |
| 7.38% 6/30/33 |  | 25000 | 24883 |
| 8.63% 3/15/29 |  | 281000 | 291645 |
| Dotdash Meredith, Inc. 7.63% <br> 6/15/32<br>|  | 50000 | 48485 |
| Encino Acquisition Partners <br> Holdings LLC 8.75% 5/1/31<br>|  | 222000 | 245167 |
| Endo Finance Holdings, Inc. <br> 8.50% 4/15/31<br>|  | 200000 | 211712 |
| Energizer Holdings, Inc. <br> 4.38% 3/31/29<br>|  | 130000 | 122956 |
| EQT Corp. 7.50% 6/1/30 |  | 95000 | 104406 |
| EquipmentShare.com, Inc.  |  |  |  |
| 8.00% 3/15/33 |  | 58000 | 60760 |
| 8.63% 5/15/32 |  | 25000 | 26567 |
| 9.00% 5/15/28 |  | 100000 | 105643 |
| Fertitta <br> Entertainment LLC/Fertitta <br> Entertainment Finance Co., <br> Inc. 4.63% 1/15/29<br>|  | 200000 | 191563 |
| Fidelity National Information <br> Services, Inc. 1.50% 5/21/27<br>| EUR | 415000 | 480627 |
| μFirst Citizens BancShares, <br> Inc. 6.25% 3/12/40<br>|  | 1735000 | 1726399 |
| Focus Financial Partners LLC <br> 6.75% 9/15/31<br>|  | 324000 | 330728 |
| Freedom Mortgage Corp. <br> 12.00% 10/1/28<br>|  | 200000 | 215085 |
| Freedom Mortgage <br> Holdings LLC 8.38% 4/1/32<br>|  | 200000 | 202155 |
| Frontier Communications <br> Holdings LLC <br>|  |  |  |
| 5.00% 5/1/28 |  | 719000 | 718697 |
| 5.88% 10/15/27 |  | 720000 | 720273 |
| 5.88% 11/1/29 |  | 40000 | 40399 |
| 6.00% 1/15/30 |  | 40000 | 40516 |
| 6.75% 5/1/29 |  | 430000 | 435623 |
| 8.63% 3/15/31 |  | 785000 | 834069 |
| 8.75% 5/15/30 |  | 976000 | 1020770 |
| Frontier Florida LLC 6.86% <br> 2/1/28<br>|  | 874000 | 909339 |
| Frontier North, Inc. 6.73% <br> 2/15/28<br>|  | 354000 | 362015 |
| Full House Resorts, Inc. 8.25% <br> 2/15/28<br>|  | 27000 | 26235 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| General Motors Financial Co., <br> Inc. 4.30% 2/15/29<br>| EUR | 280000 | $344100 |
| Global Partners LP/GLP <br> Finance Corp. 7.13% 7/1/33<br>|  | 165000 | 167312 |
| Global Payments, Inc. 4.88% <br> 3/17/31<br>| EUR | 193000 | 238689 |
| Goldman Sachs Group, Inc.  |  |  |  |
| 0.25% 1/26/28 | EUR | 455000 | 506897 |
| 0.88% 5/9/29 | EUR | 437000 | 478799 |
| 7.25% 4/10/28 | GBP | 50000 | 73428 |
| Goodyear Tire & Rubber Co. <br> 5.25% 7/15/31<br>|  | 220000 | 210949 |
| GoTo Group, Inc.  |  |  |  |
| 5.50% 5/1/28 |  | 132700 | 108814 |
| 5.50% 5/1/28 |  | 137700 | 44752 |
| •GS Finance Corp. 8.75% <br> 2/14/30<br>|  | 3100000 | 3152452 |
| Helios Software Holdings, <br> Inc./ION Corporate <br> Solutions Finance SARL <br> 7.88% 5/1/29<br>| EUR | 622000 | 757963 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br>|  |  |  |
| 4.88% 7/1/31 |  | 300000 | 276437 |
| 5.00% 6/1/29 |  | 64000 | 61558 |
| Howard Midstream Energy <br> Partners LLC <br>|  |  |  |
| 7.38% 7/15/32 |  | 336000 | 353371 |
| 8.88% 7/15/28 |  | 100000 | 104984 |
| HUB International Ltd. 7.25% <br> 6/15/30<br>|  | 399000 | 416969 |
| •Hyundai Capital America <br> 5.76% (1 day USD SOFR + <br> 1.35%) 3/27/30<br>|  | 200000 | 199376 |
| International Business <br> Machines Corp. 3.38% <br> 2/6/27<br>| EUR | 382000 | 456611 |
| ITT Holdings LLC 6.50% <br> 8/1/29<br>|  | 222000 | 211111 |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>|  | 200000 | 194576 |
| ♦JetBlue Pass-Through Trust <br> 2.75% 11/15/33<br>|  | 119032 | 104166 |
| μJPMorgan Chase & Co.  |  |  |  |
| 1.09% 3/11/27 | EUR | 415000 | 484488 |
| 3.67% 6/6/28 | EUR | 352000 | 423860 |
| 6.50% 4/1/30 |  | 49000 | 50606 |
| KeHE Distributors LLC/KeHE <br> Finance Corp./NextWave <br> Distribution, Inc. 9.00% <br> 2/15/29<br>|  | 123000 | 127385 |
| Kronos International, Inc. <br> 9.50% 3/15/29<br>| EUR | 100000 | 126857 |

---

LVIP BlackRock Global Allocation Fund-19

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| LCM Investments Holdings <br> II LLC 4.88% 5/1/29<br>|  | 386000 | $375366 |
| Level 3 Financing, Inc.  |  |  |  |
| 6.88% 6/30/33 |  | 140000 | 142453 |
| 10.00% 10/15/32 |  | 199200 | 201190 |
| LGI Homes, Inc. 7.00% <br> 11/15/32<br>|  | 420000 | 399735 |
| LifePoint Health, Inc. 8.38% <br> 2/15/32<br>|  | 165000 | 175815 |
| Light & Wonder <br> International, Inc. 7.25% <br> 11/15/29<br>|  | 200000 | 206051 |
| Live Nation Entertainment, <br> Inc. 4.75% 10/15/27<br>|  | 350000 | 346195 |
| Magnera Corp.  |  |  |  |
| 4.75% 11/15/29 |  | 90000 | 79532 |
| 7.25% 11/15/31 |  | 85000 | 80146 |
| Mauser Packaging Solutions <br> Holding Co. 7.88% 4/15/27<br>|  | 252000 | 256131 |
| McGraw-Hill Education, Inc.  |  |  |  |
| 5.75% 8/1/28 |  | 27000 | 27163 |
| 7.38% 9/1/31 |  | 160000 | 166903 |
| Medline Borrower LP 5.25% <br> 10/1/29<br>|  | 785000 | 778881 |
| MGM Resorts International <br> 6.50% 4/15/32<br>|  | 57000 | 57930 |
| Mohegan Tribal Gaming <br> Authority/MS Digital <br> Entertainment <br> Holdings LLC 8.25% 4/15/30<br>|  | 143000 | 147606 |
| μMorgan Stanley  |  |  |  |
| 1.34% 10/23/26 | EUR | 506000 | 594177 |
| 4.66% 3/2/29 | EUR | 365000 | 451036 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp. 7.00% 2/15/32<br>| EUR | 220000 | 265498 |
| Nasdaq, Inc. 4.50% 2/15/32 | EUR | 281000 | 352795 |
| Nationstar Mortgage <br> Holdings, Inc. <br>|  |  |  |
| 5.00% 2/1/26 |  | 161000 | 160358 |
| 5.13% 12/15/30 |  | 240000 | 242899 |
| 5.75% 11/15/31 |  | 294000 | 298584 |
| NCL Corp. Ltd. 6.75% 2/1/32 |  | 336000 | 343267 |
| NCR Atleos Corp. 9.50% <br> 4/1/29<br>|  | 738000 | 808378 |
| NCR Voyix Corp.  |  |  |  |
| 5.00% 10/1/28 |  | 110000 | 108885 |
| 5.13% 4/15/29 |  | 334000 | 328969 |
| Netflix, Inc. 3.63% 5/15/27 | EUR | 753000 | 906445 |
| Newell Brands, Inc.  |  |  |  |
| 6.38% 5/15/30 |  | 125000 | 121603 |
| 6.63% 5/15/32 |  | 155000 | 147863 |
| Nexstar Media, Inc. 5.63% <br> 7/15/27<br>|  | 289000 | 288324 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Novelis Corp.  |  |  |
| 3.25% 11/15/26 | 100000 | $98398 |
| 3.88% 8/15/31 | 333000 | 299222 |
| 4.75% 1/30/30 | 100000 | 95819 |
| Occidental Petroleum Corp. <br> 5.20% 8/1/29<br>| 190000 | 190611 |
| Olympus Water U.S. Holding <br> Corp. <br>|  |  |
| 4.25% 10/1/28 | 400000 | 380385 |
| 9.75% 11/15/28 | 232000 | 244303 |
| OneMain Finance Corp. 7.13% <br> 11/15/31<br>| 80000 | 83238 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV <br> 5.13% 4/30/31<br>| 600000 | 520713 |
| OT Midco, Inc. 10.00% <br> 2/15/30<br>| 509000 | 392821 |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp. <br>|  |  |
| 4.25% 1/15/29 | 200000 | 191335 |
| 4.63% 3/15/30 | 200000 | 191022 |
| 5.00% 8/15/27 | 200000 | 199001 |
| Owens-Brockway Glass <br> Container, Inc. 7.25% <br> 5/15/31<br>| 2000 | 2050 |
| Panther Escrow Issuer LLC <br> 7.13% 6/1/31<br>| 401000 | 416539 |
| Park Intermediate <br> Holdings LLC/PK Domestic <br> Property LLC/PK Finance <br> Co-Issuer <br>|  |  |
| 4.88% 5/15/29 | 200000 | 193781 |
| 5.88% 10/1/28 | 102000 | 101870 |
| Performance Food Group, <br> Inc. <br>|  |  |
| 5.50% 10/15/27 | 122000 | 121745 |
| 6.13% 9/15/32 | 205000 | 209701 |
| Permian Resources <br> Operating LLC <br>|  |  |
| 5.38% 1/15/26 | 33000 | 32944 |
| 8.00% 4/15/27 | 215000 | 219816 |
| PetSmart, Inc./PetSmart <br> Finance Corp. 4.75% 2/15/28<br>| 284000 | 276942 |
| Pike Corp. 5.50% 9/1/28 | 100000 | 99935 |
| Pitney Bowes, Inc. 6.88% <br> 3/15/27<br>| 639000 | 644815 |
| Post Holdings, Inc.  |  |  |
| 5.50% 12/15/29 | 270000 | 268762 |
| 6.25% 10/15/34 | 182000 | 183034 |
| Prestige Brands, Inc.  |  |  |
| 3.75% 4/1/31 | 213000 | 196276 |
| 5.13% 1/15/28 | 200000 | 198432 |

---

LVIP BlackRock Global Allocation Fund-20

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc. 6.25% 1/15/28<br>|  | 470000 | $470736 |
| Procter & Gamble Co. 4.88% <br> 5/11/27<br>| EUR | 268000 | 331005 |
| Quikrete Holdings, Inc. 6.75% <br> 3/1/33<br>|  | 467000 | 481863 |
| Reworld Holding Corp. 4.88% <br> 12/1/29<br>|  | 210000 | 199782 |
| RingCentral, Inc. 8.50% <br> 8/15/30<br>|  | 970000 | 1037888 |
| RR Donnelley & Sons Co. <br> 9.50% 8/1/29<br>|  | 63000 | 63000 |
| Sabre GLBL, Inc.  |  |  |  |
| 8.63% 6/1/27 |  | 157000 | 160729 |
| 10.75% 11/15/29 |  | 938000 | 963838 |
| 11.13% 7/15/30 |  | 330000 | 345180 |
| SCIH Salt Holdings, Inc. <br> 4.88% 5/1/28<br>|  | 300000 | 292287 |
| Scotts Miracle-Gro Co.  |  |  |  |
| 4.00% 4/1/31 |  | 100000 | 91850 |
| 4.38% 2/1/32 |  | 185000 | 169878 |
| Select Medical Corp. 6.25% <br> 12/1/32<br>|  | 511000 | 514051 |
| Service Properties Trust  |  |  |  |
| 8.38% 6/15/29 |  | 1242000 | 1291788 |
| 8.63% 11/15/31 |  | 358000 | 384339 |
| 8.88% 6/15/32 |  | 1352000 | 1390205 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 5.50% 5/15/33<br>| EUR | 177000 | 215672 |
| Six Flags Entertainment <br> Corp. 5.50% 4/15/27<br>|  | 248000 | 247466 |
| Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management <br> Corp. 5.25% 7/15/29<br>|  | 153000 | 149832 |
| SM Energy Co. 6.75% 8/1/29 |  | 105000 | 104614 |
| Snap, Inc. 6.88% 3/1/33 |  | 171000 | 175468 |
| =Sonder 7.00% 12/10/27 |  | 1360897 | 1166969 |
| Spirit AeroSystems, Inc.  |  |  |  |
| 9.38% 11/30/29 |  | 623000 | 661010 |
| 9.75% 11/15/30 |  | 2175000 | 2398701 |
| ♦Spirit Airlines Pass-Through <br> Trust <br>|  |  |  |
| 3.38% 8/15/31 |  | 201080 | 177994 |
| 3.65% 8/15/31 |  | 526428 | 455881 |
| 4.10% 10/1/29 |  | 17178 | 15759 |
| SS&C Technologies, Inc.  |  |  |  |
| 5.50% 9/30/27 |  | 340000 | 340298 |
| 6.50% 6/1/32 |  | 446000 | 463000 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>|  | 213000 | 203740 |
| Star Parent, Inc. 9.00% <br> 10/1/30<br>|  | 200000 | 210364 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Starwood Property Trust, Inc. <br> 3.63% 7/15/26<br>|  | 100000 | $98301 |
| Starz Capital Holdings 1, Inc. <br> 5.50% 4/15/29<br>|  | 1881000 | 1634721 |
| Starz Capital Holdings LLC <br> 5.50% 4/15/29<br>|  | 126000 | 104983 |
| Station Casinos LLC 6.63% <br> 3/15/32<br>|  | 182000 | 186097 |
| STL Holding Co. LLC 8.75% <br> 2/15/29<br>|  | 156000 | 162977 |
| Suburban Propane <br> Partners LP/Suburban <br> Energy Finance Corp. 5.00% <br> 6/1/31<br>|  | 200000 | 189219 |
| Talen Energy Supply LLC <br> 8.63% 6/1/30<br>|  | 350000 | 375083 |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp. <br>|  |  |  |
| 5.50% 1/15/28 |  | 320000 | 318121 |
| 6.00% 12/31/30 |  | 296000 | 290440 |
| 6.00% 9/1/31 |  | 100000 | 97585 |
| Tenet Healthcare Corp. 6.13% <br> 10/1/28<br>|  | 800000 | 801121 |
| Tenneco, Inc. 8.00% 11/17/28 |  | 731000 | 722884 |
| μTexas Capital Bancshares, <br> Inc. 4.00% 5/6/31<br>|  | 879000 | 853158 |
| Thermo Fisher Scientific, Inc. <br> 1.38% 9/12/28<br>| EUR | 418000 | 474460 |
| TK Elevator U.S. Newco, Inc. <br> 5.25% 7/15/27<br>|  | 789000 | 788447 |
| TransDigm, Inc.  |  |  |  |
| 4.63% 1/15/29 |  | 100000 | 98120 |
| 4.88% 5/1/29 |  | 200000 | 196516 |
| 6.38% 5/31/33 |  | 360000 | 360326 |
| Transocean Titan Financing <br> Ltd. 8.38% 2/1/28<br>|  | 133000 | 135096 |
| Transocean, Inc. 8.25% <br> 5/15/29<br>|  | 364000 | 336533 |
| Tronox, Inc. 4.63% 3/15/29 |  | 151000 | 130299 |
| UKG, Inc. 6.88% 2/1/31 |  | 375000 | 389091 |
| ♦United Airlines Pass-Through <br> Trust 2.90% 11/1/29<br>|  | 81846 | 75910 |
| United Wholesale <br> Mortgage LLC 5.50% 4/15/29<br>|  | 50000 | 48533 |
| Uniti Group LP/Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC <br>|  |  |  |
| 4.75% 4/15/28 |  | 553000 | 541987 |
| 10.50% 2/15/28 |  | 782000 | 828953 |
| Univision Communications, <br> Inc. <br>|  |  |  |
| 4.50% 5/1/29 |  | 123000 | 111832 |
| 6.63% 6/1/27 |  | 290000 | 289209 |
| 8.50% 7/31/31 |  | 69000 | 69076 |

---

LVIP BlackRock Global Allocation Fund-21

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp. <br>|  |  |  |
| 6.88% 9/1/27 |  | 230000 | $230463 |
| 7.13% 3/15/29 |  | 300000 | 307480 |
| UWM Holdings LLC 6.63% <br> 2/1/30<br>|  | 288000 | 288298 |
| Valaris Ltd. 8.38% 4/30/30 |  | 151000 | 154922 |
| Venture Global LNG, Inc.  |  |  |  |
| 7.00% 1/15/30 |  | 262000 | 264859 |
| μ 9.00% 9/30/29 |  | 345000 | 335409 |
| Venture Global Plaquemines <br> LNG LLC <br>|  |  |  |
| 6.50% 1/15/34 |  | 55000 | 55000 |
| 6.75% 1/15/36 |  | 57000 | 57000 |
| Verizon Communications, Inc.  |  |  |  |
| 1.13% 11/3/28 | GBP | 100000 | 123975 |
| 4.25% 10/31/30 | EUR | 363000 | 452299 |
| Viking Cruises Ltd. 5.88% <br> 9/15/27<br>|  | 573000 | 573320 |
| Vistra Operations Co. LLC <br> 5.63% 2/15/27<br>|  | 1041000 | 1041712 |
| Vital Energy, Inc. 7.88% <br> 4/15/32<br>|  | 136000 | 116283 |
| Voyager Parent LLC 9.25% <br> 7/1/32<br>|  | 100000 | 104043 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>|  | 200000 | 210186 |
| Weekley Homes LLC/Weekley <br> Finance Corp. 4.88% 9/15/28<br>|  | 7000 | 6780 |
| Wells Fargo & Co.  |  |  |  |
| 0.63% 3/25/30 | EUR | 450000 | 475214 |
| 1.38% 10/26/26 | EUR | 415000 | 482751 |
| 1.50% 5/24/27 | EUR | 634000 | 734400 |
| Western Digital Corp. 4.75% <br> 2/15/26<br>|  | 22000 | 21942 |
| Wildfire Intermediate <br> Holdings LLC 7.50% <br> 10/15/29<br>|  | 202000 | 200661 |
| WR Grace Holdings LLC <br> 4.88% 6/15/27<br>|  | 182000 | 180949 |
| Xerox Corp. 10.25% 10/15/30 |  | 330000 | 345492 |
| Xerox Issuer Corp. 13.50% <br> 4/15/31<br>|  | 310000 | 318202 |
| Zayo Group Holdings, Inc. <br> 4.00% 3/1/27<br>|  | 103000 | 96591 |
|  |  |  | **90579405** |
| **Vietnam–0.01%** | **Vietnam–0.01%** | **Vietnam–0.01%** | **Vietnam–0.01%** |
| Mong Duong Finance <br> Holdings BV 5.13% 5/7/29<br>|  | 169400 | 165414 |
|  |  |  | **165414** |
| **Total Corporate Bonds** <br>**(Cost $204,042,528)** | **Total Corporate Bonds** <br>**(Cost $204,042,528)** | **Total Corporate Bonds** <br>**(Cost $204,042,528)** | **203151550** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS–4.32%** | **ΔLOAN AGREEMENTS–4.32%** | **ΔLOAN AGREEMENTS–4.32%** | **ΔLOAN AGREEMENTS–4.32%** |
| **Belgium–0.07%** | **Belgium–0.07%** | **Belgium–0.07%** | **Belgium–0.07%** |
| •United Petfood Finance BV <br> 5.17% (6 mo. EURIBOR + <br> 2.75%) 2/26/32<br>| EUR | 1280899 | $1503178 |
|  |  |  | **1503178** |
| **Canada–0.01%** | **Canada–0.01%** | **Canada–0.01%** | **Canada–0.01%** |
| •Garda World Security Corp. <br> 7.31% (1 mo. USD Term <br> SOFR + 3.00%) 2/1/29<br>|  | 213914 | 214032 |
|  |  |  | **214032** |
| **Finland–0.10%** | **Finland–0.10%** | **Finland–0.10%** | **Finland–0.10%** |
| •Mehilainen Yhtiot OYJ 5.48% <br> (3 mo. EURIBOR + 3.50%) <br> 8/5/31<br>| EUR | 1682441 | 1982288 |
|  |  |  | **1982288** |
| **France–0.37%** | **France–0.37%** | **France–0.37%** | **France–0.37%** |
| •Banijay Entertainment SAS <br> 5.59% (3 mo. EURIBOR + <br> 3.25%) 2/10/32<br>| EUR | 1165254 | 1369331 |
| •Cegid Group SAS 5.44% (3 <br> mo. EURIBOR + 3.25%) <br> 1/31/30<br>| EUR | 1000000 | 1175677 |
| •HomeVI SAS 7.19% (3 mo. <br> EURIBOR + 5.00%) <br> 10/31/29<br>| EUR | 1000000 | 1172179 |
| •Obol France 3 SAS 7.19% (6 <br> mo. EURIBOR + 5.00%) <br> 12/31/28<br>| EUR | 1000000 | 1155134 |
| •Parts Europe SA 5.49% (3 mo. <br> EURIBOR + 3.25%) 2/3/31<br>| EUR | 1584700 | 1866362 |
| •Ramsay Generale de Sante SA <br> 5.49% (3 mo. EURIBOR + <br> 3.25%) 8/13/31<br>| EUR | 900000 | 1053233 |
|  |  |  | **7791916** |
| **Germany–0.40%** | **Germany–0.40%** | **Germany–0.40%** | **Germany–0.40%** |
| •Aenova Holding GmbH 5.01% <br> (3 mo. EURIBOR + 3.00%) <br> 8/22/31<br>| EUR | 1132076 | 1321581 |
| •Apleona Holding GmbH 5.74% <br> (3 mo. EURIBOR + 3.55%) <br> 4/28/28<br>| EUR | 1200234 | 1410876 |
| •Aviv Group GmbH 6.10% (6 <br> mo. EURIBOR + 4.00%) <br> 4/23/32<br>| EUR | 1146496 | 1350732 |
| •Nidda Healthcare Holding AG <br> 6.05% (3 mo. EURIBOR + <br> 4.00%) 2/21/30<br>| EUR | 1439394 | 1694772 |
| •Schoen Klinik SE 4.98% (3 <br> mo. EURIBOR + 3.00%) <br> 1/12/31<br>| EUR | 666667 | 779411 |
| •Speedster Bidco GmbH 5.88% <br> (6 mo. EURIBOR + 3.50%) <br> 12/10/31<br>| EUR | 720000 | 848218 |

---

LVIP BlackRock Global Allocation Fund-22

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| •TK Elevator Midco GmbH <br> 5.85% (3 mo. EURIBOR + <br> 3.25%) 4/30/30<br>| EUR | 759600 | $890601 |
|  |  |  | **8296191** |
| **Ireland–0.09%** | **Ireland–0.09%** | **Ireland–0.09%** | **Ireland–0.09%** |
| •Applegreen Ireland 7.19% (3 <br> mo. EURIBOR + 5.00%) <br> 1/30/32<br>| EUR | 569620 | 675010 |
| •ION Trading Technologies <br> SARL 6.23% (3 mo. <br> EURIBOR + 4.25%) 4/3/28<br>| EUR | 1000000 | 1168068 |
|  |  |  | **1843078** |
| **Jersey–0.05%** | **Jersey–0.05%** | **Jersey–0.05%** | **Jersey–0.05%** |
| =π•Vita Global FinCo Ltd.  |  |  |  |
| 10.05% (6 mo. EURIBOR + <br> 8.00%) 7/6/27<br>| EUR | 650604 | 655254 |
| 12.45% (SONIA + 8.00%) <br> 9/23/27<br>| GBP | 378764 | 443899 |
|  |  |  | **1099153** |
| **Luxembourg–0.24%** | **Luxembourg–0.24%** | **Luxembourg–0.24%** | **Luxembourg–0.24%** |
| •Helios Software Holdings, Inc. <br> 5.23% (3 mo. EURIBOR + <br> 3.25%) 3/13/28<br>| EUR | 1000000 | 1165877 |
| •INEOS Finance PLC 5.43% (1 <br> mo. EURIBOR + 3.50%) <br> 6/23/31<br>| EUR | 1000000 | 1148502 |
| •Matterhorn Telecom Holding <br> SA 4.53% (3 mo. EURIBOR + <br> 2.50%) 1/30/32<br>| EUR | 1000000 | 1173168 |
| Tackle SARL  |  |  |  |
| + 0.00% 5/22/28 | EUR | 593750 | 697366 |
| • 5.37% (6 mo. EURIBOR + <br> 3.25%) 5/22/28<br>| EUR | 656250 | 770293 |
|  |  |  | **4955206** |
| **Netherlands–0.71%** | **Netherlands–0.71%** | **Netherlands–0.71%** | **Netherlands–0.71%** |
| =π•Cypher Bidco 6.41% (3 mo. <br> EURIBOR + 4.25%) <br> 12/30/27<br>| EUR | 1485170 | 1694874 |
| •Median BV 6.91% (3 mo. <br> EURIBOR + 4.93%) <br> 10/14/27<br>| EUR | 981818 | 1152034 |
| •Peer Holding III BV 4.73% (3 <br> mo. EURIBOR + 2.75%) <br> 7/1/31<br>| EUR | 1400000 | 1646377 |
| •Pegasus Bidco BV 5.64% (3 <br> mo. EURIBOR + 3.50%) <br> 7/12/29<br>| EUR | 1333333 | 1572564 |
| •Stage Entertainment BV <br> 6.12% (3 mo. EURIBOR + <br> 4.00%) 6/2/29<br>| EUR | 1000000 | 1180307 |
| •Unit4 NV 5.48% (3 mo. <br> EURIBOR + 3.50%) 6/29/28<br>| EUR | 682733 | 802842 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| •Upfield BV 9.99% (SONIA + <br> 5.25%) 1/3/28<br>| GBP | 1543000 | $2100271 |
| •Ziggo BV 4.89% (1 mo. <br> EURIBOR + 3.00%) 1/31/29<br>| EUR | 4186717 | 4706957 |
|  |  |  | **14856226** |
| **New Zealand–0.05%** | **New Zealand–0.05%** | **New Zealand–0.05%** | **New Zealand–0.05%** |
| •FNZ Group Services Ltd. <br> 10.21% (SONIA + 6.00%) <br> 11/5/31<br>| GBP | 1000000 | 1087825 |
|  |  |  | **1087825** |
| **Norway–0.02%** | **Norway–0.02%** | **Norway–0.02%** | **Norway–0.02%** |
| •Sector Alarm Holding AS <br> 5.51% (3 mo. EURIBOR + <br> 3.50%) 6/14/29<br>| EUR | 406916 | 479087 |
|  |  |  | **479087** |
| **Spain–0.24%** | **Spain–0.24%** | **Spain–0.24%** | **Spain–0.24%** |
| •Aernnova Aerospace SAU <br> 6.32% (3 mo. EURIBOR + <br> 4.00%) 2/27/30<br>| EUR | 1302917 | 1530383 |
| •Areas Worldwide SA 6.04% (6 <br> mo. EURIBOR + 4.00%) <br> 12/31/29<br>| EUR | 1219531 | 1433861 |
| •Europa University Education <br> Group SL 5.29% (6 mo. <br> EURIBOR + 3.25%) <br> 10/30/31<br>| EUR | 741599 | 873226 |
| •HBX Group International PLC <br> 4.87% (6 mo. EURIBOR + <br> 2.75%) 2/13/32<br>| EUR | 1010869 | 1184800 |
|  |  |  | **5022270** |
| **Sweden–0.06%** | **Sweden–0.06%** | **Sweden–0.06%** | **Sweden–0.06%** |
| •Quimper AB 6.08% (3 mo. <br> EURIBOR + 3.75%) 3/29/30<br>| EUR | 1008696 | 1183525 |
|  |  |  | **1183525** |
| **United Kingdom–0.53%** | **United Kingdom–0.53%** | **United Kingdom–0.53%** | **United Kingdom–0.53%** |
| •Bellis Acquisition Co. PLC <br> 6.31% (6 mo. EURIBOR + <br> 4.00%) 5/14/31<br>| EUR | 1237872 | 1377589 |
| •CD&R Firefly Bidco Ltd. <br> 9.96% (SONIA + 4.75%) <br> 4/29/29<br>| GBP | 478700 | 652981 |
| •Froneri Lux Finco SARL <br> 5.10% (6 mo. EURIBOR + <br> 2.50%) 9/30/31<br>| EUR | 1000000 | 1157996 |
| •GVC Holdings Ltd. 5.29% (6 <br> mo. EURIBOR + 3.25%) <br> 6/30/28<br>| EUR | 723530 | 853783 |
| •INEOS Quattro Holdings U.K. <br> Ltd. 6.43% (1 mo. EURIBOR <br> + 4.50%) 4/2/29<br>| EUR | 902737 | 1007850 |

---

LVIP BlackRock Global Allocation Fund-23

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Inspired Finco Holdings Ltd.  |  |  |  |
| + 0.00% 2/28/31 | EUR | 383142 | $449197 |
| • 5.17% (1 mo. EURIBOR + <br> 3.25%) 2/28/31<br>| EUR | 191571 | 224598 |
| • 5.18% (1 mo. EURIBOR + <br> 3.25%) 2/28/31<br>| EUR | 144499 | 169411 |
| •Market Bidco Ltd. 6.63% (3 <br> mo. EURIBOR + 4.50%) <br> 11/4/30<br>| EUR | 319950 | 371470 |
| •MasOrange Finco PLC 4.81% <br> (6 mo. EURIBOR + 2.75%) <br> 3/25/31<br>| EUR | 1326229 | 1549047 |
| =π•Mercia A-1 6.61% (SONIA + <br> 2.40%) 4/9/26<br>| GBP | 455979 | 625900 |
| =π•Mercia A-2 6.61% (SONIA + <br> 2.40%) 4/9/26<br>| GBP | 1390332 | 1908438 |
| =π•Mercia B-1 6.61% (SONIA + <br> 2.40%) 4/9/26<br>| GBP | 80087 | 109931 |
| •Zegona Communications PLC <br> 5.66% (6 mo. EURIBOR + <br> 3.00%) 7/17/29<br>| EUR | 425532 | 499166 |
|  |  |  | **10957357** |
| **United States–1.38%** | **United States–1.38%** | **United States–1.38%** | **United States–1.38%** |
| •Allied Universal Holdco LLC <br> 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 5/12/28<br>|  | 494859 | 497046 |
| •Altar Bidco, Inc. 9.75% (12 <br> mo. SOFR CME + 5.60%) <br> 2/1/30<br>|  | 1680278 | 1575261 |
| •Amentum Government <br> Services Holdings LLC 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 9/29/31<br>|  | 647520 | 645901 |
| •Arsenal AIC Parent LLC <br> 7.08% (1 mo. USD Term <br> SOFR + 2.75%) 8/19/30<br>|  | 98320 | 98099 |
| @•Avaya, Inc. 11.83% (1 mo. USD <br> Term SOFR + 7.50%) 8/1/28<br>|  | 4449 | 3464 |
| •Bally's Corp. 7.78% (3 mo. <br> USD Term SOFR + 3.25%) <br> 10/2/28<br>|  | 496948 | 437935 |
| •Bausch & Lomb Corp. 8.67% <br> (1 mo. USD Term SOFR + <br> 4.25%) 5/10/27<br>|  | 509450 | 508350 |
| •Belron Finance LLC 7.05% (3 <br> mo. USD Term SOFR + <br> 2.75%) 10/16/31<br>|  | 541905 | 543791 |
| •Boost Newco Borrower LLC <br> 6.30% (3 mo. USD Term <br> SOFR + 2.00%) 1/31/31<br>|  | 656371 | 657736 |
| •Caesars Entertainment, Inc. <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 2/6/31<br>|  | 1016704 | 1014803 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Charter Communications <br> Operating LLC 6.55% (3 mo. <br> USD Term SOFR + 2.25%) <br> 12/15/31<br>|  | 108170 | $108320 |
| •Clarios Global LP 5.18% (1 <br> mo. EURIBOR + 3.25%) <br> 1/28/32<br>| EUR | 1000000 | 1174570 |
| •Cloud Software Group, Inc. <br> 7.80% (3 mo. USD Term <br> SOFR + 3.50%) 3/29/29<br>|  | 474081 | 474404 |
| •Clydesdale Acquisition <br> Holdings, Inc. 7.50% (1 mo. <br> USD Term SOFR + 3.18%) <br> 4/13/29<br>|  | 648177 | 646615 |
| •ConnectWise LLC 8.06% (3 <br> mo. USD Term SOFR + <br> 3.50%) 9/29/28<br>|  | 427569 | 429352 |
| •CPPIB Capital, Inc. 7.05% (3 <br> mo. USD Term SOFR + <br> 2.75%) 8/20/31<br>|  | 581606 | 579425 |
| •CSC Holdings LLC 9.00% (3 <br> mo. Prime Rate + 1.50%) <br> 4/15/27<br>|  | 207688 | 202089 |
| •CVR Energy, Inc. 8.30% (3 mo. <br> USD Term SOFR + 4.00%) <br> 12/30/27<br>|  | 576915 | 575952 |
| •Digital Room Holdings, Inc. <br> 9.68% (1 mo. USD Term <br> SOFR + 5.25%) 12/21/28<br>|  | 350914 | 345872 |
| •DirecTV Financing LLC  |  |  |  |
| 9.54% (3 mo. USD Term <br> SOFR + 5.00%) 8/2/27<br>|  | 70756 | 70950 |
| 9.83% (1 mo. USD Term <br> SOFR + 5.50%) 2/17/31<br>|  | 789600 | 751304 |
| •ECL Entertainment LLC <br> 7.83% (1 mo. USD Term <br> SOFR + 3.50%) 9/3/30<br>|  | 1246019 | 1244461 |
| •Emerald Technologies <br> U.S. Acquisitionco, Inc. <br> 10.73% (3 mo. USD Term <br> SOFR + 6.25%) 12/29/27<br>|  | 405785 | 279992 |
| •Fertitta Entertainment LLC <br> 7.83% (1 mo. USD Term <br> SOFR + 3.50%) 1/27/29<br>|  | 732888 | 731605 |
| •First Brands Group LLC <br> 7.19% (3 mo. EURIBOR + <br> 5.00%) 3/30/27<br>| EUR | 734382 | 834070 |
| =π•Galaxy Universal LLC 10.75% <br> (6 mo. USD Term SOFR + <br> 6.25%) 11/12/26<br>|  | 1319927 | 1313328 |
| •GoTo Group, Inc.  |  |  |  |
| 9.16% (1 mo. USD Term <br> SOFR + 4.75%) 4/28/28<br>|  | 39367 | 13943 |
| 9.16% (1 mo. USD Term <br> SOFR + 4.75%) 4/28/28<br>|  | 36441 | 31599 |

---

LVIP BlackRock Global Allocation Fund-24

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Hydrofarm Holdings LLC <br> 10.04% (3 mo. USD Term <br> SOFR + 5.50%) 10/25/28<br>|  | 248383 | $201190 |
| •Instructure Holdings, Inc. <br> 7.21% (6 mo. USD Term <br> SOFR + 3.00%) 11/13/31<br>|  | 1406475 | 1407628 |
| •J&J Ventures Gaming LLC <br> 7.83% (1 mo. USD Term <br> SOFR + 3.50%) 4/26/30<br>|  | 399160 | 394079 |
| •Jack Ohio Finance LLC 8.33% <br> (1 mo. USD Term SOFR + <br> 4.00%) 2/2/32<br>|  | 163590 | 162159 |
| •Maverick Gaming LLC  |  |  |  |
| 13.78% (3 mo. USD Term <br> SOFR + 9.50%) 6/3/28<br>|  | 190357 | 172273 |
| 13.78% (3 mo. USD Term <br> SOFR + 9.50%) 6/3/28<br>|  | 334301 | 201416 |
| •McAfee LLC 7.32% (1 mo. <br> USD Term SOFR + 3.00%) <br> 3/1/29<br>|  | 882571 | 855908 |
| •Medline Borrower LP 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 10/23/28<br>|  | 1272166 | 1272789 |
| •Nielsen Consumer, Inc. 5.43% <br> (1 mo. EURIBOR + 3.50%) <br> 3/6/28<br>| EUR | 997500 | 1168766 |
| •Pitney Bowes, Inc. 8.08% (1 <br> mo. USD Term SOFR + <br> 3.75%) 3/19/32<br>|  | 663338 | 661401 |
| •Polaris Newco LLC 5.68% (1 <br> mo. EURIBOR + 3.75%) <br> 6/2/28<br>| EUR | 994832 | 1115227 |
| •Redstone Holdco 2 LP  |  |  |  |
| 9.29% (3 mo. USD Term <br> SOFR + 4.75%) 4/27/28<br>|  | 1084529 | 580223 |
| 12.29% (3 mo. USD Term <br> SOFR + 7.75%) 4/27/29<br>|  | 742791 | 171770 |
| =•Solaris Energy <br> Infrastructure LLC 10.30% <br> (3 mo. USD Term SOFR + <br> 6.00%) 9/11/29<br>|  | 2269000 | 2269000 |
| •Station Casinos LLC 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 3/14/31<br>|  | 494987 | 495586 |
| Twitter, Inc.  |  |  |  |
| 9.50% 10/26/29 |  | 200000 | 194334 |
| • 10.93% (1 mo. USD Term <br> SOFR + 6.50%) 10/26/29<br>|  | 194005 | 189337 |
| •Vaco Holdings LLC 9.45% (3 <br> mo. USD Term SOFR + <br> 5.00%) 1/21/29<br>|  | 420847 | 384864 |
| •Verifone Systems, Inc. 10.21% <br> (3 mo. USD Term SOFR + <br> 5.50%) 8/18/28<br>|  | 1049822 | 979746 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Veritas U.S., Inc. 16.80% (3 <br> mo. USD Term SOFR + <br> 12.50%) 12/9/29<br>| 231505 | $231505 |
|  |  | **28899438** |
| **Total Loan Agreements** <br>**(Cost $86,217,990)** | **Total Loan Agreements** <br>**(Cost $86,217,990)** | **90170770** |
| **ΔMUNICIPAL BONDS–0.08%** | **ΔMUNICIPAL BONDS–0.08%** | **ΔMUNICIPAL BONDS–0.08%** |
| **Mongolia–0.01%** | **Mongolia–0.01%** | **Mongolia–0.01%** |
| City of Ulaanbaatar Mongolia <br> 7.75% 8/21/27<br>| 200000 | 200277 |
|  |  | **200277** |
| **United States–0.07%** | **United States–0.07%** | **United States–0.07%** |
| Maricopa County Industrial <br> Development Authority <br> (Grand Canyon University <br> Obligated Group) 7.38% <br> 10/1/29<br>| 395000 | 408866 |
| Port of Beaumont Navigation <br> District 10.00% 7/1/26<br>| 1000000 | 1010317 |
|  |  | **1419183** |
| **Total Municipal Bonds** <br>**(Cost $1,598,453)** | **Total Municipal Bonds** <br>**(Cost $1,598,453)** | **1619460** |
| **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.16%** | **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.16%** | **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.16%** |
| **Cayman Islands–1.61%** | **Cayman Islands–1.61%** | **Cayman Islands–1.61%** |
| •720 East CLO VII Ltd. 5.34% <br> (3 mo. USD Term SOFR + <br> 1.06%) 4/20/37<br>| 320000 | 317292 |
| •AGL CLO 32 Ltd. 5.65% (3 mo. <br> USD Term SOFR + 1.38%) <br> 7/21/37<br>| 250000 | 250502 |
| •AGL CLO 42 Ltd. 5.57% (3 mo. <br> USD Term SOFR + 1.30%) <br> 7/22/38<br>| 700000 | 699325 |
| •AGL Core CLO 31 Ltd. 5.67% <br> (3 mo. USD Term SOFR + <br> 1.40%) 7/20/37<br>| 750000 | 752461 |
| •Ballyrock CLO 14 Ltd. 5.65% <br> (3 mo. USD Term SOFR + <br> 1.38%) 7/20/37<br>| 2500000 | 2507212 |
| •Birch Grove CLO 12 Ltd. <br> 5.51% (3 mo. USD Term <br> SOFR + 1.17%) 4/22/38<br>| 2400000 | 2400190 |
| •Carlyle Global Market <br> Strategies CLO Ltd. 6.12% (3 <br> mo. USD Term SOFR + <br> 1.86%) 7/15/30<br>| 700000 | 701522 |
| CIFC Funding Ltd.  |  |  |
| ☐• Class A1R2 0.00% (1.30% <br> minus 3 mo. USD Term <br> SOFR) 7/15/38<br>| 2000000 | 2000000 |

---

LVIP BlackRock Global Allocation Fund-25

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |
| CIFC Funding <br> Ltd. (continued) <br>|  |  |
| ☐• Class BR2 0.00% (1.85% <br> minus 3 mo. USD Term <br> SOFR) 7/15/38<br>| 700000 | $700000 |
| • Class A 5.41% (3 mo. USD <br> Term SOFR + 1.13%) <br> 4/15/38<br>| 250000 | 250788 |
| • Class A1R 5.45% (3 mo. <br> USD Term SOFR + 1.18%) <br> 3/31/38<br>| 950000 | 947634 |
| • Class A1R 5.52% (3 mo. <br> USD Term SOFR + 1.26%) <br> 1/15/38<br>| 700000 | 701470 |
| •Dryden 75 CLO Ltd. 5.56% (3 <br> mo. USD Term SOFR + <br> 1.30%) 4/15/34<br>| 2000000 | 2003400 |
| •Greystone CRE Notes Ltd. <br> 5.45% (1 mo. USD Term <br> SOFR + 1.13%) 7/15/39<br>| 166661 | 166557 |
| •LCM 36 Ltd. 5.33% (3 mo. <br> USD Term SOFR + 1.07%) <br> 1/15/34<br>| 610000 | 606644 |
| •MF1 Ltd. 5.53% (1 mo. USD <br> Term SOFR + 1.21%) <br> 7/16/36<br>| 43187 | 43132 |
| •MidOcean Credit CLO <br> XVIII LLC 7.00% (1.17% <br> minus 3 mo. USD Term <br> SOFR) 10/18/35<br>| 1000000 | 1000000 |
| •Myers Park CLO Ltd. 6.13% (3 <br> mo. USD Term SOFR + <br> 1.86%) 10/20/30<br>| 250000 | 250454 |
| •Neuberger Berman CLO XXI <br> Ltd. 5.59% (3 mo. USD Term <br> SOFR + 1.32%) 1/20/39<br>| 3400000 | 3411839 |
| •OCP CLO Ltd. 5.61% (3 mo. <br> USD Term SOFR + 1.34%) <br> 11/26/37<br>| 300000 | 300423 |
| •Octagon Investment Partners <br> XVI Ltd. 6.14% (3 mo. USD <br> Term SOFR + 1.86%) <br> 7/17/30<br>| 1000000 | 1000895 |
| •OHA Credit Partners Ltd. <br> 5.60% (3 mo. USD Term <br> SOFR + 1.29%) 7/20/38<br>| 700000 | 701750 |
| •Regatta 31 Funding Ltd. <br> 5.40% (3 mo. USD Term <br> SOFR + 1.17%) 3/25/38<br>| 1000000 | 1000345 |
| •Regatta XVIII Funding Ltd. <br> 5.42% (3 mo. USD Term <br> SOFR + 1.16%) 4/15/38<br>| 250000 | 249451 |
| •RR 28 Ltd. 5.81% (3 mo. USD <br> Term SOFR + 1.55%) <br> 4/15/37<br>| 388191 | 389220 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |
| •Silver Point CLO 7 Ltd. 5.64% <br> (3 mo. USD Term SOFR + <br> 1.36%) 1/15/38<br>|  | 250000 | $250803 |
| ☐•Sixth Street CLO XX Ltd.  |  |  |  |
| Class A1R 0.00% (1.32% <br> minus 3 mo. USD Term <br> SOFR) 7/17/38<br>|  | 2000000 | 2000000 |
| Class A2R 0.00% (1.57% <br> minus 3 mo. USD Term <br> SOFR) 7/17/38<br>|  | 2000000 | 2000000 |
| •TCW CLO Ltd. 5.72% (3 mo. <br> USD Term SOFR + 1.38%) <br> 3/31/38<br>|  | 1000000 | 1000000 |
| •Texas Debt Capital CLO Ltd. <br> 7.02% (3 mo. USD Term <br> SOFR + 2.75%) 7/20/38<br>|  | 700000 | 700000 |
| •Trestles CLO III Ltd. 5.66% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/20/37<br>|  | 750000 | 752240 |
| •Voya CLO Ltd.  |  |  |  |
| Class A2AR 6.17% (3 mo. <br> USD Term SOFR + 1.91%) <br> 6/7/30<br>|  | 700000 | 702372 |
| Class C1 6.37% (3 mo. USD <br> Term SOFR + 2.11%) <br> 7/15/31<br>|  | 300000 | 300289 |
| •Whitebox CLO I Ltd. 6.03% (3 <br> mo. USD Term SOFR + <br> 1.75%) 7/24/36<br>|  | 250000 | 250180 |
| ☐•Whitebox CLO V Ltd.  |  |  |  |
| Class A1 0.00% (1.36% <br> minus 3 mo. USD Term <br> SOFR) 7/20/38<br>|  | 2000000 | 2000000 |
| Class B 0.00% (1.70% minus <br> 3 mo. USD Term SOFR) <br> 7/20/38<br>|  | 300000 | 300000 |
|  |  |  | **33608390** |
| **Ireland–0.51%** | **Ireland–0.51%** | **Ireland–0.51%** | **Ireland–0.51%** |
| •AB Carval Euro CLO II-C DAC <br> 5.89% (3 mo. EURIBOR + <br> 3.75%) 2/15/37<br>| EUR | 290000 | 342020 |
| •Arbour CLO VI DAC 5.34% (3 <br> mo. EURIBOR + 3.20%) <br> 11/15/37<br>| EUR | 330000 | 389111 |
| •Arcano Euro CLO I DAC <br> 5.59% (3 mo. EURIBOR + <br> 3.40%) 4/25/39<br>| EUR | 390000 | 460393 |
| ☐•Arcano Euro CLO II DAC <br> 0.00% (3.30% minus 3 mo. <br> EURIBOR) 7/25/39<br>| EUR | 170000 | 200252 |
| •Arini European CLO 5.17% (3 <br> mo. EURIBOR + 2.80%) <br> 1/15/39<br>| EUR | 250000 | 292709 |

---

LVIP BlackRock Global Allocation Fund-26

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| •Arini European CLO IV DAC <br> 6.27% (3 mo. EURIBOR + <br> 3.50%) 1/15/38<br>| EUR | 470000 | $552362 |
| •Aurium CLO XIII DAC 5.17% <br> (3 mo. EURIBOR + 2.80%) <br> 4/15/38<br>| EUR | 170000 | 195446 |
| •Avoca CLO XVIII DAC 5.71% <br> (3 mo. EURIBOR + 3.05%) <br> 1/15/38<br>| EUR | 180000 | 208013 |
| •Avoca Static CLO I DAC 5.18% <br> (3 mo. EURIBOR + 2.90%) <br> 1/15/35<br>| EUR | 160000 | 184848 |
| •Capital Four CLO VIII DAC <br> 5.41% (3 mo. EURIBOR + <br> 3.25%) 10/25/37<br>| EUR | 390000 | 454527 |
| •Contego CLO V DAC 5.41% (3 <br> mo. EURIBOR + 3.10%) <br> 10/15/37<br>| EUR | 250000 | 288024 |
| •Contego CLO VII DAC 5.63% <br> (3 mo. EURIBOR + 3.45%) <br> 1/23/38<br>| EUR | 320000 | 371509 |
| •Contego CLO XI DAC 5.30% (3 <br> mo. EURIBOR + 3.20%) <br> 11/20/38<br>| EUR | 240000 | 279354 |
| •CVC Cordatus Opportunity <br> Loan Fund-R DAC 4.94% (3 <br> mo. EURIBOR + 2.80%) <br> 8/15/33<br>| EUR | 780000 | 911005 |
| •Fidelity Grand Harbour CLO <br> DAC 4.84% (3 mo. EURIBOR <br> + 2.70%) 2/15/38<br>| EUR | 330000 | 377024 |
| •Harvest CLO XXXII DAC <br> 5.76% (3 mo. EURIBOR + <br> 3.60%) 7/25/37<br>| EUR | 251000 | 298012 |
| •Henley CLO XI DAC 4.96% (3 <br> mo. EURIBOR + 2.60%) <br> 4/25/39<br>| EUR | 370000 | 421666 |
| •Henley CLO XII DAC 5.88% (3 <br> mo. EURIBOR + 3.10%) <br> 1/15/38<br>| EUR | 240000 | 278367 |
| •Jubilee CLO DAC 5.48% (3 <br> mo. EURIBOR + 3.20%) <br> 1/15/39<br>| EUR | 410000 | 482182 |
| •Palmer Square European <br> Loan Funding DAC <br>|  |  |  |
| Class D 5.19% (3 mo. <br> EURIBOR + 3.05%) <br> 5/15/34<br>| EUR | 240000 | 278513 |
| Class D 5.29% (3 mo. <br> EURIBOR + 3.15%) <br> 5/15/34<br>| EUR | 290000 | 338109 |
| •Penta CLO 17 DAC 5.39% (3 <br> mo. EURIBOR + 3.25%) <br> 8/15/38<br>| EUR | 274000 | 322855 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| •Providus CLO II DAC 5.48% (3 <br> mo. EURIBOR + 3.20%) <br> 10/15/38<br>| EUR | 260000 | $307400 |
| •Rockford Tower Europe CLO <br> DAC 5.21% (3 mo. EURIBOR <br> + 3.00%) 10/25/27<br>| EUR | 320000 | 374117 |
| •Sona Fios CLO III DAC 5.49% <br> (3 mo. EURIBOR + 3.25%) <br> 4/20/37<br>| EUR | 510000 | 600935 |
| •Texas Debt Capital Euro CLO <br> DAC 5.20% (3 mo. EURIBOR <br> + 3.00%) 4/16/39<br>| EUR | 390000 | 457387 |
| •Tikehau CLO XII DAC 5.49% <br> (3 mo. EURIBOR + 3.25%) <br> 10/20/38<br>| EUR | 420000 | 489812 |
| •Victory Street CLO I DAC <br> 6.23% (3 mo. EURIBOR + <br> 3.45%) 1/15/38<br>| EUR | 360000 | 424139 |
|  |  |  | **10580091** |
| **Jersey–0.03%** | **Jersey–0.03%** | **Jersey–0.03%** | **Jersey–0.03%** |
| ☐•ICG U.S. CLO I Ltd. 0.00% <br> (1.38% minus 3 mo. USD <br> Term SOFR) 7/18/38<br>|  | 700000 | 700000 |
|  |  |  | **700000** |
| **United States–1.01%** | **United States–1.01%** | **United States–1.01%** | **United States–1.01%** |
| Concord Music Royalties LLC <br> 5.64% 10/20/74<br>|  | 315000 | 315830 |
| •FNA 8 LLC 5.62% 3/15/45 |  | 922427 | 926711 |
| GoodLeap Home <br> Improvement Solutions <br> Trust 5.35% 10/20/46<br>|  | 1337950 | 1353175 |
| GoodLeap Sustainable Home <br> Solutions Trust 2.10% <br> 5/20/48<br>|  | 313743 | 245691 |
| GreenSky Home Improvement <br> Trust <br>|  |  |  |
| Class A4 5.67% 6/25/59 |  | 813184 | 829191 |
| Class B 5.87% 6/25/59 |  | 121000 | 123166 |
| •Huntington Bank Auto <br> Credit-Linked Notes 5.70% <br> (30 day USD SOFR Average <br> + 1.40%) 5/20/32<br>|  | 473107 | 475778 |
| Lyra Music Assets <br> Delaware LP 5.76% 12/22/64<br>|  | 968610 | 971936 |
| Mariner Finance Issuance <br> Trust <br>|  |  |  |
| Class A 5.13% 9/22/36 |  | 632000 | 640070 |
| Class D 6.77% 9/22/36 |  | 105000 | 108330 |
| Navient Private Education <br> Refi Loan Trust <br>|  |  |  |
| Class B 2.61% 4/15/60 |  | 163326 | 146450 |
| Class C 3.48% 4/15/60 |  | 428648 | 400161 |

---

LVIP BlackRock Global Allocation Fund-27

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Navient Private Education <br> Refi Loan Trust (continued) <br>|  |  |
| • Class A 5.51% (U.S. (Fed) <br> Prime Rate + 1.99%) <br> 4/15/60<br>| 541379 | $534307 |
| Class A 5.66% 10/15/72 | 1436976 | 1455536 |
| Nelnet Student Loan Trust  |  |  |
| Class B1 2.85% 4/20/62 | 762000 | 673920 |
| Class C 3.57% 4/20/62 | 690108 | 592503 |
| Class D 4.93% 4/20/62 | 655600 | 584048 |
| • Class A1B 5.40% (30 day <br> USD SOFR Average + <br> 1.10%) 3/15/57<br>| 1458728 | 1448233 |
| Pagaya AI Debt Selection <br> Trust 3.00% 1/25/29<br>| 39614 | 39305 |
| Progress Residential Trust <br> 3.44% 5/17/26<br>| 300515 | 295892 |
| =Regional Management <br> Issuance Trust 3.88% <br> 10/17/33<br>| 1711000 | 1638282 |
| Republic Finance Issuance <br> Trust 5.91% 8/20/32<br>| 977000 | 991274 |
| Sesac Finance LLC 5.22% <br> 7/25/49<br>| 113100 | 112590 |
| •SLM Private Education Loan <br> Trust 9.18% (1 mo. USD <br> Term SOFR + 4.86%) <br> 10/15/41<br>| 347607 | 364140 |
| SMB Private Education Loan <br> Trust <br>|  |  |
| Class B 2.30% 1/15/53 | 154258 | 149158 |
| Class B 2.31% 1/15/53 | 194358 | 188604 |
| Class C 2.99% 1/15/53 | 1228851 | 1073488 |
| Class C 3.00% 1/15/53 | 56928 | 49348 |
| Class D2 3.86% 1/15/53 | 157236 | 142483 |
| • Class A1B 5.40% (30 day <br> USD SOFR Average + <br> 1.10%) 7/15/53<br>| 879693 | 879693 |
| SoFi Personal Loan Trust  |  |  |
| Class R1 1.00% 11/12/30 | 19306 | 888345 |
| Class A 1.75% 2/12/31 | 15000 | 422714 |
| Class A 6.00% 11/12/30 | 795806 | 805311 |
| Class A 6.06% 2/12/31 | 587131 | 589737 |
| Subway Funding LLC 6.27% <br> 7/30/54<br>| 623865 | 639130 |
|  |  | **21094530** |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $65,842,960)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $65,842,960)** | **65983011** |
| **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.35%** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.35%** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.35%** |
| **United States–0.35%** | **United States–0.35%** | **United States–0.35%** |
| •Ajax Mortgage Loan Trust  |  |  |
| Class A1 1.74% 12/25/60 | 1172100 | 1028138 |
| Class A2 2.69% 12/25/60 | 208229 | 156218 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Ajax Mortgage Loan <br> Trust (continued) <br>|  |  |
| Class B1 3.73% 12/25/60 | 137618 | $91033 |
| •CSMC Trust 7.75% (1 mo. USD <br> Term SOFR + 3.44%) <br> 2/15/27<br>| 802080 | 795130 |
| •JP Morgan Mortgage Trust  |  |  |
| Class A2A 2.50% 12/25/51 | 925645 | 754184 |
| Class A3A 2.50% 2/25/52 | 1378869 | 1233256 |
| Class A4A 2.50% 2/25/52 | 672085 | 450062 |
| =πMCM Trust 3.00% 8/25/28 | 633711 | 436441 |
| =MCM Trust CMO 3.00% <br> 8/25/28<br>| 590644 | 567293 |
| MCR Mortgage Trust 8.73% <br> 6/12/39<br>| 244000 | 246601 |
| TVC DSCR  |  |  |
| =π^ 0.00% 2/1/51 | 472941 | 405917 |
| = 2.38% 2/1/51 | 964003 | 884476 |
| •Wells Fargo Commercial <br> Mortgage Trust 5.48% <br> 7/15/35<br>| 316000 | 317750 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $7,893,323)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $7,893,323)** | **7366499** |
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.69%** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.69%** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.69%** |
| **Bermuda–0.02%** | **Bermuda–0.02%** | **Bermuda–0.02%** |
| •RIAL Issuer Ltd. 6.56% (1 mo. <br> USD Term SOFR + 2.25%) <br> 1/19/37<br>| 444034 | 444311 |
|  |  | **444311** |
| **Cayman Islands–0.06%** | **Cayman Islands–0.06%** | **Cayman Islands–0.06%** |
| •AREIT Ltd. 5.70% (1 mo. USD <br> Term SOFR + 1.39%) <br> 12/17/29<br>| 790000 | 788272 |
| •MF1 Trust 7.68% (1 mo. USD <br> Term SOFR + 3.37%) <br> 12/15/34<br>| 371266 | 367199 |
|  |  | **1155471** |
| **United States–1.61%** | **United States–1.61%** | **United States–1.61%** |
| •1211 Avenue of the Americas <br> Trust 4.28% 8/10/35<br>| 508000 | 476379 |
| Arbor Multifamily Mortgage <br> Securities Trust 1.75% <br> 5/15/53<br>| 224482 | 179975 |
| •BAHA Trust 7.77% 12/10/41 | 610000 | 636195 |
| •BAMLL Trust 9.56% (1 mo. <br> USD Term SOFR + 5.25%) <br> 2/15/42<br>| 968000 | 972835 |

---

LVIP BlackRock Global Allocation Fund-28

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Bayview Commercial Asset <br> Trust <br>|  |  |
| Class M1 4.94% (1 mo. USD <br> Term SOFR + 0.62%) <br> 10/25/36<br>| 8119 | $7805 |
| Class M6 5.49% (1 mo. USD <br> Term SOFR + 1.16%) <br> 11/25/35<br>| 8410 | 8793 |
| •BBCMS Mortgage Trust 5.63% <br> (1 mo. USD Term SOFR + <br> 1.32%) 3/15/37<br>| 188000 | 169205 |
| \*•Benchmark Mortgage Trust <br> 1.36% 2/15/54<br>| 6117726 | 314827 |
| •BHMS Mortgage Trust  |  |  |
| Class A 5.86% (1 mo. USD <br> Term SOFR + 1.55%) <br> 7/15/35<br>| 697744 | 697337 |
| Class C 6.51% (1 mo. USD <br> Term SOFR + 2.20%) <br> 7/15/35<br>| 287769 | 287587 |
| •BMP Trust 7.70% (1 mo. USD <br> Term SOFR + 3.39%) <br> 6/15/41<br>| 282000 | 279497 |
| BWAY Mortgage Trust 3.63% <br> 3/10/33<br>| 487544 | 423183 |
| BX Commercial Mortgage <br> Trust <br>|  |  |
| Class A 2.84% 3/9/44 | 100708 | 91692 |
| • Class A 5.12% (1 mo. USD <br> Term SOFR + 0.80%) <br> 10/15/38<br>| 96981 | 96951 |
| • Class A 5.34% (1 mo. USD <br> Term SOFR + 1.02%) <br> 2/15/33<br>| 1388665 | 1387779 |
| • Class A 5.70% (1 mo. USD <br> Term SOFR + 1.39%) <br> 3/15/41<br>| 550951 | 551467 |
| • Class A 5.85% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/34<br>| 355322 | 355322 |
| • Class B 5.95% (1 mo. USD <br> Term SOFR + 1.64%) <br> 12/15/39<br>| 1175893 | 1176998 |
| • Class B 6.58% (1 mo. USD <br> Term SOFR + 2.26%) <br> 2/15/33<br>| 814304 | 812425 |
| • Class F 6.67% (1 mo. USD <br> Term SOFR + 2.36%) <br> 10/15/38<br>| 1134729 | 1135083 |
| • Class G 7.23% (1 mo. USD <br> Term SOFR + 2.91%) <br> 6/15/38<br>| 866684 | 867226 |
| • Class F 7.23% (1 mo. USD <br> Term SOFR + 2.92%) <br> 5/15/38<br>| 609700 | 609510 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BX Commercial Mortgage <br> Trust (continued) <br>|  |  |
| • Class C 8.68% (1 mo. USD <br> Term SOFR + 4.36%) <br> 2/15/33<br>| 537575 | $536325 |
| •BX Trust  |  |  |
| Class D 4.08% 12/9/41 | 317000 | 296018 |
| Class E 4.08% 12/9/41 | 1319000 | 1204218 |
| Class A 5.75% (1 mo. USD <br> Term SOFR + 1.44%) <br> 4/15/41<br>| 640343 | 641343 |
| Class E 7.20% (1 mo. USD <br> Term SOFR + 2.89%) <br> 7/15/29<br>| 308000 | 306267 |
| Class E 7.25% (1 mo. USD <br> Term SOFR + 2.94%) <br> 3/15/30<br>| 572000 | 560562 |
| Class F 7.43% (1 mo. USD <br> Term SOFR + 3.11%) <br> 1/15/34<br>| 218134 | 218068 |
| Class F 8.25% (1 mo. USD <br> Term SOFR + 3.94%) <br> 7/15/29<br>| 771000 | 761502 |
| •CD Mortgage Trust 3.91% <br> 11/13/50<br>| 33602 | 31753 |
| CFSP Mortgage Trust 6.50% <br> 4/15/37<br>| 633369 | 611613 |
| •COMM Mortgage Trust 8.80% <br> (1 mo. USD Term SOFR + <br> 4.49%) 6/15/41<br>| 370000 | 365815 |
| •CONE Trust 8.20% (1 mo. USD <br> Term SOFR + 3.89%) <br> 8/15/41<br>| 360000 | 359573 |
| •CSAIL Commercial Mortgage <br> Trust 4.78% 11/15/48<br>| 68170 | 66132 |
| •DBSG Mortgage Trust 6.19% <br> (1 mo. USD Term SOFR + <br> 1.88%) 8/15/34<br>| 160000 | 160000 |
| •ELM Trust 8.05% 6/10/39 | 686000 | 689721 |
| •ELP Commercial Mortgage <br> Trust 7.09% (1 mo. USD <br> Term SOFR + 2.78%) <br> 11/15/38<br>| 648886 | 648075 |
| •Extended Stay America Trust  |  |  |
| Class D 6.68% (1 mo. USD <br> Term SOFR + 2.36%) <br> 7/15/38<br>| 1194815 | 1196309 |
| Class E 7.28% (1 mo. USD <br> Term SOFR + 2.96%) <br> 7/15/38<br>| 746223 | 748089 |
| •FS Rialto Issuer LLC 5.70% (1 <br> mo. USD Term SOFR + <br> 1.39%) 8/19/42<br>| 630000 | 628425 |

---

LVIP BlackRock Global Allocation Fund-29

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •GS Mortgage Securities Corp. <br> Trust <br>|  |  |
| Class A 5.38% (1 mo. USD <br> Term SOFR + 1.06%) <br> 10/15/36<br>| 163892 | $162868 |
| Class A 5.73% (1 mo. USD <br> Term SOFR + 1.41%) <br> 5/15/26<br>| 209172 | 197554 |
| Class A 6.96% (1 mo. USD <br> Term SOFR + 2.65%) <br> 11/25/41<br>| 1127000 | 1127305 |
| Class E 7.36% (1 mo. USD <br> Term SOFR + 3.05%) <br> 11/15/36<br>| 847875 | 841779 |
| GS Mortgage Securities Trust <br> 2.73% 5/12/53<br>| 515232 | 463483 |
| •HILT Commercial Mortgage <br> Trust <br>|  |  |
| Class A 5.85% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/37<br>| 616000 | 616385 |
| Class D 7.50% (1 mo. USD <br> Term SOFR + 3.19%) <br> 5/15/37<br>| 726000 | 724639 |
| •JP Morgan Chase Commercial <br> Mortgage Securities Trust <br>|  |  |
| Class C 3.56% 1/5/39 | 310000 | 261994 |
| Class E 7.13% (1 mo. USD <br> Term SOFR + 2.81%) <br> 4/15/38<br>| 778000 | 778486 |
| Class F 7.63% (1 mo. USD <br> Term SOFR + 3.31%) <br> 4/15/38<br>| 364000 | 364227 |
| •JW Commercial Mortgage <br> Trust 7.50% (1 mo. USD <br> Term SOFR + 3.19%) <br> 6/15/39<br>| 260000 | 260303 |
| •KSL Commercial Mortgage <br> Trust 5.85% (1 mo. USD <br> Term SOFR + 1.54%) <br> 12/15/39<br>| 487000 | 485782 |
| •LBA Trust 8.75% (1 mo. USD <br> Term SOFR + 4.44%) <br> 6/15/39<br>| 112000 | 110220 |
| •LoanCore Issuer LLC 5.70% <br> (1 mo. USD Term SOFR + <br> 1.39%) 8/17/42<br>| 640000 | 637998 |
| •MHC Commercial Mortgage <br> Trust <br>|  |  |
| Class E 6.53% (1 mo. USD <br> Term SOFR + 2.22%) <br> 4/15/38<br>| 843437 | 845018 |
| Class F 7.03% (1 mo. USD <br> Term SOFR + 2.72%) <br> 4/15/38<br>| 99425 | 99425 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •MHP Trust 7.18% (1 mo. USD <br> Term SOFR + 2.86%) <br> 7/15/38<br>| 387313 | $387071 |
| •Morgan Stanley Capital I <br> Trust 4.42% 7/11/40<br>| 234000 | 220949 |
| •PKHL Commercial Mortgage <br> Trust 7.78% (1 mo. USD <br> Term SOFR + 3.46%) <br> 7/15/38<br>| 108752 | 56496 |
| •PRM5 Trust 5.81% 3/10/33 | 700000 | 693016 |
| •SCG Commercial Mortgage <br> Trust 7.26% (1 mo. USD <br> Term SOFR + 2.95%) <br> 3/15/35<br>| 410000 | 399591 |
| •SREIT Trust  |  |  |
| Class A 5.16% (1 mo. USD <br> Term SOFR + 0.85%) <br> 11/15/38<br>| 148480 | 148387 |
| Class F 7.04% (1 mo. USD <br> Term SOFR + 2.73%) <br> 11/15/36<br>| 220754 | 220892 |
| Class F 7.05% (1 mo. USD <br> Term SOFR + 2.74%) <br> 11/15/38<br>| 811677 | 811678 |
| •STWD Trust 6.35% (1 mo. USD <br> Term SOFR + 2.04%) <br> 7/15/36<br>| 257941 | 257780 |
| UBS Commercial Mortgage <br> Trust 2.92% 10/15/52<br>| 137681 | 127947 |
| •VNDO Trust 4.03% 1/10/35 | 267100 | 260060 |
| Wells Fargo Commercial <br> Mortgage Trust <br>|  |  |
| \*• Class XA 1.62% 4/15/54 | 2774856 | 165501 |
| \*• Class XA 1.92% 7/15/53 | 3318884 | 232660 |
| • Class A 3.87% 6/15/36 | 169000 | 153996 |
|  |  | **33681369** |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $34,967,271)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $34,967,271)** | **35281151** |
| **ΔSOVEREIGN BONDS–3.41%** | **ΔSOVEREIGN BONDS–3.41%** | **ΔSOVEREIGN BONDS–3.41%** |
| **Bahrain–0.01%** | **Bahrain–0.01%** | **Bahrain–0.01%** |
| Bahrain Government <br> International Bonds 5.45% <br> 9/16/32<br>| 200000 | 185642 |
|  |  | **185642** |
| **Barbados–0.00%** | **Barbados–0.00%** | **Barbados–0.00%** |
| Barbados Government <br> International Bonds 8.00% <br> 6/26/35<br>| 45000 | 45154 |
|  |  | **45154** |

---

LVIP BlackRock Global Allocation Fund-30

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Brazil–0.11%** | **Brazil–0.11%** | **Brazil–0.11%** | **Brazil–0.11%** |
| ^Brazil Letras do Tesouro <br> Nacional 0.00% 1/1/26<br>| BRL | 2699000 | $462492 |
| Brazil Notas do Tesouro <br> Nacional 10.00% 1/1/27<br>| BRL | 10608000 | 1763352 |
|  |  |  | **2225844** |
| **Canada–0.18%** | **Canada–0.18%** | **Canada–0.18%** | **Canada–0.18%** |
| Canada Government Bonds <br> 2.75% 3/1/30<br>| CAD | 5194000 | 3801012 |
|  |  |  | **3801012** |
| **Chile–0.03%** | **Chile–0.03%** | **Chile–0.03%** | **Chile–0.03%** |
| Chile Government <br> International Bonds <br>|  |  |  |
| 3.75% 1/14/32 | EUR | 373000 | 446914 |
| 4.34% 3/7/42 |  | 252000 | 217882 |
|  |  |  | **664796** |
| **China–0.02%** | **China–0.02%** | **China–0.02%** | **China–0.02%** |
| China Government Bonds <br> 2.11% 8/25/34<br>| CNY | 2940000 | 424283 |
|  |  |  | **424283** |
| **Colombia–0.12%** | **Colombia–0.12%** | **Colombia–0.12%** | **Colombia–0.12%** |
| Colombia Government <br> International Bonds 8.00% <br> 4/20/33<br>|  | 234000 | 241940 |
| Colombia TES  |  |  |  |
| 5.75% 11/3/27 | COP | 5769400000 | 1299817 |
| 7.75% 9/18/30 | COP | 4172200000 | 881998 |
|  |  |  | **2423755** |
| **Czech Republic–0.09%** | **Czech Republic–0.09%** | **Czech Republic–0.09%** | **Czech Republic–0.09%** |
| Czech Republic Government <br> Bonds <br>|  |  |  |
| 4.50% 11/11/32 | CZK | 13000000 | 637086 |
| 5.00% 9/30/30 | CZK | 24260000 | 1219031 |
|  |  |  | **1856117** |
| **Dominican Republic–0.04%** | **Dominican Republic–0.04%** | **Dominican Republic–0.04%** | **Dominican Republic–0.04%** |
| Dominican Republic <br> International Bonds <br>|  |  |  |
| 4.50% 1/30/30 |  | 263000 | 249377 |
| 5.95% 1/25/27 |  | 230000 | 231863 |
| 10.75% 6/1/36 | DOP | 17350000 | 300799 |
|  |  |  | **782039** |
| **Egypt–0.04%** | **Egypt–0.04%** | **Egypt–0.04%** | **Egypt–0.04%** |
| Egypt Government Bonds  |  |  |  |
| 21.38% 2/4/28 | EGP | 5931000 | 114040 |
| 23.44% 7/1/28 | EGP | 5470000 | 111242 |
| 24.14% 12/3/27 | EGP | 579000 | 11644 |
| 24.46% 10/1/27 | EGP | 4833000 | 97728 |
| Egypt Government <br> International Bonds 8.50% <br> 1/31/47<br>|  | 220000 | 178227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| ^Egypt Treasury Bills  |  |  |  |
| 0.00% 11/18/25 | EGP | 4375000 | $79472 |
| 0.00% 11/25/25 | EGP | 1925000 | 34804 |
| 0.00% 12/16/25 | EGP | 14400000 | 256767 |
|  |  |  | **883924** |
| **France–0.05%** | **France–0.05%** | **France–0.05%** | **France–0.05%** |
| French Republic Government <br> Bonds O.A.T. 3.20% 5/25/35<br>| EUR | 877000 | 1027106 |
|  |  |  | **1027106** |
| **Hungary–0.03%** | **Hungary–0.03%** | **Hungary–0.03%** | **Hungary–0.03%** |
| Hungary Government Bonds <br> 7.00% 10/24/35<br>| HUF | 141350000 | 415120 |
| Hungary Government <br> International Bonds <br>|  |  |  |
| 5.25% 6/16/29 |  | 244000 | 246102 |
| 5.38% 9/12/33 | EUR | 23000 | 29179 |
|  |  |  | **690401** |
| **Indonesia–0.20%** | **Indonesia–0.20%** | **Indonesia–0.20%** | **Indonesia–0.20%** |
| Indonesia Government <br> International Bonds 4.65% <br> 9/20/32<br>|  | 200000 | 198477 |
| Indonesia Treasury Bonds  |  |  |  |
| 6.75% 7/15/35 | IDR | 25227000000 | 1564167 |
| 7.00% 5/15/27 | IDR | 13392000000 | 837423 |
| 7.13% 6/15/38 | IDR | 19154000000 | 1201623 |
| 8.25% 5/15/36 | IDR | 6361000000 | 435020 |
|  |  |  | **4236710** |
| **Ireland–0.60%** | **Ireland–0.60%** | **Ireland–0.60%** | **Ireland–0.60%** |
| Ireland Government Bonds <br> 2.60% 10/18/34<br>| EUR | 10963137 | 12592475 |
|  |  |  | **12592475** |
| **Italy–0.16%** | **Italy–0.16%** | **Italy–0.16%** | **Italy–0.16%** |
| Italy Buoni Poliennali Del <br> Tesoro 2.95% 7/1/30<br>| EUR | 2880000 | 3436685 |
|  |  |  | **3436685** |
| **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** |
| Development Bank of <br> Kazakhstan JSC 13.49% <br> 5/23/28<br>| KZT | 101000000 | 175420 |
|  |  |  | **175420** |
| **Malaysia–0.09%** | **Malaysia–0.09%** | **Malaysia–0.09%** | **Malaysia–0.09%** |
| Malaysia Government Bonds  |  |  |  |
| 3.83% 7/5/34 | MYR | 2736000 | 664386 |
| 4.64% 11/7/33 | MYR | 5041000 | 1294250 |
|  |  |  | **1958636** |
| **Mexico–0.24%** | **Mexico–0.24%** | **Mexico–0.24%** | **Mexico–0.24%** |
| Mexico Bonos  |  |  |  |
| 7.00% 9/3/26 | MXN | 30965100 | 1628364 |

---

LVIP BlackRock Global Allocation Fund-31

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Mexico Bonos (continued)  |  |  |  |
| 7.50% 5/26/33 | MXN | 38195400 | $1857875 |
| 7.75% 11/13/42 | MXN | 4088000 | 180458 |
| 8.50% 3/1/29 | MXN | 11412100 | 606454 |
| Mexico Government <br> International Bonds <br>|  |  |  |
| 6.35% 2/9/35 |  | 200000 | 204270 |
| 7.38% 5/13/55 |  | 515000 | 530831 |
|  |  |  | **5008252** |
| **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** |
| Morocco Government <br> International Bonds 5.95% <br> 3/8/28<br>|  | 200000 | 204678 |
|  |  |  | **204678** |
| **Nigeria–0.01%** | **Nigeria–0.01%** | **Nigeria–0.01%** | **Nigeria–0.01%** |
| Nigeria Government <br> International Bonds 7.63% <br> 11/28/47<br>|  | 223000 | 177968 |
|  |  |  | **177968** |
| **Oman–0.01%** | **Oman–0.01%** | **Oman–0.01%** | **Oman–0.01%** |
| Oman Government <br> International Bonds 6.75% <br> 1/17/48<br>|  | 200000 | 206649 |
|  |  |  | **206649** |
| **Peru–0.05%** | **Peru–0.05%** | **Peru–0.05%** | **Peru–0.05%** |
| Peru Government <br> International Bonds 6.85% <br> 8/12/35<br>| PEN | 3642000 | 1057216 |
| Peruvian Government <br> International Bonds 1.86% <br> 12/1/32<br>|  | 23000 | 18302 |
|  |  |  | **1075518** |
| **Philippines–0.04%** | **Philippines–0.04%** | **Philippines–0.04%** | **Philippines–0.04%** |
| Philippines Government <br> Bonds <br>|  |  |  |
| 6.25% 2/28/29 | PHP | 24620000 | 443641 |
| 6.38% 4/28/35 | PHP | 8650000 | 154600 |
| Philippines Government <br> International Bonds 6.38% <br> 1/15/32<br>|  | 133000 | 145410 |
|  |  |  | **743651** |
| **Poland–0.18%** | **Poland–0.18%** | **Poland–0.18%** | **Poland–0.18%** |
| Republic of Poland <br> Government Bonds <br>|  |  |  |
| 2.00% 8/25/36 | PLN | 708625 | 174385 |
| 4.75% 7/25/29 | PLN | 3972000 | 1100879 |
| 5.00% 10/25/34 | PLN | 2177000 | 585329 |
| 5.75% 4/25/29 | PLN | 6758000 | 1941644 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| Republic of Poland <br> Government International <br> Bonds <br>|  |  |  |
| 4.88% 10/4/33 |  | 22000 | $21870 |
| 5.50% 4/4/53 |  | 33000 | 30749 |
|  |  |  | **3854856** |
| **Romania–0.01%** | **Romania–0.01%** | **Romania–0.01%** | **Romania–0.01%** |
| Romania Government <br> International Bonds <br>|  |  |  |
| 2.12% 7/16/31 | EUR | 31000 | 30405 |
| 5.25% 11/25/27 |  | 28000 | 28029 |
| 5.88% 7/11/32 | EUR | 75000 | 88739 |
| 6.25% 9/10/34 | EUR | 76000 | 90329 |
|  |  |  | **237502** |
| **Saudi Arabia–0.01%** | **Saudi Arabia–0.01%** | **Saudi Arabia–0.01%** | **Saudi Arabia–0.01%** |
| Saudi Government <br> International Bonds 4.50% <br> 4/17/30<br>|  | 283000 | 282638 |
|  |  |  | **282638** |
| **South Africa–0.33%** | **South Africa–0.33%** | **South Africa–0.33%** | **South Africa–0.33%** |
| Republic of South Africa <br> Government Bonds <br>|  |  |  |
| 7.00% 2/28/31 | ZAR | 29072067 | 1510919 |
| 8.00% 1/31/30 | ZAR | 76042668 | 4224128 |
| 8.50% 1/31/37 | ZAR | 6776000 | 333087 |
| 9.00% 1/31/40 | ZAR | 6999504 | 341856 |
| Republic of South Africa <br> Government International <br> Bonds <br>|  |  |  |
| 5.00% 10/12/46 |  | 300000 | 209271 |
| 5.75% 9/30/49 |  | 251000 | 188504 |
|  |  |  | **6807765** |
| **Spain–0.23%** | **Spain–0.23%** | **Spain–0.23%** | **Spain–0.23%** |
| Spain Government Bonds  |  |  |  |
| 2.70% 1/31/30 | EUR | 3309000 | 3939315 |
| 3.15% 4/30/35 | EUR | 748000 | 879812 |
|  |  |  | **4819127** |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| Thailand Government Bonds <br> 2.50% 11/17/29<br>| THB | 55249000 | 1776599 |
|  |  |  | **1776599** |
| **Turkey–0.01%** | **Turkey–0.01%** | **Turkey–0.01%** | **Turkey–0.01%** |
| Turkiye Government Bonds  |  |  |  |
| 30.00% 9/12/29 | TRY | 2820000 | 66181 |
| 31.08% 11/8/28 | TRY | 4970000 | 117779 |
|  |  |  | **183960** |

---

LVIP BlackRock Global Allocation Fund-32

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Ukraine–0.00%** | **Ukraine–0.00%** | **Ukraine–0.00%** | **Ukraine–0.00%** |
| πφUkraine Government <br> International Bonds <br>|  |  |  |
| 0.00% 2/1/30 |  | 5252 | $2492 |
| 0.00% 2/1/34 |  | 19626 | 7398 |
| 0.00% 2/1/35 |  | 16585 | 7631 |
| 0.00% 2/1/36 |  | 13821 | 6511 |
| 1.75% 2/1/29 |  | 57688 | 35126 |
| 1.75% 2/1/34 |  | 38458 | 19598 |
|  |  |  | **78756** |
| **United Kingdom–0.40%** | **United Kingdom–0.40%** | **United Kingdom–0.40%** | **United Kingdom–0.40%** |
| U.K. Gilts 4.38% 3/7/30 | GBP | 5912000 | 8259545 |
|  |  |  | **8259545** |
| **Uruguay–0.01%** | **Uruguay–0.01%** | **Uruguay–0.01%** | **Uruguay–0.01%** |
| Oriental Republic of Uruguay <br> 5.25% 9/10/60<br>|  | 71000 | 64242 |
| Uruguay Government <br> International Bonds 9.75% <br> 7/20/33<br>| UYU | 4102188 | 107999 |
|  |  |  | **172241** |
| **Total Sovereign Bonds** <br>**(Cost $68,266,104)** | **Total Sovereign Bonds** <br>**(Cost $68,266,104)** | **Total Sovereign Bonds** <br>**(Cost $68,266,104)** | **71299704** |
| **U.S. TREASURY OBLIGATIONS–0.98%** | **U.S. TREASURY OBLIGATIONS–0.98%** | **U.S. TREASURY OBLIGATIONS–0.98%** | **U.S. TREASURY OBLIGATIONS–0.98%** |
| U.S. Treasury Notes  | U.S. Treasury Notes  | U.S. Treasury Notes  | U.S. Treasury Notes  |
| ∞3.50% 9/15/25 |  | 4587100 | 4582083 |
| #4.00% 12/15/25 |  | 14898000 | 14886797 |
| #4.13% 2/28/27 |  | 973500 | 978558 |
| **Total U.S. Treasury Obligations** <br>**(Cost $20,450,552)** | **Total U.S. Treasury Obligations** <br>**(Cost $20,450,552)** | **Total U.S. Treasury Obligations** <br>**(Cost $20,450,552)** | **20447438** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **EXCHANGE-TRADED FUNDS–2.06%** | **EXCHANGE-TRADED FUNDS–2.06%** | **EXCHANGE-TRADED FUNDS–2.06%** |
| Health Care Select Sector <br> SPDR<sup>®</sup> Fund <br>| 7060 | 951617 |
| iShares Broad USD High <br> Yield Corporate Bond ETF <br>| 56993 | 2137808 |
| iShares China Large-Cap <br> ETF <br>| 55503 | 2040290 |
| iShares MSCI Brazil ETF  | 26620 | 767987 |
| iShares MSCI China ETF  | 16664 | 918186 |
| KraneShares CSI China <br> Internet ETF <br>| 57160 | 1962303 |
| SPDR Blackstone Senior <br> Loan ETF <br>| 24781 | 1030642 |
| ∞†SPDR<sup>®</sup> Gold Shares  | 98768 | 30107450 |
| VanEck J. P. Morgan EM <br> Local Currency Bond ETF <br>| 60974 | 1545691 |
| †VanEck Semiconductor ETF  | 5864 | 1635352 |
| **Total Exchange-Traded Funds** <br>**(Cost $39,696,898)** | **Total Exchange-Traded Funds** <br>**(Cost $39,696,898)** | **43097326** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **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> 4.27%)<br>| 67183042 | $67183042 |
| **Total Money Market Fund** <br>**(Cost $67,183,042)** | **Total Money Market Fund** <br>**(Cost $67,183,042)** | **67183042** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS–6.81%** | **SHORT-TERM INVESTMENTS–6.81%** | **SHORT-TERM INVESTMENTS–6.81%** |
| **U.S. TREASURY OBLIGATIONS–6.81%** | **U.S. TREASURY OBLIGATIONS–6.81%** | **U.S. TREASURY OBLIGATIONS–6.81%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| 4.09% 4/16/26 | 2000000 | 1938266 |
| 4.16% 7/10/25 | 8000000 | 7991818 |
| 4.19% 7/15/25 | 9800000 | 9784313 |
| 4.23% 7/8/25 | 6300000 | 6294910 |
| 4.25% 7/1/25 | 6800000 | 6800000 |
| 4.26% 7/31/25 | 400000 | 398607 |
| 4.26% 7/31/25 | 100000 | 99652 |
| 4.27% 10/9/25 | 8000000 | 7907050 |
| 4.29% 7/3/25 | 7500000 | 7498256 |
| 4.29% 7/15/25 | 8000000 | 7986933 |
| 4.29% 7/17/25 | 7000000 | 6986918 |
| 4.30% 7/8/25 | 8250000 | 8243230 |
| 4.30% 7/10/25 | 7500000 | 7492088 |
| 4.30% 7/24/25 | 13000000 | 12965058 |
| 4.31% 7/1/25 | 9400000 | 9400000 |
| 4.31% 7/24/25 | 8000000 | 7978449 |
| 4.31% 7/29/25 | 9400000 | 9369122 |
| 4.32% 7/8/25 | 6000000 | 5995064 |
| 4.32% 7/22/25 | 10250000 | 10224726 |
| 4.33% 10/7/25 | 6000000 | 5931349 |
| 4.34% 9/16/25 | 400000 | 396368 |
| 4.34% 9/16/25 | 500000 | 495460 |
|  |  | **142177637** |
| **Total Short-Term Investments** <br>**(Cost $142,177,295)** | **Total Short-Term Investments** <br>**(Cost $142,177,295)** | **142177637** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **OPTIONS PURCHASED–0.39%** | **OPTIONS PURCHASED–0.39%** | **OPTIONS PURCHASED–0.39%** |
| **Over-The-Counter–0.09%** | **Over-The-Counter–0.09%** | **Over-The-Counter–0.09%** |
| **Call Swaptions–0.08%** | **Call Swaptions–0.08%** | **Call Swaptions–0.08%** |
| 1 Year Interest Rate Swap, <br> expiration date 4/22/26, <br> notional amount <br> GBP105,575,145 MSC<br>| 105575145 | $465753 |
| 1 Year Interest Rate Swap, <br> expiration date 5/1/26, <br> notional amount <br> GBP130,845,000 MSC<br>| 130845000 | 690512 |
| 10 Year Interest Rate Swap, <br> expiration date 7/10/25, <br> notional amount $20,320,000 <br> DB<br>| 20320000 | 11997 |

---

LVIP BlackRock Global Allocation Fund-33

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Notional**<br> **Amount**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Call Swaptions (continued)** | **Call Swaptions (continued)** | **Call Swaptions (continued)** |
| 3 Year Interest Rate Swap, <br> expiration date 8/18/25, <br> notional amount $26,455,278 <br> JPM<br>| 26455278 | $168947 |
| 30 Year Interest Rate Swap, <br> expiration date 11/26/25, <br> notional amount $13,725,000 <br> GS<br>| 13725000 | 279553 |
|  |  | **1616762** |
| **Put Swaptions–0.00%** | **Put Swaptions–0.00%** | **Put Swaptions–0.00%** |
| CDX.NA.HY.S44, expiration <br> date 7/16/25, notional <br> amount $2,365,000 GS<br>| 2365000 | 1247 |
| CDX.NA.HY.S44, expiration <br> date 8/20/25, notional <br> amount $2,865,000 GS<br>| 2865000 | 5734 |
|  |  | **6981** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **Barrier Options–0.01%** | **Barrier Options–0.01%** | **Barrier Options–0.01%** |
| EUR vs USD, one touch, <br> barrier price EUR1.09, <br> Strike price EUR1.09, <br> expiration date 7/14/25, <br> notional amount EUR64,310 <br> GS<br>| 59000 | 28 |
| EUR vs USD, up and out, <br> barrier price EUR1.25, <br> Strike price EUR1.18, <br> expiration date 9/26/25, <br> notional amount <br> EUR6,684,700 BOA<br>| 5665000 | 67679 |
| USD vs CAD, one touch, <br> barrier price CAD1.34, <br> Strike price CAD1.335, <br> expiration date 7/24/25, <br> notional amount CAD65,415 <br> MSC<br>| 49000 | 5274 |
| USD vs CAD, one touch, <br> barrier price CAD1.53, <br> Strike price CAD1.525, <br> expiration date 7/18/25, <br> notional amount CAD80,171 <br> UBS<br>| 52571 | 0 |
| USD vs CNH, one touch, <br> barrier price CNH7.50, <br> Strike price CNH7.5, <br> expiration date 9/29/25, <br> notional amount <br> CNH390,000 HSBC<br>| 52000 | 910 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Barrier Options (continued)** | **Barrier Options (continued)** | **Barrier Options (continued)** |
| USD vs CNH, up and out, <br> barrier price CNH7.35, <br> Strike price CNH14.7, <br> expiration date 7/2/25, <br> notional amount <br> CNH7,136,335 HSBC<br>| 970930 | $1 |
| USD vs JPY, down and out, <br> barrier price JPY144.00, <br> Strike price JPY144, <br> expiration date 8/7/25, <br> notional amount <br> JPY69,724,800 BRC<br>| 484200 | 4533 |
| USD vs JPY, down and out, <br> barrier price JPY144.00, <br> Strike price JPY144, <br> expiration date 8/7/25, <br> notional amount <br> JPY154,944,000 UBS<br>| 1076000 | 10072 |
| USD vs TWD, one touch, <br> barrier price TWD34.60, <br> Strike price TWD34.6, <br> expiration date 8/29/25, <br> notional amount <br> TWD1,730,000 SCB<br>| 50000 | 22 |
|  |  | **88519** |
| **Put Options–0.00%** | **Put Options–0.00%** | **Put Options–0.00%** |
| EUR vs USD Strike price <br> EUR1.02, expiration date <br> 7/15/25, notional amount <br> EUR1,473,900 BRC<br>| 1445000 | 2 |
| EUR vs USD Strike price <br> EUR1.055, expiration date <br> 7/15/25, notional amount <br> EUR457,659 BNP<br>| 433800 | 0 |
| EUR vs USD Strike price <br> EUR1.055, expiration date <br> 7/15/25, notional amount <br> EUR1,017,020 UBS<br>| 964000 | 1 |
| EUR vs USD Strike price <br> EUR1.125, expiration date <br> 7/9/25, notional amount <br> EUR856,125 HSBC<br>| 761000 | 21 |
| EUR vs USD Strike price <br> EUR1.14, expiration date <br> 7/15/25, notional amount <br> EUR721,620 JPM<br>| 633000 | 236 |
| EUR vs USD Strike price <br> EUR1.15, expiration date <br> 7/24/25, notional amount <br> EUR217,350 JPM<br>| 189000 | 293 |
| USD vs BRL Strike price <br> BRL5.52, expiration date <br> 8/14/25, notional amount <br> BRL3,190,560 HSBC<br>| 578000 | 11318 |

---

LVIP BlackRock Global Allocation Fund-34

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| USD vs BRL Strike price <br> BRL5.8, expiration date <br> 7/18/25, notional amount <br> BRL2,475,730 BRC<br>| 426850 | $26774 |
| USD vs CNH Strike price <br> CNH7.05, expiration date <br> 8/6/25, notional amount <br> CNH168,318,750 CBK<br>| 23875000 | 40922 |
|  |  | **79567** |
| **Call Options–0.00%** | **Call Options–0.00%** | **Call Options–0.00%** |
| EUR vs USD Strike price <br> EUR1.17, expiration date <br> 7/24/25, notional amount <br> EUR483,210 SGN<br>| 413000 | 6513 |
| EUR vs USD Strike price <br> EUR1.18, expiration date <br> 7/29/25, notional amount <br> EUR1,063,663 BNP<br>| 901409 | 10037 |
| USD vs COP Strike price <br> COP4,200, expiration date <br> 7/22/25, notional amount <br> COP1,491,000,000 CBK<br>| 355000 | 1918 |
| USD vs MXN Strike price <br> MXN19.4, expiration date <br> 8/7/25, notional amount <br> MXN25,006,600 RBC<br>| 1289000 | 6753 |
|  |  | **25221** |
|  |  | **1817050** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Centrally Cleared–0.30%** | **Centrally Cleared–0.30%** | **Centrally Cleared–0.30%** |
| **Call Options–0.29%** | **Call Options–0.29%** | **Call Options–0.29%** |
| Advanced Micro Devices, Inc. <br> Strike price $155, expiration <br> date 9/19/25, notional <br> amount $976,500<br>| 63 | 49658 |
| Air Products & Chemicals, <br> Inc. Strike price $280, <br> expiration date 7/18/25, <br> notional amount $196,000<br>| 7 | 3710 |
| Alphabet, Inc. Strike price <br> $180, expiration date <br> 7/18/25, notional amount <br> $1,368,000<br>| 76 | 25080 |
| Alphabet, Inc. Strike price <br> $185, expiration date <br> 8/15/25, notional amount <br> $1,165,500<br>| 63 | 36918 |
| Amazon.com, Inc. Strike <br> price $215, expiration date <br> 7/18/25, notional amount <br> $3,891,500<br>| 181 | 153126 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Apple, Inc. Strike price $210, <br> expiration date 7/18/25, <br> notional amount $1,764,000<br>| 84 | $23520 |
| Apple, Inc. Strike price $215, <br> expiration date 7/18/25, <br> notional amount $1,956,500<br>| 91 | 13286 |
| Bank of America Corp. Strike <br> price $46, expiration date <br> 7/18/25, notional amount <br> $2,934,800<br>| 638 | 123134 |
| Boston Scientific Corp. Strike <br> price $110, expiration date <br> 7/18/25, notional amount <br> $1,353,000<br>| 123 | 12546 |
| Broadcom, Inc. Strike price <br> $260, expiration date <br> 7/18/25, notional amount <br> $1,092,000<br>| 42 | 81060 |
| Capital One Financial Corp. <br> Strike price $200, expiration <br> date 7/18/25, notional <br> amount $740,000<br>| 37 | 53650 |
| CBOT 10 Year U.S. Treasury <br> Notes Strike price $113, <br> expiration date 8/22/25, <br> notional amount $678,000<br>| 6 | 4031 |
| CBOT 10 Year U.S. Treasury <br> Notes Strike price $114, <br> expiration date 7/25/25, <br> notional amount $570,000<br>| 5 | 781 |
| CBOT 10 Year U.S. Treasury <br> Notes Strike price $114, <br> expiration date 8/22/25, <br> notional amount $912,000<br>| 8 | 3250 |
| Chevron Corp. Strike price <br> $140, expiration date <br> 7/18/25, notional amount <br> $238,000<br>| 17 | 8415 |
| Citigroup, Inc. Strike price <br> $80, expiration date 7/18/25, <br> notional amount $2,576,000<br>| 322 | 191590 |
| Citigroup, Inc. Strike price <br> $90, expiration date 9/19/25, <br> notional amount $2,151,000<br>| 239 | 54014 |
| Confluent, Inc. Strike price <br> $25, expiration date 7/18/25, <br> notional amount $247,500<br>| 99 | 9900 |
| CyberArk Software Ltd. Strike <br> price $400, expiration date <br> 7/18/25, notional amount <br> $360,000<br>| 9 | 14436 |
| Eli Lilly & Co. Strike price <br> $770, expiration date <br> 7/18/25, notional amount <br> $1,155,000<br>| 15 | 39255 |

---

LVIP BlackRock Global Allocation Fund-35

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Eli Lilly & Co. Strike price <br> $820, expiration date <br> 8/15/25, notional amount <br> $984,000<br>| 12 | $35100 |
| EQT Corp. Strike price $60, <br> expiration date 7/18/25, <br> notional amount $330,000<br>| 55 | 5170 |
| EURO STOXX Banks Index <br> Strike price EUR200, <br> expiration date 9/19/25, <br> notional amount <br> EUR3,700,000<br>| 370 | 196129 |
| EURO STOXX Banks Index <br> Strike price EUR210, <br> expiration date 8/15/25, <br> notional amount <br> EUR4,693,500<br>| 447 | 67793 |
| Freeport-McMoRan, Inc. <br> Strike price $40, expiration <br> date 7/18/25, notional <br> amount $268,000<br>| 67 | 25460 |
| Hilton Worldwide Holdings, <br> Inc. Strike price $270, <br> expiration date 9/19/25, <br> notional amount $3,240,000<br>| 120 | 134400 |
| Home Depot, Inc. Strike price <br> $380, expiration date <br> 7/18/25, notional amount <br> $494,000<br>| 13 | 2132 |
| Home Depot, Inc. Strike price <br> $390, expiration date <br> 7/18/25, notional amount <br> $507,000<br>| 13 | 546 |
| Informatica, Inc. Strike price <br> $25, expiration date 7/18/25, <br> notional amount $277,500<br>| 111 | 555 |
| Informatica, Inc. Strike price <br> $35, expiration date <br> 11/21/25, notional amount <br> $119,000<br>| 34 | 170 |
| Intuit, Inc. Strike price $790, <br> expiration date 7/18/25, <br> notional amount $711,000<br>| 9 | 9900 |
| Intuitive Surgical, Inc. Strike <br> price $585, expiration date <br> 7/18/25, notional amount <br> $1,111,500<br>| 19 | 2432 |
| iShares China Large-Cap ETF <br> Strike price $37, expiration <br> date 7/18/25, notional <br> amount $14,285,700<br>| 3861 | 258687 |
| iShares Russell <br> 2000 ETF Strike price $220, <br> expiration date 8/15/25, <br> notional amount $6,358,000<br>| 289 | 146523 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| JPMorgan Chase & Co. Strike <br> price $275, expiration date <br> 7/18/25, notional amount <br> $2,585,000<br>| 94 | $153690 |
| Live Nation Entertainment, <br> Inc. Strike price $150, <br> expiration date 7/18/25, <br> notional amount $330,000<br>| 22 | 9702 |
| Live Nation Entertainment, <br> Inc. Strike price $155, <br> expiration date 7/18/25, <br> notional amount $372,000<br>| 24 | 5040 |
| Mastercard, Inc. Strike price <br> $590, expiration date <br> 7/18/25, notional amount <br> $649,000<br>| 11 | 1155 |
| Mastercard, Inc. Strike price <br> $600, expiration date <br> 7/18/25, notional amount <br> $660,000<br>| 11 | 517 |
| Meta Platforms, Inc. Strike <br> price $675, expiration date <br> 7/18/25, notional amount <br> $1,282,500<br>| 19 | 130625 |
| Meta Platforms, Inc. Strike <br> price $680, expiration date <br> 7/18/25, notional amount <br> $1,428,000<br>| 21 | 130725 |
| Meta Platforms, Inc. Strike <br> price $740, expiration date <br> 8/15/25, notional amount <br> $2,590,000<br>| 35 | 137200 |
| Micron Technology, Inc. <br> Strike price $110, expiration <br> date 7/18/25, notional <br> amount $495,000<br>| 45 | 63315 |
| Microsoft Corp. Strike price <br> $470, expiration date <br> 7/18/25, notional amount <br> $2,914,000<br>| 62 | 196850 |
| Microsoft Corp. Strike price <br> $475, expiration date <br> 7/18/25, notional amount <br> $2,802,500<br>| 59 | 150037 |
| Microsoft Corp. Strike price <br> $505, expiration date <br> 8/15/25, notional amount <br> $1,767,500<br>| 35 | 49000 |
| Netflix, Inc. Strike price <br> $1,320, expiration date <br> 8/15/25, notional amount <br> $2,112,000<br>| 16 | 138560 |

---

LVIP BlackRock Global Allocation Fund-36

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| NextEra Energy, Inc. Strike <br> price $67.5, expiration date <br> 7/18/25, notional amount <br> $513,000<br>| 76 | $23028 |
| NextEra Energy, Inc. Strike <br> price $70, expiration date <br> 7/18/25, notional amount <br> $462,000<br>| 66 | 10560 |
| Nikkei 225 Index Strike price <br> JPY39,250, expiration date <br> 7/11/25, notional amount <br> JPY2,315,750,000<br>| 59 | 549009 |
| NVIDIA Corp. Strike price <br> $130, expiration date <br> 7/18/25, notional amount <br> $429,000<br>| 33 | 95304 |
| NVIDIA Corp. Strike price <br> $150, expiration date <br> 7/18/25, notional amount <br> $2,040,000<br>| 136 | 138720 |
| NVIDIA Corp. Strike price <br> $160, expiration date <br> 8/15/25, notional amount <br> $2,192,000<br>| 137 | 104805 |
| NVIDIA Corp. Strike price <br> $160, expiration date <br> 9/19/25, notional amount <br> $1,504,000<br>| 94 | 115056 |
| Oracle Corp. Strike price <br> $170, expiration date <br> 7/18/25, notional amount <br> $697,000<br>| 41 | 208608 |
| Oracle Corp. Strike price <br> $175, expiration date <br> 7/18/25, notional amount <br> $682,500<br>| 39 | 176670 |
| Paramount Global Strike <br> price $13, expiration date <br> 8/15/25, notional amount <br> $84,500<br>| 65 | 1820 |
| Progressive Corp. Strike price <br> $295, expiration date <br> 7/18/25, notional amount <br> $708,000<br>| 24 | 840 |
| Sabre Corp. Strike price $3, <br> expiration date 7/18/25, <br> notional amount $45,900<br>| 153 | 4284 |
| Sabre Corp. Strike price $4, <br> expiration date 8/15/25, <br> notional amount $43,200<br>| 108 | 540 |
| Sabre Corp. Strike price $4, <br> expiration date 10/17/25, <br> notional amount $34,400<br>| 86 | 1290 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Salesforce, Inc. Strike price <br> $270, expiration date <br> 7/18/25, notional amount <br> $513,000<br>| 19 | $15580 |
| SPDR Gold Shares Strike <br> price $310, expiration date <br> 8/15/25, notional amount <br> $18,321,000<br>| 591 | 316185 |
| SPDR Gold Shares Strike <br> price $315, expiration date <br> 8/15/25, notional amount <br> $6,363,000<br>| 202 | 73730 |
| SPDR Gold Shares Strike <br> price $320, expiration date <br> 8/15/25, notional amount <br> $26,784,000<br>| 837 | 209250 |
| SPDR Gold Shares Strike <br> price $325, expiration date <br> 9/19/25, notional amount <br> $17,875,000<br>| 550 | 191400 |
| SPDR S&P 500 ETF Trust <br> Strike price $615, expiration <br> date 7/11/25, notional <br> amount $21,894,000<br>| 356 | 263440 |
| SPDR S&P 500 ETF Trust <br> Strike price $625, expiration <br> date 7/18/25, notional <br> amount $562,500<br>| 9 | 3565 |
| Stryker Corp. Strike price <br> $400, expiration date <br> 7/18/25, notional amount <br> $560,000<br>| 14 | 6300 |
| Trane Technologies PLC <br> Strike price $450, expiration <br> date 7/18/25, notional <br> amount $1,305,000<br>| 29 | 9280 |
| UniCredit SpA Strike price <br> EUR54, expiration date <br> 7/18/25, notional amount <br> EUR1,998,000<br>| 74 | 148121 |
| Valero Energy Corp. Strike <br> price $135, expiration date <br> 7/18/25, notional amount <br> $337,500<br>| 25 | 8925 |
| Vertiv Holdings Co. Strike <br> price $120, expiration date <br> 7/18/25, notional amount <br> $540,000<br>| 45 | 48375 |
| Vistra Corp. Strike price $180, <br> expiration date 7/18/25, <br> notional amount $450,000<br>| 25 | 43200 |
| Walmart, Inc. Strike price <br> $100, expiration date <br> 9/19/25, notional amount <br> $1,380,000<br>| 138 | 51060 |

---

LVIP BlackRock Global Allocation Fund-37

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Walmart, Inc. Strike price <br> $105, expiration date <br> 8/15/25, notional amount <br> $2,509,500<br>| 239 | $17686 |
| Walt Disney Co. Strike price <br> $115, expiration date <br> 7/18/25, notional amount <br> $448,500<br>| 39 | 37635 |
| Walt Disney Co. Strike price <br> $125, expiration date <br> 8/15/25, notional amount <br> $1,400,000<br>| 112 | 53760 |
| Walt Disney Co. Strike price <br> $125, expiration date <br> 9/19/25, notional amount <br> $787,500<br>| 63 | 39060 |
| Wells Fargo & Co. Strike price <br> $80, expiration date 7/18/25, <br> notional amount $2,576,000<br>| 322 | 77280 |
| Wells Fargo & Co. Strike price <br> $85, expiration date 8/15/25, <br> notional amount $3,680,500<br>| 433 | 55424 |
| Wells Fargo & Co. Strike price <br> $85, expiration date <br> 10/17/25, notional amount <br> $2,201,500<br>| 259 | 75369 |
| Williams Cos., Inc. Strike <br> price $60, expiration date <br> 7/18/25, notional amount <br> $198,000<br>| 33 | 10395 |
| Xerox Holdings Corp. Strike <br> price $6, expiration date <br> 7/18/25, notional amount <br> $39,000<br>| 65 | 455 |
| Xerox Holdings Corp. Strike <br> price $7, expiration date <br> 7/18/25, notional amount <br> $75,600<br>| 108 | 432 |
|  |  | **6139214** |
| **Put Options–0.01%** | **Put Options–0.01%** | **Put Options–0.01%** |
| American Airlines Group, Inc. <br> Strike price $8, expiration <br> date 9/19/25, notional <br> amount $70,400<br>| 88 | 1144 |
| Dollar Tree, Inc. Strike price <br> $85, expiration date 9/19/25, <br> notional amount $1,946,500<br>| 229 | 51754 |
| EURO STOXX Banks Index <br> Strike price EUR165, <br> expiration date 7/18/25, <br> notional amount <br> EUR726,000<br>| 88 | 518 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| EURO STOXX Banks Index <br> Strike price EUR175, <br> expiration date 7/18/25, <br> notional amount <br> EUR866,250<br>| 99 | $1021 |
| Invesco QQQ Trust Strike <br> price $500, expiration date <br> 7/18/25, notional amount <br> $9,500,000<br>| 190 | 10830 |
| iShares iBoxx $ High Yield <br> Corporate Bond ETF Strike <br> price $77, expiration date <br> 7/18/25, notional amount <br> $1,301,300<br>| 169 | 338 |
| iShares iBoxx $ High Yield <br> Corporate Bond ETF Strike <br> price $78, expiration date <br> 7/18/25, notional amount <br> $1,014,000<br>| 130 | 260 |
| iShares Russell <br> 2000 ETF Strike price $170, <br> expiration date 7/18/25, <br> notional amount $714,000<br>| 42 | 210 |
| iShares Russell <br> 2000 ETF Strike price $180, <br> expiration date 7/18/25, <br> notional amount $1,332,000<br>| 74 | 666 |
| iShares Russell <br> 2000 ETF Strike price $185, <br> expiration date 8/15/25, <br> notional amount $1,036,000<br>| 56 | 3416 |
| iShares Russell <br> 2000 ETF Strike price $195, <br> expiration date 8/15/25, <br> notional amount $1,306,500<br>| 67 | 8241 |
| iShares Russell <br> 2000 ETF Strike price $198, <br> expiration date 7/18/25, <br> notional amount $3,366,000<br>| 170 | 5950 |
| NIKE, Inc. Strike price $55, <br> expiration date 7/18/25, <br> notional amount $3,773,000<br>| 686 | 2058 |
| Oracle Corp. Strike price <br> $190, expiration date <br> 8/15/25, notional amount <br> $3,268,000<br>| 172 | 27520 |

---

LVIP BlackRock Global Allocation Fund-38

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| S&P 500 Index Strike price <br> $5,975, expiration date <br> 8/15/25, notional amount <br> $597,500<br>| 1 | $5402 |
| SPDR S&P 500 ETF Trust <br> Strike price $570, expiration <br> date 7/18/25, notional <br> amount $10,830,000<br>| 190 | 10640 |
|  |  | **129968** |
|  |  | **6269182** |
| **Total Options Purchased** <br>**(Cost $7,678,452)** | **Total Options Purchased** <br>**(Cost $7,678,452)** | **8086232** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.89% (Cost $1,672,339,040)** | **$2064883213** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(0.28)%** | **OPTIONS WRITTEN–(0.28)%** | **OPTIONS WRITTEN–(0.28)%** |
| **Over-The-Counter–(0.11)%** | **Over-The-Counter–(0.11)%** | **Over-The-Counter–(0.11)%** |
| **Call Swaptions–(0.08)%** | **Call Swaptions–(0.08)%** | **Call Swaptions–(0.08)%** |
| 10 Year Interest Rate Swap, expiration date 4/6/26, notional amount $(1707186) BNP | (1707186)<br>| $(30512)<br>|
| 1 Year Interest Rate Swap, expiration date 4/22/26, notional amount GBP(105575145) MSC | (105575145)<br>| (240411)<br>|
| 3 Year Interest Rate Swap, expiration date 8/18/25, notional amount $(26455278) JPM | (26455278)<br>| (64391)<br>|
| 1 Year Interest Rate Swap, expiration date 5/1/26, notional amount GBP(130845000) MSC | (130845000)<br>| (186756)<br>|
| 30 Year Interest Rate Swap, expiration date 8/27/25, notional amount $(8845000) CBK | (8845000)<br>| (53256)<br>|
| 10 Year Interest Rate Swap, expiration date 9/2/25, notional amount $(161680000) DB | (161680000)<br>| (214549)<br>|
| 5 Year Interest Rate Swap, expiration date 9/2/25, notional amount EUR(11123000) MSI | (11123000)<br>| (16562)<br>|
| 2 Year Interest Rate Swap, expiration date 9/3/25, notional amount $(22146000) DB | (22146000)<br>| (50555)<br>|
| 5 Year Interest Rate Swap, expiration date 9/12/25, notional amount $(34376000) BOA | (34376000)<br>| (173453)<br>|
| 2 Year Interest Rate Swap, expiration date 9/22/25, notional amount $(54383000) JPM | (54383000)<br>| (179248)<br>|
| 2 Year Interest Rate Swap, expiration date 9/26/25, notional amount $(67435000) CBK | (67435000)<br>| (137561)<br>|
| 30 Year Interest Rate Swap, expiration date 11/26/25, notional amount $(13725000) GS | (13725000)<br>| (65043)<br>|
| 2 Year Interest Rate Swap, expiration date 9/29/25, notional amount $(36412465) GS | (36412465)<br>| (71323)<br>|
| 2 Year Interest Rate Swap, expiration date 9/22/25, notional amount $(72010000) GS | (72010000)<br>| (115936)<br>|
| 5 Year Interest Rate Swap, expiration date 9/30/25, notional amount $(26983000) DB | (26983000)<br>| (83647)<br>|
|  |  | **(1683203)**<br>|
| **Put Swaptions–(0.02)%** | **Put Swaptions–(0.02)%** | **Put Swaptions–(0.02)%** |
| 10 Year Interest Rate Swap, expiration date 4/6/26, notional amount $(1707186) BNP | (1707186)<br>| (64356)<br>|
| 10 Year Interest Rate Swap, expiration date 7/7/25, notional amount $(5901374) GS | (5901374)<br>| (11764)<br>|
| 10 Year Interest Rate Swap, expiration date 7/10/25, notional amount $(10160000) DB | (10160000)<br>| (2)<br>|
| 1 Year Interest Rate Swap, expiration date 4/22/26, notional amount GBP(105575145) MSC | (105575145)<br>| (71275)<br>|
| 1 Year Interest Rate Swap, expiration date 5/1/26, notional amount GBP(130845000) MSC | (130845000)<br>| (120358)<br>|
| 5 Year Interest Rate Swap, expiration date 8/4/25, notional amount $(2945000) JPM | (2945000)<br>| (1621)<br>|
| 2 Year Interest Rate Swap, expiration date 11/6/25, notional amount $(54294169) CBK | (54294169)<br>| (52398)<br>|
| 5 Year Interest Rate Swap, expiration date 11/6/25, notional amount $(15141000) DB | (15141000)<br>| (22569)<br>|
| 2 Year Interest Rate Swap, expiration date 11/10/25, notional amount $(12118400) JPM | (12118400)<br>| (7091)<br>|
| 2 Year Interest Rate Swap, expiration date 12/9/25, notional amount EUR(15861000) MSI | (15861000)<br>| (11459)<br>|
| 2 Year Interest Rate Swap, expiration date 9/10/25, notional amount EUR(47262000) JPM | (47262000)<br>| (46288)<br>|
| 2 Year Interest Rate Swap, expiration date 9/15/25, notional amount $(68752000) UBS | (68752000)<br>| (16107)<br>|
| CDX.NA.HY.S44, expiration date 7/16/25, notional amount $(2365000) GS | (2365000)<br>| (863)<br>|
| 2 Year Interest Rate Swap, expiration date 9/22/25, notional amount $(36576000) BNP | (36576000)<br>| (13115)<br>|
| 5 Year Interest Rate Swap, expiration date 9/25/25, notional amount EUR(19885000) DB | (19885000)<br>| (51072)<br>|
|  |  | **(490338)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-39

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Put Options–(0.00)%** | **Put Options–(0.00)%** | **Put Options–(0.00)%** |
| EUR vs USD Strike price EUR1.02, expiration date 7/15/25, notional amount EUR(1473900) UBS | (1445000)<br>| $(2)<br>|
| USD vs BRL Strike price BRL5.65, expiration date 7/18/25, notional amount BRL(3617554) BRC | (640275)<br>| (23643)<br>|
| USD vs CNH Strike price CNH6.9, expiration date 8/06/25, notional amount CNH(164737500) CBK | (23875000)<br>| (7903)<br>|
| USD vs JPY Strike price JPY140, expiration date 7/03/25, notional amount JPY(415676520) MSC | (2969118)<br>| (332)<br>|
|  |  | **(31880)**<br>|
| **Call Options–(0.01)%** | **Call Options–(0.01)%** | **Call Options–(0.01)%** |
| EUR vs USD Strike price EUR1.165, expiration date 7/29/25, notional amount EUR(11673882) BOA | (10020500)<br>| (202031)<br>|
| EUR vs USD Strike price EUR1.18, expiration date 7/24/25, notional amount EUR(487340) SGN | (413000)<br>| (4169)<br>|
| EUR vs USD Strike price EUR1.2, expiration date 7/29/25, notional amount EUR(1622537) BNP | (1352114)<br>| (5855)<br>|
| JPY vs MXN Strike price MXN7.85, expiration date 9/24/25, notional amount MXN(69794350) MSC | (8891000)<br>| (5094)<br>|
| USD vs MXN Strike price MXN20, expiration date 8/07/25, notional amount MXN(25780000) RBC | (1289000)<br>| (2659)<br>|
|  |  | **(219808)**<br>|
|  |  | **(2425229)**<br>|
| **Centrally Cleared–(0.17)%** | **Centrally Cleared–(0.17)%** | **Centrally Cleared–(0.17)%** |
| **Put Options–(0.03)%** | **Put Options–(0.03)%** | **Put Options–(0.03)%** |
| Advanced Micro Devices, Inc. Strike price $125, expiration date 9/19/25, notional amount $(787500) | (63)<br>| (28399)<br>|
| Alphabet, Inc. Strike price $165, expiration date 8/15/25, notional amount $(1039500) | (63)<br>| (22617)<br>|
| Citigroup, Inc. Strike price $75, expiration date 9/19/25, notional amount $(1792500) | (239)<br>| (26768)<br>|
| Dollar Tree, Inc. Strike price $70, expiration date 9/19/25, notional amount $(1603000) | (229)<br>| (19465)<br>|
| Eli Lilly & Co. Strike price $700, expiration date 8/15/25, notional amount $(840000) | (12)<br>| (19320)<br>|
| EURO STOXX Banks Index Strike price EUR165, expiration date 9/19/25, notional amount EUR(1526250) | (185)<br>| (13075)<br>|
| Hilton Worldwide Holdings, Inc. Strike price $230, expiration date 9/19/25, notional amount $(2760000) | (120)<br>| (29400)<br>|
| Intuitive Surgical, Inc. Strike price $465, expiration date 8/15/25, notional amount $(837000) | (18)<br>| (9900)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF Strike price $103, expiration date 9/19/25, notional <br> amount $(8888900)<br>| (863)<br>| (18986)<br>|
| iShares Russell 2000 ETF Strike price $189, expiration date 7/18/25, notional amount $(3213000) | (170)<br>| (2380)<br>|
| Mastercard, Inc. Strike price $540, expiration date 7/18/25, notional amount $(432000) | (8)<br>| (2352)<br>|
| Meta Platforms, Inc. Strike price $620, expiration date 8/15/25, notional amount $(2170000) | (35)<br>| (19460)<br>|
| Microsoft Corp. Strike price $440, expiration date 8/15/25, notional amount $(1540000) | (35)<br>| (8225)<br>|
| Netflix, Inc. Strike price $1,100, expiration date 8/15/25, notional amount $(1760000) | (16)<br>| (13792)<br>|
| NIKE, Inc. Strike price $50, expiration date 7/18/25, notional amount $(3430000) | (686)<br>| (1372)<br>|
| Progressive Corp. Strike price $255, expiration date 7/18/25, notional amount $(306000) | (12)<br>| (2910)<br>|
| SPDR Gold Shares Strike price $290, expiration date 7/18/25, notional amount $(5713000) | (197)<br>| (9456)<br>|
| SPDR Gold Shares Strike price $290, expiration date 9/19/25, notional amount $(15950000) | (550)<br>| (144650)<br>|
| SPDR Gold Shares Strike price $295, expiration date 8/15/25, notional amount $(4248000) | (144)<br>| (35856)<br>|
| SPDR Gold Shares Strike price $300, expiration date 7/18/25, notional amount $(4320000) | (144)<br>| (31680)<br>|
| SPDR Gold Shares Strike price $300, expiration date 8/15/25, notional amount $(12540000) | (418)<br>| (170962)<br>|
| Trane Technologies PLC Strike price $400, expiration date 7/18/25, notional amount $(400000) | (10)<br>| (1550)<br>|
| Walmart, Inc. Strike price $90, expiration date 9/19/25, notional amount $(1242000) | (138)<br>| (21666)<br>|
| Walt Disney Co. Strike price $110, expiration date 8/15/25, notional amount $(1232000) | (112)<br>| (10416)<br>|
| Walt Disney Co. Strike price $110, expiration date 9/19/25, notional amount $(693000) | (63)<br>| (9135)<br>|
| Wells Fargo & Co. Strike price $67.5, expiration date 8/15/25, notional amount $(2922750) | (433)<br>| (15588)<br>|
|  |  | **(689380)**<br>|
| **Call Options–(0.14)%** | **Call Options–(0.14)%** | **Call Options–(0.14)%** |
| Air Products & Chemicals, Inc. Strike price $310, expiration date 9/19/25, notional amount $(279000) | (9)<br>| (3240)<br>|
| Alphabet, Inc. Strike price $185, expiration date 7/18/25, notional amount $(1979500) | (107)<br>| (18083)<br>|
| Alphabet, Inc. Strike price $200, expiration date 8/15/25, notional amount $(1480000) | (74)<br>| (15910)<br>|
| Alphabet, Inc. Strike price $200, expiration date 9/19/25, notional amount $(1460000) | (73)<br>| (25550)<br>|
| Alphabet, Inc. Strike price $220, expiration date 12/19/25, notional amount $(2794000) | (127)<br>| (47342)<br>|
| Amazon.com, Inc. Strike price $220, expiration date 7/18/25, notional amount $(2618000) | (119)<br>| (63427)<br>|
| Amazon.com, Inc. Strike price $235, expiration date 8/15/25, notional amount $(4206500) | (179)<br>| (87710)<br>|

---

LVIP BlackRock Global Allocation Fund-40

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Amazon.com, Inc. Strike price $240, expiration date 9/19/25, notional amount $(2256000) | (94)<br>| $(54238)<br>|
| Amazon.com, Inc. Strike price $250, expiration date 8/15/25, notional amount $(625000) | (25)<br>| (4425)<br>|
| Amazon.com, Inc. Strike price $270, expiration date 12/19/25, notional amount $(4158000) | (154)<br>| (74367)<br>|
| Apollo Global Management, Inc. Strike price $160, expiration date 9/19/25, notional amount $(384000) | (24)<br>| (6840)<br>|
| Apple, Inc. Strike price $230, expiration date 8/15/25, notional amount $(3979000) | (173)<br>| (26642)<br>|
| Apple, Inc. Strike price $230, expiration date 9/19/25, notional amount $(1771000) | (77)<br>| (22330)<br>|
| Apple, Inc. Strike price $240, expiration date 12/19/25, notional amount $(5496000) | (229)<br>| (80786)<br>|
| Bank of America Corp. Strike price $48, expiration date 7/18/25, notional amount $(768000) | (160)<br>| (13600)<br>|
| Bank of America Corp. Strike price $50, expiration date 8/15/25, notional amount $(3165000) | (633)<br>| (42411)<br>|
| Boeing Co. Strike price $210, expiration date 7/18/25, notional amount $(987000) | (47)<br>| (25380)<br>|
| Boeing Co. Strike price $230, expiration date 9/19/25, notional amount $(874000) | (38)<br>| (20140)<br>|
| Broadcom, Inc. Strike price $300, expiration date 8/15/25, notional amount $(1230000) | (41)<br>| (24764)<br>|
| Broadcom, Inc. Strike price $380, expiration date 12/19/25, notional amount $(2622000) | (69)<br>| (44696)<br>|
| Cameco Corp. Strike price $85, expiration date 8/15/25, notional amount $(1368500) | (161)<br>| (24955)<br>|
| Cameco Corp. Strike price $90, expiration date 9/19/25, notional amount $(504000) | (56)<br>| (10808)<br>|
| Capital One Financial Corp. Strike price $210, expiration date 7/18/25, notional amount $(1218000) | (58)<br>| (40600)<br>|
| Chevron Corp. Strike price $155, expiration date 7/18/25, notional amount $(527000) | (34)<br>| (714)<br>|
| Chevron Corp. Strike price $160, expiration date 9/19/25, notional amount $(336000) | (21)<br>| (2751)<br>|
| Crowdstrike Holdings, Inc. Strike price $560, expiration date 9/19/25, notional amount $(2016000) | (36)<br>| (84240)<br>|
| CyberArk Software Ltd. Strike price $460, expiration date 8/15/25, notional amount $(414000) | (9)<br>| (5400)<br>|
| CyberArk Software Ltd. Strike price $460, expiration date 9/19/25, notional amount $(552000) | (12)<br>| (12720)<br>|
| Eli Lilly & Co. Strike price $900, expiration date 8/15/25, notional amount $(2430000) | (27)<br>| (28620)<br>|
| Eli Lilly & Co. Strike price $940, expiration date 9/19/25, notional amount $(1222000) | (13)<br>| (15210)<br>|
| Eli Lilly & Co. Strike price $1,000, expiration date 12/19/25, notional amount $(2400000) | (24)<br>| (41689)<br>|
| EQT Corp. Strike price $65, expiration date 7/18/25, notional amount $(500500) | (77)<br>| (770)<br>|
| EQT Corp. Strike price $70, expiration date 9/19/25, notional amount $(476000) | (68)<br>| (5100)<br>|
| Freeport-McMoRan, Inc. Strike price $48, expiration date 8/15/25, notional amount $(321600) | (67)<br>| (5226)<br>|
| Freeport-McMoRan, Inc. Strike price $50, expiration date 9/19/25, notional amount $(420000) | (84)<br>| (7728)<br>|
| Hess Corp. Strike price $160, expiration date 9/19/25, notional amount $(224000) | (14)<br>| (1890)<br>|
| Intuit, Inc. Strike price $860, expiration date 9/19/25, notional amount $(602000) | (7)<br>| (10500)<br>|
| Intuitive Surgical, Inc. Strike price $600, expiration date 9/19/25, notional amount $(540000) | (9)<br>| (10818)<br>|
| iShares China Large-Cap ETF Strike price $42, expiration date 7/18/25, notional amount $(12474000) | (2970)<br>| (17820)<br>|
| JPMorgan Chase & Co. Strike price $290, expiration date 8/15/25, notional amount $(2668000) | (92)<br>| (89056)<br>|
| Meta Platforms, Inc. Strike price $780, expiration date 8/15/25, notional amount $(3042000) | (39)<br>| (86814)<br>|
| Meta Platforms, Inc. Strike price $820, expiration date 8/15/25, notional amount $(2870000) | (35)<br>| (41370)<br>|
| Meta Platforms, Inc. Strike price $820, expiration date 9/19/25, notional amount $(1312000) | (16)<br>| (30384)<br>|
| Meta Platforms, Inc. Strike price $940, expiration date 12/19/25, notional amount $(3102000) | (33)<br>| (53387)<br>|
| Micron Technology, Inc. Strike price $125, expiration date 8/15/25, notional amount $(550000) | (44)<br>| (28160)<br>|
| Micron Technology, Inc. Strike price $135, expiration date 8/15/25, notional amount $(1849500) | (137)<br>| (39730)<br>|
| Micron Technology, Inc. Strike price $155, expiration date 9/19/25, notional amount $(651000) | (42)<br>| (7098)<br>|
| Microsoft Corp. Strike price $540, expiration date 9/19/25, notional amount $(2700000) | (50)<br>| (31500)<br>|
| Microsoft Corp. Strike price $580, expiration date 12/19/25, notional amount $(5974000) | (103)<br>| (69996)<br>|
| Netflix, Inc. Strike price $1,480, expiration date 9/19/25, notional amount $(444000) | (3)<br>| (12645)<br>|
| Netflix, Inc. Strike price $1,500, expiration date 8/15/25, notional amount $(2400000) | (16)<br>| (37424)<br>|
| NextEra Energy, Inc. Strike price $80, expiration date 8/15/25, notional amount $(1128000) | (141)<br>| (4512)<br>|
| Nikkei 225 Index Strike price JPY41,000, expiration date 7/11/25, notional amount JPY(2419000000) | (59)<br>| (151592)<br>|
| NVIDIA Corp. Strike price $165, expiration date 8/15/25, notional amount $(2722500) | (165)<br>| (91080)<br>|
| NVIDIA Corp. Strike price $200, expiration date 11/21/25, notional amount $(1880000) | (94)<br>| (43360)<br>|
| NVIDIA Corp. Strike price $220, expiration date 12/19/25, notional amount $(5038000) | (229)<br>| (77349)<br>|
| Oracle Corp. Strike price $200, expiration date 8/15/25, notional amount $(1600000) | (80)<br>| (188880)<br>|
| Oracle Corp. Strike price $220, expiration date 8/15/25, notional amount $(3784000) | (172)<br>| (165120)<br>|
| Oracle Corp. Strike price $250, expiration date 9/19/25, notional amount $(1075000) | (43)<br>| (27821)<br>|
| Salesforce, Inc. Strike price $300, expiration date 8/15/25, notional amount $(570000) | (19)<br>| (5149)<br>|

---

LVIP BlackRock Global Allocation Fund-41

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Salesforce, Inc. Strike price $310, expiration date 9/19/25, notional amount $(775000) | (25)<br>| $(13125)<br>|
| SPDR Gold Shares Strike price $325, expiration date 8/15/25, notional amount $(19207500) | (591)<br>| (96924)<br>|
| SPDR Gold Shares Strike price $335, expiration date 8/15/25, notional amount $(6767000) | (202)<br>| (13534)<br>|
| SPDR Gold Shares Strike price $340, expiration date 8/15/25, notional amount $(28458000) | (837)<br>| (38502)<br>|
| SPDR S&P 500 ETF Trust Strike price $625, expiration date 7/11/25, notional amount $(22250000) | (356)<br>| (84372)<br>|
| SPDR S&P 500 ETF Trust Strike price $635, expiration date 7/18/25, notional amount $(571500) | (9)<br>| (1168)<br>|
| Tesla, Inc. Strike price $420, expiration date 9/19/25, notional amount $(546000) | (13)<br>| (11765)<br>|
| UniCredit SpA Strike price EUR62, expiration date 7/18/25, notional amount EUR(2294000) | (74)<br>| (6446)<br>|
| Valero Energy Corp. Strike price $155, expiration date 9/19/25, notional amount $(341000) | (22)<br>| (3729)<br>|
| Vertiv Holdings Co. Strike price $125, expiration date 7/18/25, notional amount $(1375000) | (110)<br>| (78980)<br>|
| Vertiv Holdings Co. Strike price $145, expiration date 8/15/25, notional amount $(638000) | (44)<br>| (22132)<br>|
| Vistra Corp. Strike price $210, expiration date 8/15/25, notional amount $(525000) | (25)<br>| (24375)<br>|
| Vistra Corp. Strike price $220, expiration date 9/19/25, notional amount $(1518000) | (69)<br>| (78660)<br>|
| Walmart, Inc. Strike price $115, expiration date 8/15/25, notional amount $(2748500) | (239)<br>| (2868)<br>|
| Walt Disney Co. Strike price $130, expiration date 8/15/25, notional amount $(507000) | (39)<br>| (10959)<br>|
| Walt Disney Co. Strike price $135, expiration date 9/19/25, notional amount $(378000) | (28)<br>| (6720)<br>|
|  |  | **(2806126)**<br>|
|  |  | **(3495506)**<br>|
| **Total Options Written** <br>**(Premiums received $(6233374))** | **Total Options Written** <br>**(Premiums received $(6233374))** | **(5920735)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.39%** | **29186433** |
| **NET ASSETS APPLICABLE TO 155,768,779 SHARES OUTSTANDING–100.00%** | **$2088148911** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL ALLOCATION FUND STANDARD CLASS** <br>**($1,226,544,166 / 91,435,800 Shares)** | **$13.414** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL ALLOCATION FUND SERVICE CLASS** <br>**($861,604,745 / 64,332,979 Shares)** | **$13.393** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1636620094** |
| Distributable earnings/(accumulated loss) | **451528817** |
| **TOTAL NET ASSETS** | **$2088148911** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| ☐Rate is less than 0.01%. |
| +Delayed settlement. Interest rate to be determined upon settlement date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| @PIK. 100% of the income received was in the form of additional par. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. Refer to Note 8 in the accompanying notes for further information on these types of securities. |

---

LVIP BlackRock Global Allocation Fund-42

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| |
|:---|
| ^Zero coupon security. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| ∞Partially pledged as collateral for options. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 4 in "Notes to Consolidated Financial Statements." |
| †Non-income producing. |
| #Fully or partially pledged as collateral for derivatives. |
| ≠The rate shown is the effective yield at the time of purchase. |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $36,677,191, which <br> represented 1.76% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with <br> respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition/In-kind Transfer** | **Cost** | **Value** |
| 10X Future Technologies Services Ltd. Series D | 6/6/2022 | &nbsp;&nbsp; $966416 | &nbsp;&nbsp; $683207 |
| Breeze Aviation Group, Inc. Series B | 6/6/2022 | &nbsp;&nbsp; 814265 | &nbsp;&nbsp; 303197 |
| Bytedance Ltd. Series E1 | 6/6/2022 | &nbsp;&nbsp; 3886481 | &nbsp;&nbsp; 5448531 |
| Caresyntax, Inc. | 6/6/2022 | &nbsp;&nbsp; 240886 | &nbsp;&nbsp; 9139 |
| Crown PropTech Acquisitions | 2/6/2023 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Cypher Bidco | 6/6/2022 | &nbsp;&nbsp; 1551312 | &nbsp;&nbsp; 1694874 |
| Databricks, Inc. Series F | 6/6/2022 | &nbsp;&nbsp; 3699435 | &nbsp;&nbsp; 6544998 |
| Databricks, Inc. Series G | 6/6/2022 | &nbsp;&nbsp; 1010938 | &nbsp;&nbsp; 1788540 |
| Dream Finders Homes, Inc. | 6/6/2022 | &nbsp;&nbsp; 2327696 | &nbsp;&nbsp; 2372865 |
| Epic Games, Inc. | 6/6/2022 | &nbsp;&nbsp; 2952750 | &nbsp;&nbsp; 2335657 |
| Exo, Inc. | 5/22/2025 | &nbsp;&nbsp; 407022 | &nbsp;&nbsp; 373 |
| Exo, Inc. Series D | 5/22/2025 | &nbsp;&nbsp; 31327 | &nbsp;&nbsp; 35624 |
| Fanatics Holdings, Inc. | 6/6/2022 | &nbsp;&nbsp; 2573239 | &nbsp;&nbsp; 2309998 |
| Farmers Business Network, Inc. | 6/6/2022 | &nbsp;&nbsp; 1258125 | &nbsp;&nbsp; 31139 |
| Galaxy Universal LLC | 6/6/2022 | &nbsp;&nbsp; 1310907 | &nbsp;&nbsp; 1313328 |
| GM Cruise Holdings LLC Class G | 6/6/2022 | &nbsp;&nbsp; 542495 | &nbsp;&nbsp; 27806 |
| Grand Rounds, Inc. | 4/29/2019 | &nbsp;&nbsp; 1804027 | &nbsp;&nbsp; 817688 |
| Jawbone, Inc. | 4/29/2019 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Jumpcloud, Inc. Series E-1 Series E1 | 6/6/2022 | &nbsp;&nbsp; 2531915 | &nbsp;&nbsp; 1199587 |
| Jumpcloud, Inc. Series F Series F | 6/6/2022 | &nbsp;&nbsp; 166530 | &nbsp;&nbsp; 78900 |
| Loadsmart, Inc. Series C Series C | 6/6/2022 | &nbsp;&nbsp; 1759432 | &nbsp;&nbsp; 564019 |
| Loadsmart, Inc. Series D Series D | 6/6/2022 | &nbsp;&nbsp; 155855 | &nbsp;&nbsp; 77928 |
| MCM Trust Series 2006-4 Class A2B | 6/6/2022 | &nbsp;&nbsp; 511954 | &nbsp;&nbsp; 436441 |
| Mercia A-1 | 6/6/2022 | &nbsp;&nbsp; 569883 | &nbsp;&nbsp; 625900 |
| Mercia A-2 | 6/6/2022 | &nbsp;&nbsp; 1737637 | &nbsp;&nbsp; 1908438 |
| Mercia B-1 | 6/6/2022 | &nbsp;&nbsp; 100093 | &nbsp;&nbsp; 109931 |
| MNTN, Inc. | 3/31/2025 | &nbsp;&nbsp; 377132 | &nbsp;&nbsp; 455683 |
| Mythic AI, Inc. | 6/6/2022 | &nbsp;&nbsp; 391278 | &nbsp;&nbsp; 0 |

---

LVIP BlackRock Global Allocation Fund-43

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities (continued)** | **Restricted Securities (continued)** | **Restricted Securities (continued)** | **Restricted Securities (continued)** |
| **Investment** | **Date of Acquisition/In-kind Transfer** | **Cost** | **Value** |
| Neon Pagamentos SA | 6/6/2022 | &nbsp;&nbsp; $1403856 | &nbsp;&nbsp; $1254885 |
| Noodle Partners, Inc. Series C | 6/6/2022 | &nbsp;&nbsp; 424114 | &nbsp;&nbsp; 69413 |
| PsiQuantum Corp. Series D | 6/6/2022 | &nbsp;&nbsp; 379300 | &nbsp;&nbsp; 601974 |
| Quintis Australia Pty. Ltd. | 4/29/2019 | &nbsp;&nbsp; 967514 | &nbsp;&nbsp; 0 |
| Relativity Space, Inc. Series E | 6/6/2022 | &nbsp;&nbsp; 555650 | &nbsp;&nbsp; 292 |
| Salt Pay Co. Ltd. Series C | 6/6/2022 | &nbsp;&nbsp; 465535 | &nbsp;&nbsp; 90989 |
| SambaNova Systems, Inc. Series C Series C | 6/6/2022 | &nbsp;&nbsp; 1364826 | &nbsp;&nbsp; 748475 |
| SambaNova Systems, Inc. Series D Series D | 6/6/2022 | &nbsp;&nbsp; 434237 | &nbsp;&nbsp; 283119 |
| Snorkel AI, Inc. Series B | 6/6/2022 | &nbsp;&nbsp; 41487 | &nbsp;&nbsp; 42736 |
| Snorkel AI, Inc. Series C | 6/6/2022 | &nbsp;&nbsp; 148614 | &nbsp;&nbsp; 153088 |
| Sonder Holdings, Inc. | 12/30/2024 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 9068 |
| Sonder Holdings, Inc. | 4/11/2025 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 63603 |
| TVC DSCR | 6/6/2022 | &nbsp;&nbsp; 578502 | &nbsp;&nbsp; 405917 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 18093 | &nbsp;&nbsp; 19598 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; 2492 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 6967 | &nbsp;&nbsp; 7398 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 7492 | &nbsp;&nbsp; 7631 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 6145 | &nbsp;&nbsp; 6511 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 38133 | &nbsp;&nbsp; 35126 |
| Ursa Major Technologies, Inc. | 6/6/2022 | &nbsp;&nbsp; 470678 | &nbsp;&nbsp; 394463 |
| Verge Genomics, Inc. Series B | 6/6/2022 | &nbsp;&nbsp; 513271 | &nbsp;&nbsp; 207469 |
| Vita Global FinCo Ltd. | 6/6/2022 | &nbsp;&nbsp; 695787 | &nbsp;&nbsp; 655254 |
| Vita Global FinCo Ltd. | 6/6/2022 | &nbsp;&nbsp; 471633 | &nbsp;&nbsp; 443899 |
| Volta Series C | 6/6/2022 | &nbsp;&nbsp; 174273 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $42847556 | &nbsp;&nbsp; $36677191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $14,302,000 cash collateral held at broker for futures contracts, $2,300,000 cash collateral held at broker for centrally cleared <br> option contracts, $24,021,993 cash collateral held at brokers for centrally cleared swap contracts, $39,911 expense reimbursement <br> receivable from Lincoln Financial Investments Corporation, $217,840 variation margin due from broker on futures contracts, $869,363 <br> variation margin due from brokers on centrally cleared swap contracts, $36,032,145 payable for securities purchased, $2,618,532 payable for <br> fund shares redeemed, $684,000 cash collateral due to brokers for certain open bilateral derivatives, $310,111 other accrued expenses <br> payable, $1,283,372 due to manager and affiliates, $13,960 foreign capital gain taxes payable, $46,004 payable for audit fee and $55,594 <br> payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BNP | BRL | &nbsp;&nbsp; (22377572)<br>| USD | &nbsp;&nbsp; 4079070 | 7/2/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37633)<br>|
| BNP | BRL | &nbsp;&nbsp; 22377572 | USD | &nbsp;&nbsp; (4078540)<br>| 7/2/25 | &nbsp;&nbsp; 38162 | &nbsp;&nbsp; — |
| BNP | BRL | &nbsp;&nbsp; (12785995)<br>| USD | &nbsp;&nbsp; 2303360 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29508)<br>|
| BNP | BRL | &nbsp;&nbsp; 8032703 | USD | &nbsp;&nbsp; (1447068)<br>| 8/4/25 | &nbsp;&nbsp; 18538 | &nbsp;&nbsp; — |
| BNP | CZK | &nbsp;&nbsp; 37795548 | USD | &nbsp;&nbsp; (1744812)<br>| 7/25/25 | &nbsp;&nbsp; 57291 | &nbsp;&nbsp; — |
| BNP | EUR | &nbsp;&nbsp; 200517 | USD | &nbsp;&nbsp; (235129)<br>| 7/1/25 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; — |
| BNP | HKD | &nbsp;&nbsp; 31497853 | USD | &nbsp;&nbsp; (4070000)<br>| 8/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (39167)<br>|
| BNP | IDR | &nbsp;&nbsp; 343036911 | USD | &nbsp;&nbsp; (21028)<br>| 9/17/25 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; — |
| BNP | JPY | &nbsp;&nbsp; 18238187754 | USD | &nbsp;&nbsp; (127202466)<br>| 9/17/25 | &nbsp;&nbsp; 570639 | &nbsp;&nbsp; — |
| BNP | TWD | &nbsp;&nbsp; (5444439)<br>| USD | &nbsp;&nbsp; 181300 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6262)<br>|
| BNY | CAD | &nbsp;&nbsp; 48128967 | USD | &nbsp;&nbsp; (35357862)<br>| 9/17/25 | &nbsp;&nbsp; 125291 | &nbsp;&nbsp; — |
| BNY | HKD | &nbsp;&nbsp; 10300565 | USD | &nbsp;&nbsp; (1322015)<br>| 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1018)<br>|
| BOA | CNH | &nbsp;&nbsp; (2087718)<br>| USD | &nbsp;&nbsp; 291115 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1070)<br>|
| BOA | COP | &nbsp;&nbsp; (6152794637)<br>| USD | &nbsp;&nbsp; 1432965 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68310)<br>|
| BOA | EUR | &nbsp;&nbsp; (3278366)<br>| USD | &nbsp;&nbsp; 3834649 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (47251)<br>|

---

LVIP BlackRock Global Allocation Fund-44

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | EUR | &nbsp;&nbsp; 8157687 | USD | &nbsp;&nbsp; (9507248)<br>| 9/17/25 | &nbsp;&nbsp; $152234 | &nbsp;&nbsp; $— |
| BOA | JPY | &nbsp;&nbsp; 63847604 | USD | &nbsp;&nbsp; (434213)<br>| 7/25/25 | &nbsp;&nbsp; 10515 | &nbsp;&nbsp; — |
| BOA | MXN | &nbsp;&nbsp; (36806197)<br>| USD | &nbsp;&nbsp; 1911806 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33416)<br>|
| BOA | NOK | &nbsp;&nbsp; (2387875)<br>| USD | &nbsp;&nbsp; 235000 | 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1944)<br>|
| BOA | PHP | &nbsp;&nbsp; (5828691)<br>| USD | &nbsp;&nbsp; 103108 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (338)<br>|
| BRC | BRL | &nbsp;&nbsp; (24407455)<br>| USD | &nbsp;&nbsp; 4357595 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (132537)<br>|
| BRC | BRL | &nbsp;&nbsp; 24407455 | USD | &nbsp;&nbsp; (4368070)<br>| 7/2/25 | &nbsp;&nbsp; 122061 | &nbsp;&nbsp; — |
| BRC | CHF | &nbsp;&nbsp; (8850892)<br>| USD | &nbsp;&nbsp; 10826736 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (438554)<br>|
| BRC | EUR | &nbsp;&nbsp; 9475938 | USD | &nbsp;&nbsp; (10826736)<br>| 9/17/25 | &nbsp;&nbsp; 393683 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; (748497)<br>| USD | &nbsp;&nbsp; 872632 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13661)<br>|
| BRC | MYR | &nbsp;&nbsp; 12031086 | USD | &nbsp;&nbsp; (2803795)<br>| 7/22/25 | &nbsp;&nbsp; 53001 | &nbsp;&nbsp; — |
| BRC | MYR | &nbsp;&nbsp; 14424485 | USD | &nbsp;&nbsp; (3399836)<br>| 7/25/25 | &nbsp;&nbsp; 25700 | &nbsp;&nbsp; — |
| BRC | NOK | &nbsp;&nbsp; 2219230 | USD | &nbsp;&nbsp; (219000)<br>| 7/25/25 | &nbsp;&nbsp; 1209 | &nbsp;&nbsp; — |
| BRC | PHP | &nbsp;&nbsp; (24803352)<br>| USD | &nbsp;&nbsp; 442680 | 7/22/25 | &nbsp;&nbsp; 2477 | &nbsp;&nbsp; — |
| BRC | PHP | &nbsp;&nbsp; (2870848)<br>| USD | &nbsp;&nbsp; 50852 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (99)<br>|
| BRC | THB | &nbsp;&nbsp; (57145304)<br>| USD | &nbsp;&nbsp; 1727283 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33627)<br>|
| BRC | TRY | &nbsp;&nbsp; (11020562)<br>| USD | &nbsp;&nbsp; 253800 | 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15726)<br>|
| BRC | TRY | &nbsp;&nbsp; (12386633)<br>| USD | &nbsp;&nbsp; 287000 | 9/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6868)<br>|
| BRC | TRY | &nbsp;&nbsp; (3546859)<br>| USD | &nbsp;&nbsp; 78800 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3644)<br>|
| BRC | TRY | &nbsp;&nbsp; (11256029)<br>| USD | &nbsp;&nbsp; 240700 | 10/24/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14641)<br>|
| CBK | BRL | &nbsp;&nbsp; 2423890 | USD | &nbsp;&nbsp; (434000)<br>| 8/4/25 | &nbsp;&nbsp; 8251 | &nbsp;&nbsp; — |
| CBK | COP | &nbsp;&nbsp; 5317625920 | USD | &nbsp;&nbsp; (1302270)<br>| 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5294)<br>|
| CBK | EGP | &nbsp;&nbsp; (5521587)<br>| USD | &nbsp;&nbsp; 107633 | 10/2/25 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — |
| CBK | EGP | &nbsp;&nbsp; 12992256 | USD | &nbsp;&nbsp; (239798)<br>| 11/20/25 | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; — |
| CBK | EUR | &nbsp;&nbsp; 2477930 | USD | &nbsp;&nbsp; (2919844)<br>| 9/17/25 | &nbsp;&nbsp; 14263 | &nbsp;&nbsp; — |
| CBK | INR | &nbsp;&nbsp; 231044558 | USD | &nbsp;&nbsp; (2665781)<br>| 7/25/25 | &nbsp;&nbsp; 26787 | &nbsp;&nbsp; — |
| CBK | JPY | &nbsp;&nbsp; (51676070)<br>| USD | &nbsp;&nbsp; 364156 | 9/26/25 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; — |
| CBK | MXN | &nbsp;&nbsp; (86794545)<br>| USD | &nbsp;&nbsp; 4452530 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (161488)<br>|
| CBK | MXN | &nbsp;&nbsp; 53550083 | USD | &nbsp;&nbsp; (2794000)<br>| 9/17/25 | &nbsp;&nbsp; 36143 | &nbsp;&nbsp; — |
| CBK | MXN | &nbsp;&nbsp; 6915222 | USD | &nbsp;&nbsp; (364156)<br>| 9/26/25 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; — |
| CBK | NGN | &nbsp;&nbsp; 204774188 | USD | &nbsp;&nbsp; (128951)<br>| 9/4/25 | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; — |
| CBK | THB | &nbsp;&nbsp; 96026016 | USD | &nbsp;&nbsp; (2911291)<br>| 7/25/25 | &nbsp;&nbsp; 48445 | &nbsp;&nbsp; — |
| CIBC | EUR | &nbsp;&nbsp; 208923 | USD | &nbsp;&nbsp; (240211)<br>| 7/25/25 | &nbsp;&nbsp; 6335 | &nbsp;&nbsp; — |
| CIBC | JPY | &nbsp;&nbsp; 967333504 | USD | &nbsp;&nbsp; (6745080)<br>| 9/17/25 | &nbsp;&nbsp; 31865 | &nbsp;&nbsp; — |
| CIBC | PLN | &nbsp;&nbsp; 6299028 | USD | &nbsp;&nbsp; (1688085)<br>| 7/25/25 | &nbsp;&nbsp; 58385 | &nbsp;&nbsp; — |
| CIBC | PLN | &nbsp;&nbsp; 13207782 | USD | &nbsp;&nbsp; (3537290)<br>| 9/17/25 | &nbsp;&nbsp; 120308 | &nbsp;&nbsp; — |
| CIBC | ZAR | &nbsp;&nbsp; 5342036 | USD | &nbsp;&nbsp; (300657)<br>| 7/22/25 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; — |
| DB | CAD | &nbsp;&nbsp; (5011316)<br>| USD | &nbsp;&nbsp; 3681576 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13024)<br>|
| DB | CHF | &nbsp;&nbsp; (100304)<br>| USD | &nbsp;&nbsp; 123000 | 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3850)<br>|
| DB | CZK | &nbsp;&nbsp; (12376704)<br>| USD | &nbsp;&nbsp; 559387 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30678)<br>|
| DB | EUR | &nbsp;&nbsp; (271360)<br>| USD | &nbsp;&nbsp; 309085 | 7/16/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10925)<br>|
| DB | EUR | &nbsp;&nbsp; (277262)<br>| USD | &nbsp;&nbsp; 311448 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15670)<br>|
| DB | EUR | &nbsp;&nbsp; (18965649)<br>| USD | &nbsp;&nbsp; 21725433 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (731713)<br>|
| DB | IDR | &nbsp;&nbsp; (7964253804)<br>| USD | &nbsp;&nbsp; 480556 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11289)<br>|
| DB | JPY | &nbsp;&nbsp; 2055976192 | USD | &nbsp;&nbsp; (14188442)<br>| 9/17/25 | &nbsp;&nbsp; 215317 | &nbsp;&nbsp; — |
| DB | KRW | &nbsp;&nbsp; 748099080 | USD | &nbsp;&nbsp; (547000)<br>| 7/25/25 | &nbsp;&nbsp; 6808 | &nbsp;&nbsp; — |
| DB | MXN | &nbsp;&nbsp; 143692738 | USD | &nbsp;&nbsp; (7536991)<br>| 9/17/25 | &nbsp;&nbsp; 57227 | &nbsp;&nbsp; — |
| DB | PEN | &nbsp;&nbsp; (3642000)<br>| USD | &nbsp;&nbsp; 996443 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31053)<br>|
| DB | PEN | &nbsp;&nbsp; (1040631)<br>| USD | &nbsp;&nbsp; 289000 | 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4565)<br>|
| GSI | BRL | &nbsp;&nbsp; (1618400)<br>| USD | &nbsp;&nbsp; 289000 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8730)<br>|
| GSI | BRL | &nbsp;&nbsp; 1618400 | USD | &nbsp;&nbsp; (296568)<br>| 7/2/25 | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; 42638851 | USD | &nbsp;&nbsp; (7655983)<br>| 9/17/25 | &nbsp;&nbsp; 39451 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; (25669408)<br>| USD | &nbsp;&nbsp; 4508071 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (124728)<br>|
| GSI | EUR | &nbsp;&nbsp; (6517410)<br>| USD | &nbsp;&nbsp; 7655983 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (61255)<br>|
| GSI | HUF | &nbsp;&nbsp; (45302253)<br>| USD | &nbsp;&nbsp; 125857 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7511)<br>|
| GSI | HUF | &nbsp;&nbsp; 770101997 | USD | &nbsp;&nbsp; (2182581)<br>| 9/17/25 | &nbsp;&nbsp; 77981 | &nbsp;&nbsp; — |
| GSI | IDR | &nbsp;&nbsp; (12414841551)<br>| USD | &nbsp;&nbsp; 747027 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19671)<br>|
| GSI | MXN | &nbsp;&nbsp; 45611638 | USD | &nbsp;&nbsp; (2359665)<br>| 7/25/25 | &nbsp;&nbsp; 64198 | &nbsp;&nbsp; — |
| GSI | MYR | &nbsp;&nbsp; (1620899)<br>| USD | &nbsp;&nbsp; 384099 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (785)<br>|
| GSI | PLN | &nbsp;&nbsp; (4270930)<br>| USD | &nbsp;&nbsp; 1134667 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (49590)<br>|
| GSI | UYU | &nbsp;&nbsp; (6280192)<br>| USD | &nbsp;&nbsp; 149503 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7856)<br>|

---

LVIP BlackRock Global Allocation Fund-45

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| HSBC | CAD | &nbsp;&nbsp; (572715)<br>| USD | &nbsp;&nbsp; 416000 | 7/25/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5165)<br>|
| HSBC | CAD | &nbsp;&nbsp; (169414)<br>| USD | &nbsp;&nbsp; 124950 | 9/17/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — |
| HSBC | COP | &nbsp;&nbsp; 1913435729 | USD | &nbsp;&nbsp; (468864)<br>| 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1988)<br>|
| HSBC | EUR | &nbsp;&nbsp; 1813019 | USD | &nbsp;&nbsp; (2135106)<br>| 9/17/25 | &nbsp;&nbsp; 11681 | &nbsp;&nbsp; — |
| HSBC | HKD | &nbsp;&nbsp; (31564885)<br>| USD | &nbsp;&nbsp; 4070000 | 8/15/25 | &nbsp;&nbsp; 30588 | &nbsp;&nbsp; — |
| HSBC | HUF | &nbsp;&nbsp; (99311089)<br>| USD | &nbsp;&nbsp; 274520 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17848)<br>|
| HSBC | NZD | &nbsp;&nbsp; 1752447 | USD | &nbsp;&nbsp; (1062490)<br>| 9/17/25 | &nbsp;&nbsp; 8532 | &nbsp;&nbsp; — |
| HSBC | PLN | &nbsp;&nbsp; (10423448)<br>| USD | &nbsp;&nbsp; 2745638 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (144608)<br>|
| HSBC | ZAR | &nbsp;&nbsp; (76418370)<br>| USD | &nbsp;&nbsp; 4203699 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (105094)<br>|
| JPM | CAD | &nbsp;&nbsp; 316196 | USD | &nbsp;&nbsp; (231000)<br>| 7/25/25 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; (5649091)<br>| USD | &nbsp;&nbsp; 6548808 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (140256)<br>|
| JPM | GBP | &nbsp;&nbsp; (3273145)<br>| USD | &nbsp;&nbsp; 4422918 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (72229)<br>|
| JPM | INR | &nbsp;&nbsp; (28225098)<br>| USD | &nbsp;&nbsp; 328399 | 9/17/25 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; — |
| JPM | SGD | &nbsp;&nbsp; 5198914 | USD | &nbsp;&nbsp; (4064720)<br>| 9/17/25 | &nbsp;&nbsp; 47498 | &nbsp;&nbsp; — |
| JPM | ZAR | &nbsp;&nbsp; (5236673)<br>| USD | &nbsp;&nbsp; 289467 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5799)<br>|
| JPM | ZAR | &nbsp;&nbsp; 43500749 | USD | &nbsp;&nbsp; (2392737)<br>| 7/25/25 | &nbsp;&nbsp; 59419 | &nbsp;&nbsp; — |
| JPM | ZAR | &nbsp;&nbsp; 90274847 | USD | &nbsp;&nbsp; (5095955)<br>| 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25884)<br>|
| JPM | ZAR | &nbsp;&nbsp; 39008318 | USD | &nbsp;&nbsp; (2187146)<br>| 9/17/25 | &nbsp;&nbsp; 3663 | &nbsp;&nbsp; — |
| MSC | AUD | &nbsp;&nbsp; (633418)<br>| USD | &nbsp;&nbsp; 404850 | 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12247)<br>|
| MSC | BRL | &nbsp;&nbsp; 26140310 | USD | &nbsp;&nbsp; (4727000)<br>| 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9212)<br>|
| MSC | CHF | &nbsp;&nbsp; (8421928)<br>| USD | &nbsp;&nbsp; 10356967 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (362344)<br>|
| MSC | COP | &nbsp;&nbsp; (14285358141)<br>| USD | &nbsp;&nbsp; 3365735 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (119876)<br>|
| MSC | CZK | &nbsp;&nbsp; (27891282)<br>| USD | &nbsp;&nbsp; 1254704 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (75026)<br>|
| MSC | DKK | &nbsp;&nbsp; 59327551 | USD | &nbsp;&nbsp; (9147988)<br>| 9/17/25 | &nbsp;&nbsp; 274148 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (3918109)<br>| USD | &nbsp;&nbsp; 4500647 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (138769)<br>|
| MSC | GBP | &nbsp;&nbsp; 3332950 | USD | &nbsp;&nbsp; (4500647)<br>| 9/17/25 | &nbsp;&nbsp; 76632 | &nbsp;&nbsp; — |
| MSC | HUF | &nbsp;&nbsp; 354746516 | USD | &nbsp;&nbsp; (1004522)<br>| 7/25/25 | &nbsp;&nbsp; 39651 | &nbsp;&nbsp; — |
| MSC | IDR | &nbsp;&nbsp; (45862080410)<br>| USD | &nbsp;&nbsp; 2752274 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (80010)<br>|
| MSC | IDR | &nbsp;&nbsp; 43673550791 | USD | &nbsp;&nbsp; (2659551)<br>| 7/25/25 | &nbsp;&nbsp; 38991 | &nbsp;&nbsp; — |
| MSC | JPY | &nbsp;&nbsp; (545335891)<br>| USD | &nbsp;&nbsp; 3834000 | 9/17/25 | &nbsp;&nbsp; 13486 | &nbsp;&nbsp; — |
| MSC | JPY | &nbsp;&nbsp; (14762025)<br>| USD | &nbsp;&nbsp; 104044 | 9/26/25 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; — |
| MSC | KRW | &nbsp;&nbsp; 12634307501 | USD | &nbsp;&nbsp; (9300176)<br>| 9/17/25 | &nbsp;&nbsp; 83013 | &nbsp;&nbsp; — |
| MSC | MXN | &nbsp;&nbsp; 1975778 | USD | &nbsp;&nbsp; (104044)<br>| 9/26/25 | &nbsp;&nbsp; 274 | &nbsp;&nbsp; — |
| MSC | MYR | &nbsp;&nbsp; (20036374)<br>| USD | &nbsp;&nbsp; 4665600 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (92061)<br>|
| MSC | MYR | &nbsp;&nbsp; 2640970 | USD | &nbsp;&nbsp; (617482)<br>| 7/22/25 | &nbsp;&nbsp; 9620 | &nbsp;&nbsp; — |
| MSC | NGN | &nbsp;&nbsp; 253645700 | USD | &nbsp;&nbsp; (151144)<br>| 9/4/25 | &nbsp;&nbsp; 10024 | &nbsp;&nbsp; — |
| MSC | NOK | &nbsp;&nbsp; 104693913 | USD | &nbsp;&nbsp; (10356967)<br>| 9/17/25 | &nbsp;&nbsp; 34956 | &nbsp;&nbsp; — |
| MSC | SGD | &nbsp;&nbsp; 385408 | USD | &nbsp;&nbsp; (298700)<br>| 7/25/25 | &nbsp;&nbsp; 5025 | &nbsp;&nbsp; — |
| MSC | TWD | &nbsp;&nbsp; 283700111 | USD | &nbsp;&nbsp; (9657054)<br>| 9/17/25 | &nbsp;&nbsp; 273989 | &nbsp;&nbsp; — |
| RBC | AUD | &nbsp;&nbsp; 50742526 | USD | &nbsp;&nbsp; (33141251)<br>| 9/17/25 | &nbsp;&nbsp; 309301 | &nbsp;&nbsp; — |
| RBC | CHF | &nbsp;&nbsp; 41012361 | USD | &nbsp;&nbsp; (50460667)<br>| 9/17/25 | &nbsp;&nbsp; 1739286 | &nbsp;&nbsp; — |
| RBC | EUR | &nbsp;&nbsp; 35021595 | USD | &nbsp;&nbsp; (40249252)<br>| 9/17/25 | &nbsp;&nbsp; 1219674 | &nbsp;&nbsp; — |
| RBC | GBP | &nbsp;&nbsp; 11896121 | USD | &nbsp;&nbsp; (16072839)<br>| 9/17/25 | &nbsp;&nbsp; 264599 | &nbsp;&nbsp; — |
| RBC | NOK | &nbsp;&nbsp; (87192057)<br>| USD | &nbsp;&nbsp; 8633157 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21530)<br>|
| RBC | SEK | &nbsp;&nbsp; 69439192 | USD | &nbsp;&nbsp; (7268643)<br>| 9/17/25 | &nbsp;&nbsp; 108898 | &nbsp;&nbsp; — |
| SGN | CLP | &nbsp;&nbsp; (237318527)<br>| USD | &nbsp;&nbsp; 251658 | 7/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3082)<br>|
| SGN | CLP | &nbsp;&nbsp; 217163100 | USD | &nbsp;&nbsp; (231000)<br>| 7/25/25 | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; — |
| SGN | CNH | &nbsp;&nbsp; 219711855 | USD | &nbsp;&nbsp; (30787060)<br>| 9/17/25 | &nbsp;&nbsp; 100329 | &nbsp;&nbsp; — |
| SGN | ZAR | &nbsp;&nbsp; (5991393)<br>| USD | &nbsp;&nbsp; 333563 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4257)<br>|
| UBS | CNH | &nbsp;&nbsp; (947825)<br>| USD | &nbsp;&nbsp; 131685 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (967)<br>|
| UBS | CNH | &nbsp;&nbsp; 17028604 | USD | &nbsp;&nbsp; (2374462)<br>| 7/25/25 | &nbsp;&nbsp; 9353 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; 75127 | USD | &nbsp;&nbsp; (85558)<br>| 7/16/25 | &nbsp;&nbsp; 3039 | &nbsp;&nbsp; — |
| UBS | GBP | &nbsp;&nbsp; (21196412)<br>| USD | &nbsp;&nbsp; 28641885 | 9/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (468032)<br>|
| UBS | HKD | &nbsp;&nbsp; (146635780)<br>| USD | &nbsp;&nbsp; 18816708 | 9/17/25 | &nbsp;&nbsp; 11387 | &nbsp;&nbsp; — |
| UBS | MXN | &nbsp;&nbsp; 5363395 | USD | &nbsp;&nbsp; (283463)<br>| 7/22/25 | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; — |
| UBS | TRY | &nbsp;&nbsp; 69653595 | USD | &nbsp;&nbsp; (1684643)<br>| 7/31/25 | &nbsp;&nbsp; 18849 | &nbsp;&nbsp; — |
| UBS | TRY | &nbsp;&nbsp; (8126125)<br>| USD | &nbsp;&nbsp; 175000 | 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13886)<br>|
| UBS | ZAR | &nbsp;&nbsp; (33034615)<br>| USD | &nbsp;&nbsp; 1802861 | 7/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (59771)<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; $7209193 | &nbsp;&nbsp; $(4204890)<br>|

---

LVIP BlackRock Global Allocation Fund-46

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| (982) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(110106750)<br>| &nbsp;&nbsp; $(107789629)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2317121)<br>|
| 7 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 1456164 | &nbsp;&nbsp; 1455955 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; — |
| 806 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 87854000 | &nbsp;&nbsp; 87171919 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 682081 | &nbsp;&nbsp; — |
| 112 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 12932500 | &nbsp;&nbsp; 12507896 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 424604 | &nbsp;&nbsp; — |
| 531 | &nbsp;&nbsp; CBOT Ultra Long-Term U.S. Treasury Bond <br> Futures<br>| &nbsp;&nbsp; 63255375 | &nbsp;&nbsp; 61540537 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1714838 | &nbsp;&nbsp; — |
| 260 | Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 39860672 | &nbsp;&nbsp; 40093686 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (233014)<br>|
| 66 | Eurex 2 Year Euro SCHATZ Futures | &nbsp;&nbsp; 8338124 | &nbsp;&nbsp; 8351404 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13280)<br>|
| (8) | Eurex 30 Year Euro BUXL Futures | &nbsp;&nbsp; (1118959)<br>| &nbsp;&nbsp; (1135160)<br>| &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; 16201 | &nbsp;&nbsp; — |
| 444 | Eurex 5 Year Euro BOBL Futures | &nbsp;&nbsp; 61547827 | &nbsp;&nbsp; 61773150 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (225323)<br>|
| 71 | Euro-BTP Italian Bond Futures | &nbsp;&nbsp; 10119774 | &nbsp;&nbsp; 10098522 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; 21252 | &nbsp;&nbsp; — |
| 74 | French Government Bond Futures | &nbsp;&nbsp; 10794928 | &nbsp;&nbsp; 10867349 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (72421)<br>|
| 82 | Long Gilt Futures | &nbsp;&nbsp; 10471203 | &nbsp;&nbsp; 10268697 | &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; 202506 | &nbsp;&nbsp; — |
| 505 | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; 38095528 | &nbsp;&nbsp; 37764417 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 331111 | &nbsp;&nbsp; — |
| (116) | Three-Month SOFR Futures | &nbsp;&nbsp; (27935700)<br>| &nbsp;&nbsp; (27878738)<br>| &nbsp;&nbsp; 3/17/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (56962)<br>|
| (9) | TSE Japanese 10 Year Bond Futures | &nbsp;&nbsp; (8688448)<br>| &nbsp;&nbsp; (8662900)<br>| &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25548)<br>|
| (1849) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (211277141)<br>| &nbsp;&nbsp; (205766398)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5510743)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 3392802 | &nbsp;&nbsp; (8454412)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| (2) | CBOE Volatility Index Futures | &nbsp;&nbsp; (37425)<br>| &nbsp;&nbsp; (40834)<br>| &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; 3409 | &nbsp;&nbsp; — |
| 68 | CBOE Volatility Index Futures | &nbsp;&nbsp; 1366637 | &nbsp;&nbsp; 1424658 | &nbsp;&nbsp; 8/20/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (58021)<br>|
| (1) | CBOE Volatility Index Futures | &nbsp;&nbsp; (20701)<br>| &nbsp;&nbsp; (22007)<br>| &nbsp;&nbsp; 9/17/25 | &nbsp;&nbsp; 1306 | &nbsp;&nbsp; — |
| 1 | CBOE Volatility Index Futures | &nbsp;&nbsp; 21107 | &nbsp;&nbsp; 22113 | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1006)<br>|
| 3 | CBOE Volatility Index Futures | &nbsp;&nbsp; 63791 | &nbsp;&nbsp; 65610 | &nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1819)<br>|
| (1) | CBOE Volatility Index Futures | &nbsp;&nbsp; (21975)<br>| &nbsp;&nbsp; (21907)<br>| &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68)<br>|
| 1 | CBOE Volatility Index Futures | &nbsp;&nbsp; 22150 | &nbsp;&nbsp; 22113 | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — |
| (156) | CME E-mini NASDAQ 100 Index Futures | &nbsp;&nbsp; (71426940)<br>| &nbsp;&nbsp; (68321487)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3105453)<br>|
| 29 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 3177965 | &nbsp;&nbsp; 3071695 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 106270 | &nbsp;&nbsp; — |
| 107 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 33457562 | &nbsp;&nbsp; 32428493 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1029069 | &nbsp;&nbsp; — |
| 136 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 8533923 | &nbsp;&nbsp; 8484071 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 49852 | &nbsp;&nbsp; — |
| 667 | Eurex EURO STOXX Banks Index Futures | &nbsp;&nbsp; 7915858 | &nbsp;&nbsp; 7878494 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 37364 | &nbsp;&nbsp; — |
| (17) | FTSE 100 Index Futures | &nbsp;&nbsp; (2051034)<br>| &nbsp;&nbsp; (2064944)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 13910 | &nbsp;&nbsp; — |
| 187 | IFSC NIFTY 50 Index Futures | &nbsp;&nbsp; 9574774 | &nbsp;&nbsp; 9482071 | &nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp; 92703 | &nbsp;&nbsp; — |
| 4 | Montreal Exchange S&P/TSX 60 Index Futures | &nbsp;&nbsp; 939967 | &nbsp;&nbsp; 927699 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; 12268 | &nbsp;&nbsp; — |
| 132 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 37132877 | &nbsp;&nbsp; 34897187 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 2235690 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 3581878 | &nbsp;&nbsp; (3166367)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $6974680 | &nbsp;&nbsp; $(11620779)<br>|

---

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** <br>|  |  |  |  |  |  |  |
| **Protection Purchased** <br>|  |  |  |  |  |  |  |
| AVIS Budget Group 4.75 - <br> 04/01/2028- Quarterly<br>| 431000 | (5.00%) | 12/20/26 | $(21869) | $(18305) | $— | $(3564) |
| CDX.NA.HY.44 - Quarterly<sup>4</sup> <br>| 645000 | (5.00%) | 6/20/30 | (49503) | (24025) |  | (25478) |
| CDX.NA.IG.44 - Quarterly<sup>5</sup> <br>| 1958794 | (1.00%) | 6/20/30 | (43580) | (42981) |  | (599) |
|  |  |  |  |  | (85311) |  | (29641) |
| **Protection Sold** <br>|  |  |  |  |  |  |  |
| CDX.NA.HY.39- Quarterly<sup>4</sup> <br>| 1954835 | (5.00%) | 12/20/27 | 129352 | (14605) | 143957 |  |
| CDX.NA.HY.41- Quarterly<sup>4</sup> <br>| 3773088 | (5.00%) | 12/20/28 | 284289 | 98855 | 185434 |  |
| CDX.NA.IG.39- Quarterly<sup>5</sup> <br>| 1578595 | (1.00%) | 12/20/27 | 27218 | 1214 | 26004 |  |

---

LVIP BlackRock Global Allocation Fund-47

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Sold**<br> **(continued)** |  |  |  |  |  |  |  |
| ITRAXX Europe.42- Quar-<br> terly<sup>6</sup> <br>| EUR 8,586,899 | (5.00%) | 12/20/29 | $920332 | $695010 | $225322 | $— |
| ITRAXX Europe - Quarterly<sup>6</sup> <br>| EUR 250,469 | (5.00%) | 6/20/30 | 27887 | 24624 | 3264 |  |
|  |  |  |  |  | 805098 | 583981 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** <br>|  |  |  |  |  |  |  |
| **Protection Purchased** <br>|  |  |  |  |  |  |  |
| GS Ally Financial, Inc. 5.54 - <br> 01/17/2031 - Quarterly<br>| 275000 | (5.00%) | 6/20/30 | $(45223) | $(39915) | $— | $(5308) |
| DB Boeing Co. 2.60 - <br> 10/30/2025 - Quarterly<br>| 900000 | (1.00%) | 12/20/28 | (12817) | (3061) |  | (9756) |
| JPM Boeing Co. 2.60 - <br> 10/30/2025 - Quarterly<br>| 900000 | (1.00%) | 6/20/29 | (13157) | 8583 |  | (21740) |
| BNP BorgWarner, Inc. 3.38 - <br> 03/15/2025 - Quarterly<br>| 45000 | (1.00%) | 12/20/27 | (724) | 310 |  | (1034) |
| GS Community Health Sys-<br> tems, Inc. 6.88 - 04/01/2028 - <br> Quarterly<br>| 30000 | (5.00%) | 6/20/26 | 176 | 1049 |  | (873) |
| GS Community Health Sys-<br> tems, Inc. 6.88 - 04/01/2028 - <br> Quarterly<br>| 65000 | (5.00%) | 6/20/26 | 380 | 2946 |  | (2566) |
| JPM Credit Suisse Group 5.00 <br> - 07/29/2019 - Quarterly<br>| EUR 840,000 | (1.00%) | 6/20/28 | (20022) | 17204 |  | (37226) |
| BNP Deutsche Bank AG 1.75 <br> - 11/29/2030 - Quarterly<br>| EUR 457,382 | (1.00%) | 12/20/29 | (6302) | (2658) |  | (3644) |
| JPM DXC Technology Co. 1.80 <br> - 09/15/2026 - Quarterly<br>| 170000 | (5.00%) | 6/20/29 | (25534) | (17127) |  | (8407) |
| JPM DXC Technology Co. 1.80 <br> - 09/15/2026 - Quarterly<br>| 85000 | (5.00%) | 6/20/29 | (12767) | (7569) |  | (5198) |
| JPM Hertz Corp. 5 - <br> 12/01/2029 - Quarterly<br>| 45000 | (5.00%) | 12/20/25 | 1281 | 1474 |  | (193) |
| BNP Intesa Sanpaolo SpA <br> 0.01 - 03/03/2017 - Quarterly<br>| EUR 470,111 | (1.00%) | 6/20/30 | (14839) | (9972) |  | (4867) |
| JPM Intesa Sanpaolo SpA <br> 3.92 - 02/24/2026 - Quarterly<br>| EUR 435,236 | (1.00%) | 12/20/29 | (3025) |  |  | (3025) |
| DB Occidental Petroleum <br> Corp. 5.55 - 03/15/2026 - <br> Quarterly<br>| 160000 | (1.00%) | 6/20/30 | (425) | (422) |  | (3) |
| MSC Panama Government <br> International Bonds 8.875 - <br> 09/30/2027 - Quarterly<br>| 65000 | (1.00%) | 6/20/30 | 2503 | 3015 |  | (512) |
| BRC Paramount Global 4.75 - <br> 05/15/2025 - Quarterly<br>| 48951 | (1.00%) | 6/20/28 | (552) | 1232 |  | (1784) |
| BRC Paramount Global 4.75 - <br> 05/15/2025 - Quarterly<br>| 45524 | (1.00%) | 6/20/28 | (513) | 1146 |  | (1659) |
| BRC Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 50000 | (1.00%) | 12/20/27 | 167 | 6429 |  | (6262) |

---

LVIP BlackRock Global Allocation Fund-48

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Purchased**<br> **(continued)** |  |  |  |  |  |  |  |
| GS Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 55000 | (1.00%) | 12/20/27 | $183 | $7075 | $— | $(6892) |
| CBK Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 30000 | (1.00%) | 12/20/27 | 100 | 4060 |  | (3960) |
| CBK Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 40000 | (1.00%) | 12/20/27 | 133 | 5571 |  | (5438) |
| BOA Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 80000 | (1.00%) | 12/20/27 | 267 | 10570 |  | (10303) |
| JPM Simon Property <br> Group LP 2.65 - 07/15/2030 - <br> Quarterly<br>| 460000 | (1.00%) | 6/20/28 | (8371) | 6289 |  | (14660) |
| BNP Simon Property <br> Group LP 2.65 - 07/15/2030 - <br> Quarterly<br>| 125000 | (1.00%) | 6/20/30 | (2513) | (664) |  | (1849) |
| GS Southwest Airlines Co. <br> 5.13 - 06/15/2027 - Quarterly<br>| 655000 | (1.00%) | 6/20/30 | 698 | 3991 |  | (3293) |
| GSI Telecom Italia SpA 3.00 - <br> 09/30/2025 - Quarterly<br>| EUR 205,000 | (1.00%) | 12/20/29 | 1285 | 9048 |  | (7763) |
| JPM Xerox Corp. 3.80 - <br> 05/15/2024 - Quarterly<br>| 90000 | (1.00%) | 12/20/27 | 14422 | 5212 | 9210 |  |
|  |  |  |  |  | 13816 | 9210 | (168215) |
| **Protection Sold** <br>|  |  |  |  |  |  |  |
| DB Altice France SA 5.88 - <br> 02/01/2027 - Quarterly<br>| EUR 327,000 | (5.00%) | 12/20/29 | (61023) | (55977) |  | (5046) |
| BNP AXA SA 1.125 - <br> 05/15/2028 - Quarterly<br>| EUR 470,111 | (1.00%) | 6/20/30 | 14465 | 9719 | 4746 |  |
| DB Eutelsat SA 2.25 - <br> 07/13/2027 - Quarterly<br>| EUR 112,907 | (5.00%) | 12/20/29 | 12485 | (10287) | 22772 |  |
| JPM Eutelsat SA 2.25 - <br> 07/13/2027 - Quarterly<br>| EUR 126,000 | (5.00%) | 6/20/30 | 14048 | 4049 | 9999 |  |
| GSI Forvia SE 3.13 - <br> 06/15/2026 - Quarterly<br>| EUR 113,000 | (5.00%) | 12/20/29 | 6962 | 7293 |  | (331) |
| BNP Hannover Rueck SE 1.13 <br> - 10/09/2039 - Quarterly<br>| EUR 228,691 | (1.00%) | 12/20/29 | 2577 | 1290 | 1287 |  |
| BNP ITRAXX.XO - Quarterly<sup>7</sup> <br>| EUR 743,000 | (5.00%) | 12/20/29 | 113945 | 84521 | 29424 |  |
| BNP Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG 1.25 - <br> 05/26/2041 - Quarterly<br>| EUR 228,691 | (1.00%) | 12/20/29 | 2851 | 1340 | 1511 |  |
| JPM Swedbank AB 3.00 - <br> 12/05/2027 - Quarterly<br>| EUR 435,236 | (1.00%) | 12/20/29 | 880 | (1173) | 2053 |  |
| JPM Vistra Operations Co. <br> LLC 5.50 - 09/01/2026 - <br> Quarterly<br>| 239000 | (5.00%) | 12/20/25 | 5639 | 1993 | 3646 |  |

---

LVIP BlackRock Global Allocation Fund-49

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Sold**<br> **(continued)** |  |  |  |  |  |  |  |
| JPM Vistra Operations Co. <br> LLC 5.50 - 09/01/2026 - <br> Quarterly<br>| 45000 | (5.00%) | 12/20/29 | $7988 | $6831 | $1157 | $— |
| CBK Vistra Operations Co. <br> LLC 5.50 - 09/01/2026 - <br> Quarterly<br>| 85000 | (5.00%) | 12/20/29 | 15089 | 13648 | 1441 |  |
|  |  |  |  |  | 63247 | 78036 | (5377) |
|  |  |  |  |  | 77063 | 87246 | (173592) |
| **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | $796850 | $671227 | $(203233) |

---

**Swap Contract**<sup>1</sup>

**Inflation Swap Contract** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** <br>|  |  |  |  |  |  |
| Pay amounts based on Inflation <br> EU-CPI-U Index and receive <br> fixed rate coupon at maturity<br>| EUR 1,585,000 | (2.69%) | 8/15/32 | $59560 | $59560 | $— |

---

**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** <br>|  |  |  |  |  |  |  |  |  |
| GBP 95,425,000 | 3.18 | SONIA12M | Pay | At Maturity | 2/10/28 | $(362751) | $261 | $— | $(363012) |
| EUR 3,655,837 | 0.02 | EURIBOR06M | Receive | Annual/Semiannual | 8/26/31 | 611959 | 49 | 611910 |  |
| ZAR 32,110,438 | 9.90 | JIBAR03M | Pay | Quarterly | 9/20/33 | 207997 | 24 | 207973 |  |
| ZAR 16,055,219 | 9.92 | JIBAR03M | Pay | Quarterly | 9/20/33 | 105261 | 14 | 105247 |  |
| ZAR 16,055,220 | 9.90 | JIBAR03M | Pay | Quarterly | 9/20/33 | 104055 | 15 | 104040 |  |
| 1669600 | 4.25 | SOFR12M | Receive | Annual | 9/29/43 | (60862) | 1041 |  | (61903) |
| EUR 8,364,000 | 2.34 | 1 day EUR STR | Pay | Annual | 1/19/33 | (86374) | 90 |  | (86464) |
| GBP 7,195,000 | 4.86 | SONIA12M | Pay | Annual | 6/20/28 | 349458 | (12) | 349470 |  |
| 5872019 | 3.65 | SOFR12M | Receive | Annual | 11/3/53 | 315102 | 178 | 314924 |  |
| 5476382 | 3.46 | SOFR12M | Receive | Annual | 12/15/36 | 140518 | 90 | 140428 |  |
| 27046000 | 3.27 | SOFR12M | Receive | Annual | 2/5/28 | (34419) | 117 |  | (34536) |
| 26837722 | 3.45 | SOFR12M | Receive | Annual | 1/26/28 | (120004) | 116 |  | (120120) |
| JPY 3,223,089,028 | 0.28 | TONAR12M | Receive | Annual | 3/9/26 | 56169 | 37 | 56132 |  |
| ZAR 22,948,658 | 8.02 | JIBAR03M | Receive | Quarterly | 3/26/26 | (36488) |  |  | (36488) |
| ZAR 33,758,284 | 8.15 | JIBAR03M | Receive | Quarterly | 5/7/26 | (17798) | 2 |  | (17800) |
| ZAR 1,079,735 | 6.92 | JIBAR03M | Receive | Quarterly | 9/23/26 | 29 |  | 29 |  |
| ZAR 13,258,493 | 7.25 | JIBAR03M | Receive | Quarterly | 3/19/27 | (3246) | 3 |  | (3249) |
| 47945300 | 3.65 | SOFR12M | Receive | Annual | 11/2/54 | 2530416 | 14916 | 2515500 |  |
| PLN 5,448,860 | 5.24 | WIBOR06M | Receive | Semiannual | 9/19/26 | (6829) | 4 |  | (6833) |
| MXN 7,001,881 | 8.97 | MTIIE01M | Receive | Monthly | 12/14/29 | (19093) | 3 |  | (19096) |
| PLN 4,544,998 | 5.14 | WIBOR06M | Receive | Semiannual | 3/19/27 | (11521) | 4 |  | (11525) |
| PLN 2,726,998 | 5.13 | WIBOR06M | Receive | Semiannual | 3/19/27 | (6728) | 2 |  | (6730) |
| ZAR 25,090,581 | 7.94 | JIBAR03M | Receive | Quarterly | 3/19/30 | (38631) | 13 |  | (38644) |
| ZAR 25,450,216 | 6.94 | JIBAR03M | Receive | Quarterly | 9/17/26 | 415 | 4 | 411 |  |

---

LVIP BlackRock Global Allocation Fund-50

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| ZAR 5,839,261 | 6.99 | JIBAR03M | Receive | Quarterly | 9/17/27 | $(397) | $1 | $— | $(398) |
| ZAR 11,050,309 | 7.60 | JIBAR03M | Receive | Quarterly | 9/17/30 | (5980) | 7 |  | (5987) |
| PLN 3,202,709 | 3.97 | WIBOR06M | Receive | Semiannual | 9/17/27 | 3273 | 4 | 3269 |  |
| PLN 2,399,768 | 4.21 | WIBOR06M | Receive | Semiannual | 9/17/26 | 1224 | 2 | 1222 |  |
| ZAR 13,328,000 | 7.77 | JIBAR03M | Receive | Quarterly | 9/17/30 | (12559) | 8 |  | (12567) |
| CZK 20,344,550 | 3.70 | PRIBOR06M | Receive | Semiannual | 6/30/30 | 8 | 10 |  | (2) |
| 11231000 | 4.20 | SOFR12M | Pay | Annual | 10/23/27 | 192730 | 29 | 192701 |  |
| GBP 6,812,320 | 4.12 | SONIA12M | Pay | Annual | 11/17/28 | 132893 | 221 | 132672 |  |
| GBP 6,858,000 | 4.12 | SONIA12M | Pay | Annual | 11/21/28 | 134875 | 225 | 134650 |  |
| 26837722 | 4.00 | SOFR12M | Pay | Annual | 1/26/28 | 398548 | 74 | 398474 |  |
| EUR 17,369,716 | 3.00 | EURIBOR06M | Pay | Annual/Semiannual | 3/5/29 | 638041 |  | 638041 |  |
| JPY 327,470,000 | 1.45 | TONAR12M | Pay | Annual | 3/6/54 | (358811) | 73 |  | (358884) |
| JPY 327,470,000 | 1.45 | TONAR12M | Pay | Annual | 3/11/54 | (358334) | 75 |  | (358409) |
| 149684400 | 4.73 | SOFR12M | Pay | Annual | 4/26/27 | 3242740 | 49798 | 3192942 |  |
| 128216200 | 4.93 | SOFR12M | Pay | Annual | 4/26/26 | 1114839 | 9998 | 1104841 |  |
| 201791100 | 4.50 | SOFR12M | Pay | Annual | 4/26/29 | 8061843 | 174491 | 7887352 |  |
| 142128400 | 4.35 | SOFR12M | Pay | Annual | 4/26/34 | 7776133 | 234185 | 7541948 |  |
| 5854900 | 4.07 | SOFR12M | Pay | Annual | 4/26/54 | 140505 | 24423 | 116082 |  |
| EUR 19,803,303 | 2.90 | EURIBOR06M | Pay | Semiannual | 4/30/29 | 647281 | 158 | 647123 |  |
| 28228500 | 4.00 | SOFR12M | Pay | Annual | 5/6/29 | 602969 | 202 | 602767 |  |
| 28181000 | 4.50 | SOFR12M | Pay | Annual | 5/8/26 | 133150 | 54 | 133096 |  |
| 33768180 | 4.15 | SOFR12M | Pay | Annual | 5/30/27 | 390245 | 102 | 390143 |  |
| 33768180 | 4.10 | SOFR12M | Pay | Annual | 5/30/27 | 357752 | 96 | 357656 |  |
| EUR 14,337,950 | 2.87 | EURIBOR06M | Pay | Semiannual | 6/11/29 | 445782 | 119 | 445663 |  |
| 12384311 | 4.35 | SOFR12M | Pay | Annual | 7/22/26 | 33105 | 29 | 33076 |  |
| 13979605 | 3.66 | SOFR12M | Pay | Annual | 10/10/29 | 63780 | 112 | 63668 |  |
| 9414413 | 3.66 | SOFR12M | Pay | Annual | 10/10/34 | (50502) | 144 |  | (50646) |
| 43538712 | 4.00 | SOFR12M | Pay | Annual | 10/28/26 | 39843 | 130 | 39713 |  |
| GBP 5,400,000 | 4.10 | SONIA12M | Pay | Annual | 11/7/54 | (455953) | 25334 |  | (481287) |
| MXN 106,952,390 | 9.26 | MTIIE01M | Pay | Monthly | 11/18/26 | 130960 | 17 | 130943 |  |
| MXN 98,015,509 | 9.04 | MTIIE01M | Pay | Monthly | 11/14/29 | 278708 | 39 | 278669 |  |
| PLN 1,773,716 | 4.94 | WIBOR06M | Pay | Semiannual | 3/19/30 | 13123 | 5 | 13118 |  |
| PLN 1,064,231 | 4.88 | WIBOR06M | Pay | Semiannual | 3/19/30 | 7126 | 3 | 7123 |  |
| 15196881 | 3.67 | SOFR12M | Pay | Annual | 12/26/34 | (48799) | 238 |  | (49037) |
| GBP 14,863,600 | 4.00 | SONIA12M | Pay | Annual | 1/16/30 | 266061 | 477 | 265584 |  |
| EUR 240,559 | 2.42 | EURIBOR06M | Pay | Annual/Semiannual | 1/31/30 | 1853 | 64 | 1789 |  |
| EUR 483,280 | 2.43 | EURIBOR06M | Pay | Annual/Semiannual | 2/3/30 | 4175 | 1110 | 3065 |  |
| CZK 12,648,096 | 3.46 | PRIBOR06M | Pay | Semi-Annual | 3/19/30 | (4730) | 5 |  | (4735) |
| HUF 135,981,220 | 6.50 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 3/19/27 | 2145 | 1 | 2144 |  |
| HUF 54,004,106 | 6.55 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 3/19/30 | 2921 | 1 | 2920 |  |
| CZK 5,649,630 | 3.66 | PRIBOR06M | Pay | Semi-Annual | 6/18/30 | 392 | 640 |  | (248) |
| CZK 3,150,321 | 3.56 | PRIBOR06M | Pay | Semi-Annual | 6/18/30 | (478) | 2 |  | (480) |
| HUF 319,000,000 | 5.76 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/27 | (3627) | 4 |  | (3631) |
| 274760000 | 4.24 | FEDL12M | Pay | Annual | 7/30/25 | (31743) | 130 |  | (31873) |
| HUF 200,381,316 | 5.68 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/27 | (3137) | 3 |  | (3140) |
| HUF 23,784,309 | 5.96 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/30 | (396) |  |  | (396) |
| EUR 318,791 | 2.63 | EURIBOR06M | Pay | Semiannual | 1/31/30 | 6604 | 7015 |  | (411) |
| PLN 1,728,225 | 4.04 | WIBOR06M | Pay | Semiannual | 9/17/30 | (3250) | 5 |  | (3255) |
| CZK 9,446,078 | 3.41 | PRIBOR06M | Pay | Semiannual | 9/17/30 | (4914) | 5 |  | (4919) |
| EUR 3,472,601 | 2.20 | EURIBOR06M | Pay | Semiannual | 6/4/30 | (11732) | 38 |  | (11770) |
| CZK 13,851,000 | 3.55 | PRIBOR06M | Pay | Semiannual | 9/17/30 | (2827) | 7 |  | (2834) |
| MXN 6,909,000 | 7.82 | MTIIE01M | Pay | Monthly | 6/7/30 | 2064 | 3 | 2061 |  |
| KRW 2,062,513,000 | 2.40 | 3 mo. KRW COD Rate | Pay | At Maturity | 9/17/28 | (112) | 15 |  | (127) |
| 144915000 | 4.28 | FEDL12M | Pay | Annual | 9/17/25 | 2660 | 186 | 2474 |  |
| THB 3,889,000 | 1.61 | 1 day THB THOR | Pay | Quarterly | 9/17/35 | 2 | 2 |  |  |
| MXN 33,976,702 | 9.31 | MTIIE01M | Receive | Monthly | 1/9/26 | (15563) | 1 |  | (15564) |
| MXN 6,902,039 | 8.65 | MTIIE01M | Receive | Monthly | 2/7/30 | (14462) | 3 |  | (14465) |
| 973478 | 3.88 | SOFR12M | Receive | Annual | 3/20/27 | (3933) | 104 |  | (4037) |
| MXN 3,039,773 | 7.73 | MTIIE01M | Receive | Monthly | 5/6/30 | (280) | 2 |  | (282) |
| MXN 36,182,000 | 7.73 | MTIIE01M | Receive | Monthly | 6/19/26 | (963) | 2 |  | (965) |
| 12000000 | 3.70 | SOFR12M | Pay | Annual | 1/6/35 | (6702) | 188 |  | (6890) |
| 39265000 | 4.07 | SOFR12M | Pay | Annual | 1/14/27 | 212507 | 138 | 212369 |  |
| 14863600 | 4.00 | SOFR12M | Pay | Annual | 1/23/30 | 347247 | 128 | 347119 |  |

---

LVIP BlackRock Global Allocation Fund-51

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| 15688892 | 3.23 | SOFR12M | Pay | Annual | 2/19/30 | $(189137) | $137 | $— | $(189274) |
| 12597022 | 3.90 | SOFR12M | Pay | Annual | 2/24/30 | 243928 | 110 | 243818 |  |
| MXN 52,805,678 | 8.47 | MTIIE01M | Pay | Monthly | 2/25/26 | 13119 | 2 | 13117 |  |
| 11860000 | 3.75 | SOFR12M | Pay | Annual | 3/27/35 | 50788 | 191 | 50597 |  |
| MXN 14,868,939 | 7.73 | MTIIE01M | Pay | Monthly | 5/11/26 | (37) | 1 |  | (38) |
| MXN 4,391,000 | 7.72 | MTIIE01M | Pay | Monthly | 6/24/30 | 355 | 2 | 353 |  |
|  |  |  |  |  |  |  | $548099 | $30040426 | $(2422951) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter** <br>|  |  |  |  |  |  |  |  |  |  |
| BNP | BRL 19,423,774 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | $(362762) | $— | $— | $(362762) |
| BNP | BRL 108,408 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (2026) |  |  | (2026) |
| BNP | BRL 14,282,031 | 10.03 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (274796) |  |  | (274796) |
| BNP | BRL 3,596,590 | 9.79 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (62738) |  |  | (62738) |
| BNP | BRL 8,606,177 | 10.98 | BRL-CDI 1 Day | Pay | At Maturity | 7/1/25 | (19371) |  |  | (19371) |
| BNP | BRL 9,150,124 | 12.16 | BRL-CDI 1 Day | Pay | At Maturity | 7/1/25 | (9137) |  |  | (9137) |
| BOA | BRL 20,244,680 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (378432) |  |  | (378432) |
| BOA | BRL 16,337,393 | 9.97 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (312936) |  |  | (312936) |
| BOA | BRL 34,608,328 | 13.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 |  |  |  |  |
| BOA | BRL 8,616,553 | 13.00 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 |  |  |  |  |
| BOA | BRL 7,403,883 | 12.95 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 |  |  |  |  |
| BRC | BRL 4,231,464 | 14.18 | BRL-CDI 1 Day | Receive | At Maturity | 1/2/26 | (439) |  |  | (439) |
| BRC | BRL 1,863,607 | 14.79 | BRL-CDI 1 Day | Receive | At Maturity | 1/2/26 | 178 |  | 178 |  |
| BRC | COP 2,419,147,717 | 8.23 | 1 day COP IBR | Receive | Quarterly | 9/17/30 | 11213 |  | 11213 |  |
| BRC | BRL 41,553 | 11.83 | BRL-CDI 1 Day | Pay | At Maturity | 7/1/25 | (52) |  |  | (52) |
| BRC | BRL 1,750,821 | 14.03 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | 12722 |  | 12722 |  |
| BRC | BRL 7,838,472 | 14.67 | BRL-CDI 1 Day | Pay | At Maturity | 7/1/25 | (51) |  |  | (51) |
| BRC | BRL 771,090 | 13.33 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | 1446 |  | 1446 |  |
| BRC | BRL 3,577,000 | 13.34 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | 7695 |  | 7695 |  |
| BRC | BRL 13,256,236 | 13.00 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 |  |  |  |  |
| BRC | BRL 2,321,333 | 13.04 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/31 |  |  |  |  |
| MSC | COP 2,650,140,264 | 8.64 | 1 day COP IBR | Receive | Quarterly | 4/4/30 | 627 |  | 627 |  |
| MSC | COP 2,842,721,082 | 8.34 | 1 day COP IBR | Receive | Quarterly | 9/17/30 | 10090 |  | 10090 |  |
|  |  |  |  |  |  |  |  |  | 43971 | (1422740) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | $548099 | $30084397 | $(3845691) |

---

**Swap Contracts**<sup>1</sup>

**Total Return Swap (TRS) Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Floating**<br> **Interest**<br> **Paid (Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** <br>|  |  |  |  |  |  |
| CBK- Receive amounts based on <br> Citi Equity U.S. 1W Volatility <br> Carry Index and pay variable <br> quarterly payments based on <br> SOFR12M<br>| 670 | 4.44% | 12/19/25 | $(175) | $— | $(175) |
| GS- Receive amounts based on <br> Citi Equity U.S. 1W Volatility <br> Carry Index and pay variable <br> quarterly payments based on <br> SOFR12M<br>| 332 | (1.00%) | 12/19/25 | (6617) |  | (6617) |

---

LVIP BlackRock Global Allocation Fund-52

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Total Return Swap (TRS) Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Floating**<br> **Interest**<br> **Paid (Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |
| JPM- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> JPMorgan Emerging Markets FX <br> Volatility Carry Index<br>| 581 | (1.00%) | 12/19/25 | $12 | $12 | $— |
| GSI- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> Goldman Sachs Lexicon Long <br> Short Index<br>| 714 | (1.00%) | 12/19/25 | (3918) |  | (3918) |
| DB- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> Deutsche Bank Variable No-<br> tional Long-Short Credit Index<br>| 930 | (1.00%) | 12/19/25 | 1044 | 1044 |  |
| BNP- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 55491 | 3.79% | 9/19/25 | 43530 | 43530 |  |
| JPM- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 41600 | (4.04%) | 9/19/25 | 32449 | 32449 |  |
| GS- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<br>| (57680) | (3.69%) | 9/19/25 | (93895) |  | (93895) |
| JPM- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<br>| (55655) | (3.79%) | 9/19/25 | (83304) |  | (83304) |
| BNP- Receive amounts based on <br> iShares Broad USD High Yield <br> Corporate Bond ETF and pay <br> variable quarterly payments <br> based on SOFR12M<br>| 19784 | 4.54% | 9/19/25 | 9515 | 9515 |  |
| GS- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<br>| (37294) | (3.79%) | 9/19/25 | (55821) |  | (55821) |
| BNP- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 18963 | 3.84% | 9/19/25 | 21110 | 21110 |  |

---

LVIP BlackRock Global Allocation Fund-53

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Total Return Swap (TRS) Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Floating**<br> **Interest**<br> **Paid (Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |
| JPM- Receive amounts based on <br> iShares Broad USD High Yield <br> Corporate Bond ETF and pay <br> variable quarterly payments <br> based on SOFR12M<br>| 74549 | 4.54% | 9/19/25 | $25594 | $25594 | $— |
| GS- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 30843 | 3.89% | 9/19/25 | 24140 | 24140 |  |
| =BNP- Receive amounts based <br> on Korea Stock Exchange KO-<br> SPI 200 Mini Index and pay <br> variable quarterly payments <br> based on 3 month KRW COD <br> Rate<br>| KRW 9,720,029 | 0.67% | 9/17/25 |  |  |  |
| BNP- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 42100 | 3.94% | 9/19/25 |  |  |  |
| BNP- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 21100 | 3.94% | 9/19/25 |  |  |  |
| **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | $157394 | $(243730) |

---

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup> <br>| **Termination**<br> **Date**<sup>9</sup> <br>| **Notional**<br> **Amount**<sup>3</sup>  | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** |
| **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** |
| **Netherlands** |  |  |  |  |  |  |  |
| JPM - Adyen NV - Monthly | 1054 | 4.50% | 7/21/2025 | 2052834 | $(117987) | $— | $(117987) |
| **Saudi Arabia** |  |  |  |  |  |  |  |
| JPM - Derayah Financial Co. - Monthly | 10647 | 5.08% | 7/21/2025 | 73806 | 3126 | 3126 |  |
| JPM - flynas Co. SJSC - Monthly | 24728 | 5.08% | 7/21/2025 | 527577 | 14389 | 14389 |  |
| JPM - Nice One Beauty Digital Marketing Co. - Monthly | 5076 | 5.08% | 7/21/2025 | 44526 | 191 | 191 |  |
| JPM - Rasan Information Technology Co. - Monthly | 21745 | 5.08% | 7/21/2025 | 482365 | 21471 | 21471 |  |
| JPM - United International Holding Co. - Monthly | 256 | 5.08% | 7/21/2025 | 11467 | (668) |  | (668) |
| **United Arab Emirates** |  |  |  |  |  |  |  |
| JPM - Talabat Holding PLC - Monthly | 887095 | 5.08% | 7/21/2025 | 340554 | (16885) |  | (16885) |
| **United States** |  |  |  |  |  |  |  |
| JPM - AMC Networks, Inc. - Monthly | 20226 | 4.53% | 7/21/2025 | 136526 | (9708) |  | (9708) |
| JPM - Eagle Bancorp, Inc. - Monthly | 3766 | 4.53% | 7/21/2025 | 66583 | 6779 | 6779 |  |
| JPM - Flagstar Financial, Inc. - Monthly | 68567 | 4.53% | 7/21/2025 | 812519 | (85709) |  | (85709) |
| JPM - Informatica, Inc. - Monthly | 6868 | 4.53% | 7/21/2025 | 165862 | 1374 | 1374 |  |
| JPM - Paramount Global - Monthly | 2359 | 4.53% | 7/21/2025 | 28308 | 2123 | 2123 |  |
| Total Long Equities |  |  |  |  |  | $49453 | $(230957) |
| **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** |
| **Australia** |  |  |  |  |  |  |  |
| JPM - Lynas Rare Earths Ltd. - Monthly | (90577) | 4.08% | 7/21/2025 | (553357) | 40086 | 40086 |  |
| JPM - Mineral Resources Ltd. - Monthly | (52352) | 4.08% | 7/21/2025 | (850607) | 107747 | 107747 |  |

---

LVIP BlackRock Global Allocation Fund-54

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **Australia (continued)** |  |  |  |  |  |  |  |
| JPM - NEXTDC Ltd. - Monthly | (39793) | 4.08% | 7/21/2025 | (360774) | $(18978) | $— | $(18978) |
| JPM - Northern Star Resources Ltd. - Monthly | (8881) | 4.08% | 7/21/2025 | (111747) | 3322 | 3322 |  |
| JPM - SGH Ltd. - Monthly | (12241) | 4.08% | 7/21/2025 | (432897) | (2714) |  | (2714) |
| JPM - Telstra Group Ltd. - Monthly | (116690) | 4.08% | 7/21/2025 | (368997) | (2713) |  | (2713) |
| JPM - Treasury Wine Estates Ltd. - Monthly | (79394) | 4.08% | 7/21/2025 | (422919) | 14822 | 14822 |  |
| **Brazil** |  |  |  |  |  |  |  |
| JPM - Cosan SA - Monthly | (88645) | 3.93% | 7/21/2025 | (127125) | 15200 | 15200 |  |
| CBK - Cosan SA - Monthly | (40047) | 4.03% | 7/14/2025 | (50613) | 48 | 48 |  |
| JPM - Localiza Rent a Car SA - Monthly | (26431) | 3.82% | 7/21/2025 | (206606) | 8170 | 8170 |  |
| CBK - Marfrig Global Foods SA - Monthly | (46751) | 0.67% | 7/14/2025 | (206524) | 8956 | 8956 |  |
| JPM - Marfrig Global Foods SA - Monthly | (51839) | 0.67% | 7/21/2025 | (233514) | 14445 | 14445 |  |
| JPM - Natura & Co. Holding SA - Monthly | (26175) | 0.67% | 7/21/2025 | (48691) | (4545) |  | (4545) |
| CBK - Natura & Co. Holding SA - Monthly | (35579) | 0.17% | 7/14/2025 | (66391) | (5970) |  | (5970) |
| **Britain** |  |  |  |  |  |  |  |
| CBK - Barratt Redrow PLC - Monthly | (25383) | 4.08% | 7/14/2025 | (161833) | 2988 | 2988 |  |
| CBK - ConvaTec Group PLC - Monthly | (99786) | 4.08% | 7/14/2025 | (390866) | (4159) |  | (4159) |
| CBK - Entain PLC - Monthly | (12419) | 4.08% | 7/14/2025 | (142018) | (11575) |  | (11575) |
| JPM - International Paper Co. - Monthly | (11551) | 3.83% | 7/21/2025 | (547624) | 7745 | 7745 |  |
| CBK - JD Sports Fashion PLC - Monthly | (383737) | 4.08% | 7/14/2025 | (371743) | (95683) |  | (95683) |
| JPM - JD Sports Fashion PLC - Monthly | (42517) | 4.08% | 7/21/2025 | (47570) | (4219) |  | (4219) |
| JPM - St. James's Place PLC - Monthly | (13096) | 4.08% | 7/21/2025 | (199211) | (13628) |  | (13628) |
| CBK - Wise PLC - Monthly | (13636) | 4.08% | 7/14/2025 | (192758) | (1904) |  | (1904) |
| **Canada** |  |  |  |  |  |  |  |
| CBK - Brookfield Asset Management Ltd. - Monthly | (43775) | 4.13% | 7/14/2025 | (2363917) | (58937) |  | (58937) |
| CBK - Canadian Pacific Kansas City Ltd. - Monthly | (5913) | 4.08% | 7/14/2025 | (472016) | 2276 | 2276 |  |
| JPM - Power Corp. of Canada - Monthly | (2608) | 4.08% | 7/21/2025 | (99669) | (2199) |  | (2199) |
| CBK - Restaurant Brands International, Inc. - Monthly | (9757) | 4.13% | 7/14/2025 | (643294) | (3925) |  | (3925) |
| **China** |  |  |  |  |  |  |  |
| CBK - Avolta AG - Monthly | (7601) | 4.07% | 7/14/2025 | (393057) | (19061) |  | (19061) |
| JPM - Avolta AG - Monthly | (60) | 4.07% | 7/21/2025 | (3177) | (76) |  | (76) |
| JPM - Bachem Holding AG - Monthly | (2582) | 4.07% | 7/21/2025 | (174343) | (14398) |  | (14398) |
| JPM - Barry Callebaut AG - Monthly | (379) | 3.86% | 7/21/2025 | (405620) | (7078) |  | (7078) |
| CBK - Clariant AG - Monthly | (24025) | 4.07% | 7/14/2025 | (243867) | (11235) |  | (11235) |
| JPM - Clariant AG - Monthly | (4157) | 4.07% | 7/21/2025 | (45720) | 1580 | 1580 |  |
| CBK - Georg Fischer AG - Monthly | (2978) | 4.07% | 7/14/2025 | (227627) | (15770) |  | (15770) |
| JPM - Georg Fischer AG - Monthly | (1517) | 4.07% | 7/21/2025 | (120703) | (3284) |  | (3284) |
| CBK - Sandoz Group AG - Monthly | (30966) | 4.07% | 7/14/2025 | (1641626) | (52928) |  | (52928) |
| CBK - Swatch Group AG - Monthly | (2452) | 4.07% | 7/14/2025 | (396237) | (2721) |  | (2721) |
| CBK - Temenos AG - Monthly | (7871) | 4.07% | 7/14/2025 | (572129) | 9170 | 9170 |  |
| **Denmark** |  |  |  |  |  |  |  |
| CBK - BASF SE - Monthly | (31880) | 4.07% | 7/14/2025 | (1517421) | (54550) |  | (54550) |
| JPM - BASF SE - Monthly | (2116) | 4.07% | 7/21/2025 | (102114) | (2224) |  | (2224) |
| **Faeroe Islands** |  |  |  |  |  |  |  |
| CBK - Novonesis Novozymes B - Monthly | (14140) | 4.07% | 7/14/2025 | (1024441) | 10670 | 10670 |  |
| CBK - Zealand Pharma AS - Monthly | (4686) | 4.07% | 7/14/2025 | (266993) | 4570 | 4570 |  |
| **Finland** |  |  |  |  |  |  |  |
| CBK - Neste OYJ - Monthly | (49303) | 4.07% | 7/14/2025 | (665984) | (3057) |  | (3057) |
| **France** |  |  |  |  |  |  |  |
| CBK - Alstom SA - Monthly | (23647) | 4.07% | 7/14/2025 | (501698) | (49831) |  | (49831) |
| CBK - Kering SA - Monthly | (4456) | 4.33% | 7/14/2025 | (901717) | (67028) |  | (67028) |
| CBK - Pernod Ricard SA - Monthly | (9277) | 4.07% | 7/14/2025 | (928914) | 4418 | 4418 |  |
| CBK - Renault SA - Monthly | (6510) | 4.33% | 7/14/2025 | (288319) | (11748) |  | (11748) |
| JPM - Sartorius Stedim Biotech - Monthly | (2018) | 4.07% | 7/21/2025 | (446864) | (35213) |  | (35213) |
| CBK - Societe Generale SA - Monthly | (16503) | 4.07% | 7/14/2025 | (894543) | (49255) |  | (49255) |
| CBK - Teleperformance SE - Monthly | (3539) | 4.07% | 7/14/2025 | (310619) | (32554) |  | (32554) |
| **Hong Kong** |  |  |  |  |  |  |  |
| CBK - China International Capital Corp. Ltd. - Monthly | (379600) | 4.03% | 7/14/2025 | (781444) | (74475) |  | (74475) |
| CBK - China Overseas Land & Investment Ltd. - Monthly | (175000) | 4.03% | 7/14/2025 | (297389) | (6244) |  | (6244) |
| CBK - China Railway Group Ltd. - Monthly | (575000) | 4.03% | 7/14/2025 | (268822) | (6594) |  | (6594) |
| CBK - China Resources Power Holdings Co. Ltd. - Monthly | (333450) | 4.03% | 7/14/2025 | (794333) | (10200) |  | (10200) |
| JPM - China Resources Power Holdings Co. Ltd. - Monthly | (1866) | 4.03% | 7/21/2025 | (5006) | 503 | 503 |  |
| CBK - CRRC Corp. Ltd. - Monthly | (407000) | 4.03% | 7/14/2025 | (248348) | 2591 | 2591 |  |
| CBK - JD Health International, Inc. - Monthly | (131750) | 4.03% | 7/14/2025 | (666303) | (55390) |  | (55390) |

---

LVIP BlackRock Global Allocation Fund-55

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **Hong Kong (continued)** |  |  |  |  |  |  |  |
| CBK - Kuaishou Technology - Monthly | (66900) | 4.28% | 7/14/2025 | (494201) | $(45263) | $— | $(45263) |
| CBK - Li Auto, Inc. - Monthly | (56400) | 4.28% | 7/14/2025 | (774076) | 5307 | 5307 |  |
| CBK - Meituan - Monthly | (15000) | 4.18% | 7/14/2025 | (251083) | 11655 | 11655 |  |
| CBK - MMG Ltd. - Monthly | (948000) | 4.03% | 7/14/2025 | (399730) | (62800) |  | (62800) |
| CBK - New Oriental Education & Technology Group, Inc. - Monthly | (42500) | 4.03% | 7/14/2025 | (202755) | (25447) |  | (25447) |
| CBK - Postal Savings Bank of China Co. Ltd. - Monthly | (1181000) | 4.03% | 7/14/2025 | (824443) | (5) |  | (5) |
| CBK - Xinyi Glass Holdings Ltd. - Monthly | (190000) | 3.58% | 7/14/2025 | (171847) | (10651) |  | (10651) |
| JPM - Xinyi Glass Holdings Ltd. - Monthly | (30000) | 3.58% | 7/21/2025 | (29638) | 823 | 823 |  |
| **Italy** |  |  |  |  |  |  |  |
| CBK - DiaSorin SpA - Monthly | (3082) | 4.07% | 7/14/2025 | (334048) | 4186 | 4186 |  |
| CBK - Nexi SpA - Monthly | (57100) | 4.21% | 7/14/2025 | (316818) | (24464) |  | (24464) |
| **Japan** |  |  |  |  |  |  |  |
| CBK - Dentsu Group, Inc. - Monthly | (20100) | 4.23% | 7/14/2025 | (429985) | (16108) |  | (16108) |
| CBK - Disco Corp. - Monthly | (500) | 4.23% | 7/14/2025 | (132109) | (15907) |  | (15907) |
| CBK - DMG Mori Co. Ltd. - Monthly | (26424) | 4.08% | 7/14/2025 | (555417) | (53598) |  | (53598) |
| CBK - Food & Life Cos. Ltd. - Monthly | (16200) | 4.18% | 7/14/2025 | (748565) | (40595) |  | (40595) |
| CBK - Fujitsu Ltd. - Monthly | (28900) | 4.18% | 7/14/2025 | (657445) | (47972) |  | (47972) |
| CBK - Harmonic Drive Systems, Inc. - Monthly | (18500) | 4.18% | 7/14/2025 | (327335) | (32375) |  | (32375) |
| JPM - Harmonic Drive Systems, Inc. - Monthly | (1700) | 4.08% | 7/21/2025 | (34591) | 1537 | 1537 |  |
| CBK - Hoshizaki Corp. - Monthly | (6200) | 4.23% | 7/14/2025 | (211450) | (2787) |  | (2787) |
| CBK - Ibiden Co. Ltd. - Monthly | (8100) | 4.23% | 7/14/2025 | (322064) | (34942) |  | (34942) |
| CBK - IHI Corp. - Monthly | (7000) | 4.23% | 7/14/2025 | (734087) | (26165) |  | (26165) |
| CBK - Japan Steel Works Ltd. - Monthly | (4500) | 4.18% | 7/14/2025 | (244082) | (14378) |  | (14378) |
| CBK - Kadokawa Corp. - Monthly | (16200) | 4.18% | 7/14/2025 | (425616) | (24706) |  | (24706) |
| CBK - Kawasaki Heavy Industries Ltd. - Monthly | (8800) | 4.23% | 7/14/2025 | (614579) | (51509) |  | (51509) |
| CBK - Kobayashi Pharmaceutical Co. Ltd. - Monthly | (7900) | 4.23% | 7/14/2025 | (294199) | (1657) |  | (1657) |
| CBK - Kobe Bussan Co. Ltd. - Monthly | (13600) | 4.23% | 7/14/2025 | (417212) | (5696) |  | (5696) |
| CBK - MatsukiyoCocokara & Co. - Monthly | (30700) | 4.08% | 7/14/2025 | (611646) | (20987) |  | (20987) |
| CBK - Mercari, Inc. - Monthly | (48337) | 4.23% | 7/14/2025 | (898896) | 1336 | 1336 |  |
| JPM - Mercari, Inc. - Monthly | (3) | 4.08% | 7/21/2025 | (53) | (3) |  | (3) |
| CBK - Mitsubishi Heavy Industries Ltd. - Monthly | (13800) | 4.18% | 7/14/2025 | (322568) | (23378) |  | (23378) |
| CBK - MonotaRO Co. Ltd. - Monthly | (5500) | 4.08% | 7/14/2025 | (109000) | 340 | 340 |  |
| CBK - NEC Corp. - Monthly | (30800) | 4.18% | 7/14/2025 | (834907) | (67459) |  | (67459) |
| CBK - Nippon Express Holdings, Inc. - Monthly | (800) | 4.18% | 7/14/2025 | (15241) | (828) |  | (828) |
| CBK - Oji Holdings Corp. - Monthly | (83300) | 4.18% | 7/14/2025 | (403779) | (16061) |  | (16061) |
| CBK - Ono Pharmaceutical Co. Ltd. - Monthly | (42500) | 4.18% | 7/14/2025 | (444211) | (15895) |  | (15895) |
| JPM - Rakuten Group, Inc. - Monthly | (62) | 4.08% | 7/21/2025 | (352) | 10 | 10 |  |
| CBK - Rohm Co. Ltd. - Monthly | (14100) | 4.23% | 7/14/2025 | (169862) | (10004) |  | (10004) |
| JPM - Sapporo Holdings Ltd. - Monthly | (5900) | 4.08% | 7/21/2025 | (297992) | (6134) |  | (6134) |
| CBK - SBI Sumishin Net Bank Ltd. - Monthly | (8700) | 3.33% | 7/14/2025 | (289328) | (5797) |  | (5797) |
| JPM - Sharp Corp. - Monthly | (41700) | 3.69% | 7/21/2025 | (194243) | (8863) |  | (8863) |
| CBK - Sharp Corp. - Monthly | (7000) | 4.08% | 7/14/2025 | (31551) | (2544) |  | (2544) |
| CBK - Shimano, Inc. - Monthly | (900) | 4.23% | 7/14/2025 | (123266) | (7386) |  | (7386) |
| CBK - Square Enix Holdings Co. Ltd. - Monthly | (1627) | 4.08% | 7/14/2025 | (115228) | (6736) |  | (6736) |
| JPM - Square Enix Holdings Co. Ltd. - Monthly | (127) | 4.18% | 7/21/2025 | (7997) | (1523) |  | (1523) |
| CBK - SUMCO Corp. - Monthly | (56800) | 4.23% | 7/14/2025 | (396297) | (51382) |  | (51382) |
| JPM - SUMCO Corp. - Monthly | (1100) | 4.08% | 7/21/2025 | (7452) | (1218) |  | (1218) |
| CBK - Sumitomo Metal Mining Co. Ltd. - Monthly | (25800) | 4.23% | 7/14/2025 | (583603) | (54208) |  | (54208) |
| CBK - Toyota Industries Corp. - Monthly | (3200) | 4.18% | 7/14/2025 | (356807) | (5403) |  | (5403) |
| **Mexico** |  |  |  |  |  |  |  |
| CBK - Alfa SAB de CV - Monthly | (70895) | 3.47% | 7/14/2025 | (50588) | (1739) |  | (1739) |
| JPM - Alfa SAB de CV - Monthly | (184946) | 3.83% | 7/21/2025 | (146394) | 9886 | 9886 |  |
| **Netherlands** |  |  |  |  |  |  |  |
| CBK - ABN AMRO Bank NV - Monthly | (28259) | 4.07% | 7/14/2025 | (742916) | (30690) |  | (30690) |
| CBK - BE Semiconductor Industries NV - Monthly | (5907) | 4.07% | 7/14/2025 | (856151) | (27883) |  | (27883) |
| JPM - InPost SA - Monthly | (2755) | 4.07% | 7/21/2025 | (45574) | (184) |  | (184) |
| **Poland** |  |  |  |  |  |  |  |
| CBK - ORLEN SA - Monthly | (32548) | 3.83% | 7/14/2025 | (730104) | (11275) |  | (11275) |
| **Republic of Korea** |  |  |  |  |  |  |  |
| CBK - LG Energy Solution Ltd. - Monthly | (1018) | 9.17% | 7/14/2025 | (216228) | (7798) |  | (7798) |
| CBK - POSCO Future M Co. Ltd. - Monthly | (1470) | 11.67% | 7/14/2025 | (119515) | (7089) |  | (7089) |
| JPM - POSCO Future M Co. Ltd. - Monthly | (1993) | 10.67% | 7/21/2025 | (154500) | (17088) |  | (17088) |

---

LVIP BlackRock Global Allocation Fund-56

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **Singapore** |  |  |  |  |  |  |  |
| JPM - SATS Ltd. - Monthly | (95800) | 4.03% | 7/21/2025 | (232595) | $3549 | $3549 | $— |
| CBK - Seatrium Ltd. - Monthly | (208500) | 2.83% | 7/14/2025 | (328028) | (1571) |  | (1571) |
| JPM - Seatrium Ltd. - Monthly | (120600) | 3.20% | 7/21/2025 | (197082) | 6436 | 6436 |  |
| **South Africa** |  |  |  |  |  |  |  |
| JPM - Impala Platinum Holdings Ltd. - Monthly | (66679) | 3.93% | 7/21/2025 | (565708) | (32883) |  | (32883) |
| JPM - Sasol Ltd. - Monthly | (35502) | 3.93% | 7/21/2025 | (181334) | 23393 | 23393 |  |
| **Spain** |  |  |  |  |  |  |  |
| CBK - Grifols SA - Monthly | (50425) | 4.07% | 7/14/2025 | (588984) | (25787) |  | (25787) |
| **Sweden** |  |  |  |  |  |  |  |
| CBK - Beijer Ref AB - Monthly | (2639) | 4.07% | 7/14/2025 | (40198) | (1461) |  | (1461) |
| JPM - Beijer Ref AB - Monthly | (12963) | 4.07% | 7/21/2025 | (199825) | (4809) |  | (4809) |
| **Taiwan** |  |  |  |  |  |  |  |
| CBK - Chailease Holding Co. Ltd. - Monthly | (83965) | 3.98% | 7/14/2025 | (341907) | (21696) |  | (21696) |
| CBK - Formosa Chemicals & Fibre Corp. - Monthly | (180000) | 3.68% | 7/14/2025 | (135083) | (6023) |  | (6023) |
| JPM - Formosa Chemicals & Fibre Corp. - Monthly | (4000) | 3.88% | 7/21/2025 | (3295) | 159 | 159 |  |
| CBK - Formosa Plastics Corp. - Monthly | (240000) | 2.03% | 7/14/2025 | (280666) | (5654) |  | (5654) |
| CBK - Innolux Corp. - Monthly | (1068000) | 3.98% | 7/14/2025 | (407935) | (19820) |  | (19820) |
| CBK - Shin Kong Financial Holding Co. Ltd. - Monthly | (846000) | 3.98% | 7/14/2025 | (321716) | (5540) |  | (5540) |
| **United States** |  |  |  |  |  |  |  |
| CBK - Abbott Laboratories - Monthly | (3516) | 4.18% | 7/14/2025 | (468542) | (9669) |  | (9669) |
| CBK - Albemarle Corp. - Monthly | (9455) | 4.18% | 7/14/2025 | (546688) | (45857) |  | (45857) |
| CBK - Alexandria Real Estate Equities, Inc. - Monthly | (3796) | 4.18% | 7/14/2025 | (278480) | 2776 | 2776 |  |
| CBK - AppLovin Corp. - Monthly | (2229) | 4.18% | 7/14/2025 | (747607) | (32722) |  | (32722) |
| JPM - Atlantic Union Bankshares Corp. - Monthly | (1685) | 4.18% | 7/21/2025 | (52740) | 34 | 34 |  |
| CBK - Axon Enterprise, Inc. - Monthly | (574) | 4.18% | 7/14/2025 | (449580) | (25658) |  | (25658) |
| JPM - Brandywine Realty Trust - Monthly | (574) | 4.18% | 7/21/2025 | (2583) | 121 | 121 |  |
| CBK - Brown-Forman Corp. - Monthly | (7284) | 4.18% | 7/14/2025 | (191391) | (4622) |  | (4622) |
| CBK - Builders FirstSource, Inc. - Monthly | (3313) | 4.18% | 7/14/2025 | (394678) | 8084 | 8084 |  |
| CBK - CH Robinson Worldwide, Inc. - Monthly | (8996) | 4.18% | 7/14/2025 | (845174) | (17992) |  | (17992) |
| CBK - Coinbase Global, Inc. - Monthly | (2489) | 4.18% | 7/14/2025 | (765591) | (106778) |  | (106778) |
| JPM - Community Financial System, Inc. - Monthly | (1576) | 4.18% | 7/21/2025 | (90258) | 630 | 630 |  |
| CBK - Constellation Energy Corp. - Monthly | (1430) | 4.18% | 7/14/2025 | (450750) | (10797) |  | (10797) |
| CBK - CoStar Group, Inc. - Monthly | (15657) | 4.18% | 7/14/2025 | (1253186) | (5637) |  | (5637) |
| JPM - CVB Financial Corp. - Monthly | (4077) | 4.18% | 7/21/2025 | (78115) | (2569) |  | (2569) |
| CBK - Diamondback Energy, Inc. - Monthly | (2145) | 4.18% | 7/14/2025 | (302767) | 8044 | 8044 |  |
| CBK - Dollar Tree, Inc. - Monthly | (11885) | 4.18% | 7/14/2025 | (1194561) | 17471 | 17471 |  |
| CBK - Ecolab, Inc. - Monthly | (2806) | 4.18% | 7/14/2025 | (746405) | (9644) |  | (9644) |
| CBK - Elevance Health, Inc. - Monthly | (1697) | 4.18% | 7/14/2025 | (631997) | (28068) |  | (28068) |
| CBK - Enphase Energy, Inc. - Monthly | (8789) | 4.18% | 7/14/2025 | (303748) | (44736) |  | (44736) |
| JPM - Enphase Energy, Inc. - Monthly | (175) | 4.18% | 7/21/2025 | (7570) | 632 | 632 |  |
| BRC - Etoro Group Ltd. - Monthly | (7156) | 4.38% | 7/25/2025 | (432294) | (44224) |  | (44224) |
| CBK - Expand Energy Corp. - Monthly | (20785) | 4.18% | 7/14/2025 | (2524338) | 93740 | 93740 |  |
| CBK - Fastenal Co. - Monthly | (20369) | 4.18% | 7/14/2025 | (841240) | (14258) |  | (14258) |
| CBK - Intel Corp. - Monthly | (29666) | 4.18% | 7/14/2025 | (628623) | (35896) |  | (35896) |
| CBK - International Paper Co. - Monthly | (49892) | 4.18% | 7/14/2025 | (2299976) | (36466) |  | (36466) |
| CBK - iShares iBoxx $ High Yield Corporate Bond ETF - Monthly | (21859) | 3.63% | 7/14/2025 | (1747627) | (15301) |  | (15301) |
| JPM - iShares iBoxx $ Investment Grade Corporate Bond ETF - <br> Monthly<br>| (24355) | 3.85% | 7/21/2025 | (2611830) | (57721) |  | (57721) |
| CBK - Kenvue, Inc. - Monthly | (9123) | 4.18% | 7/14/2025 | (194959) | 4014 | 4014 |  |
| CBK - Lamb Weston Holdings, Inc. - Monthly | (11374) | 4.18% | 7/14/2025 | (615220) | 25478 | 25478 |  |
| JPM - Lamb Weston Holdings, Inc. - Monthly | (1104) | 4.18% | 7/21/2025 | (61460) | 4217 | 4217 |  |
| CBK - LKQ Corp. - Monthly | (28929) | 4.18% | 7/14/2025 | (1080787) | 10125 | 10125 |  |
| CBK - Molina Healthcare, Inc. - Monthly | (879) | 4.18% | 7/14/2025 | (255912) | (5942) |  | (5942) |
| CBK - Norfolk Southern Corp. - Monthly | (1565) | 4.18% | 7/14/2025 | (401548) | 955 | 955 |  |
| CBK - Norwegian Cruise Line Holdings Ltd. - Monthly | (49533) | 4.18% | 7/14/2025 | (922807) | (81722) |  | (81722) |
| CBK - NU Holdings Ltd. - Monthly | (31605) | 4.18% | 7/14/2025 | (390006) | (43615) |  | (43615) |
| CBK - Packaging Corp. of America - Monthly | (3033) | 4.18% | 7/14/2025 | (572112) | 543 | 543 |  |
| CBK - Parker-Hannifin Corp. - Monthly | (1490) | 4.18% | 7/14/2025 | (989688) | (51033) |  | (51033) |
| CBK - Paycom Software, Inc. - Monthly | (985) | 4.18% | 7/14/2025 | (229475) | 1546 | 1546 |  |
| CBK - Pentair PLC - Monthly | (6757) | 4.18% | 7/14/2025 | (673083) | (20590) |  | (20590) |
| JPM - Provident Financial Services, Inc. - Monthly | (5739) | 4.18% | 7/21/2025 | (96817) | (3788) |  | (3788) |
| JPM - ServisFirst Bancshares, Inc. - Monthly | (1384) | 4.18% | 7/21/2025 | (104146) | (3128) |  | (3128) |
| CBK - Smurfit WestRock PLC - Monthly | (47912) | 4.18% | 7/14/2025 | (2032427) | (34976) |  | (34976) |

---

LVIP BlackRock Global Allocation Fund-57

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **United States (continued)** |  |  |  |  |  |  |  |
| CBK - Solventum Corp. - Monthly | (7822) | 4.18% | 7/14/2025 | (572961) | $(20259) | $— | $(20259) |
| JPM - SPDR S&P Retail ETF - Monthly | (36525) | 4.18% | 7/21/2025 | (2801061) | (13556) |  | (13556) |
| CBK - Starbucks Corp. - Monthly | (12090) | 4.18% | 7/14/2025 | (1115138) | 7331 | 7331 |  |
| CBK - Super Micro Computer, Inc. - Monthly | (26123) | 4.18% | 7/14/2025 | (1068169) | (212119) |  | (212119) |
| CBK - Target Corp. - Monthly | (9134) | 4.18% | 7/14/2025 | (881705) | (19364) |  | (19364) |
| Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | $513665 | $(2946594) |
| **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | $563118 | $(3177551) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the <br> amounts recognized in the consolidated financial statements. The foreign currency exchange contracts and notional amounts presented above <br> represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's <br> net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 7 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 June 30, 2025. |
| <sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |
| <sup>4</sup> Markit's North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with <br> high yield credit ratings that trade in the CDS market. Constituents for the index can be found at www.markit.com/Documentation. |
| <sup>5</sup> Markit's North America Investment Grade Index, or CDX.NA.IG Index, is composed of 125 of the most liquid North American entities with <br> investment grade credit ratings that trade in the CDS market. Constituents for the index can be found at www.markit.com/Documentation. |
| <sup>6</sup> The Markit iTraxx Europe index, or ITRAXX Europe comprises 125 equally-weighted European names. Constituents for the index can be <br> found at www.markit.com/Documentation. |
| <sup>7</sup> The Markit iTraxx Crossover Index, or ITRAXX.XO Index comprises the 75 most liquid sub-investment grade entities. Constituents for the <br> index can be found at www.markit.com/Documentation. |
| <sup>8</sup> Financing Rates are based on multiple financing rate benchmarks. The Fund pays or receives a variable rate of interest, based on a specified <br> benchmark, plus or minus a spread in a range of 15-150 basis points. The benchmark and spread are determined based upon the country <br> and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest are the <br> 1-Day USD Overnight Bank Funding Rate. |
| <sup>9</sup> Date reflected is the next payment date. Contracts have an open-ended maturity date. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 4 in "Notes to Consolidated Financial Statements." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| AUD–Australian Dollar |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| BIBOR–Budapest Interbank Offered Rate |
| BNP–BNP Paribas |
| BNY–BNY Mellon |
| BOA–Bank of America |
| BOBL–Bundesobligationen |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| BRL-CDI 1 Day–Brazilian Overnight Interbank Deposit Rate |
| BTP–Buoni del Tesoro Poliennali |
| BUXL–Bundesanleihe |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |

---

LVIP BlackRock Global Allocation Fund-58

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| CDI–Chess Depository Interest |
| CDX.NA.HY–Credit Default Swap Index North America High Yield |
| CDX.NA.IG–Credit Default Swap Index North American Investment Grade |
| CHF–Swiss Franc |
| CIBC–Canadian Imperial Bank of Commerce |
| CLO–Collateralized Loan Obligation |
| CLP–Chilean Peso |
| CME–Chicago Mercantile Exchange |
| CNH–Chinese Yuan Renminbi |
| CNY–Chinese Yuan |
| COD–Certificates of Deposit |
| COP–Colombia Peso |
| CSI–Credit Suisse International |
| CZK–Czech Koruna |
| DB–Deutsche Bank |
| DKK–Danish Krone |
| DOP–Dominican Republic Peso |
| EGP–Egyptian Pound |
| ETF–Exchange-Traded Fund |
| EU-CPI-U–Eurpoean Union Consumer Price Index for All Urban Consumers |
| EUR–Euro |
| EURIBOR–Euro Interbank Offer Rate |
| EURIBOR06M–Euro InterBank Offered Rate EUR 6 Month |
| FEDL12M–Federal Funds Rate 12 Month |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| GDR–Global Depository Receipt |
| GS–Goldman Sachs |
| GSI–Goldman Sachs International |
| HKD–Hong Kong Dollar |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| HUF–Hungarian Forint |
| IBR–Interbank Rate |
| IDR–Indonesia Rupiah |
| IFSC–International Financial Service Centre |
| INR–Indian Rupee |
| IRS–Interest Rate Swap |
| ITRAXX Europe–Markit iTraxx Europe Index |
| ITRAXX.XO–Markit iTraxx Crossover Index |
| JIBAR03M–Johannesburg Interbank Average Rate ZAR 3 Month |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| LNG–Liquefied Natural Gas |
| MSC–Morgan Stanley & Co. |
| MSCI–Morgan Stanley Capital International |
| MTIIE01M–28-day Interbank Equilibrium Interest Rate |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| NGN–Nigerian Naira |
| NOK–Norwegian Krone |
| NVDR–Non-Voting Depository Receipt |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |
| OSE–Osaka Securities Exchange |
| PEN–Peruvian Nuevo Sol |
| PHP–Philippine Peso |
| PIK–Payment-in-kind |
| PJSC–Public Joint Stock Company |
| PLN–Polish Zloty |
| PRIBOR06M–Prague Interbank Offered Rate 6 Month |
| Prime Rate–Interest rate charged by banks to their most credit worthy customers |
| RBC–Royal Bank of Canada |

---

LVIP BlackRock Global Allocation Fund-59

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| REMIC–Real Estate Mortgage Investment Conduits |
| S&P–Standard & Poor's |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SFE–Sydney Futures Exchange |
| SGD–Singapore Dollar |
| SGN–Societe Generale |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| SONIA–Sterling Overnight Index Average |
| SONIA12M–Sterling Overnight Index Average Offered Rate GBP 12 Month |
| SPDR–Standard & Poor's Depositary Receipt |
| STACR–Structured Agency Credit Risk |
| TBA–To be announced |
| THB–Thailand Baht |
| THOR–Thai Overnight Repurchase Rate |
| TONAR12M–Tokyo Overnight Average Rate 12 Month |
| TRY–Turkish New Lira |
| TSE–Tokyo Stock Exchange |
| TWD–Taiwan New Dollar |
| USD–United States Dollar |
| UYU–Uruguay Peso |
| WIBOR06M–Warsaw Interbank Offered Rate 6 Month |
| ZAR–South African Rand |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-60

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** |
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $20935184 |
| Dividends | 11768597 |
| Foreign taxes withheld | (738232)<br>|
|  | 31965549 |
| **EXPENSES:** |  |
| Management fees | 6302707 |
| Distribution fees-Service Class | 1034439 |
| Custodian fees | 319180 |
| Shareholder servicing fees | 290250 |
| Accounting and administration expenses | 184547 |
| Professional fees | 144734 |
| Pricing fees | 52723 |
| Consulting fees | 42566 |
| Trustees' fees and expenses | 29971 |
| Reports and statements to shareholders | 19316 |
| Other | 26380 |
|  | 8446813 |
| Less:  |  |
| Expenses reimbursed | (306253)<br>|
| Total operating expenses | 8140560 |
| **NET INVESTMENT INCOME**  | 23824989 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments<sup>\*</sup> | 45260366 |
| Foreign currencies | (1206675)<br>|
| Foreign currency exchange contracts | 11791958 |
| Futures contracts | 4243129 |
| Options purchased | (9364399)<br>|
| Options written | 8035658 |
| Swap contracts | (6954231)<br>|
| Net realized gain | 51805806 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 103182524 |
| Foreign currencies | (267125)<br>|
| Foreign currency exchange contracts | 10276937 |
| Futures contracts | (5788705)<br>|
| Options purchased | 5376174 |
| Options written | 835436 |
| Swap contracts | 12346887 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 125962128 |
| **NET REALIZED AND UNREALIZED GAIN** | 177767934 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $201592923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $37,897 foreign capital gains taxes paid.

\*\* Includes $4,046 change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** |
| **Consolidated Statements of Changes in Net Assets** | **Consolidated Statements of Changes in Net Assets** | **Consolidated Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $23824989 | $54410008 |
| Net realized gain | 51805806 | 74846519 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 125962128 | 59184845 |
| Net increase in net assets <br> resulting from operations<br>| 201592923 | 188441372 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (43913120)<br>|
| Service Class |  | (28843865)<br>|
|  |  | (72756985)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 39945544 | 90261945 |
| Service Class | 19947615 | 30975681 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 43913120 |
| Service Class |  | 28843865 |
|  | 59893159 | 193994611 |
| Cost of shares redeemed: |  |  |
| Standard Class | (126840159)<br>| (202594652)<br>|
| Service Class | (81964839)<br>| (165459691)<br>|
|  | (208804998)<br>| (368054343)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (148911839)<br>| (174059732)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 52681084 | (58375345)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 2035467827 | 2093843172 |
| End of period | $2088148911 | $2035467827 |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-61

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Financial Highlights**

Selected data for each share of the Fund outstanding throughout the period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.135 | &nbsp;&nbsp; $11.490 | &nbsp;&nbsp; $10.396 | &nbsp;&nbsp; $12.691 | &nbsp;&nbsp; $12.412 | &nbsp;&nbsp; $10.653 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.154 | 0.330 | 0.303 | 0.176 | 0.143 | 0.105 |
| Net realized and unrealized gain (loss) | 1.125 | 0.774 | 1.104 | &nbsp;&nbsp; (2.136)<br>| 0.786 | 1.929 |
| Total from investment operations | 1.279 | 1.104 | 1.407 | &nbsp;&nbsp; (1.960)<br>| 0.929 | 2.034 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.091)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.184)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.459)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.650)<br>| &nbsp;&nbsp; (0.275)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.414 | &nbsp;&nbsp; $12.135 | &nbsp;&nbsp; $11.490 | &nbsp;&nbsp; $10.396 | &nbsp;&nbsp; $12.691 | &nbsp;&nbsp; $12.412 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.56% | &nbsp;&nbsp; 9.51% | &nbsp;&nbsp; 13.62% | &nbsp;&nbsp; (15.38%)<br>| &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 19.23% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1226544 | &nbsp;&nbsp; $1194873 | &nbsp;&nbsp; $1197258 | &nbsp;&nbsp; $1154002 | &nbsp;&nbsp; $929686 | &nbsp;&nbsp; $931624 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.75% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.76% <br><sup>4</sup><br>|
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.85% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.48% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.11% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.98% <br><sup>5</sup><br>|
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.89% |
| Portfolio turnover | &nbsp;&nbsp; 70% | &nbsp;&nbsp; 149% | &nbsp;&nbsp; 212% | &nbsp;&nbsp; 144% <br><sup>6</sup><br>| &nbsp;&nbsp; 136% | &nbsp;&nbsp; 166% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> The ratio of expenses to average net assets for the years ended December 31, 2021 and December 31, 2020 excluding brokerage commissions and interest expense on securities sold short was 0.73%. 

<sup>5</sup> The ratio of net investment income to average net assets for the years ended December 31, 2021 and December 31, 2020 excluding brokerage commissions and interest expense on securities sold short were 1.16% and 1.01% respectively. 

<sup>6</sup> PTO excludes purchases from the in-kind and merger.

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-62

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout the period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.131 | &nbsp;&nbsp; $11.486 | &nbsp;&nbsp; $10.392 | &nbsp;&nbsp; $12.699 | &nbsp;&nbsp; $12.416 | &nbsp;&nbsp; $10.654 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.138 | 0.299 | 0.275 | 0.144 | 0.113 | 0.080 |
| Net realized and unrealized gain (loss) | 1.124 | 0.773 | 1.102 | &nbsp;&nbsp; (2.131)<br>| 0.788 | 1.930 |
| Total from investment operations | 1.262 | 1.072 | 1.377 | &nbsp;&nbsp; (1.987)<br>| 0.901 | 2.010 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.263)<br>| &nbsp;&nbsp; (0.024)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.064)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.452)<br>| &nbsp;&nbsp; (0.184)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.427)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.618)<br>| &nbsp;&nbsp; (0.248)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.393 | &nbsp;&nbsp; $12.131 | &nbsp;&nbsp; $11.486 | &nbsp;&nbsp; $10.392 | &nbsp;&nbsp; $12.699 | &nbsp;&nbsp; $12.416 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.42% | &nbsp;&nbsp; 9.23% | &nbsp;&nbsp; 13.35% | &nbsp;&nbsp; (15.58%)<br>| &nbsp;&nbsp; 7.31% | &nbsp;&nbsp; 19.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $861605 | &nbsp;&nbsp; $840595 | &nbsp;&nbsp; $896585 | &nbsp;&nbsp; $900405 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $13 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.00% <br><sup>4</sup><br>| &nbsp;&nbsp; 1.01% <br><sup>4</sup><br>|
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 0.87% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.72% <br><sup>5</sup><br>|
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.63% |
| Portfolio turnover | &nbsp;&nbsp; 70% | &nbsp;&nbsp; 149% | &nbsp;&nbsp; 212% | &nbsp;&nbsp; 144% <br><sup>6</sup><br>| &nbsp;&nbsp; 136% | &nbsp;&nbsp; 166% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> The ratio of expenses to average net assets for the years ended December 31, 2021 and December 31, 2020 excluding brokerage commissions and interest expense on securities sold short was 0.98%. 

<sup>5</sup> The ratio of net investment income to average net assets for the years ended December 31, 2021 and December 31, 2020 excluding brokerage commissions and interest expense on securities sold short were 0.91% and 0.76% respectively. 

<sup>6</sup> PTO excludes purchases from the in-kind and merger.

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-63

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These consolidated financial statements and the related notes pertain to the LVIP BlackRock Global Allocation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek high total investment return.

**1. Basis for Consolidation**

The Fund may invest upto 25% of its total assets in the shares of LVIP BlackRock Global Allocation Fund Cayman, Ltd., a wholly-owned subsidiary (the "Subsidiary") of the Fund formed in the Cayman Islands. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary is not registered under the 1940 Act and not subject to all the investor protections of the 1940 Act.

The Fund consolidates its investment in the Subsidiary in these consolidated financial statements. Accordingly, the consolidated financial statements include the assets and liabilities and the results of operations of the Subsidiary. All material intercompany balances and transactions have been eliminated. As of June 30, 2025, the net assets of the Subsidiary were $41,782,596, which represented 2.00% of the Fund's net assets.

**2. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts 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,

LVIP BlackRock Global Allocation Fund-64

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Significant Accounting Policies (continued)**

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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Consolidated Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments are reflected as a liability on the Consolidated Statements of Net Assets.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Consolidated Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities and derivatives denominated in foreign currency, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after 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

LVIP BlackRock Global Allocation Fund-65

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Significant Accounting Policies (continued)**

dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 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.

**3. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.64% of the first $1.5 billion of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $1.5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses and interest expense) exceed 0.71% of the Fund's average daily net assets for the Standard Class and 0.96% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $664149 | &nbsp;&nbsp; $399529 | &nbsp;&nbsp; $559851 | &nbsp;&nbsp; $1623529 |

---

BlackRock Investment Management LLC ("Sub-Adviser") and BlackRock International Limited and BlackRock (Singapore) Limited ("Sub-Sub-Advisers") are responsible for the day-to-day management of the Fund's and the Subsidiary's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Consolidated Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $85253 |
| Legal | &nbsp;&nbsp; 12993 |

---

LVIP BlackRock Global Allocation Fund-66

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Consolidated Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Consolidated Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $8,706 for the six months ended June 30, 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 June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $39911 |
| Management fees payable to LFI | &nbsp;&nbsp; 1059443 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 174208 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 898 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 48823 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**4. Investments**

For the six months ended June 30, 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; $1187761974 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 69106770 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 1285803744 |
| Sales of U.S. government securities | &nbsp;&nbsp; 62957294 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 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; $1672339040 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $485380388 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (68552120)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $416828268 |

---

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 Consolidated Statement of Net Assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 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.

LVIP BlackRock Global Allocation Fund-67

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $260803 | &nbsp;&nbsp; $5510145 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $5770948 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 57262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57262 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 320728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 320728 |
| Brazil | &nbsp;&nbsp; 3450673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3450673 |
| Canada | &nbsp;&nbsp; 24886169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24886169 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11172 | &nbsp;&nbsp; 11172 |
| China | &nbsp;&nbsp; 2381132 | &nbsp;&nbsp; 25423058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27804190 |
| Colombia | &nbsp;&nbsp; 88685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88685 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 167554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167554 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 10479070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10479070 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 1021094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1021094 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268145 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 44808205 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44808205 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 13051964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13051964 |
| Greece | &nbsp;&nbsp; 166315 | &nbsp;&nbsp; 232947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399262 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 3056014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3056014 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 283991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 283991 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 1764278 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1764278 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 636610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 636610 |
| Ireland | &nbsp;&nbsp; 21270737 | &nbsp;&nbsp; 1700959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22971696 |
| Israel | &nbsp;&nbsp; 7406905 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7406905 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 25698184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25698184 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 35815299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35815299 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp; 93617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93617 |
| Kazakhstan | &nbsp;&nbsp; 174279 | &nbsp;&nbsp; 84908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 259187 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 413091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 413091 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 160018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160018 |
| Mexico | &nbsp;&nbsp; 1516616 | &nbsp;&nbsp; 662615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2179231 |
| Netherlands | &nbsp;&nbsp; 3466605 | &nbsp;&nbsp; 20490317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23956922 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 45914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45914 |
| Norway | &nbsp;&nbsp; 891525 | &nbsp;&nbsp; 799157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1690682 |
| Peru | &nbsp;&nbsp; 798637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 798637 |

---

LVIP BlackRock Global Allocation Fund-68

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Philippines | &nbsp;&nbsp; $— | &nbsp;&nbsp; $287284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $287284 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108770 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 126919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126919 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 6844629 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6844629 |
| Saudi Arabia | &nbsp;&nbsp; 248171 | &nbsp;&nbsp; 510432 | &nbsp;&nbsp; — | &nbsp;&nbsp; 758603 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 108957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108957 |
| South Africa | &nbsp;&nbsp; 115682 | &nbsp;&nbsp; 2108321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2224003 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 12295230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12295230 |
| Sweden | &nbsp;&nbsp; 1985109 | &nbsp;&nbsp; 3945748 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 5930857 |
| Switzerland | &nbsp;&nbsp; 164889 | &nbsp;&nbsp; 14132362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14297251 |
| Taiwan | &nbsp;&nbsp; 679017 | &nbsp;&nbsp; 21392321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22071338 |
| Thailand | &nbsp;&nbsp; 562189 | &nbsp;&nbsp; 248025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 810214 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 272381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 272381 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 715593 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 715593 |
| United Kingdom | &nbsp;&nbsp; 1554476 | &nbsp;&nbsp; 75066461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76620937 |
| United States | &nbsp;&nbsp; 849698820 | &nbsp;&nbsp; 456617 | &nbsp;&nbsp; 5730240 | &nbsp;&nbsp; 855885677 |
| Uruguay | &nbsp;&nbsp; 1913177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1913177 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 724438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8361344 | &nbsp;&nbsp; 9085782 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 920904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 920904 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 416650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 416650 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 683207 | &nbsp;&nbsp; 683207 |
| United States | &nbsp;&nbsp; 1504009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14065142 | &nbsp;&nbsp; 15569151 |
| Warrants | &nbsp;&nbsp; 21243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72703 | &nbsp;&nbsp; 93946 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5559088 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 5559088 |
| Agency Collateralized Mortgage Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 142104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142104 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 369657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369657 |
| Agency Mortgage-Backed Security | &nbsp;&nbsp; — | &nbsp;&nbsp; 13091687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13091687 |
| Corporate Bonds |  |  |  |  |
| Argentina | &nbsp;&nbsp; — | &nbsp;&nbsp; 95843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95843 |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp; 480003 | &nbsp;&nbsp; 790140 | &nbsp;&nbsp; 1270143 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 192082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192082 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 389087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 389087 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 70940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70940 |
| Canada | &nbsp;&nbsp; — | &nbsp;&nbsp; 2891090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2891090 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 56650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56650 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 9714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9714 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp; 79434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79434 |
| Costa Rica | &nbsp;&nbsp; — | &nbsp;&nbsp; 212700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212700 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 359152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 359152 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 187264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187264 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 244870 | &nbsp;&nbsp; — | &nbsp;&nbsp; 244870 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 9653276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9653276 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 10675875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10675875 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 531836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 531836 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 2174894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2174894 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 194326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194326 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 837082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 837082 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 2953010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2953010 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp; 709341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 709341 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 8261085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8261085 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 2613421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2613421 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp; 1475635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1475635 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 198001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198001 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 14218840 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14218840 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 196618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196618 |
| Malta | &nbsp;&nbsp; — | &nbsp;&nbsp; 202152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202152 |
| Mauritius | &nbsp;&nbsp; — | &nbsp;&nbsp; 754108 | &nbsp;&nbsp; 2633640 | &nbsp;&nbsp; 3387748 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 3134491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3134491 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 9597837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9597837 |

---

LVIP BlackRock Global Allocation Fund-69

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Panama | &nbsp;&nbsp; $— | &nbsp;&nbsp; $139660 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $139660 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 107387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107387 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 196954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196954 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 358327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 358327 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 400334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 400334 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 1952744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1952744 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 2684089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2684089 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 2438325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2438325 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 726260 | &nbsp;&nbsp; — | &nbsp;&nbsp; 726260 |
| Tanzania (United Republic Of) | &nbsp;&nbsp; — | &nbsp;&nbsp; 194084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194084 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 199427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199427 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 199685 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199685 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 25735018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25735018 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp; 89412436 | &nbsp;&nbsp; 1166969 | &nbsp;&nbsp; 90579405 |
| Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp; 165414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 165414 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 81150146 | &nbsp;&nbsp; 9020624 | &nbsp;&nbsp; 90170770 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1619460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1619460 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 64344729 | &nbsp;&nbsp; 1638282 | &nbsp;&nbsp; 65983011 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5072372 | &nbsp;&nbsp; 2294127 | &nbsp;&nbsp; 7366499 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 35281151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35281151 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 71299704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71299704 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 20447438 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20447438 |
| Exchange-Traded Funds | &nbsp;&nbsp; 43097326 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43097326 |
| Money Market Fund | &nbsp;&nbsp; 67183042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67183042 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 142177637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142177637 |
| Options Purchased | &nbsp;&nbsp; 6269182 | &nbsp;&nbsp; 1817050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8086232 |
| **Total Investments** | &nbsp;&nbsp; $1043400755 | &nbsp;&nbsp; $975014868 | &nbsp;&nbsp; $46467590 | &nbsp;&nbsp; $2064883213 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7209193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7209193 |
| Futures Contracts | &nbsp;&nbsp; $6974680 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6974680 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31535696 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31535696 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4204890)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4204890)<br>|
| Futures Contracts | &nbsp;&nbsp; $(11620779)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11620779)<br>|
| Options Written | &nbsp;&nbsp; $(3495506)<br>| &nbsp;&nbsp; $(2425229)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5920735)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7470205)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7470205)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Consolidated Statement of Net Assets" that are considered to be Level 3 investments in this table.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

For the six months ended June 30, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

LVIP BlackRock Global Allocation Fund-70

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average) (a)**<br>|
| Common Stock | $5741412 | Indicative Market Quote | Broker Quote | $28.00 (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 0.70 - 3 yrs (0.9 yrs) |
|  |  | Enterprise Value | Discount for Lack of Marketability (c) | 10% (N/A) |
|  |  | Enterprise Value | Expected Recovery - Discount Rate (c) | 0.9717 (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Revenue Multiple (b) | 1.05x-8.75x (N/A) |
|  |  |  | Volatility Percentage | 56.00%-80.00% (69.41%) |
| Convertible<br> Preferred Stock<br>| $8361344 | Recent Transaction | Cost | # |
|  |  | Market Comparable Companies | Enterprise Value to Revenue Multiple (b) | 18.0x (N/A) |
| Corporate Bonds | $4590749 | Enterprise Value | Expected Recovery - Terms of Restructuring | $7.75-$15.75 ($N/A) |
|  |  | Income Approach | Liquidation Rate | 100% (N/A) |
|  |  | Income Approach | Average Yield to Maturity | 10.20%-14.17% (11.42%) |
| Loan Agreements | $9020624 | Income Approach | Average Yield to Maturity | 7.59%-13.95% (10.01%) |
|  |  | Market Yield Analysis | Average Yield to Maturity | 8.30%-13.95% (9.96%) |
| Non-Agency<br> Asset-Backed<br> Securities<br>| $1638282 | Income Approach | Discount Rate (c) | 7.39% (N/A) |
| Non-Agency<br> Collateralized<br> Mortgage Obligations<br>| $2294127 | Indicative Market Quote | Broker Quote | $68.87-$96.05 ($87.41) |
| Preferred Stock | $14748349 | Indicative Market Quote | Broker Quote | $22.50 (N/A) |
|  |  | Income Approach | Average Yield to Maturity | 10.06%-10.56% (N/A%) |
|  |  | Market Comparable Companies | Enterprise Value to Revenue Multiple (b) | 1.05x-35.62x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 4.5x-13.5x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to EBITDA Multiple (b) | 11.0x - 11.5x (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 1.0-5.0 yrs (2.7 yrs) |
|  |  |  | Volatility Percentage | 60.00%-80.00% (68.00%) |
| Warrants | $72703 | Recent Transaction | Last Trade | # |
|  |  | Recent Transaction | Last Trade Discount (c) | $0.01 |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 0.70 (N/A) |
|  |  | Enterprise Value | Discount for Lack of Marketability (c) | 10% (N/A) |
|  |  | Enterprise Value | Expected Recovery - Discount Rate (c) | 0.9717 (N/A) |
|  |  |  | Volatility Percentage | 30.00%-35.00% (N/A) |
| Total | $46467590 |  |  |  |
| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |

| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

---

LVIP BlackRock Global Allocation Fund-71

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $5478821 | $— | $1990403 | $— | $— | $— | $— | $(153118)<br>| $(1574694)<br>| $5741412 | $(1704585)<br>|
| Convertible Bond |  |  |  |  |  |  |  |  |  |  |  |
| Convertible Preferred <br> Stocks<br>| 7693290 |  |  | (257067)<br>|  |  |  | (2065205)<br>| 2990326 | 8361344 | 1207893 |
| Corporate Bonds | 6154174 |  | 4421399 | (5623341)<br>|  |  | 9937 | (233998)<br>| (137422)<br>| 4590749 | (191104)<br>|
| Loan Agreements | 8684058 |  | 104733 | (372582)<br>|  |  | 15825 | 3199 | 585391 | 9020624 | 583319 |
| Non-Agency <br> Asset-Backed Security<br>| 1602009 |  |  |  |  |  | 2938 |  | 33335 | 1638282 | 33335 |
| Non-Agency <br> Collateralized <br> Mortgage Obligations<br>| 2193548 |  | 183686 | (108404)<br>|  |  | 17715 | 8 | 7574 | 2294127 | 7574 |
| Non-Agency Commercial <br> Mortgage-Backed <br> Security<br>| 777339 |  |  |  |  | (777339)<br>|  |  |  |  |  |
| Preferred Stocks | 14967921 |  | 31327 | (2367224)<br>|  |  |  |  | 2116325 | 14748349 | 16111 |
| Warrants | 6 |  |  |  |  |  |  |  | 72697 | 72703 | 72701 |
| Total | $47551166 | $— | $6731548 | $(8728618)<br>| $— | (777339)$| $46415 | $(2449114)<br>| $4093532 | $46467590 | $25244 |

---

**5. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 3180626 | &nbsp;&nbsp; 7416890 |
| Service Class | &nbsp;&nbsp; 1596419 | &nbsp;&nbsp; 2543535 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3513331 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2308063 |
|  | &nbsp;&nbsp; 4777045 | &nbsp;&nbsp; 15781819 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (10207864)<br>| &nbsp;&nbsp; (16667580)<br>|
| Service Class | &nbsp;&nbsp; (6556922)<br>| &nbsp;&nbsp; (13618709)<br>|
|  | &nbsp;&nbsp; (16764786)<br>| &nbsp;&nbsp; (30286289)<br>|
| Net decrease | &nbsp;&nbsp; (11987741)<br>| &nbsp;&nbsp; (14504470)<br>|

---

**6. 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 June 30, 2025, or at any time during the period then ended.

**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.

LVIP BlackRock Global Allocation Fund-72

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date and to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to facilitate investments in portfolio securities.

Options Contracts–During the six months ended June 30, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

LVIP BlackRock Global Allocation Fund-73

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

During the six months ended June 30, 2025, the Fund used options contracts, including swaptions, to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; to manage the Fund's exposure to changes in foreign currencies; to adjust the Fund's overall exposure to certain markets; to generate income; to protect the value of portfolio securities; as a cash management tool; to purchase the underlying security for the Fund at a price lower than the current market value of the security by selling put options; to facilitate investments in portfolio securities; to offset capital losses and to receive premiums for writing options.

Swap Contracts–The Fund enters into CDS contracts, total return swap contracts, inflation swap contracts, interest rate swap contracts and CFDs in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event (including single name, baskets, and systemic), to enhance total return or to gain exposure to certain securities or markets. The Fund may also use total return swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms and to gain exposure to markets the Fund invests in. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the Consolidated Statement of Net Assets, at June 30, 2025, the notional value of the protection sold was USD 7,675,518 and EUR 11,622,004, 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 June 30, 2025, net unrealized appreciation of the protection sold was $656,640.

LVIP BlackRock Global Allocation Fund-74

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

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 six months ended June 30, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets; to enhance total return and to hedge against credit events.

Total Return Swaps- Total return swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, the Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract.

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 six months ended June 30, 2025, the Fund used total return swap contracts to gain exposure to markets the Fund invests in.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the six months ended June 30, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Contracts for Difference — The Fund may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the U.S. Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Consolidated Statement of Operations. Periodic payments made or received are recorded as realized gains or losses.

During the six months ended June 30, 2025, the Fund used contracts for difference to obtain short exposure and to gain exposure to certain securities or markets.

LVIP BlackRock Global Allocation Fund-75

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

During the six months ended June 30, 2025, the Fund used currency swaps to protect against currency fluctuations.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Consolidated Statement of Net Assets.

Fair values of derivative instruments as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Consolidated Statement of Net Assets** <br> **Location**<br>| **Fair Value** | **Consolidated Statement of Net Assets** <br> **Location**<br>| **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $7209193 | Receivables and other assets net of <br> liabilities<br>| $(4204890)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 3581878 | Receivables and other assets net of <br> liabilities<br>| (3166367)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 3392802 | Receivables and other assets net of <br> liabilities<br>| (8454412)<br>|
| Options purchased <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 6261119 | Receivables and other assets net of <br> liabilities<br>|  |
| Options purchased <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 193307 | Receivables and other assets net of <br> liabilities<br>|  |
| Options purchased <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 1631806 | Receivables and other assets net of <br> liabilities<br>|  |
| Options written <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (3495507)<br>|
| Options written <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (251688)<br>|
| Options written <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (2173540)<br>|
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 720512 | Receivables and other assets net of <br> liabilities<br>| (3421281)<br>|
| Swap contracts <br> (Credit contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 671227 | Receivables and other assets net of <br> liabilities<br>| (203233)<br>|
| Swap contracts <br> (Interest rate <br> contracts & Inflation <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 30143957 | Receivables and other assets net of <br> liabilities<br>| (3845691)<br>|
| Total |  | $53805801 |  | $(29216609)<br>|

---

LVIP BlackRock Global Allocation Fund-76

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

The effect of derivative instruments on the Consolidated Statement of Operations for the six months ended June 30, 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; $11791958 | &nbsp;&nbsp; $10276937 |
| 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; 8728640 | &nbsp;&nbsp; (1913295)<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; (4485511)<br>| &nbsp;&nbsp; (3875410)<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (7888944)<br>| &nbsp;&nbsp; 4931637 |
| Options purchased (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (513042)<br>| &nbsp;&nbsp; (112116)<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; (962413)<br>| &nbsp;&nbsp; 556653 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 5147206 | &nbsp;&nbsp; 213775 |
| Options written (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 664531 | &nbsp;&nbsp; (91254)<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; 2223921 | &nbsp;&nbsp; 712915 |
| 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; (5267354)<br>| &nbsp;&nbsp; (3407724)<br>|
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 178075 | &nbsp;&nbsp; 178111 |
| Swap contracts (Interest rate <br> contracts & Inflation contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (1864952)<br>| &nbsp;&nbsp; 15576500 |
| Total |  | &nbsp;&nbsp; $7752115 | &nbsp;&nbsp; $23046729 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $500967578 | $178339696 |
| Futures contracts (average notional value) | 467147606 | 586723958 |
| Options contracts (average value) | 6079158 | 4752517 |
| CDS contracts (average notional value)\* | 16494410 | 15718730 |
| Interest rate swap contracts (average notional value)\*\* | 1172965638 | 359206554 |
| Total return swap contracts (average notional value) | 10613029 | 5332519 |
| Contracts for difference swap contract (average notional volume) | 150341 | 1534209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection. <br> \*\*Long represents paying floating interest payments and short represent receiving floating interest payments.

LVIP BlackRock Global Allocation Fund-77

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

At June 30, 2025, the Fund posted securities collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Securities Collateral** |
| Bank of America N.A. | &nbsp;&nbsp; $1100655 |
| BNP Paribas SA | &nbsp;&nbsp; 731729 |
| Citigroup Global Markets | &nbsp;&nbsp; 2502655 |
| Deutsche Bank | &nbsp;&nbsp; 273211 |
| Goldman Sachs International | &nbsp;&nbsp; 304815 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 774970 |
| UBS AG | &nbsp;&nbsp; 18986 |
| Total | &nbsp;&nbsp; $5707021 |

---

At June 30, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Barclays Bank | &nbsp;&nbsp; $60000 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 10000 |
| Morgan Stanley & Co. International | &nbsp;&nbsp; 604000 |
| Royal Bank of Canada | &nbsp;&nbsp; 10000 |
| Total | &nbsp;&nbsp; $684000 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Net Assets.

At June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $230428 | &nbsp;&nbsp; $(1229484)<br>| &nbsp;&nbsp; $(999056)<br>|
| Bank of New York Mellon | &nbsp;&nbsp; 125291 | &nbsp;&nbsp; (1018)<br>| &nbsp;&nbsp; 124273 |
| Barclays Bank PLC | &nbsp;&nbsp; 662694 | &nbsp;&nbsp; (737471)<br>| &nbsp;&nbsp; (74777)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 807029 | &nbsp;&nbsp; (968632)<br>| &nbsp;&nbsp; (161603)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 438424 | &nbsp;&nbsp; (3065107)<br>| &nbsp;&nbsp; (2626683)<br>|
| Deutsche Bank | &nbsp;&nbsp; 315165 | &nbsp;&nbsp; (1289966)<br>| &nbsp;&nbsp; (974801)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 493494 | &nbsp;&nbsp; (732332)<br>| &nbsp;&nbsp; (238838)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 63100 | &nbsp;&nbsp; (274703)<br>| &nbsp;&nbsp; (211603)<br>|
| Imperial Bank of Canada | &nbsp;&nbsp; 217443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217443 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 680481 | &nbsp;&nbsp; (1212254)<br>| &nbsp;&nbsp; (531773)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 2032586 | &nbsp;&nbsp; (1542304)<br>| &nbsp;&nbsp; 490282 |
| Royal Bank of Canada | &nbsp;&nbsp; 3648511 | &nbsp;&nbsp; (24189)<br>| &nbsp;&nbsp; 3624322 |
| Societe Generale | &nbsp;&nbsp; 108947 | &nbsp;&nbsp; (11508)<br>| &nbsp;&nbsp; 97439 |
| Standard Chartered Bank | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| UBS AG | &nbsp;&nbsp; 54357 | &nbsp;&nbsp; (558765)<br>| &nbsp;&nbsp; (504408)<br>|
| Total | &nbsp;&nbsp; $9877972 | &nbsp;&nbsp; $(11647733)<br>| &nbsp;&nbsp; $(1769761)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-78

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(999056)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $999056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Bank of New York Mellon | &nbsp;&nbsp; 124273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124273 |
| Barclays Bank PLC | &nbsp;&nbsp; (74777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (74777)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (161603)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161603 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets | &nbsp;&nbsp; (2626683)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2502655 | &nbsp;&nbsp; — | &nbsp;&nbsp; (124028)<br>|
| Deutsche Bank | &nbsp;&nbsp; (974801)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 273211 | &nbsp;&nbsp; — | &nbsp;&nbsp; (701590)<br>|
| Goldman Sachs International | &nbsp;&nbsp; (238838)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 238838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; (211603)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (211603)<br>|
| Imperial Bank of Canada | &nbsp;&nbsp; 217443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 217443 |
| JPMorgan Chase Bank | &nbsp;&nbsp; (531773)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 531773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley Capital | &nbsp;&nbsp; 490282 | &nbsp;&nbsp; — | &nbsp;&nbsp; (490282)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 3624322 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3614322 |
| Societe Generale | &nbsp;&nbsp; 97439 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97439 |
| Standard Chartered Bank | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| UBS AG | &nbsp;&nbsp; (504408)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18986 | &nbsp;&nbsp; — | &nbsp;&nbsp; (485422)<br>|
| Total | &nbsp;&nbsp; $(1769761)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(500282)<br>| &nbsp;&nbsp; $4726122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2456079 |

---

&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.

**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.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

LVIP BlackRock Global Allocation Fund-79

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Risk Factors (continued)**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 2. Restricted securities have been identified on the Consolidated Statement of Net Assets.

**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. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Allocation Fund-80

------

![](imgf9a7bb7f1.jpg)

![](imgf87e7c9f2.jpg)

LVIP BlackRock Global Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Global Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_SOI-continued-284_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_FS-continued-284_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_FS-continued-284_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_FS-continued-284_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_FIHI-continued-284_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_3fb020d0-857c-49a0-b46d-a2767bc2ae79_NTF-continued-284_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–97.02%** | **AFFILIATED INVESTMENT–97.02%** | **AFFILIATED INVESTMENT–97.02%** |
| **INVESTMENT COMPANY–97.02%** | **INVESTMENT COMPANY–97.02%** | **INVESTMENT COMPANY–97.02%** |
| **Global Multi-Asset Fund–97.02%** | **Global Multi-Asset Fund–97.02%** | **Global Multi-Asset Fund–97.02%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Global <br> Allocation Fund<br>| 45870801 | $615402664 |
| **Total Affiliated Investment** <br>**(Cost $458,133,614)**<br>|  | **615402664** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–2.77%** | **UNAFFILIATED INVESTMENT–2.77%** | **UNAFFILIATED INVESTMENT–2.77%** |
| **INVESTMENT COMPANY–2.77%** | **INVESTMENT COMPANY–2.77%** | **INVESTMENT COMPANY–2.77%** |
| **Money Market Fund–2.77%** | **Money Market Fund–2.77%** | **Money Market Fund–2.77%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 17571808 | $17571808 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $17,571,808)**<br>|  | **17571808** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $475,705,422)** | **632974472** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **1303038** |
| **NET ASSETS APPLICABLE TO 50,859,971 SHARES OUTSTANDING–100.00%** | **$634277510** |

---

&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 June 30, 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 Australian Dollar Currency Futures | &nbsp;&nbsp; $461265 | &nbsp;&nbsp; $456119 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $5146 | &nbsp;&nbsp; $— |
| 10 | CME British Pound Currency Futures | &nbsp;&nbsp; 857813 | &nbsp;&nbsp; 843758 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 14055 | &nbsp;&nbsp; — |
| 16 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 2367200 | &nbsp;&nbsp; 2301353 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 65847 | &nbsp;&nbsp; — |
| 13 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 1136606 | &nbsp;&nbsp; 1132879 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 88775 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 42 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 13132875 | &nbsp;&nbsp; 12668789 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 464086 | &nbsp;&nbsp; — |
| 3 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 937650 | &nbsp;&nbsp; 909347 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 28303 | &nbsp;&nbsp; — |
| 40 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 2509977 | &nbsp;&nbsp; 2491865 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 18112 | &nbsp;&nbsp; — |
| 8 | FTSE 100 Index Futures | &nbsp;&nbsp; 965192 | &nbsp;&nbsp; 972555 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7363)<br>|
| 7 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 184454 | &nbsp;&nbsp; 182522 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 1932 | &nbsp;&nbsp; — |
| 3 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 421397 | &nbsp;&nbsp; 421448 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51)<br>|
| 6 | TSE TOPIX Futures | &nbsp;&nbsp; 1189751 | &nbsp;&nbsp; 1165591 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 24160 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 536593 | &nbsp;&nbsp; (7414)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $625368 | &nbsp;&nbsp; $(7414)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |

---

LVIP BlackRock Global Allocation Managed Risk Fund-1

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk Fund** | **LVIP BlackRock Global Allocation Managed Risk Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $615402664 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 17571808 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1443204 |
| Receivable for securities sold | &nbsp;&nbsp; 741775 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 82198 |
| Dividends and interest receivable  | &nbsp;&nbsp; 76079 |
| Prepaid expenses | &nbsp;&nbsp; 1480 |
| Receivable for fund shares sold | &nbsp;&nbsp; 116 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 635319324 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 764833 |
| Due to manager and affiliates | &nbsp;&nbsp; 233626 |
| Other accrued expenses payable | &nbsp;&nbsp; 16447 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12875 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1041814 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $634277510 |
| Affiliated investments, at cost | &nbsp;&nbsp; $458133614 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 17571808 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $75394 |
| Shares Outstanding | &nbsp;&nbsp; 5992 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.582 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $634202116 |
| Shares Outstanding | &nbsp;&nbsp; 50853979 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.471 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $545438342 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 88839168 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $634277510 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $442429 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1085772 |
| Management fees | 465390 |
| Shareholder servicing fees | 89976 |
| Accounting and administration expenses | 49715 |
| Professional fees | 24641 |
| Trustees' fees and expenses | 9447 |
| Reports and statements to shareholders | 7781 |
| Consulting fees | 3824 |
| Custodian fees | 3556 |
| Pricing fees | 365 |
| Other | 35430 |
|  | 1775897 |
| Less:  |  |
| Management fees waived | (232695)<br>|
| Total operating expenses | 1543202 |
| **NET INVESTMENT LOSS** | (1100773)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 10631925 |
| Foreign currencies | (8407)<br>|
| Futures contracts | (7098601)<br>|
| Net realized gain | 3524917 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 49270341 |
| Foreign currencies | 19910 |
| Futures contracts | 1281184 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 50571435 |
| **NET REALIZED AND UNREALIZED GAIN** | 54096352 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $52995579 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income (loss) | $(1100773)<br>| $5838586 |
| Net realized gain | 3524917 | 35042669 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 50571435 | 19618577 |
| Net increase in net assets resulting <br> from operations<br>| 52995579 | 60499832 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (2747)<br>|
| Service Class |  | (20291706)<br>|
|  |  | (20294453)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 163 | 644 |
| Service Class | 7883341 | 11751205 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 2747 |
| Service Class |  | 20291706 |
|  | 7883504 | 32046302 |
| Cost of shares redeemed: |  |  |
| Standard Class | (10705)<br>| (4377)<br>|
| Service Class | (69347154)<br>| (118565645)<br>|
|  | (69357859)<br>| (118570022)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (61474355)<br>| (86523720)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (8478776)<br>| (46318341)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 642756286 | 689074627 |
| End of period | $634277510 | $642756286 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-4

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.537 | &nbsp;&nbsp; $10.905 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $12.585 | &nbsp;&nbsp; $12.272 | &nbsp;&nbsp; $11.280 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp; — | 0.141 | 0.253 | 0.027 | 0.171 | 0.069 |
| Net realized and unrealized gain (loss) | 1.045 | 0.906 | 0.916 | &nbsp;&nbsp; (2.266)<br>| 0.778 | 1.149 |
| Total from investment operations | 1.045 | 1.047 | 1.169 | &nbsp;&nbsp; (2.239)<br>| 0.949 | 1.218 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.415)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.636)<br>| &nbsp;&nbsp; (0.226)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.415)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.636)<br>| &nbsp;&nbsp; (0.226)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.582 | &nbsp;&nbsp; $11.537 | &nbsp;&nbsp; $10.905 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $12.585 | &nbsp;&nbsp; $12.272 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.06% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 11.65% | &nbsp;&nbsp; (17.78%)<br>| &nbsp;&nbsp; 7.74% | &nbsp;&nbsp; 10.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $86 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.15% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.22% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.01% )<sup>5</sup><br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.09% )<sup>5</sup><br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.55% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-5

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.455 | &nbsp;&nbsp; $10.828 | &nbsp;&nbsp; $9.959 | &nbsp;&nbsp; $12.498 | &nbsp;&nbsp; $12.190 | &nbsp;&nbsp; $11.209 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.021)<br>| 0.099 | 0.215 | &nbsp;&nbsp; (0.011)<br>| 0.124 | 0.030 |
| Net realized and unrealized gain (loss) | 1.037 | 0.899 | 0.906 | &nbsp;&nbsp; (2.248)<br>| 0.773 | 1.136 |
| Total from investment operations | 1.016 | 0.998 | 1.121 | &nbsp;&nbsp; (2.259)<br>| 0.897 | 1.166 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.234)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.589)<br>| &nbsp;&nbsp; (0.185)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.252)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.589)<br>| &nbsp;&nbsp; (0.185)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.471 | &nbsp;&nbsp; $11.455 | &nbsp;&nbsp; $10.828 | &nbsp;&nbsp; $9.959 | &nbsp;&nbsp; $12.498 | &nbsp;&nbsp; $12.190 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.87% | &nbsp;&nbsp; 9.22% | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp; (18.06%)<br>| &nbsp;&nbsp; 7.36% | &nbsp;&nbsp; 10.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $634202 | &nbsp;&nbsp; $642677 | &nbsp;&nbsp; $688999 | &nbsp;&nbsp; $709931 | &nbsp;&nbsp; $955379 | &nbsp;&nbsp; $955926 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.50% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.36% )<sup>5</sup><br>| &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.27% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.44% )<sup>5</sup><br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.20% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-6

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Global Allocation Managed Risk Fund(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the LVIP BlackRock Global Allocation Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP BlackRock Global Allocation Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in a portfolio of equity, debt and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP BlackRock Global Allocation Managed Risk Fund-7

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.15% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.075% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $26588 |
| Legal | &nbsp;&nbsp; 4052 |

---

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 $3,457 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $38567 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 179958 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 188 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14913 |

---

LVIP BlackRock Global Allocation Managed Risk Fund-8

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 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> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Global Multi-Asset Fund-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Global Allocation <br> Fund<br>| $623002877 | $7223554 | $74726033 | $10631925 | $49270341 | $615402664 | 45870801 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $7223554 |
| Sales | &nbsp;&nbsp; 74726033 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $475705422 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $157894418 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7414)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $157887004 |

---

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 June 30, 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)

LVIP BlackRock Global Allocation Managed Risk Fund-9

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $615402664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $615402664 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 17571808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17571808 |
| **Total Investments** | &nbsp;&nbsp; $632974472 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $632974472 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $625368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625368 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(7414)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7414)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 55 |
| Service Class | &nbsp;&nbsp; 671773 | &nbsp;&nbsp; 1015076 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 238 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1771737 |
|  | &nbsp;&nbsp; 671787 | &nbsp;&nbsp; 2787106 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (882)<br>| &nbsp;&nbsp; (374)<br>|
| Service Class | &nbsp;&nbsp; (5920202)<br>| &nbsp;&nbsp; (10312980)<br>|
|  | &nbsp;&nbsp; (5921084)<br>| &nbsp;&nbsp; (10313354)<br>|
| Net decrease | &nbsp;&nbsp; (5249297)<br>| &nbsp;&nbsp; (7526248)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded.

LVIP BlackRock Global Allocation Managed Risk Fund-10

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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 June 30, 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 from broker on <br> futures contracts<br>| $536593 | Variation margin due from broker on <br> futures contracts<br>| $(7414)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 88775 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $625368 |  | $(7414)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 six months ended June 30, 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; $(6289341)<br>| &nbsp;&nbsp; $1076138 |
| 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; (809260)<br>| &nbsp;&nbsp; 205046 |
| Total |  | &nbsp;&nbsp; $(7098601)<br>| &nbsp;&nbsp; $1281184 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $24113178 | $— |

---

**7. 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 BlackRock Global Allocation Managed Risk Fund-11

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-12

------

![](imgc7479c661.jpg)

![](img5fd7e3da2.jpg)

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_d9022d19-c24d-4e7b-857a-34f4bccd110d_SOI-continued-244_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_d9022d19-c24d-4e7b-857a-34f4bccd110d_FS-continued-244_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_d9022d19-c24d-4e7b-857a-34f4bccd110d_FS-continued-244_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_d9022d19-c24d-4e7b-857a-34f4bccd110d_FIHI-continued-244_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_d9022d19-c24d-4e7b-857a-34f4bccd110d_NTF-continued-244_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.79%** | **INVESTMENT COMPANIES–99.79%** | **INVESTMENT COMPANIES–99.79%** |
| **Equity Funds–48.99%** | **Equity Funds–48.99%** | **Equity Funds–48.99%** |
| iShares Core S&P 500 ETF | 154519 | $95940847 |
| iShares Core S&P Mid-Cap <br> ETF<br>| 337626 | 20939565 |
| iShares Edge MSCI Min Vol <br> USA ETF<br>| 864435 | 81144513 |
| iShares Russell 2000 ETF | 97965 | 21139867 |
|  |  | **219164792** |
| **Fixed Income Funds–28.65%** | **Fixed Income Funds–28.65%** | **Fixed Income Funds–28.65%** |
| iShares Broad USD <br> Investment Grade Corporate <br> Bond ETF<br>| 417801 | 21491683 |
| iShares Core U.S. Aggregate <br> Bond ETF<br>| 642015 | 63687888 |
| iShares Core U.S. Treasury <br> Bond ETF<br>| 934852 | 21482899 |
| iShares MBS ETF | 228890 | 21490482 |
|  |  | **128152952** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–18.54%** | **International Equity Funds–18.54%** | **International Equity Funds–18.54%** |
| iShares Edge MSCI Min Vol <br> EAFE ETF<br>| 679302 | $57102126 |
| iShares Edge MSCI Min Vol <br> Emerging Markets ETF<br>| 411268 | 25827631 |
|  |  | **82929757** |
| **Money Market Fund–3.61%** | **Money Market Fund–3.61%** | **Money Market Fund–3.61%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 16154946 | 16154946 |
|  |  | **16154946** |
| **Total Investment Companies** <br>**(Cost $316,813,477)**<br>|  | **446402447** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $316,813,477)** | **446402447** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **920478** |
| **NET ASSETS APPLICABLE TO 33,390,620 SHARES OUTSTANDING–100.00%** | **$447322925** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND** <br> **STANDARD CLASS** <br>**($62,356,806 / 4,641,974 Shares)** | **$13.433** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND** <br> **SERVICE CLASS** <br>**($384,966,119 / 28,748,646 Shares)** | **$13.391** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$360755772** |
| Distributable earnings/(accumulated loss) | **86567153** |
| **TOTAL NET ASSETS** | **$447322925** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $959,296 cash collateral held at broker for futures contracts, $45,689 variation margin due from broker on futures contracts, <br> $5,109,611 payable for securities purchased, $80,240 payable for fund shares redeemed, $10,931 other accrued expenses payable, $208,521 <br> due to manager and affiliates, $14,033 payable for audit fee and $14,570 payable for fund accounting fee as of June 30, 2025.<br>

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-1

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 3 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $197685 | &nbsp;&nbsp; $195422 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $2263 | &nbsp;&nbsp; $— |
| 5 | CME British Pound Currency Futures | &nbsp;&nbsp; 428906 | &nbsp;&nbsp; 421879 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 7027 | &nbsp;&nbsp; — |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1035650 | &nbsp;&nbsp; 1006842 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 28808 | &nbsp;&nbsp; — |
| 6 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 524588 | &nbsp;&nbsp; 522755 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 39931 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 9 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 986265 | &nbsp;&nbsp; 953312 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 32953 | &nbsp;&nbsp; — |
| 23 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 7191812 | &nbsp;&nbsp; 6937664 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 254148 | &nbsp;&nbsp; — |
| 6 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1875300 | &nbsp;&nbsp; 1818685 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 56615 | &nbsp;&nbsp; — |
| 20 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1254989 | &nbsp;&nbsp; 1245933 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 9056 | &nbsp;&nbsp; — |
| 4 | FTSE 100 Index Futures | &nbsp;&nbsp; 482596 | &nbsp;&nbsp; 486277 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3681)<br>|
| 15 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 925125 | &nbsp;&nbsp; 907861 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 17264 | &nbsp;&nbsp; — |
| 3 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 79052 | &nbsp;&nbsp; 78214 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 838 | &nbsp;&nbsp; — |
| 1 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 140466 | &nbsp;&nbsp; 140483 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17)<br>|
| 3 | TSE TOPIX Futures | &nbsp;&nbsp; 594875 | &nbsp;&nbsp; 582795 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 12080 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 382954 | &nbsp;&nbsp; (3698)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $422885 | &nbsp;&nbsp; $(3698)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| EAFE–Europe Australasia Far East |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MBS–Mortgage-Backed Security |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $5193281 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 659773 |
| Management fees | 545844 |
| Shareholder servicing fees | 63318 |
| Accounting and administration expenses | 42217 |
| Professional fees | 22579 |
| Custodian fees | 6959 |
| Trustees' fees and expenses | 6559 |
| Reports and statements to shareholders | 5004 |
| Consulting fees | 3852 |
| Pricing fees | 422 |
| Other | 6968 |
|  | 1363495 |
| Less:  |  |
| Management fees waived | (10917)<br>|
| Total operating expenses | 1352578 |
| **NET INVESTMENT INCOME**  | 3840703 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 6433356 |
| Foreign currencies | (1310)<br>|
| Futures contracts | (5242982)<br>|
| Net realized gain | 1189064 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 16889413 |
| Foreign currencies | 7731 |
| Futures contracts | 948612 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 17845756 |
| **NET REALIZED AND UNREALIZED GAIN** | 19034820 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $22875523 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $3840703 | $8805993 |
| Net realized gain | 1189064 | 19344439 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 17845756 | 18874189 |
| Net increase in net assets resulting <br> from operations<br>| 22875523 | 47024621 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1498051)<br>|
| Service Class |  | (8304080)<br>|
|  |  | (9802131)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 1984800 | 4343107 |
| Service Class | 8617652 | 10436246 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1498051 |
| Service Class |  | 8304080 |
|  | 10602452 | 24581484 |
| Cost of shares redeemed: |  |  |
| Standard Class | (3469306)<br>| (4284276)<br>|
| Service Class | (29064696)<br>| (59149187)<br>|
|  | (32534002)<br>| (63433463)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (21931550)<br>| (38851979)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 943973 | (1629489)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 446378952 | 448008441 |
| End of period | $447322925 | $446378952 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-3

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.735 | &nbsp;&nbsp; $11.749 | &nbsp;&nbsp; $10.747 | &nbsp;&nbsp; $13.578 | &nbsp;&nbsp; $12.586 | &nbsp;&nbsp; $12.526 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.132 | 0.281 | 0.242 | 0.182 | 0.161 | 0.187 |
| Net realized and unrealized gain (loss) | 0.566 | 1.030 | 1.014 | &nbsp;&nbsp; (2.429)<br>| 1.426 | 0.060 |
| Total from investment operations | 0.698 | 1.311 | 1.256 | &nbsp;&nbsp; (2.247)<br>| 1.587 | 0.247 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.254)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.171)<br>| &nbsp;&nbsp; (0.187)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.424)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.325)<br>| &nbsp;&nbsp; (0.254)<br>| &nbsp;&nbsp; (0.584)<br>| &nbsp;&nbsp; (0.595)<br>| &nbsp;&nbsp; (0.187)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.433 | &nbsp;&nbsp; $12.735 | &nbsp;&nbsp; $11.749 | &nbsp;&nbsp; $10.747 | &nbsp;&nbsp; $13.578 | &nbsp;&nbsp; $12.586 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 11.17% | &nbsp;&nbsp; 11.68% | &nbsp;&nbsp; (16.52%)<br>| &nbsp;&nbsp; 12.69% | &nbsp;&nbsp; 1.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $62357 | &nbsp;&nbsp; $60575 | &nbsp;&nbsp; $54324 | &nbsp;&nbsp; $47102 | &nbsp;&nbsp; $51501 | &nbsp;&nbsp; $46782 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.32% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.06% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.55% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.05% <br><sup>5</sup><br>| &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.55% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-4

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.717 | &nbsp;&nbsp; $11.731 | &nbsp;&nbsp; $10.732 | &nbsp;&nbsp; $13.557 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $12.511 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.109 | 0.236 | 0.202 | 0.141 | 0.114 | 0.144 |
| Net realized and unrealized gain (loss) | 0.565 | 1.028 | 1.009 | &nbsp;&nbsp; (2.424)<br>| 1.423 | 0.058 |
| Total from investment operations | 0.674 | 1.264 | 1.211 | &nbsp;&nbsp; (2.283)<br>| 1.537 | 0.202 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.249)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.125)<br>| &nbsp;&nbsp; (0.144)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.424)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.542)<br>| &nbsp;&nbsp; (0.549)<br>| &nbsp;&nbsp; (0.144)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.391 | &nbsp;&nbsp; $12.717 | &nbsp;&nbsp; $11.731 | &nbsp;&nbsp; $10.732 | &nbsp;&nbsp; $13.557 | &nbsp;&nbsp; $12.569 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 10.79% | &nbsp;&nbsp; 11.29% | &nbsp;&nbsp; (16.81%)<br>| &nbsp;&nbsp; 12.31% | &nbsp;&nbsp; 1.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $384966 | &nbsp;&nbsp; $385804 | &nbsp;&nbsp; $393684 | &nbsp;&nbsp; $387868 | &nbsp;&nbsp; $500084 | &nbsp;&nbsp; $481243 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.71% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.70% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-5

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds ("Underlying ETFs") or financial instruments that provide exposure to such Underlying ETFs (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at http://www.sec.gov.

The Fund's investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-6

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Milliman Financial Risk Management LLC ("Milliman") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays Milliman a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $18652 |
| Legal | &nbsp;&nbsp; 2843 |

---

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 $1,644 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-7

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $88743 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 109222 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 52 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 10504 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $18163016 |
| Sales | &nbsp;&nbsp; 43705309 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $316813477 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $137725025 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7716868)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $130008157 |

---

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 June 30, 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 BlackRock Global Growth ETF Allocation Managed Risk Fund-8

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $446402447 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $446402447 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $422885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $422885 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(3698)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3698)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 153545 | &nbsp;&nbsp; 347456 |
| Service Class | &nbsp;&nbsp; 670006 | &nbsp;&nbsp; 826420 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 118157 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 655798 |
|  | &nbsp;&nbsp; 823551 | &nbsp;&nbsp; 1947831 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (268019)<br>| &nbsp;&nbsp; (333088)<br>|
| Service Class | &nbsp;&nbsp; (2258822)<br>| &nbsp;&nbsp; (4704206)<br>|
|  | &nbsp;&nbsp; (2526841)<br>| &nbsp;&nbsp; (5037294)<br>|
| Net decrease | &nbsp;&nbsp; (1703290)<br>| &nbsp;&nbsp; (3089463)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-9

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 six months ended June 30, 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 June 30, 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>| $382954 | Receivables and other assets net of <br> liabilities<br>| $(3698)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 39931 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $422885 |  | $(3698)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(4864093)<br>| &nbsp;&nbsp; $860841 |
| 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; (378889)<br>| &nbsp;&nbsp; 87771 |
| Total |  | &nbsp;&nbsp; $(5242982)<br>| &nbsp;&nbsp; $948612 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $15472266 | $— |

---

**7. 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 BlackRock Global Growth ETF Allocation Managed Risk Fund-10

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-11

------

![](img3d7e9f2d1.jpg)

LVIP BlackRock Inflation Protected Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Inflation Protected Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_2e0c1b91-534d-4968-89f6-66651bb09858_SOI-continued-269_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_2e0c1b91-534d-4968-89f6-66651bb09858_FS-continued-269_1)**  | &nbsp;&nbsp; **13** |
| **[Statements of Changes in Net Assets](#xx_2e0c1b91-534d-4968-89f6-66651bb09858_FS-continued-269_1)**  | &nbsp;&nbsp; **13** |
| **[Financial Highlights](#xx_2e0c1b91-534d-4968-89f6-66651bb09858_FIHI-continued-269_1)**  | &nbsp;&nbsp; **14** |
| **[Notes to Financial Statements](#xx_2e0c1b91-534d-4968-89f6-66651bb09858_NTF-continued-269_1)**  | &nbsp;&nbsp; **16** |

---

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.13%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.13%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.13%** |
| •Federal Home Loan Mortgage Corp. REMICS  | •Federal Home Loan Mortgage Corp. REMICS  | •Federal Home Loan Mortgage Corp. REMICS  |
| Series 5513 Class FD 5.66% <br> (30 day USD SOFR Average <br> + 1.35%) 1/25/55<br>| 4544687 | $4542547 |
| Series 5516 Class FC 5.71% <br> (30 day USD SOFR Average <br> + 1.40%) 3/25/55<br>| 8323480 | 8335803 |
| **Total Agency Collateralized** <br> **Mortgage Obligations** <br>**(Cost $12,869,156)**<br>|  | **12878350** |
| **AGENCY MORTGAGE-BACKED SECURITIES–12.06%** | **AGENCY MORTGAGE-BACKED SECURITIES–12.06%** | **AGENCY MORTGAGE-BACKED SECURITIES–12.06%** |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 5.00% 7/1/54 | 12331000 | 12083149 |
| 5.50% 8/1/54 | 75382000 | 75364754 |
| 6.00% 7/1/54 | 49940000 | 50745175 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $136,510,585)**<br>|  | **138193078** |
| **CORPORATE BONDS–2.03%** | **CORPORATE BONDS–2.03%** | **CORPORATE BONDS–2.03%** |
| **Brazil–0.08%** | **Brazil–0.08%** | **Brazil–0.08%** |
| Suzano Austria GmbH 3.13% <br> 1/15/32<br>| 473000 | 416840 |
| Vale Overseas Ltd. 6.40% <br> 6/28/54<br>| 573000 | 563126 |
|  |  | **979966** |
| **Chile–0.07%** | **Chile–0.07%** | **Chile–0.07%** |
| AES Andes SA 6.30% 3/15/29 | 200000 | 205521 |
| Corp. Nacional del Cobre de <br> Chile 6.44% 1/26/36<br>| 535000 | 559629 |
|  |  | **765150** |
| **Colombia–0.02%** | **Colombia–0.02%** | **Colombia–0.02%** |
| SURA Asset Management SA <br> 6.35% 5/13/32<br>| 271000 | 284848 |
|  |  | **284848** |
| **Hungary–0.05%** | **Hungary–0.05%** | **Hungary–0.05%** |
| MVM Energetika Zrt 6.50% <br> 3/13/31<br>| 546000 | 564588 |
|  |  | **564588** |
| **Kazakhstan–0.05%** | **Kazakhstan–0.05%** | **Kazakhstan–0.05%** |
| Kaspi.KZ JSC 6.25% 3/26/30 | 561000 | 564022 |
|  |  | **564022** |
| **Luxembourg–0.10%** | **Luxembourg–0.10%** | **Luxembourg–0.10%** |
| Greensaif Pipelines Bidco <br> SARL 5.85% 2/23/36<br>| 555000 | 560556 |
| Raizen Fuels Finance SA |  |  |
| 6.25% 7/8/32 | 367000 | 364247 |
| 6.45% 3/5/34 | 200000 | 200197 |
|  |  | **1125000** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mexico–0.05%** | **Mexico–0.05%** | **Mexico–0.05%** |
| Orbia Advance Corp. SAB de <br> CV 6.80% 5/13/30<br>| 557000 | $569254 |
|  |  | **569254** |
| **Netherlands–0.10%** | **Netherlands–0.10%** | **Netherlands–0.10%** |
| Embraer Netherlands <br> Finance BV 5.98% 2/11/35<br>| 275000 | 283470 |
| Minejesa Capital BV 5.63% <br> 8/10/37<br>| 290000 | 279182 |
| Prosus NV 4.19% 1/19/32 | 605000 | 566673 |
|  |  | **1129325** |
| **Poland–0.05%** | **Poland–0.05%** | **Poland–0.05%** |
| ORLEN SA 6.00% 1/30/35 | 549000 | 562945 |
|  |  | **562945** |
| **United Arab Emirates–0.05%** | **United Arab Emirates–0.05%** | **United Arab Emirates–0.05%** |
| DP World Ltd. 6.85% 7/2/37 | 510000 | 555398 |
|  |  | **555398** |
| **United States–1.41%** | **United States–1.41%** | **United States–1.41%** |
| AEP Texas, Inc. 5.70% <br> 5/15/34<br>| 805000 | 822424 |
| μBank of America Corp. 5.47% <br> 1/23/35<br>| 1165000 | 1196849 |
| Broadcom, Inc. 3.47% 4/15/34 | 1170000 | 1045153 |
| Cheniere Energy Partners LP <br> 5.75% 8/15/34<br>| 980000 | 1006431 |
| μCitigroup, Inc. 5.45% 6/11/35 | 1050000 | 1072502 |
| Diamondback Energy, Inc. <br> 5.40% 4/18/34<br>| 1740000 | 1745149 |
| Energy Transfer LP 5.60% <br> 9/1/34<br>| 825000 | 837882 |
| μGoldman Sachs Group, Inc. <br> 5.33% 7/23/35<br>| 1185000 | 1195303 |
| HCA, Inc. |  |  |
| 5.45% 9/15/34 | 715000 | 721188 |
| 5.60% 4/1/34 | 1005000 | 1028263 |
| μJPMorgan Chase & Co. 5.29% <br> 7/22/35<br>| 1175000 | 1195706 |
| μMorgan Stanley 5.32% <br> 7/19/35<br>| 1180000 | 1194405 |
| Oracle Corp. 4.90% 2/6/33 | 1025000 | 1027743 |
| Vistra Operations Co. LLC <br> 6.00% 4/15/34<br>| 875000 | 908652 |
| μWells Fargo & Co. 5.50% <br> 1/23/35<br>| 1165000 | 1194728 |
|  |  | **16192378** |
| **Total Corporate Bonds** <br>**(Cost $23,140,550)**<br>|  | **23292874** |
| **NON-AGENCY ASSET-BACKED SECURITIES–2.65%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.65%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.65%** |
| AMSR Trust | AMSR Trust | AMSR Trust |
| Series 2022-SFR1 Class E1 <br> 4.39% 3/17/39<br>| 2500000 | 2444154 |

---

LVIP BlackRock Inflation Protected Bond Fund-1

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| AMSR Trust (continued) | AMSR Trust (continued) | AMSR Trust (continued) |
| Series 2022-SFR3 Class D <br> 4.00% 10/17/39<br>| 2180000 | $2114081 |
| FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
| Series 2022-SFR1 Class E1 <br> 5.00% 5/19/39<br>| 2500000 | 2451330 |
| Series 2022-SFR1 Class E2 <br> 5.00% 5/19/39<br>| 2500000 | 2445773 |
| Series 2022-SFR2 Class D <br> 4.50% 7/17/39<br>| 2000000 | 1969213 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR2 <br> Class D 4.00% 9/4/39<br>| 2210000 | 2142983 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2021-SFR8 Class E1 <br> 2.38% 10/17/38<br>| 2500000 | 2428759 |
| Series 2022-SFR3 Class E2 <br> 5.60% 4/17/39<br>| 968000 | 953428 |
| Series 2022-SFR4 Class D <br> 5.59% 5/17/41<br>| 2500000 | 2510740 |
| Series 2022-SFR5 Class D <br> 5.73% 6/17/39<br>| 2500000 | 2509695 |
| Series 2022-SFR6 Class D <br> 6.04% 7/20/39<br>| 2150000 | 2171538 |
| Series 2022-SFR7 Class D <br> 5.50% 10/27/39<br>| 1615000 | 1615603 |
| Tricon Residential Trust | Tricon Residential Trust | Tricon Residential Trust |
| Series 2022-SFR1 Class E1 <br> 5.34% 4/17/39<br>| 1500000 | 1484148 |
| Series 2022-SFR1 Class E2 <br> 5.74% 4/17/39<br>| 600000 | 599377 |
| Series 2022-SFR2 Class D <br> 6.23% 7/17/40<br>| 2500000 | 2559575 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $29,623,625)**<br>|  | **30400397** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–1.78%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–1.78%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–1.78%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 4315 | 4244 |
| φAngel Oak Mortgage Trust <br> Series 2025-2 Class A1 5.64% <br> 2/25/70<br>| 1171228 | 1177754 |
| •BFLD Mortgage Trust Series <br> 2024-VICT Class A 6.20% (1 <br> mo. USD Term SOFR + <br> 1.89%) 7/15/41<br>| 365000 | 365912 |
| φBRAVO Residential Funding <br> Trust Series 2023-NQM3 <br> Class A1 4.85% 9/25/62<br>| 1208157 | 1217284 |
| •BX Commercial Mortgage <br> Trust Series 2024-XL4 <br> Class D 7.45% (1 mo. USD <br> Term SOFR + 3.14%) <br> 2/15/39<br>| 525568 | 527046 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| ♦CHL Mortgage Pass-Through <br> Trust Series 2004-5 Class <br> 2A4 5.50% 5/25/34<br>| 20299 | $19806 |
| •COMM Mortgage Trust Series <br> 2024-WCL1 Class A 6.15% (1 <br> mo. USD Term SOFR + <br> 1.84%) 6/15/41<br>| 540000 | 539831 |
| •Cross Mortgage Trust Series <br> 2025-H1 Class A1 5.74% <br> 2/25/70<br>| 1366215 | 1375692 |
| •CSMC Trust Series <br> 2022-NQM5 Class A1 5.17% <br> 5/25/67<br>| 2344087 | 2401760 |
| φDeephaven Residential <br> Mortgage Trust Series <br> 2024-1 Class A1 5.74% <br> 7/25/69<br>| 566768 | 569519 |
| •Ellington Financial Mortgage <br> Trust Series 2021-3 Class A1 <br> 1.24% 9/25/66<br>| 1538272 | 1286087 |
| φHOMES Trust | φHOMES Trust | φHOMES Trust |
| Series 2025-AFC1 Class A1 <br> 5.73% 1/25/60<br>| 728301 | 733492 |
| Series 2025-AFC2 Class A1A <br> 5.47% 6/25/60<br>| 1403000 | 1403919 |
| •JP Morgan Mortgage Trust <br> Series 2023-DSC1 Class A1 <br> 4.63% 7/25/63<br>| 670489 | 658362 |
| •JW Commercial Mortgage <br> Trust Series 2024-MRCO <br> Class A 5.93% (1 mo. USD <br> Term SOFR + 1.62%) <br> 6/15/39<br>| 510000 | 510159 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2025-NQM1 Class A1 5.74% <br> 11/25/69<br>| 741165 | 746528 |
| •PRKCM Trust Series <br> 2022-AFC2 Class A1 5.34% <br> 8/25/57<br>| 364738 | 364003 |
| φPRPM Trust | φPRPM Trust | φPRPM Trust |
| Series 2025-NQM1 Class A1 <br> 5.80% 11/25/69<br>| 1147679 | 1156869 |
| Series 2025-NQM2 Class A1 <br> 5.69% 4/25/70<br>| 845879 | 850920 |
| SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
| •Series 2021-1 Class A1 1.16% <br> 7/25/61<br>| 1823025 | 1509823 |
| φSeries 2022-2 Class A1 5.35% <br> 8/25/62<br>| 602402 | 601100 |
| φVerus Securitization Trust | φVerus Securitization Trust | φVerus Securitization Trust |
| Series 2022-7 Class A1 5.15% <br> 7/25/67<br>| 1647893 | 1639833 |
| Series 2022-INV2 Class A1 <br> 6.79% 10/25/67<br>| 464902 | 464657 |

---

LVIP BlackRock Inflation Protected Bond Fund-2

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| ♦WaMu Mortgage Pass-Through <br> Certificates Trust Series <br> 2003-S11 Class 3A5 5.95% <br> 11/25/33<br>| 31764 | $31635 |
| •Wells Fargo Commercial <br> Mortgage Trust Series <br> 2024-1CHI Class A 5.48% <br> 7/15/35<br>| 182000 | 183008 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $19,989,243)**<br>|  | **20339243** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.19%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.19%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.19%** |
| •AREIT Ltd. Series 2024-CRE9 <br> Class A 6.00% (1 mo. USD <br> Term SOFR + 1.69%) <br> 5/17/41<br>| 1429469 | 1433045 |
| •ARES Commercial Mortgage <br> Trust Series 2024-IND <br> Class A 6.00% (1 mo. USD <br> Term SOFR + 1.69%) <br> 7/15/41<br>| 1150000 | 1151799 |
| •BAHA Trust Series 2024-MAR <br> Class A 6.17% 12/10/41<br>| 1150000 | 1187660 |
| •BAMLL Trust Series <br> 2024-BHP Class A 6.66% (1 <br> mo. USD Term SOFR + <br> 2.35%) 8/15/39<br>| 770000 | 773851 |
| •BFLD Trust Series <br> 2025-EWEST Class A 5.85% <br> (1 mo. USD Term SOFR + <br> 1.55%) 6/15/42<br>| 954000 | 954596 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2024-AIRC Class A <br> 6.00% (1 mo. USD Term <br> SOFR + 1.69%) 8/15/39<br>| 475652 | 477436 |
| Series 2024-KING Class A <br> 5.85% (1 mo. USD Term <br> SOFR + 1.54%) 5/15/34<br>| 1204148 | 1204146 |
| Series 2024-MDHS Class A <br> 5.95% (1 mo. USD Term <br> SOFR + 1.64%) 5/15/41<br>| 1026560 | 1027843 |
| •BX Trust Series 2024-VLT4 <br> Class A 5.80% (1 mo. USD <br> Term SOFR + 1.49%) <br> 7/15/29<br>| 1078000 | 1077665 |
| •CONE Trust Series <br> 2024-DFW1 Class A 5.95% (1 <br> mo. USD Term SOFR + <br> 1.64%) 8/15/41<br>| 210000 | 208970 |
| •DBSG Mortgage Trust Series <br> 2024-ALTA Class A 6.14% <br> 6/10/37<br>| 215000 | 219458 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •ELM Trust | •ELM Trust | •ELM Trust | •ELM Trust |
| Series 2024-ELM Class A10 <br> 5.99% 6/10/39<br>|  | 430000 | $433493 |
| Series 2024-ELM Class A15 <br> 5.99% 6/10/39<br>|  | 430000 | 433493 |
| •GWT Trust Series 2024-WLF2 <br> Class A 6.00% (1 mo. USD <br> Term SOFR + 1.69%) <br> 5/15/41<br>|  | 1250000 | 1252736 |
| •HILT Commercial Mortgage <br> Trust Series 2024-ORL <br> Class A 5.85% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/37<br>|  | 475000 | 475297 |
| •HONO Mortgage Trust Series <br> 2021-LULU Class A 5.58% (1 <br> mo. USD Term SOFR + <br> 1.26%) 10/15/36<br>|  | 150000 | 148875 |
| •LBA Trust Series 2024-BOLT <br> Class A 5.90% (1 mo. USD <br> Term SOFR + 1.59%) <br> 6/15/39<br>|  | 810000 | 810001 |
| •NYCT Trust Series 2024-3ELV <br> Class A 6.30% (1 mo. USD <br> Term SOFR + 1.99%) <br> 8/15/29<br>|  | 183498 | 183725 |
| •One New York Plaza Trust <br> Series 2020-1NYP Class AJ <br> 5.68% (1 mo. USD Term <br> SOFR + 1.36%) 1/15/36<br>|  | 215000 | 206730 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $13,575,726)**<br>|  |  | **13660819** |
| **ΔSOVEREIGN BONDS–40.74%** | **ΔSOVEREIGN BONDS–40.74%** | **ΔSOVEREIGN BONDS–40.74%** | **ΔSOVEREIGN BONDS–40.74%** |
| **Australia–0.79%** | **Australia–0.79%** | **Australia–0.79%** | **Australia–0.79%** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| 0.25% 11/21/32 | AUD | 2364000 | 1649266 |
| 0.75% 11/21/27 | AUD | 4343000 | 3600716 |
| 2.50% 9/20/30 | AUD | 3731000 | 3804397 |
|  |  |  | **9054379** |
| **Belgium–0.24%** | **Belgium–0.24%** | **Belgium–0.24%** | **Belgium–0.24%** |
| Kingdom of Belgium <br> Government Bonds 3.30% <br> 6/22/54<br>| EUR | 2603760 | 2731339 |
|  |  |  | **2731339** |
| **Canada–0.77%** | **Canada–0.77%** | **Canada–0.77%** | **Canada–0.77%** |
| Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
| 4.00% 12/1/31 | CAD | 5650491 | 4895502 |
| 4.25% 12/1/26 | CAD | 5075553 | 3919255 |
|  |  |  | **8814757** |

---

LVIP BlackRock Inflation Protected Bond Fund-3

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Denmark–0.32%** | **Denmark–0.32%** | **Denmark–0.32%** | **Denmark–0.32%** |
| Denmark I/L Government Bonds | Denmark I/L Government Bonds | Denmark I/L Government Bonds | Denmark I/L Government Bonds |
| 0.10% 11/15/30 | DKK | 11574913 | $1767792 |
| 0.10% 11/15/34 | DKK | 12577383 | 1846957 |
|  |  |  | **3614749** |
| **France–9.27%** | **France–9.27%** | **France–9.27%** | **France–9.27%** |
| French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. |
| 0.10% 3/1/28 | EUR | 9345406 | 10791561 |
| 0.10% 3/1/28 | EUR | 763502 | 881650 |
| 0.10% 3/1/29 | EUR | 14656207 | 16868868 |
| 0.10% 7/25/31 | EUR | 7635603 | 8587963 |
| 0.10% 3/1/32 | EUR | 5159629 | 5696115 |
| 0.60% 7/25/34 | EUR | 4780566 | 5338388 |
| 0.70% 7/25/30 | EUR | 10481352 | 12329169 |
| 1.85% 7/25/27 | EUR | 17317436 | 21034312 |
| 3.15% 7/25/32 | EUR | 9188179 | 12436639 |
| 3.15% 7/25/32 | EUR | 1952745 | 2643134 |
| 3.40% 7/25/29 | EUR | 885926 | 1152253 |
| 3.40% 7/25/29 | EUR | 6534833 | 8499334 |
|  |  |  | **106259386** |
| **Germany–2.27%** | **Germany–2.27%** | **Germany–2.27%** | **Germany–2.27%** |
| Bundesrepublik Deutschland <br> Bundesanleihe 2.50% <br> 8/15/54<br>| EUR | 2171000 | 2272378 |
| Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds |
| 0.10% 4/15/33 | EUR | 6101613 | 6870694 |
| 0.50% 4/15/30 | EUR | 14342794 | 16876687 |
|  |  |  | **26019759** |
| **Israel–0.05%** | **Israel–0.05%** | **Israel–0.05%** | **Israel–0.05%** |
| Israel Government <br> International Bonds 5.75% <br> 3/12/54<br>|  | 633000 | 585856 |
|  |  |  | **585856** |
| **Italy–6.15%** | **Italy–6.15%** | **Italy–6.15%** | **Italy–6.15%** |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 0.10% 5/15/33 | EUR | 12096345 | 12858063 |
| 0.40% 5/15/30 | EUR | 9474747 | 10862579 |
| 1.25% 9/15/32 | EUR | 10281418 | 12158236 |
| 1.30% 5/15/28 | EUR | 10281299 | 12289498 |
| 1.50% 5/15/29 | EUR | 9723423 | 11702121 |
| 3.10% 9/15/26 | EUR | 8758727 | 10654209 |
|  |  |  | **70524706** |
| **Japan–3.30%** | **Japan–3.30%** | **Japan–3.30%** | **Japan–3.30%** |
| Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds |
| 0.01% 3/10/31 | JPY | 405463992 | 3001516 |
| 0.01% 3/10/32 | JPY | 453513366 | 3281401 |
| 0.01% 3/10/33 | JPY | 486571716 | 3477597 |
| 0.01% 3/10/34 | JPY | 501952260 | 3543208 |
| 0.10% 3/10/27 | JPY | 701127426 | 5051002 |
| 0.10% 3/10/28 | JPY | 786745312 | 5650902 |
| 0.10% 3/10/29 | JPY | 801724224 | 5782440 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Government CPI Linked Bonds (continued) | Japan Government CPI Linked Bonds (continued) | Japan Government CPI Linked Bonds (continued) | Japan Government CPI Linked Bonds (continued) |
| 0.20% 3/10/30 | JPY | 309015768 | $2310756 |
| Japan Government <br> CPI-Linked Bonds 0.01% <br> 3/10/35<br>| JPY | 117836658 | 822264 |
| Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
| 2.30% 12/20/54 | JPY | 468200000 | 2918963 |
| 2.40% 3/20/55 | JPY | 302150000 | 1925321 |
|  |  |  | **37765370** |
| **Mexico–0.59%** | **Mexico–0.59%** | **Mexico–0.59%** | **Mexico–0.59%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 3.50% 2/12/34 |  | 1762000 | 1476556 |
| 4.88% 5/19/33 |  | 400000 | 377280 |
| 6.35% 2/9/35 |  | 2943000 | 3005833 |
| 6.88% 5/13/37 |  | 1858000 | 1936593 |
|  |  |  | **6796262** |
| **New Zealand–0.20%** | **New Zealand–0.20%** | **New Zealand–0.20%** | **New Zealand–0.20%** |
| New Zealand Government <br> Bonds Inflation-Linked <br> 3.00% 9/20/30<br>| NZD | 2717000 | 2335114 |
|  |  |  | **2335114** |
| **Spain–3.70%** | **Spain–3.70%** | **Spain–3.70%** | **Spain–3.70%** |
| Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked |
| 0.65% 11/30/27 | EUR | 11211734 | 13257715 |
| 0.70% 11/30/33 | EUR | 12998772 | 14730794 |
| 1.00% 11/30/30 | EUR | 12132450 | 14417835 |
|  |  |  | **42406344** |
| **Sweden–0.72%** | **Sweden–0.72%** | **Sweden–0.72%** | **Sweden–0.72%** |
| Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked |
| 0.13% 12/1/27 | SEK | 16515000 | 2245616 |
| 0.13% 6/1/30 | SEK | 9855000 | 1265785 |
| 0.13% 6/1/32 | SEK | 15300000 | 2107639 |
| 3.50% 12/1/28 | SEK | 14075000 | 2651274 |
|  |  |  | **8270314** |
| **United Kingdom–12.37%** | **United Kingdom–12.37%** | **United Kingdom–12.37%** | **United Kingdom–12.37%** |
| U.K. Inflation-Linked Gilts <br> 2.00% 1/26/35<br>| GBP | 4580000 | 15065847 |
| United Kingdom Gilt 4.38% <br> 7/31/54<br>| GBP | 1826776 | 2172017 |
| United Kingdom Inflation-Linked Gilt | United Kingdom Inflation-Linked Gilt | United Kingdom Inflation-Linked Gilt | United Kingdom Inflation-Linked Gilt |
| 0.13% 8/10/28 | GBP | 13163245 | 17888535 |
| 0.13% 3/22/29 | GBP | 12728177 | 17121290 |
| 0.13% 8/10/31 | GBP | 7535219 | 9898974 |
| 0.75% 11/22/33 | GBP | 6775998 | 8938516 |
| 0.75% 3/22/34 | GBP | 15179985 | 19852114 |
| 1.25% 11/22/27 | GBP | 14896790 | 20854258 |
| 1.25% 11/22/32 | GBP | 13582768 | 18847668 |

---

LVIP BlackRock Inflation Protected Bond Fund-4

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| United Kingdom Inflation-Linked Gilt (continued) | United Kingdom Inflation-Linked Gilt (continued) | United Kingdom Inflation-Linked Gilt (continued) | United Kingdom Inflation-Linked Gilt (continued) |
| 4.13% 7/22/30 | GBP | 2369000 | $11103620 |
|  |  |  | **141742839** |
| **Total Sovereign Bonds** <br>**(Cost $456,569,505)**<br>|  |  | **466921174** |
| **SUPRANATIONAL BANKS–0.87%** | **SUPRANATIONAL BANKS–0.87%** | **SUPRANATIONAL BANKS–0.87%** | **SUPRANATIONAL BANKS–0.87%** |
| European Union | European Union | European Union | European Union |
| 2.50% 10/4/52 | EUR | 1010000 | 924758 |
| 3.00% 3/4/53 | EUR | 8980625 | 9079004 |
| **Total Supranational Banks** <br>**(Cost $9,646,443)**<br>|  |  | **10003762** |
| **U.S. TREASURY OBLIGATIONS–59.54%** | **U.S. TREASURY OBLIGATIONS–59.54%** | **U.S. TREASURY OBLIGATIONS–59.54%** | **U.S. TREASURY OBLIGATIONS–59.54%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.25% 8/15/54 |  | 365000 | 333319 |
| 4.75% 5/15/55 |  | 9987000 | 9930823 |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 1.38% 7/15/33 |  | 23763260 | 23076089 |
| 1.75% 1/15/28 |  | 11559881 | 11707252 |
| ∞1.88% 7/15/34 |  | 26967608 | 26988284 |
| 2.13% 4/15/29 |  | 23519840 | 24152073 |
| 2.38% 1/15/27 |  | 12862940 | 13078362 |
| 2.50% 1/15/29 |  | 8574066 | 8920842 |
| 3.38% 4/15/32 |  | 4262972 | 4744972 |
| 3.63% 4/15/28 |  | 16615166 | 17667515 |
| 3.88% 4/15/29 |  | 18635816 | 20344897 |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| 0.13% 7/15/26 |  | 24386810 | 24175713 |
| 0.13% 10/15/26 |  | 22144492 | 21890333 |
| 0.13% 4/15/27 |  | 19650150 | 19238681 |
| 0.13% 1/15/30 |  | 20423767 | 19273853 |
| ∞0.13% 7/15/30 |  | 27036658 | 25396592 |
| 0.13% 1/15/31 |  | 26340739 | 24404315 |
| 0.13% 7/15/31 |  | 28045343 | 25806951 |
| 0.13% 1/15/32 |  | 28861242 | 26157236 |
| 0.25% 7/15/29 |  | 24913019 | 23923261 |
| 0.38% 1/15/27 |  | 17465606 | 17226850 |
| 0.38% 7/15/27 |  | 24192931 | 23865350 |
| 0.50% 1/15/28 |  | 23453633 | 23017123 |
| 0.63% 7/15/32 |  | 25823303 | 24086037 |
| 0.75% 7/15/28 |  | 22337937 | 22065320 |
| 1.13% 1/15/33 |  | 26904598 | 25708298 |
| 1.25% 4/15/28 |  | 21756740 | 21715799 |
| 1.63% 10/15/27 |  | 21753312 | 22024076 |
| ∞1.63% 10/15/29 |  | 24058076 | 24353342 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Inflation Indexed Notes (continued) | U.S. Treasury Inflation Indexed Notes (continued) | U.S. Treasury Inflation Indexed Notes (continued) |
| ∞1.63% 4/15/30 | 21010113 | $21161059 |
| 1.75% 1/15/34 | 26492378 | 26260443 |
| ∞2.13% 1/15/35 | 33068574 | 33608056 |
| 2.38% 10/15/28 | 8362211 | 8673933 |
| ∞U.S. Treasury Notes 4.25% <br> 5/15/35<br>| 17351000 | 17378111 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $686,235,981)**<br>|  | **682355160** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 7252504 | 7252504 |
| **Total Money Market Fund** <br>**(Cost $7,252,504)** | **Total Money Market Fund** <br>**(Cost $7,252,504)** | **7252504** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Number of** <br>**Contracts**<br>|
| **OPTIONS PURCHASED–0.04%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Over-The-Counter–0.04%**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Put Options–0.04%** | **Put Options–0.04%** | **Put Options–0.04%** |
| USD vs MXN Strike price <br> $19.100, expiration date <br> 8/14/25, notional amount <br> $331,843,400 MSC<br>| 17374000 | 392531 |
| USD vs JPY Strike price <br> $150.000, expiration date <br> 11/20/25, notional amount <br> $1,837,950,000 BRC<br>| 12253000 | 18098 |
|  |  | **410629** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **Put Swaptions–0.00%** | **Put Swaptions–0.00%** | **Put Swaptions–0.00%** |
| 30 Year Interest Rate Swap, <br> expiration date 8/13/25, <br> notional amount $16,690,000 <br> GSI<br>| 16690000 | 33988 |
| **Total Options Purchased** <br>**(Cost $434,191)** | **Total Options Purchased** <br>**(Cost $434,191)** | **444617** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–122.66% (Cost $1,395,847,509)** | **1405741978** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(0.01)%** | **OPTIONS WRITTEN–(0.01)%** |
| **Over-The-Counter–(0.01)%** | **Over-The-Counter–(0.01)%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Inflation Protected Bond Fund-5

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Contracts**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **Put Options–(0.01)%** | **Put Options–(0.01)%** | **Put Options–(0.01)%** |
| USD vs MXN Strike price $18.500, expiration date 8/14/25, notional amount $(321419000) MSC | (17374000)<br>| $(98319)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **Put Swaptions–(0.00)%** | **Put Swaptions–(0.00)%** | **Put Swaptions–(0.00)%** |
| 5 Year Interest Rate Swap, expiration date 8/13/25, notional amount $(64288000) GSI | (64288000)<br>| (13007)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Number of** <br>**Contracts**<br>|
| **Centrally Cleared–(0.00)%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Put Options–(0.00)%** | **Put Options–(0.00)%** | **Put Options–(0.00)%** |
| 3 Month SOFR Strike price $96.000, expiration date 10/10/25, notional amount $(114960000) | (479)<br>| (53888)<br>|
| **Total Options Written** <br>**(Premiums received $(449450))** | **Total Options Written** <br>**(Premiums received $(449450))** | **(165214)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(22.65%)** | **(259540426)**<br>|
| **NET ASSETS APPLICABLE TO 122,309,038 SHARES OUTSTANDING –100.00%** | **$1146036338** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND STANDARD CLASS** <br>**($386,199,594 / 41,171,412 Shares)** | **$9.380** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND SERVICE CLASS** <br>**($759,836,744 / 81,137,626 Shares)** | **$9.365** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1314577429** |
| Distributable earnings/(accumulated loss) | **(168541091)**<br>|
| **TOTAL NET ASSETS** | **$1146036338** |

---

&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 June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> 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 June 30, 2025. Rate will reset at a future date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| ΔSecurities have been classified by country of origin. |
| ∞Fully or partially pledged as collateral for reverse repurchase agreements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $6,189,000 cash collateral held at broker for futures contracts, $3,453,000 cash collateral held at brokers for centrally cleared swap <br> contracts, $89,655 variation margin due from brokers on centrally cleared swap contracts, $154,157,434 payable for securities purchased, <br> $585,764 payable for fund shares redeemed, $339,121 cash collateral due to brokers for certain open bilateral derivatives, $1,400,000 cash <br> collateral due to brokers for TBAs, $54,211 other accrued expenses payable, $577,909 due to manager and affiliates, $3,000 due to custodian, <br> $1,014,156 variation margin due to broker on futures contracts, $24,073 payable for audit fee and $31,770 payable for fund accounting fee <br> as of June 30, 2025.<br>

LVIP BlackRock Inflation Protected Bond Fund-6

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts were outstanding at <br> June 30, 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; (182648)<br>| USD | &nbsp;&nbsp; 119773 | 8/5/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(525)<br>|
| BNP | EUR | &nbsp;&nbsp; (225858000)<br>| USD | &nbsp;&nbsp; 255408448 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10676094)<br>|
| BNP | JPY | &nbsp;&nbsp; (31055458)<br>| USD | &nbsp;&nbsp; 215791 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (755)<br>|
| BNP | SEK | &nbsp;&nbsp; (760782)<br>| USD | &nbsp;&nbsp; 79996 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (609)<br>|
| BOA | CAD | &nbsp;&nbsp; (12011000)<br>| USD | &nbsp;&nbsp; 8697721 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (123446)<br>|
| BOA | EUR | &nbsp;&nbsp; 1518047 | USD | &nbsp;&nbsp; (1756506)<br>| 7/2/25 | &nbsp;&nbsp; 31913 | &nbsp;&nbsp; — |
| BOA | JPY | &nbsp;&nbsp; (45164000)<br>| USD | &nbsp;&nbsp; 314671 | 7/2/25 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; — |
| BOA | MXN | &nbsp;&nbsp; 21857674 | USD | &nbsp;&nbsp; (1143000)<br>| 9/17/25 | &nbsp;&nbsp; 12187 | &nbsp;&nbsp; — |
| BRC | CAD | &nbsp;&nbsp; (241927)<br>| USD | &nbsp;&nbsp; 176218 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1459)<br>|
| BRC | CAD | &nbsp;&nbsp; 12032000 | USD | &nbsp;&nbsp; (8818757)<br>| 7/2/25 | &nbsp;&nbsp; 17833 | &nbsp;&nbsp; — |
| BRC | CAD | &nbsp;&nbsp; (12032000)<br>| USD | &nbsp;&nbsp; 8833603 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19218)<br>|
| BRC | EUR | &nbsp;&nbsp; 224654000 | USD | &nbsp;&nbsp; (263464028)<br>| 7/2/25 | &nbsp;&nbsp; 1202076 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; (220254000)<br>| USD | &nbsp;&nbsp; 259029496 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1051422)<br>|
| BRC | GBP | &nbsp;&nbsp; (106862000)<br>| USD | &nbsp;&nbsp; 143954755 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2730649)<br>|
| BRC | JPY | &nbsp;&nbsp; (5250514000)<br>| USD | &nbsp;&nbsp; 36484528 | 7/2/25 | &nbsp;&nbsp; 15806 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; 5331868000 | USD | &nbsp;&nbsp; (36851815)<br>| 7/2/25 | &nbsp;&nbsp; 181971 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; (5331868000)<br>| USD | &nbsp;&nbsp; 36987690 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (190877)<br>|
| CBA | NZD | &nbsp;&nbsp; 3728000 | USD | &nbsp;&nbsp; (2260167)<br>| 7/2/25 | &nbsp;&nbsp; 12372 | &nbsp;&nbsp; — |
| CBA | NZD | &nbsp;&nbsp; (3728000)<br>| USD | &nbsp;&nbsp; 2262602 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12501)<br>|
| CBK | BRL | &nbsp;&nbsp; 15463685 | USD | &nbsp;&nbsp; (2728710)<br>| 9/17/25 | &nbsp;&nbsp; 62166 | &nbsp;&nbsp; — |
| CBK | DKK | &nbsp;&nbsp; (23038000)<br>| USD | &nbsp;&nbsp; 3493873 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (144002)<br>|
| GSI | MXN | &nbsp;&nbsp; 21709020 | USD | &nbsp;&nbsp; (1140000)<br>| 9/17/25 | &nbsp;&nbsp; 7330 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (466011)<br>| USD | &nbsp;&nbsp; 530022 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18988)<br>|
| HSBC | EUR | &nbsp;&nbsp; 236000 | USD | &nbsp;&nbsp; (270047)<br>| 7/2/25 | &nbsp;&nbsp; 7986 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (984666)<br>| USD | &nbsp;&nbsp; 1158363 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4353)<br>|
| HSBC | GBP | &nbsp;&nbsp; 106792000 | USD | &nbsp;&nbsp; (146620076)<br>| 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30760)<br>|
| HSBC | GBP | &nbsp;&nbsp; (106792000)<br>| USD | &nbsp;&nbsp; 146640687 | 8/4/25 | &nbsp;&nbsp; 26683 | &nbsp;&nbsp; — |
| HSBC | JPY | &nbsp;&nbsp; (44449600)<br>| USD | &nbsp;&nbsp; 309058 | 7/2/25 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; — |
| HSBC | NZD | &nbsp;&nbsp; (110228)<br>| USD | &nbsp;&nbsp; 66985 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (284)<br>|
| JPM | AUD | &nbsp;&nbsp; (13601000)<br>| USD | &nbsp;&nbsp; 8766866 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (184853)<br>|
| JPM | GBP | &nbsp;&nbsp; (1636453)<br>| USD | &nbsp;&nbsp; 2242826 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3850)<br>|
| JPM | SEK | &nbsp;&nbsp; (106885000)<br>| USD | &nbsp;&nbsp; 11120970 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (178020)<br>|
| JPM | SEK | &nbsp;&nbsp; 28915577 | USD | &nbsp;&nbsp; (3023394)<br>| 7/2/25 | &nbsp;&nbsp; 33319 | &nbsp;&nbsp; — |
| MSC | AUD | &nbsp;&nbsp; 13584000 | USD | &nbsp;&nbsp; (8879016)<br>| 7/2/25 | &nbsp;&nbsp; 61514 | &nbsp;&nbsp; — |
| MSC | AUD | &nbsp;&nbsp; (13584000)<br>| USD | &nbsp;&nbsp; 8884596 | 8/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (62286)<br>|
| MSC | EUR | &nbsp;&nbsp; 894000 | USD | &nbsp;&nbsp; (1052811)<br>| 8/4/25 | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; — |
| MSC | GBP | &nbsp;&nbsp; 610610 | USD | &nbsp;&nbsp; (823553)<br>| 7/2/25 | &nbsp;&nbsp; 14608 | &nbsp;&nbsp; — |
| MSC | NZD | &nbsp;&nbsp; (3755000)<br>| USD | &nbsp;&nbsp; 2243736 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (45262)<br>|
| RBC | SEK | &nbsp;&nbsp; 77893000 | USD | &nbsp;&nbsp; (8209974)<br>| 7/2/25 | &nbsp;&nbsp; 24224 | &nbsp;&nbsp; — |
| RBC | SEK | &nbsp;&nbsp; (77893000)<br>| USD | &nbsp;&nbsp; 8227691 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25146)<br>|
| RBS | DKK | &nbsp;&nbsp; 23038000 | USD | &nbsp;&nbsp; (3617968)<br>| 7/2/25 | &nbsp;&nbsp; 19907 | &nbsp;&nbsp; — |
| RBS | DKK | &nbsp;&nbsp; (23038000)<br>| USD | &nbsp;&nbsp; 3626851 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20467)<br>|
| RBS | EUR | &nbsp;&nbsp; 211000 | USD | &nbsp;&nbsp; (247600)<br>| 7/2/25 | &nbsp;&nbsp; 981 | &nbsp;&nbsp; — |
| RBS | GBP | &nbsp;&nbsp; (183000)<br>| USD | &nbsp;&nbsp; 247038 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4159)<br>|
| SCB | GBP | &nbsp;&nbsp; (571000)<br>| USD | &nbsp;&nbsp; 770884 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12906)<br>|
| TDB | CAD | &nbsp;&nbsp; 221000 | USD | &nbsp;&nbsp; (161695)<br>| 7/2/25 | &nbsp;&nbsp; 613 | &nbsp;&nbsp; — |
| TDB | EUR | &nbsp;&nbsp; (295000)<br>| USD | &nbsp;&nbsp; 341282 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6259)<br>|
| UBS | GBP | &nbsp;&nbsp; 4624000 | USD | &nbsp;&nbsp; (6336041)<br>| 8/4/25 | &nbsp;&nbsp; 12217 | &nbsp;&nbsp; — |
| UBS | JPY | &nbsp;&nbsp; (81671000)<br>| USD | &nbsp;&nbsp; 587034 | 7/22/25 | &nbsp;&nbsp; 18375 | &nbsp;&nbsp; — |
| WBC | GBP | &nbsp;&nbsp; 207000 | USD | &nbsp;&nbsp; (280547)<br>| 7/2/25 | &nbsp;&nbsp; 3594 | &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; $1771815 | &nbsp;&nbsp; $(15549150)<br>|

---

LVIP BlackRock Inflation Protected Bond Fund-7

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| (249) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(27919125)<br>| &nbsp;&nbsp; $(27356148)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(562977)<br>|
| 1212 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 252124407 | &nbsp;&nbsp; 251243272 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 881135 | &nbsp;&nbsp; — |
| 30 | CBOT 30 Day Federal Funds Futures | &nbsp;&nbsp; 11959707 | &nbsp;&nbsp; 11981628 | &nbsp;&nbsp; 7/31/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21921)<br>|
| 41 | CBOT 30 Day Federal Funds Futures | &nbsp;&nbsp; 16353475 | &nbsp;&nbsp; 16354143 | &nbsp;&nbsp; 8/29/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (668)<br>|
| (225) | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (24525000)<br>| &nbsp;&nbsp; (24460161)<br>| &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64839)<br>|
| (104) | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; (12008750)<br>| &nbsp;&nbsp; (11594161)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (414589)<br>|
| (172) | &nbsp;&nbsp; CBOT Ultra Long-Term U.S. Treasury Bond <br> Futures<br>| &nbsp;&nbsp; (20489500)<br>| &nbsp;&nbsp; (19956458)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (533042)<br>|
| 37 | Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 5672480 | &nbsp;&nbsp; 5699518 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (27038)<br>|
| (30) | Eurex 30 Year Euro BUXL Futures | &nbsp;&nbsp; (4196096)<br>| &nbsp;&nbsp; (4252947)<br>| &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; 56851 | &nbsp;&nbsp; — |
| 91 | Eurex 5 Year Euro BOBL Futures | &nbsp;&nbsp; 12614532 | &nbsp;&nbsp; 12629843 | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15311)<br>|
| (20) | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; (1508734)<br>| &nbsp;&nbsp; (1493110)<br>| &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15624)<br>|
| (60) | SFE 3 Year Australian Bond Futures | &nbsp;&nbsp; (4254587)<br>| &nbsp;&nbsp; (4239784)<br>| &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14803)<br>|
| 703 | Three-Month SOFR Futures | &nbsp;&nbsp; 169299975 | &nbsp;&nbsp; 169191964 | &nbsp;&nbsp; 3/17/26 | &nbsp;&nbsp; 108011 | &nbsp;&nbsp; — |
| 46 | Three-Month SOFR Futures | &nbsp;&nbsp; 11134300 | &nbsp;&nbsp; 11104493 | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 29807 | &nbsp;&nbsp; — |
| (1479) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (168998859)<br>| &nbsp;&nbsp; (165107926)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3890933)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1075804 | &nbsp;&nbsp; $(5561745)<br>|

---

**Reverse Repurchase Agreements**<sup>1,3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Trade** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Face Value Including** <br>**Accrued Interest**<br>|
| BNP-collateralized by U.S. Treasury Inflation <br> Indexed Notes 2.125% 1/15/35; market value <br> $33,055,411<br>| 4.45<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; $(33360000)<br>| &nbsp;&nbsp; $(33364124)<br>|
| BRC-collateralized by U.S. Treasury Notes <br> 4.25% 5/15/35; market value $8,012,500<br>| 4.44<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; (8040000)<br>| &nbsp;&nbsp; (8040992)<br>|
| FRB-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.625% 10/15/29; market value <br> $23,734,189<br>| 4.49<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; (23805000)<br>| &nbsp;&nbsp; (23807969)<br>|
| FRB-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.625% 4/15/30; market value <br> $13,193,431<br>| 4.48<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; (13227500)<br>| &nbsp;&nbsp; (13229146)<br>|
| HSBC-collateralized by U.S. Treasury Inflation <br> Indexed Notes 0.125% 7/15/30; market value <br> $17,627,545<br>| 4.49<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; (17625000)<br>| &nbsp;&nbsp; (17627198)<br>|
| HSBC-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.875% 7/15/34; market value <br> $27,621,641<br>| 4.48<br> %<br>| &nbsp;&nbsp; 6/30/25 | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; (27843750)<br>| &nbsp;&nbsp; (27847215)<br>|
| **Total Reverse Repurchase Agreements** |  |  |  | &nbsp;&nbsp; $(123901250)<br>| &nbsp;&nbsp; $(123916644)<br>|

---

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** <br>|  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 12150000 | (2.56%) | 10/2/28 | $51536 | $51536 | $— |

---

LVIP BlackRock Inflation Protected Bond Fund-8

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 8260000 | (2.59%) | 1/29/27 | $54465 | $54465 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1524000 | (2.54%) | 4/15/29 | 2452 | 2452 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1904000 | (2.69%) | 4/15/28 | 2473 | 2473 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1524000 | (2.53%) | 4/15/29 | 2878 | 2878 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1904000 | (2.69%) | 4/15/28 | 2780 | 2780 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| EUR 1,440,000 | (2.06%) | 3/15/35 | (13732) |  | (13732) |
| and receive fixed rate coupon at <br> maturity Eurostat Eurozone <br> HICP ex-Tobacco NSA Pay <br> amounts based on Inflation<br>| EUR 1,440,000 | (2.02%) | 3/15/35 | 11975 | 11975 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3790000 | (2.83%) | 4/15/28 | (22050) |  | (22050) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3032000 | (2.69%) | 4/15/29 | (17942) |  | (17942) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1516000 | (2.69%) | 4/15/29 | (8785) |  | (8785) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1895000 | (2.84%) | 4/15/28 | (11194) |  | (11194) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1895000 | (2.84%) | 4/15/28 | (11145) |  | (11145) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1516000 | (2.68%) | 4/15/29 | (8711) |  | (8711) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3032000 | (2.72%) | 4/15/29 | (23288) |  | (23288) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3790000 | (2.87%) | 4/15/28 | (28948) |  | (28948) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1985000 | (2.67%) | 4/15/29 | (9998) |  | (9998) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 2618000 | (2.83%) | 4/15/28 | (14998) |  | (14998) |

---

LVIP BlackRock Inflation Protected Bond Fund-9

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 2022175 | (2.65%) | 4/15/29 | $(8060) | $— | $(8060) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 25080000 | (2.71%) | 1/15/29 | (117828) |  | (117828) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3032000 | (2.64%) | 4/15/29 | (11049) |  | (11049) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3790000 | (2.79%) | 4/15/28 | (13503) |  | (13503) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3860000 | (2.73%) | 4/15/28 | (2983) |  | (2983) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 2980000 | (2.56%) | 4/15/29 | 696 | 696 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1727375 | (2.43%) | 4/15/30 | 2115 | 2115 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3506571 | (2.43%) | 4/15/30 | 4458 | 4458 |  |
| **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | $(188386) | $135828 | $(324214) |

---

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>4</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared** <br>|  |  |  |  |  |  |  |  |  |
| EUR 2,570,700 | 2.49 | EURIBOR06M | Receive | Annual/Semiannual | 2/19/54 | $171065 | $95 | $170970 | $— |
| EUR 2,570,700 | 2.51 | EURIBOR06M | Receive | Annual/Semiannual | 2/20/54 | 161532 | 95 | 161437 |  |
| EUR 2,638,000 | 2.51 | EURIBOR06M | Receive | Annual/Semiannual | 2/20/54 | 161049 | 98 | 160951 |  |
| EUR 1,298,000 | 2.51 | EURIBOR06M | Receive | Annual/Semiannual | 3/1/54 | 79426 | 48 | 79378 |  |
| EUR 545,000 | 2.46 | EURIBOR06M | Receive | Annual/Semiannual | 3/22/54 | 40731 | 20 | 40711 |  |
| EUR 2,109,000 | 2.54 | EURIBOR06M | Receive | Annual/Semiannual | 4/22/54 | 111681 | (4205) | 115886 |  |
| EUR 528,000 | 2.43 | EURIBOR06M | Receive | Annual/Semiannual | 6/19/54 | 42377 | 20 | 42357 |  |
| EUR 512,000 | 2.43 | EURIBOR06M | Receive | Annual/Semiannual | 6/20/54 | 41075 | 19 | 41056 |  |
| EUR 154,000 | 2.44 | EURIBOR06M | Pay | Annual/Semiannual | 6/24/54 | (11881) | 6 |  | (11887) |
| EUR 200,000 | 2.26 | EURIBOR06M | Pay | Annual/Semiannual | 10/22/54 | (21778) | (945) |  | (20833) |
| EUR 397,000 | 2.18 | EURIBOR06M | Pay | Annual/Semiannual | 11/7/54 | (50615) | 15 |  | (50630) |
| 22150000 | 3.79 | SOFR12M | Receive | Annual | 5/16/26 | 44211 | 30 | 44181 |  |
| JPY 1,550,827,780 | 1.00 | TONAR12M | Receive | At Maturity | 3/12/27 | (21862) | 29 |  | (21891) |
| JPY 3,795,163,587 | 1.03 | TONAR12M | Receive | At Maturity | 3/12/27 | (61054) | 71 |  | (61125) |
| JPY 3,515,881,659 | 1.02 | TONAR12M | Receive | At Maturity | 3/12/27 | (54621) | 66 |  | (54687) |
| 22150000 | 3.80 | SOFR12M | Pay | Annual | 5/16/26 | (42832) | 30 |  | (42862) |
| 16998000 | 3.81 | SOFR12M | Receive | Annual | 5/16/26 | 30520 | 9297 | 21223 |  |
| 16998000 | 3.90 | SOFR12M | Pay | Annual | 5/16/26 | (16083) | 23 |  | (16106) |
| 446715324 | 4.29 | FEDL12M | Pay | Annual | 9/17/25 | 10609 | 417 | 10192 |  |
| 893564676 | 4.27 | FEDL12M | Pay | Annual | 9/17/25 | 3145 | 835 | 2310 |  |
| 436666000 | 4.31 | FEDL12M | Pay | Annual | 9/17/25 | 22440 | 425 | 22015 |  |
| JPY 1,488,149,736 | 0.68 | TONAR12M | Receive | Annual | 4/21/27 | 13213 | 31 | 13182 |  |
| JPY 1,505,547,170 | 0.69 | TONAR12M | Receive | Annual | 4/21/27 | 13161 | 31 | 13130 |  |

---

LVIP BlackRock Inflation Protected Bond Fund-10

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| JPY 1,188,378,566 | 0.70 | TONAR12M | Receive | Annual | 5/11/27 | $10110 | $25 | $10085 | $— |
| 439640000 | 4.31 | FEDL12M | Pay | Annual | 9/17/25 | 22000 | 459 | 21541 |  |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $7035 | $970605 | $(280021) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of <br> the amounts recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent <br> the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 6 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 June 30, 2025. |
| <sup>3</sup> See Note 1 in Notes to Financial Statements. |
| <sup>4</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| BNP–BNP Paribas |
| BOA–Bank of America |
| BOBL–Bundesobligationen |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| BUXL–Bundesanleihe |
| CAD–Canadian Dollar |
| CBA–Commonwealth Bank of Australia |
| CBK–Citigroup Global Markets |
| CBOT–Chicago Board of Trade |
| CPI–Consumer Price Index |
| DKK–Danish Krone |
| EUR–Euro |
| EURIBOR06M–Euro InterBank Offered Rate EUR 6 Month |
| FEDL12M–Federal Funds Rate 12 Month |
| FRB–Federal Reserve Bank of Boston  |
| GBP–British Pound Sterling |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IRS–Interest Rate Swap |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |
| RBC–Royal Bank of Canada |
| RBS–Royal Bank of Scotland |
| REMIC–Real Estate Mortgage Investment Conduits |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SFE–Sydney Futures Exchange |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| TBA–To be announced |
| TDB–Toronto-Dominion Bank |
| TONAR12M–Tokyo Overnight Average Rate 12 Month |
| USA-CPI-U–United States Consumer Price Index for All Urban Consumers |

---

LVIP BlackRock Inflation Protected Bond Fund-11

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| USD–United States Dollar |
| WBC–Westpac Banking Corporation |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-12

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $24135046 |
| Foreign taxes withheld | (263)<br>|
|  | 24134783 |
| **EXPENSES:** |  |
| Management fees | 2453242 |
| Interest expense on reverse repurchase agreements | 2334989 |
| Distribution fees-Service Class | 970142 |
| Shareholder servicing fees | 168872 |
| Accounting and administration expenses | 106736 |
| Custodian fees | 76841 |
| Professional fees | 41019 |
| Trustees' fees and expenses | 17551 |
| Reports and statements to shareholders | 17295 |
| Consulting fees | 8406 |
| Pricing fees | 8090 |
| Other | 20181 |
| Total operating expenses | 6223364 |
| **NET INVESTMENT INCOME**  | 17911419 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (7169327)<br>|
| Foreign currencies | 367891 |
| Foreign currency exchange contracts | (27519810)<br>|
| Futures contracts | 3280717 |
| Options purchased | (1774609)<br>|
| Options written | 665120 |
| Swap contracts | (230782)<br>|
| Net realized loss | (32380800)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 85680829 |
| Foreign currencies | 226509 |
| Foreign currency exchange contracts | (23236005)<br>|
| Futures contracts | (4941351)<br>|
| Options purchased | 864318 |
| Options written | 155465 |
| Swap contracts | 1425437 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 60175202 |
| **NET REALIZED AND UNREALIZED GAIN** | 27794402 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $45705821 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $17911419 | $28438848 |
| Net realized gain (loss) | (32380800)<br>| 7983300 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 60175202 | (6586258)<br>|
| Net increase in net assets <br> resulting from operations<br>| 45705821 | 29835890 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (15887091)<br>|
| Service Class |  | (29748467)<br>|
|  |  | (45635558)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 25075893 | 102754663 |
| Service Class | 22110173 | 71925924 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 15887091 |
| Service Class |  | 29748467 |
|  | 47186066 | 220316145 |
| Cost of shares redeemed: |  |  |
| Standard Class | (55638351)<br>| (87815782)<br>|
| Service Class | (93174714)<br>| (121468586)<br>|
|  | (148813065)<br>| (209284368)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (101626999)<br>| 11031777 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (55921178)<br>| (4767891)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 1201957516 | 1206725407 |
| End of period | $1146036338 | $1201957516 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-13

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.014 | &nbsp;&nbsp; $9.140 | &nbsp;&nbsp; $8.913 | &nbsp;&nbsp; $10.328 | &nbsp;&nbsp; $10.562 | &nbsp;&nbsp; $10.048 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.148 | 0.233 | 0.259 | 0.659 | 0.345 | &nbsp;&nbsp; (0.002)<br>|
| Net realized and unrealized gain (loss) | 0.218 | 0.011 | 0.192 | &nbsp;&nbsp; (1.135)<br>| 0.144 | 0.533 |
| Total from investment operations | 0.366 | 0.244 | 0.451 | &nbsp;&nbsp; (0.476)<br>| 0.489 | 0.531 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.218)<br>| &nbsp;&nbsp; (0.827)<br>| &nbsp;&nbsp; (0.496)<br>| &nbsp;&nbsp; (0.017)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.227)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.224)<br>| &nbsp;&nbsp; (0.939)<br>| &nbsp;&nbsp; (0.723)<br>| &nbsp;&nbsp; (0.017)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.380 | &nbsp;&nbsp; $9.014 | &nbsp;&nbsp; $9.140 | &nbsp;&nbsp; $8.913 | &nbsp;&nbsp; $10.328 | &nbsp;&nbsp; $10.562 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 5.07% | &nbsp;&nbsp; (4.70%)<br>| &nbsp;&nbsp; 4.67% | &nbsp;&nbsp; 5.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $386200 | &nbsp;&nbsp; $401210 | &nbsp;&nbsp; $375733 | &nbsp;&nbsp; $531209 | &nbsp;&nbsp; $806737 | &nbsp;&nbsp; $656834 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income (loss) to average net assets<sup>5,6</sup> | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 6.54% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; (0.01%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 235% | &nbsp;&nbsp; 210% | &nbsp;&nbsp; 266% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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. 

<sup>4</sup> The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023 and 2022 is 0.50%, 0.50%, 0.50% and 0.49% respectively. 

<sup>5</sup> Recognition of net investment income by the fund may be affected by inflation/deflation adjustments through period end and the actual annual net investment income ratio may differ. 

<sup>6</sup> The ratio of net investment income to average net assets excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023 and 2022 is 3.64%, 2.89%, 2.98% and 6.60% respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-14

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.010 | &nbsp;&nbsp; $9.136 | &nbsp;&nbsp; $8.909 | &nbsp;&nbsp; $10.322 | &nbsp;&nbsp; $10.536 | &nbsp;&nbsp; $10.049 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.136 | 0.209 | 0.236 | 0.631 | 0.318 | &nbsp;&nbsp; (0.027)<br>|
| Net realized and unrealized gain (loss) | 0.219 | 0.012 | 0.191 | &nbsp;&nbsp; (1.131)<br>| 0.143 | 0.531 |
| Total from investment operations | 0.355 | 0.221 | 0.427 | &nbsp;&nbsp; (0.500)<br>| 0.461 | 0.504 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.801)<br>| &nbsp;&nbsp; (0.463)<br>| &nbsp;&nbsp; (0.017)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.675)<br>| &nbsp;&nbsp; (0.017)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.365 | &nbsp;&nbsp; $9.010 | &nbsp;&nbsp; $9.136 | &nbsp;&nbsp; $8.909 | &nbsp;&nbsp; $10.322 | &nbsp;&nbsp; $10.536 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.94% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 4.81% | &nbsp;&nbsp; (4.95%)<br>| &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 5.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $759837 | &nbsp;&nbsp; $800747 | &nbsp;&nbsp; $830992 | &nbsp;&nbsp; $878101 | &nbsp;&nbsp; $960949 | &nbsp;&nbsp; $789740 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income (loss) to average net assets<sup>5,6</sup> | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 6.29% | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; (0.26%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 235% | &nbsp;&nbsp; 210% | &nbsp;&nbsp; 266% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover 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. 

<sup>4</sup> The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023 and 2022 is 0.75%, 0.75%, 0.75% and 0.74% respectively. 

<sup>5</sup> Recognition of net investment income by the fund may be affected by inflation/deflation adjustments through period end and the actual annual net investment income ratio may differ. 

<sup>6</sup> The ratio of net investment income to average net assets excluding interest expense for the six months ended June 30, 2025, the years ended 2024, 2023 and 2022 is 3.39%, 2.64%, 2.73% and 6.35% respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-15

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Inflation Protected Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a non-diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to maximize real return, consistent with preservation of real capital and prudent investment management.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Non exchange-traded options are valued at the last reported sale price.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP BlackRock Inflation Protected Bond Fund-16

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**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP BlackRock Inflation Protected Bond Fund is $4,091,647 and $4,083,372 respectively.

Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain, in a segregated account with its custodian, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements. The Fund will subject its reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund's investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund's earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case.

Cash and Cash Equivalents–Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund's use with no restrictions, with original maturities of 90 days or less.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.45% of the first $500 million of the Fund's average daily net assets; and 0.40% of the Fund's average daily net assets in excess of $500 million. The management fee is calculated daily and paid monthly.

LVIP BlackRock Inflation Protected Bond Fund-17

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**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

BlackRock Financial Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $49954 |
| Legal | &nbsp;&nbsp; 7613 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,558 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $394829 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 155515 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 430 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 27135 |

---

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 six months ended June 30, 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 six months ended June 30, 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; $69554469 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1458101586 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 119504429 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1419466913 |

---

LVIP BlackRock Inflation Protected Bond Fund-18

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**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $1395847509 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $32923719 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (39044702)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(6120983)<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. 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 June 30, 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 BlackRock Inflation Protected Bond Fund-19

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12878350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12878350 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 138193078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138193078 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 23292874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23292874 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 30400397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30400397 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 20339243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20339243 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13660819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13660819 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 466921174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 466921174 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 10003762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10003762 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 682355160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 682355160 |
| Money Market Fund | &nbsp;&nbsp; 7252504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7252504 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 444617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 444617 |
| **Total Investments** | &nbsp;&nbsp; $7252504 | &nbsp;&nbsp; $1398489474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1405741978 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1771815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1771815 |
| Futures Contracts | &nbsp;&nbsp; $1075804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1075804 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1106433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1106433 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15549150)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15549150)<br>|
| Futures Contracts | &nbsp;&nbsp; $(5561745)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5561745)<br>|
| Reverse Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(123901250)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(123901250)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(604235)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(604235)<br>|
| Options Written | &nbsp;&nbsp; $(53888)<br>| &nbsp;&nbsp; $(111326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(165214)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2727772 | &nbsp;&nbsp; 11123950 |
| Service Class | &nbsp;&nbsp; 2406000 | &nbsp;&nbsp; 7806972 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1745834 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3269781 |
|  | &nbsp;&nbsp; 5133772 | &nbsp;&nbsp; 23946537 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6066621)<br>| &nbsp;&nbsp; (9466824)<br>|
| Service Class | &nbsp;&nbsp; (10140075)<br>| &nbsp;&nbsp; (13158615)<br>|
|  | &nbsp;&nbsp; (16206696)<br>| &nbsp;&nbsp; (22625439)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (11072924)<br>| &nbsp;&nbsp; 1321098 |

---

**5. 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 BlackRock Inflation Protected Bond Fund-20

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**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities .

Options Contracts–During the six months ended June 30, 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

LVIP BlackRock Inflation Protected Bond Fund-21

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 six months ended June 30, 2025, the Fund used options contracts to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to take advantage of liquidity available in the options market.

Swap Contracts–The Fund enters into inflation swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2025, the Fund used interest rate swap contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the six months ended June 30, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

LVIP BlackRock Inflation Protected Bond Fund-22

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 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>| $1771815 | Liabilities net of receivables and other <br> assets<br>| $(15549150)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 1075804 | Liabilities net of receivables and other <br> assets<br>| (5561745)<br>|
| Options purchased <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 410629 | Liabilities net of receivables and other <br> assets<br>|  |
| Options purchased <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 33988 | Liabilities net of receivables and other <br> assets<br>|  |
| Options written <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>|  | Liabilities net of receivables and other <br> assets<br>| (98319)<br>|
| Options written <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>|  | Liabilities net of receivables and other <br> assets<br>| (66895)<br>|
| Swap contracts <br> (Interest rate <br> contracts & Inflation <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 1106433 | Liabilities net of receivables and other <br> assets<br>| (604235)<br>|
| Total |  | $4398669 |  | $(21880344)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(27519810)<br>| &nbsp;&nbsp; $(23236005)<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; 3280717 | &nbsp;&nbsp; (4941351)<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (577567)<br>| &nbsp;&nbsp; — |
| Options purchased (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (303639)<br>| &nbsp;&nbsp; 220247 |
| 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; (893403)<br>| &nbsp;&nbsp; 644071 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 163086 | &nbsp;&nbsp; — |
| Options written (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 253977 | &nbsp;&nbsp; (54068)<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; 248057 | &nbsp;&nbsp; 209533 |
| Swap contracts (Interest rate <br> contracts & Inflation contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (230782)<br>| &nbsp;&nbsp; 1425437 |
| Total |  | &nbsp;&nbsp; $(25579364)<br>| &nbsp;&nbsp; $(25732136)<br>|

---

LVIP BlackRock Inflation Protected Bond Fund-23

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $440879137 | $917417539 |
| Futures contracts (average notional value) | 190040599 | 165327018 |
| Options contracts (average value) | 525005 | 255483 |
| Interest rate swap contracts (average notional value)\* | 376839502 | 373758461 |
| Inflation rate swap contracts (average notional value) | 49341858 | 39001559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

At June 30, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Barclays Bank | &nbsp;&nbsp; $40000 |
| Citigroup Global Markets | &nbsp;&nbsp; 39121 |
| Goldman Sachs International | &nbsp;&nbsp; 30000 |
| Morgan Stanley & Co. International | &nbsp;&nbsp; 230000 |
| Total | &nbsp;&nbsp; $339121 |

---

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 June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $45074 | &nbsp;&nbsp; $(123446)<br>| &nbsp;&nbsp; $(78372)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 1435784 | &nbsp;&nbsp; (3993625)<br>| &nbsp;&nbsp; (2557841)<br>|
| BNP Paribas SA | &nbsp;&nbsp; — | &nbsp;&nbsp; (10677983)<br>| &nbsp;&nbsp; (10677983)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 62166 | &nbsp;&nbsp; (144002)<br>| &nbsp;&nbsp; (81836)<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; 12372 | &nbsp;&nbsp; (12501)<br>| &nbsp;&nbsp; (129)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 41318 | &nbsp;&nbsp; (13007)<br>| &nbsp;&nbsp; 28311 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 34991 | &nbsp;&nbsp; (54385)<br>| &nbsp;&nbsp; (19394)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; 33319 | &nbsp;&nbsp; (366723)<br>| &nbsp;&nbsp; (333404)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 471497 | &nbsp;&nbsp; (205867)<br>| &nbsp;&nbsp; 265630 |
| Royal Bank of Canada | &nbsp;&nbsp; 24224 | &nbsp;&nbsp; (25146)<br>| &nbsp;&nbsp; (922)<br>|
| Royal Bank of Scotland | &nbsp;&nbsp; 20888 | &nbsp;&nbsp; (24626)<br>| &nbsp;&nbsp; (3738)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; (12906)<br>| &nbsp;&nbsp; (12906)<br>|
| Toronto Dominion Bank | &nbsp;&nbsp; 613 | &nbsp;&nbsp; (6259)<br>| &nbsp;&nbsp; (5646)<br>|
| UBS AG | &nbsp;&nbsp; 30592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30592 |
| Westpac Banking Corp. | &nbsp;&nbsp; 3594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3594 |
| Total | &nbsp;&nbsp; $2216432 | &nbsp;&nbsp; $(15660476)<br>| &nbsp;&nbsp; $(13444044)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Inflation Protected Bond Fund-24

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(78372)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(78372)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; (2557841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2557841)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (10677983)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10677983)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; (81836)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (81836)<br>|
| Commonwealth Bank of <br> Australia<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (129)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 28311 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28311)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; (19394)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19394)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; (333404)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (333404)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 265630 | &nbsp;&nbsp; — | &nbsp;&nbsp; (230000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35630 |
| Royal Bank of Canada | &nbsp;&nbsp; (922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (922)<br>|
| Royal Bank of Scotland | &nbsp;&nbsp; (3738)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3738)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; (12906)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12906)<br>|
| Toronto Dominion Bank | &nbsp;&nbsp; (5646)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5646)<br>|
| UBS AG | &nbsp;&nbsp; 30592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30592 |
| Westpac Banking Corp. | &nbsp;&nbsp; 3594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3594 |
| Total | &nbsp;&nbsp; $(13444044)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(258311)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13702355)<br>|

---

&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.

**Reverse repurchase agreements**

Reverse repurchase transactions are entered into by the Fund under Master Reverse Repurchase Agreements (each, an "MRRA"), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, typically the Fund and the counterparties are permitted to sell, repledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRRA counterparty, the Fund is considered unsecured creditors with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of June 30, 2025, the following table is a summary of the Fund's reverse repurchase agreements by counterparty which are subject to offset under an MRRA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Reverse** <br>**Repurchase** <br> **Agreement**<br>| **Fair Value of** <br>**Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Barclays | &nbsp;&nbsp; $(8040000)<br>| &nbsp;&nbsp; $8012500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27500)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; (45468750)<br>| &nbsp;&nbsp; 45249186 | &nbsp;&nbsp; — | &nbsp;&nbsp; (219564)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (33360000)<br>| &nbsp;&nbsp; 33055411 | &nbsp;&nbsp; — | &nbsp;&nbsp; (304589)<br>|
| Federal Reserve | &nbsp;&nbsp; (37032500)<br>| &nbsp;&nbsp; 36927620 | &nbsp;&nbsp; — | &nbsp;&nbsp; (104880)<br>|
| Total | &nbsp;&nbsp; $(123901250)<br>| &nbsp;&nbsp; $123244717 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(656533)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.<br>

**7. 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.

LVIP BlackRock Inflation Protected Bond Fund-25

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments 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 primarily invests in inflation protected debt securities whose principal and/or interest payments are adjusted for inflation, unlike traditional debt securities that make fixed principal and interest payments. Under normal circumstances, the Fund will invest at least 80% of its net assets in inflation protected debt securities issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation indexed bonds, have economic characteristics similar to inflation-indexed bonds.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Inflation Protected Bond Fund-26

------

![](imgbc6cf1901.jpg)

LVIP BlackRock Real Estate Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock Real Estate Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_b6b91b0d-e9de-45d5-a72d-5bb88090c6ff_SOI-continued-268_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_b6b91b0d-e9de-45d5-a72d-5bb88090c6ff_FS-continued-268_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_b6b91b0d-e9de-45d5-a72d-5bb88090c6ff_FS-continued-268_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_b6b91b0d-e9de-45d5-a72d-5bb88090c6ff_FIHI-continued-268_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_b6b91b0d-e9de-45d5-a72d-5bb88090c6ff_NTF-continued-268_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–97.60%** | **ΔCOMMON STOCK–97.60%** | **ΔCOMMON STOCK–97.60%** |
| **Australia–6.84%** | **Australia–6.84%** | **Australia–6.84%** |
| DigiCo Infrastructure <br> REIT<br>| 531900 | $1177359 |
| Goodman Group | 273275 | 6160880 |
| GPT Group | 264253 | 843647 |
| Lendlease Corp. Ltd. | 393067 | 1392916 |
| National Storage REIT | 1640469 | 2485775 |
| †NEXTDC Ltd. | 230567 | 2200846 |
| Region Group | 318579 | 461915 |
| Stockland | 673582 | 2380519 |
|  |  | **17103857** |
| **Belgium–0.62%** | **Belgium–0.62%** | **Belgium–0.62%** |
| VGP NV | 15286 | 1546158 |
|  |  | **1546158** |
| **Canada–1.72%** | **Canada–1.72%** | **Canada–1.72%** |
| Boardwalk Real Estate <br> Investment Trust<br>| 18574 | 954650 |
| Canadian Apartment <br> Properties REIT<br>| 43063 | 1404390 |
| Choice Properties Real <br> Estate Investment Trust<br>| 176710 | 1929633 |
|  |  | **4288673** |
| **France–1.43%** | **France–1.43%** | **France–1.43%** |
| †Carmila SA | 34345 | 675483 |
| †Unibail-Rodamco<br> - Westfield<br>| 30129 | 2896230 |
|  |  | **3571713** |
| **Germany–2.71%** | **Germany–2.71%** | **Germany–2.71%** |
| LEG Immobilien SE | 29033 | 2584272 |
| Sirius Real Estate Ltd. | 1143337 | 1530166 |
| Vonovia SE | 74905 | 2655635 |
|  |  | **6770073** |
| **Hong Kong–3.46%** | **Hong Kong–3.46%** | **Hong Kong–3.46%** |
| Link REIT | 666660 | 3570959 |
| Sun Hung Kai Properties <br> Ltd.<br>| 300000 | 3456913 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 574046 | 1629483 |
|  |  | **8657355** |
| **Japan–9.51%** | **Japan–9.51%** | **Japan–9.51%** |
| Advance Residence <br> Investment Corp.<br>| 970 | 1007018 |
| GLP J-Reit | 1325 | 1193295 |
| Invincible Investment <br> Corp.<br>| 4545 | 1957210 |
| Japan Hotel REIT <br> Investment Corp.<br>| 2074 | 1096067 |
| Japan Prime Realty <br> Investment Corp.<br>| 956 | 614418 |
| KDX Realty Investment <br> Corp.<br>| 1857 | 2015005 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Mitsubishi Estate Co. Ltd. | 245600 | $4604291 |
| Mitsui Fudosan Co. Ltd. | 435800 | 4219015 |
| Mitsui Fudosan Logistics <br> Park, Inc.<br>| 3617 | 2625866 |
| Orix JREIT, Inc. | 1749 | 2281650 |
| Tokyu Fudosan Holdings <br> Corp.<br>| 303600 | 2169592 |
|  |  | **23783427** |
| **Singapore–1.56%** | **Singapore–1.56%** | **Singapore–1.56%** |
| CapitaLand Investment <br> Ltd.<br>| 1051500 | 2192020 |
| Keppel DC REIT | 935600 | 1715018 |
|  |  | **3907038** |
| **Spain–1.33%** | **Spain–1.33%** | **Spain–1.33%** |
| Merlin Properties Socimi <br> SA<br>| 252857 | 3333600 |
|  |  | **3333600** |
| **Sweden–1.98%** | **Sweden–1.98%** | **Sweden–1.98%** |
| Castellum AB | 215200 | 2832062 |
| †Fastighets AB Balder <br> Class B<br>| 284237 | 2118779 |
|  |  | **4950841** |
| **Switzerland–0.52%** | **Switzerland–0.52%** | **Switzerland–0.52%** |
| Swiss Prime Site AG | 8744 | 1312686 |
|  |  | **1312686** |
| **United Kingdom–4.07%** | **United Kingdom–4.07%** | **United Kingdom–4.07%** |
| Derwent London PLC | 61817 | 1758156 |
| Great Portland Estates <br> PLC<br>| 267875 | 1318199 |
| Tritax Big Box REIT PLC | 2025592 | 4124409 |
| UNITE Group PLC | 254263 | 2963369 |
|  |  | **10164133** |
| **United States–61.85%** | **United States–61.85%** | **United States–61.85%** |
| Agree Realty Corp. | 73044 | 5336595 |
| Alexandria Real Estate <br> Equities, Inc.<br>| 40638 | 2951538 |
| American Healthcare REIT, <br> Inc.<br>| 109063 | 4006975 |
| American Homes 4 Rent <br> Class A<br>| 56577 | 2040732 |
| Americold Realty Trust, <br> Inc.<br>| 184914 | 3075120 |
| AvalonBay Communities, <br> Inc.<br>| 55039 | 11200436 |
| Brixmor Property Group, <br> Inc.<br>| 114250 | 2975070 |
| †Brookdale Senior Living, <br> Inc.<br>| 425503 | 2961501 |
| BXP, Inc. | 55230 | 3726368 |
| CareTrust REIT, Inc. | 110072 | 3368203 |

---

LVIP BlackRock Real Estate Fund-1

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CubeSmart | 137761 | $5854842 |
| Digital Realty Trust, Inc. | 61080 | 10648076 |
| DigitalBridge Group, Inc. | 51940 | 537579 |
| EastGroup Properties, Inc. | 31380 | 5244226 |
| EPR Properties | 32605 | 1899567 |
| Equinix, Inc. | 12573 | 10001444 |
| Essential Properties Realty <br> Trust, Inc.<br>| 99082 | 3161707 |
| Essex Property Trust, Inc. | 22734 | 6442816 |
| Iron Mountain, Inc. | 50119 | 5140706 |
| Kilroy Realty Corp. | 65726 | 2255059 |
| NNN REIT, Inc. | 31333 | 1352959 |
| Prologis, Inc. | 115944 | 12188033 |
| Public Storage | 13559 | 3978482 |
| Regency Centers Corp. | 77811 | 5542478 |
| Ryman Hospitality <br> Properties, Inc.<br>| 39953 | 3942163 |
| Simon Property Group, <br> Inc.<br>| 49808 | 8007134 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Smartstop Self Storage <br> REIT, Inc.<br>| 34580 | $1252833 |
| Sun Communities, Inc. | 47116 | 5959703 |
| VICI Properties, Inc. | 260917 | 8505894 |
| Welltower, Inc. | 71840 | 11043963 |
|  |  | **154602202** |
| **Total Common Stock** <br>**(Cost $203,266,915)** | **Total Common Stock** <br>**(Cost $203,266,915)** | **243991756** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.47%** | **MONEY MARKET FUND–1.47%** | **MONEY MARKET FUND–1.47%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3667395 | 3667395 |
| **Total Money Market Fund** <br>**(Cost $3,667,395)** | **Total Money Market Fund** <br>**(Cost $3,667,395)** | **3667395** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.07% (Cost $206,934,310)** | **247659151** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.93%** | **2315254** |
| **NET ASSETS APPLICABLE TO 31,724,937 SHARES OUTSTANDING–100.00%** | **$249974405** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK REAL ESTATE FUND STANDARD CLASS** <br>**($171,435,703 / 21,641,534 Shares)** | **$7.922** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK REAL ESTATE FUND SERVICE CLASS** <br>**($78,538,702 / 10,083,403 Shares)** | **$7.789** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$242924020** |
| Distributable earnings/(accumulated loss) | **7050385** |
| **TOTAL NET ASSETS** | **$249974405** |

---

&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 $2,602,783 payable for securities purchased, $88,692 payable for fund shares redeemed, $40,000 cash collateral due to brokers for <br> certain open bilateral derivatives, $38,149 other accrued expenses payable, $167,378 due to manager and affiliates, $16,889 payable for <br> audit fee and $17,456 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and swap contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | AUD | &nbsp;&nbsp; (2367000)<br>| USD | &nbsp;&nbsp; 1516449 | 7/15/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41819)<br>|
| BOA | AUD | &nbsp;&nbsp; 396000 | USD | &nbsp;&nbsp; (256886)<br>| 7/15/25 | &nbsp;&nbsp; 3814 | &nbsp;&nbsp; — |
| BOA | GBP | &nbsp;&nbsp; (1559000)<br>| USD | &nbsp;&nbsp; 2038168 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (101945)<br>|
| BOA | GBP | &nbsp;&nbsp; 97000 | USD | &nbsp;&nbsp; (130986)<br>| 7/15/25 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; — |
| BOA | HKD | &nbsp;&nbsp; (3127000)<br>| USD | &nbsp;&nbsp; 402289 | 7/15/25 | &nbsp;&nbsp; 3259 | &nbsp;&nbsp; — |

---

LVIP BlackRock Real Estate Fund-2

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | JPY | &nbsp;&nbsp; (10724000)<br>| USD | &nbsp;&nbsp; 76327 | 7/15/25 | &nbsp;&nbsp; $1724 | &nbsp;&nbsp; $— |
| BOA | JPY | &nbsp;&nbsp; (492199000)<br>| USD | &nbsp;&nbsp; 3383571 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (40479)<br>|
| BOA | JPY | &nbsp;&nbsp; 8703000 | USD | &nbsp;&nbsp; (60428)<br>| 7/15/25 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; — |
| BRC | AUD | &nbsp;&nbsp; 556000 | USD | &nbsp;&nbsp; (359993)<br>| 7/15/25 | &nbsp;&nbsp; 6039 | &nbsp;&nbsp; — |
| BRC | CAD | &nbsp;&nbsp; 10000 | USD | &nbsp;&nbsp; (7215)<br>| 7/15/25 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; 262000 | USD | &nbsp;&nbsp; (294258)<br>| 7/15/25 | &nbsp;&nbsp; 14691 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; (13000)<br>| USD | &nbsp;&nbsp; 14927 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (403)<br>|
| BRC | GBP | &nbsp;&nbsp; 217000 | USD | &nbsp;&nbsp; (288849)<br>| 7/15/25 | &nbsp;&nbsp; 9037 | &nbsp;&nbsp; — |
| BRC | GBP | &nbsp;&nbsp; (87000)<br>| USD | &nbsp;&nbsp; 116337 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3092)<br>|
| BRC | HKD | &nbsp;&nbsp; 6871000 | USD | &nbsp;&nbsp; (883225)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6431)<br>|
| BRC | ILS | &nbsp;&nbsp; 3293000 | USD | &nbsp;&nbsp; (887474)<br>| 7/15/25 | &nbsp;&nbsp; 90235 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; (99808000)<br>| USD | &nbsp;&nbsp; 707648 | 7/15/25 | &nbsp;&nbsp; 13320 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; 27213000 | USD | &nbsp;&nbsp; (187415)<br>| 7/15/25 | &nbsp;&nbsp; 1896 | &nbsp;&nbsp; — |
| BRC | NOK | &nbsp;&nbsp; 1729000 | USD | &nbsp;&nbsp; (161196)<br>| 7/15/25 | &nbsp;&nbsp; 10357 | &nbsp;&nbsp; — |
| BRC | SEK | &nbsp;&nbsp; 7438000 | USD | &nbsp;&nbsp; (761383)<br>| 7/15/25 | &nbsp;&nbsp; 25613 | &nbsp;&nbsp; — |
| BRC | SGD | &nbsp;&nbsp; (568000)<br>| USD | &nbsp;&nbsp; 438813 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8430)<br>|
| BRC | SGD | &nbsp;&nbsp; 388000 | USD | &nbsp;&nbsp; (302338)<br>| 7/15/25 | &nbsp;&nbsp; 3173 | &nbsp;&nbsp; — |
| CBK | AUD | &nbsp;&nbsp; 565000 | USD | &nbsp;&nbsp; (367306)<br>| 7/15/25 | &nbsp;&nbsp; 4651 | &nbsp;&nbsp; — |
| CBK | EUR | &nbsp;&nbsp; 1321000 | USD | &nbsp;&nbsp; (1486461)<br>| 7/15/25 | &nbsp;&nbsp; 71258 | &nbsp;&nbsp; — |
| CBK | GBP | &nbsp;&nbsp; 371000 | USD | &nbsp;&nbsp; (491666)<br>| 7/15/25 | &nbsp;&nbsp; 17622 | &nbsp;&nbsp; — |
| CBK | JPY | &nbsp;&nbsp; 8467000 | USD | &nbsp;&nbsp; (59401)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (500)<br>|
| CBK | SEK | &nbsp;&nbsp; (947000)<br>| USD | &nbsp;&nbsp; 98918 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1281)<br>|
| CBK | SEK | &nbsp;&nbsp; (2121000)<br>| USD | &nbsp;&nbsp; 224976 | 7/15/25 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; — |
| DB | AUD | &nbsp;&nbsp; (1305000)<br>| USD | &nbsp;&nbsp; 848910 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10211)<br>|
| DB | AUD | &nbsp;&nbsp; 491000 | USD | &nbsp;&nbsp; (320148)<br>| 7/15/25 | &nbsp;&nbsp; 3092 | &nbsp;&nbsp; — |
| DB | EUR | &nbsp;&nbsp; (1586000)<br>| USD | &nbsp;&nbsp; 1784830 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (85377)<br>|
| DB | JPY | &nbsp;&nbsp; (54536000)<br>| USD | &nbsp;&nbsp; 377030 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2357)<br>|
| DB | SEK | &nbsp;&nbsp; (634000)<br>| USD | &nbsp;&nbsp; 66047 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1035)<br>|
| HSBC | CAD | &nbsp;&nbsp; 15000 | USD | &nbsp;&nbsp; (11058)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34)<br>|
| HSBC | EUR | &nbsp;&nbsp; 389000 | USD | &nbsp;&nbsp; (447921)<br>| 7/15/25 | &nbsp;&nbsp; 10786 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (218000)<br>| USD | &nbsp;&nbsp; 252990 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4075)<br>|
| HSBC | GBP | &nbsp;&nbsp; 7000 | USD | &nbsp;&nbsp; (9495)<br>| 7/15/25 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; — |
| HSBC | GBP | &nbsp;&nbsp; (59000)<br>| USD | &nbsp;&nbsp; 79299 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1693)<br>|
| HSBC | HKD | &nbsp;&nbsp; (24995000)<br>| USD | &nbsp;&nbsp; 3223723 | 7/15/25 | &nbsp;&nbsp; 34160 | &nbsp;&nbsp; — |
| HSBC | HKD | &nbsp;&nbsp; 374000 | USD | &nbsp;&nbsp; (48269)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (543)<br>|
| HSBC | HKD | &nbsp;&nbsp; 1758000 | USD | &nbsp;&nbsp; (224330)<br>| 7/15/25 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| HSBC | JPY | &nbsp;&nbsp; 216654000 | USD | &nbsp;&nbsp; (1498481)<br>| 7/15/25 | &nbsp;&nbsp; 8702 | &nbsp;&nbsp; — |
| HSBC | JPY | &nbsp;&nbsp; 7532000 | USD | &nbsp;&nbsp; (52947)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (549)<br>|
| HSBC | SEK | &nbsp;&nbsp; 923000 | USD | &nbsp;&nbsp; (96563)<br>| 7/15/25 | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; — |
| HSBC | SEK | &nbsp;&nbsp; (4181000)<br>| USD | &nbsp;&nbsp; 434687 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7694)<br>|
| JPM | AUD | &nbsp;&nbsp; 2558000 | USD | &nbsp;&nbsp; (1641695)<br>| 7/15/25 | &nbsp;&nbsp; 42315 | &nbsp;&nbsp; — |
| JPM | CAD | &nbsp;&nbsp; 2979000 | USD | &nbsp;&nbsp; (2150314)<br>| 7/15/25 | &nbsp;&nbsp; 39116 | &nbsp;&nbsp; — |
| JPM | CHF | &nbsp;&nbsp; 2166000 | USD | &nbsp;&nbsp; (2657934)<br>| 7/15/25 | &nbsp;&nbsp; 77412 | &nbsp;&nbsp; — |
| JPM | GBP | &nbsp;&nbsp; 209000 | USD | &nbsp;&nbsp; (279272)<br>| 7/15/25 | &nbsp;&nbsp; 7631 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; 26986743 | USD | &nbsp;&nbsp; (189838)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2101)<br>|
| JPM | JPY | &nbsp;&nbsp; (26015000)<br>| USD | &nbsp;&nbsp; 186408 | 7/15/25 | &nbsp;&nbsp; 5431 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; (154273000)<br>| USD | &nbsp;&nbsp; 1071237 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1984)<br>|
| JPM | KRW | &nbsp;&nbsp; 393571000 | USD | &nbsp;&nbsp; (278187)<br>| 7/15/25 | &nbsp;&nbsp; 12962 | &nbsp;&nbsp; — |
| JPM | SEK | &nbsp;&nbsp; (4163000)<br>| USD | &nbsp;&nbsp; 433154 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7321)<br>|
| JPM | SEK | &nbsp;&nbsp; 2172000 | USD | &nbsp;&nbsp; (223750)<br>| 7/15/25 | &nbsp;&nbsp; 6064 | &nbsp;&nbsp; — |
| JPM | SGD | &nbsp;&nbsp; (1137000)<br>| USD | &nbsp;&nbsp; 878558 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16716)<br>|
| SCB | AUD | &nbsp;&nbsp; 170000 | USD | &nbsp;&nbsp; (107161)<br>| 7/15/25 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; — |
| SCB | CAD | &nbsp;&nbsp; (1498000)<br>| USD | &nbsp;&nbsp; 1089966 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10996)<br>|
| SCB | CHF | &nbsp;&nbsp; (377000)<br>| USD | &nbsp;&nbsp; 453588 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22508)<br>|
| SCB | EUR | &nbsp;&nbsp; (67000)<br>| USD | &nbsp;&nbsp; 77576 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1430)<br>|
| SCB | EUR | &nbsp;&nbsp; 347000 | USD | &nbsp;&nbsp; (390666)<br>| 7/15/25 | &nbsp;&nbsp; 18515 | &nbsp;&nbsp; — |
| SCB | GBP | &nbsp;&nbsp; (979000)<br>| USD | &nbsp;&nbsp; 1313201 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30719)<br>|
| SCB | HKD | &nbsp;&nbsp; 744000 | USD | &nbsp;&nbsp; (96023)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1082)<br>|
| SCB | JPY | &nbsp;&nbsp; (36240000)<br>| USD | &nbsp;&nbsp; 246446 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5663)<br>|
| SCB | JPY | &nbsp;&nbsp; 15857000 | USD | &nbsp;&nbsp; (111186)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (875)<br>|
| SCB | JPY | &nbsp;&nbsp; (33673000)<br>| USD | &nbsp;&nbsp; 235085 | 7/15/25 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; — |

---

LVIP BlackRock Real Estate Fund-3

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| SCB | NZD | &nbsp;&nbsp; (418000)<br>| USD | &nbsp;&nbsp; 249996 | 7/15/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4924)<br>|
| SSB | AUD | &nbsp;&nbsp; (3125000)<br>| USD | &nbsp;&nbsp; 1959327 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (97957)<br>|
| SSB | AUD | &nbsp;&nbsp; 606000 | USD | &nbsp;&nbsp; (389556)<br>| 7/15/25 | &nbsp;&nbsp; 9394 | &nbsp;&nbsp; — |
| SSB | CAD | &nbsp;&nbsp; (103000)<br>| USD | &nbsp;&nbsp; 74438 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1262)<br>|
| SSB | CAD | &nbsp;&nbsp; 17000 | USD | &nbsp;&nbsp; (12219)<br>| 7/15/25 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; (375000)<br>| USD | &nbsp;&nbsp; 426644 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15555)<br>|
| SSB | GBP | &nbsp;&nbsp; 719000 | USD | &nbsp;&nbsp; (955686)<br>| 7/15/25 | &nbsp;&nbsp; 31320 | &nbsp;&nbsp; — |
| SSB | HKD | &nbsp;&nbsp; 2400000 | USD | &nbsp;&nbsp; (307655)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1396)<br>|
| SSB | JPY | &nbsp;&nbsp; 279866000 | USD | &nbsp;&nbsp; (1969120)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22193)<br>|
| SSB | JPY | &nbsp;&nbsp; 68965000 | USD | &nbsp;&nbsp; (477699)<br>| 7/15/25 | &nbsp;&nbsp; 2066 | &nbsp;&nbsp; — |
| SSB | NZD | &nbsp;&nbsp; 1309000 | USD | &nbsp;&nbsp; (759165)<br>| 7/15/25 | &nbsp;&nbsp; 39138 | &nbsp;&nbsp; — |
| SSB | SEK | &nbsp;&nbsp; 1452000 | USD | &nbsp;&nbsp; (151810)<br>| 7/15/25 | &nbsp;&nbsp; 1823 | &nbsp;&nbsp; — |
| SSB | SGD | &nbsp;&nbsp; (459000)<br>| USD | &nbsp;&nbsp; 351593 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9823)<br>|
| SSB | SGD | &nbsp;&nbsp; 1046000 | USD | &nbsp;&nbsp; (811255)<br>| 7/15/25 | &nbsp;&nbsp; 12365 | &nbsp;&nbsp; — |
| UBS | AUD | &nbsp;&nbsp; (137000)<br>| USD | &nbsp;&nbsp; 88367 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1824)<br>|
| UBS | CHF | &nbsp;&nbsp; 87000 | USD | &nbsp;&nbsp; (104770)<br>| 7/15/25 | &nbsp;&nbsp; 5099 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (637000)<br>| USD | &nbsp;&nbsp; 729330 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21819)<br>|
| UBS | EUR | &nbsp;&nbsp; 4000 | USD | &nbsp;&nbsp; (4645)<br>| 7/15/25 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; — |
| UBS | GBP | &nbsp;&nbsp; (174000)<br>| USD | &nbsp;&nbsp; 234410 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4448)<br>|
| UBS | GBP | &nbsp;&nbsp; (64000)<br>| USD | &nbsp;&nbsp; 87907 | 7/15/25 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — |
| UBS | HKD | &nbsp;&nbsp; (6238000)<br>| USD | &nbsp;&nbsp; 804333 | 7/15/25 | &nbsp;&nbsp; 8313 | &nbsp;&nbsp; — |
| UBS | HKD | &nbsp;&nbsp; 5590000 | USD | &nbsp;&nbsp; (720632)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7303)<br>|
| UBS | JPY | &nbsp;&nbsp; (97785000)<br>| USD | &nbsp;&nbsp; 687088 | 7/15/25 | &nbsp;&nbsp; 6833 | &nbsp;&nbsp; — |
| UBS | JPY | &nbsp;&nbsp; 9850000 | USD | &nbsp;&nbsp; (69582)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1059)<br>|
| UBS | JPY | &nbsp;&nbsp; (63826000)<br>| USD | &nbsp;&nbsp; 442960 | 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1055)<br>|
| UBS | JPY | &nbsp;&nbsp; 199322000 | USD | &nbsp;&nbsp; (1377531)<br>| 7/15/25 | &nbsp;&nbsp; 9080 | &nbsp;&nbsp; — |
| UBS | SGD | &nbsp;&nbsp; 4911000 | USD | &nbsp;&nbsp; (3736010)<br>| 7/15/25 | &nbsp;&nbsp; 130911 | &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; $809399 | &nbsp;&nbsp; $(609961)<br>|

---

**Swap Contract**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>2</sup> <br>| **Termination**<br> **Date**<sup>3</sup> <br>| **Notional**<br> **Amount**<sup>4</sup>  | **Notional**<br> **Amount**<sup>4</sup>  | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** |
| **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** |
| **Italy** |  |  |  |  |  |  |  |  |
| GS - Infrastrutture Wireless Italiane SpA - Monthly | 133739 | 0.38% | 7/14/2025 | EUR | 1591133 | $44111 | $44111 | $— |
| **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | $44111 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and swap contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 6 in Notes to Financial Statements. |
| <sup>2</sup> Financing Rates are based on multiple financing rate benchmarks. The Fund pays or receives a variable rate of interest, based on a specified <br> benchmark, plus or minus a spread in a range of 15-150 basis points. The benchmark and spread are determined based upon the country <br> and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest are the <br> 1-Day USD Overnight Bank Funding Rate. |
| <sup>3</sup> Date reflected is the next payment date. Contracts have an open-ended maturity date. |
| <sup>4</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BOA–Bank of America |
| BRC–Barclays Bank |
| CAD–Canadian Dollar |
| CBK–Citigroup Global Markets |

---

LVIP BlackRock Real Estate Fund-4

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| CHF–Swiss Franc |
| DB–Deutsche Bank |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| HKD–Hong Kong Dollar |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| ILS–Israeli Shekel |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| NOK–Norwegian Krone |
| NZD–New Zealand Dollar |
| REIT–Real Estate Investment Trust |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SGD–Singapore Dollar |
| SSB–State Street Bank |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $5355215 |
| Interest | 40102 |
| Foreign taxes withheld | (143091)<br>|
|  | 5252226 |
| **EXPENSES:** |  |
| Management fees | 935751 |
| Distribution fees-Service Class | 96102 |
| Professional fees | 52103 |
| Accounting and administration expenses | 37987 |
| Shareholder servicing fees | 37389 |
| Custodian fees | 30385 |
| Consulting fees | 7630 |
| Reports and statements to shareholders | 6458 |
| Trustees' fees and expenses | 3913 |
| Pricing fees | 3080 |
| Other | 18074 |
|  | 1228872 |
| Less:  |  |
| Management fees waived | (25243)<br>|
| Total operating expenses | 1203629 |
| **NET INVESTMENT INCOME**  | 4048597 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 7689320 |
| Foreign currencies | 118410 |
| Foreign currency exchange contracts | (278319)<br>|
| Swap contracts | 179269 |
| Net realized gain | 7708680 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 3284067 |
| Foreign currencies | 54742 |
| Foreign currency exchange contracts | 698887 |
| Swap contracts | 44111 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 4081807 |
| **NET REALIZED AND UNREALIZED GAIN** | 11790487 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $15839084 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $4048597 | $6691122 |
| Net realized gain | 7708680 | 20254022 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 4081807 | (23363256)<br>|
| Net increase in net assets resulting <br> from operations<br>| 15839084 | 3581888 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (4923607)<br>|
| Service Class |  | (1857148)<br>|
| Return of capital: |  |  |
| Standard Class |  | (340851)<br>|
| Service Class |  | (130391)<br>|
|  |  | (7251997)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 10582282 | 26456707 |
| Service Class | 5176723 | 11408582 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 5264458 |
| Service Class |  | 1987539 |
|  | 15759005 | 45117286 |
| Cost of shares redeemed: |  |  |
| Standard Class | (37964349)<br>| (79473780)<br>|
| Service Class | (8251916)<br>| (19203781)<br>|
|  | (46216265)<br>| (98677561)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (30457260)<br>| (53560275)<br>|
| **NET DECREASE IN NET ASSETS** | (14618176)<br>| (57230384)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 264592581 | 321822965 |
| End of period | $249974405 | $264592581 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-6

------

**LVIP BlackRock Real Estate Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.430 | &nbsp;&nbsp; $7.511 | &nbsp;&nbsp; $6.835 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $8.712 | &nbsp;&nbsp; $9.769 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.121 | 0.181 | 0.176 | 0.185 | 0.246 | 0.176 |
| Net realized and unrealized gain (loss) | 0.371 | &nbsp;&nbsp; (0.049)<br>| 0.710 | &nbsp;&nbsp; (3.052)<br>| 2.146 | &nbsp;&nbsp; (0.458)<br>|
| Total from investment operations | 0.492 | 0.132 | 0.886 | &nbsp;&nbsp; (2.867)<br>| 2.392 | &nbsp;&nbsp; (0.282)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.687)<br>| &nbsp;&nbsp; (0.464)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.390)<br>| &nbsp;&nbsp; (0.311)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.213)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.325)<br>| &nbsp;&nbsp; (1.077)<br>| &nbsp;&nbsp; (0.775)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.922 | &nbsp;&nbsp; $7.430 | &nbsp;&nbsp; $7.511 | &nbsp;&nbsp; $6.835 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $8.712 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.61% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 13.06% | &nbsp;&nbsp; (28.64%)<br>| &nbsp;&nbsp; 28.02% | &nbsp;&nbsp; (2.21%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $171436 | &nbsp;&nbsp; $187887 | &nbsp;&nbsp; $238518 | &nbsp;&nbsp; $251437 | &nbsp;&nbsp; $372538 | &nbsp;&nbsp; $332627 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.21% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 2.09% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.19% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.07% |
| Portfolio turnover | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 77% | &nbsp;&nbsp; 120% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-7

------

**LVIP BlackRock Real Estate Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.315 | &nbsp;&nbsp; $7.398 | &nbsp;&nbsp; $6.735 | &nbsp;&nbsp; $9.885 | &nbsp;&nbsp; $8.602 | &nbsp;&nbsp; $9.658 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.110 | 0.160 | 0.156 | 0.162 | 0.218 | 0.153 |
| Net realized and unrealized gain (loss) | 0.364 | &nbsp;&nbsp; (0.050)<br>| 0.699 | &nbsp;&nbsp; (3.007)<br>| 2.117 | &nbsp;&nbsp; (0.454)<br>|
| Total from investment operations | 0.474 | 0.110 | 0.855 | &nbsp;&nbsp; (2.845)<br>| 2.335 | &nbsp;&nbsp; (0.301)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.444)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.390)<br>| &nbsp;&nbsp; (0.311)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.193)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (1.052)<br>| &nbsp;&nbsp; (0.755)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.789 | &nbsp;&nbsp; $7.315 | &nbsp;&nbsp; $7.398 | &nbsp;&nbsp; $6.735 | &nbsp;&nbsp; $9.885 | &nbsp;&nbsp; $8.602 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.47% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 12.79% | &nbsp;&nbsp; (28.82%)<br>| &nbsp;&nbsp; 27.69% | &nbsp;&nbsp; (2.45%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $78539 | &nbsp;&nbsp; $76706 | &nbsp;&nbsp; $83305 | &nbsp;&nbsp; $81350 | &nbsp;&nbsp; $115839 | &nbsp;&nbsp; $101452 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.06% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.96% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.84% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 1.82% |
| Portfolio turnover | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 77% | &nbsp;&nbsp; 120% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-8

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Real Estate Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY") or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek total return through a combination of current income and long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in

LVIP BlackRock Real Estate Fund-9

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP BlackRock Real Estate Fund is $1,736,745 and $1,713,420 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.73% of the first $250 million of the Fund's average daily net assets; and 0.63% of the Fund's average daily net assets in excess of $250 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.02% of the first $250 million of the Fund's average daily net assets; 0.01% of the next $500 million; and 0.00% of the Fund's average daily net assets in excess of $750 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $11105 |
| Legal | &nbsp;&nbsp; 1692 |

---

LVIP BlackRock Real Estate Fund-10

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,863 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $144951 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 16181 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 325 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5921 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $138249921 |
| Sales | &nbsp;&nbsp; 164868351 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $206934310 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $44453287 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (3484897)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $40968390 |

---

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 June 30, 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)

LVIP BlackRock Real Estate Fund-11

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17103857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17103857 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546158 |
| Canada | &nbsp;&nbsp; 4288673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4288673 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 3571713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3571713 |
| Germany | &nbsp;&nbsp; 1530166 | &nbsp;&nbsp; 5239907 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6770073 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 8657355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8657355 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 23783427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23783427 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 3907038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3907038 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 3333600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3333600 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 4950841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4950841 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312686 |
| United Kingdom | &nbsp;&nbsp; 3076355 | &nbsp;&nbsp; 7087778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10164133 |
| United States | &nbsp;&nbsp; 154602202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154602202 |
| Money Market Fund | &nbsp;&nbsp; 3667395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3667395 |
| **Total Investments** | &nbsp;&nbsp; $167164791 | &nbsp;&nbsp; $80494360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247659151 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $809399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $809399 |
| Swap Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44111 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(609961)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(609961)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's common stock investments was categorized as Level 2.

LVIP BlackRock Real Estate Fund-12

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1392505 | &nbsp;&nbsp; 3523751 |
| Service Class | &nbsp;&nbsp; 701029 | &nbsp;&nbsp; 1537468 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 668975 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 256088 |
|  | &nbsp;&nbsp; 2093534 | &nbsp;&nbsp; 5986282 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (5037859)<br>| &nbsp;&nbsp; (10661125)<br>|
| Service Class | &nbsp;&nbsp; (1103815)<br>| &nbsp;&nbsp; (2568458)<br>|
|  | &nbsp;&nbsp; (6141674)<br>| &nbsp;&nbsp; (13229583)<br>|
| Net decrease | &nbsp;&nbsp; (4048140)<br>| &nbsp;&nbsp; (7243301)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Contracts for Difference — The Fund may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the

LVIP BlackRock Real Estate Fund-13

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the U.S. Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses.

During the six months ended June 30, 2025, the Fund used contracts for difference to gain exposure to certain securities or markets.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 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>| $809399 | Receivables and other assets net of <br> liabilities<br>| $(609961)<br>|
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 44111 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $853510 |  | $(609961)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(278319)<br>| &nbsp;&nbsp; $698887 |
| 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; 179269 | &nbsp;&nbsp; 44111 |
| Total |  | &nbsp;&nbsp; $(99050)<br>| &nbsp;&nbsp; $742998 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $22050834 | $19499417 |
| Contracts for difference swap contract (average notional volume) | 19106 |  |

---

At June 30, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Goldman Sachs International | &nbsp;&nbsp; $40000 |
| Total | &nbsp;&nbsp; $40000 |

---

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

LVIP BlackRock Real Estate Fund-14

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $11082 | &nbsp;&nbsp; $(184243)<br>| &nbsp;&nbsp; $(173161)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 174495 | &nbsp;&nbsp; (18356)<br>| &nbsp;&nbsp; 156139 |
| Citigroup Global Markets | &nbsp;&nbsp; 94089 | &nbsp;&nbsp; (1781)<br>| &nbsp;&nbsp; 92308 |
| Deutsche Bank | &nbsp;&nbsp; 3092 | &nbsp;&nbsp; (98980)<br>| &nbsp;&nbsp; (95888)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 44111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44111 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 54865 | &nbsp;&nbsp; (14588)<br>| &nbsp;&nbsp; 40277 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 190931 | &nbsp;&nbsp; (28122)<br>| &nbsp;&nbsp; 162809 |
| Standard Chartered Bank | &nbsp;&nbsp; 24105 | &nbsp;&nbsp; (78197)<br>| &nbsp;&nbsp; (54092)<br>|
| State Street Bank & Trust Company | &nbsp;&nbsp; 96381 | &nbsp;&nbsp; (148186)<br>| &nbsp;&nbsp; (51805)<br>|
| UBS AG | &nbsp;&nbsp; 160359 | &nbsp;&nbsp; (37508)<br>| &nbsp;&nbsp; 122851 |
| Total | &nbsp;&nbsp; $853510 | &nbsp;&nbsp; $(609961)<br>| &nbsp;&nbsp; $243549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(173161)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(173161)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 156139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 156139 |
| Citigroup Global Markets | &nbsp;&nbsp; 92308 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92308 |
| Deutsche Bank | &nbsp;&nbsp; (95888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (95888)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 44111 | &nbsp;&nbsp; — | &nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4111 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 40277 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40277 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 162809 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162809 |
| Standard Chartered Bank | &nbsp;&nbsp; (54092)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (54092)<br>|
| State Street Bank & Trust <br> Company<br>| &nbsp;&nbsp; (51805)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (51805)<br>|
| UBS AG | &nbsp;&nbsp; 122851 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122851 |
| Total | &nbsp;&nbsp; $243549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(40000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203549 |

---

&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.

**7. 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

LVIP BlackRock Real Estate Fund-15

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

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 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Real Estate Fund-16

------

![](imgc131356d1.jpg)

![](imge862d0f42.jpg)

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6c5969a5-1f35-42ab-9275-ea0d111efa88_SOI-continued-245_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6c5969a5-1f35-42ab-9275-ea0d111efa88_FS-continued-245_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_6c5969a5-1f35-42ab-9275-ea0d111efa88_FS-continued-245_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_6c5969a5-1f35-42ab-9275-ea0d111efa88_FIHI-continued-245_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_6c5969a5-1f35-42ab-9275-ea0d111efa88_NTF-continued-245_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.79%** | **INVESTMENT COMPANIES–99.79%** | **INVESTMENT COMPANIES–99.79%** |
| **Equity Funds–66.68%** | **Equity Funds–66.68%** | **Equity Funds–66.68%** |
| iShares Core S&P 500 ETF | 267543 | $166117449 |
| iShares Core S&P Mid-Cap <br> ETF<br>| 637081 | 39511764 |
| iShares Edge MSCI Min Vol <br> USA ETF<br>| 1502875 | 141074876 |
| iShares Russell 2000 ETF | 238602 | 51487925 |
|  |  | **398192014** |
| **Fixed Income Funds–28.24%** | **Fixed Income Funds–28.24%** | **Fixed Income Funds–28.24%** |
| iShares Broad USD <br> Investment Grade Corporate <br> Bond ETF<br>| 549740 | 28278626 |
| iShares Core U.S. Aggregate <br> Bond ETF<br>| 845313 | 83855050 |
| iShares Core U.S. Treasury <br> Bond ETF<br>| 1230074 | 28267100 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| iShares MBS ETF | 301173 | $28277133 |
|  |  | **168677909** |
| **Money Market Fund–4.87%** | **Money Market Fund–4.87%** | **Money Market Fund–4.87%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 29099537 | 29099537 |
|  |  | **29099537** |
| **Total Investment Companies** <br>**(Cost $390,420,977)**<br>|  | **595969460** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $390,420,977)** | **595969460** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **1232785** |
| **NET ASSETS APPLICABLE TO 41,928,470 SHARES OUTSTANDING–100.00%** | **$597202245** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND STANDARD** <br> **CLASS** <br>**($28,013,324 / 1,959,808 Shares)** | **$14.294** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($569,188,921 / 39,968,662 Shares)** | **$14.241** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$471558761** |
| Distributable earnings/(accumulated loss) | **125643484** |
| **TOTAL NET ASSETS** | **$597202245** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $1,129,503 cash collateral held at broker for futures contracts, $52,640 variation margin due from broker on futures contracts, <br> $6,948,648 payable for securities purchased, $140,504 payable for fund shares redeemed, $11,896 other accrued expenses payable, $293,902 <br> due to manager and affiliates, $14,033 payable for audit fee and $14,587 payable for fund accounting fee as of June 30, 2025.<br>

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-1

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 19 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $2082115 | &nbsp;&nbsp; $2012547 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $69568 | &nbsp;&nbsp; $— |
| 35 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 10944063 | &nbsp;&nbsp; 10557342 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 386721 | &nbsp;&nbsp; — |
| 10 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3125500 | &nbsp;&nbsp; 3031097 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 94403 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $550692 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| ETF–Exchange-Traded Fund |
| MBS–Mortgage-Backed Security |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $5844337 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 981439 |
| Management fees | 734515 |
| Shareholder servicing fees | 85204 |
| Accounting and administration expenses | 49911 |
| Professional fees | 24286 |
| Custodian fees | 14469 |
| Trustees' fees and expenses | 8901 |
| Reports and statements to shareholders | 6297 |
| Consulting fees | 3907 |
| Pricing fees | 115 |
| Other | 7904 |
|  | 1916948 |
| Less:  |  |
| Management fees waived | (14690)<br>|
| Total operating expenses | 1902258 |
| **NET INVESTMENT INCOME**  | 3942079 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 12300867 |
| Futures contracts | (9287010)<br>|
| Net realized gain | 3013857 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 5971359 |
| Futures contracts | 1302037 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 7273396 |
| **NET REALIZED AND UNREALIZED GAIN** | 10287253 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $14229332 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $3942079 | $9785041 |
| Net realized gain | 3013857 | 29629859 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 7273396 | 35630226 |
| Net increase in net assets resulting <br> from operations<br>| 14229332 | 75045126 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (609306)<br>|
| Service Class |  | (10791068)<br>|
|  |  | (11400374)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 1639973 | 3760904 |
| Service Class | 16272603 | 32282018 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 609306 |
| Service Class |  | 10791068 |
|  | 17912576 | 47443296 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1827307)<br>| (2887437)<br>|
| Service Class | (43997719)<br>| (100945469)<br>|
|  | (45825026)<br>| (103832906)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (27912450)<br>| (56389610)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (13683118)<br>| 7255142 |
| **NET ASSETS:** |  |  |
| Beginning of period | 610885363 | 603630221 |
| End of period | $597202245 | $610885363 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-3

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.557 | &nbsp;&nbsp; $11.387 | &nbsp;&nbsp; $14.317 | &nbsp;&nbsp; $13.260 | &nbsp;&nbsp; $13.008 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.115 | 0.262 | 0.229 | 0.179 | 0.144 | 0.196 |
| Net realized and unrealized gain (loss) | 0.249 | 1.422 | 1.179 | &nbsp;&nbsp; (2.546)<br>| 1.773 | 0.237 |
| Total from investment operations | 0.364 | 1.684 | 1.408 | &nbsp;&nbsp; (2.367)<br>| 1.917 | 0.433 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.175)<br>| &nbsp;&nbsp; (0.176)<br>| &nbsp;&nbsp; (0.181)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.684)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.563)<br>| &nbsp;&nbsp; (0.860)<br>| &nbsp;&nbsp; (0.181)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.294 | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.557 | &nbsp;&nbsp; $11.387 | &nbsp;&nbsp; $14.317 | &nbsp;&nbsp; $13.260 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 13.42% | &nbsp;&nbsp; 12.35% | &nbsp;&nbsp; (16.51%)<br>| &nbsp;&nbsp; 14.66% | &nbsp;&nbsp; 3.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $28013 | &nbsp;&nbsp; $27473 | &nbsp;&nbsp; $23354 | &nbsp;&nbsp; $20600 | &nbsp;&nbsp; $22196 | &nbsp;&nbsp; $16664 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.68% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.55% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.67% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.55% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-4

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.903 | &nbsp;&nbsp; $12.532 | &nbsp;&nbsp; $11.367 | &nbsp;&nbsp; $14.291 | &nbsp;&nbsp; $13.241 | &nbsp;&nbsp; $12.993 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.091 | 0.213 | 0.187 | 0.135 | 0.094 | 0.151 |
| Net realized and unrealized gain (loss) | 0.247 | 1.419 | 1.173 | &nbsp;&nbsp; (2.539)<br>| 1.768 | 0.235 |
| Total from investment operations | 0.338 | 1.632 | 1.360 | &nbsp;&nbsp; (2.404)<br>| 1.862 | 0.386 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.132)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (0.138)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.684)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.261)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.520)<br>| &nbsp;&nbsp; (0.812)<br>| &nbsp;&nbsp; (0.138)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.241 | &nbsp;&nbsp; $13.903 | &nbsp;&nbsp; $12.532 | &nbsp;&nbsp; $11.367 | &nbsp;&nbsp; $14.291 | &nbsp;&nbsp; $13.241 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 13.03% | &nbsp;&nbsp; 11.96% | &nbsp;&nbsp; (16.81%)<br>| &nbsp;&nbsp; 14.26% | &nbsp;&nbsp; 2.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $569189 | &nbsp;&nbsp; $583412 | &nbsp;&nbsp; $580276 | &nbsp;&nbsp; $550993 | &nbsp;&nbsp; $687727 | &nbsp;&nbsp; $631897 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.33% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 1.20% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.32% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-5

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds ("Underlying ETFs") or financial instruments that provide exposure to such Underlying ETFs (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-6

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Milliman Financial Risk Management LLC ("Milliman") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays Milliman a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $25202 |
| Legal | &nbsp;&nbsp; 3841 |

---

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 $2,250 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $118463 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 161377 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 40 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14022 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-7

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $23064894 |
| Sales | &nbsp;&nbsp; 65227367 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $390420977 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $216204857 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (10105682)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $206099175 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $595969460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $595969460 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $550692 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $550692 |

---

There were no Level 3 investments at the beginning or end of the period.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-8

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 117211 | &nbsp;&nbsp; 277890 |
| Service Class | &nbsp;&nbsp; 1178294 | &nbsp;&nbsp; 2339108 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 43915 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 779219 |
|  | &nbsp;&nbsp; 1295505 | &nbsp;&nbsp; 3440132 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (129568)<br>| &nbsp;&nbsp; (209501)<br>|
| Service Class | &nbsp;&nbsp; (3173849)<br>| &nbsp;&nbsp; (7457085)<br>|
|  | &nbsp;&nbsp; (3303417)<br>| &nbsp;&nbsp; (7666586)<br>|
| Net decrease | &nbsp;&nbsp; (2007912)<br>| &nbsp;&nbsp; (4226454)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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 June 30, 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>| $550692 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-9

------

**LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(9287010)<br>| &nbsp;&nbsp; $1302037 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $17318969 | $— |

---

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-10

------

![](img72e43bfd1.jpg)

![](imgd5ece6c02.jpg)

![](imgca18a9bf3.jpg)

LVIP Blended Large Cap Growth Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Blended Large Cap Growth Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_56c38fb1-0e88-4a17-8502-a494c26a87a2_SOI-continued-239_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_56c38fb1-0e88-4a17-8502-a494c26a87a2_FS-continued-239_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_56c38fb1-0e88-4a17-8502-a494c26a87a2_FS-continued-239_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_56c38fb1-0e88-4a17-8502-a494c26a87a2_FIHI-continued-239_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_56c38fb1-0e88-4a17-8502-a494c26a87a2_NTF-continued-239_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–95.02%** | **COMMON STOCK–95.02%** | **COMMON STOCK–95.02%** |
| **Aerospace & Defense–0.86%** | **Aerospace & Defense–0.86%** | **Aerospace & Defense–0.86%** |
| †Axon Enterprise, Inc. | 7812 | $6467867 |
| HEICO Corp. | 3310 | 1085680 |
| Howmet Aerospace, Inc. | 38540 | 7173450 |
|  |  | **14726997** |
| **Automobiles–2.00%** | **Automobiles–2.00%** | **Automobiles–2.00%** |
| Ferrari NV | 12152 | 5963473 |
| †Tesla, Inc. | 89817 | 28531268 |
|  |  | **34494741** |
| **Banks–0.03%** | **Banks–0.03%** | **Banks–0.03%** |
| Synovus Financial Corp. | 9650 | 499387 |
|  |  | **499387** |
| **Beverages–1.13%** | **Beverages–1.13%** | **Beverages–1.13%** |
| †Celsius Holdings, Inc. | 92951 | 4311997 |
| †Monster Beverage Corp. | 242972 | 15219766 |
|  |  | **19531763** |
| **Biotechnology–1.97%** | **Biotechnology–1.97%** | **Biotechnology–1.97%** |
| AbbVie, Inc. | 40478 | 7513526 |
| †Exact Sciences Corp. | 49178 | 2613319 |
| †Genmab AS ADR | 107119 | 2213079 |
| †Natera, Inc. | 44086 | 7447889 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 11026 | 400905 |
| †Vertex Pharmaceuticals, Inc. | 30737 | 13684112 |
|  |  | **33872830** |
| **Broadline Retail–6.60%** | **Broadline Retail–6.60%** | **Broadline Retail–6.60%** |
| †Amazon.com, Inc. | 499086 | 109494477 |
| †Coupang, Inc. | 139533 | 4180409 |
|  |  | **113674886** |
| **Building Products–0.15%** | **Building Products–0.15%** | **Building Products–0.15%** |
| †Trex Co., Inc. | 47275 | 2570814 |
|  |  | **2570814** |
| **Capital Markets–1.61%** | **Capital Markets–1.61%** | **Capital Markets–1.61%** |
| Ameriprise Financial, Inc. | 12627 | 6739409 |
| Cboe Global Markets, Inc. | 48067 | 11209705 |
| †Coinbase Global, Inc. Class A | 1709 | 598987 |
| Morningstar, Inc. | 20226 | 6349548 |
| MSCI, Inc. | 4932 | 2844482 |
|  |  | **27742131** |
| **Chemicals–0.88%** | **Chemicals–0.88%** | **Chemicals–0.88%** |
| Linde PLC | 13629 | 6394454 |
| Sherwin-Williams Co. | 25513 | 8760144 |
|  |  | **15154598** |
| **Commercial Services & Supplies–0.63%** | **Commercial Services & Supplies–0.63%** | **Commercial Services & Supplies–0.63%** |
| Cintas Corp. | 12150 | 2707871 |
| †Copart, Inc. | 167230 | 8205976 |
|  |  | **10913847** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment–1.20%** | **Communications Equipment–1.20%** | **Communications Equipment–1.20%** |
| †Arista Networks, Inc. | 160538 | $16424643 |
| Motorola Solutions, Inc. | 10075 | 4236134 |
|  |  | **20660777** |
| **Construction & Engineering–0.40%** | **Construction & Engineering–0.40%** | **Construction & Engineering–0.40%** |
| Comfort Systems USA, Inc. | 9237 | 4952972 |
| EMCOR Group, Inc. | 3516 | 1880673 |
|  |  | **6833645** |
| **Consumer Staples Distribution & Retail–2.29%** | **Consumer Staples Distribution & Retail–2.29%** | **Consumer Staples Distribution & Retail–2.29%** |
| Costco Wholesale Corp. | 35761 | 35401244 |
| †Sprouts Farmers Market, Inc. | 14824 | 2440624 |
| Sysco Corp. | 20904 | 1583269 |
|  |  | **39425137** |
| **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 22581 | 2790786 |
| †Duolingo, Inc. | 2250 | 922545 |
|  |  | **3713331** |
| **Electronic Equipment, Instruments & Components–0.30%** | **Electronic Equipment, Instruments & Components–0.30%** | **Electronic Equipment, Instruments & Components–0.30%** |
| Amphenol Corp. Class A | 38979 | 3849176 |
| †Teledyne Technologies, Inc. | 2572 | 1317662 |
|  |  | **5166838** |
| **Entertainment–4.13%** | **Entertainment–4.13%** | **Entertainment–4.13%** |
| †Netflix, Inc. | 49965 | 66909630 |
| †ROBLOX Corp. Class A | 27454 | 2888161 |
| †Roku, Inc. | 15159 | 1332325 |
|  |  | **71130116** |
| **Financial Services–4.48%** | **Financial Services–4.48%** | **Financial Services–4.48%** |
| †Affirm Holdings, Inc. | 30072 | 2079178 |
| Equitable Holdings, Inc. | 64643 | 3626472 |
| Mastercard, Inc. Class A | 12473 | 7009078 |
| †Toast, Inc. Class A | 101574 | 4498712 |
| Visa, Inc. Class A | 168632 | 59872792 |
|  |  | **77086232** |
| **Ground Transportation–0.92%** | **Ground Transportation–0.92%** | **Ground Transportation–0.92%** |
| †Lyft, Inc. Class A | 65534 | 1032816 |
| Old Dominion Freight Line, <br> Inc.<br>| 10159 | 1648806 |
| †Saia, Inc. | 11168 | 3059920 |
| †Uber Technologies, Inc. | 107651 | 10043838 |
|  |  | **15785380** |
| **Health Care Equipment & Supplies–2.15%** | **Health Care Equipment & Supplies–2.15%** | **Health Care Equipment & Supplies–2.15%** |
| †Insulet Corp. | 13758 | 4322489 |
| †Intuitive Surgical, Inc. | 37585 | 20424065 |
| †Penumbra, Inc. | 12899 | 3310270 |
| Stryker Corp. | 22667 | 8967745 |
|  |  | **37024569** |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-1

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–0.76%** | **Health Care Providers & Services–0.76%** | **Health Care Providers & Services–0.76%** |
| McKesson Corp. | 9557 | $7003179 |
| UnitedHealth Group, Inc. | 19520 | 6089654 |
|  |  | **13092833** |
| **Health Care REITs–0.07%** | **Health Care REITs–0.07%** | **Health Care REITs–0.07%** |
| Welltower, Inc. | 7934 | 1219694 |
|  |  | **1219694** |
| **Health Care Technology–1.05%** | **Health Care Technology–1.05%** | **Health Care Technology–1.05%** |
| †Veeva Systems, Inc. Class A | 62779 | 18079096 |
|  |  | **18079096** |
| **Hotels, Restaurants & Leisure–2.31%** | **Hotels, Restaurants & Leisure–2.31%** | **Hotels, Restaurants & Leisure–2.31%** |
| †Airbnb, Inc. Class A | 36278 | 4801031 |
| Booking Holdings, Inc. | 381 | 2205700 |
| †Chipotle Mexican Grill, Inc. | 227060 | 12749419 |
| Darden Restaurants, Inc. | 10577 | 2305469 |
| †DoorDash, Inc. Class A | 29648 | 7308529 |
| Expedia Group, Inc. | 28978 | 4888009 |
| Royal Caribbean Cruises Ltd. | 4817 | 1508395 |
| Texas Roadhouse, Inc. | 21510 | 4031189 |
|  |  | **39797741** |
| **Household Durables–0.08%** | **Household Durables–0.08%** | **Household Durables–0.08%** |
| Somnigroup International, <br> Inc.<br>| 20287 | 1380530 |
|  |  | **1380530** |
| **Household Products–0.42%** | **Household Products–0.42%** | **Household Products–0.42%** |
| Procter & Gamble Co. | 45318 | 7220064 |
|  |  | **7220064** |
| **Insurance–0.48%** | **Insurance–0.48%** | **Insurance–0.48%** |
| Progressive Corp. | 31282 | 8347914 |
|  |  | **8347914** |
| **Interactive Media & Services–10.11%** | **Interactive Media & Services–10.11%** | **Interactive Media & Services–10.11%** |
| Alphabet, Inc. Class A | 450104 | 79840919 |
| Meta Platforms, Inc. Class A | 118925 | 87777353 |
| †Reddit, Inc. Class A | 43114 | 6491675 |
|  |  | **174109947** |
| **IT Services–1.17%** | **IT Services–1.17%** | **IT Services–1.17%** |
| †Cloudflare, Inc. Class A | 6976 | 1366110 |
| †Gartner, Inc. | 15673 | 6335340 |
| †GoDaddy, Inc. Class A | 4754 | 856005 |
| †MongoDB, Inc. | 25863 | 5430972 |
| †Shopify, Inc. Class A | 33920 | 3912672 |
| †Twilio, Inc. Class A | 17439 | 2168714 |
|  |  | **20069813** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services–0.81%** | **Life Sciences Tools & Services–0.81%** | **Life Sciences Tools & Services–0.81%** |
| †Mettler-Toledo International, <br> Inc.<br>| 4492 | $5276842 |
| †Waters Corp. | 24772 | 8646419 |
|  |  | **13923261** |
| **Machinery–0.49%** | **Machinery–0.49%** | **Machinery–0.49%** |
| Otis Worldwide Corp. | 85729 | 8488886 |
|  |  | **8488886** |
| **Media–0.02%** | **Media–0.02%** | **Media–0.02%** |
| †Trade Desk, Inc. Class A | 5513 | 396881 |
|  |  | **396881** |
| **Metals & Mining–0.39%** | **Metals & Mining–0.39%** | **Metals & Mining–0.39%** |
| Southern Copper Corp. | 67177 | 6796297 |
|  |  | **6796297** |
| **Passenger Airlines–0.02%** | **Passenger Airlines–0.02%** | **Passenger Airlines–0.02%** |
| †Alaska Air Group, Inc. | 6672 | 330131 |
|  |  | **330131** |
| **Pharmaceuticals–2.19%** | **Pharmaceuticals–2.19%** | **Pharmaceuticals–2.19%** |
| Eli Lilly & Co. | 38163 | 29749204 |
| Zoetis, Inc. | 50954 | 7946276 |
|  |  | **37695480** |
| **Professional Services–1.03%** | **Professional Services–1.03%** | **Professional Services–1.03%** |
| Broadridge Financial <br> Solutions, Inc.<br>| 28342 | 6887956 |
| †ExlService Holdings, Inc. | 9982 | 437112 |
| Verisk Analytics, Inc. | 33550 | 10450825 |
|  |  | **17775893** |
| **Semiconductors & Semiconductor Equipment–18.92%** | **Semiconductors & Semiconductor Equipment–18.92%** | **Semiconductors & Semiconductor Equipment–18.92%** |
| Applied Materials, Inc. | 72934 | 13352027 |
| ASML Holding NV | 2982 | 2389745 |
| †Astera Labs, Inc. | 46883 | 4239161 |
| Broadcom, Inc. | 268141 | 73913067 |
| †Enphase Energy, Inc. | 3247 | 128744 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 4755 | 681344 |
| NVIDIA Corp. | 1249015 | 197331880 |
| QUALCOMM, Inc. | 44666 | 7113507 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 52445 | 11878268 |
| Texas Instruments, Inc. | 71573 | 14859986 |
|  |  | **325887729** |
| **Software–15.27%** | **Software–15.27%** | **Software–15.27%** |
| †AppLovin Corp. Class A | 18216 | 6377057 |
| †Cadence Design Systems, <br> Inc.<br>| 20527 | 6325395 |
| †Datadog, Inc. Class A | 47142 | 6332585 |
| †Docusign, Inc. | 22290 | 1736168 |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-2

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Fair Isaac Corp. | 1219 | $2228283 |
| Intuit, Inc. | 9341 | 7357252 |
| †Manhattan Associates, Inc. | 23670 | 4674115 |
| Microsoft Corp. | 345682 | 171945684 |
| †Nutanix, Inc. Class A | 10232 | 782134 |
| Oracle Corp. | 34484 | 7539237 |
| †Palantir Technologies, Inc. <br> Class A<br>| 45106 | 6148850 |
| †Palo Alto Networks, Inc. | 48235 | 9870810 |
| †RingCentral, Inc. Class A | 139555 | 3956384 |
| †Samsara, Inc. Class A | 43246 | 1720326 |
| †ServiceNow, Inc. | 13330 | 13704306 |
| †Synopsys, Inc. | 8368 | 4290106 |
| †Teradata Corp. | 36518 | 814717 |
| †Workday, Inc. Class A | 29504 | 7080960 |
|  |  | **262884369** |
| **Specialized REITs–0.19%** | **Specialized REITs–0.19%** | **Specialized REITs–0.19%** |
| Iron Mountain, Inc. | 24320 | 2494502 |
| Lamar Advertising Co. <br> Class A<br>| 4007 | 486290 |
| Public Storage | 1043 | 306037 |
|  |  | **3286829** |
| **Specialty Retail–1.15%** | **Specialty Retail–1.15%** | **Specialty Retail–1.15%** |
| †Carvana Co. | 5100 | 1718496 |
| Home Depot, Inc. | 35688 | 13084648 |
| Tractor Supply Co. | 93732 | 4946238 |
|  |  | **19749382** |
| **Technology Hardware, Storage & Peripherals–4.83%** | **Technology Hardware, Storage & Peripherals–4.83%** | **Technology Hardware, Storage & Peripherals–4.83%** |
| Apple, Inc. | 405628 | 83222697 |
|  |  | **83222697** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods–0.91%** | **Textiles, Apparel & Luxury Goods–0.91%** | **Textiles, Apparel & Luxury Goods–0.91%** |
| †Birkenstock Holding PLC | 31003 | $1524728 |
| †Lululemon Athletica, Inc. | 33756 | 8019750 |
| †On Holding AG Class A | 118996 | 6193742 |
|  |  | **15738220** |
| **Trading Companies & Distributors–0.40%** | **Trading Companies & Distributors–0.40%** | **Trading Companies & Distributors–0.40%** |
| FTAI Aviation Ltd. | 25599 | 2944909 |
| United Rentals, Inc. | 5181 | 3903365 |
|  |  | **6848274** |
| **Total Common Stock** <br>**(Cost $809,444,888)** | **Total Common Stock** <br>**(Cost $809,444,888)** | **1636349980** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 11753 | 11988 |
| **Total Rights** <br>**(Cost $11,988)** | **Total Rights** <br>**(Cost $11,988)** | **11988** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–4.25%** | **MONEY MARKET FUND–4.25%** | **MONEY MARKET FUND–4.25%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 73136963 | 73136963 |
| **Total Money Market Fund** <br>**(Cost $73,136,963)** | **Total Money Market Fund** <br>**(Cost $73,136,963)** | **73136963** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.27% (Cost $882,593,839)** | **1709498931** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.73%** | **12633098** |
| **NET ASSETS APPLICABLE TO 32,754,200 SHARES OUTSTANDING–100.00%** | **$1722132029** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND STANDARD** <br> **CLASS** <br>**($288,979,959 / 5,308,321 Shares)** | **$54.439** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($1,433,152,070 / 27,445,879 Shares)** | **$52.217** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$846054722** |
| Distributable earnings/(accumulated loss) | **876077307** |
| **TOTAL NET ASSETS** | **$1722132029** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Blended Large Cap Growth Managed Volatility Fund-3

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,010,005 cash collateral held at broker for futures contracts, $11,219,408 variation margin due from broker on futures contracts, <br> $2,145,872 payable for fund shares redeemed, $22,087 other accrued expenses payable, $1,157,384 due to manager and affiliates, $16,187 <br> payable for audit fee and $48,146 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 16 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $5003000 | &nbsp;&nbsp; $4913849 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $89151 | &nbsp;&nbsp; $— |
| (160) | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; (50030000)<br>| &nbsp;&nbsp; (48729498)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1300502)<br>|
| (6) | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; (1875300)<br>| &nbsp;&nbsp; (1845852)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29448)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $89151 | &nbsp;&nbsp; $(1329950)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $6510449 |
| Foreign taxes withheld | (22289)<br>|
|  | 6488160 |
| **EXPENSES:** |  |
| Management fees | 5937212 |
| Distribution fees-Service Class | 1717118 |
| Shareholder servicing fees | 240834 |
| Accounting and administration expenses | 157608 |
| Professional fees | 39108 |
| Trustees' fees and expenses | 25753 |
| Reports and statements to shareholders | 20729 |
| Custodian fees | 16910 |
| Consulting fees | 8497 |
| Pricing fees | 736 |
| Other | 21523 |
|  | 8186028 |
| Less:  |  |
| Management fees waived | (950701)<br>|
| Total operating expenses | 7235327 |
| **NET INVESTMENT LOSS** | (747167)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 72790315 |
| Futures contracts | (125976531)<br>|
| Net realized loss | (53186216)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 4196202 |
| Futures contracts | 1981765 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 6177967 |
| **NET REALIZED AND UNREALIZED LOSS** | (47008249)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(47755416)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(747167)<br>| $(1284423)<br>|
| Net realized gain (loss) | (53186216)<br>| 220903901 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 6177967 | 239625977 |
| Net increase (decrease) in net <br> assets resulting from <br> operations<br>| (47755416)<br>| 459245455 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (15991586)<br>|
| Service Class |  | (78457513)<br>|
|  |  | (94449099)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4413865 | 5798709 |
| Service Class | 85588001 | 67488184 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 15991586 |
| Service Class |  | 78457513 |
|  | 90001866 | 167735992 |
| Cost of shares redeemed: |  |  |
| Standard Class | (21818761)<br>| (40017337)<br>|
| Service Class | (94998565)<br>| (322737568)<br>|
|  | (116817326)<br>| (362754905)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (26815460)<br>| (195018913)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (74570876)<br>| 169777443 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1796702905 | 1626925462 |
| End of period | $1722132029 | $1796702905 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-5

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>3</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $56.055 | &nbsp;&nbsp; $45.257 | &nbsp;&nbsp; $33.861 | &nbsp;&nbsp; $54.396 | &nbsp;&nbsp; $45.414 | &nbsp;&nbsp; $37.333 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>4</sup> | 0.031 | 0.071 | 0.164 | 0.065 | &nbsp;&nbsp; (0.026)<br>| 0.142 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.647)<br>| 13.702 | 11.399 | &nbsp;&nbsp; (14.498)<br>| 14.057 | 8.747 |
| Total from investment operations | &nbsp;&nbsp; (1.616)<br>| 13.773 | 11.563 | &nbsp;&nbsp; (14.433)<br>| 14.031 | 8.889 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>| &nbsp;&nbsp; (0.657)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.975)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>| &nbsp;&nbsp; (0.808)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $54.439 | &nbsp;&nbsp; $56.055 | &nbsp;&nbsp; $45.257 | &nbsp;&nbsp; $33.861 | &nbsp;&nbsp; $54.396 | &nbsp;&nbsp; $45.414 |
| Total return<sup>5</sup> | &nbsp;&nbsp; (2.88%)<br>| &nbsp;&nbsp; 30.41% | &nbsp;&nbsp; 34.15% | &nbsp;&nbsp; (26.73%)<br>| &nbsp;&nbsp; 30.86% | &nbsp;&nbsp; 23.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $288980 | &nbsp;&nbsp; $315950 | &nbsp;&nbsp; $271190 | &nbsp;&nbsp; $221031 | &nbsp;&nbsp; $328574 | &nbsp;&nbsp; $277685 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; 0.36% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.15%)<br>| &nbsp;&nbsp; 0.27% |
| Portfolio turnover | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 147% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 1, 2021, AllianceBernstein was added as a sub-adviser to the Fund.

<sup>3</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, Inc. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<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 Blended Large Cap Growth Managed Volatility Fund-6

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>3</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $53.835 | &nbsp;&nbsp; $43.663 | &nbsp;&nbsp; $32.678 | &nbsp;&nbsp; $52.909 | &nbsp;&nbsp; $44.388 | &nbsp;&nbsp; $36.520 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>4</sup> | &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (0.059)<br>| 0.063 | &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; (0.153)<br>| 0.042 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.584)<br>| 13.206 | 10.987 | &nbsp;&nbsp; (14.091)<br>| 13.723 | 8.540 |
| Total from investment operations | &nbsp;&nbsp; (1.618)<br>| 13.147 | 11.050 | &nbsp;&nbsp; (14.129)<br>| 13.570 | 8.582 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.057)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>| &nbsp;&nbsp; (0.657)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.975)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>| &nbsp;&nbsp; (0.714)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $52.217 | &nbsp;&nbsp; $53.835 | &nbsp;&nbsp; $43.663 | &nbsp;&nbsp; $32.678 | &nbsp;&nbsp; $52.909 | &nbsp;&nbsp; $44.388 |
| Total return<sup>5</sup> | &nbsp;&nbsp; (3.00%)<br>| &nbsp;&nbsp; 30.09% | &nbsp;&nbsp; 33.81% | &nbsp;&nbsp; (26.92%)<br>| &nbsp;&nbsp; 30.53% | &nbsp;&nbsp; 23.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1433152 | &nbsp;&nbsp; $1480753 | &nbsp;&nbsp; $1355735 | &nbsp;&nbsp; $1149701 | &nbsp;&nbsp; $1519106 | &nbsp;&nbsp; $1269461 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.95% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; 0.11% |
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; (0.22%)<br>| &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.40%)<br>| &nbsp;&nbsp; 0.02% |
| Portfolio turnover | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 147% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 1, 2021, AllianceBernstein was added as a sub-adviser to the Fund.

<sup>3</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, Inc. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<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 Blended Large Cap Growth Managed Volatility Fund-7

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Blended Large Cap Growth Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a non-diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term growth of capital in a manner consistent with the preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Blended Large Cap Growth Managed Volatility Fund-8

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $3,617 for the six months ended June 30, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; and 0.70% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.165% on the first $100 million of average daily net assets of the Fund; 0.115% on the next $400 million; 0.110% on the next $1.5 billion; and 0.095% on the excess of $2 billion of average daily net assets of the Fund. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

AllianceBernstein LP ("AllianceBernstein"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays AllianceBernstein a fee based on AllianceBernstein's managed portion of the Fund's average daily net assets.

Goldman Sachs Asset Management, L.P. ("GSAM"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays GSAM a fee based on GSAM's managed portion of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $71710 |
| Legal | &nbsp;&nbsp; 10930 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Blended Large Cap Growth Managed Volatility Fund-9

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $11,796 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $828832 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 287315 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1205 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 40032 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $926211681 |
| Sales | &nbsp;&nbsp; 1059753992 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $882593839 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $838500301 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (12836008)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $825664293 |

---

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 June 30, 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.

LVIP Blended Large Cap Growth Managed Volatility Fund-10

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $1636349980 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1636349980 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11988 | &nbsp;&nbsp; 11988 |
| Money Market Fund | &nbsp;&nbsp; 73136963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73136963 |
| **Total Investments** | &nbsp;&nbsp; $1709486943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11988 | &nbsp;&nbsp; $1709498931 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $89151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89151 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1329950)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1329950)<br>|

---

During the six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 86155 | &nbsp;&nbsp; 111996 |
| Service Class | &nbsp;&nbsp; 1745899 | &nbsp;&nbsp; 1313857 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 284357 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1452539 |
|  | &nbsp;&nbsp; 1832054 | &nbsp;&nbsp; 3162749 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (414227)<br>| &nbsp;&nbsp; (752202)<br>|
| Service Class | &nbsp;&nbsp; (1805590)<br>| &nbsp;&nbsp; (6310979)<br>|
|  | &nbsp;&nbsp; (2219817)<br>| &nbsp;&nbsp; (7063181)<br>|
| Net decrease | &nbsp;&nbsp; (387763)<br>| &nbsp;&nbsp; (3900432)<br>|

---

LVIP Blended Large Cap Growth Managed Volatility Fund-11

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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 June 30, 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>| $89151 | Receivables and other assets net of <br> liabilities<br>| $(1329950)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(125976531)<br>| &nbsp;&nbsp; $1981765 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $52152975 | $165694483 |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-12

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-13

------

![](img78a52dfb1.jpg)

![](img916476bf2.jpg)

![](imgcc1ffec03.jpg)

LVIP Blended Mid Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Blended Mid Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_9f51f1f4-90bc-47e1-a979-2b0066ac9d56_SOI-continued-232_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_9f51f1f4-90bc-47e1-a979-2b0066ac9d56_FS-continued-232_1)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_9f51f1f4-90bc-47e1-a979-2b0066ac9d56_FS-continued-232_1)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_9f51f1f4-90bc-47e1-a979-2b0066ac9d56_FIHI-continued-232_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_9f51f1f4-90bc-47e1-a979-2b0066ac9d56_NTF-continued-232_1)**  | &nbsp;&nbsp; **11** |

---

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–94.67%** | **COMMON STOCK–94.67%** | **COMMON STOCK–94.67%** |
| **Aerospace & Defense–7.57%** | **Aerospace & Defense–7.57%** | **Aerospace & Defense–7.57%** |
| †Axon Enterprise, Inc. | 19693 | $16304623 |
| BWX Technologies, Inc. | 18069 | 2603020 |
| Curtiss-Wright Corp. | 4251 | 2076826 |
| HEICO Corp. | 13545 | 4442760 |
| Hexcel Corp. | 23449 | 1324634 |
| Howmet Aerospace, Inc. | 140486 | 26148659 |
| †Karman Holdings, Inc. | 14499 | 730315 |
| †Loar Holdings, Inc. | 8414 | 725034 |
| Melrose Industries PLC | 145272 | 1058042 |
| †Rocket Lab Corp. | 39900 | 1427223 |
| †StandardAero, Inc. | 23555 | 745516 |
| TransDigm Group, Inc. | 587 | 892616 |
|  |  | **58479268** |
| **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** | **Air Freight & Logistics–0.05%** |
| †GXO Logistics, Inc. | 7900 | 384730 |
|  |  | **384730** |
| **Beverages–0.24%** | **Beverages–0.24%** | **Beverages–0.24%** |
| †Celsius Holdings, Inc. | 7966 | 369543 |
| Primo Brands Corp. Class A | 49868 | 1477090 |
|  |  | **1846633** |
| **Biotechnology–3.68%** | **Biotechnology–3.68%** | **Biotechnology–3.68%** |
| †Alkermes PLC | 10970 | 313852 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 14816 | 4831349 |
| †Argenx SE ADR | 1294 | 713279 |
| †Ascendis Pharma AS ADR | 29644 | 5116554 |
| †Avidity Biosciences, Inc. | 9100 | 258440 |
| †BeOne Medicines Ltd. ADR | 1206 | 291936 |
| †Caris Life Sciences, Inc. | 17939 | 479330 |
| †πCaris Life Sciences, Inc. <br> (CAI)<br>| 16736 | 447190 |
| †Exact Sciences Corp. | 48156 | 2559010 |
| †Insmed, Inc. | 17200 | 1731008 |
| †Natera, Inc. | 52323 | 8839448 |
| †Neurocrine Biosciences, Inc. | 10959 | 1377437 |
| †Nuvalent, Inc. Class A | 4300 | 328090 |
| †Revolution Medicines, Inc. | 8047 | 296049 |
| †Summit Therapeutics, Inc. | 15200 | 323456 |
| †Ultragenyx Pharmaceutical, <br> Inc.<br>| 7700 | 279972 |
| †Vaxcyte, Inc. | 7250 | 235697 |
|  |  | **28422097** |
| **Broadline Retail–1.22%** | **Broadline Retail–1.22%** | **Broadline Retail–1.22%** |
| †Coupang, Inc. | 291471 | 8732471 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 5432 | 715829 |
|  |  | **9448300** |
| **Building Products–0.46%** | **Building Products–0.46%** | **Building Products–0.46%** |
| AAON, Inc. | 10002 | 737648 |
| Carlisle Cos., Inc. | 900 | 336060 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lennox International, Inc. | 3725 | $2135319 |
| †Trex Co., Inc. | 6479 | 352328 |
|  |  | **3561355** |
| **Capital Markets–8.33%** | **Capital Markets–8.33%** | **Capital Markets–8.33%** |
| Ameriprise Financial, Inc. | 11003 | 5872631 |
| ARES Management Corp. <br> Class A<br>| 55246 | 9568607 |
| Blue Owl Capital, Inc. | 75572 | 1451738 |
| Carlyle Group, Inc. | 75032 | 3856645 |
| †Coinbase Global, Inc. Class A | 4325 | 1515869 |
| LPL Financial Holdings, Inc. | 31037 | 11637944 |
| Morningstar, Inc. | 11408 | 3581314 |
| MSCI, Inc. | 11553 | 6663077 |
| Nasdaq, Inc. | 55797 | 4989368 |
| †Robinhood Markets, Inc. <br> Class A<br>| 72661 | 6803249 |
| StepStone Group, Inc. <br> Class A<br>| 5819 | 322955 |
| Stifel Financial Corp. | 3203 | 332407 |
| TPG, Inc. | 53198 | 2790235 |
| Tradeweb Markets, Inc. <br> Class A<br>| 34403 | 5036599 |
|  |  | **64422638** |
| **Commercial Services & Supplies–1.39%** | **Commercial Services & Supplies–1.39%** | **Commercial Services & Supplies–1.39%** |
| †ACV Auctions, Inc. Class A | 119950 | 1945589 |
| †Clean Harbors, Inc. | 1555 | 359485 |
| †Copart, Inc. | 73525 | 3607872 |
| GFL Environmental, Inc. | 76279 | 3849038 |
| Rollins, Inc. | 6291 | 354938 |
| Tetra Tech, Inc. | 9012 | 324071 |
| Waste Connections, Inc. | 1708 | 318918 |
|  |  | **10759911** |
| **Construction & Engineering–1.64%** | **Construction & Engineering–1.64%** | **Construction & Engineering–1.64%** |
| †API Group Corp. | 6347 | 324015 |
| Comfort Systems USA, Inc. | 5548 | 2974893 |
| Quanta Services, Inc. | 24016 | 9079969 |
| WillScot Holdings Corp. | 11528 | 315867 |
|  |  | **12694744** |
| **Construction Materials–0.80%** | **Construction Materials–0.80%** | **Construction Materials–0.80%** |
| Vulcan Materials Co. | 23572 | 6148049 |
|  |  | **6148049** |
| **Consumer Staples Distribution & Retail–1.53%** | **Consumer Staples Distribution & Retail–1.53%** | **Consumer Staples Distribution & Retail–1.53%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 34673 | 3738790 |
| Casey's General Stores, Inc. | 2750 | 1403242 |
| Dollar General Corp. | 13192 | 1508901 |
| †Performance Food Group Co. | 8403 | 735010 |
| †Sprouts Farmers Market, Inc. | 11298 | 1860103 |
| †U.S. Foods Holding Corp. | 33089 | 2548184 |
|  |  | **11794230** |

---

LVIP Blended Mid Cap Managed Volatility Fund-1

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services–1.10%** | **Diversified Consumer Services–1.10%** | **Diversified Consumer Services–1.10%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 45264 | $5594178 |
| †Duolingo, Inc. | 5458 | 2237889 |
| Service Corp. International | 4044 | 329182 |
| †Stride, Inc. | 2228 | 323483 |
|  |  | **8484732** |
| **Diversified Telecommunication Services–0.12%** | **Diversified Telecommunication Services–0.12%** | **Diversified Telecommunication Services–0.12%** |
| †AST SpaceMobile, Inc. | 19818 | 926095 |
| =†πSocure, Inc. | 5095 | 28023 |
|  |  | **954118** |
| **Electric Utilities–0.28%** | **Electric Utilities–0.28%** | **Electric Utilities–0.28%** |
| NRG Energy, Inc. | 13467 | 2162531 |
|  |  | **2162531** |
| **Electrical Equipment–1.75%** | **Electrical Equipment–1.75%** | **Electrical Equipment–1.75%** |
| AMETEK, Inc. | 17736 | 3209507 |
| Hubbell, Inc. | 3927 | 1603826 |
| Rockwell Automation, Inc. | 2096 | 696228 |
| Vertiv Holdings Co. Class A | 62484 | 8023570 |
|  |  | **13533131** |
| **Electronic Equipment, Instruments & Components–0.91%** | **Electronic Equipment, Instruments & Components–0.91%** | **Electronic Equipment, Instruments & Components–0.91%** |
| Badger Meter, Inc. | 1304 | 319415 |
| CDW Corp. | 10104 | 1804473 |
| †Celestica, Inc. | 9600 | 1498656 |
| †Coherent Corp. | 3976 | 354699 |
| Corning, Inc. | 17200 | 904548 |
| †Keysight Technologies, Inc. | 4395 | 720165 |
| †Mirion Technologies, Inc. | 26514 | 570846 |
| TE Connectivity PLC | 1937 | 326714 |
| †Zebra Technologies Corp. <br> Class A<br>| 1744 | 537780 |
|  |  | **7037296** |
| **Energy Equipment & Services–0.13%** | **Energy Equipment & Services–0.13%** | **Energy Equipment & Services–0.13%** |
| TechnipFMC PLC | 28400 | 978096 |
|  |  | **978096** |
| **Entertainment–7.54%** | **Entertainment–7.54%** | **Entertainment–7.54%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 9700 | 1013650 |
| †Live Nation Entertainment, <br> Inc.<br>| 72030 | 10896698 |
| †ROBLOX Corp. Class A | 140151 | 14743885 |
| †Spotify Technology SA | 15314 | 11751045 |
| †Take-Two Interactive <br> Software, Inc.<br>| 51090 | 12407207 |
| TKO Group Holdings, Inc. | 41192 | 7494884 |
|  |  | **58307369** |
| **Financial Services–1.41%** | **Financial Services–1.41%** | **Financial Services–1.41%** |
| †Affirm Holdings, Inc. | 10836 | 749201 |
| †Block, Inc. | 55364 | 3760876 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Chime Financial, Inc. Class A | 5315 | $183421 |
| †Corpay, Inc. | 8580 | 2847016 |
| =†πIcapital, Inc. | 26006 | 364076 |
| †Shift4 Payments, Inc. Class A | 7392 | 732621 |
| †Toast, Inc. Class A | 51203 | 2267781 |
|  |  | **10904992** |
| **Food Products–0.03%** | **Food Products–0.03%** | **Food Products–0.03%** |
| †Freshpet, Inc. | 3350 | 227666 |
|  |  | **227666** |
| **Ground Transportation–0.32%** | **Ground Transportation–0.32%** | **Ground Transportation–0.32%** |
| †Lyft, Inc. Class A | 22809 | 359470 |
| Old Dominion Freight Line, <br> Inc.<br>| 6750 | 1095525 |
| †XPO, Inc. | 8286 | 1046439 |
|  |  | **2501434** |
| **Health Care Equipment & Supplies–3.95%** | **Health Care Equipment & Supplies–3.95%** | **Health Care Equipment & Supplies–3.95%** |
| †Dexcom, Inc. | 107026 | 9342300 |
| †Glaukos Corp. | 3214 | 331974 |
| †IDEXX Laboratories, Inc. | 8773 | 4705311 |
| †Inspire Medical Systems, Inc. | 2400 | 311448 |
| †Insulet Corp. | 7023 | 2206486 |
| †Lantheus Holdings, Inc. | 3976 | 325475 |
| †Masimo Corp. | 38955 | 6553010 |
| †Penumbra, Inc. | 5717 | 1467154 |
| ResMed, Inc. | 5654 | 1458732 |
| STERIS PLC | 16083 | 3863458 |
|  |  | **30565348** |
| **Health Care Providers & Services–2.15%** | **Health Care Providers & Services–2.15%** | **Health Care Providers & Services–2.15%** |
| Cardinal Health, Inc. | 19300 | 3242400 |
| Cencora, Inc. | 28127 | 8433881 |
| Chemed Corp. | 576 | 280472 |
| Encompass Health Corp. | 14917 | 1829272 |
| †HealthEquity, Inc. | 3200 | 335232 |
| †Molina Healthcare, Inc. | 1094 | 325902 |
| †Option Care Health, Inc. | 9982 | 324215 |
| Quest Diagnostics, Inc. | 4095 | 735585 |
| †Tenet Healthcare Corp. | 6200 | 1091200 |
|  |  | **16598159** |
| **Health Care Technology–1.18%** | **Health Care Technology–1.18%** | **Health Care Technology–1.18%** |
| †Veeva Systems, Inc. Class A | 31703 | 9129830 |
|  |  | **9129830** |
| **Hotels, Restaurants & Leisure–7.67%** | **Hotels, Restaurants & Leisure–7.67%** | **Hotels, Restaurants & Leisure–7.67%** |
| Aramark | 62872 | 2632451 |
| †Cava Group, Inc. | 8500 | 715955 |
| †Chipotle Mexican Grill, Inc. | 17876 | 1003737 |
| Churchill Downs, Inc. | 3216 | 324816 |
| Darden Restaurants, Inc. | 14800 | 3225956 |
| Domino's Pizza, Inc. | 1500 | 675900 |
| †DraftKings, Inc. Class A | 185800 | 7968962 |

---

LVIP Blended Mid Cap Managed Volatility Fund-2

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Dutch Bros, Inc. Class A | 10745 | $734636 |
| Expedia Group, Inc. | 13083 | 2206841 |
| †Flutter Entertainment PLC | 17500 | 5000800 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 28250 | 7524105 |
| Hyatt Hotels Corp. Class A | 19954 | 2786576 |
| Las Vegas Sands Corp. | 16974 | 738539 |
| †Light & Wonder, Inc. | 3786 | 364440 |
| †Planet Fitness, Inc. Class A | 13439 | 1465523 |
| Royal Caribbean Cruises Ltd. | 34043 | 10660225 |
| †Sportradar Group AG Class A | 60742 | 1705635 |
| Texas Roadhouse, Inc. | 9354 | 1753033 |
| †Viking Holdings Ltd. | 59733 | 3183172 |
| Wingstop, Inc. | 13664 | 4601215 |
|  |  | **59272517** |
| **Household Durables–0.18%** | **Household Durables–0.18%** | **Household Durables–0.18%** |
| †NVR, Inc. | 46 | 339740 |
| †SharkNinja, Inc. | 7700 | 762223 |
| †TopBuild Corp. | 900 | 291366 |
|  |  | **1393329** |
| **Household Products–0.07%** | **Household Products–0.07%** | **Household Products–0.07%** |
| Church & Dwight Co., Inc. | 5892 | 566280 |
|  |  | **566280** |
| **Independent Power and Renewable Electricity Producers–2.35%** | **Independent Power and Renewable Electricity Producers–2.35%** | **Independent Power and Renewable Electricity Producers–2.35%** |
| †Talen Energy Corp. | 4978 | 1447453 |
| Vistra Corp. | 86230 | 16712236 |
|  |  | **18159689** |
| **Insurance–1.37%** | **Insurance–1.37%** | **Insurance–1.37%** |
| Allstate Corp. | 1845 | 371417 |
| Arch Capital Group Ltd. | 3535 | 321862 |
| Arthur J Gallagher & Co. | 19079 | 6107570 |
| Brown & Brown, Inc. | 12659 | 1403503 |
| Hanover Insurance Group, <br> Inc.<br>| 4291 | 728912 |
| Hartford Insurance Group, <br> Inc.<br>| 2541 | 322377 |
| Kinsale Capital Group, Inc. | 1427 | 690525 |
| Ryan Specialty Holdings, Inc. | 9867 | 670857 |
|  |  | **10617023** |
| **Interactive Media & Services–0.62%** | **Interactive Media & Services–0.62%** | **Interactive Media & Services–0.62%** |
| †Pinterest, Inc. Class A | 69619 | 2496537 |
| †Reddit, Inc. Class A | 14996 | 2257948 |
|  |  | **4754485** |
| **IT Services–3.28%** | **IT Services–3.28%** | **IT Services–3.28%** |
| †Cloudflare, Inc. Class A | 49337 | 9661665 |
| †Gartner, Inc. | 13100 | 5295282 |
| †GoDaddy, Inc. Class A | 20468 | 3685468 |
| †MongoDB, Inc. | 3464 | 727405 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| †Okta, Inc. | 56375 | $5635809 |
| †Twilio, Inc. Class A | 2649 | 329430 |
|  |  | **25335059** |
| **Life Sciences Tools & Services–0.91%** | **Life Sciences Tools & Services–0.91%** | **Life Sciences Tools & Services–0.91%** |
| Agilent Technologies, Inc. | 23106 | 2726739 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 1352 | 326265 |
| Bio-Techne Corp. | 10402 | 535183 |
| †Medpace Holdings, Inc. | 1020 | 320137 |
| †Mettler-Toledo International, <br> Inc.<br>| 270 | 317174 |
| †Repligen Corp. | 2611 | 324756 |
| Revvity, Inc. | 3300 | 319176 |
| †Tempus AI, Inc. | 5210 | 331044 |
| †Waters Corp. | 5327 | 1859336 |
|  |  | **7059810** |
| **Machinery–1.04%** | **Machinery–1.04%** | **Machinery–1.04%** |
| Esab Corp. | 2717 | 327534 |
| †RBC Bearings, Inc. | 1869 | 719191 |
| †Symbotic, Inc. | 10001 | 388539 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 31385 | 6570450 |
|  |  | **8005714** |
| **Media–0.46%** | **Media–0.46%** | **Media–0.46%** |
| †Trade Desk, Inc. Class A | 49662 | 3575167 |
|  |  | **3575167** |
| **Metals & Mining–0.09%** | **Metals & Mining–0.09%** | **Metals & Mining–0.09%** |
| Steel Dynamics, Inc. | 5511 | 705463 |
|  |  | **705463** |
| **Oil, Gas & Consumable Fuels–3.68%** | **Oil, Gas & Consumable Fuels–3.68%** | **Oil, Gas & Consumable Fuels–3.68%** |
| Cameco Corp. | 42548 | 3158338 |
| Cheniere Energy, Inc. | 40358 | 9827980 |
| Coterra Energy, Inc. | 12011 | 304839 |
| Diamondback Energy, Inc. | 2312 | 317669 |
| EQT Corp. | 5326 | 310612 |
| Expand Energy Corp. | 48021 | 5615576 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 13878 | 311978 |
| Matador Resources Co. | 6636 | 316670 |
| Ovintiv, Inc. | 8000 | 304400 |
| Permian Resources Corp. | 48718 | 663539 |
| Targa Resources Corp. | 31050 | 5405184 |
| Viper Energy, Inc. | 49722 | 1895900 |
|  |  | **28432685** |
| **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** |
| Louisiana-Pacific Corp. | 3642 | 313176 |
|  |  | **313176** |

---

LVIP Blended Mid Cap Managed Volatility Fund-3

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Personal Care Products–0.35%** | **Personal Care Products–0.35%** | **Personal Care Products–0.35%** |
| †elf Beauty, Inc. | 6735 | $838104 |
| †Oddity Tech Ltd. Class A | 24911 | 1880033 |
|  |  | **2718137** |
| **Pharmaceuticals–0.09%** | **Pharmaceuticals–0.09%** | **Pharmaceuticals–0.09%** |
| †Corcept Therapeutics, Inc. | 4700 | 344980 |
| †Verona Pharma PLC ADR | 3722 | 352027 |
|  |  | **697007** |
| **Professional Services–3.81%** | **Professional Services–3.81%** | **Professional Services–3.81%** |
| Booz Allen Hamilton Holding <br> Corp.<br>| 17831 | 1856742 |
| Broadridge Financial <br> Solutions, Inc.<br>| 15163 | 3685064 |
| †CACI International, Inc. <br> Class A<br>| 711 | 338934 |
| Equifax, Inc. | 2831 | 734277 |
| †ExlService Holdings, Inc. | 7400 | 324046 |
| KBR, Inc. | 6733 | 322780 |
| †Parsons Corp. | 4720 | 338754 |
| Paychex, Inc. | 13957 | 2030185 |
| †Paylocity Holding Corp. | 7500 | 1358925 |
| TransUnion | 65485 | 5762680 |
| Verisk Analytics, Inc. | 36804 | 11464446 |
| †Verra Mobility Corp. | 12785 | 324611 |
| Wolters Kluwer NV | 5252 | 878335 |
|  |  | **29419779** |
| **Real Estate Management & Development–1.37%** | **Real Estate Management & Development–1.37%** | **Real Estate Management & Development–1.37%** |
| †CBRE Group, Inc. Class A | 37052 | 5191726 |
| †CoStar Group, Inc. | 58304 | 4687642 |
| FirstService Corp. | 4204 | 734102 |
|  |  | **10613470** |
| **Residential REITs–0.04%** | **Residential REITs–0.04%** | **Residential REITs–0.04%** |
| Equity LifeStyle Properties, <br> Inc.<br>| 5068 | 312544 |
|  |  | **312544** |
| **Retail REITs–0.14%** | **Retail REITs–0.14%** | **Retail REITs–0.14%** |
| Simon Property Group, Inc. | 6779 | 1089792 |
|  |  | **1089792** |
| **Semiconductors & Semiconductor Equipment–1.93%** | **Semiconductors & Semiconductor Equipment–1.93%** | **Semiconductors & Semiconductor Equipment–1.93%** |
| ASM International NV | 1739 | 1115530 |
| †Astera Labs, Inc. | 17585 | 1590036 |
| †Credo Technology Group <br> Holding Ltd.<br>| 3500 | 324065 |
| Entegris, Inc. | 3941 | 317842 |
| †Impinj, Inc. | 2300 | 255461 |
| †Lattice Semiconductor Corp. | 13600 | 666264 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 2302 | 329853 |
| MKS, Inc. | 3290 | 326894 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Monolithic Power Systems, <br> Inc.<br>| 12257 | $8964525 |
| †Onto Innovation, Inc. | 2925 | 295220 |
| †Rambus, Inc. | 10961 | 701723 |
|  |  | **14887413** |
| **Software–11.42%** | **Software–11.42%** | **Software–11.42%** |
| †Appfolio, Inc. Class A | 2936 | 676102 |
| †Autodesk, Inc. | 1059 | 327835 |
| †Cadence Design Systems, <br> Inc.<br>| 14182 | 4370183 |
| =†πCanva, Inc. | 218 | 313427 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 35300 | 332173 |
| †Circle Internet Group, Inc. | 4661 | 844993 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 12800 | 280704 |
| †Confluent, Inc. Class A | 15075 | 375820 |
| Constellation Software, Inc. | 1952 | 7157501 |
| †CyberArk Software Ltd. | 1723 | 701054 |
| =†πDatabricks, Inc. | 10218 | 1105383 |
| †Datadog, Inc. Class A | 57641 | 7742916 |
| †Descartes Systems Group, <br> Inc.<br>| 3116 | 316726 |
| †Docusign, Inc. | 13802 | 1075038 |
| †Dynatrace, Inc. | 32512 | 1794988 |
| †Elastic NV | 29094 | 2453497 |
| †Fair Isaac Corp. | 2797 | 5112804 |
| †Guidewire Software, Inc. | 56037 | 13193912 |
| †HubSpot, Inc. | 14000 | 7792820 |
| InterDigital, Inc. | 3188 | 714845 |
| †Manhattan Associates, Inc. | 15386 | 3038273 |
| †Monday.com Ltd. | 2100 | 660408 |
| †Nutanix, Inc. Class A | 14055 | 1074364 |
| Pegasystems, Inc. | 27065 | 1465029 |
| †Procore Technologies, Inc. | 4717 | 322737 |
| †PTC, Inc. | 17317 | 2984412 |
| †Q2 Holdings, Inc. | 21990 | 2058044 |
| †Rubrik, Inc. Class A | 7871 | 705163 |
| †SailPoint, Inc. | 28152 | 643555 |
| †Samsara, Inc. Class A | 36303 | 1444133 |
| †ServiceNow, Inc. | 2104 | 2163080 |
| †ServiceTitan, Inc. Class A | 8177 | 876411 |
| =†πSnyk Ltd. | 23071 | 182722 |
| =†πTanium, Inc. Class B | 9649 | 51429 |
| †Tyler Technologies, Inc. | 17485 | 10365807 |
| †Zscaler, Inc. | 11450 | 3594613 |
|  |  | **88312901** |
| **Specialized REITs–0.33%** | **Specialized REITs–0.33%** | **Specialized REITs–0.33%** |
| CubeSmart | 7458 | 316965 |
| Iron Mountain, Inc. | 7750 | 794918 |
| Lamar Advertising Co. <br> Class A<br>| 11859 | 1439208 |
|  |  | **2551091** |

---

LVIP Blended Mid Cap Managed Volatility Fund-4

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail–4.00%** | **Specialty Retail–4.00%** | **Specialty Retail–4.00%** |
| †AutoZone, Inc. | 90 | $334101 |
| †Burlington Stores, Inc. | 26185 | 6091678 |
| †Carvana Co. | 25998 | 8760286 |
| †Chewy, Inc. Class A | 26456 | 1127555 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 14449 | 1097546 |
| †O'Reilly Automotive, Inc. | 49709 | 4480272 |
| †RH | 1100 | 207911 |
| Ross Stores, Inc. | 19387 | 2473394 |
| Tractor Supply Co. | 68200 | 3598914 |
| †Ulta Beauty, Inc. | 3892 | 1820755 |
| Williams-Sonoma, Inc. | 5514 | 900822 |
|  |  | **30893234** |
| **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** |
| †Pure Storage, Inc. Class A | 19836 | 1142157 |
| Seagate Technology Holdings <br> PLC<br>| 2364 | 341196 |
|  |  | **1483353** |
| **Textiles, Apparel & Luxury Goods–0.40%** | **Textiles, Apparel & Luxury Goods–0.40%** | **Textiles, Apparel & Luxury Goods–0.40%** |
| †Birkenstock Holding PLC | 6385 | 314014 |
| †Deckers Outdoor Corp. | 17273 | 1780328 |
| Ralph Lauren Corp. | 2600 | 713128 |
| VF Corp. | 26704 | 313772 |
|  |  | **3121242** |
| **Trading Companies & Distributors–1.06%** | **Trading Companies & Distributors–1.06%** | **Trading Companies & Distributors–1.06%** |
| †Core & Main, Inc. Class A | 16800 | 1013880 |
| Fastenal Co. | 140505 | 5901210 |
| Ferguson Enterprises, Inc. | 2775 | 604256 |
| †SiteOne Landscape Supply, <br> Inc.<br>| 2800 | 338632 |
| United Rentals, Inc. | 488 | 367659 |
|  |  | **8225637** |
| **Total Common Stock** <br>**(Cost $469,890,995)** | **Total Common Stock** <br>**(Cost $469,890,995)** | **731862654** |
| **CONVERTIBLE PREFERRED STOCKS–0.53%** | **CONVERTIBLE PREFERRED STOCKS–0.53%** | **CONVERTIBLE PREFERRED STOCKS–0.53%** |
| =†πCanva, Inc. Series A | 13 | 18691 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| =†πDatabricks, Inc. Series F | 23328 | $2523623 |
| =†πDatabricks, Inc. Series G | 2475 | 267745 |
| =†πDatabricks, Inc. <br>Series H<br>| 5901 | 638370 |
| =†πDataRobot, Inc. Series G | 15766 | 45091 |
| =†πRappi, Inc. Series E | 9859 | 143646 |
| =†πSnyk Ltd. Series F | 38665 | 306227 |
| =†πSocure, Inc. Series A | 6193 | 34061 |
| =†πSocure, Inc. Series A1 | 5083 | 27957 |
| =†πSocure, Inc. Series B | 92 | 506 |
| =†πSocure, Inc. Series E | 11781 | 64795 |
| **Total Convertible Preferred Stocks** <br>**(Cost $2,880,034)** | **Total Convertible Preferred Stocks** <br>**(Cost $2,880,034)** | **4070712** |
| **WARRANT–0.00%** | **WARRANT–0.00%** | **WARRANT–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> USD 1.00<br>| 3355 | 0 |
| **Total Warrant** <br>**(Cost $0)** | **Total Warrant** <br>**(Cost $0)** | **0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–4.22%** | **MONEY MARKET FUND–4.22%** | **MONEY MARKET FUND–4.22%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 32600971 | 32600971 |
| **Total Money Market Fund** <br>**(Cost $32,600,971)** | **Total Money Market Fund** <br>**(Cost $32,600,971)** | **32600971** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–0.28%** | **SHORT-TERM INVESTMENT–0.28%** | **SHORT-TERM INVESTMENT–0.28%** |
| **AGENCY OBLIGATIONS–0.28%** | **AGENCY OBLIGATIONS–0.28%** | **AGENCY OBLIGATIONS–0.28%** |
| ≠Federal Home Loan Bank <br> Discount Notes 4.16% 7/1/25<br>| 2184000 | 2184000 |
|  |  | **2184000** |
| **Total Short-Term Investment** <br>**(Cost $2,184,000)** | **Total Short-Term Investment** <br>**(Cost $2,184,000)** | **2184000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.70% (Cost $507,556,000)** | **770718337** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.30%** | **2326016** |
| **NET ASSETS APPLICABLE TO 35,592,782 SHARES OUTSTANDING–100.00%** | **$773044353** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND STANDARD CLASS** <br>**($34,236,878 / 1,492,053 Shares)** | **$22.946** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($738,807,475 / 34,100,729 Shares)** | **$21.665** |

---

LVIP Blended Mid Cap Managed Volatility Fund-5

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$338162606** |
| Distributable earnings/(accumulated loss) | **434881747** |
| **TOTAL NET ASSETS** | **$773044353** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ≠The rate shown is the effective yield at the time of purchase. |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $6,562,962, which <br> represented 0.85% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with <br> respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Canva, Inc. | 8/16/2021 | &nbsp;&nbsp; $371590 | &nbsp;&nbsp; $313427 |
| Canva, Inc. Series A | 11/4/2021 | &nbsp;&nbsp; 22162 | &nbsp;&nbsp; 18691 |
| Caris Life Sciences, Inc. (CAI) | 6/18/2025 | &nbsp;&nbsp; 316313 | &nbsp;&nbsp; 447190 |
| Databricks, Inc. | 7/24/2020 | &nbsp;&nbsp; 163573 | &nbsp;&nbsp; 1105383 |
| Databricks, Inc. Series F | 10/22/2019 | &nbsp;&nbsp; 333967 | &nbsp;&nbsp; 2523623 |
| Databricks, Inc. Series G | 2/1/2021 | &nbsp;&nbsp; 146328 | &nbsp;&nbsp; 267745 |
| Databricks, Inc. Series H | 8/31/2021 | &nbsp;&nbsp; 433630 | &nbsp;&nbsp; 638370 |
| DataRobot, Inc. Series G | 6/11/2021 | &nbsp;&nbsp; 431364 | &nbsp;&nbsp; 45091 |
| Icapital, Inc. | 3/17/2025 | &nbsp;&nbsp; 364076 | &nbsp;&nbsp; 364076 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 589036 | &nbsp;&nbsp; 143646 |
| Snyk Ltd. | 9/3/2021 | &nbsp;&nbsp; 330942 | &nbsp;&nbsp; 182722 |
| Snyk Ltd. Series F | 9/3/2021 | &nbsp;&nbsp; 551575 | &nbsp;&nbsp; 306227 |
| Socure, Inc. | 12/22/2021 | &nbsp;&nbsp; 81870 | &nbsp;&nbsp; 28023 |
| Socure, Inc. Series A | 12/22/2021 | &nbsp;&nbsp; 99513 | &nbsp;&nbsp; 34061 |
| Socure, Inc. Series A1 | 12/22/2021 | &nbsp;&nbsp; 81677 | &nbsp;&nbsp; 27957 |
| Socure, Inc. Series B | 12/22/2021 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 506 |
| Socure, Inc. Series E | 10/27/2021 | &nbsp;&nbsp; 189304 | &nbsp;&nbsp; 64795 |
| Tanium, Inc. Class B | 9/24/2020 | &nbsp;&nbsp; 109952 | &nbsp;&nbsp; 51429 |
| **Total** |  | &nbsp;&nbsp; $4618350 | &nbsp;&nbsp; $6562962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $3,948,177 cash collateral held at broker for futures contracts, $1,319,181 payable for securities purchased, $2,077,679 payable for <br> fund shares redeemed, $22,838 other accrued expenses payable, $576,254 due to manager and affiliates, $519,318 due to custodian, <br> $124,616 variation margin due to broker on futures contracts, $16,187 payable for audit fee and $31,036 payable for fund accounting fee as <br> of June 30, 2025.<br>

LVIP Blended Mid Cap Managed Volatility Fund-6

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| (75) | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $(23451562)<br>| &nbsp;&nbsp; $(22809512)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(642050)<br>|
| (102) | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; (31880100)<br>| &nbsp;&nbsp; (31410964)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (469136)<br>|
| (19) | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; (1171825)<br>| &nbsp;&nbsp; (1153914)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (17911)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1129097)<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 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 Blended Mid Cap Managed Volatility Fund-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $2585422 |
| Foreign taxes withheld | (8150)<br>|
|  | 2577272 |
| **EXPENSES:** |  |
| Management fees | 2464052 |
| Distribution fees-Service Class | 906512 |
| Shareholder servicing fees | 109935 |
| Accounting and administration expenses | 83377 |
| Professional fees | 29005 |
| Custodian fees | 22149 |
| Reports and statements to shareholders | 14052 |
| Trustees' fees and expenses | 11760 |
| Consulting fees | 6892 |
| Pricing fees | 2745 |
| Other | 11337 |
|  | 3661816 |
| Less:  |  |
| Management fees waived | (18954)<br>|
| Total operating expenses | 3642862 |
| **NET INVESTMENT LOSS** | (1065590)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 83440616 |
| Foreign currencies | (4157)<br>|
| Futures contracts | (30191101)<br>|
| Net realized gain | 53245358 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (16133743)<br>|
| Futures contracts | 218924 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (15914819)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 37330539 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $36264949 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(1065590)<br>| $(1769412)<br>|
| Net realized gain | 53245358 | 133666081 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (15914819)<br>| 13790175 |
| Net increase in net assets resulting <br> from operations<br>| 36264949 | 145686844 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (1861304)<br>|
| Service Class |  | (45267520)<br>|
|  |  | (47128824)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2750859 | 6124464 |
| Service Class | 19921983 | 19887421 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 1861304 |
| Service Class |  | 45267520 |
|  | 22672842 | 73140709 |
| Cost of shares redeemed: |  |  |
| Standard Class | (4900972)<br>| (9762063)<br>|
| Service Class | (79582328)<br>| (177696703)<br>|
|  | (84483300)<br>| (187458766)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (61810458)<br>| (114318057)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (25545509)<br>| (15760037)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 798589862 | 814349899 |
| End of period | $773044353 | $798589862 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-8

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $21.917 | &nbsp;&nbsp; $19.443 | &nbsp;&nbsp; $16.667 | &nbsp;&nbsp; $24.072 | &nbsp;&nbsp; $21.901 | &nbsp;&nbsp; $17.149 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.005)<br>| 0.005 | 0.052 | 0.016 | &nbsp;&nbsp; (0.075)<br>| &nbsp;&nbsp; (0.035)<br>|
| Net realized and unrealized gain (loss) | 1.034 | 3.662 | 2.897 | &nbsp;&nbsp; (5.710)<br>| 2.984 | 4.787 |
| Total from investment operations | 1.029 | 3.667 | 2.949 | &nbsp;&nbsp; (5.694)<br>| 2.909 | 4.752 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.191)<br>| &nbsp;&nbsp; (0.121)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.193)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>| &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $22.946 | &nbsp;&nbsp; $21.917 | &nbsp;&nbsp; $19.443 | &nbsp;&nbsp; $16.667 | &nbsp;&nbsp; $24.072 | &nbsp;&nbsp; $21.901 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 19.23% | &nbsp;&nbsp; 17.75% | &nbsp;&nbsp; (23.57%)<br>| &nbsp;&nbsp; 13.29% | &nbsp;&nbsp; 27.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $34237 | &nbsp;&nbsp; $34782 | &nbsp;&nbsp; $32475 | &nbsp;&nbsp; $28910 | &nbsp;&nbsp; $37540 | &nbsp;&nbsp; $34238 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.04%)<br>| &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; (0.19%)<br>|
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.33%)<br>| &nbsp;&nbsp; (0.20%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 Blended Mid Cap Managed Volatility Fund-9

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $20.719 | &nbsp;&nbsp; $18.483 | &nbsp;&nbsp; $15.853 | &nbsp;&nbsp; $23.064 | &nbsp;&nbsp; $21.064 | &nbsp;&nbsp; $16.534 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; (0.045)<br>| 0.007 | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (0.077)<br>|
| Net realized and unrealized gain (loss) | 0.976 | 3.473 | 2.751 | &nbsp;&nbsp; (5.471)<br>| 2.866 | 4.607 |
| Total from investment operations | 0.946 | 3.428 | 2.758 | &nbsp;&nbsp; (5.500)<br>| 2.738 | 4.530 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.191)<br>| &nbsp;&nbsp; (0.121)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.192)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>| &nbsp;&nbsp; — |
| Net asset value, end of period | &nbsp;&nbsp; $21.665 | &nbsp;&nbsp; $20.719 | &nbsp;&nbsp; $18.483 | &nbsp;&nbsp; $15.853 | &nbsp;&nbsp; $23.064 | &nbsp;&nbsp; $21.064 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 18.93% | &nbsp;&nbsp; 17.46% | &nbsp;&nbsp; (23.76%)<br>| &nbsp;&nbsp; 13.00% | &nbsp;&nbsp; 27.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $738807 | &nbsp;&nbsp; $763808 | &nbsp;&nbsp; $781875 | &nbsp;&nbsp; $731534 | &nbsp;&nbsp; $953768 | &nbsp;&nbsp; $897409 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.98% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.23%)<br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.57%)<br>| &nbsp;&nbsp; (0.44%)<br>|
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.58%)<br>| &nbsp;&nbsp; (0.45%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 Blended Mid Cap Managed Volatility Fund-10

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Blended Mid Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP Blended Mid Cap Managed Volatility Fund-11

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Massachusetts Financial Services Company ("MFS"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. T. Rowe Price Associates, Inc. ("T. Rowe Price"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays MFS and T. Rowe Price a fee based on MFS and T. Rowe Price's managed portion of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

LVIP Blended Mid Cap Managed Volatility Fund-12

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $32734 |
| Legal | &nbsp;&nbsp; 4989 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,157 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $406645 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 150702 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 624 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 18283 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2025, the Fund engaged in securities purchases of $581,338 and securities sales of $62,868, which resulted in net realized losses of $35,564.

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $218305984 |
| Sales | &nbsp;&nbsp; 321500509 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $507556000 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $272721631 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (10688391)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $262033240 |

---

LVIP Blended Mid Cap Managed Volatility Fund-13

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 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)

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $57421226 | &nbsp;&nbsp; $1058042 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58479268 |
| Air Freight & Logistics | &nbsp;&nbsp; 384730 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 384730 |
| Beverages | &nbsp;&nbsp; 1846633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1846633 |
| Biotechnology | &nbsp;&nbsp; 27974907 | &nbsp;&nbsp; 447190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28422097 |
| Broadline Retail | &nbsp;&nbsp; 9448300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9448300 |
| Building Products | &nbsp;&nbsp; 3561355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3561355 |
| Capital Markets | &nbsp;&nbsp; 64422638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64422638 |
| Commercial Services & Supplies | &nbsp;&nbsp; 10759911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10759911 |
| Construction & Engineering | &nbsp;&nbsp; 12694744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12694744 |
| Construction Materials | &nbsp;&nbsp; 6148049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6148049 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 11794230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11794230 |
| Diversified Consumer Services | &nbsp;&nbsp; 8484732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8484732 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 926095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28023 | &nbsp;&nbsp; 954118 |
| Electric Utilities | &nbsp;&nbsp; 2162531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2162531 |
| Electrical Equipment | &nbsp;&nbsp; 13533131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13533131 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 7037296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7037296 |
| Energy Equipment & Services | &nbsp;&nbsp; 978096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 978096 |
| Entertainment | &nbsp;&nbsp; 58307369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58307369 |
| Financial Services | &nbsp;&nbsp; 10540916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 364076 | &nbsp;&nbsp; 10904992 |
| Food Products | &nbsp;&nbsp; 227666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 227666 |
| Ground Transportation | &nbsp;&nbsp; 2501434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2501434 |

---

LVIP Blended Mid Cap Managed Volatility Fund-14

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Health Care Equipment & Supplies | &nbsp;&nbsp; $30565348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30565348 |
| Health Care Providers & Services | &nbsp;&nbsp; 16598159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16598159 |
| Health Care Technology | &nbsp;&nbsp; 9129830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9129830 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 59272517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59272517 |
| Household Durables | &nbsp;&nbsp; 1393329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1393329 |
| Household Products | &nbsp;&nbsp; 566280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 566280 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 18159689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18159689 |
| Insurance | &nbsp;&nbsp; 10617023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10617023 |
| Interactive Media & Services | &nbsp;&nbsp; 4754485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4754485 |
| IT Services | &nbsp;&nbsp; 25335059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25335059 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 7059810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7059810 |
| Machinery | &nbsp;&nbsp; 8005714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8005714 |
| Media | &nbsp;&nbsp; 3575167 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3575167 |
| Metals & Mining | &nbsp;&nbsp; 705463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 705463 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 28432685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28432685 |
| Paper & Forest Products | &nbsp;&nbsp; 313176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 313176 |
| Personal Care Products | &nbsp;&nbsp; 2718137 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2718137 |
| Pharmaceuticals | &nbsp;&nbsp; 697007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 697007 |
| Professional Services | &nbsp;&nbsp; 28541444 | &nbsp;&nbsp; 878335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29419779 |
| Real Estate Management & Development | &nbsp;&nbsp; 10613470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10613470 |
| Residential REITs | &nbsp;&nbsp; 312544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 312544 |
| Retail REITs | &nbsp;&nbsp; 1089792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1089792 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 13771883 | &nbsp;&nbsp; 1115530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14887413 |
| Software | &nbsp;&nbsp; 86659940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1652961 | &nbsp;&nbsp; 88312901 |
| Specialized REITs | &nbsp;&nbsp; 2551091 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2551091 |
| Specialty Retail | &nbsp;&nbsp; 30893234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30893234 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1483353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1483353 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3121242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3121242 |
| Trading Companies & Distributors | &nbsp;&nbsp; 8225637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8225637 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4070712 | &nbsp;&nbsp; 4070712 |
| Warrant | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Money Market Fund | &nbsp;&nbsp; 32600971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32600971 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 2184000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2184000 |
| **Total Investments** | &nbsp;&nbsp; $758919468 | &nbsp;&nbsp; $5683097 | &nbsp;&nbsp; $6115772 | &nbsp;&nbsp; $770718337 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1129097)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1129097)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

LVIP Blended Mid Cap Managed Volatility Fund-15

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average) (a)**<br>|
| Common Stock | $2045060 | Recent Transaction | # | # |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 5.3x-18.0x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 6.7x-19.1x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
| Convertible<br> Preferred Stock<br>| $4070712 | Recent Transaction | # | # |
|  |  | Market Comparable Companies | Enterprise Value to Gross Merchandise Value Multiple (b) | 0.4x-0.5x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 4.8x-18.0x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 4.8x-19.1x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to EBITDA Multiple (b) | 12.0x-16.1x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
| Total | $6115772 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $1529419 | $— | $364076 | $— | $— | $— | $— | $— | $151565 | $2045060 | $151565 |
| Convertible Preferred <br> Stocks<br>| 3883039 |  |  | (316313)<br>|  |  |  |  | 503986 | 4070712 | 379804 |
| Warrant |  |  |  |  |  |  |  |  |  |  |  |
| Total | $5412458 | $— | $364076 | $(316313)<br>| $— | —<br> $| $— | $— | $655551 | $6115772 | $531369 |

---

LVIP Blended Mid Cap Managed Volatility Fund-16

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 128496 | &nbsp;&nbsp; 288199 |
| Service Class | &nbsp;&nbsp; 996039 | &nbsp;&nbsp; 1000716 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 89342 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2297076 |
|  | &nbsp;&nbsp; 1124535 | &nbsp;&nbsp; 3675333 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (223473)<br>| &nbsp;&nbsp; (460756)<br>|
| Service Class | &nbsp;&nbsp; (3760502)<br>| &nbsp;&nbsp; (8734524)<br>|
|  | &nbsp;&nbsp; (3983975)<br>| &nbsp;&nbsp; (9195280)<br>|
| Net decrease | &nbsp;&nbsp; (2859440)<br>| &nbsp;&nbsp; (5519947)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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 June 30, 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>| $(1129097)<br>|

---

LVIP Blended Mid Cap Managed Volatility Fund-17

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(30191101)<br>| &nbsp;&nbsp; $218924 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $10509636 | $100749927 |

---

**7. 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.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

LVIP Blended Mid Cap Managed Volatility Fund-18

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-19

------

![](img8c821d061.jpg)

LVIP Channing Small Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Channing Small Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_10358c95-c47b-4e9d-b4be-549d19318795_SOI-continued-606_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_10358c95-c47b-4e9d-b4be-549d19318795_FS-continued-606_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_10358c95-c47b-4e9d-b4be-549d19318795_FS-continued-606_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_10358c95-c47b-4e9d-b4be-549d19318795_FIHI-continued-606_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_10358c95-c47b-4e9d-b4be-549d19318795_NTF-continued-606_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Channing Small Cap Value Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.88%** | **COMMON STOCK–97.88%** | **COMMON STOCK–97.88%** |
| **Aerospace & Defense–4.48%** | **Aerospace & Defense–4.48%** | **Aerospace & Defense–4.48%** |
| †ATI, Inc. | 24802 | $2141405 |
| Hexcel Corp. | 46686 | 2637292 |
|  |  | **4778697** |
| **Banks–12.75%** | **Banks–12.75%** | **Banks–12.75%** |
| Cadence Bank | 86555 | 2768029 |
| Old National Bancorp | 121424 | 2591188 |
| Pinnacle Financial Partners, <br> Inc.<br>| 24115 | 2662537 |
| Synovus Financial Corp. | 55788 | 2887029 |
| Wintrust Financial Corp. | 21662 | 2685655 |
|  |  | **13594438** |
| **Capital Markets–11.23%** | **Capital Markets–11.23%** | **Capital Markets–11.23%** |
| Affiliated Managers Group, <br> Inc.<br>| 15682 | 3085747 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 63504 | 2815132 |
| Evercore, Inc. Class A | 11735 | 3168685 |
| Stifel Financial Corp. | 28006 | 2906463 |
|  |  | **11976027** |
| **Chemicals–1.91%** | **Chemicals–1.91%** | **Chemicals–1.91%** |
| Avient Corp. | 63135 | 2039892 |
|  |  | **2039892** |
| **Commercial Services & Supplies–5.14%** | **Commercial Services & Supplies–5.14%** | **Commercial Services & Supplies–5.14%** |
| Brink's Co. | 30482 | 2721738 |
| MSA Safety, Inc. | 16500 | 2764245 |
|  |  | **5485983** |
| **Communications Equipment–3.05%** | **Communications Equipment–3.05%** | **Communications Equipment–3.05%** |
| †Lumentum Holdings, Inc. | 34184 | 3249531 |
|  |  | **3249531** |
| **Diversified Consumer Services–2.24%** | **Diversified Consumer Services–2.24%** | **Diversified Consumer Services–2.24%** |
| OneSpaWorld Holdings Ltd. | 117387 | 2393521 |
|  |  | **2393521** |
| **Electric Utilities–1.48%** | **Electric Utilities–1.48%** | **Electric Utilities–1.48%** |
| Portland General Electric <br> Co.<br>| 38822 | 1577338 |
|  |  | **1577338** |
| **Electronic Equipment, Instruments & Components–7.72%** | **Electronic Equipment, Instruments & Components–7.72%** | **Electronic Equipment, Instruments & Components–7.72%** |
| Advanced Energy Industries, <br> Inc.<br>| 19545 | 2589712 |
| Belden, Inc. | 22742 | 2633524 |
| Littelfuse, Inc. | 13270 | 3008707 |
|  |  | **8231943** |
| **Entertainment–2.43%** | **Entertainment–2.43%** | **Entertainment–2.43%** |
| †Madison Square Garden <br> Entertainment Corp.<br>| 64820 | 2590855 |
|  |  | **2590855** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities–1.49%** | **Gas Utilities–1.49%** | **Gas Utilities–1.49%** |
| Southwest Gas Holdings, Inc. | 21316 | $1585697 |
|  |  | **1585697** |
| **Health Care Equipment & Supplies–1.98%** | **Health Care Equipment & Supplies–1.98%** | **Health Care Equipment & Supplies–1.98%** |
| †Integer Holdings Corp. | 17182 | 2112871 |
|  |  | **2112871** |
| **Hotels, Restaurants & Leisure–2.45%** | **Hotels, Restaurants & Leisure–2.45%** | **Hotels, Restaurants & Leisure–2.45%** |
| Boyd Gaming Corp. | 33377 | 2611083 |
|  |  | **2611083** |
| **Household Durables–1.45%** | **Household Durables–1.45%** | **Household Durables–1.45%** |
| Installed Building Products, <br> Inc.<br>| 8566 | 1544621 |
|  |  | **1544621** |
| **Industrial REITs–2.48%** | **Industrial REITs–2.48%** | **Industrial REITs–2.48%** |
| STAG Industrial, Inc. | 72841 | 2642671 |
|  |  | **2642671** |
| **Insurance–2.48%** | **Insurance–2.48%** | **Insurance–2.48%** |
| First American Financial <br> Corp.<br>| 43154 | 2649224 |
|  |  | **2649224** |
| **Leisure Products–1.98%** | **Leisure Products–1.98%** | **Leisure Products–1.98%** |
| Brunswick Corp. | 38242 | 2112488 |
|  |  | **2112488** |
| **Machinery–7.82%** | **Machinery–7.82%** | **Machinery–7.82%** |
| †Gates Industrial Corp. PLC | 142510 | 3282005 |
| †SPX Technologies, Inc. | 14840 | 2488371 |
| Timken Co. | 35488 | 2574655 |
|  |  | **8345031** |
| **Media–2.59%** | **Media–2.59%** | **Media–2.59%** |
| Nexstar Media Group, Inc. | 15990 | 2765471 |
|  |  | **2765471** |
| **Office REITs–2.00%** | **Office REITs–2.00%** | **Office REITs–2.00%** |
| COPT Defense Properties | 77140 | 2127521 |
|  |  | **2127521** |
| **Oil, Gas & Consumable Fuels–1.43%** | **Oil, Gas & Consumable Fuels–1.43%** | **Oil, Gas & Consumable Fuels–1.43%** |
| Northern Oil & Gas, Inc. | 53946 | 1529369 |
|  |  | **1529369** |
| **Paper & Forest Products–1.90%** | **Paper & Forest Products–1.90%** | **Paper & Forest Products–1.90%** |
| Louisiana-Pacific Corp. | 23606 | 2029880 |
|  |  | **2029880** |
| **Professional Services–2.74%** | **Professional Services–2.74%** | **Professional Services–2.74%** |
| †Parsons Corp. | 40723 | 2922690 |
|  |  | **2922690** |

---

LVIP Channing Small Cap Value Fund-1

------

**LVIP Channing Small Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment–2.98%** | **Semiconductors & Semiconductor Equipment–2.98%** | **Semiconductors & Semiconductor Equipment–2.98%** |
| MKS, Inc. | 32002 | $3179719 |
|  |  | **3179719** |
| **Specialty Retail–4.98%** | **Specialty Retail–4.98%** | **Specialty Retail–4.98%** |
| †Asbury Automotive Group, <br> Inc.<br>| 9844 | 2348188 |
| †Valvoline, Inc. | 78141 | 2959199 |
|  |  | **5307387** |
| **Trading Companies & Distributors–4.70%** | **Trading Companies & Distributors–4.70%** | **Trading Companies & Distributors–4.70%** |
| Herc Holdings, Inc. | 22281 | 2934185 |
| McGrath RentCorp | 17924 | 2078467 |
|  |  | **5012652** |
| **Total Common Stock** <br>**(Cost $84,323,445)** | **Total Common Stock** <br>**(Cost $84,323,445)** | **104396600** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–2.09%** | **MONEY MARKET FUND–2.09%** | **MONEY MARKET FUND–2.09%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 2222974 | $2222974 |
| **Total Money Market Fund** <br>**(Cost $2,222,974)** | **Total Money Market Fund** <br>**(Cost $2,222,974)** | **2222974** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.97% (Cost $86,546,419)** | **106619574** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.03%** | **35414** |
| **NET ASSETS APPLICABLE TO 8,796,042 SHARES OUTSTANDING–100.00%** | **$106654988** |
| **NET ASSET VALUE PER SHARE–LVIP CHANNING SMALL CAP VALUE FUND STANDARD CLASS** <br>**($92,225,866 / 7,602,207 Shares)** | **$12.131** |
| **NET ASSET VALUE PER SHARE–LVIP CHANNING SMALL CAP VALUE FUND SERVICE CLASS** <br>**($14,429,122 / 1,193,835 Shares)** | **$12.086** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$86196936** |
| Distributable earnings/(accumulated loss) | **20458052** |
| **TOTAL NET ASSETS** | **$106654988** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $68,298 payable for fund shares redeemed, $5,557 other accrued expenses payable, $68,584 due to manager and affiliates, $14,639 <br> payable for audit fee and $8,355 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $963256 |
| **EXPENSES:** |  |
| Management fees | 366026 |
| Professional fees | 19866 |
| Accounting and administration expenses | 17761 |
| Distribution fees-Service Class | 16221 |
| Shareholder servicing fees | 14153 |
| Consulting fees | 1930 |
| Reports and statements to shareholders | 1865 |
| Custodian fees | 1663 |
| Trustees' fees and expenses | 1509 |
| Pricing fees | 174 |
| Other | 3286 |
|  | 444454 |
| Less:  |  |
| Expenses reimbursed | (622)<br>|
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 1762 |
| Total operating expenses | 445594 |
| **NET INVESTMENT INCOME**  | 517662 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (3243834)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (1086136)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (4329970)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(3812308)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $517662 | $421381 |
| Net realized gain (loss) | (3243834)<br>| 8128783 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (1086136)<br>| 3033407 |
| Net increase (decrease) in net assets <br> resulting from operations<br>| (3812308)<br>| 11583571 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (628270)<br>|
| Service Class |  | (62057)<br>|
|  |  | (690327)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 14497700 | 7484176 |
| Service Class | 4343339 | 10462382 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 628270 |
| Service Class |  | 62057 |
|  | 18841039 | 18636885 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8962581)<br>| (26018504)<br>|
| Service Class | (2679032)<br>| (4717062)<br>|
|  | (11641613)<br>| (30735566)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 7199426 | (12098681)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 3387118 | (1205437)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 103267870 | 104473307 |
| End of period | $106654988 | $103267870 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-3

------

**LVIP Channing Small Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.508 | &nbsp;&nbsp; $11.358 | &nbsp;&nbsp; $9.534 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>3</sup> | 0.063 | 0.051 | 0.065 | 0.038 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.440)<br>| 1.186 | 1.833 | &nbsp;&nbsp; (0.465)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.377)<br>| 1.237 | 1.898 | &nbsp;&nbsp; (0.427)<br>|
| **Less dividends and distributions from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.069)<br>| &nbsp;&nbsp; (0.038)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.074)<br>| &nbsp;&nbsp; (0.039)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.131 | &nbsp;&nbsp; $12.508 | &nbsp;&nbsp; $11.358 | &nbsp;&nbsp; $9.534 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (3.01%)<br>| &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; 19.94% | &nbsp;&nbsp; (4.28%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $92226 | &nbsp;&nbsp; $90148 | &nbsp;&nbsp; $98093 | &nbsp;&nbsp; $85969 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.96% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.42% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.86% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.78% |
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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. 

<sup>5</sup> The Fund recouped previously waived expenses during the year ended December 31, 2024, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-4

------

**LVIP Channing Small Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.477 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $9.530 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>3</sup> | 0.049 | 0.022 | 0.039 | 0.026 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.440)<br>| 1.181 | 1.831 | &nbsp;&nbsp; (0.462)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.391)<br>| 1.203 | 1.870 | &nbsp;&nbsp; (0.436)<br>|
| **Less dividends and distributions from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.061)<br>| &nbsp;&nbsp; (0.060)<br>| &nbsp;&nbsp; (0.033)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.061)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; (0.034)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.086 | &nbsp;&nbsp; $12.477 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $9.530 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (3.13%)<br>| &nbsp;&nbsp; 10.58% | &nbsp;&nbsp; 19.65% | &nbsp;&nbsp; (4.37%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $14429 | &nbsp;&nbsp; $13120 | &nbsp;&nbsp; $6380 | &nbsp;&nbsp; $295 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.53% |
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 Channing Small Cap Value Fund-5

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Channing Small Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from

LVIP Channing Small Cap Value Fund-6

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $1,174 for the six months ended June 30, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.88% of the Fund's average daily net assets for the Standard Class and 1.13% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 2025, LFI has recouped $1,762 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** |  |
|  | **2025** | **2026** | **Total** |
| LFI | &nbsp;&nbsp; $15497 | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $18882 |

---

Channing Capital Management, LLC (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $4176 |
| Legal | &nbsp;&nbsp; 637 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Channing Small Cap Value Fund-7

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $58 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $63315 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 2829 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2440 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $43038123 |
| Sales | &nbsp;&nbsp; 34755354 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $86546419 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $21956900 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (1883745)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $20073155 |

---

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 June 30, 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 Channing Small Cap Value Fund-8

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $104396600 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104396600 |
| Money Market Fund | &nbsp;&nbsp; 2222974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2222974 |
| **Total Investments** | &nbsp;&nbsp; $106619574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106619574 |

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1205094 | &nbsp;&nbsp; 631785 |
| Service Class | &nbsp;&nbsp; 375656 | &nbsp;&nbsp; 875050 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 47356 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4689 |
|  | &nbsp;&nbsp; 1580750 | &nbsp;&nbsp; 1558880 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (810011)<br>| &nbsp;&nbsp; (2108549)<br>|
| Service Class | &nbsp;&nbsp; (233353)<br>| &nbsp;&nbsp; (391099)<br>|
|  | &nbsp;&nbsp; (1043364)<br>| &nbsp;&nbsp; (2499648)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 537386 | &nbsp;&nbsp; (940768)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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

LVIP Channing Small Cap Value Fund-9

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Channing Small Cap Value Fund-10

------

![](imgd509277b1.jpg)

![](imgc44a9bb22.jpg)

![](img37b357973.jpg)

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_ad5bf4cc-72d6-4ddc-8a85-a3a13fc3e0cc_SOI-continued-286_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_ad5bf4cc-72d6-4ddc-8a85-a3a13fc3e0cc_FS-continued-286_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_ad5bf4cc-72d6-4ddc-8a85-a3a13fc3e0cc_FS-continued-286_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_ad5bf4cc-72d6-4ddc-8a85-a3a13fc3e0cc_FIHI-continued-286_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_ad5bf4cc-72d6-4ddc-8a85-a3a13fc3e0cc_NTF-continued-286_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–95.63%** | **COMMON STOCK–95.63%** | **COMMON STOCK–95.63%** |
| **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** | **Aerospace & Defense–2.03%** |
| †Boeing Co. | 11844 | $2481674 |
| General Electric Co. | 10216 | 2629496 |
| Lockheed Martin Corp. | 2687 | 1244457 |
| RTX Corp. | 18561 | 2710277 |
|  |  | **9065904** |
| **Automobiles–1.12%** | **Automobiles–1.12%** | **Automobiles–1.12%** |
| General Motors Co. | 28070 | 1381325 |
| †Tesla, Inc. | 11367 | 3610841 |
|  |  | **4992166** |
| **Banks–4.51%** | **Banks–4.51%** | **Banks–4.51%** |
| Bank of America Corp. | 117936 | 5580732 |
| Citigroup, Inc. | 21269 | 1810417 |
| JPMorgan Chase & Co. | 36453 | 10568089 |
| Wells Fargo & Co. | 27237 | 2182228 |
|  |  | **20141466** |
| **Beverages–0.86%** | **Beverages–0.86%** | **Beverages–0.86%** |
| Coca-Cola Co. | 47083 | 3331122 |
| Molson Coors Beverage Co. <br> Class B<br>| 11032 | 530529 |
|  |  | **3861651** |
| **Biotechnology–2.51%** | **Biotechnology–2.51%** | **Biotechnology–2.51%** |
| AbbVie, Inc. | 28019 | 5200887 |
| Amgen, Inc. | 3830 | 1069374 |
| †Exelixis, Inc. | 35270 | 1554525 |
| Gilead Sciences, Inc. | 15195 | 1684670 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 1133 | 594825 |
| †United Therapeutics Corp. | 3810 | 1094803 |
|  |  | **11199084** |
| **Broadline Retail–3.74%** | **Broadline Retail–3.74%** | **Broadline Retail–3.74%** |
| †Amazon.com, Inc. | 71035 | 15584369 |
| eBay, Inc. | 15257 | 1136036 |
|  |  | **16720405** |
| **Building Products–0.37%** | **Building Products–0.37%** | **Building Products–0.37%** |
| †Builders FirstSource, Inc. | 5014 | 585084 |
| Carlisle Cos., Inc. | 2813 | 1050374 |
|  |  | **1635458** |
| **Capital Markets–2.36%** | **Capital Markets–2.36%** | **Capital Markets–2.36%** |
| Bank of New York Mellon <br> Corp.<br>| 18399 | 1676333 |
| CME Group, Inc. | 4316 | 1189576 |
| Goldman Sachs Group, Inc. | 3001 | 2123958 |
| Intercontinental Exchange, <br> Inc.<br>| 13237 | 2428592 |
| SEI Investments Co. | 11731 | 1054148 |
| State Street Corp. | 7785 | 827857 |
| Virtu Financial, Inc. Class A | 27383 | 1226484 |
|  |  | **10526948** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals–1.88%** | **Chemicals–1.88%** | **Chemicals–1.88%** |
| CF Industries Holdings, Inc. | 14514 | $1335288 |
| Ecolab, Inc. | 8032 | 2164142 |
| Linde PLC | 5752 | 2698723 |
| Scotts Miracle-Gro Co. | 8490 | 560001 |
| Sherwin-Williams Co. | 4783 | 1642291 |
|  |  | **8400445** |
| **Commercial Services & Supplies–0.76%** | **Commercial Services & Supplies–0.76%** | **Commercial Services & Supplies–0.76%** |
| =†GCI Liberty, Inc. | 9961 | 0 |
| Waste Management, Inc. | 14936 | 3417655 |
|  |  | **3417655** |
| **Communications Equipment–0.50%** | **Communications Equipment–0.50%** | **Communications Equipment–0.50%** |
| Cisco Systems, Inc. | 32233 | 2236325 |
|  |  | **2236325** |
| **Construction & Engineering–0.36%** | **Construction & Engineering–0.36%** | **Construction & Engineering–0.36%** |
| EMCOR Group, Inc. | 3049 | 1630880 |
|  |  | **1630880** |
| **Construction Materials–0.66%** | **Construction Materials–0.66%** | **Construction Materials–0.66%** |
| Vulcan Materials Co. | 11264 | 2937876 |
|  |  | **2937876** |
| **Consumer Staples Distribution & Retail–2.82%** | **Consumer Staples Distribution & Retail–2.82%** | **Consumer Staples Distribution & Retail–2.82%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 10716 | 1155506 |
| Costco Wholesale Corp. | 1583 | 1567075 |
| Kroger Co. | 22563 | 1618444 |
| Walmart, Inc. | 84548 | 8267104 |
|  |  | **12608129** |
| **Containers & Packaging–0.50%** | **Containers & Packaging–0.50%** | **Containers & Packaging–0.50%** |
| Crown Holdings, Inc. | 21590 | 2223338 |
|  |  | **2223338** |
| **Diversified Telecommunication Services–0.40%** | **Diversified Telecommunication Services–0.40%** | **Diversified Telecommunication Services–0.40%** |
| AT&T, Inc. | 62328 | 1803772 |
|  |  | **1803772** |
| **Electric Utilities–0.81%** | **Electric Utilities–0.81%** | **Electric Utilities–0.81%** |
| Entergy Corp. | 27428 | 2279815 |
| NRG Energy, Inc. | 8256 | 1325749 |
|  |  | **3605564** |
| **Electrical Equipment–1.62%** | **Electrical Equipment–1.62%** | **Electrical Equipment–1.62%** |
| Eaton Corp. PLC | 12192 | 4352422 |
| Emerson Electric Co. | 21572 | 2876195 |
|  |  | **7228617** |
| **Entertainment–3.02%** | **Entertainment–3.02%** | **Entertainment–3.02%** |
| Electronic Arts, Inc. | 6224 | 993973 |
| †Netflix, Inc. | 6591 | 8826206 |
| Walt Disney Co. | 29802 | 3695746 |
|  |  | **13515925** |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-1

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–5.51%** | **Financial Services–5.51%** | **Financial Services–5.51%** |
| †Berkshire Hathaway, Inc. <br> Class A<br>| 9280 | $11062774 |
| Mastercard, Inc. Class A | 5263 | 2957490 |
| MGIC Investment Corp. | 45211 | 1258674 |
| †PayPal Holdings, Inc. | 18959 | 1409033 |
| Visa, Inc. Class A | 20484 | 7272844 |
| Western Union Co. | 79446 | 668935 |
|  |  | **24629750** |
| **Food Products–0.90%** | **Food Products–0.90%** | **Food Products–0.90%** |
| Ingredion, Inc. | 9257 | 1255434 |
| McCormick & Co., Inc. | 25349 | 1921961 |
| Pilgrim's Pride Corp. | 18328 | 824394 |
|  |  | **4001789** |
| **Gas Utilities–0.35%** | **Gas Utilities–0.35%** | **Gas Utilities–0.35%** |
| UGI Corp. | 43172 | 1572324 |
|  |  | **1572324** |
| **Ground Transportation–1.57%** | **Ground Transportation–1.57%** | **Ground Transportation–1.57%** |
| Canadian Pacific Kansas City <br> Ltd.<br>| 13899 | 1101774 |
| †Lyft, Inc. Class A | 16552 | 260860 |
| Old Dominion Freight Line, <br> Inc.<br>| 8917 | 1447229 |
| Ryder System, Inc. | 9501 | 1510659 |
| †Uber Technologies, Inc. | 18311 | 1708416 |
| Union Pacific Corp. | 4215 | 969787 |
|  |  | **6998725** |
| **Health Care Equipment & Supplies–1.35%** | **Health Care Equipment & Supplies–1.35%** | **Health Care Equipment & Supplies–1.35%** |
| Abbott Laboratories | 14481 | 1969561 |
| †Boston Scientific Corp. | 7063 | 758637 |
| †IDEXX Laboratories, Inc. | 2287 | 1226609 |
| Stryker Corp. | 5209 | 2060837 |
|  |  | **6015644** |
| **Health Care Providers & Services–0.70%** | **Health Care Providers & Services–0.70%** | **Health Care Providers & Services–0.70%** |
| Cencora, Inc. | 3376 | 1012294 |
| McKesson Corp. | 1978 | 1449439 |
| UnitedHealth Group, Inc. | 2195 | 684774 |
|  |  | **3146507** |
| **Hotels, Restaurants & Leisure–0.65%** | **Hotels, Restaurants & Leisure–0.65%** | **Hotels, Restaurants & Leisure–0.65%** |
| Booking Holdings, Inc. | 340 | 1968342 |
| Starbucks Corp. | 10327 | 946263 |
|  |  | **2914605** |
| **Household Products–1.61%** | **Household Products–1.61%** | **Household Products–1.61%** |
| Colgate-Palmolive Co. | 13206 | 1200425 |
| Kimberly-Clark Corp. | 4839 | 623844 |
| Procter & Gamble Co. | 33699 | 5368925 |
|  |  | **7193194** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial Conglomerates–1.22%** | **Industrial Conglomerates–1.22%** | **Industrial Conglomerates–1.22%** |
| 3M Co. | 10088 | $1535797 |
| Honeywell International, Inc. | 16854 | 3924960 |
|  |  | **5460757** |
| **Industrial REITs–0.18%** | **Industrial REITs–0.18%** | **Industrial REITs–0.18%** |
| First Industrial Realty Trust, <br> Inc.<br>| 16974 | 816959 |
|  |  | **816959** |
| **Insurance–2.10%** | **Insurance–2.10%** | **Insurance–2.10%** |
| Assured Guaranty Ltd. | 9357 | 814995 |
| Axis Capital Holdings Ltd. | 7079 | 734942 |
| Old Republic International <br> Corp.<br>| 35348 | 1358777 |
| Progressive Corp. | 5506 | 1469331 |
| Travelers Cos., Inc. | 15834 | 4236228 |
| Unum Group | 9822 | 793225 |
|  |  | **9407498** |
| **Interactive Media & Services–7.13%** | **Interactive Media & Services–7.13%** | **Interactive Media & Services–7.13%** |
| Alphabet, Inc. Class A | 85394 | 15092310 |
| Meta Platforms, Inc. Class A | 22726 | 16773833 |
|  |  | **31866143** |
| **IT Services–0.47%** | **IT Services–0.47%** | **IT Services–0.47%** |
| †Twilio, Inc. Class A | 8018 | 997119 |
| VeriSign, Inc. | 3899 | 1126031 |
|  |  | **2123150** |
| **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** | **Life Sciences Tools & Services–0.46%** |
| †Medpace Holdings, Inc. | 1421 | 445995 |
| Thermo Fisher Scientific, <br> Inc.<br>| 3925 | 1591430 |
|  |  | **2037425** |
| **Machinery–0.29%** | **Machinery–0.29%** | **Machinery–0.29%** |
| Allison Transmission <br> Holdings, Inc.<br>| 13514 | 1283695 |
|  |  | **1283695** |
| **Media–0.11%** | **Media–0.11%** | **Media–0.11%** |
| Comcast Corp. Class A | 14054 | 501587 |
|  |  | **501587** |
| **Metals & Mining–0.69%** | **Metals & Mining–0.69%** | **Metals & Mining–0.69%** |
| Newmont Corp. | 23921 | 1393638 |
| Reliance, Inc. | 2448 | 768427 |
| Steel Dynamics, Inc. | 7042 | 901446 |
|  |  | **3063511** |
| **Multi-Utilities–0.11%** | **Multi-Utilities–0.11%** | **Multi-Utilities–0.11%** |
| WEC Energy Group, Inc. | 4551 | 474214 |
|  |  | **474214** |
| **Oil, Gas & Consumable Fuels–2.64%** | **Oil, Gas & Consumable Fuels–2.64%** | **Oil, Gas & Consumable Fuels–2.64%** |
| Cheniere Energy, Inc. | 5455 | 1328402 |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-2

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Chevron Corp. | 10035 | $1436912 |
| EOG Resources, Inc. | 11109 | 1328747 |
| EQT Corp. | 20837 | 1215214 |
| Exxon Mobil Corp. | 34169 | 3683418 |
| Kinder Morgan, Inc. | 65373 | 1921966 |
| Ovintiv, Inc. | 23541 | 895735 |
|  |  | **11810394** |
| **Passenger Airlines–0.23%** | **Passenger Airlines–0.23%** | **Passenger Airlines–0.23%** |
| †United Airlines Holdings, <br> Inc.<br>| 13045 | 1038773 |
|  |  | **1038773** |
| **Pharmaceuticals–2.59%** | **Pharmaceuticals–2.59%** | **Pharmaceuticals–2.59%** |
| Bristol-Myers Squibb Co. | 30404 | 1407401 |
| Eli Lilly & Co. | 6747 | 5259489 |
| †Jazz Pharmaceuticals PLC | 5598 | 594060 |
| Johnson & Johnson | 28359 | 4331837 |
|  |  | **11592787** |
| **Professional Services–1.00%** | **Professional Services–1.00%** | **Professional Services–1.00%** |
| Automatic Data Processing, <br> Inc.<br>| 11478 | 3539815 |
| Genpact Ltd. | 20866 | 918313 |
|  |  | **4458128** |
| **Semiconductors & Semiconductor Equipment–11.39%** | **Semiconductors & Semiconductor Equipment–11.39%** | **Semiconductors & Semiconductor Equipment–11.39%** |
| Applied Materials, Inc. | 9102 | 1666303 |
| ASML Holding NV | 4287 | 3435559 |
| Broadcom, Inc. | 39401 | 10860886 |
| †Cirrus Logic, Inc. | 9446 | 984793 |
| Lam Research Corp. | 8164 | 794684 |
| NVIDIA Corp. | 180642 | 28539629 |
| QUALCOMM, Inc. | 10832 | 1725104 |
| Skyworks Solutions, Inc. | 15559 | 1159457 |
| Texas Instruments, Inc. | 8416 | 1747330 |
|  |  | **50913745** |
| **Software–12.08%** | **Software–12.08%** | **Software–12.08%** |
| †Adobe, Inc. | 4172 | 1614063 |
| †AppLovin Corp. Class A | 3542 | 1239983 |
| †Docusign, Inc. | 14911 | 1161418 |
| †Dropbox, Inc. Class A | 46783 | 1337994 |
| †Fair Isaac Corp. | 689 | 1259464 |
| Gen Digital, Inc. | 36947 | 1086242 |
| Microsoft Corp. | 68662 | 34153165 |
| Oracle Corp. | 6031 | 1318558 |
| †Palantir Technologies, Inc. <br> Class A<br>| 14260 | 1943923 |
| †Palo Alto Networks, Inc. | 7540 | 1542986 |
| Pegasystems, Inc. | 24336 | 1317308 |
| †RingCentral, Inc. Class A | 33657 | 954176 |
| †ServiceNow, Inc. | 1153 | 1185376 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Synopsys, Inc. | 5925 | $3037629 |
| †Zoom Communications, Inc. <br> Class A<br>| 10366 | 808341 |
|  |  | **53960626** |
| **Specialized REITs–0.70%** | **Specialized REITs–0.70%** | **Specialized REITs–0.70%** |
| American Tower Corp. | 9899 | 2187877 |
| VICI Properties, Inc. | 28399 | 925807 |
|  |  | **3113684** |
| **Specialty Retail–2.28%** | **Specialty Retail–2.28%** | **Specialty Retail–2.28%** |
| Gap, Inc. | 51061 | 1113640 |
| Home Depot, Inc. | 3467 | 1271141 |
| Lowe's Cos., Inc. | 6732 | 1493629 |
| TJX Cos., Inc. | 46385 | 5728084 |
| †Ulta Beauty, Inc. | 1233 | 576822 |
|  |  | **10183316** |
| **Technology Hardware, Storage & Peripherals–4.85%** | **Technology Hardware, Storage & Peripherals–4.85%** | **Technology Hardware, Storage & Peripherals–4.85%** |
| Apple, Inc. | 105707 | 21687905 |
|  |  | **21687905** |
| **Textiles, Apparel & Luxury Goods–0.60%** | **Textiles, Apparel & Luxury Goods–0.60%** | **Textiles, Apparel & Luxury Goods–0.60%** |
| †Crocs, Inc. | 9406 | 952640 |
| PVH Corp. | 9357 | 641890 |
| Tapestry, Inc. | 12201 | 1071370 |
|  |  | **2665900** |
| **Tobacco–0.36%** | **Tobacco–0.36%** | **Tobacco–0.36%** |
| Altria Group, Inc. | 27433 | 1608397 |
|  |  | **1608397** |
| **Trading Companies & Distributors–0.23%** | **Trading Companies & Distributors–0.23%** | **Trading Companies & Distributors–0.23%** |
| Fastenal Co. | 24670 | 1036140 |
|  |  | **1036140** |
| **Wireless Telecommunication Services–0.45%** | **Wireless Telecommunication Services–0.45%** | **Wireless Telecommunication Services–0.45%** |
| T-Mobile U.S., Inc. | 8432 | 2009008 |
|  |  | **2009008** |
| **Total Common Stock** <br>**(Cost $244,204,813)** | **Total Common Stock** <br>**(Cost $244,204,813)** | **427337888** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–4.25%** | **MONEY MARKET FUND–4.25%** | **MONEY MARKET FUND–4.25%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 18970773 | 18970773 |
| **Total Money Market Fund** <br>**(Cost $18,970,773)** | **Total Money Market Fund** <br>**(Cost $18,970,773)** | **18970773** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-3

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.88% (Cost $263,175,586)** | **$446308661** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%** | **534567** |
| **NET ASSETS APPLICABLE TO 25,328,159 SHARES OUTSTANDING–100.00%** | **$446843228** |
| **NET ASSET VALUE PER SHARE–LVIP CLEARBRIDGE FRANKLIN SELECT LARGE CAP MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($4,007,605 / 226,149 Shares)** | **$17.721** |
| **NET ASSET VALUE PER SHARE–LVIP CLEARBRIDGE FRANKLIN SELECT LARGE CAP MANAGED VOLATILITY FUND** <br> **SERVICE CLASS** <br>**($442,835,623 / 25,102,010 Shares)** | **$17.641** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$209351641** |
| Distributable earnings/(accumulated loss) | **237491587** |
| **TOTAL NET ASSETS** | **$446843228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,160,217 cash collateral held at broker for futures contracts, $15,432 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $68,273 variation margin due from broker on futures contracts, $551,984 payable for fund shares redeemed, <br> $15,279 other accrued expenses payable, $353,386 due to manager and affiliates, $16,204 payable for audit fee and $27,927 payable for fund <br> accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 4 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $438340 | &nbsp;&nbsp; $430551 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $7789 | &nbsp;&nbsp; $— |
| 45 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 14070938 | &nbsp;&nbsp; 13675680 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 395258 | &nbsp;&nbsp; — |
| 3 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 937650 | &nbsp;&nbsp; 923640 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 14010 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $417057 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 ClearBridge Franklin Select Large Cap Managed Volatility Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3239296 |
| Foreign taxes withheld | (2724)<br>|
|  | 3236572 |
| **EXPENSES:** |  |
| Management fees | 1410162 |
| Distribution fees-Service Class | 764864 |
| Shareholder servicing fees | 63898 |
| Accounting and administration expenses | 60641 |
| Professional fees | 25345 |
| Reports and statements to shareholders | 7307 |
| Trustees' fees and expenses | 6879 |
| Custodian fees | 6050 |
| Consulting fees | 5546 |
| Pricing fees | 860 |
| Other | 6592 |
|  | 2358144 |
| Less:  |  |
| Management fees waived | (77118)<br>|
| Expenses reimbursed | (94983)<br>|
| Total operating expenses | 2186043 |
| **NET INVESTMENT INCOME**  | 1050529 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 22175428 |
| Foreign currencies | 51 |
| Futures contracts | (21925982)<br>|
| Net realized gain | 249497 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (1554361)<br>|
| Foreign currencies | 2 |
| Futures contracts | 1321910 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (232449)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 17048 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1067577 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $1050529 | $2297918 |
| Net realized gain | 249497 | 65015638 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (232449)<br>| 29814459 |
| Net increase in net assets resulting <br> from operations<br>| 1067577 | 97128015 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (208329)<br>|
| Service Class |  | (25292647)<br>|
|  |  | (25500976)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 578511 | 1693114 |
| Service Class | 9513797 | 9688513 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 208329 |
| Service Class |  | 25292647 |
|  | 10092308 | 36882603 |
| Cost of shares redeemed: |  |  |
| Standard Class | (370844)<br>| (277475)<br>|
| Service Class | (39024564)<br>| (121266012)<br>|
|  | (39395408)<br>| (121543487)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (29303100)<br>| (84660884)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (28235523)<br>| (13033845)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 475078751 | 488112596 |
| End of period | $446843228 | $475078751 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-5

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $17.656 | &nbsp;&nbsp; $15.289 | &nbsp;&nbsp; $13.263 | &nbsp;&nbsp; $18.018 | &nbsp;&nbsp; $14.930 | &nbsp;&nbsp; $13.638 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.070 | 0.141 | 0.149 | 0.131 | 0.083 | 0.121 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.005)<br>| 3.241 | 2.769 | &nbsp;&nbsp; (3.297)<br>| 3.208 | 1.820 |
| Total from investment operations | 0.065 | 3.382 | 2.918 | &nbsp;&nbsp; (3.166)<br>| 3.291 | 1.941 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.156)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.095)<br>| &nbsp;&nbsp; (0.123)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.864)<br>| &nbsp;&nbsp; (0.736)<br>| &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.108)<br>| &nbsp;&nbsp; (0.526)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.015)<br>| &nbsp;&nbsp; (0.892)<br>| &nbsp;&nbsp; (1.589)<br>| &nbsp;&nbsp; (0.203)<br>| &nbsp;&nbsp; (0.649)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.721 | &nbsp;&nbsp; $17.656 | &nbsp;&nbsp; $15.289 | &nbsp;&nbsp; $13.263 | &nbsp;&nbsp; $18.018 | &nbsp;&nbsp; $14.930 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 22.29% | &nbsp;&nbsp; 22.54% | &nbsp;&nbsp; (17.45% )<sup>5</sup><br>| &nbsp;&nbsp; 22.04% | &nbsp;&nbsp; 14.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4008 | &nbsp;&nbsp; $3738 | &nbsp;&nbsp; $1829 | &nbsp;&nbsp; $1635 | &nbsp;&nbsp; $2063 | &nbsp;&nbsp; $1786 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.91% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.86% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> In 2022, 0.21% of the fund's total return consists of a voluntary reimbursement by sub-adviser Clearbridge for a realized investment loss. Excluding this item, total return would have been (17.66)%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-6

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $17.607 | &nbsp;&nbsp; $15.249 | &nbsp;&nbsp; $13.233 | &nbsp;&nbsp; $17.980 | &nbsp;&nbsp; $14.900 | &nbsp;&nbsp; $13.617 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.040 | 0.079 | 0.098 | 0.078 | 0.024 | 0.074 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.006)<br>| 3.230 | 2.758 | &nbsp;&nbsp; (3.288)<br>| 3.197 | 1.811 |
| Total from investment operations | 0.034 | 3.309 | 2.856 | &nbsp;&nbsp; (3.210)<br>| 3.221 | 1.885 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.104)<br>| &nbsp;&nbsp; (0.077)<br>| &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; (0.076)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.864)<br>| &nbsp;&nbsp; (0.736)<br>| &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.108)<br>| &nbsp;&nbsp; (0.526)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.951)<br>| &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (1.537)<br>| &nbsp;&nbsp; (0.141)<br>| &nbsp;&nbsp; (0.602)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.641 | &nbsp;&nbsp; $17.607 | &nbsp;&nbsp; $15.249 | &nbsp;&nbsp; $13.233 | &nbsp;&nbsp; $17.980 | &nbsp;&nbsp; $14.900 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 21.86% | &nbsp;&nbsp; 22.11% | &nbsp;&nbsp; (17.74% )<sup>5</sup><br>| &nbsp;&nbsp; 21.62% | &nbsp;&nbsp; 14.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $442836 | &nbsp;&nbsp; $471340 | &nbsp;&nbsp; $486284 | &nbsp;&nbsp; $472348 | &nbsp;&nbsp; $621683 | &nbsp;&nbsp; $582318 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.51% |
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> In 2022, 0.22% of the fund's total return consists of a voluntary reimbursement by sub-adviser Clearbridge for a realized investment loss. Excluding this item, total return would have been (17.96)%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-7

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-8

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $55 for the six months ended June 30, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.64% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.035% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.645% of the Fund's average daily net assets for the Standard Class and 0.995% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2025, 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 six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $217479 | &nbsp;&nbsp; $216077 | &nbsp;&nbsp; $191981 | &nbsp;&nbsp; $625537 |

---

ClearBridge Investments, LLC ("ClearBridge") and Franklin Advisers, Inc ("FAV") are sub-advisers to the Fund with each responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays ClearBridge and FAV a fee based on their managed portions of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-9

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $19074 |
| Legal | &nbsp;&nbsp; 2907 |

---

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 $3,848 for the six months ended June 30, 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 June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $15432 |
| Management fees payable to LFI | &nbsp;&nbsp; 217831 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 124900 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 214 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 10441 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $75400843 |
| Sales | &nbsp;&nbsp; 117618498 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $263175586 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $187530855 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (3980723)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $183550132 |

---

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 June 30, 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

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-10

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $9065904 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9065904 |
| Automobiles | &nbsp;&nbsp; 4992166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4992166 |
| Banks | &nbsp;&nbsp; 20141466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20141466 |
| Beverages | &nbsp;&nbsp; 3861651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3861651 |
| Biotechnology | &nbsp;&nbsp; 11199084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11199084 |
| Broadline Retail | &nbsp;&nbsp; 16720405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16720405 |
| Building Products | &nbsp;&nbsp; 1635458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1635458 |
| Capital Markets | &nbsp;&nbsp; 10526948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10526948 |
| Chemicals | &nbsp;&nbsp; 8400445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8400445 |
| Commercial Services & Supplies | &nbsp;&nbsp; 3417655 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 3417655 |
| Communications Equipment | &nbsp;&nbsp; 2236325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2236325 |
| Construction & Engineering | &nbsp;&nbsp; 1630880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1630880 |
| Construction Materials | &nbsp;&nbsp; 2937876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2937876 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12608129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12608129 |
| Containers & Packaging | &nbsp;&nbsp; 2223338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2223338 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1803772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1803772 |
| Electric Utilities | &nbsp;&nbsp; 3605564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3605564 |
| Electrical Equipment | &nbsp;&nbsp; 7228617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7228617 |
| Entertainment | &nbsp;&nbsp; 13515925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13515925 |
| Financial Services | &nbsp;&nbsp; 24629750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24629750 |
| Food Products | &nbsp;&nbsp; 4001789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4001789 |
| Gas Utilities | &nbsp;&nbsp; 1572324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1572324 |
| Ground Transportation | &nbsp;&nbsp; 6998725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6998725 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 6015644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6015644 |
| Health Care Providers & Services | &nbsp;&nbsp; 3146507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3146507 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 2914605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2914605 |
| Household Products | &nbsp;&nbsp; 7193194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7193194 |
| Industrial Conglomerates | &nbsp;&nbsp; 5460757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5460757 |
| Industrial REITs | &nbsp;&nbsp; 816959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 816959 |
| Insurance | &nbsp;&nbsp; 9407498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9407498 |
| Interactive Media & Services | &nbsp;&nbsp; 31866143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31866143 |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-11

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| IT Services | &nbsp;&nbsp; $2123150 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2123150 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 2037425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2037425 |
| Machinery | &nbsp;&nbsp; 1283695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1283695 |
| Media | &nbsp;&nbsp; 501587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 501587 |
| Metals & Mining | &nbsp;&nbsp; 3063511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3063511 |
| Multi-Utilities | &nbsp;&nbsp; 474214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 474214 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 11810394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11810394 |
| Passenger Airlines | &nbsp;&nbsp; 1038773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1038773 |
| Pharmaceuticals | &nbsp;&nbsp; 11592787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11592787 |
| Professional Services | &nbsp;&nbsp; 4458128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4458128 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 50913745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50913745 |
| Software | &nbsp;&nbsp; 53960626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53960626 |
| Specialized REITs | &nbsp;&nbsp; 3113684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3113684 |
| Specialty Retail | &nbsp;&nbsp; 10183316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10183316 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 21687905 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21687905 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2665900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2665900 |
| Tobacco | &nbsp;&nbsp; 1608397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1608397 |
| Trading Companies & Distributors | &nbsp;&nbsp; 1036140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1036140 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 2009008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2009008 |
| Money Market Fund | &nbsp;&nbsp; 18970773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18970773 |
| **Total Investments** | &nbsp;&nbsp; $446308661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $446308661 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $417057 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $417057 |

---

&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 six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 35573 | &nbsp;&nbsp; 96052 |
| Service Class | &nbsp;&nbsp; 571732 | &nbsp;&nbsp; 572212 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 11924 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1454449 |
|  | &nbsp;&nbsp; 607305 | &nbsp;&nbsp; 2134637 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (21164)<br>| &nbsp;&nbsp; (15871)<br>|
| Service Class | &nbsp;&nbsp; (2239419)<br>| &nbsp;&nbsp; (7147051)<br>|
|  | &nbsp;&nbsp; (2260583)<br>| &nbsp;&nbsp; (7162922)<br>|
| Net decrease | &nbsp;&nbsp; (1653278)<br>| &nbsp;&nbsp; (5028285)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-12

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 six months ended June 30, 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 June 30, 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>| $417057 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(21925982)<br>| &nbsp;&nbsp; $1321910 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $16859375 | $18986179 |

---

**7. 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 ClearBridge Franklin Select Large Cap Managed Volatility Fund-13

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-14

------

![](img15ea96521.jpg)

LVIP Dimensional International Core Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Dimensional International Core Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_c36e0e71-8fae-4649-abff-4c89bcf528a4_SOI-continued-252_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_c36e0e71-8fae-4649-abff-4c89bcf528a4_FS-continued-252_1)**  | &nbsp;&nbsp; **47** |
| **[Statements of Changes in Net Assets](#xx_c36e0e71-8fae-4649-abff-4c89bcf528a4_FS-continued-252_1)**  | &nbsp;&nbsp; **47** |
| **[Financial Highlights](#xx_c36e0e71-8fae-4649-abff-4c89bcf528a4_FIHI-continued-252_1)**  | &nbsp;&nbsp; **48** |
| **[Notes to Financial Statements](#xx_c36e0e71-8fae-4649-abff-4c89bcf528a4_NTF-continued-252_1)**  | &nbsp;&nbsp; **50** |

---

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–98.85%** | **ΔCOMMON STOCK–98.85%** | **ΔCOMMON STOCK–98.85%** |
| **Australia–6.14%** | **Australia–6.14%** | **Australia–6.14%** |
| †29Metals Ltd. | 118430 | $22899 |
| Accent Group Ltd. | 46710 | 42912 |
| Acrow Ltd. | 29128 | 18992 |
| Adairs Ltd. | 16311 | 22454 |
| AGL Energy Ltd. | 27208 | 174470 |
| †Ainsworth Game <br> Technology Ltd.<br>| 6705 | 3978 |
| †Alkane Resources Ltd. | 24815 | 11774 |
| †Alliance Aviation Services <br> Ltd.<br>| 9515 | 16470 |
| ALS Ltd. | 21656 | 243944 |
| †AMA Group Ltd. | 183387 | 12673 |
| Amotiv Ltd. | 12973 | 68411 |
| AMP Ltd. | 265383 | 220142 |
| †Amplitude Energy Ltd. | 288613 | 39890 |
| Ampol Ltd. | 12059 | 204375 |
| Ansell Ltd. | 10726 | 213849 |
| ANZ Group Holdings Ltd. | 46903 | 899449 |
| APA Group | 32562 | 175078 |
| †Appen Ltd. | 7413 | 5468 |
| ARB Corp. Ltd. | 6143 | 132190 |
| Aristocrat Leisure Ltd. | 7117 | 304926 |
| ARN Media Ltd. | 22200 | 6867 |
| †Articore Group Ltd. | 8524 | 1117 |
| ASX Ltd. | 2506 | 115064 |
| Atlas Arteria Ltd. | 43963 | 147341 |
| AUB Group Ltd. | 7361 | 172255 |
| †Audinate Group Ltd. | 3066 | 15097 |
| †Aurelia Metals Ltd. | 90985 | 11378 |
| Aurizon Holdings Ltd. | 182420 | 363866 |
| Aussie Broadband Ltd. | 17641 | 45505 |
| †Austal Ltd. | 43411 | 179822 |
| †Australian Agricultural Co. <br> Ltd.<br>| 17102 | 15533 |
| Australian Clinical Labs <br> Ltd.<br>| 21006 | 38418 |
| Australian Ethical <br> Investment Ltd.<br>| 7408 | 31147 |
| †Baby Bunting Group Ltd. | 5130 | 6213 |
| Bank of Queensland Ltd. | 57363 | 293664 |
| Bapcor Ltd. | 19286 | 63502 |
| Beach Energy Ltd. | 126125 | 109429 |
| Bega Cheese Ltd. | 30567 | 109869 |
| Bell Financial Group Ltd. | 20472 | 15427 |
| †Bellevue Gold Ltd. | 45336 | 27322 |
| Bendigo & Adelaide Bank <br> Ltd.<br>| 41860 | 348217 |
| BHP Group Ltd. | 101610 | 2444492 |
| BHP Group Ltd. ADR | 32090 | 1543208 |
| BHP Group Ltd. Class DI | 7776 | 186180 |
| †Black Cat Syndicate Ltd. | 64134 | 32900 |
| BlueScope Steel Ltd. | 17309 | 263764 |
| Brambles Ltd. | 50220 | 775587 |
| Bravura Solutions Ltd. | 23881 | 34913 |
| Breville Group Ltd. | 7609 | 147821 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Brickworks Ltd. | 9645 | $218402 |
| †Capricorn Metals Ltd. | 40328 | 256869 |
| CAR Group Ltd. | 1512 | 37236 |
| Cedar Woods Properties <br> Ltd.<br>| 3769 | 17567 |
| †Cettire Ltd. | 20920 | 4687 |
| †Chalice Mining Ltd. | 22674 | 25312 |
| Challenger Ltd. | 56938 | 303011 |
| Champion Iron Ltd. | 26804 | 73847 |
| †Chrysos Corp. Ltd. | 2857 | 8847 |
| Cleanaway Waste <br> Management Ltd.<br>| 173056 | 310101 |
| ClearView Wealth Ltd. | 34077 | 10317 |
| Clinuvel Pharmaceuticals <br> Ltd.<br>| 1998 | 13650 |
| †Coast Entertainment <br> Holdings Ltd.<br>| 56288 | 14077 |
| Cochlear Ltd. | 1570 | 310508 |
| Codan Ltd. | 8979 | 118779 |
| †Cogstate Ltd. | 4311 | 4951 |
| Coles Group Ltd. | 48316 | 662515 |
| Collins Foods Ltd. | 10696 | 65461 |
| Commonwealth Bank of <br> Australia<br>| 11664 | 1419605 |
| Computershare Ltd. | 19011 | 498736 |
| †Core Lithium Ltd. | 320668 | 20685 |
| Coronado Global <br> Resources, Inc.<br>| 42154 | 3749 |
| Corporate Travel <br> Management Ltd.<br>| 8685 | 79090 |
| CSL Ltd. | 5646 | 891845 |
| Dalrymple Bay <br> Infrastructure Ltd.<br>| 4869 | 13623 |
| Data#3 Ltd. | 14663 | 73442 |
| †Develop Global Ltd. | 9081 | 29488 |
| Dicker Data Ltd. | 7913 | 42090 |
| Domain Holdings Australia <br> Ltd.<br>| 25059 | 72458 |
| Domino's Pizza Enterprises <br> Ltd.<br>| 4529 | 57470 |
| Downer EDI Ltd. | 63399 | 263516 |
| Duratec Ltd. | 14234 | 13477 |
| Dyno Nobel Ltd. | 139191 | 246365 |
| Eagers Automotive Ltd. | 12785 | 146957 |
| =†Elanor Investor Group | 7930 | 804 |
| Elders Ltd. | 23765 | 98616 |
| †Electro Optic Systems <br> Holdings Ltd.<br>| 8726 | 16386 |
| †Emeco Holdings Ltd. | 23831 | 13024 |
| †Emerald Resources NL | 43531 | 113606 |
| †EML Payments Ltd. | 25538 | 19608 |
| Endeavour Group Ltd. | 130927 | 345600 |
| †Energy World Corp. Ltd. | 57823 | 794 |
| Enero Group Ltd. | 5128 | 2304 |
| EQT Holdings Ltd. | 1794 | 40189 |

---

LVIP Dimensional International Core Equity Fund-1

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Euroz Hartleys Group Ltd. | 6413 | $4258 |
| Evolution Mining Ltd. | 128892 | 671050 |
| EVT Ltd. | 9381 | 102792 |
| †FleetPartners Group Ltd. | 23440 | 47207 |
| Fleetwood Ltd. | 8185 | 13903 |
| Flight Centre Travel Group <br> Ltd.<br>| 13918 | 114222 |
| Fortescue Ltd. | 64258 | 645936 |
| G8 Education Ltd. | 76969 | 59812 |
| †Genesis Minerals Ltd. | 39351 | 113130 |
| Gold Road Resources Ltd. | 125250 | 272094 |
| GR Engineering Services <br> Ltd.<br>| 8627 | 18453 |
| GrainCorp Ltd. Class A | 19403 | 99402 |
| Grange Resources Ltd. | 19800 | 2346 |
| GWA Group Ltd. | 21802 | 34454 |
| Hansen Technologies Ltd. | 14725 | 48322 |
| Harvey Norman Holdings <br> Ltd.<br>| 45282 | 157104 |
| Healius Ltd. | 57785 | 29867 |
| Helia Group Ltd. | 31524 | 116865 |
| HUB24 Ltd. | 2110 | 123828 |
| IDP Education Ltd. | 8769 | 21232 |
| IGO Ltd. | 34275 | 94428 |
| Iluka Resources Ltd. | 35372 | 88744 |
| Imdex Ltd. | 54450 | 97485 |
| †Immutep Ltd. ADR | 4950 | 8118 |
| Infomedia Ltd. | 19919 | 15543 |
| Inghams Group Ltd. | 35938 | 83974 |
| †Insignia Financial Ltd. | 57131 | 136116 |
| Insurance Australia Group <br> Ltd.<br>| 95978 | 570591 |
| Integral Diagnostics Ltd. | 27556 | 46088 |
| IPH Ltd. | 11201 | 33747 |
| IRESS Ltd. | 18965 | 99794 |
| IVE Group Ltd. | 13275 | 25162 |
| JB Hi-Fi Ltd. | 4968 | 361006 |
| Johns Lyng Group Ltd. | 9912 | 20708 |
| †Judo Capital Holdings Ltd. | 44277 | 45619 |
| Jumbo Interactive Ltd. | 1085 | 6997 |
| Jupiter Mines Ltd. | 61368 | 8078 |
| Karoon Energy Ltd. | 58285 | 73552 |
| Kelsian Group Ltd. | 11385 | 28438 |
| Kogan.com Ltd. | 9994 | 24746 |
| Lendlease Corp. Ltd. | 70964 | 251476 |
| Lifestyle Communities Ltd. | 6487 | 29910 |
| Lottery Corp. Ltd. | 80203 | 281354 |
| Lovisa Holdings Ltd. | 2892 | 60295 |
| Lycopodium Ltd. | 1603 | 10928 |
| †Lynas Rare Earths Ltd. | 23173 | 132091 |
| Maas Group Holdings Ltd. | 4542 | 12688 |
| Macmahon Holdings Ltd. | 102720 | 20709 |
| Macquarie Group Ltd. | 3936 | 591997 |
| †Macquarie Technology <br> Group Ltd. Class L<br>| 972 | 42558 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Magellan Financial Group <br> Ltd.<br>| 20549 | $115886 |
| †Mayne Pharma Group Ltd. | 10321 | 33928 |
| McMillan Shakespeare <br> Ltd.<br>| 3253 | 33267 |
| †McPherson's Ltd. | 9847 | 1620 |
| Medibank Pvt Ltd. | 83355 | 276814 |
| †Megaport Ltd. | 3030 | 28812 |
| †Mesoblast Ltd. | 37595 | 40886 |
| Metcash Ltd. | 118955 | 306182 |
| †Michael Hill International <br> Ltd.<br>| 14556 | 3923 |
| †Mineral Resources Ltd. | 7577 | 107651 |
| Monadelphous Group Ltd. | 10490 | 121213 |
| Monash IVF Group Ltd. | 48981 | 22751 |
| †Mount Gibson Iron Ltd. | 40070 | 7120 |
| Myer Holdings Ltd. | 140226 | 55869 |
| MyState Ltd. | 16146 | 44724 |
| †Nanosonics Ltd. | 3177 | 8465 |
| National Australia Bank <br> Ltd.<br>| 45440 | 1177705 |
| Netwealth Group Ltd. | 8128 | 179739 |
| †Neuren Pharmaceuticals <br> Ltd.<br>| 1272 | 11824 |
| New Hope Corp. Ltd. | 58705 | 142959 |
| †NEXTDC Ltd. | 17348 | 165593 |
| nib holdings Ltd. | 36492 | 169862 |
| Nick Scali Ltd. | 9300 | 111554 |
| Nickel Industries Ltd. | 170602 | 78186 |
| Nine Entertainment Co. <br> Holdings Ltd.<br>| 114713 | 122667 |
| Northern Star Resources <br> Ltd.<br>| 47218 | 583243 |
| †Novonix Ltd. | 3822 | 955 |
| NRW Holdings Ltd. | 46732 | 91986 |
| †Nufarm Ltd. | 28808 | 46747 |
| †Nuix Ltd. | 12142 | 17496 |
| Objective Corp. Ltd. | 1940 | 24464 |
| †OFX Group Ltd. | 15689 | 7755 |
| OM Holdings Ltd. | 23197 | 4275 |
| †Omni Bridgeway Ltd. | 13858 | 12222 |
| oOh!media Ltd. | 48209 | 54627 |
| †Ora Banda Mining Ltd. | 34163 | 17504 |
| Orica Ltd. | 49139 | 630967 |
| Origin Energy Ltd. | 51991 | 369548 |
| Orora Ltd. | 149724 | 186536 |
| †Pantoro Gold Ltd. | 30098 | 61132 |
| Peet Ltd. | 38309 | 42971 |
| =†Peninsula Energy Ltd. | 19575 | 7988 |
| †PeopleIN Ltd. | 6712 | 3244 |
| Perenti Ltd. | 80124 | 85588 |
| Perpetual Ltd. | 9840 | 117010 |
| Perseus Mining Ltd. | 165494 | 375868 |
| †PEXA Group Ltd. | 10825 | 96817 |
| †Pilbara Minerals Ltd. | 68415 | 60268 |

---

LVIP Dimensional International Core Equity Fund-2

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Pinnacle Investment <br> Management Group Ltd.<br>| 910 | $12297 |
| Platinum Asset <br> Management Ltd.<br>| 63966 | 19366 |
| †PointsBet Holdings Ltd. | 5076 | 3962 |
| Praemium Ltd. | 19514 | 8222 |
| Premier Investments Ltd. | 9919 | 132110 |
| Pro Medicus Ltd. | 2725 | 509942 |
| Propel Funeral Partners <br> Ltd.<br>| 4499 | 13409 |
| PWR Holdings Ltd. | 5986 | 27322 |
| Qantas Airways Ltd. | 20393 | 144068 |
| QBE Insurance Group Ltd. | 71425 | 1099882 |
| Qube Holdings Ltd. | 85374 | 240655 |
| Ramelius Resources Ltd. | 129571 | 218182 |
| Ramsay Health Care Ltd. | 10610 | 256320 |
| REA Group Ltd. | 1419 | 224711 |
| Reece Ltd. | 8182 | 77313 |
| Regal Partners Ltd. | 4484 | 6408 |
| Regis Healthcare Ltd. | 9658 | 49809 |
| †Regis Resources Ltd. | 78279 | 229754 |
| Reject Shop Ltd. | 2536 | 11149 |
| Reliance Worldwide Corp. <br> Ltd.<br>| 65331 | 176251 |
| †Resolute Mining Ltd. | 188886 | 76951 |
| †Retail Food Group Ltd. | 5148 | 6807 |
| Ridley Corp. Ltd. | 43411 | 84046 |
| Rio Tinto Ltd. | 14115 | 999204 |
| †RPMGlobal Holdings Ltd. | 15918 | 30468 |
| †Sandfire Resources Ltd. | 47779 | 354962 |
| Santos Ltd. | 247171 | 1246202 |
| SEEK Ltd. | 7295 | 115449 |
| †Select Harvests Ltd. | 14731 | 39841 |
| Servcorp Ltd. | 2368 | 8930 |
| Service Stream Ltd. | 54665 | 71303 |
| †Seven West Media Ltd. | 80912 | 7722 |
| SGH Ltd. | 6045 | 215287 |
| Shaver Shop Group Ltd. | 10483 | 9211 |
| Sigma Healthcare Ltd. | 159184 | 313321 |
| Sims Ltd. | 10907 | 110224 |
| SmartGroup Corp. Ltd. | 6414 | 31129 |
| Sonic Healthcare Ltd. | 18668 | 329512 |
| South32 Ltd. | 166271 | 317727 |
| †Southern Cross Media <br> Group Ltd.<br>| 16431 | 5786 |
| SRG Global Ltd. | 75626 | 85972 |
| Stanmore Resources Ltd. | 23895 | 29421 |
| †Star Entertainment Group <br> Ltd.<br>| 219853 | 19579 |
| Steadfast Group Ltd. | 40873 | 161884 |
| †Strike Energy Ltd. | 83707 | 8276 |
| Suncorp Group Ltd. | 39080 | 556954 |
| Super Retail Group Ltd. | 17575 | 164759 |
| †Superloop Ltd. | 15056 | 29863 |
| †Syrah Resources Ltd. | 50689 | 8504 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Tabcorp Holdings Ltd. | 125239 | $58890 |
| Technology One Ltd. | 13960 | 376301 |
| †Telix Pharmaceuticals Ltd. | 3758 | 60363 |
| Telstra Group Ltd. | 101809 | 324630 |
| =†Ten Sixty Four Ltd. | 34142 | 2472 |
| TPG Telecom Ltd. | 25392 | 89085 |
| Transurban Group | 37191 | 342193 |
| Treasury Wine Estates Ltd. | 41410 | 213061 |
| †Tuas Ltd. | 11966 | 46909 |
| †Tyro Payments Ltd. | 63690 | 36908 |
| Universal Store Holdings <br> Ltd.<br>| 2598 | 13325 |
| †Vault Minerals Ltd. | 356296 | 100172 |
| Ventia Services Group Pty. <br> Ltd.<br>| 80878 | 275845 |
| Viva Energy Group Ltd. | 77576 | 110379 |
| †Vulcan Energy Resources <br> Ltd.<br>| 9297 | 22311 |
| †WEB Travel Group Ltd. | 20237 | 59180 |
| †Webjet Group Ltd. | 46935 | 27837 |
| Wesfarmers Ltd. | 17922 | 1000179 |
| †West African Resources <br> Ltd.<br>| 136558 | 207431 |
| Westgold Resources Ltd. | 83286 | 158609 |
| Westpac Banking Corp. | 54183 | 1207551 |
| Whitehaven Coal Ltd. | 54948 | 196149 |
| WiseTech Global Ltd. | 2924 | 209697 |
| Woodside Energy Group <br> Ltd.<br>| 62603 | 967023 |
| Woodside Energy Group <br> Ltd. ADR<br>| 9552 | 147387 |
| Woolworths Group Ltd. | 21965 | 449927 |
| Worley Ltd. | 30037 | 258650 |
| XRF Scientific Ltd. | 17186 | 20789 |
| Yancoal Australia Ltd. | 41066 | 156041 |
|  |  | **45667274** |
| **Austria–0.66%** | **Austria–0.66%** | **Austria–0.66%** |
| Agrana Beteiligungs AG | 1444 | 22474 |
| †ams-OSRAM AG | 5969 | 80453 |
| ANDRITZ AG | 6689 | 498182 |
| †AT&S Austria Technologie <br> & Systemtechnik AG<br>| 1508 | 30494 |
| BAWAG Group AG | 7025 | 898367 |
| CA Immobilien Anlagen <br> AG<br>| 1135 | 32523 |
| †DO & Co. AG | 520 | 111088 |
| Erste Group Bank AG | 7346 | 625330 |
| †Eurotelesites AG | 3469 | 20758 |
| Fabasoft AG | 435 | 8036 |
| †Lenzing AG | 1510 | 42957 |
| Mayr Melnhof Karton AG | 589 | 53106 |
| Oesterreichische Post AG | 3597 | 128382 |
| OMV AG | 14917 | 811204 |
| Palfinger AG | 713 | 30109 |

---

LVIP Dimensional International Core Equity Fund-3

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| †POLYTEC Holding AG | 1389 | $5367 |
| Porr AG | 1155 | 38548 |
| Raiffeisen Bank <br> International AG<br>| 4575 | 139943 |
| RHI Magnesita NV | 752 | 30652 |
| Schoeller-Bleckmann <br> Oilfield Equipment AG<br>| 676 | 24031 |
| Semperit AG Holding | 457 | 7081 |
| Strabag SE | 1033 | 98363 |
| Telekom Austria AG | 10299 | 117071 |
| †UBM Development AG | 240 | 5937 |
| UNIQA Insurance Group <br> AG<br>| 8361 | 113405 |
| Verbund AG | 1806 | 138749 |
| Vienna Insurance Group <br> AG Wiener Versicherung <br> Gruppe<br>| 4355 | 224266 |
| voestalpine AG | 10155 | 286360 |
| Wienerberger AG | 7225 | 270013 |
| Zumtobel Group AG | 1947 | 11178 |
|  |  | **4904427** |
| **Belgium–1.00%** | **Belgium–1.00%** | **Belgium–1.00%** |
| Ackermans & van Haaren <br> NV<br>| 2336 | 598019 |
| Ageas SA | 13927 | 942128 |
| †AGFA-Gevaert NV | 14619 | 18150 |
| Anheuser-Busch InBev SA | 24124 | 1659741 |
| †Atenor | 896 | 2871 |
| Azelis Group NV | 6407 | 102424 |
| Barco NV | 2553 | 37412 |
| Bekaert SA | 2166 | 89613 |
| †bpost SA | 6706 | 16692 |
| Cie d'Entreprises CFE | 740 | 7549 |
| CMB Tech NV | 3140 | 28323 |
| Colruyt Group NV | 3568 | 154404 |
| Deceuninck NV | 7755 | 18889 |
| Deme Group NV | 740 | 112636 |
| D'ieteren Group | 455 | 97984 |
| Econocom Group SA NV | 6908 | 15852 |
| Elia Group SA | 1420 | 164002 |
| EVS Broadcast Equipment <br> SA<br>| 1163 | 48750 |
| Fagron | 7355 | 194666 |
| Greenyard NV | 1186 | 10226 |
| †Immobel SA | 390 | 8637 |
| Jensen-Group NV | 278 | 17552 |
| KBC Group NV | 10699 | 1104239 |
| Kinepolis Group NV | 664 | 28140 |
| Lotus Bakeries NV | 23 | 221626 |
| Melexis NV | 850 | 72454 |
| †Ontex Group NV | 7771 | 62347 |
| †Orange Belgium SA | 1619 | 32135 |
| Proximus SADP | 11365 | 110861 |
| Recticel SA | 2992 | 36092 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Sipef NV | 408 | $30590 |
| Solvay SA | 8032 | 278203 |
| Syensqo SA | 4764 | 369040 |
| Tessenderlo Group SA | 1567 | 46765 |
| UCB SA | 1994 | 392335 |
| Umicore SA | 11683 | 172414 |
| Van de Velde NV | 509 | 20036 |
| VGP NV | 684 | 69186 |
| What's Cooking BV | 51 | 6375 |
| †X-Fab Silicon Foundries <br> SE<br>| 4109 | 32574 |
|  |  | **7431932** |
| **Bermuda–0.01%** | **Bermuda–0.01%** | **Bermuda–0.01%** |
| Conduit Holdings Ltd. | 9207 | 47476 |
|  |  | **47476** |
| **Britain–0.03%** | **Britain–0.03%** | **Britain–0.03%** |
| Hargreaves Services PLC | 2415 | 24794 |
| Travis Perkins PLC | 15128 | 126126 |
| Wickes Group PLC | 22473 | 69253 |
|  |  | **220173** |
| **Canada–11.16%** | **Canada–11.16%** | **Canada–11.16%** |
| †5N Plus, Inc. | 6300 | 41360 |
| Acadian Timber Corp. | 800 | 10404 |
| ADENTRA, Inc. | 720 | 15254 |
| ADF Group, Inc. | 1700 | 9887 |
| †Advantage Energy Ltd. | 16293 | 141543 |
| Aecon Group, Inc. | 6400 | 96676 |
| Ag Growth International, <br> Inc.<br>| 1200 | 36703 |
| AGF Management Ltd. <br> Class B<br>| 5000 | 48540 |
| Agnico Eagle Mines Ltd. | 16817 | 2000046 |
| †Aimia, Inc. | 2700 | 5393 |
| †Air Canada | 8986 | 139038 |
| AirBoss of America Corp. | 1300 | 4487 |
| Alamos Gold, Inc. Class A | 15545 | 413010 |
| Algoma Central Corp. | 1600 | 18976 |
| Algoma Steel Group, Inc. | 4452 | 30674 |
| Algonquin Power & <br> Utilities Corp.<br>| 39629 | 227007 |
| Alimentation Couche-Tard, <br> Inc.<br>| 16000 | 795330 |
| AltaGas Ltd. | 22334 | 648330 |
| Altius Minerals Corp. | 1400 | 28149 |
| Altus Group Ltd. | 1496 | 57885 |
| Amerigo Resources Ltd. | 14300 | 22788 |
| Andlauer Healthcare <br> Group, Inc.<br>| 1998 | 77191 |
| Andrew Peller Ltd. Class A | 1500 | 5794 |
| ARC Resources Ltd. | 45153 | 951968 |
| †Aritzia, Inc. | 9200 | 476637 |
| Atco Ltd. Class I | 5000 | 186451 |

---

LVIP Dimensional International Core Equity Fund-4

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| †Athabasca Oil Corp. | 60142 | $249092 |
| AtkinsRealis Group, Inc. | 5527 | 387651 |
| †ATS Corp. | 2581 | 82308 |
| †Aurora Cannabis, Inc. | 6831 | 28963 |
| †AutoCanada, Inc. | 1479 | 23807 |
| B2Gold Corp. | 129968 | 469574 |
| Badger Infrastructure <br> Solutions Ltd.<br>| 3000 | 104821 |
| Bank of Montreal | 16112 | 1783029 |
| Bank of Nova Scotia | 28373 | 1568438 |
| Barrick Mining Corp. | 49665 | 1034025 |
| †Bausch & Lomb Corp. | 1231 | 16015 |
| †Bausch Health Cos., Inc. | 12220 | 81385 |
| Baytex Energy Corp. | 24468 | 43842 |
| BCE, Inc. | 2401 | 53230 |
| Birchcliff Energy Ltd. | 18053 | 99031 |
| Bird Construction, Inc. | 6578 | 139072 |
| Black Diamond Group Ltd. | 4000 | 29051 |
| †BlackBerry Ltd. | 2334 | 10729 |
| BMTC Group, Inc. | 600 | 6301 |
| †Bombardier, Inc. Class B | 3808 | 331765 |
| †Bonterra Energy Corp. | 2713 | 6993 |
| Boralex, Inc. Class A | 7775 | 180651 |
| Boyd Group Services, Inc. | 1056 | 165874 |
| †Bragg Gaming Group, Inc. | 1500 | 6477 |
| Brookfield Corp. Class A | 5861 | 362503 |
| BRP, Inc. | 1741 | 84495 |
| †CAE, Inc. | 12318 | 360582 |
| †Calfrac Well Services Ltd. | 2200 | 5541 |
| Calian Group Ltd. | 1300 | 47752 |
| Cameco Corp. | 2498 | 185427 |
| Canaccord Genuity Group, <br> Inc.<br>| 9326 | 70951 |
| †Canacol Energy Ltd. | 2620 | 5079 |
| †Canada Goose Holdings, <br> Inc.<br>| 2868 | 32093 |
| Canadian Imperial Bank of <br> Commerce<br>| 16582 | 1174503 |
| Canadian National Railway <br> Co.<br>| 7337 | 763341 |
| Canadian Natural <br> Resources Ltd.<br>| 49444 | 1552542 |
| Canadian Pacific Kansas <br> City Ltd.<br>| 8825 | 699558 |
| Canadian Tire Corp. Ltd. <br> Class A<br>| 5715 | 778046 |
| Canadian Utilities Ltd. <br> Class A<br>| 6045 | 167267 |
| †Canfor Corp. | 7448 | 77338 |
| †Canopy Growth Corp. | 7038 | 8586 |
| Capital Power Corp. | 8688 | 349625 |
| †Capstone Copper Corp. | 39334 | 241478 |
| Cardinal Energy Ltd. | 13600 | 67313 |
| Cascades, Inc. | 7059 | 46187 |
| †Cavvy Energy Ltd. | 11200 | 3043 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| CCL Industries, Inc. <br> Class B<br>| 11719 | $683390 |
| †Celestica, Inc. | 4288 | 669400 |
| Cenovus Energy, Inc. | 101231 | 1376742 |
| Centerra Gold, Inc. | 26427 | 190379 |
| CES Energy Solutions <br> Corp.<br>| 29601 | 144119 |
| CGI, Inc. | 7759 | 813471 |
| China Gold International <br> Resources Corp. Ltd.<br>| 14900 | 135350 |
| CI Financial Corp. | 15377 | 357846 |
| †Cineplex, Inc. | 4200 | 35777 |
| Cogeco Communications, <br> Inc.<br>| 1466 | 76489 |
| Cogeco, Inc. | 600 | 29622 |
| Colliers International <br> Group, Inc.<br>| 2014 | 262908 |
| Computer Modelling Group <br> Ltd.<br>| 4000 | 21179 |
| Constellation Software, <br> Inc.<br>| 400 | 1466701 |
| Corby Spirit & Wine Ltd. | 700 | 7233 |
| †Cronos Group, Inc. | 19611 | 37457 |
| Definity Financial Corp. | 9002 | 524684 |
| †Denison Mines Corp. | 25260 | 46189 |
| dentalcorp Holdings Ltd. | 5524 | 34156 |
| †Descartes Systems Group, <br> Inc.<br>| 1244 | 126446 |
| Dexterra Group, Inc. | 2620 | 17662 |
| †Docebo, Inc. | 900 | 26086 |
| Dollarama, Inc. | 10416 | 1467610 |
| Doman Building Materials <br> Group Ltd.<br>| 9128 | 58451 |
| †Dorel Industries, Inc. <br> Class B<br>| 1100 | 1212 |
| DREAM Unlimited Corp. <br> Class A<br>| 3919 | 59400 |
| Dundee Precious Metals, <br> Inc.<br>| 24900 | 400082 |
| Dye & Durham Ltd. | 2000 | 14100 |
| Dynacor Group, Inc. | 4700 | 15566 |
| E-L Financial Corp. Ltd. | 13900 | 164850 |
| †Eldorado Gold Corp. | 23922 | 486664 |
| Emera, Inc. | 7459 | 341687 |
| Empire Co. Ltd. Class A | 10959 | 454777 |
| Enbridge, Inc. | 21398 | 969967 |
| †Endeavour Silver Corp. | 3771 | 18553 |
| Enerflex Ltd. | 9500 | 74989 |
| Enghouse Systems Ltd. | 3200 | 54918 |
| †Ensign Energy Services, <br> Inc.<br>| 21372 | 35313 |
| EQB, Inc. | 3312 | 251875 |
| †Equinox Gold Corp. | 44971 | 258781 |
| †ERO Copper Corp. | 6219 | 104920 |
| Evertz Technologies Ltd. | 1800 | 16391 |

---

LVIP Dimensional International Core Equity Fund-5

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Exchange Income Corp. | 2708 | $124746 |
| Exco Technologies Ltd. | 2400 | 12214 |
| Extendicare, Inc. | 8400 | 87223 |
| Fairfax Financial Holdings <br> Ltd.<br>| 314 | 566780 |
| Fiera Capital Corp. | 10282 | 48475 |
| Finning International, Inc. | 15344 | 656014 |
| First Majestic Silver Corp. | 37650 | 311366 |
| †First Quantum Minerals <br> Ltd.<br>| 28579 | 507675 |
| FirstService Corp. | 1797 | 313664 |
| Fortis, Inc. | 11877 | 566941 |
| †Fortuna Mining Corp. | 37864 | 247675 |
| Franco-Nevada Corp. | 2286 | 374721 |
| Frontera Energy Corp. | 5282 | 25678 |
| †Galiano Gold, Inc. | 4900 | 6225 |
| †GDI Integrated Facility <br> Services, Inc.<br>| 1200 | 27926 |
| George Weston Ltd. | 2196 | 440426 |
| GFL Environmental, Inc. | 2307 | 116411 |
| Gibson Energy, Inc. | 18672 | 327711 |
| Gildan Activewear, Inc. | 9150 | 450546 |
| †GoGold Resources, Inc. | 20100 | 29521 |
| Great-West Lifeco, Inc. | 2045 | 77775 |
| †Haivision Systems, Inc. | 3000 | 11015 |
| Hammond Power Solutions, <br> Inc.<br>| 600 | 55266 |
| Headwater Exploration, <br> Inc.<br>| 19954 | 98616 |
| High Liner Foods, Inc. | 2452 | 32609 |
| †HLS Therapeutics, Inc. | 2317 | 8167 |
| Hudbay Minerals, Inc. | 33294 | 353253 |
| Hydro One Ltd. | 7800 | 281069 |
| iA Financial Corp., Inc. | 7197 | 789014 |
| †IAMGOLD Corp. | 71214 | 523900 |
| †Imperial Metals Corp. | 3600 | 12927 |
| Imperial Oil Ltd. | 8485 | 674388 |
| Information Services Corp. | 1000 | 23507 |
| Innergex Renewable <br> Energy, Inc.<br>| 7257 | 73116 |
| InPlay Oil Corp. | 950 | 6286 |
| Intact Financial Corp. | 4123 | 958728 |
| †Interfor Corp. | 3205 | 29514 |
| †International Petroleum <br> Corp.<br>| 8681 | 140737 |
| †Ivanhoe Mines Ltd. Class A | 7600 | 57094 |
| Jamieson Wellness, Inc. | 3200 | 83469 |
| †Journey Energy, Inc. | 3866 | 5394 |
| †K92 Mining, Inc. | 27300 | 307933 |
| K-Bro Linen, Inc. | 800 | 20503 |
| †Kelt Exploration Ltd. | 13500 | 72767 |
| Keyera Corp. | 17894 | 585275 |
| †Kinaxis, Inc. | 239 | 35544 |
| Kinross Gold Corp. | 97780 | 1528003 |
| †Knight Therapeutics, Inc. | 6900 | 29541 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Lassonde Industries, Inc. <br> Class A<br>| 400 | $61274 |
| Laurentian Bank of <br> Canada<br>| 4987 | 114041 |
| Leon's Furniture Ltd. | 2194 | 45161 |
| †Lightspeed Commerce, <br> Inc.<br>| 7805 | 91397 |
| Linamar Corp. | 2641 | 125674 |
| Loblaw Cos. Ltd. | 2802 | 463485 |
| †Lucara Diamond Corp. | 28465 | 4703 |
| Lundin Gold, Inc. | 14046 | 741625 |
| Lundin Mining Corp. | 76609 | 805611 |
| Magellan Aerospace Corp. | 1000 | 14173 |
| Magna International, Inc. | 16140 | 623165 |
| Mainstreet Equity Corp. | 200 | 27357 |
| †Major Drilling Group <br> International, Inc.<br>| 6566 | 42721 |
| †Mandalay Resources Corp. | 5200 | 18329 |
| Manulife Financial Corp. | 19473 | 622403 |
| Maple Leaf Foods, Inc. | 3796 | 79084 |
| Martinrea International, <br> Inc.<br>| 4900 | 30514 |
| †Mattr Corp. | 6434 | 56745 |
| †MDA Space Ltd. | 4463 | 115070 |
| Medical Facilities Corp. | 2900 | 33648 |
| MEG Energy Corp. | 16984 | 320909 |
| Meren Energy, Inc. | 5800 | 7113 |
| Methanex Corp. | 4975 | 164675 |
| Metro, Inc. | 7871 | 618293 |
| Morguard Corp. | 186 | 15471 |
| MTY Food Group, Inc. | 1659 | 51777 |
| Mullen Group Ltd. | 10500 | 109414 |
| National Bank of Canada | 14403 | 1486256 |
| Neo Performance <br> Materials, Inc.<br>| 900 | 9616 |
| †New Gold, Inc. | 98300 | 487858 |
| †NFI Group, Inc. | 3300 | 43717 |
| North American <br> Construction Group Ltd.<br>| 1200 | 19202 |
| North West Co., Inc. | 5900 | 209138 |
| Northland Power, Inc. | 25436 | 399168 |
| Nutrien Ltd. | 20727 | 1207147 |
| †NuVista Energy Ltd. | 10300 | 113306 |
| †Obsidian Energy Ltd. | 2900 | 16095 |
| OceanaGold Corp. | 26255 | 370573 |
| Open Text Corp. | 13834 | 403953 |
| OR Royalties, Inc. | 6532 | 167928 |
| †Organigram Global, Inc. | 1466 | 1979 |
| †Orla Mining Ltd. | 11051 | 110731 |
| Pan American Silver Corp. | 28451 | 807661 |
| Paramount Resources Ltd. <br> Class A<br>| 5950 | 94684 |
| Parex Resources, Inc. | 7512 | 76734 |
| Parkland Corp. | 11221 | 317410 |
| Pason Systems, Inc. | 4862 | 43845 |

---

LVIP Dimensional International Core Equity Fund-6

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Pembina Pipeline Corp. | 11570 | $433991 |
| Pet Valu Holdings Ltd. | 1700 | 41234 |
| Petrus Resources Ltd. | 1100 | 1163 |
| Peyto Exploration & <br> Development Corp.<br>| 22795 | 325583 |
| PHX Energy Services Corp. | 5110 | 30208 |
| Pine Cliff Energy Ltd. | 9500 | 4395 |
| Pizza Pizza Royalty Corp. | 3000 | 33068 |
| Polaris Renewable Energy, <br> Inc.<br>| 2900 | 25619 |
| Pollard Banknote Ltd. | 800 | 12719 |
| †Precision Drilling Corp. | 1160 | 54798 |
| Premium Brands Holdings <br> Corp.<br>| 4539 | 270723 |
| Pulse Seismic, Inc. | 4700 | 10630 |
| †Quarterhill, Inc. | 21100 | 21848 |
| Quebecor, Inc. Class B | 11198 | 340853 |
| RB Global, Inc. | 5389 | 572258 |
| †Real Matters, Inc. | 544 | 2221 |
| Restaurant Brands <br> International, Inc.<br>| 7205 | 477631 |
| †RF Capital Group, Inc. | 445 | 3395 |
| Richelieu Hardware Ltd. | 3600 | 96731 |
| Rogers Communications, <br> Inc. Class B<br>| 14256 | 422834 |
| Rogers Sugar, Inc. | 14422 | 59308 |
| Royal Bank of Canada | 51105 | 6730415 |
| Russel Metals, Inc. | 6029 | 194141 |
| Sandstorm Gold Ltd. | 19247 | 180922 |
| Saputo, Inc. | 13162 | 269378 |
| Savaria Corp. | 3400 | 48687 |
| Secure Waste <br> Infrastructure Corp.<br>| 25950 | 296708 |
| †Shopify, Inc. Class A | 3058 | 352727 |
| Sienna Senior Living, Inc. | 7616 | 106543 |
| South Bow Corp. | 5041 | 130612 |
| †Spartan Delta Corp. | 12630 | 35337 |
| Spin Master Corp. | 2766 | 46941 |
| Sprott, Inc. | 1133 | 78279 |
| †SSR Mining, Inc. | 13025 | 166142 |
| Stantec, Inc. | 5077 | 551919 |
| Stella-Jones, Inc. | 5346 | 308138 |
| StorageVault Canada, Inc. | 8303 | 24938 |
| Strathcona Resources Ltd. | 508 | 11210 |
| Sun Life Financial, Inc. | 21732 | 1444856 |
| Suncor Energy, Inc. | 61652 | 2308867 |
| †SunOpta, Inc. | 4163 | 24145 |
| Superior Plus Corp. | 13574 | 79545 |
| Sylogist Ltd. | 1458 | 9251 |
| Tamarack Valley Energy <br> Ltd.<br>| 58860 | 208771 |
| †Taseko Mines Ltd. | 37300 | 117636 |
| TC Energy Corp. | 8141 | 397199 |
| Teck Resources Ltd. <br> Class B<br>| 18765 | 757977 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| TerraVest Industries, Inc. | 1100 | $136596 |
| TFI International, Inc. | 3180 | 285378 |
| Thomson Reuters Corp. | 1240 | 249401 |
| †Tidewater Midstream & <br> Infrastructure Ltd.<br>| 18184 | 2804 |
| †Tilray Brands, Inc. | 20522 | 8504 |
| TMX Group Ltd. | 6345 | 268943 |
| †Torex Gold Resources, Inc. | 11288 | 368212 |
| Toromont Industries Ltd. | 6000 | 539262 |
| Toronto-Dominion Bank | 30739 | 2257911 |
| Total Energy Services, Inc. | 3299 | 26164 |
| Tourmaline Oil Corp. | 15085 | 727802 |
| TransAlta Corp. | 25498 | 275094 |
| Transcontinental, Inc. <br> Class A<br>| 9400 | 144339 |
| Trican Well Service Ltd. | 26370 | 87335 |
| Triple Flag Precious Metals <br> Corp.<br>| 2775 | 65740 |
| †Trisura Group Ltd. | 1500 | 48775 |
| Vermilion Energy, Inc. | 10323 | 75182 |
| VersaBank | 900 | 10304 |
| Wajax Corp. | 2500 | 41876 |
| †Well Health Technologies <br> Corp.<br>| 23405 | 69781 |
| †Wesdome Gold Mines Ltd. | 15690 | 218571 |
| West Fraser Timber Co. <br> Ltd.<br>| 4571 | 335169 |
| †Western Forest Products, <br> Inc.<br>| 34200 | 10046 |
| Westshore Terminals <br> Investment Corp.<br>| 3878 | 75154 |
| Wheaton Precious Metals <br> Corp.<br>| 1169 | 104976 |
| Whitecap Resources, Inc. | 114260 | 767756 |
| Winpak Ltd. | 2447 | 80216 |
| WSP Global, Inc. | 4104 | 837135 |
| Yellow Pages Ltd. | 1229 | 10289 |
|  |  | **82967677** |
| **Chile–0.02%** | **Chile–0.02%** | **Chile–0.02%** |
| Antofagasta PLC | 5221 | 129809 |
|  |  | **129809** |
| **China–0.08%** | **China–0.08%** | **China–0.08%** |
| Belimo Holding AG | 335 | 341466 |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 155900 | 272061 |
|  |  | **613527** |
| **Colombia–0.00%** | **Colombia–0.00%** | **Colombia–0.00%** |
| †Gran Tierra Energy, Inc. | 3367 | 16072 |
|  |  | **16072** |

---

LVIP Dimensional International Core Equity Fund-7

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Cyprus–0.00%** | **Cyprus–0.00%** | **Cyprus–0.00%** |
| Atalaya Mining Copper SA | 5531 | $34480 |
|  |  | **34480** |
| **Denmark–2.42%** | **Denmark–2.42%** | **Denmark–2.42%** |
| †ALK-Abello AS | 11764 | 347090 |
| Alm Brand AS | 89666 | 239534 |
| Ambu AS Class B | 14549 | 228827 |
| AP Moller - Maersk AS <br> Class A<br>| 99 | 182651 |
| AP Moller - Maersk AS <br> Class B<br>| 127 | 236182 |
| †Bang & Olufsen AS | 8549 | 18195 |
| †Bavarian Nordic AS | 9454 | 252060 |
| †Better Collective AS | 3283 | 45492 |
| †Cadeler AS | 3853 | 19173 |
| Carlsberg AS Class B | 3966 | 561916 |
| cBrain AS | 1143 | 38799 |
| Chemometec AS | 1134 | 104664 |
| Coloplast AS Class B | 4543 | 432507 |
| Columbus AS | 4653 | 7310 |
| D/S Norden AS | 1734 | 55038 |
| Danske Bank AS | 23875 | 975146 |
| †Demant AS | 7201 | 300869 |
| †Dfds AS | 2231 | 39566 |
| DSV AS | 5789 | 1388516 |
| FLSmidth & Co. AS | 5118 | 313678 |
| †Genmab AS | 3099 | 643564 |
| †GN Store Nord AS | 10242 | 158016 |
| H Lundbeck AS | 32365 | 185924 |
| H Lundbeck AS Class A | 3565 | 17215 |
| †H&H International AS <br> Class B<br>| 1148 | 24582 |
| ISS AS | 15650 | 436804 |
| Jeudan AS | 571 | 19413 |
| Jyske Bank AS | 4724 | 478027 |
| Matas AS | 4345 | 91513 |
| †Netcompany Group AS | 4075 | 174470 |
| †Nilfisk Holding AS | 1443 | 20049 |
| †NKT AS | 6338 | 514226 |
| †NNIT AS | 488 | 5147 |
| Novo Nordisk AS Class B | 61915 | 4290338 |
| Novonesis Novozymes B <br> Class B<br>| 13192 | 947144 |
| †NTG Nordic Transport <br> Group AS Class A<br>| 319 | 9511 |
| †Orsted AS | 3843 | 165551 |
| Pandora AS | 5346 | 941940 |
| Per Aarsleff Holding AS | 1428 | 148318 |
| Ringkjoebing Landbobank <br> AS<br>| 2460 | 538318 |
| Rockwool AS Class A | 4020 | 187158 |
| Rockwool AS Class B | 9387 | 439990 |
| Royal Unibrew AS | 4748 | 387936 |
| †RTX AS | 299 | 3928 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Scandinavian Tobacco <br> Group AS Class A<br>| 5273 | $69983 |
| Schouw & Co. AS | 1213 | 115420 |
| Solar AS Class B | 701 | 34272 |
| SP Group AS | 573 | 28388 |
| Sparekassen Sjaelland-Fyn <br> AS<br>| 1222 | 58459 |
| Sydbank AS | 6181 | 458466 |
| Tivoli AS | 204 | 19752 |
| Tryg AS | 24206 | 625754 |
|  |  | **18026789** |
| **Faeroe Islands–0.06%** | **Faeroe Islands–0.06%** | **Faeroe Islands–0.06%** |
| Vestas Wind Systems AS | 30458 | 457508 |
|  |  | **457508** |
| **Finland–1.76%** | **Finland–1.76%** | **Finland–1.76%** |
| †Afarak Group SE | 29162 | 9756 |
| Aktia Bank OYJ | 3682 | 42131 |
| Alandsbanken Abp Class B | 968 | 42189 |
| Alma Media OYJ | 1259 | 19799 |
| Anora Group OYJ | 1138 | 4298 |
| Aspo OYJ | 1168 | 7372 |
| Atria OYJ | 742 | 11920 |
| Citycon OYJ | 5407 | 24266 |
| Elisa OYJ | 13091 | 727617 |
| Enento Group OYJ | 540 | 10814 |
| eQ OYJ | 68 | 865 |
| Finnair OYJ | 6784 | 21437 |
| Fiskars OYJ Abp | 1943 | 32870 |
| Fortum OYJ | 34012 | 637786 |
| F-Secure OYJ | 4404 | 9929 |
| Gofore OYJ | 497 | 10479 |
| Harvia OYJ | 1771 | 101192 |
| Hiab OYJ Class B | 3729 | 225762 |
| Huhtamaki OYJ | 8841 | 315882 |
| †Incap OYJ | 669 | 8700 |
| Kalmar OYJ Class B | 2504 | 106517 |
| Kemira OYJ | 10616 | 246185 |
| Kesko OYJ Class A | 6926 | 166408 |
| Kesko OYJ Class B | 27825 | 686280 |
| †Kojamo OYJ | 4303 | 55899 |
| Kone OYJ Class B | 11940 | 786616 |
| Konecranes OYJ | 5517 | 438391 |
| Lassila & Tikanoja OYJ | 2818 | 31673 |
| †Lindex Group OYJ | 1585 | 5169 |
| Mandatum OYJ | 16915 | 110680 |
| Marimekko OYJ | 2270 | 33103 |
| Metsa Board OYJ Class B | 8243 | 30580 |
| Metso OYJ | 45112 | 584644 |
| Neste OYJ | 18352 | 248709 |
| Nokia OYJ | 163122 | 846379 |
| Nordea Bank Abp | 112857 | 1674539 |
| Olvi OYJ Class A | 983 | 38855 |
| Oma Saastopankki OYJ | 488 | 4839 |

---

LVIP Dimensional International Core Equity Fund-8

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Oriola OYJ Class B | 10932 | $13501 |
| Orion OYJ Class A | 1949 | 145241 |
| Orion OYJ Class B | 10627 | 799507 |
| Outokumpu OYJ | 40076 | 165793 |
| Ponsse OYJ | 944 | 30143 |
| Puuilo OYJ | 6098 | 93789 |
| †QT Group OYJ | 1937 | 131216 |
| Raisio OYJ Class V | 7767 | 22614 |
| Revenio Group OYJ | 1322 | 43196 |
| Sampo OYJ Class A | 89200 | 957539 |
| Sanoma OYJ | 6672 | 77890 |
| Scanfil OYJ | 1600 | 18467 |
| Stora Enso OYJ Class R | 37529 | 408000 |
| Taaleri PLC | 1347 | 11186 |
| Terveystalo OYJ | 8626 | 116538 |
| TietoEVRY OYJ | 7552 | 143214 |
| Tokmanni Group Corp. | 3405 | 42343 |
| UPM-Kymmene OYJ | 21412 | 584719 |
| Vaisala OYJ Class A | 1389 | 81229 |
| Valmet OYJ | 8893 | 275612 |
| Wartsila OYJ Abp | 21202 | 501096 |
| †WithSecure OYJ | 2413 | 2866 |
| †YIT OYJ | 11776 | 32977 |
|  |  | **13059206** |
| **France–7.42%** | **France–7.42%** | **France–7.42%** |
| †74Software SA | 654 | 31110 |
| ABC arbitrage | 1320 | 9863 |
| Accor SA | 9837 | 515542 |
| Aeroports de Paris SA | 2815 | 352923 |
| †Air France-KLM | 4267 | 46706 |
| Air Liquide SA | 4220 | 870168 |
| Airbus SE | 7860 | 1644317 |
| AKWEL SADIR | 593 | 5756 |
| †Alstom SA | 24249 | 565994 |
| Alten SA | 1490 | 131030 |
| Amundi SA | 4489 | 363860 |
| Arkema SA | 5222 | 385611 |
| Assystem SA | 625 | 30997 |
| Aubay | 366 | 21607 |
| AXA SA | 22784 | 1118809 |
| Ayvens SA | 5569 | 62044 |
| †Bastide le Confort Medical | 242 | 8922 |
| Beneteau SACA | 2509 | 23080 |
| BioMerieux | 1487 | 205677 |
| BNP Paribas SA | 16646 | 1493175 |
| Boiron SA | 814 | 21478 |
| Bollore SE | 22639 | 142295 |
| Bonduelle SCA | 1767 | 17832 |
| Bouygues SA | 18535 | 838240 |
| Bureau Veritas SA | 20722 | 707289 |
| Canal & SA | 53250 | 166709 |
| Capgemini SE | 4903 | 839572 |
| Carrefour SA | 51734 | 729772 |
| Catana Group | 1510 | 5874 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| CBo Territoria | 2578 | $11023 |
| †Cegedim SA | 545 | 6744 |
| Cie de Saint-Gobain SA | 7232 | 849581 |
| Cie des Alpes | 1197 | 29064 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 31732 | 1180247 |
| †Clariane SE | 13955 | 85508 |
| Coface SA | 12523 | 240409 |
| Credit Agricole SA | 19036 | 360129 |
| Danone SA | 2551 | 208731 |
| Dassault Aviation SA | 251 | 88747 |
| Dassault Systemes SE | 2848 | 103216 |
| Derichebourg SA | 9326 | 63379 |
| Edenred SE | 5232 | 162509 |
| Eiffage SA | 7454 | 1047386 |
| Electricite de Strasbourg <br> SA<br>| 55 | 9144 |
| †Elior Group SA | 18422 | 56300 |
| Elis SA | 20316 | 582897 |
| Engie SA | 60340 | 1418159 |
| Equasens | 107 | 6166 |
| Eramet SA | 748 | 40512 |
| EssilorLuxottica SA | 1740 | 477791 |
| Esso SA Francaise | 331 | 58596 |
| Etablissements Maurel et <br> Prom SA<br>| 5157 | 29210 |
| †Euroapi SA | 433 | 1473 |
| †Eutelsat Communications <br> SACA<br>| 12955 | 56625 |
| Exel Industries SA Class A | 95 | 4476 |
| FDJ UNITED | 8070 | 316670 |
| Fnac Darty SA | 1823 | 72257 |
| †Foraco International SA | 11100 | 15324 |
| †Forvia SE | 11277 | 114889 |
| Gaztransport Et Technigaz <br> SA<br>| 3642 | 720472 |
| Getlink SE | 24239 | 467910 |
| GL Events SACA | 866 | 27840 |
| Groupe Crit SA | 390 | 33003 |
| Guerbet | 783 | 20272 |
| †Haulotte Group SA | 610 | 1738 |
| Hermes International SCA | 569 | 1542482 |
| †ID Logistics Group SACA | 292 | 141915 |
| Imerys SA | 3470 | 114213 |
| Infotel SA | 163 | 7415 |
| Interparfums SA | 946 | 36787 |
| Ipsen SA | 3454 | 411433 |
| IPSOS SA | 2060 | 110649 |
| Jacquet Metals SACA | 1315 | 34259 |
| JCDecaux SE | 7067 | 129283 |
| Kaufman & Broad SA | 1536 | 59885 |
| Kering SA | 3015 | 656835 |
| Lectra | 597 | 16828 |
| Legrand SA | 4282 | 573910 |

---

LVIP Dimensional International Core Equity Fund-9

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Linedata Services | 45 | $4082 |
| LISI SA | 720 | 32077 |
| LNA Sante SA | 494 | 14731 |
| L'Oreal SA | 2703 | 1157840 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 6386 | 3342305 |
| Maisons du Monde SA | 3382 | 9010 |
| Manitou BF SA | 943 | 23256 |
| Mersen SA | 1140 | 29761 |
| Metropole Television SA | 2859 | 44251 |
| †Nacon SA | 1232 | 1041 |
| Nexans SA | 3211 | 420189 |
| †Nexity SA | 4128 | 46553 |
| Oeneo SA | 52 | 570 |
| Opmobility | 5226 | 66802 |
| Orange SA | 171915 | 2617954 |
| †OVH Groupe SA | 832 | 10694 |
| Pernod Ricard SA | 3849 | 383943 |
| Publicis Groupe SA | 8294 | 936764 |
| Quadient SA | 3215 | 60267 |
| Remy Cointreau SA | 880 | 44980 |
| Renault SA | 14140 | 652491 |
| Rexel SA | 25936 | 799936 |
| Robertet SA | 34 | 31881 |
| Rubis SCA | 5593 | 180841 |
| Safran SA | 5498 | 1793031 |
| Samse SACA | 6 | 1095 |
| Sanofi SA | 13008 | 1259353 |
| Sartorius Stedim Biotech | 151 | 36129 |
| Savencia SA | 292 | 22156 |
| Schneider Electric SE | 3142 | 843580 |
| SCOR SE | 13199 | 438366 |
| SEB SA | 2192 | 207224 |
| Seche Environnement <br> SACA<br>| 286 | 33895 |
| †SMCP SA | 2424 | 12235 |
| Societe BIC SA | 2741 | 170703 |
| Societe Generale SA | 26214 | 1499551 |
| Societe LDC SADIR | 388 | 40448 |
| Sodexo SA | 6397 | 393713 |
| †SOITEC | 1460 | 80507 |
| Sopra Steria Group | 929 | 226504 |
| SPIE SA | 14328 | 805671 |
| Stef SA | 359 | 55508 |
| STMicroelectronics NV | 5141 | 156338 |
| Synergie SE | 615 | 23182 |
| Technip Energies NV | 16550 | 696301 |
| Teleperformance SE | 4051 | 393463 |
| Television Francaise 1 SA | 5220 | 54228 |
| Thales SA | 1337 | 394782 |
| Thermador Groupe | 504 | 43755 |
| TotalEnergies SE | 90493 | 5531174 |
| Trigano SA | 519 | 90697 |
| †Ubisoft Entertainment SA | 6482 | 71862 |
| Valeo SE | 16467 | 180755 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Vallourec SACA | 15940 | $294033 |
| Veolia Environnement SA | 16333 | 583119 |
| Verallia SA | 6261 | 208174 |
| Vetoquinol SA | 184 | 16089 |
| Vicat SACA | 1860 | 128868 |
| VIEL & Cie SA | 790 | 14236 |
| Vinci SA | 18920 | 2790140 |
| Virbac SACA | 258 | 97115 |
| †Viridien | 898 | 63862 |
| †Vivendi SE | 53250 | 183689 |
| †Voltalia SA | 4227 | 42985 |
| Wavestone | 400 | 27910 |
| †Worldline SA | 12722 | 53793 |
|  |  | **55132981** |
| **Georgia–0.03%** | **Georgia–0.03%** | **Georgia–0.03%** |
| TBC Bank Group PLC | 3641 | 231979 |
|  |  | **231979** |
| **Germany–7.46%** | **Germany–7.46%** | **Germany–7.46%** |
| 1&1 AG | 2936 | 64517 |
| †7C Solarparken AG | 8243 | 17343 |
| Adesso SE | 209 | 21862 |
| adidas AG | 4721 | 1102023 |
| Adtran Networks SE | 574 | 13726 |
| All for One Group SE | 186 | 12270 |
| Allgeier SE | 430 | 10029 |
| Allianz SE | 4219 | 1712211 |
| AlzChem Group AG | 689 | 112806 |
| Amadeus Fire AG | 434 | 41286 |
| Atoss Software SE | 778 | 129355 |
| Aurubis AG | 2584 | 269097 |
| †Auto1 Group SE | 1704 | 55168 |
| BASF SE | 39651 | 1961119 |
| †Basler AG | 591 | 8568 |
| Bayer AG | 75760 | 2282445 |
| Bayerische Motoren Werke <br> AG<br>| 8406 | 748633 |
| †BayWa AG | 1161 | 12340 |
| Bechtle AG | 5464 | 256499 |
| Beiersdorf AG | 1080 | 135754 |
| Bertrandt AG | 393 | 9440 |
| Bijou Brigitte AG | 197 | 9120 |
| Bilfinger SE | 2251 | 216676 |
| Borussia Dortmund GmbH <br> & Co. KGaA<br>| 4770 | 22057 |
| †BRANICKS Group AG | 2395 | 5713 |
| Brenntag SE | 7562 | 500982 |
| †Brockhaus Technologies <br> AG<br>| 330 | 5636 |
| CANCOM SE | 3172 | 104868 |
| Carl Zeiss Meditec AG | 589 | 39665 |
| †Ceconomy AG | 18578 | 79292 |
| †CENIT AG | 409 | 4211 |
| Cewe Stiftung & Co. KGaA | 635 | 73463 |

---

LVIP Dimensional International Core Equity Fund-10

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Commerzbank AG | 34194 | $1077556 |
| Continental AG | 11610 | 1013295 |
| †Covestro AG | 9336 | 664240 |
| CTS Eventim AG & Co. <br> KGaA<br>| 4171 | 518667 |
| Daimler Truck Holding AG | 31065 | 1473846 |
| Dermapharm Holding SE | 1296 | 52967 |
| Deutsche Bank AG | 30675 | 909374 |
| Deutsche Boerse AG | 4510 | 1473370 |
| Deutsche Lufthansa AG | 40384 | 342846 |
| Deutsche Post AG | 46773 | 2166519 |
| Deutsche Telekom AG | 116469 | 4263184 |
| Deutsche Telekom AG ADR | 1237 | 45262 |
| Deutsche Wohnen SE | 2779 | 79217 |
| Draegerwerk AG & Co. <br> KGaA<br>| 351 | 23592 |
| Duerr AG | 4595 | 122577 |
| DWS Group GmbH & Co. <br> KGaA<br>| 3439 | 203919 |
| E.ON SE | 78173 | 1440387 |
| Eckert & Ziegler SE | 1243 | 100028 |
| †EDAG Engineering Group <br> AG<br>| 532 | 3367 |
| Elmos Semiconductor SE | 625 | 66141 |
| ElringKlinger AG | 2669 | 14230 |
| †Energiekontor AG | 647 | 33407 |
| EuroEyes International Eye <br> Clinic Ltd. Class C<br>| 9000 | 3130 |
| Evonik Industries AG | 21923 | 452898 |
| †Evotec SE | 3436 | 29251 |
| Fielmann Group AG | 2749 | 183759 |
| flatexDEGIRO AG | 8369 | 236986 |
| †Fraport AG Frankfurt <br> Airport Services <br> Worldwide<br>| 4548 | 343099 |
| Freenet AG | 12853 | 419001 |
| Fresenius Medical Care <br> AG<br>| 14806 | 850681 |
| Fresenius SE & Co. KGaA | 14982 | 753936 |
| Friedrich Vorwerk Group <br> SE<br>| 745 | 51479 |
| FUCHS SE | 2760 | 114634 |
| GEA Group AG | 14099 | 988342 |
| Gerresheimer AG | 2530 | 142877 |
| Gesco SE | 598 | 12167 |
| GFT Technologies SE | 1564 | 46045 |
| H&R GmbH & Co. KGaA | 1285 | 7462 |
| Hannover Rueck SE | 2300 | 724761 |
| Hapag-Lloyd AG | 917 | 137362 |
| Hawesko Holding SE | 179 | 4816 |
| Heidelberg Materials AG | 6182 | 1455841 |
| †Heidelberger <br> Druckmaschinen AG<br>| 22239 | 38911 |
| Hella GmbH & Co. KGaA | 203 | 20591 |
| †HelloFresh SE | 9987 | 93825 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Henkel AG & Co. KGaA | 3863 | $280165 |
| Hensoldt AG | 4974 | 571357 |
| HOCHTIEF AG | 1355 | 267426 |
| Hornbach Holding AG & <br> Co. KGaA<br>| 1130 | 141309 |
| HUGO BOSS AG | 2853 | 132199 |
| Indus Holding AG | 1095 | 29446 |
| Infineon Technologies AG | 48080 | 2051671 |
| Init Innovation in Traffic <br> Systems SE<br>| 792 | 35471 |
| Instone Real Estate Group <br> SE<br>| 2366 | 26901 |
| IVU Traffic Technologies <br> AG<br>| 706 | 15974 |
| Jenoptik AG | 4132 | 95381 |
| JOST Werke SE | 1256 | 79598 |
| K&S AG | 11345 | 208103 |
| KION Group AG | 5448 | 304313 |
| Kloeckner & Co. SE | 3199 | 22536 |
| †Knaus Tabbert AG | 280 | 4426 |
| Knorr-Bremse AG | 5158 | 500310 |
| †Koenig & Bauer AG | 1264 | 20452 |
| Kontron AG | 3697 | 109160 |
| Krones AG | 1487 | 245463 |
| KWS Saat SE & Co. KGaA | 831 | 60425 |
| Lanxess AG | 9388 | 279906 |
| LEG Immobilien SE | 4698 | 418176 |
| Leifheit AG | 726 | 13555 |
| †Medios AG | 2146 | 31745 |
| Mercedes-Benz Group AG | 17084 | 995317 |
| Merck KGaA | 1380 | 178929 |
| MLP SE | 5885 | 58528 |
| MTU Aero Engines AG | 428 | 190141 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 3110 | 2019431 |
| †Mutares SE & Co. KGaA | 1324 | 56494 |
| †Nagarro SE | 732 | 52392 |
| Nemetschek SE | 3597 | 521539 |
| †Nordex SE | 10634 | 211007 |
| Norma Group SE | 2359 | 38079 |
| †Pentixapharm Holding AG | 835 | 2085 |
| Pfeiffer Vacuum Technology <br> AG<br>| 280 | 53498 |
| ProCredit Holding AG | 1188 | 13190 |
| ProSiebenSat.1 Media SE | 14575 | 122937 |
| Puma SE | 7360 | 201163 |
| †PVA TePla AG | 1815 | 42953 |
| †q.beyond AG | 11002 | 11983 |
| Rational AG | 406 | 341161 |
| Rheinmetall AG | 1252 | 2651358 |
| RWE AG | 21132 | 883068 |
| Salzgitter AG | 2086 | 50508 |
| SAP SE | 5226 | 1598004 |
| Schaeffler AG | 4150 | 22259 |

---

LVIP Dimensional International Core Equity Fund-11

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Secunet Security Networks <br> AG<br>| 79 | $21335 |
| †SGL Carbon SE | 5077 | 21025 |
| Siemens AG | 3837 | 985565 |
| †Siemens Energy AG | 2570 | 300384 |
| Siemens Healthineers AG | 2022 | 112250 |
| Siltronic AG | 1210 | 58247 |
| Sixt SE | 1296 | 126477 |
| †SMA Solar Technology AG | 531 | 13343 |
| STRATEC SE | 652 | 20178 |
| Stroeer SE & Co. KGaA | 3284 | 197140 |
| Suedzucker AG | 6024 | 79234 |
| Surteco Group SE | 396 | 7394 |
| SUSS MicroTec SE | 1510 | 82994 |
| Symrise AG | 8224 | 862405 |
| TAG Immobilien AG | 11069 | 197396 |
| Takkt AG | 2185 | 17125 |
| Talanx AG | 3083 | 399686 |
| †TeamViewer SE | 12516 | 141248 |
| Technotrans SE | 604 | 15282 |
| thyssenkrupp AG | 34721 | 374230 |
| †TUI AG | 44766 | 392298 |
| United Internet AG | 5741 | 160108 |
| Verbio SE | 845 | 12155 |
| Volkswagen AG | 1439 | 155643 |
| Vonovia SE | 16795 | 595439 |
| Vossloh AG | 1249 | 124586 |
| Wacker Chemie AG | 1036 | 75970 |
| Wacker Neuson SE | 2330 | 66827 |
| Washtec AG | 765 | 36406 |
| †Westwing Group SE | 83 | 779 |
| Wuestenrot & <br> Wuerttembergische AG<br>| 1974 | 31776 |
| †Zalando SE | 6393 | 210952 |
| Zeal Network SE | 373 | 21378 |
|  |  | **55416766** |
| **Greece–0.00%** | **Greece–0.00%** | **Greece–0.00%** |
| Okeanis Eco Tankers Corp. | 941 | 20305 |
|  |  | **20305** |
| **Guernsey–0.00%** | **Guernsey–0.00%** | **Guernsey–0.00%** |
| =†πRaven Property Group Ltd. | 26309 | 0 |
|  |  | **0** |
| **Hong Kong–1.63%** | **Hong Kong–1.63%** | **Hong Kong–1.63%** |
| AIA Group Ltd. | 203400 | 1842487 |
| Analogue Holdings Ltd. | 86000 | 8655 |
| †Apollo Future Mobility <br> Group Ltd.<br>| 16600 | 1755 |
| ASMPT Ltd. | 6600 | 48574 |
| Bank of East Asia Ltd. | 103424 | 159419 |
| BOC Hong Kong Holdings <br> Ltd.<br>| 61000 | 265548 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Bright Smart Securities & <br> Commodities Group Ltd.<br>| 108000 | $119068 |
| =†Brightoil Petroleum <br> Holdings Ltd.<br>| 123000 | 0 |
| Budweiser Brewing Co. <br> APAC Ltd.<br>| 57600 | 57190 |
| =†Burwill Holdings Ltd. | 208000 | 0 |
| Cafe de Coral Holdings <br> Ltd.<br>| 34000 | 29992 |
| Cathay Pacific Airways <br> Ltd.<br>| 122909 | 167672 |
| †Central New Energy <br> Holding Group Ltd.<br>| 31000 | 31604 |
| †China Energy Development <br> Holdings Ltd.<br>| 840000 | 5243 |
| Chinese Estates Holdings <br> Ltd.<br>| 79500 | 13578 |
| Chow Sang Sang Holdings <br> International Ltd.<br>| 30000 | 32599 |
| CITIC Telecom <br> International Holdings <br> Ltd.<br>| 159000 | 48623 |
| CK Asset Holdings Ltd. | 65780 | 290670 |
| CK Hutchison Holdings <br> Ltd.<br>| 46180 | 284362 |
| CK Infrastructure Holdings <br> Ltd.<br>| 16500 | 109267 |
| †CK Life Sciences <br> International Holdings, <br> Inc.<br>| 194000 | 21038 |
| CLP Holdings Ltd. | 19000 | 160469 |
| C-Mer Medical Holdings <br> Ltd.<br>| 18000 | 4139 |
| †Cowell e Holdings, Inc. | 9000 | 31318 |
| Crystal International Group <br> Ltd.<br>| 46500 | 27718 |
| CTF Services Ltd. | 24000 | 22818 |
| Dah Sing Banking Group <br> Ltd.<br>| 44000 | 51015 |
| Dah Sing Financial <br> Holdings Ltd.<br>| 16800 | 63721 |
| Eagle Nice International <br> Holdings Ltd.<br>| 4000 | 1845 |
| EC Healthcare | 28000 | 2108 |
| Emperor International <br> Holdings Ltd.<br>| 106000 | 2836 |
| =†Esprit Holdings Ltd. | 212000 | 2647 |
| =†ESR Group Ltd. | 98800 | 163619 |
| Fairwood Holdings Ltd. | 6000 | 4135 |
| Far East Consortium <br> International Ltd.<br>| 150022 | 16045 |
| First Pacific Co. Ltd. | 254000 | 180040 |
| FSE Lifestyle Services Ltd. | 22000 | 15975 |
| Galaxy Entertainment <br> Group Ltd.<br>| 39000 | 173846 |

---

LVIP Dimensional International Core Equity Fund-12

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Giordano International <br> Ltd.<br>| 126000 | $23102 |
| =†Gold Financial Holdings <br> Ltd.<br>| 80000 | 0 |
| Great Eagle Holdings Ltd. | 14722 | 25731 |
| Guotai Junan International <br> Holdings Ltd.<br>| 312000 | 137013 |
| Hang Lung Group Ltd. | 70000 | 121882 |
| Hang Lung Properties Ltd. | 215281 | 206071 |
| Hang Seng Bank Ltd. | 10200 | 153063 |
| †Hanison Construction <br> Holdings Ltd.<br>| 16639 | 502 |
| Henderson Land <br> Development Co. Ltd.<br>| 49412 | 173535 |
| HK Electric Investments & <br> HK Electric Investments <br> Ltd.<br>| 105000 | 76644 |
| HKBN Ltd. | 69000 | 43757 |
| †HKR International Ltd. | 50160 | 5806 |
| HKT Trust & HKT Ltd. | 178000 | 266123 |
| Hong Kong & China Gas Co. <br> Ltd.<br>| 89362 | 75135 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 18743 | 1008121 |
| Hong Kong Technology <br> Venture Co. Ltd.<br>| 17000 | 3425 |
| †Hongkong & Shanghai <br> Hotels Ltd.<br>| 43044 | 30196 |
| Hongkong Land Holdings <br> Ltd.<br>| 38800 | 223876 |
| Hutchison <br> Telecommunications <br> Hong Kong Holdings Ltd.<br>| 78000 | 10135 |
| Hysan Development Co. <br> Ltd.<br>| 34000 | 61111 |
| IGG, Inc. | 89000 | 50007 |
| Johnson Electric Holdings <br> Ltd.<br>| 47496 | 131053 |
| Karrie International <br> Holdings Ltd.<br>| 52000 | 5835 |
| Kerry Properties Ltd. | 58000 | 150128 |
| KLN Logistics Group Ltd. | 43500 | 42113 |
| Kowloon Development Co. <br> Ltd.<br>| 38854 | 14700 |
| †Lai Sun Development Co. <br> Ltd.<br>| 45450 | 2953 |
| †Lai Sun Garment <br> International Ltd.<br>| 32185 | 2337 |
| Liu Chong Hing Investment <br> Ltd.<br>| 10000 | 5363 |
| Luk Fook Holdings <br> International Ltd.<br>| 30000 | 76637 |
| Man Wah Holdings Ltd. | 167200 | 92017 |
| Mandarin Oriental <br> International Ltd.<br>| 11700 | 22347 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Melco International <br> Development Ltd.<br>| 52500 | $27086 |
| †Melco Resorts & <br> Entertainment Ltd. ADR<br>| 600 | 4338 |
| †Midland Holdings Ltd. | 68000 | 13860 |
| Modern Dental Group Ltd. | 35000 | 19020 |
| MTR Corp. Ltd. | 15438 | 55513 |
| †NagaCorp Ltd. | 81321 | 36928 |
| Nameson Holdings Ltd. | 38000 | 3831 |
| †New World Development <br> Co. Ltd.<br>| 146769 | 107016 |
| =†NewOcean Energy Holdings <br> Ltd.<br>| 62000 | 0 |
| Nissin Foods Co. Ltd. | 36000 | 31911 |
| Oriental Watch Holdings | 24000 | 10426 |
| =†Pacific Andes International <br> Holdings Ltd.<br>| 338000 | 0 |
| Pacific Basin Shipping Ltd. | 544000 | 140264 |
| Pacific Textiles Holdings <br> Ltd.<br>| 82000 | 13395 |
| PAX Global Technology <br> Ltd.<br>| 26000 | 20038 |
| PCCW Ltd. | 202444 | 137537 |
| Perfect Medical Health <br> Management Ltd.<br>| 42000 | 9096 |
| Pico Far East Holdings <br> Ltd.<br>| 58000 | 18340 |
| Plover Bay Technologies <br> Ltd.<br>| 24000 | 17724 |
| Power Assets Holdings Ltd. | 23000 | 147880 |
| PRADA SpA | 11000 | 68338 |
| Prudential PLC | 25562 | 319940 |
| †Public Financial Holdings <br> Ltd.<br>| 24000 | 4044 |
| †Regal Hotels International <br> Holdings Ltd.<br>| 18000 | 1422 |
| Regina Miracle <br> International Holdings <br> Ltd.<br>| 29000 | 7832 |
| Sa Sa International <br> Holdings Ltd.<br>| 78000 | 5578 |
| Samsonite Group SA | 89700 | 167100 |
| †Shandong Hi-Speed <br> Holdings Group Ltd.<br>| 22000 | 44393 |
| Shangri-La Asia Ltd. | 84000 | 45692 |
| †Shenwan Hongyuan HK <br> Ltd.<br>| 50000 | 10963 |
| †Shun Tak Holdings Ltd. | 92000 | 7266 |
| SITC International <br> Holdings Co. Ltd.<br>| 90000 | 288346 |
| †SJM Holdings Ltd. | 225250 | 72719 |
| SmarTone <br> Telecommunications <br> Holdings Ltd.<br>| 33500 | 18820 |

---

LVIP Dimensional International Core Equity Fund-13

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| †Solomon Systech <br> International Ltd.<br>| 86000 | $5056 |
| †Soundwill Holdings Ltd. | 5000 | 3733 |
| Stella International <br> Holdings Ltd.<br>| 62000 | 114523 |
| Sun Hung Kai Properties <br> Ltd.<br>| 22500 | 259268 |
| SUNeVision Holdings Ltd. | 70000 | 67560 |
| Swire Pacific Ltd. Class A | 16000 | 137154 |
| Swire Pacific Ltd. Class B | 25000 | 35437 |
| Swire Properties Ltd. | 29000 | 72489 |
| Tai Hing Group Holdings <br> Ltd.<br>| 62000 | 7187 |
| †Tao Heung Holdings Ltd. | 2000 | 76 |
| Techtronic Industries Co. <br> Ltd.<br>| 23500 | 259298 |
| †Television Broadcasts Ltd. | 36000 | 15946 |
| Texhong International <br> Group Ltd.<br>| 34000 | 16805 |
| †Theme International <br> Holdings Ltd.<br>| 670000 | 58173 |
| Town Health International <br> Medical Group Ltd.<br>| 336000 | 10187 |
| Transport International <br> Holdings Ltd.<br>| 15814 | 17808 |
| United Laboratories <br> International Holdings <br> Ltd.<br>| 104000 | 199389 |
| Value Partners Group Ltd. | 93000 | 23180 |
| Vitasoy International <br> Holdings Ltd.<br>| 46000 | 53848 |
| Viva Goods Co. Ltd. | 152000 | 7854 |
| †VPower Group <br> International Holdings <br> Ltd.<br>| 11052 | 387 |
| VSTECS Holdings Ltd. | 60000 | 59656 |
| VTech Holdings Ltd. | 16900 | 122761 |
| †Wang On Group Ltd. | 1220000 | 3264 |
| WH Group Ltd. | 499841 | 481743 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 69000 | 195863 |
| Wing Tai Properties Ltd. | 16000 | 3098 |
| Xinyi Glass Holdings Ltd. | 149791 | 144318 |
| Yue Yuen Industrial <br> Holdings Ltd.<br>| 99500 | 152642 |
| †Zensun Enterprises Ltd. | 55000 | 532 |
| †Zhaobangji Lifestyle <br> Holdings Ltd.<br>| 112000 | 1926 |
|  |  | **12110173** |
| **Ireland–0.84%** | **Ireland–0.84%** | **Ireland–0.84%** |
| AIB Group PLC | 160528 | 1324814 |
| Bank of Ireland Group PLC | 72943 | 1039447 |
| C&C Group PLC | 30551 | 68272 |
| Cairn Homes PLC | 52832 | 133491 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| COSMO Pharmaceuticals <br> NV<br>| 627 | $45024 |
| Dalata Hotel Group PLC | 18889 | 143515 |
| DCC PLC | 8018 | 520373 |
| Experian PLC | 22326 | 1151268 |
| FBD Holdings PLC | 1875 | 30700 |
| †Flutter Entertainment <br> PLC<br>| 184 | 52310 |
| Glanbia PLC | 10529 | 155241 |
| †Glenveagh Properties PLC | 29794 | 60348 |
| Grafton Group PLC CDI | 13398 | 187863 |
| †Hostelworld Group PLC | 9886 | 18564 |
| Irish Continental Group <br> PLC<br>| 11875 | 76935 |
| †James Hardie Industries <br> PLC CDI<br>| 8620 | 231476 |
| Kerry Group PLC Class A | 2001 | 221083 |
| Kingspan Group PLC | 9090 | 774553 |
| †Permanent TSB Group <br> Holdings PLC<br>| 929 | 2232 |
|  |  | **6237509** |
| **Isle of Man–0.02%** | **Isle of Man–0.02%** | **Isle of Man–0.02%** |
| Entain PLC | 10422 | 129083 |
| †Strix Group PLC | 6954 | 4062 |
|  |  | **133145** |
| **Israel–1.24%** | **Israel–1.24%** | **Israel–1.24%** |
| Afcon Holdings Ltd. | 294 | 16121 |
| †AFI Properties Ltd. | 894 | 51269 |
| Africa Israel Residences <br> Ltd.<br>| 328 | 29333 |
| †Airport City Ltd. | 3084 | 56598 |
| Alrov Properties & <br> Lodgings Ltd.<br>| 323 | 21614 |
| Amot Investments Ltd. | 3705 | 25103 |
| Arad Ltd. | 603 | 9506 |
| †Ashdod Refinery Ltd. | 681 | 13051 |
| Ashtrom Group Ltd. | 2536 | 57832 |
| AudioCodes Ltd. | 1429 | 14033 |
| Aura Investments Ltd. | 6537 | 46847 |
| Azorim-Investment <br> Development & <br> Construction Co. Ltd.<br>| 3495 | 24569 |
| Azrieli Group Ltd. | 917 | 84445 |
| Bank Hapoalim BM | 33331 | 640224 |
| Bank Leumi Le-Israel BM | 58512 | 1088647 |
| †Bet Shemesh Engines <br> Holdings 1997 Ltd.<br>| 666 | 110916 |
| Bezeq The Israeli <br> Telecommunication Corp. <br> Ltd.<br>| 68119 | 116406 |
| †Big Shopping Centers Ltd. | 662 | 127045 |
| Blue Square Real Estate <br> Ltd.<br>| 300 | 34611 |

---

LVIP Dimensional International Core Equity Fund-14

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Carasso Motors Ltd. | 1579 | $15544 |
| †Cellcom Israel Ltd. | 9940 | 80850 |
| Clal Insurance Enterprises <br> Holdings Ltd.<br>| 5502 | 243380 |
| Danel Adir Yeoshua Ltd. | 390 | 55767 |
| Delek Automotive Systems <br> Ltd.<br>| 1180 | 9943 |
| Delek Group Ltd. | 768 | 159189 |
| Delta Galil Ltd. | 858 | 45546 |
| Delta Israel Brands Ltd. | 528 | 15945 |
| †Dor Alon Energy in Israel <br> 1988 Ltd.<br>| 819 | 32485 |
| †Doral Group Renewable <br> Energy Resources Ltd.<br>| 4821 | 21946 |
| †El Al Israel Airlines | 30369 | 119107 |
| Elbit Systems Ltd. | 59 | 26520 |
| Electra Consumer Products <br> 1970 Ltd.<br>| 515 | 20072 |
| Electra Ltd. | 132 | 84763 |
| Energix-Renewable <br> Energies Ltd.<br>| 6392 | 23610 |
| †Enlight Renewable Energy <br> Ltd.<br>| 3464 | 78724 |
| †Equital Ltd. | 1918 | 88758 |
| †Fattal Holdings 1998 Ltd. | 340 | 59121 |
| First International Bank of <br> Israel Ltd.<br>| 3535 | 256058 |
| FMS Enterprises Migun <br> Ltd.<br>| 399 | 18124 |
| Formula Systems 1985 Ltd. | 762 | 97148 |
| Fox Wizel Ltd. | 970 | 97166 |
| Gav-Yam Lands Corp. Ltd. | 1823 | 19967 |
| †Gilat Satellite Networks <br> Ltd.<br>| 1455 | 10628 |
| †Hagag Group Real Estate <br> Development<br>| 2121 | 12991 |
| Hamat Group Ltd. | 832 | 4612 |
| Harel Insurance <br> Investments & Financial <br> Services Ltd.<br>| 4404 | 123380 |
| Hilan Ltd. | 1352 | 114888 |
| ICL Group Ltd. | 12701 | 87196 |
| IDI Insurance Co. Ltd. | 1521 | 99382 |
| Ilex Medical Ltd. | 301 | 5750 |
| Inrom Construction <br> Industries Ltd.<br>| 7985 | 49854 |
| Isracard Ltd. | 1 | 4 |
| Israel Canada TR Ltd. | 3989 | 17949 |
| Israel Discount Bank Ltd. <br> Class A<br>| 37995 | 378990 |
| Israel Shipyards Industries <br> Ltd.<br>| 315 | 13807 |
| Isras Investment Co. Ltd. | 128 | 36444 |
| Issta Ltd. | 731 | 23754 |
| Kamada Ltd. | 634 | 4941 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Kerur Holdings Ltd. | 403 | $9710 |
| Kvutzat Acro Ltd. | 988 | 16118 |
| Land Development Nimrodi <br> Group Ltd.<br>| 991 | 10680 |
| M Yochananof & Sons Ltd. | 297 | 27205 |
| Magic Software Enterprises <br> Ltd.<br>| 2298 | 43983 |
| †Malam - Team Ltd. | 1739 | 51458 |
| Matrix IT Ltd. | 2451 | 85347 |
| Max Stock Ltd. | 5071 | 24079 |
| Maytronics Ltd. | 4037 | 5917 |
| Mediterranean Towers Ltd. | 4876 | 18099 |
| Mega Or Holdings Ltd. | 1052 | 49161 |
| Meitav Investment House <br> Ltd.<br>| 3316 | 72942 |
| Menora Mivtachim <br> Holdings Ltd.<br>| 1710 | 134832 |
| Meshulam Levinstein <br> Contracting & <br> Engineering Ltd.<br>| 119 | 15050 |
| Migdal Insurance & <br> Financial Holdings Ltd.<br>| 41362 | 113982 |
| Mivne Real Estate KD Ltd. | 11443 | 42904 |
| Mizrahi Tefahot Bank Ltd. | 5895 | 384541 |
| Neto Malinda Trading Ltd. | 834 | 34297 |
| Next Vision Stabilized <br> Systems Ltd.<br>| 3272 | 122163 |
| †Nexxen International Ltd. | 1693 | 17624 |
| †Nice Ltd. Sponsored ADR | 256 | 43241 |
| †Nova Ltd. | 391 | 110842 |
| Oil Refineries Ltd. | 183266 | 49465 |
| One Software Technologies <br> Ltd.<br>| 3774 | 97355 |
| †OPC Energy Ltd. | 3139 | 38225 |
| Palram Industries 1990 <br> Ltd.<br>| 1245 | 31028 |
| Partner Communications <br> Co. Ltd.<br>| 13905 | 105597 |
| Paz Retail & Energy Ltd. | 978 | 178926 |
| †Perion Network Ltd. | 1094 | 11172 |
| Phoenix Financial Ltd. | 14101 | 408141 |
| Plasson Industries Ltd. | 216 | 15301 |
| Plus500 Ltd. | 7503 | 350116 |
| Prashkovsky Investments & <br> Construction Ltd.<br>| 354 | 12424 |
| Qualitau Ltd. | 275 | 31719 |
| Rami Levy Chain Stores <br> Hashikma Marketing 2006 <br> Ltd.<br>| 855 | 82531 |
| Retailors Ltd. | 581 | 11233 |
| Sano-Brunos Enterprises <br> Ltd.<br>| 99 | 10890 |
| †Scope Metals Group Ltd. | 396 | 18594 |
| Shapir Engineering & <br> Industry Ltd.<br>| 3710 | 33080 |

---

LVIP Dimensional International Core Equity Fund-15

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| †Shikun & Binui Ltd. | 15502 | $77864 |
| Shufersal Ltd. | 11447 | 131568 |
| Strauss Group Ltd. | 1472 | 40405 |
| Tadiran Group Ltd. | 222 | 11866 |
| Tamar Petroleum Ltd. | 6761 | 83157 |
| Tel Aviv Stock Exchange <br> Ltd.<br>| 7154 | 138456 |
| Telsys Ltd. | 266 | 17767 |
| †Teva Pharmaceutical <br> Industries Ltd.<br>| 3902 | 65648 |
| †Teva Pharmaceutical <br> Industries Ltd. ADR<br>| 23113 | 387374 |
| Tiv Taam Holdings 1 Ltd. | 2570 | 6176 |
| †Tower Semiconductor Ltd. | 1806 | 78290 |
| †Veridis Environment Ltd. | 1656 | 13078 |
| YH Dimri Construction & <br> Development Ltd.<br>| 391 | 42694 |
|  |  | **9236788** |
| **Italy–3.21%** | **Italy–3.21%** | **Italy–3.21%** |
| A2A SpA | 184125 | 495944 |
| ACEA SpA | 4679 | 113117 |
| Amplifon SpA | 7094 | 166608 |
| †Aquafil SpA | 1318 | 2056 |
| Ariston Holding NV | 7780 | 38340 |
| Arnoldo Mondadori Editore <br> SpA<br>| 9603 | 24321 |
| Ascopiave SpA | 6872 | 24685 |
| Avio SpA | 1117 | 31164 |
| Azimut Holding SpA | 11685 | 374872 |
| Banca Generali SpA | 6043 | 335752 |
| Banca IFIS SpA | 3214 | 86050 |
| Banca Mediolanum SpA | 12830 | 221102 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 94222 | 799150 |
| Banca Popolare di Sondrio <br> SpA<br>| 44200 | 613809 |
| Banco BPM SpA | 104499 | 1219768 |
| Banco di Desio e della <br> Brianza SpA<br>| 4685 | 39187 |
| Biesse SpA | 1326 | 11694 |
| BPER Banca SpA | 100845 | 915297 |
| Brembo NV | 9727 | 93070 |
| Brunello Cucinelli SpA | 3629 | 440571 |
| Buzzi SpA | 5500 | 305030 |
| †Cairo Communication SpA | 9743 | 33349 |
| Carel Industries SpA | 1637 | 43636 |
| Cementir Holding NV | 4464 | 78012 |
| †CIR SpA-Compagnie <br> Industriali<br>| 42425 | 29254 |
| Credito Emiliano SpA | 11092 | 163685 |
| Danieli & C Officine <br> Meccaniche SpA<br>| 5052 | 159761 |
| Datalogic SpA | 1618 | 8929 |
| †Digital Bros SpA | 331 | 5920 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Digital Value SpA | 184 | $6638 |
| †doValue SpA | 7178 | 20956 |
| Emak SpA | 9453 | 9665 |
| Enav SpA | 13493 | 62397 |
| Enel SpA | 198135 | 1880442 |
| Eni SpA | 100314 | 1620485 |
| ERG SpA | 2617 | 57222 |
| Esprinet SpA | 5374 | 25352 |
| Ferrari NV | 2203 | 1079525 |
| Fila SpA | 4365 | 49739 |
| †Fincantieri SpA | 6244 | 120217 |
| FinecoBank Banca Fineco <br> SpA<br>| 39832 | 883615 |
| Gefran SpA | 845 | 10312 |
| Generali | 4415 | 157048 |
| †Geox SpA | 1114 | 429 |
| Hera SpA | 78787 | 380573 |
| IMMSI SpA | 4790 | 2821 |
| Intercos SpA | 2105 | 32036 |
| Intesa Sanpaolo SpA | 168838 | 972576 |
| Iren SpA | 40187 | 124151 |
| Italgas SpA | 37951 | 321928 |
| Italmobiliare SpA | 465 | 14241 |
| Iveco Group NV | 21372 | 420884 |
| Leonardo SpA | 5189 | 292799 |
| LU-VE SpA | 721 | 25790 |
| Maire SpA | 17619 | 232170 |
| MARR SpA | 3111 | 35575 |
| Mediobanca Banca di <br> Credito Finanziario SpA<br>| 15445 | 359420 |
| MFE-MediaForEurope NV <br> Class A<br>| 25507 | 87505 |
| MFE-MediaForEurope NV <br> Class B<br>| 6267 | 29214 |
| Moltiply Group SpA | 912 | 48926 |
| Moncler SpA | 9205 | 525067 |
| †NewPrinces SpA | 1500 | 30315 |
| Nexi SpA | 52890 | 315875 |
| Orsero SpA | 801 | 13172 |
| OVS SpA | 21746 | 94779 |
| Pharmanutra SpA | 227 | 12622 |
| Piaggio & C SpA | 13390 | 29664 |
| Pirelli & C SpA | 43304 | 298498 |
| Poste Italiane SpA | 9286 | 199518 |
| Prysmian SpA | 4376 | 309817 |
| RAI Way SpA | 11719 | 83931 |
| Recordati Industria <br> Chimica e Farmaceutica <br> SpA<br>| 4975 | 312704 |
| Reply SpA | 1653 | 285672 |
| Rizzoli Corriere Della Sera <br> Mediagroup SpA<br>| 17359 | 20525 |
| Sabaf SpA | 510 | 8714 |
| †Safilo Group SpA | 25349 | 26983 |
| Saipem SpA | 135361 | 370050 |

---

LVIP Dimensional International Core Equity Fund-16

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| †Salvatore Ferragamo SpA | 2493 | $14708 |
| Sanlorenzo SpA | 1112 | 39169 |
| Sesa SpA | 435 | 44215 |
| Snam SpA | 32018 | 193827 |
| Sogefi SpA | 6494 | 17127 |
| SOL SpA | 2599 | 147258 |
| Technogym SpA | 12854 | 184171 |
| †Telecom Italia SpA | 816093 | 403244 |
| Terna - Rete Elettrica <br> Nazionale<br>| 32902 | 338264 |
| Tinexta SpA | 2677 | 39074 |
| TXT e-solutions SpA | 355 | 14412 |
| UniCredit SpA | 30005 | 2012836 |
| Unipol Assicurazioni SpA | 48704 | 964571 |
| Webuild SpA | 60945 | 258387 |
| Wiit SpA | 1331 | 24231 |
| Zignago Vetro SpA | 1442 | 14217 |
|  |  | **23886401** |
| **Japan–21.96%** | **Japan–21.96%** | **Japan–21.96%** |
| &Do Holdings Co. Ltd. | 1500 | 11482 |
| 77 Bank Ltd. | 7000 | 238887 |
| A&D HOLON Holdings Co. <br> Ltd.<br>| 2600 | 37893 |
| AB & Company Co. Ltd. | 1700 | 11170 |
| ABC-Mart, Inc. | 1800 | 36979 |
| †Access Co. Ltd. | 2200 | 11967 |
| Achilles Corp. | 800 | 6141 |
| AD Works Group Co. Ltd. | 8700 | 17695 |
| Adastria Co. Ltd. | 3000 | 62030 |
| ADEKA Corp. | 9000 | 172085 |
| Ad-sol Nissin Corp. | 2600 | 21153 |
| Advan Group Co. Ltd. | 1400 | 7978 |
| Advantest Corp. | 14300 | 1060073 |
| Adventure, Inc. | 300 | 6973 |
| Aeon Co. Ltd. | 11800 | 361703 |
| Aeon Fantasy Co. Ltd. | 1000 | 18888 |
| Aeon Hokkaido Corp. | 4200 | 25910 |
| =†Aeon Mall Co. Ltd. | 4400 | 87783 |
| AGC, Inc. | 9000 | 264021 |
| Ahresty Corp. | 1900 | 10030 |
| Ai Holdings Corp. | 2000 | 32542 |
| Aica Kogyo Co. Ltd. | 5600 | 139743 |
| Aichi Financial Group, Inc. | 4498 | 79079 |
| Aichi Steel Corp. | 4800 | 71118 |
| Aichi Tokei Denki Co. Ltd. | 1500 | 23644 |
| Ain Holdings, Inc. | 2300 | 86774 |
| Air Water, Inc. | 18500 | 276067 |
| Airman Corp. | 2000 | 27237 |
| Airport Facilities Co. Ltd. | 2700 | 14986 |
| Airtrip Corp. | 1500 | 9032 |
| Aisan Industry Co. Ltd. | 4400 | 51263 |
| Aisin Corp. | 22200 | 283991 |
| Ajinomoto Co., Inc. | 13100 | 355313 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Akebono Brake Industry <br> Co. Ltd.<br>| 7100 | $5116 |
| Akita Bank Ltd. | 1500 | 31314 |
| Albis Co. Ltd. | 600 | 12403 |
| Alconix Corp. | 2700 | 34754 |
| Alfresa Holdings Corp. | 13100 | 179188 |
| Alinco, Inc. | 2100 | 15053 |
| Alleanza Holdings Co. Ltd. | 1600 | 11248 |
| Alpen Co. Ltd. | 2200 | 36220 |
| AlphaPolis Co. Ltd. | 1800 | 18757 |
| Alps Alpine Co. Ltd. | 20324 | 218637 |
| Altech Corp. | 1980 | 37924 |
| Amada Co. Ltd. | 25300 | 276099 |
| Amano Corp. | 6200 | 192655 |
| Amiyaki Tei Co. Ltd. | 900 | 9377 |
| Amvis Holdings, Inc. | 6500 | 21839 |
| ANA Holdings, Inc. | 4300 | 84194 |
| Anest Iwata Corp. | 1300 | 12442 |
| Anicom Holdings, Inc. | 8900 | 42475 |
| Anycolor, Inc. | 2500 | 90298 |
| AOKI Holdings, Inc. | 3000 | 34745 |
| Aoyama Trading Co. Ltd. | 3400 | 51663 |
| Aoyama Zaisan Networks <br> Co. Ltd.<br>| 1300 | 16327 |
| Aozora Bank Ltd. | 10600 | 159096 |
| Arakawa Chemical <br> Industries Ltd.<br>| 1000 | 7111 |
| Arata Corp. | 2200 | 46287 |
| Araya Industrial Co. Ltd. | 700 | 23016 |
| ARCLANDS Corp. | 4918 | 60318 |
| Arcs Co. Ltd. | 3600 | 74585 |
| ARE Holdings, Inc. | 5500 | 68759 |
| Arealink Co. Ltd. | 1400 | 23551 |
| †Arent, Inc. | 500 | 17107 |
| Argo Graphics, Inc. | 1000 | 36418 |
| Arisawa Manufacturing Co. <br> Ltd.<br>| 3800 | 38775 |
| Artience Co. Ltd. | 4500 | 94007 |
| As One Corp. | 4400 | 75928 |
| Asahi Co. Ltd. | 1900 | 17529 |
| Asahi Diamond Industrial <br> Co. Ltd.<br>| 2300 | 11415 |
| Asahi Group Holdings Ltd. | 24900 | 332842 |
| Asahi Intecc Co. Ltd. | 8200 | 129724 |
| Asahi Kasei Corp. | 57500 | 409329 |
| Asahi Net, Inc. | 1400 | 6717 |
| Asahi Yukizai Corp. | 1500 | 41986 |
| Asanuma Corp. | 5000 | 26042 |
| Asia Pile Holdings Corp. | 1700 | 11501 |
| Asics Corp. | 24000 | 612009 |
| ASKA Pharmaceutical <br> Holdings Co. Ltd.<br>| 1600 | 27166 |
| ASKUL Corp. | 5300 | 56540 |
| Astellas Pharma, Inc. | 14300 | 140011 |
| Astena Holdings Co. Ltd. | 2300 | 7481 |

---

LVIP Dimensional International Core Equity Fund-17

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Aucnet, Inc. | 2400 | $26852 |
| Autobacs Seven Co. Ltd. | 5600 | 55766 |
| Avant Group Corp. | 2000 | 21354 |
| Avantia Co. Ltd. | 1400 | 7736 |
| Awa Bank Ltd. | 2500 | 49748 |
| Axell Corp. | 1600 | 10476 |
| Axial Retailing, Inc. | 6400 | 49965 |
| Azbil Corp. | 20800 | 197239 |
| AZ-COM MARUWA <br> Holdings, Inc.<br>| 6400 | 45312 |
| AZOOM Co. Ltd. | 300 | 18063 |
| Bandai Namco Holdings, <br> Inc.<br>| 10800 | 387063 |
| Bando Chemical Industries <br> Ltd.<br>| 3400 | 40022 |
| †Bank of Innovation, Inc. | 400 | 33253 |
| Bank of Iwate Ltd. | 1400 | 29541 |
| Bank of Kochi Ltd. | 500 | 2622 |
| Bank of Nagoya Ltd. | 1300 | 71330 |
| Bank of Saga Ltd. | 1500 | 24176 |
| Bank of the Ryukyus Ltd. | 3500 | 27718 |
| Bank of Toyama Ltd. | 500 | 5310 |
| Base Co. Ltd. | 600 | 14346 |
| †baudroie, Inc. | 800 | 17538 |
| BayCurrent, Inc. | 4400 | 226355 |
| Beauty Garage, Inc. | 1200 | 13042 |
| Belc Co. Ltd. | 900 | 46349 |
| Bell System24 Holdings, <br> Inc.<br>| 5100 | 45463 |
| Belluna Co. Ltd. | 6100 | 37597 |
| Bic Camera, Inc. | 8900 | 102025 |
| BIPROGY, Inc. | 5200 | 217420 |
| B-Lot Co. Ltd. | 2900 | 28163 |
| Bourbon Corp. | 500 | 9014 |
| Br Holdings Corp. | 2000 | 4499 |
| BrainPad, Inc. | 900 | 8425 |
| Bridgestone Corp. | 23600 | 965055 |
| Brother Industries Ltd. | 18700 | 322582 |
| Buffalo, Inc. | 1000 | 15898 |
| Bull-Dog Sauce Co. Ltd. | 1000 | 12628 |
| Bunka Shutter Co. Ltd. | 5500 | 90031 |
| Business Brain Showa-Ota, <br> Inc.<br>| 700 | 12460 |
| C Uyemura & Co. Ltd. | 500 | 32075 |
| Calbee, Inc. | 6300 | 119994 |
| Canon Marketing Japan, <br> Inc.<br>| 3800 | 139230 |
| Canon, Inc. | 6100 | 176923 |
| Capcom Co. Ltd. | 10400 | 355175 |
| Careerlink Co. Ltd. | 700 | 10623 |
| Carlit Co. Ltd. | 2400 | 20377 |
| Casio Computer Co. Ltd. | 12700 | 96934 |
| Cawachi Ltd. | 1200 | 22980 |
| Celsys, Inc. | 2400 | 25092 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Central Automotive <br> Products Ltd.<br>| 1200 | $15082 |
| Central Glass Co. Ltd. | 2700 | 55638 |
| Central Japan Railway Co. | 9700 | 216840 |
| Central Security Patrols <br> Co. Ltd.<br>| 900 | 13901 |
| Central Sports Co. Ltd. | 600 | 10020 |
| Ceres, Inc. | 1000 | 17339 |
| Change Holdings, Inc. | 3100 | 24761 |
| Charm Care Corp. KK | 3000 | 26949 |
| Chiba Bank Ltd. | 21100 | 195000 |
| Chiba Kogyo Bank Ltd. | 4900 | 40482 |
| Chori Co. Ltd. | 700 | 19611 |
| Chubu Electric Power Co., <br> Inc.<br>| 15600 | 193041 |
| Chubu Shiryo Co. Ltd. | 1700 | 18448 |
| Chuetsu Pulp & Paper Co. <br> Ltd.<br>| 800 | 8902 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 12500 | 652723 |
| Chugin Financial Group, <br> Inc.<br>| 16800 | 203169 |
| Chugoku Electric Power <br> Co., Inc.<br>| 14000 | 69360 |
| Chugoku Marine Paints <br> Ltd.<br>| 2700 | 50672 |
| Citizen Watch Co. Ltd. | 22100 | 130984 |
| CKD Corp. | 5200 | 94544 |
| CK-San-Etsu Co. Ltd. | 700 | 17972 |
| Cleanup Corp. | 500 | 2355 |
| CMK Corp. | 8100 | 18670 |
| Coca-Cola Bottlers Japan <br> Holdings, Inc.<br>| 9475 | 152994 |
| Colowide Co. Ltd. | 7900 | 103863 |
| Computer Engineering & <br> Consulting Ltd.<br>| 1800 | 27339 |
| COMSYS Holdings Corp. | 9600 | 221987 |
| Comture Corp. | 2300 | 27095 |
| Concordia Financial Group <br> Ltd.<br>| 41469 | 269124 |
| Cosel Co. Ltd. | 2200 | 17080 |
| Cosmo Energy Holdings Co. <br> Ltd.<br>| 6700 | 286812 |
| Cosmos Pharmaceutical <br> Corp.<br>| 2600 | 165008 |
| Cota Co. Ltd. | 1064 | 10686 |
| †Cover Corp. | 3500 | 55802 |
| CREAL, Inc. | 500 | 17981 |
| Create Restaurants <br> Holdings, Inc.<br>| 11500 | 113600 |
| Create SD Holdings Co. <br> Ltd.<br>| 3100 | 68944 |
| Creek & River Co. Ltd. | 1100 | 11473 |
| Cresco Ltd. | 1800 | 21662 |
| CrowdWorks, Inc. | 2100 | 15173 |

---

LVIP Dimensional International Core Equity Fund-18

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| CTI Engineering Co. Ltd. | 2000 | $38906 |
| CTS Co. Ltd. | 2700 | 15094 |
| Curves Holdings Co. Ltd. | 5800 | 27854 |
| Cyber Security Cloud, Inc. | 1400 | 17185 |
| CyberAgent, Inc. | 21500 | 245648 |
| Cybozu, Inc. | 3000 | 77631 |
| Dai Nippon Printing Co. <br> Ltd.<br>| 11000 | 166978 |
| Dai Nippon Toryo Co. Ltd. | 2000 | 16496 |
| Daicel Corp. | 27300 | 228860 |
| Dai-Dan Co. Ltd. | 2800 | 86080 |
| Daido Metal Co. Ltd. | 3800 | 17492 |
| Daido Steel Co. Ltd. | 15000 | 103577 |
| Daifuku Co. Ltd. | 8500 | 218670 |
| Daihatsu Infinearth Mfg <br> Co. Ltd.<br>| 2100 | 33280 |
| Daihen Corp. | 800 | 35331 |
| Daiho Corp. | 5000 | 27470 |
| Daiichi Jitsugyo Co. Ltd. | 1800 | 30576 |
| Daiichi Kigenso <br> Kagaku-Kogyo Co. Ltd.<br>| 1000 | 4541 |
| Dai-ichi Life Holdings, Inc. | 81600 | 620373 |
| Daiichi Sankyo Co. Ltd. | 9500 | 220097 |
| Daiichikosho Co. Ltd. | 8100 | 91181 |
| Daiken Medical Co. Ltd. | 2500 | 7655 |
| Daiki Aluminium Industry <br> Co. Ltd.<br>| 3000 | 20173 |
| Daikin Industries Ltd. | 6200 | 727779 |
| Daikoku Denki Co. Ltd. | 1000 | 15182 |
| Daikokutenbussan Co. Ltd. | 400 | 19471 |
| Daikyonishikawa Corp. | 4000 | 17953 |
| Dainichiseika Color & <br> Chemicals Manufacturing <br> Co. Ltd.<br>| 600 | 13098 |
| Daio Paper Corp. | 10600 | 58738 |
| Daiseki Co. Ltd. | 4400 | 106156 |
| Daishi Hokuetsu Financial <br> Group, Inc.<br>| 7800 | 180114 |
| Daishinku Corp. | 1000 | 3887 |
| Daito Pharmaceutical Co. <br> Ltd.<br>| 3520 | 24348 |
| Daito Trust Construction <br> Co. Ltd.<br>| 2700 | 294080 |
| Daitron Co. Ltd. | 800 | 20855 |
| Daiwa House Industry Co. <br> Ltd.<br>| 23500 | 807525 |
| Daiwa Securities Group, <br> Inc.<br>| 34300 | 243599 |
| Daiwabo Holdings Co. Ltd. | 9200 | 165369 |
| DCM Holdings Co. Ltd. | 10400 | 96192 |
| †DD GROUP Co. Ltd. | 1200 | 12235 |
| Dear Life Co. Ltd. | 2300 | 19366 |
| Denka Co. Ltd. | 9800 | 134578 |
| Denso Corp. | 28600 | 385965 |
| Dentsu Group, Inc. | 5100 | 113006 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Dentsu Soken, Inc. | 1800 | $83874 |
| Dexerials Corp. | 10700 | 165365 |
| DIC Corp. | 8900 | 179019 |
| Digital Arts, Inc. | 1300 | 68322 |
| Digital Hearts Holdings Co. <br> Ltd.<br>| 1000 | 6933 |
| Digital Information <br> Technologies Corp.<br>| 1900 | 31611 |
| Dip Corp. | 3200 | 50622 |
| Disco Corp. | 1700 | 503614 |
| DKS Co. Ltd. | 600 | 16445 |
| DMG Mori Co. Ltd. | 11400 | 262317 |
| Double Standard, Inc. | 1200 | 12993 |
| Doutor Nichires Holdings <br> Co. Ltd.<br>| 3100 | 56453 |
| Dowa Holdings Co. Ltd. | 6300 | 203762 |
| DTS Corp. | 2400 | 86032 |
| DyDo Group Holdings, Inc. | 1800 | 33244 |
| Eagle Industry Co. Ltd. | 2500 | 33287 |
| Earth Corp. | 400 | 13556 |
| East Japan Railway Co. | 11400 | 245225 |
| EAT&HOLDINGS Co. Ltd. | 1400 | 19855 |
| Ebara Corp. | 19100 | 366293 |
| Ebara Foods Industry, Inc. | 500 | 8724 |
| Ebara Jitsugyo Co. Ltd. | 1200 | 30480 |
| Ebase Co. Ltd. | 1200 | 4309 |
| Eco's Co. Ltd. | 1500 | 26481 |
| EDION Corp. | 8500 | 124426 |
| EF-ON, Inc. | 960 | 2177 |
| eGuarantee, Inc. | 2400 | 24559 |
| E-Guardian, Inc. | 300 | 4397 |
| Ehime Bank Ltd. | 2500 | 17365 |
| Eidai Co. Ltd. | 3200 | 4954 |
| Eisai Co. Ltd. | 7100 | 203915 |
| Elan Corp. | 400 | 2157 |
| Elecom Co. Ltd. | 3600 | 45116 |
| Electric Power <br> Development Co. Ltd.<br>| 7000 | 119439 |
| EM Systems Co. Ltd. | 1900 | 9527 |
| en Japan, Inc. | 3700 | 42659 |
| Endo Lighting Corp. | 1600 | 26632 |
| ENEOS Holdings, Inc. | 114450 | 567309 |
| Enomoto Co. Ltd. | 1000 | 9445 |
| Enplas Corp. | 700 | 21299 |
| eRex Co. Ltd. | 2300 | 11943 |
| ERI Holdings Co. Ltd. | 900 | 13342 |
| ES-Con Japan Ltd. | 3800 | 26154 |
| Eslead Corp. | 400 | 12765 |
| ESPEC Corp. | 1500 | 32162 |
| Eternal Hospitality Group <br> Co. Ltd.<br>| 1000 | 22347 |
| Exedy Corp. | 3400 | 97259 |
| EXEO Group, Inc. | 16100 | 204958 |
| Ezaki Glico Co. Ltd. | 4500 | 143952 |
| F&M Co. Ltd. | 600 | 10581 |

---

LVIP Dimensional International Core Equity Fund-19

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| FALCO HOLDINGS Co. <br> Ltd.<br>| 900 | $14194 |
| FANUC Corp. | 3700 | 100445 |
| Fast Retailing Co. Ltd. | 3600 | 1234310 |
| †FDK Corp. | 400 | 991 |
| Feed One Co. Ltd. | 1840 | 12533 |
| Ferrotec Holdings Corp. | 3700 | 78057 |
| FIDEA Holdings Co. Ltd. | 1800 | 17991 |
| FINDEX, Inc. | 1400 | 7068 |
| Fintech Global, Inc. | 20000 | 15133 |
| First Bank of Toyama Ltd. | 6200 | 42474 |
| First Brothers Co. Ltd. | 1700 | 11915 |
| Fixstars Corp. | 3500 | 49486 |
| Food & Life Cos. Ltd. | 7300 | 354979 |
| Foster Electric Co. Ltd. | 1900 | 20729 |
| FP Corp. | 5200 | 95651 |
| FP Partner, Inc. | 1300 | 19695 |
| France Bed Holdings Co. <br> Ltd.<br>| 1400 | 12393 |
| Freebit Co. Ltd. | 2700 | 26024 |
| F-Tech, Inc. | 1100 | 5194 |
| Fudo Tetra Corp. | 1890 | 29610 |
| Fuji Co. Ltd. | 900 | 12420 |
| Fuji Corp. | 10200 | 191226 |
| Fuji Corp. Ltd. | 3100 | 14696 |
| Fuji Electric Co. Ltd. | 6100 | 280917 |
| Fuji Kosan Co. Ltd. | 800 | 6654 |
| Fuji Kyuko Co. Ltd. | 2000 | 28870 |
| Fuji Oil Co. Ltd. | 10700 | 95420 |
| Fuji Pharma Co. Ltd. | 700 | 6724 |
| Fuji Seal International, <br> Inc.<br>| 4100 | 79223 |
| Fujibo Holdings, Inc. | 1300 | 53416 |
| Fujicco Co. Ltd. | 2400 | 26569 |
| FUJIFILM Holdings Corp. | 13300 | 288019 |
| Fujikura Composites, Inc. | 1400 | 14520 |
| Fujikura Ltd. | 8400 | 441886 |
| Fujimi, Inc. | 2400 | 33966 |
| Fujio Food Group, Inc. | 2100 | 16419 |
| Fujisash Co. Ltd. | 1330 | 6397 |
| Fujita Kanko, Inc. | 800 | 61805 |
| Fujitec Co. Ltd. | 800 | 34366 |
| Fujitsu Ltd. | 28800 | 698670 |
| Fujiya Co. Ltd. | 600 | 9988 |
| FuKoKu Co. Ltd. | 1800 | 20747 |
| Fukuda Corp. | 400 | 13851 |
| Fukuda Denshi Co. Ltd. | 1400 | 67980 |
| Fukui Bank Ltd. | 1800 | 21863 |
| Fukui Computer Holdings, <br> Inc.<br>| 1100 | 22760 |
| Fukuoka Financial Group, <br> Inc.<br>| 6900 | 184345 |
| Fukuyama Transporting Co. <br> Ltd.<br>| 1900 | 44386 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| FULLCAST Holdings Co. <br> Ltd.<br>| 1600 | $18884 |
| Funai Soken Holdings, Inc. | 3600 | 60566 |
| Furukawa Co. Ltd. | 3300 | 48897 |
| Furukawa Electric Co. Ltd. | 5600 | 273318 |
| Furuno Electric Co. Ltd. | 2500 | 65038 |
| Furuya Metal Co. Ltd. | 2000 | 34997 |
| Furyu Corp. | 2700 | 18945 |
| Fuso Chemical Co. Ltd. | 1900 | 50924 |
| Fuso Pharmaceutical <br> Industries Ltd.<br>| 400 | 5888 |
| Futaba Industrial Co. Ltd. | 7100 | 39407 |
| Future Corp. | 4000 | 59487 |
| G-7 Holdings, Inc. | 3200 | 29396 |
| †GA Technologies Co. Ltd. | 3000 | 37507 |
| Gakken Holdings Co. Ltd. | 2200 | 14440 |
| Gakkyusha Co. Ltd. | 900 | 13888 |
| Galilei Co. Ltd. | 2000 | 42268 |
| Gecoss Corp. | 900 | 7526 |
| Genki Global Dining <br> Concepts Corp.<br>| 1400 | 40837 |
| Genky DrugStores Co. Ltd. | 2000 | 52924 |
| Geo Holdings Corp. | 3500 | 37389 |
| Gift Holdings, Inc. | 1500 | 36659 |
| giftee, Inc. | 1900 | 22568 |
| Giken Ltd. | 1700 | 17329 |
| GLOBERIDE, Inc. | 1400 | 20538 |
| Glory Ltd. | 5000 | 116562 |
| GMO Financial Gate, Inc. | 300 | 11262 |
| GMO Financial Holdings, <br> Inc.<br>| 5000 | 27283 |
| GMO GlobalSign Holdings <br> KK<br>| 800 | 11481 |
| GMO Payment Gateway, <br> Inc.<br>| 2800 | 181100 |
| Godo Steel Ltd. | 1200 | 31210 |
| Goldwin, Inc. | 1000 | 56234 |
| Grandy House Corp. | 2900 | 10815 |
| Greens Co. Ltd. | 1100 | 15921 |
| grems, Inc. | 1700 | 27995 |
| GS Yuasa Corp. | 10000 | 186597 |
| G-Tekt Corp. | 2800 | 34361 |
| Gunma Bank Ltd. | 25500 | 214041 |
| Gunze Ltd. | 3000 | 74326 |
| H.U. Group Holdings, Inc. | 5400 | 119360 |
| H2O Retailing Corp. | 11100 | 145574 |
| HABA Laboratories, Inc. | 400 | 4626 |
| Hachijuni Bank Ltd. | 26378 | 214244 |
| Hagihara Industries, Inc. | 1300 | 13745 |
| Hagiwara Electric Holdings <br> Co. Ltd.<br>| 1200 | 27274 |
| Hakudo Co. Ltd. | 1100 | 17447 |
| Hakuhodo DY Holdings, <br> Inc.<br>| 18100 | 149930 |
| Halows Co. Ltd. | 800 | 26783 |

---

LVIP Dimensional International Core Equity Fund-20

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hamakyorex Co. Ltd. | 7200 | $67705 |
| Hamamatsu Photonics KK | 10100 | 122709 |
| Hankyu Hanshin Holdings, <br> Inc.<br>| 10500 | 285428 |
| Hanwa Co. Ltd. | 4000 | 150679 |
| Happinet Corp. | 1600 | 63396 |
| Hard Off Corp. Co. Ltd. | 2100 | 24763 |
| Harima Chemicals Group, <br> Inc.<br>| 1400 | 7679 |
| Haseko Corp. | 21400 | 321428 |
| Hashimoto Sogyo Holdings <br> Co. Ltd.<br>| 1400 | 12619 |
| Hazama Ando Corp. | 9500 | 95643 |
| Heiwa Corp. | 5900 | 86019 |
| Heiwa Real Estate Co. Ltd. | 3400 | 51699 |
| Heiwado Co. Ltd. | 3300 | 64796 |
| Hennge KK | 1900 | 23839 |
| Hiday Hidaka Corp. | 2700 | 61934 |
| †Hino Motors Ltd. | 41500 | 103165 |
| Hioki EE Corp. | 600 | 23700 |
| Hirakawa Hewtech Corp. | 2100 | 20059 |
| Hirano Tecseed Co. Ltd. | 700 | 7181 |
| Hirata Corp. | 4200 | 58020 |
| Hirogin Holdings, Inc. | 25300 | 211548 |
| Hirose Electric Co. Ltd. | 1100 | 132768 |
| HIS Co. Ltd. | 6400 | 60129 |
| Hitachi Construction <br> Machinery Co. Ltd.<br>| 7500 | 223494 |
| Hitachi Ltd. | 81000 | 2354211 |
| Hochiki Corp. | 1300 | 28104 |
| Hodogaya Chemical Co. <br> Ltd.<br>| 800 | 8063 |
| Hogy Medical Co. Ltd. | 1600 | 44703 |
| Hokkaido Coca-Cola <br> Bottling Co. Ltd.<br>| 400 | 9353 |
| Hokkaido Electric Power <br> Co., Inc.<br>| 9500 | 49575 |
| Hokkaido Gas Co. Ltd. | 4000 | 16479 |
| Hokkan Holdings Ltd. | 800 | 10388 |
| Hokko Chemical Industry <br> Co. Ltd.<br>| 2100 | 20095 |
| Hokkoku Financial <br> Holdings, Inc.<br>| 2700 | 90602 |
| Hokuetsu Corp. | 7400 | 53936 |
| Hokuhoku Financial Group, <br> Inc.<br>| 11300 | 214101 |
| Hokuriku Electric Industry <br> Co. Ltd.<br>| 1300 | 20211 |
| Hokuriku Electric Power <br> Co.<br>| 12300 | 61488 |
| Hokuto Corp. | 3100 | 38691 |
| Honda Motor Co. Ltd. | 111800 | 1078070 |
| H-One Co. Ltd. | 800 | 7127 |
| Honeys Holdings Co. Ltd. | 2300 | 25105 |
| Honma Golf Ltd. | 17500 | 7927 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Hoosiers Holdings Co. Ltd. | 2900 | $25080 |
| Horiba Ltd. | 3000 | 233379 |
| Hoshizaki Corp. | 2100 | 72362 |
| Hosokawa Micron Corp. | 1200 | 41306 |
| Hotland Holdings Co. Ltd. | 800 | 11392 |
| House Foods Group, Inc. | 6600 | 128379 |
| Howa Machinery Ltd. | 1300 | 9361 |
| Hoya Corp. | 6500 | 771954 |
| HS Holdings Co. Ltd. | 1600 | 12263 |
| Hulic Co. Ltd. | 21000 | 211822 |
| Hyakugo Bank Ltd. | 23100 | 110516 |
| Hyakujushi Bank Ltd. | 2400 | 69609 |
| Ibiden Co. Ltd. | 6200 | 272177 |
| IBJ, Inc. | 1500 | 8883 |
| Ichibanya Co. Ltd. | 4200 | 26888 |
| Ichigo, Inc. | 16900 | 47376 |
| Ichiken Co. Ltd. | 800 | 17374 |
| Ichikoh Industries Ltd. | 2000 | 5022 |
| Ichinen Holdings Co. Ltd. | 2500 | 27385 |
| Ichiyoshi Securities Co. <br> Ltd.<br>| 4600 | 25945 |
| ID Holdings Corp. | 1100 | 18090 |
| IDEA Consultants, Inc. | 700 | 15119 |
| Idec Corp. | 2000 | 31543 |
| Idemitsu Kosan Co. Ltd. | 35080 | 212738 |
| IDOM, Inc. | 9200 | 67566 |
| IG Port, Inc. | 1300 | 19693 |
| IHI Corp. | 4000 | 432655 |
| Iida Group Holdings Co. <br> Ltd.<br>| 11700 | 164809 |
| Iino Kaiun Kaisha Ltd. | 10000 | 70125 |
| IKK Holdings, Inc. | 2500 | 13613 |
| I'll, Inc. | 900 | 17274 |
| Imura & Co. Ltd. | 1100 | 7636 |
| Imuraya Group Co. Ltd. | 800 | 13739 |
| Inaba Denki Sangyo Co. <br> Ltd.<br>| 3000 | 82326 |
| Inaba Seisakusho Co. Ltd. | 900 | 11621 |
| Inabata & Co. Ltd. | 5500 | 122604 |
| I-NE Co. Ltd. | 700 | 7907 |
| I-Net Corp. | 1100 | 14555 |
| Infomart Corp. | 17100 | 49418 |
| INFRONEER Holdings, <br> Inc.<br>| 22140 | 185752 |
| Innotech Corp. | 2200 | 21583 |
| Inpex Corp. | 85400 | 1198774 |
| Insource Co. Ltd. | 6800 | 46795 |
| Intage Holdings, Inc. | 500 | 6161 |
| Internet Initiative Japan, <br> Inc.<br>| 7600 | 150053 |
| Inui Global Logistics Co. <br> Ltd.<br>| 1200 | 10011 |
| IPS, Inc. | 600 | 9874 |
| IR Japan Holdings Ltd. | 800 | 3471 |
| Iriso Electronics Co. Ltd. | 2700 | 53464 |

---

LVIP Dimensional International Core Equity Fund-21

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| ISB Corp. | 1100 | $10343 |
| Iseki & Co. Ltd. | 2300 | 19420 |
| Isetan Mitsukoshi Holdings <br> Ltd.<br>| 12600 | 191852 |
| Ishihara Sangyo Kaisha <br> Ltd.<br>| 4200 | 59095 |
| Istyle, Inc. | 6900 | 25298 |
| Isuzu Motors Ltd. | 48000 | 608061 |
| Itfor, Inc. | 2000 | 20797 |
| ITmedia, Inc. | 600 | 6836 |
| Ito En Ltd. | 6200 | 140527 |
| ITOCHU Corp. | 8000 | 418920 |
| Itochu Enex Co. Ltd. | 6000 | 71859 |
| Itochu-Shokuhin Co. Ltd. | 300 | 20616 |
| Itoham Yonekyu Holdings, <br> Inc.<br>| 3080 | 104743 |
| Itoki Corp. | 4300 | 65187 |
| IwaiCosmo Holdings, Inc. | 2000 | 31152 |
| Iwaki Co. Ltd. | 1400 | 23333 |
| Iwatani Corp. | 16700 | 177440 |
| Iyogin Holdings, Inc. | 17100 | 187365 |
| Izumi Co. Ltd. | 3600 | 83105 |
| J Front Retailing Co. Ltd. | 24100 | 327476 |
| J Trust Co. Ltd. | 7800 | 22909 |
| JAC Recruitment Co. Ltd. | 5200 | 36494 |
| †Jade Group, Inc. | 900 | 8686 |
| JALCO Holdings, Inc. | 4400 | 9589 |
| JANOME Corp. | 1000 | 7762 |
| Japan Airlines Co. Ltd. | 12400 | 252909 |
| Japan Airport Terminal Co. <br> Ltd.<br>| 5100 | 162854 |
| Japan Aviation Electronics <br> Industry Ltd.<br>| 4400 | 78210 |
| †Japan Communications, <br> Inc.<br>| 7800 | 8665 |
| Japan Electronic Materials <br> Corp.<br>| 1700 | 28770 |
| Japan Elevator Service <br> Holdings Co. Ltd.<br>| 7500 | 215903 |
| Japan Engine Corp. | 1000 | 48093 |
| Japan Exchange Group, <br> Inc.<br>| 37000 | 374811 |
| Japan Hospice Holdings, <br> Inc.<br>| 800 | 6035 |
| Japan Investment Adviser <br> Co. Ltd.<br>| 3400 | 40267 |
| Japan Lifeline Co. Ltd. | 6000 | 62156 |
| Japan Material Co. Ltd. | 3800 | 38830 |
| Japan Medical Dynamic <br> Marketing, Inc.<br>| 1400 | 5526 |
| Japan Post Holdings Co. <br> Ltd.<br>| 31700 | 293612 |
| Japan Post Insurance Co. <br> Ltd.<br>| 7200 | 163010 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Property <br> Management Center Co. <br> Ltd.<br>| 1500 | $12189 |
| Japan Pulp & Paper Co. <br> Ltd.<br>| 8000 | 34380 |
| Japan Securities Finance <br> Co. Ltd.<br>| 4600 | 55943 |
| Japan Steel Works Ltd. | 2400 | 137305 |
| Japan System Techniques <br> Co. Ltd.<br>| 2000 | 26805 |
| Japan Tobacco, Inc. | 13700 | 403594 |
| Japan Transcity Corp. | 3000 | 22743 |
| Japan Wool Textile Co. Ltd. | 4700 | 47435 |
| JBCC Holdings, Inc. | 3200 | 29904 |
| JCU Corp. | 2100 | 48255 |
| JDC Corp. | 4600 | 15217 |
| Jeol Ltd. | 5000 | 152147 |
| JFE Holdings, Inc. | 26300 | 305939 |
| †JIG-SAW, Inc. | 300 | 5630 |
| JINS Holdings, Inc. | 1500 | 88778 |
| JINUSHI Co. Ltd. | 1800 | 27234 |
| JK Holdings Co. Ltd. | 1500 | 12358 |
| J-Lease Co. Ltd. | 1200 | 11134 |
| JM Holdings Co. Ltd. | 800 | 14526 |
| JMS Co. Ltd. | 1500 | 4509 |
| J-Oil Mills, Inc. | 1400 | 19050 |
| Joshin Denki Co. Ltd. | 2200 | 36231 |
| Joyful Honda Co. Ltd. | 3900 | 56476 |
| JP-Holdings, Inc. | 4300 | 16652 |
| JSB Co. Ltd. | 1100 | 29090 |
| JSP Corp. | 1400 | 18304 |
| JTEKT Corp. | 20500 | 168731 |
| †Juki Corp. | 2600 | 7128 |
| Juroku Financial Group, <br> Inc.<br>| 3100 | 104069 |
| Justsystems Corp. | 2400 | 61423 |
| JVCKenwood Corp. | 18300 | 146748 |
| Kadokawa Corp. | 900 | 24967 |
| Kadoya Sesame Mills, Inc. | 300 | 7570 |
| Kaga Electronics Co. Ltd. | 4000 | 75881 |
| Kagome Co. Ltd. | 6200 | 123469 |
| Kajima Corp. | 10300 | 268642 |
| Kakaku.com, Inc. | 8800 | 163188 |
| Kakiyasu Honten Co. Ltd. | 700 | 12850 |
| Kamakura Shinsho Ltd. | 2300 | 8782 |
| Kameda Seika Co. Ltd. | 900 | 25021 |
| Kamei Corp. | 1600 | 27442 |
| Kamigumi Co. Ltd. | 6900 | 191739 |
| Kanaden Corp. | 1100 | 15417 |
| Kanadevia Corp. | 20600 | 139186 |
| Kanagawa Chuo Kotsu Co. <br> Ltd.<br>| 400 | 9826 |
| Kanamic Network Co. Ltd. | 1800 | 5332 |
| Kanamoto Co. Ltd. | 3100 | 69598 |
| Kandenko Co. Ltd. | 4300 | 99249 |

---

LVIP Dimensional International Core Equity Fund-22

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kaneka Corp. | 5000 | $137954 |
| Kaneko Seeds Co. Ltd. | 900 | 8506 |
| Kanematsu Corp. | 8500 | 161765 |
| Kanro, Inc. | 3900 | 41221 |
| Kansai Electric Power Co., <br> Inc.<br>| 14000 | 166038 |
| Kansai Paint Co. Ltd. | 14200 | 194692 |
| Kanto Denka Kogyo Co. <br> Ltd.<br>| 3900 | 22734 |
| Kao Corp. | 7300 | 327081 |
| Kappa Create Co. Ltd. | 2100 | 21942 |
| Katitas Co. Ltd. | 4900 | 84914 |
| Kato Sangyo Co. Ltd. | 2100 | 80071 |
| Kato Works Co. Ltd. | 400 | 3660 |
| Kawada Technologies, Inc. | 1800 | 48223 |
| Kawai Musical Instruments <br> Manufacturing Co. Ltd.<br>| 500 | 8991 |
| Kawasaki Heavy Industries <br> Ltd.<br>| 5600 | 423346 |
| KDDI Corp. | 76900 | 1320418 |
| KeePer Technical <br> Laboratory Co. Ltd.<br>| 1600 | 39326 |
| Keihan Holdings Co. Ltd. | 9300 | 196999 |
| Keihanshin Building Co. <br> Ltd.<br>| 1600 | 16630 |
| Keikyu Corp. | 11400 | 118896 |
| Keio Corp. | 4600 | 111829 |
| Keisei Electric Railway Co. <br> Ltd.<br>| 9300 | 86954 |
| KEIWA, Inc. | 1000 | 7496 |
| Keiyo Bank Ltd. | 13500 | 93779 |
| Kenko Mayonnaise Co. Ltd. | 1500 | 17843 |
| Kewpie Corp. | 4800 | 112243 |
| Keyence Corp. | 1000 | 399828 |
| KH Neochem Co. Ltd. | 3300 | 57797 |
| Kibun Foods, Inc. | 2200 | 16607 |
| Kikkoman Corp. | 18900 | 175313 |
| Kimura Unity Co. Ltd. | 4000 | 21919 |
| King Jim Co. Ltd. | 1800 | 10410 |
| Kintetsu Department Store <br> Co. Ltd.<br>| 700 | 8523 |
| Kintetsu Group Holdings <br> Co. Ltd.<br>| 8000 | 151479 |
| Kirin Holdings Co. Ltd. | 10400 | 145742 |
| Ki-Star Real Estate Co. <br> Ltd.<br>| 1400 | 44971 |
| Kitagawa Corp. | 600 | 5774 |
| Kita-Nippon Bank Ltd. | 400 | 8217 |
| Kitz Corp. | 7400 | 60751 |
| Kiyo Bank Ltd. | 6700 | 115767 |
| †KNT-CT Holdings Co. Ltd. | 700 | 4847 |
| Koa Corp. | 5400 | 31611 |
| Koatsu Gas Kogyo Co. Ltd. | 2000 | 14518 |
| Kobayashi Pharmaceutical <br> Co. Ltd.<br>| 1700 | 63635 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Kobe Bussan Co. Ltd. | 5800 | $180122 |
| Kobe Electric Railway Co. <br> Ltd.<br>| 500 | 8142 |
| Kobe Steel Ltd. | 42600 | 465036 |
| Koei Tecmo Holdings Co. <br> Ltd.<br>| 2600 | 42449 |
| Kohnan Shoji Co. Ltd. | 2500 | 67614 |
| Kohoku Kogyo Co. Ltd. | 1000 | 17938 |
| Kohsoku Corp. | 800 | 14997 |
| Koito Manufacturing Co. <br> Ltd.<br>| 14300 | 170928 |
| Kojima Co. Ltd. | 3000 | 25675 |
| Kokuyo Co. Ltd. | 12000 | 68843 |
| Komatsu Ltd. | 35400 | 1167971 |
| KOMEDA Holdings Co. <br> Ltd.<br>| 3600 | 74262 |
| Komehyo Holdings Co. Ltd. | 1100 | 21398 |
| Komeri Co. Ltd. | 3600 | 73506 |
| Konaka Co. Ltd. | 2400 | 4077 |
| Konami Group Corp. | 2100 | 332014 |
| Kondotec, Inc. | 2100 | 22589 |
| †Konica Minolta, Inc. | 42700 | 138865 |
| Konishi Co. Ltd. | 5000 | 38978 |
| Konoike Transport Co. Ltd. | 2700 | 55134 |
| Konoshima Chemical Co. <br> Ltd.<br>| 1400 | 11997 |
| Kosaido Holdings Co. Ltd. | 5000 | 16678 |
| Kose Corp. | 1800 | 70648 |
| Koshidaka Holdings Co. <br> Ltd.<br>| 5700 | 44427 |
| Kotobuki Spirits Co. Ltd. | 7900 | 112685 |
| Kozo Keikaku Engineering <br> Holdings, Inc.<br>| 1000 | 17239 |
| KPP Group Holdings Co. <br> Ltd.<br>| 3400 | 17504 |
| Krosaki Harima Corp. | 2000 | 46100 |
| KRS Corp. | 1200 | 23935 |
| K's Holdings Corp. | 16000 | 162606 |
| KU Holdings Co. Ltd. | 1500 | 11767 |
| Kubota Corp. | 32900 | 371010 |
| Kumagai Gumi Co. Ltd. | 3800 | 110185 |
| Kumiai Chemical Industry <br> Co. Ltd.<br>| 9070 | 50265 |
| Kura Sushi, Inc. | 1100 | 27011 |
| Kurabo Industries Ltd. | 800 | 41433 |
| Kuraray Co. Ltd. | 25900 | 329352 |
| Kureha Corp. | 4200 | 91543 |
| Kurimoto Ltd. | 800 | 31404 |
| Kurita Water Industries <br> Ltd.<br>| 4000 | 157832 |
| Kuriyama Holdings Corp. | 1400 | 14409 |
| Kusuri No. Aoki Holdings <br> Co. Ltd.<br>| 4000 | 100767 |
| KYB Corp. | 4400 | 91015 |
| Kyodo Printing Co. Ltd. | 1600 | 14423 |

---

LVIP Dimensional International Core Equity Fund-23

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kyoei Steel Ltd. | 2300 | $32794 |
| Kyokuto Boeki Kaisha Ltd. | 1400 | 14828 |
| Kyokuto Kaihatsu Kogyo <br> Co. Ltd.<br>| 3700 | 68724 |
| Kyokuyo Co. Ltd. | 1000 | 31863 |
| Kyorin Pharmaceutical Co. <br> Ltd.<br>| 5400 | 56820 |
| KYORITSU Co. Ltd. | 3400 | 4107 |
| Kyoritsu Maintenance Co. <br> Ltd.<br>| 7000 | 170890 |
| Kyosan Electric <br> Manufacturing Co. Ltd.<br>| 4100 | 13974 |
| Kyoto Financial Group, <br> Inc.<br>| 12500 | 223487 |
| Kyowa Kirin Co. Ltd. | 9000 | 154055 |
| Kyudenko Corp. | 3500 | 144805 |
| Kyushu Electric Power Co., <br> Inc.<br>| 15000 | 134112 |
| Kyushu Financial Group, <br> Inc.<br>| 35900 | 181174 |
| Kyushu Railway Co. | 6600 | 170629 |
| LA Holdings Co. Ltd. | 300 | 13036 |
| Lacto Japan Co. Ltd. | 1100 | 28108 |
| Lasertec Corp. | 3000 | 402182 |
| LEC, Inc. | 1800 | 14635 |
| Leopalace21 Corp. | 18500 | 79661 |
| Life Corp. | 5600 | 85892 |
| Lifedrink Co., Inc. | 3200 | 47029 |
| LIFULL Co. Ltd. | 5900 | 7872 |
| LIKE, Inc. | 2300 | 21808 |
| Linical Co. Ltd. | 1000 | 2319 |
| Link & Motivation, Inc. | 4400 | 15018 |
| Lintec Corp. | 4500 | 92249 |
| Lion Corp. | 10600 | 109599 |
| LITALICO, Inc. | 2400 | 21059 |
| Lixil Corp. | 24700 | 285719 |
| Loadstar Capital KK | 1000 | 19196 |
| Look Holdings, Inc. | 1000 | 16660 |
| LY Corp. | 42500 | 156511 |
| M3, Inc. | 4100 | 56320 |
| Mabuchi Motor Co. Ltd. | 10600 | 156498 |
| Macbee Planet, Inc. | 700 | 13321 |
| Macnica Holdings, Inc. | 14800 | 198558 |
| Maeda Kosen Co. Ltd. | 4100 | 53946 |
| Maezawa Industries, Inc. | 2700 | 30233 |
| Makino Milling Machine <br> Co. Ltd.<br>| 3000 | 239502 |
| Makita Corp. | 6000 | 184788 |
| Management Solutions Co. <br> Ltd.<br>| 800 | 9860 |
| Mandom Corp. | 5600 | 54659 |
| Mani, Inc. | 5600 | 47944 |
| MarkLines Co. Ltd. | 1600 | 21229 |
| Marubeni Corp. | 17700 | 356801 |
| Marubun Corp. | 2400 | 17199 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Maruchiyo Yamaokaya <br> Corp.<br>| 1000 | $39566 |
| Marudai Food Co. Ltd. | 1600 | 19955 |
| Maruha Nichiro Corp. | 5500 | 116267 |
| Marui Group Co. Ltd. | 12400 | 263825 |
| MARUKA FURUSATO <br> Corp.<br>| 1261 | 20275 |
| Maruwa Co. Ltd. | 400 | 114647 |
| Maruzen CHI Holdings Co. <br> Ltd.<br>| 2600 | 5905 |
| Maruzen Showa Unyu Co. <br> Ltd.<br>| 1300 | 63234 |
| Marvelous, Inc. | 2500 | 8833 |
| Matching Service Japan Co. <br> Ltd.<br>| 900 | 5803 |
| Matsuda Sangyo Co. Ltd. | 800 | 18376 |
| Matsui Securities Co. Ltd. | 12400 | 59875 |
| MatsukiyoCocokara & Co. | 13260 | 272765 |
| Matsuya Co. Ltd. | 2300 | 16157 |
| Matsuyafoods Holdings Co. <br> Ltd.<br>| 900 | 36983 |
| Max Co. Ltd. | 1300 | 41913 |
| Maxell Ltd. | 4500 | 59288 |
| Maxvalu Tokai Co. Ltd. | 500 | 11126 |
| Mazda Motor Corp. | 59300 | 356701 |
| McDonald's Holdings Co. <br> Japan Ltd.<br>| 2400 | 99269 |
| MCJ Co. Ltd. | 6300 | 56850 |
| Mebuki Financial Group, <br> Inc.<br>| 46390 | 242074 |
| MEC Co. Ltd. | 1600 | 29914 |
| Media Do Co. Ltd. | 300 | 3611 |
| Medical Data Vision Co. <br> Ltd.<br>| 700 | 1966 |
| Medical System Network <br> Co. Ltd.<br>| 4100 | 13469 |
| Medipal Holdings Corp. | 11700 | 189750 |
| Medius Holdings Co. Ltd. | 1600 | 9751 |
| MedPeer, Inc. | 900 | 4870 |
| Megmilk Snow Brand Co. <br> Ltd.<br>| 5400 | 102309 |
| Meidensha Corp. | 4000 | 150508 |
| Meiji Electric Industries <br> Co. Ltd.<br>| 1100 | 14340 |
| MEIJI Holdings Co. Ltd. | 10200 | 225561 |
| Meiko Electronics Co. Ltd. | 1900 | 89340 |
| MEITEC Group Holdings, <br> Inc.<br>| 6900 | 152059 |
| Meiwa Corp. | 2500 | 12022 |
| Meiwa Estate Co. Ltd. | 1700 | 11075 |
| Menicon Co. Ltd. | 6400 | 49624 |
| †Mercari, Inc. | 9000 | 166626 |
| METAWATER Co. Ltd. | 2000 | 30787 |
| Micronics Japan Co. Ltd. | 2900 | 108330 |
| Midac Holdings Co. Ltd. | 800 | 11407 |

---

LVIP Dimensional International Core Equity Fund-24

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mie Kotsu Group Holdings, <br> Inc.<br>| 2500 | $8668 |
| Mikuni Corp. | 1600 | 3182 |
| Milbon Co. Ltd. | 1600 | 26898 |
| MIMAKI ENGINEERING <br> Co. Ltd.<br>| 2700 | 35829 |
| Minebea Mitsumi, Inc. | 23032 | 336814 |
| Mirait One Corp. | 10000 | 175863 |
| Mirarth Holdings, Inc. | 9900 | 25801 |
| Miroku Jyoho Service Co. <br> Ltd.<br>| 900 | 11197 |
| MISUMI Group, Inc. | 7200 | 96181 |
| Mitani Corp. | 2400 | 35828 |
| Mitsuba Corp. | 2400 | 13798 |
| Mitsubishi Chemical Group <br> Corp.<br>| 116400 | 611801 |
| Mitsubishi Corp. | 41800 | 835243 |
| Mitsubishi Electric Corp. | 17000 | 365652 |
| Mitsubishi Estate Co. Ltd. | 17700 | 331824 |
| Mitsubishi Gas Chemical <br> Co., Inc.<br>| 12600 | 193468 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 28700 | 718200 |
| Mitsubishi Logisnext Co. <br> Ltd.<br>| 3300 | 44901 |
| Mitsubishi Logistics Corp. | 19200 | 157337 |
| Mitsubishi Materials Corp. | 12700 | 200685 |
| Mitsubishi Motors Corp. | 71900 | 203294 |
| Mitsubishi Paper Mills Ltd. | 2100 | 9244 |
| Mitsubishi Research <br> Institute, Inc.<br>| 1000 | 31777 |
| Mitsubishi Shokuhin Co. <br> Ltd.<br>| 1600 | 70247 |
| Mitsubishi Steel <br> Manufacturing Co. Ltd.<br>| 600 | 6556 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 147800 | 2015044 |
| Mitsuboshi Belting Ltd. | 600 | 14293 |
| Mitsui & Co. Ltd. | 28500 | 580829 |
| Mitsui Chemicals, Inc. | 15700 | 362995 |
| Mitsui DM Sugar Co. Ltd. | 1200 | 25476 |
| Mitsui E&S Co. Ltd. | 6300 | 124258 |
| Mitsui Fudosan Co. Ltd. | 28200 | 273006 |
| Mitsui High-Tec, Inc. | 13300 | 65099 |
| Mitsui Mining & Smelting <br> Co. Ltd.<br>| 6500 | 226629 |
| Mitsui-Soko Holdings Co. <br> Ltd.<br>| 6300 | 171793 |
| Mitsuuroko Group Holdings <br> Co. Ltd.<br>| 2900 | 38221 |
| Miura Co. Ltd. | 3500 | 70364 |
| Miyaji Engineering Group, <br> Inc.<br>| 2200 | 28668 |
| Miyazaki Bank Ltd. | 900 | 22950 |
| Miyoshi Oil & Fat Co. Ltd. | 1500 | 17955 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Mizuho Financial Group, <br> Inc.<br>| 39770 | $1104012 |
| Mizuho Medy Co. Ltd. | 1700 | 17046 |
| Mizuno Corp. | 5100 | 93848 |
| Mochida Pharmaceutical <br> Co. Ltd.<br>| 1400 | 28783 |
| Modec, Inc. | 600 | 25718 |
| Monogatari Corp. | 3700 | 100246 |
| MonotaRO Co. Ltd. | 8900 | 175204 |
| MORESCO Corp. | 700 | 5987 |
| Morinaga & Co. Ltd. | 7600 | 125265 |
| Morinaga Milk Industry Co. <br> Ltd.<br>| 7100 | 159512 |
| Moriroku Co. Ltd. | 1700 | 27342 |
| Morita Holdings Corp. | 3000 | 44788 |
| Moriya Transportation <br> Engineering & <br> Manufacturing Co. Ltd.<br>| 1400 | 37476 |
| Mory Industries, Inc. | 1000 | 5921 |
| MOS Food Services, Inc. | 1200 | 30897 |
| MrMax Holdings Ltd. | 2600 | 11829 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 36600 | 818215 |
| Mugen Estate Co. Ltd. | 2200 | 30447 |
| m-up Holdings, Inc. | 4100 | 58788 |
| Murata Manufacturing Co. <br> Ltd.<br>| 13300 | 196583 |
| Musashi Seimitsu Industry <br> Co. Ltd.<br>| 4800 | 101908 |
| Musashino Bank Ltd. | 2100 | 47500 |
| Nabtesco Corp. | 9500 | 169788 |
| NAC Co. Ltd. | 4800 | 18559 |
| Nachi-Fujikoshi Corp. | 2400 | 51447 |
| Nafco Co. Ltd. | 1600 | 19500 |
| Nagano Keiki Co. Ltd. | 1200 | 16526 |
| Nagase & Co. Ltd. | 8100 | 156094 |
| Nagase Brothers, Inc. | 800 | 10488 |
| Nagoya Railroad Co. Ltd. | 9700 | 109725 |
| Nakabayashi Co. Ltd. | 2100 | 7592 |
| Nakamoto Packs Co. Ltd. | 800 | 9661 |
| Nakamuraya Co. Ltd. | 500 | 10832 |
| Nakanishi, Inc. | 3300 | 43363 |
| Nakayama Steel Works Ltd. | 7200 | 31064 |
| Namura Shipbuilding Co. <br> Ltd.<br>| 5500 | 119593 |
| Nankai Electric Railway <br> Co. Ltd.<br>| 6500 | 98292 |
| Nanto Bank Ltd. | 3000 | 85359 |
| Natori Co. Ltd. | 700 | 9782 |
| NEC Corp. | 9500 | 277163 |
| Nexon Co. Ltd. | 3000 | 60425 |
| Nextage Co. Ltd. | 6300 | 76155 |
| †NexTone, Inc. | 400 | 5934 |
| NGK Insulators Ltd. | 21300 | 267349 |
| NH Foods Ltd. | 6600 | 228565 |

---

LVIP Dimensional International Core Equity Fund-25

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| NHK Spring Co. Ltd. | 15700 | $170948 |
| Nichias Corp. | 4300 | 164535 |
| Nichiban Co. Ltd. | 600 | 8060 |
| Nichicon Corp. | 5500 | 45234 |
| Nichiden Corp. | 1300 | 24865 |
| Nichiha Corp. | 2600 | 53592 |
| Nichirei Corp. | 18000 | 235438 |
| Nichireki Group Co. Ltd. | 1000 | 16713 |
| Nichirin Co. Ltd. | 1300 | 30944 |
| NIDEC Corp. | 19500 | 378945 |
| Nifco, Inc. | 8200 | 194303 |
| Nihon Chouzai Co. Ltd. | 800 | 17752 |
| Nihon Dempa Kogyo Co. <br> Ltd.<br>| 5000 | 26072 |
| Nihon Denkei Co. Ltd. | 1200 | 17865 |
| Nihon Flush Co. Ltd. | 2200 | 12445 |
| Nihon House Holdings Co. <br> Ltd.<br>| 2600 | 5329 |
| Nihon M&A Center <br> Holdings, Inc.<br>| 32200 | 163218 |
| Nihon Nohyaku Co. Ltd. | 2400 | 14002 |
| Nihon Plast Co. Ltd. | 1900 | 4656 |
| Nihon Yamamura Glass Co. <br> Ltd.<br>| 1000 | 17035 |
| Nikkiso Co. Ltd. | 6300 | 55987 |
| Nikko Co. Ltd. | 2100 | 10591 |
| Nikkon Holdings Co. Ltd. | 4400 | 97857 |
| Nikon Corp. | 20500 | 210178 |
| Nintendo Co. Ltd. | 3000 | 288089 |
| Nippn Corp. | 6400 | 94606 |
| Nippon Air Conditioning <br> Services Co. Ltd.<br>| 1800 | 14029 |
| Nippon Aqua Co. Ltd. | 2100 | 11543 |
| Nippon Avionics Co. Ltd. | 700 | 20436 |
| Nippon Carbide Industries <br> Co., Inc.<br>| 800 | 10252 |
| Nippon Carbon Co. Ltd. | 1000 | 28312 |
| Nippon Chemical <br> Industrial Co. Ltd.<br>| 600 | 8458 |
| †Nippon Chemi-Con Corp. | 2100 | 17327 |
| †Nippon Coke & <br> Engineering Co. Ltd.<br>| 18200 | 10484 |
| Nippon Concept Corp. | 800 | 12370 |
| Nippon Concrete Industries <br> Co. Ltd.<br>| 2600 | 5283 |
| Nippon Denko Co. Ltd. | 13700 | 23664 |
| Nippon Electric Glass Co. <br> Ltd.<br>| 8200 | 194568 |
| Nippon Express Holdings, <br> Inc.<br>| 24000 | 481450 |
| Nippon Gas Co. Ltd. | 10500 | 193367 |
| Nippon Kayaku Co. Ltd. | 15800 | 142017 |
| Nippon Kodoshi Corp. | 800 | 9812 |
| Nippon Light Metal <br> Holdings Co. Ltd.<br>| 7070 | 79815 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippon Paint Holdings Co. <br> Ltd.<br>| 14900 | $119830 |
| Nippon Paper Industries <br> Co. Ltd.<br>| 12500 | 89952 |
| Nippon Parking <br> Development Co. Ltd.<br>| 28800 | 52714 |
| Nippon Rietec Co. Ltd. | 700 | 8925 |
| Nippon Sanso Holdings <br> Corp.<br>| 7500 | 283811 |
| Nippon Seisen Co. Ltd. | 1000 | 7421 |
| Nippon Sharyo Ltd. | 900 | 12814 |
| †Nippon Sheet Glass Co. <br> Ltd.<br>| 16000 | 50169 |
| Nippon Shinyaku Co. Ltd. | 5800 | 126575 |
| Nippon Shokubai Co. Ltd. | 13700 | 156237 |
| Nippon Signal Co. Ltd. | 3400 | 25392 |
| Nippon Soda Co. Ltd. | 4900 | 103172 |
| Nippon Steel Corp. | 25710 | 486226 |
| Nippon Telegraph & <br> Telephone Corp.<br>| 374700 | 400596 |
| Nippon Thompson Co. Ltd. | 6000 | 22202 |
| Nippon Yakin Kogyo Co. <br> Ltd.<br>| 1540 | 42452 |
| Nipro Corp. | 15700 | 139064 |
| Nishimatsu Construction <br> Co. Ltd.<br>| 2600 | 86556 |
| Nishimatsuya Chain Co. <br> Ltd.<br>| 3100 | 44912 |
| Nishi-Nippon Financial <br> Holdings, Inc.<br>| 13000 | 195086 |
| Nishi-Nippon Railroad Co. <br> Ltd.<br>| 5000 | 70539 |
| Nishio Holdings Co. Ltd. | 2000 | 55724 |
| Nissan Chemical Corp. | 9500 | 289727 |
| †Nissan Motor Co. Ltd. | 89900 | 217520 |
| Nissei ASB Machine Co. <br> Ltd.<br>| 1000 | 40624 |
| Nissei Plastic Industrial Co. <br> Ltd.<br>| 1500 | 8983 |
| Nissha Co. Ltd. | 4700 | 43889 |
| Nisshin Oillio Group Ltd. | 3400 | 115221 |
| Nisshin Seifun Group, Inc. | 14000 | 167357 |
| Nisshinbo Holdings, Inc. | 19468 | 124747 |
| Nissin Corp. | 1400 | 78544 |
| Nissin Foods Holdings Co. <br> Ltd.<br>| 3100 | 64403 |
| Nisso Holdings Co. Ltd. | 2200 | 9888 |
| Nissui Corp. | 33300 | 202350 |
| Niterra Co. Ltd. | 11000 | 365731 |
| Nitori Holdings Co. Ltd. | 1400 | 134750 |
| Nitto Denko Corp. | 27900 | 538790 |
| Nitto Fuji Flour Milling Co. <br> Ltd.<br>| 600 | 29641 |
| Nitto Kogyo Corp. | 2100 | 45351 |
| Nitto Seiko Co. Ltd. | 3100 | 12304 |

---

LVIP Dimensional International Core Equity Fund-26

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nittoc Construction Co. <br> Ltd.<br>| 3400 | $25975 |
| Nittoku Co. Ltd. | 500 | 6277 |
| Noevir Holdings Co. Ltd. | 1700 | 51093 |
| NOF Corp. | 8600 | 164800 |
| Nohmi Bosai Ltd. | 1000 | 25333 |
| Nojima Corp. | 7200 | 157379 |
| Nomura Holdings, Inc. | 40300 | 265565 |
| Nomura Holdings, Inc. <br> ADR<br>| 13054 | 85895 |
| Nomura Micro Science Co. <br> Ltd.<br>| 900 | 16019 |
| Nomura Real Estate <br> Holdings, Inc.<br>| 38000 | 222574 |
| Nomura Research Institute <br> Ltd.<br>| 7420 | 296781 |
| Noritake Co. Ltd. | 1900 | 48139 |
| Noritz Corp. | 2000 | 25633 |
| North Pacific Bank Ltd. | 30900 | 123658 |
| NPC, Inc. | 3900 | 18210 |
| NPR-RIKEN Corp. | 1616 | 26301 |
| NS Solutions Corp. | 1200 | 33916 |
| NS United Kaiun Kaisha <br> Ltd.<br>| 1200 | 32499 |
| NSD Co. Ltd. | 6200 | 153526 |
| NSK Ltd. | 42700 | 200803 |
| NSW, Inc. | 1500 | 28245 |
| NTN Corp. | 51300 | 81014 |
| Obara Group, Inc. | 900 | 22383 |
| Obayashi Corp. | 19500 | 295460 |
| OBIC Business Consultants <br> Co. Ltd.<br>| 400 | 23669 |
| Obic Co. Ltd. | 3400 | 132209 |
| Odakyu Electric Railway <br> Co. Ltd.<br>| 14500 | 169515 |
| Oenon Holdings, Inc. | 3500 | 13474 |
| Ogaki Kyoritsu Bank Ltd. | 3100 | 53766 |
| Ohara, Inc. | 1600 | 12133 |
| Ohsho Food Service Corp. | 1400 | 36952 |
| OIE Sangyo Co. Ltd. | 900 | 13251 |
| Oiles Corp. | 2600 | 37227 |
| Oita Bank Ltd. | 1400 | 38818 |
| Oji Holdings Corp. | 61900 | 311616 |
| Okabe Co. Ltd. | 2800 | 16142 |
| Okamoto Industries, Inc. | 800 | 26726 |
| Okamoto Machine Tool <br> Works Ltd.<br>| 700 | 23798 |
| Okamura Corp. | 4800 | 73911 |
| Okasan Securities Group, <br> Inc.<br>| 14000 | 65203 |
| Oki Electric Industry Co. <br> Ltd.<br>| 7000 | 78065 |
| Okinawa Cellular <br> Telephone Co.<br>| 2400 | 85238 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Okinawa Electric Power <br> Co., Inc.<br>| 5348 | $33721 |
| Okinawa Financial Group, <br> Inc.<br>| 1580 | 33413 |
| OKUMA Corp. | 5600 | 142227 |
| Okumura Corp. | 3800 | 113446 |
| Okura Industrial Co. Ltd. | 800 | 23909 |
| Okuwa Co. Ltd. | 2100 | 13829 |
| Olympus Corp. | 13200 | 156794 |
| Omron Corp. | 5000 | 134782 |
| Ono Pharmaceutical Co. <br> Ltd.<br>| 13500 | 146310 |
| Onoken Co. Ltd. | 1400 | 13594 |
| Onward Holdings Co. Ltd. | 10600 | 43691 |
| Open House Group Co. Ltd. | 3700 | 167322 |
| Open Up Group, Inc. | 5000 | 59232 |
| Optex Group Co. Ltd. | 3900 | 47122 |
| †Optim Corp. | 1200 | 4511 |
| Optorun Co. Ltd. | 3100 | 35055 |
| Oracle Corp. Japan | 1500 | 178786 |
| Organo Corp. | 1600 | 99612 |
| Oriental Land Co. Ltd. | 13400 | 308626 |
| Oriental Shiraishi Corp. | 8700 | 22220 |
| Oro Co. Ltd. | 500 | 10332 |
| Osaka Gas Co. Ltd. | 8800 | 225719 |
| Osaka Organic Chemical <br> Industry Ltd.<br>| 1700 | 30579 |
| Osaka Steel Co. Ltd. | 1100 | 21529 |
| OSAKA Titanium <br> Technologies Co. Ltd.<br>| 2100 | 21503 |
| Osaki Electric Co. Ltd. | 4100 | 27277 |
| OSG Corp. | 7500 | 88478 |
| Otsuka Corp. | 6800 | 138525 |
| Otsuka Holdings Co. Ltd. | 7000 | 347055 |
| OUG Holdings, Inc. | 500 | 12046 |
| Pacific Industrial Co. Ltd. | 3500 | 32759 |
| PAL GROUP Holdings Co. <br> Ltd.<br>| 3500 | 87554 |
| PALTAC Corp. | 3000 | 83996 |
| Pan Pacific International <br> Holdings Corp.<br>| 7900 | 271721 |
| Panasonic Holdings Corp. | 62200 | 665498 |
| Paramount Bed Holdings <br> Co. Ltd.<br>| 3200 | 56944 |
| Park24 Co. Ltd. | 12900 | 165363 |
| Pegasus Co. Ltd. | 1900 | 7024 |
| Penta-Ocean Construction <br> Co. Ltd.<br>| 31300 | 196095 |
| People Dreams & <br> Technologies Group Co. <br> Ltd.<br>| 1100 | 12980 |
| †PeptiDream, Inc. | 10000 | 114048 |
| Persol Holdings Co. Ltd. | 120500 | 235179 |
| Pharma Foods <br> International Co. Ltd.<br>| 2200 | 12704 |

---

LVIP Dimensional International Core Equity Fund-27

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| †PIA Corp. | 500 | $10213 |
| Pickles Holdings Co. Ltd. | 1200 | 8082 |
| Pigeon Corp. | 4700 | 57154 |
| PILLAR Corp. | 1800 | 48312 |
| Pilot Corp. | 2300 | 65061 |
| Plus Alpha Consulting Co. <br> Ltd.<br>| 2000 | 31047 |
| Pole To Win Holdings, Inc. | 1400 | 3583 |
| PR Times Corp. | 700 | 11347 |
| Premium Water Holdings, <br> Inc.<br>| 800 | 16947 |
| Press Kogyo Co. Ltd. | 6300 | 23807 |
| Prestige International, <br> Inc.<br>| 9300 | 38920 |
| Prima Meat Packers Ltd. | 3300 | 51892 |
| Procrea Holdings, Inc. | 2720 | 27015 |
| Pro-Ship, Inc. | 1600 | 32116 |
| PS Construction Co. Ltd. | 700 | 8396 |
| Punch Industry Co. Ltd. | 1000 | 2590 |
| QB Net Holdings Co. Ltd. | 900 | 7122 |
| Qol Holdings Co. Ltd. | 2700 | 34692 |
| Quick Co. Ltd. | 700 | 11492 |
| Raccoon Holdings, Inc. | 800 | 3937 |
| Raito Kogyo Co. Ltd. | 3600 | 71472 |
| Raiznext Corp. | 3000 | 37316 |
| Raksul, Inc. | 5900 | 45648 |
| Rakus Co. Ltd. | 6000 | 96174 |
| †Rakuten Bank Ltd. | 3000 | 137529 |
| †Rakuten Group, Inc. | 16900 | 93122 |
| Rasa Corp. | 1300 | 13084 |
| Rasa Industries Ltd. | 900 | 25282 |
| Recruit Holdings Co. Ltd. | 25500 | 1499568 |
| Relo Group, Inc. | 11900 | 141229 |
| Renaissance, Inc. | 1500 | 10759 |
| Renesas Electronics Corp. | 27600 | 341451 |
| Rengo Co. Ltd. | 21800 | 118155 |
| †RENOVA, Inc. | 6500 | 29300 |
| Resona Holdings, Inc. | 33391 | 308393 |
| Resonac Holdings Corp. | 16600 | 384640 |
| Resorttrust, Inc. | 17000 | 207613 |
| Restar Corp. | 1800 | 31864 |
| Retail Partners Co. Ltd. | 3700 | 36264 |
| Rheon Automatic <br> Machinery Co. Ltd.<br>| 900 | 7750 |
| Ricoh Co. Ltd. | 25200 | 237823 |
| Riken Keiki Co. Ltd. | 2200 | 46039 |
| Riken Technos Corp. | 2900 | 22053 |
| Riken Vitamin Co. Ltd. | 1000 | 18972 |
| Ringer Hut Co. Ltd. | 1600 | 24560 |
| Rinnai Corp. | 6600 | 163683 |
| Rion Co. Ltd. | 500 | 9006 |
| Riso Kyoiku Co. Ltd. | 3300 | 5130 |
| Rix Corp. | 600 | 12674 |
| Rohm Co. Ltd. | 26200 | 333543 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Rohto Pharmaceutical Co. <br> Ltd.<br>| 7800 | $110544 |
| Rokko Butter Co. Ltd. | 1000 | 8473 |
| Roland Corp. | 1500 | 32948 |
| Rorze Corp. | 10800 | 153528 |
| Round One Corp. | 19000 | 193925 |
| Royal Holdings Co. Ltd. | 3700 | 67568 |
| Ryobi Ltd. | 3500 | 52050 |
| RYODEN Corp. | 1300 | 25256 |
| Ryohin Keikaku Co. Ltd. | 9500 | 455608 |
| Ryoyo Ryosan Holdings, <br> Inc.<br>| 1884 | 34686 |
| S Foods, Inc. | 2300 | 41771 |
| S&B Foods, Inc. | 1200 | 25564 |
| Sac's Bar Holdings, Inc. | 900 | 5028 |
| Saibu Gas Holdings Co. <br> Ltd.<br>| 1000 | 12202 |
| Saizeriya Co. Ltd. | 3000 | 103981 |
| Sakai Chemical Industry <br> Co. Ltd.<br>| 2100 | 38790 |
| Sakai Heavy Industries <br> Ltd.<br>| 600 | 8308 |
| Sakai Moving Service Co. <br> Ltd.<br>| 2000 | 36856 |
| Sakata INX Corp. | 5000 | 67446 |
| Sakata Seed Corp. | 3200 | 77821 |
| Sala Corp. | 3600 | 23996 |
| San Holdings, Inc. | 1800 | 19014 |
| San ju San Financial <br> Group, Inc.<br>| 2840 | 58269 |
| San-A Co. Ltd. | 3600 | 73775 |
| San-Ai Obbli Co. Ltd. | 4300 | 54103 |
| Sangetsu Corp. | 2700 | 55364 |
| San-In Godo Bank Ltd. | 15400 | 127216 |
| †Sanken Electric Co. Ltd. | 1900 | 106322 |
| Sanki Engineering Co. Ltd. | 3200 | 89849 |
| Sanko Gosei Ltd. | 3800 | 17917 |
| Sankyo Co. Ltd. | 16300 | 301693 |
| Sankyo Frontier Co. Ltd. | 1000 | 13865 |
| Sankyo Tateyama, Inc. | 2400 | 10738 |
| Sankyu, Inc. | 5000 | 268192 |
| Sanoh Industrial Co. Ltd. | 4800 | 21197 |
| Sanrio Co. Ltd. | 6300 | 304640 |
| Sansei Technologies, Inc. | 1700 | 18032 |
| Sansha Electric <br> Manufacturing Co. Ltd.<br>| 2300 | 14158 |
| Sanshin Electronics Co. <br> Ltd.<br>| 1200 | 19679 |
| Santen Pharmaceutical Co. <br> Ltd.<br>| 16200 | 185902 |
| Sanwa Holdings Corp. | 7200 | 238793 |
| Sanyo Chemical Industries <br> Ltd.<br>| 1100 | 27886 |
| Sanyo Denki Co. Ltd. | 900 | 60157 |

---

LVIP Dimensional International Core Equity Fund-28

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sanyo Electric Railway Co. <br> Ltd.<br>| 600 | $8242 |
| Sanyo Trading Co. Ltd. | 2000 | 20148 |
| Sapporo Holdings Ltd. | 2920 | 150400 |
| Sato Corp. | 2500 | 35821 |
| Sato Shoji Corp. | 700 | 7370 |
| Satori Electric Co. Ltd. | 1400 | 15882 |
| Sawai Group Holdings Co. <br> Ltd.<br>| 11700 | 148824 |
| SBI Global Asset <br> Management Co. Ltd.<br>| 2400 | 10485 |
| SBI Holdings, Inc. | 10300 | 358905 |
| SBI Sumishin Net Bank <br> Ltd.<br>| 3200 | 108202 |
| SBS Holdings, Inc. | 1400 | 28213 |
| SCREEN Holdings Co. Ltd. | 3700 | 300852 |
| Scroll Corp. | 4000 | 29530 |
| SCSK Corp. | 5100 | 153651 |
| Secom Co. Ltd. | 6600 | 237104 |
| Seed Co. Ltd. | 1000 | 3220 |
| Sega Sammy Holdings, Inc. | 5400 | 129255 |
| Seibu Holdings, Inc. | 8600 | 308205 |
| Seika Corp. | 900 | 29085 |
| Seikitokyu Kogyo Co. Ltd. | 2300 | 23415 |
| Seiko Epson Corp. | 11300 | 148512 |
| Seiko Group Corp. | 3100 | 94058 |
| Seino Holdings Co. Ltd. | 5300 | 81427 |
| Seiren Co. Ltd. | 3400 | 54985 |
| Sekisui Chemical Co. Ltd. | 15100 | 273471 |
| Sekisui House Ltd. | 22400 | 493009 |
| Sekisui Kasei Co. Ltd. | 2500 | 5708 |
| SEMITEC Corp. | 1200 | 17292 |
| Senko Group Holdings Co. <br> Ltd.<br>| 13100 | 178527 |
| Senshu Electric Co. Ltd. | 1200 | 35084 |
| Senshu Ikeda Holdings, <br> Inc.<br>| 29000 | 114730 |
| Seria Co. Ltd. | 4300 | 80016 |
| Seven & i Holdings Co. Ltd. | 58600 | 943185 |
| Seven Bank Ltd. | 59500 | 108604 |
| SG Holdings Co. Ltd. | 12000 | 133656 |
| †Sharp Corp. | 11700 | 56878 |
| Shibaura Electronics Co. <br> Ltd.<br>| 1200 | 49819 |
| Shibaura Machine Co. Ltd. | 3200 | 70557 |
| Shibaura Mechatronics <br> Corp.<br>| 1300 | 97933 |
| Shibusawa Logistics Corp. | 700 | 19590 |
| Shibuya Corp. | 1300 | 29060 |
| †SHIFT, Inc. | 13800 | 167129 |
| Shiga Bank Ltd. | 3900 | 156443 |
| Shikibo Ltd. | 1500 | 10143 |
| Shikoku Bank Ltd. | 4500 | 34648 |
| Shikoku Electric Power <br> Co., Inc.<br>| 10700 | 89666 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Shima Seiki Manufacturing <br> Ltd.<br>| 2800 | $17904 |
| Shimadaya Corp. | 1000 | 12795 |
| Shimadzu Corp. | 4100 | 101364 |
| Shimamura Co. Ltd. | 2300 | 161382 |
| Shimano, Inc. | 900 | 130482 |
| Shimizu Bank Ltd. | 1100 | 10807 |
| Shimizu Corp. | 17700 | 197705 |
| Shimojima Co. Ltd. | 500 | 4150 |
| Shin Nippon Air <br> Technologies Co. Ltd.<br>| 2200 | 36591 |
| Shin Nippon Biomedical <br> Laboratories Ltd.<br>| 1500 | 14802 |
| Shinagawa Refractories Co. <br> Ltd.<br>| 3500 | 40271 |
| Shindengen Electric <br> Manufacturing Co. Ltd.<br>| 800 | 12196 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 21400 | 706670 |
| Shin-Etsu Polymer Co. Ltd. | 4100 | 49331 |
| Shinko Shoji Co. Ltd. | 2200 | 14348 |
| Shinmaywa Industries Ltd. | 6500 | 72960 |
| Shinnihonseiyaku Co. Ltd. | 800 | 12928 |
| Shinsho Corp. | 2100 | 29464 |
| Shinwa Co. Ltd. | 3800 | 34452 |
| Shionogi & Co. Ltd. | 9700 | 174622 |
| Ship Healthcare Holdings, <br> Inc.<br>| 9300 | 125171 |
| Shiseido Co. Ltd. | 5200 | 92875 |
| Shizuoka Financial Group, <br> Inc.<br>| 17200 | 200123 |
| Shizuoka Gas Co. Ltd. | 1200 | 8916 |
| SHO-BOND Holdings Co. <br> Ltd.<br>| 3500 | 114325 |
| Shoei Co. Ltd. | 4400 | 53127 |
| Shoei Foods Corp. | 800 | 21821 |
| Showa Sangyo Co. Ltd. | 1500 | 31039 |
| SIGMAXYZ Holdings, Inc. | 8000 | 69559 |
| Siix Corp. | 2900 | 23434 |
| Simplex Holdings, Inc. | 3500 | 94697 |
| Sinanen Holdings Co. Ltd. | 600 | 26003 |
| Sinfonia Technology Co. <br> Ltd.<br>| 2100 | 141709 |
| Sinko Industries Ltd. | 1200 | 9942 |
| SKY Perfect JSAT Holdings, <br> Inc.<br>| 16700 | 167326 |
| Skylark Holdings Co. Ltd. | 14500 | 303580 |
| Smaregi, Inc. | 1300 | 27454 |
| SMC Corp. | 200 | 71672 |
| SMK Corp. | 200 | 3127 |
| SMS Co. Ltd. | 7200 | 73857 |
| Socionext, Inc. | 11600 | 222236 |
| Soda Nikka Co. Ltd. | 2000 | 15378 |
| Sodick Co. Ltd. | 4700 | 32199 |
| SoftBank Corp. | 522200 | 808862 |

---

LVIP Dimensional International Core Equity Fund-29

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Softcreate Holdings Corp. | 1400 | $21340 |
| Software Service, Inc. | 200 | 18267 |
| Sohgo Security Services Co. <br> Ltd.<br>| 16700 | 116923 |
| Sojitz Corp. | 9420 | 231483 |
| Soken Chemical & <br> Engineering Co. Ltd.<br>| 2200 | 23171 |
| Solasto Corp. | 4200 | 12144 |
| Soliton Systems KK | 500 | 4546 |
| Sompo Holdings, Inc. | 22700 | 684060 |
| Sony Group Corp. | 156900 | 4079448 |
| Sotetsu Holdings, Inc. | 5200 | 81843 |
| Sparx Group Co. Ltd. | 2960 | 30302 |
| SPK Corp. | 1000 | 15451 |
| S-Pool, Inc. | 4800 | 11388 |
| Square Enix Holdings Co. <br> Ltd.<br>| 800 | 59839 |
| SRE Holdings Corp. | 1100 | 25913 |
| ST Corp. | 1200 | 13240 |
| St. Care Holding Corp. | 3000 | 15778 |
| St. Marc Holdings Co. Ltd. | 900 | 14554 |
| Star Mica Holdings Co. <br> Ltd.<br>| 3600 | 24808 |
| Star Micronics Co. Ltd. | 1700 | 19821 |
| Starts Corp., Inc. | 3000 | 94836 |
| Starzen Co. Ltd. | 2400 | 18350 |
| Stella Chemifa Corp. | 1300 | 35484 |
| Strike Co. Ltd. | 1200 | 30816 |
| Studio Alice Co. Ltd. | 900 | 13369 |
| Subaru Corp. | 52700 | 913627 |
| Sugi Holdings Co. Ltd. | 7700 | 176023 |
| Sugimoto & Co. Ltd. | 1600 | 18652 |
| SUMCO Corp. | 37400 | 293159 |
| Sumida Corp. | 4700 | 31540 |
| Suminoe Co. Ltd. | 1600 | 12448 |
| Sumiseki Holdings, Inc. | 3800 | 16177 |
| Sumitomo Bakelite Co. <br> Ltd.<br>| 6100 | 175969 |
| Sumitomo Chemical Co. <br> Ltd.<br>| 110700 | 267629 |
| Sumitomo Corp. | 17500 | 451617 |
| Sumitomo Electric <br> Industries Ltd.<br>| 23100 | 495342 |
| Sumitomo Forestry Co. <br> Ltd.<br>| 31200 | 315068 |
| Sumitomo Heavy Industries <br> Ltd.<br>| 10600 | 217307 |
| Sumitomo Mitsui <br> Construction Co. Ltd.<br>| 14700 | 60748 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 52500 | 1322000 |
| Sumitomo Mitsui Financial <br> Group, Inc. ADR<br>| 14818 | 223900 |
| Sumitomo Mitsui Trust <br> Group, Inc.<br>| 14600 | 388322 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Osaka Cement <br> Co. Ltd.<br>| 4000 | $104777 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 5900 | 227854 |
| Sumitomo Riko Co. Ltd. | 4900 | 56653 |
| Sumitomo Rubber <br> Industries Ltd.<br>| 16800 | 190789 |
| Sumitomo Seika Chemicals <br> Co. Ltd.<br>| 600 | 18059 |
| Sun Frontier Fudousan Co. <br> Ltd.<br>| 2200 | 31678 |
| †Suncall Corp. | 2900 | 5987 |
| Sundrug Co. Ltd. | 4900 | 153345 |
| Suntory Beverage & Food <br> Ltd.<br>| 5100 | 163095 |
| Sun-Wa Technos Corp. | 1500 | 25328 |
| Suruga Bank Ltd. | 16400 | 152617 |
| Suzuden Corp. | 800 | 9750 |
| Suzuken Co. Ltd. | 4800 | 173555 |
| Suzuki Co. Ltd. | 2700 | 33043 |
| Suzuki Motor Corp. | 61700 | 743869 |
| SWCC Corp. | 3000 | 156419 |
| Sysmex Corp. | 18800 | 327255 |
| Systems Engineering <br> Consultants Co. Ltd.<br>| 500 | 17985 |
| Systena Corp. | 25800 | 73077 |
| Syuppin Co. Ltd. | 3400 | 26617 |
| T Hasegawa Co. Ltd. | 2300 | 46913 |
| T RAD Co. Ltd. | 800 | 24509 |
| T&D Holdings, Inc. | 15500 | 340227 |
| Tachibana Eletech Co. Ltd. | 800 | 14697 |
| Tachi-S Co. Ltd. | 4100 | 49034 |
| Tadano Ltd. | 9900 | 65894 |
| Taihei Dengyo Kaisha Ltd. | 1000 | 37233 |
| Taiheiyo Cement Corp. | 11900 | 295254 |
| Taiho Kogyo Co. Ltd. | 900 | 3546 |
| Taikisha Ltd. | 3400 | 60828 |
| Taisei Corp. | 2400 | 139777 |
| Taisei Lamick Group Head <br> Quarter & Innovation Co. <br> Ltd.<br>| 500 | 8660 |
| Taiyo Holdings Co. Ltd. | 3700 | 180737 |
| Taiyo Yuden Co. Ltd. | 13800 | 241523 |
| Takamatsu Construction <br> Group Co. Ltd.<br>| 1100 | 22383 |
| Takamiya Co. Ltd. | 2400 | 5429 |
| Takaoka Toko Co. Ltd. | 700 | 11316 |
| Takara & Co. Ltd. | 700 | 16477 |
| Takara Bio, Inc. | 3200 | 17843 |
| Takara Holdings, Inc. | 14900 | 123873 |
| Takara Standard Co. Ltd. | 3600 | 60675 |
| Takasago International <br> Corp.<br>| 1700 | 82238 |
| Takasago Thermal <br> Engineering Co. Ltd.<br>| 1600 | 78534 |

---

LVIP Dimensional International Core Equity Fund-30

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Takashima & Co. Ltd. | 1600 | $16798 |
| Takashimaya Co. Ltd. | 25600 | 200079 |
| Take & Give Needs Co. Ltd. | 1500 | 9240 |
| TAKEBISHI Corp. | 800 | 10274 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>| 42323 | 1306637 |
| Takeuchi Manufacturing <br> Co. Ltd.<br>| 3800 | 123316 |
| Takuma Co. Ltd. | 2900 | 41159 |
| Tama Home Co. Ltd. | 1400 | 32161 |
| Tamron Co. Ltd. | 16400 | 99348 |
| Tamura Corp. | 7000 | 23217 |
| Tanseisha Co. Ltd. | 4300 | 39620 |
| Taoka Chemical Co. Ltd. | 1000 | 8715 |
| Tayca Corp. | 1900 | 17022 |
| Tazmo Co. Ltd. | 1900 | 29191 |
| Tbk Co. Ltd. | 4000 | 8052 |
| TDC Soft, Inc. | 2000 | 18601 |
| TDK Corp. | 50500 | 589464 |
| TechMatrix Corp. | 3800 | 59582 |
| TechnoPro Holdings, Inc. | 7600 | 221478 |
| Teijin Ltd. | 17100 | 138608 |
| Teikoku Electric <br> Manufacturing Co. Ltd.<br>| 1200 | 27025 |
| Tekken Corp. | 1100 | 22027 |
| Temairazu, Inc. | 600 | 12865 |
| Tera Probe, Inc. | 600 | 13462 |
| Terumo Corp. | 7100 | 130298 |
| Tess Holdings Co. Ltd. | 3200 | 7312 |
| THK Co. Ltd. | 7400 | 197502 |
| TIS, Inc. | 6100 | 204409 |
| TKC Corp. | 1600 | 46825 |
| Toa Corp. | 8300 | 86968 |
| TOA ROAD Corp. | 3000 | 31092 |
| Toagosei Co. Ltd. | 2200 | 21329 |
| TOBISHIMA HOLDINGS, <br> Inc.<br>| 2080 | 26399 |
| Tobu Railway Co. Ltd. | 8400 | 145086 |
| Tocalo Co. Ltd. | 5800 | 76422 |
| Tochigi Bank Ltd. | 7700 | 21529 |
| Toda Corp. | 25500 | 161926 |
| Toei Animation Co. Ltd. | 2500 | 57007 |
| Toenec Corp. | 5000 | 42332 |
| Toho Bank Ltd. | 28600 | 65511 |
| Toho Co. Ltd. | 1400 | 71387 |
| Toho Gas Co. Ltd. | 3500 | 97663 |
| Toho Holdings Co. Ltd. | 3200 | 103406 |
| Toho Titanium Co. Ltd. | 3100 | 28039 |
| †Toho Zinc Co. Ltd. | 900 | 4326 |
| Tohoku Bank Ltd. | 1100 | 8263 |
| Tohoku Electric Power Co., <br> Inc.<br>| 16800 | 122662 |
| Tokai Carbon Co. Ltd. | 23200 | 163865 |
| Tokai Corp. | 2300 | 33927 |
| TOKAI Holdings Corp. | 9100 | 62807 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Tokai Rika Co. Ltd. | 6100 | $93990 |
| Tokai Tokyo Financial <br> Holdings, Inc.<br>| 23700 | 81248 |
| Tokio Marine Holdings, <br> Inc.<br>| 43900 | 1860527 |
| Tokushu Tokai Paper Co. <br> Ltd.<br>| 800 | 21292 |
| Tokuyama Corp. | 7500 | 156724 |
| Tokyo Base Co. Ltd. | 1700 | 4962 |
| †Tokyo Electric Power Co. <br> Holdings, Inc.<br>| 51300 | 170763 |
| Tokyo Electron Device Ltd. | 2600 | 50984 |
| Tokyo Electron Ltd. | 8400 | 1608679 |
| Tokyo Gas Co. Ltd. | 9000 | 299359 |
| Tokyo Individualized <br> Educational Institute, <br> Inc.<br>| 2700 | 6954 |
| Tokyo Kiraboshi Financial <br> Group, Inc.<br>| 2700 | 113686 |
| Tokyo Ohka Kogyo Co. Ltd. | 3300 | 95901 |
| Tokyo Rope Manufacturing <br> Co. Ltd.<br>| 1200 | 10560 |
| Tokyo Sangyo Co. Ltd. | 2400 | 13016 |
| Tokyo Seimitsu Co. Ltd. | 2800 | 186049 |
| Tokyo Steel Manufacturing <br> Co. Ltd.<br>| 6400 | 67122 |
| Tokyo Tatemono Co. Ltd. | 17400 | 309667 |
| Tokyo Tekko Co. Ltd. | 1200 | 45184 |
| Tokyotokeiba Co. Ltd. | 1700 | 56298 |
| Tokyu Construction Co. <br> Ltd.<br>| 6200 | 45487 |
| Tokyu Corp. | 12100 | 143943 |
| Tokyu Fudosan Holdings <br> Corp.<br>| 56000 | 400188 |
| Toli Corp. | 2800 | 9651 |
| Tomato Bank Ltd. | 1400 | 11883 |
| Tomen Devices Corp. | 300 | 12540 |
| Tomoe Engineering Co. <br> Ltd.<br>| 3300 | 32703 |
| Tomoku Co. Ltd. | 800 | 15937 |
| TOMONY Holdings, Inc. | 17900 | 67005 |
| Tomy Co. Ltd. | 6300 | 142138 |
| Topcon Corp. | 11000 | 248856 |
| Topre Corp. | 3600 | 47740 |
| Topy Industries Ltd. | 1200 | 18851 |
| Toray Industries, Inc. | 53400 | 365536 |
| Torex Semiconductor Ltd. | 900 | 8403 |
| Toridoll Holdings Corp. | 3300 | 95429 |
| Torishima Pump <br> Manufacturing Co. Ltd.<br>| 1600 | 22151 |
| Tosei Corp. | 3100 | 55540 |
| Toshiba TEC Corp. | 3900 | 79496 |
| Tosho Co. Ltd. | 1600 | 6712 |
| Tosoh Corp. | 23800 | 348282 |
| Totech Corp. | 1200 | 23559 |

---

LVIP Dimensional International Core Equity Fund-31

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Totetsu Kogyo Co. Ltd. | 2500 | $67058 |
| TOTO Ltd. | 4200 | 105760 |
| Tottori Bank Ltd. | 600 | 5215 |
| Towa Bank Ltd. | 3300 | 15879 |
| Towa Corp. | 6000 | 83637 |
| Towa Pharmaceutical Co. <br> Ltd.<br>| 2900 | 60178 |
| Toyo Construction Co. Ltd. | 5200 | 51681 |
| Toyo Gosei Co. Ltd. | 800 | 26905 |
| Toyo Innovex Co. Ltd. | 2400 | 10289 |
| Toyo Kanetsu KK | 1200 | 32964 |
| Toyo Seikan Group <br> Holdings Ltd.<br>| 8900 | 174219 |
| Toyo Suisan Kaisha Ltd. | 3200 | 212695 |
| Toyo Tanso Co. Ltd. | 1400 | 47487 |
| Toyo Tire Corp. | 9400 | 199101 |
| Toyobo Co. Ltd. | 10000 | 63697 |
| Toyoda Gosei Co. Ltd. | 7300 | 143619 |
| Toyota Boshoku Corp. | 9700 | 132238 |
| Toyota Motor Corp. | 293105 | 5048143 |
| Toyota Tsusho Corp. | 25000 | 566281 |
| Traders Holdings Co. Ltd. | 4800 | 35810 |
| Transaction Co. Ltd. | 1200 | 19497 |
| Transcosmos, Inc. | 1900 | 46140 |
| TRE Holdings Corp. | 4300 | 40747 |
| Treasure Factory Co. Ltd. | 2800 | 35243 |
| Trend Micro, Inc. | 4300 | 297413 |
| Trenders, Inc. | 900 | 5791 |
| Trusco Nakayama Corp. | 3400 | 48648 |
| Tsubaki Nakashima Co. <br> Ltd.<br>| 5600 | 12966 |
| Tsubakimoto Chain Co. | 9100 | 113303 |
| Tsubakimoto Kogyo Co. <br> Ltd.<br>| 1200 | 20116 |
| Tsuburaya Fields Holdings, <br> Inc.<br>| 4100 | 58999 |
| Tsugami Corp. | 3600 | 46318 |
| Tsukada Global Holdings, <br> Inc.<br>| 1600 | 6285 |
| Tsukishima Holdings Co. <br> Ltd.<br>| 1500 | 22145 |
| Tsukuba Bank Ltd. | 14800 | 23849 |
| Tsumura & Co. | 3200 | 77234 |
| Tsuruha Holdings, Inc. | 2900 | 226366 |
| Tsuzuki Denki Co. Ltd. | 1300 | 25274 |
| UACJ Corp. | 4200 | 153649 |
| UBE Corp. | 11100 | 174224 |
| Ubicom Holdings, Inc. | 500 | 3308 |
| Uchida Yoko Co. Ltd. | 700 | 46517 |
| Ultrafabrics Holdings Co. <br> Ltd.<br>| 1200 | 5786 |
| Ulvac, Inc. | 4000 | 146724 |
| U-Next Holdings Co. Ltd. | 3900 | 62131 |
| Unicharm Corp. | 33900 | 244785 |
| Unipres Corp. | 5600 | 37293 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| United Arrows Ltd. | 2900 | $43009 |
| United Super Markets <br> Holdings, Inc.<br>| 5384 | 34113 |
| UNITED, Inc. | 1400 | 5581 |
| †Universal Entertainment <br> Corp.<br>| 2400 | 16160 |
| Urbanet Corp. Co. Ltd. | 5600 | 18071 |
| User Local, Inc. | 1000 | 13139 |
| Ushio, Inc. | 9700 | 120496 |
| USS Co. Ltd. | 16300 | 179641 |
| UT Group Co. Ltd. | 1900 | 32463 |
| V Technology Co. Ltd. | 600 | 12745 |
| Valor Holdings Co. Ltd. | 3800 | 66473 |
| Valqua Ltd. | 1300 | 27666 |
| Value HR Co. Ltd. | 1600 | 17625 |
| ValueCommerce Co. Ltd. | 1200 | 6481 |
| Vector, Inc. | 2500 | 18910 |
| Vertex Corp. | 2100 | 33474 |
| Vision, Inc. | 2200 | 17565 |
| †Visional, Inc. | 2200 | 169386 |
| Vital KSK Holdings, Inc. | 4200 | 35315 |
| VT Holdings Co. Ltd. | 7200 | 23557 |
| Wacoal Holdings Corp. | 3000 | 103307 |
| Wacom Co. Ltd. | 11800 | 56009 |
| Wakachiku Construction <br> Co. Ltd.<br>| 1000 | 28431 |
| Wakita & Co. Ltd. | 3800 | 44500 |
| Warabeya Nichiyo Holdings <br> Co. Ltd.<br>| 1300 | 21766 |
| Waseda Academy Co. Ltd. | 1100 | 18808 |
| Watahan & Co. Ltd. | 1000 | 11323 |
| Wavelock Holdings Co. Ltd. | 1500 | 6221 |
| WDB Holdings Co. Ltd. | 1300 | 15267 |
| Weathernews, Inc. | 1400 | 37735 |
| Welcia Holdings Co. Ltd. | 7900 | 139193 |
| West Holdings Corp. | 2028 | 23433 |
| West Japan Railway Co. | 10600 | 242327 |
| Will Group, Inc. | 1900 | 12302 |
| WingArc1st, Inc. | 1200 | 34304 |
| With U.S. Corp. | 1000 | 22390 |
| Wood One Co. Ltd. | 1400 | 7932 |
| Workman Co. Ltd. | 900 | 39416 |
| World Co. Ltd. | 3400 | 60689 |
| World Holdings Co. Ltd. | 800 | 12610 |
| †W-Scope Corp. | 9700 | 17135 |
| Xebio Holdings Co. Ltd. | 2000 | 15240 |
| YAC Holdings Co. Ltd. | 3200 | 17606 |
| Yagi & Co. Ltd. | 500 | 9360 |
| Yahagi Construction Co. <br> Ltd.<br>| 1500 | 17704 |
| Yakult Honsha Co. Ltd. | 2500 | 47083 |
| YAKUODO Holdings Co. <br> Ltd.<br>| 1100 | 17682 |
| YAMABIKO Corp. | 3700 | 54365 |

---

LVIP Dimensional International Core Equity Fund-32

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| YAMADA Consulting Group <br> Co. Ltd.<br>| 500 | $5607 |
| Yamada Holdings Co. Ltd. | 44800 | 140979 |
| Yamae Group Holdings Co. <br> Ltd.<br>| 2200 | 35945 |
| Yamagata Bank Ltd. | 1900 | 19715 |
| Yamaguchi Financial <br> Group, Inc.<br>| 16500 | 177520 |
| Yamaha Corp. | 20200 | 145984 |
| Yamaha Motor Co. Ltd. | 56500 | 422794 |
| Yamaichi Electronics Co. <br> Ltd.<br>| 2800 | 51820 |
| Yamami Co. | 500 | 16955 |
| Yamanashi Chuo Bank Ltd. | 2800 | 49271 |
| Yamatane Corp. | 1800 | 28157 |
| Yamato Holdings Co. Ltd. | 8300 | 111085 |
| Yamaya Corp. | 400 | 6916 |
| Yamazaki Baking Co. Ltd. | 6900 | 154457 |
| Yamazen Corp. | 5500 | 47763 |
| Yaoko Co. Ltd. | 1700 | 112166 |
| Yashima Denki Co. Ltd. | 1300 | 14967 |
| Yaskawa Electric Corp. | 3200 | 72362 |
| Yellow Hat Ltd. | 6900 | 73747 |
| Yokogawa Bridge Holdings <br> Corp.<br>| 3600 | 63117 |
| Yokogawa Electric Corp. | 8600 | 229739 |
| Yokohama Rubber Co. Ltd. | 10800 | 296961 |
| Yokorei Co. Ltd. | 3900 | 23201 |
| Yokowo Co. Ltd. | 1800 | 16826 |
| Yondenko Corp. | 4200 | 38123 |
| Yondoshi Holdings, Inc. | 1300 | 15669 |
| Yonex Co. Ltd. | 6800 | 136738 |
| Yorozu Corp. | 1000 | 6426 |
| †Yoshimura Food Holdings <br> KK<br>| 1300 | 9834 |
| Yoshinoya Holdings Co. <br> Ltd.<br>| 4500 | 97717 |
| Yotai Refractories Co. Ltd. | 200 | 2417 |
| Yuasa Trading Co. Ltd. | 1300 | 40592 |
| Yukiguni Factory Co. Ltd. | 1100 | 8401 |
| Yurtec Corp. | 5700 | 83732 |
| Yushin Co. | 1300 | 5339 |
| Zacros Corp. | 900 | 23468 |
| Zenrin Co. Ltd. | 1700 | 12108 |
| Zensho Holdings Co. Ltd. | 3969 | 240229 |
| Zeon Corp. | 15900 | 161430 |
| ZERIA Pharmaceutical Co. <br> Ltd.<br>| 2800 | 40510 |
| ZIGExN Co. Ltd. | 7100 | 23861 |
| Zojirushi Corp. | 1100 | 10181 |
| ZOZO, Inc. | 15300 | 165312 |
| Zuiko Corp. | 2100 | 15500 |
|  |  | **163236422** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Jordan–0.03%** | **Jordan–0.03%** | **Jordan–0.03%** |
| Hikma Pharmaceuticals <br> PLC<br>| 8444 | $230428 |
|  |  | **230428** |
| **Luxembourg–0.23%** | **Luxembourg–0.23%** | **Luxembourg–0.23%** |
| B&S Group SARL | 1049 | 7241 |
| Befesa SA | 1602 | 52250 |
| d'Amico International <br> Shipping SA<br>| 8265 | 33573 |
| Eurofins Scientific SE | 11052 | 787624 |
| Grand City Properties SA | 5248 | 68766 |
| RTL Group SA | 3893 | 170794 |
| SES SA | 37259 | 265525 |
| Stabilus SE | 1672 | 54565 |
| Sword Group | 504 | 22668 |
| Tenaris SA | 11324 | 212265 |
|  |  | **1675271** |
| **Macau–0.03%** | **Macau–0.03%** | **Macau–0.03%** |
| †MECOM Power & <br> Construction Ltd.<br>| 139500 | 1997 |
| MGM China Holdings Ltd. | 41600 | 68398 |
| †Sands China Ltd. | 40800 | 85269 |
| Wynn Macau Ltd. | 95200 | 65889 |
|  |  | **221553** |
| **Mauritius–0.00%** | **Mauritius–0.00%** | **Mauritius–0.00%** |
| Capital Ltd. | 466 | 545 |
|  |  | **545** |
| **Mexico–0.01%** | **Mexico–0.01%** | **Mexico–0.01%** |
| Fresnillo PLC | 3670 | 72948 |
|  |  | **72948** |
| **Mongolia–0.01%** | **Mongolia–0.01%** | **Mongolia–0.01%** |
| †Mongolian Mining Corp. | 60000 | 48770 |
|  |  | **48770** |
| **Netherlands–3.80%** | **Netherlands–3.80%** | **Netherlands–3.80%** |
| Aalberts NV | 5804 | 210797 |
| ABN AMRO Bank NV | 19386 | 529353 |
| Acomo NV | 2190 | 59337 |
| †Adyen NV | 119 | 218548 |
| Aegon Ltd. | 102373 | 741710 |
| Akzo Nobel NV | 11672 | 818950 |
| †Alfen NV | 625 | 7665 |
| AMG Critical Materials NV | 2191 | 56392 |
| Aperam SA | 4066 | 131676 |
| Arcadis NV | 7334 | 356139 |
| ArcelorMittal SA | 17008 | 537113 |
| †Argenx SE ADR | 294 | 162059 |
| †Argo Properties NV | 368 | 13381 |
| ASM International NV | 1434 | 919879 |
| ASML Holding NV | 7379 | 5913389 |
| ASR Nederland NV | 16445 | 1092698 |

---

LVIP Dimensional International Core Equity Fund-33

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| †Avantium NV | 570 | $8745 |
| †Basic-Fit NV | 2849 | 86835 |
| BE Semiconductor <br> Industries NV<br>| 1934 | 289236 |
| Brunel International NV | 2490 | 26290 |
| Corbion NV | 6102 | 131027 |
| CTP NV | 9632 | 202924 |
| Euronext NV | 2514 | 430754 |
| Ferrovial SE | 12116 | 646301 |
| †Flow Traders Ltd. | 4363 | 141779 |
| ForFarmers NV | 2935 | 13821 |
| Fugro NV | 8999 | 126517 |
| HAL Trust | 1039 | 148545 |
| Havas NV | 53250 | 91550 |
| Heineken NV | 3490 | 304477 |
| IMCD NV | 4470 | 601194 |
| ING Groep NV | 51024 | 1118328 |
| JDE Peet's NV | 5915 | 168959 |
| †Just Eat Takeaway.com NV | 13289 | 304266 |
| Kendrion NV | 1761 | 24093 |
| Koninklijke Ahold Delhaize <br> NV<br>| 34305 | 1432798 |
| Koninklijke BAM Groep NV | 31392 | 280027 |
| Koninklijke Heijmans NV | 3002 | 194453 |
| Koninklijke KPN NV | 335052 | 1634448 |
| Koninklijke Philips NV | 28538 | 684668 |
| Koninklijke Vopak NV | 6612 | 328413 |
| Nedap NV | 289 | 24584 |
| NN Group NV | 26319 | 1751243 |
| †OCI NV | 6464 | 58456 |
| †Pharming Group NV | 49651 | 53251 |
| Pluxee NV | 1504 | 32793 |
| PostNL NV | 29160 | 31710 |
| Prosus NV | 14653 | 822128 |
| †Qiagen NV | 4207 | 202282 |
| Randstad NV | 8272 | 382340 |
| SBM Offshore NV | 17311 | 457679 |
| †SIF Holding NV | 1080 | 11524 |
| Signify NV | 8400 | 228081 |
| Sligro Food Group NV | 1675 | 28425 |
| Stellantis NV | 68416 | 685400 |
| TKH Group NV | 4644 | 212773 |
| †TomTom NV | 3375 | 19709 |
| Universal Music Group NV | 16128 | 523201 |
| Van Lanschot Kempen NV | 3690 | 237430 |
| Wolters Kluwer NV | 7684 | 1285058 |
|  |  | **28237601** |
| **New Zealand–0.34%** | **New Zealand–0.34%** | **New Zealand–0.34%** |
| a2 Milk Co. Ltd. | 9054 | 47591 |
| Air New Zealand Ltd. | 113751 | 40562 |
| Auckland International <br> Airport Ltd.<br>| 22078 | 104229 |
| Briscoe Group Ltd. | 2316 | 7553 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| Channel Infrastructure NZ <br> Ltd.<br>| 28651 | $38421 |
| Chorus Ltd. | 28344 | 145991 |
| Contact Energy Ltd. | 18681 | 102518 |
| EBOS Group Ltd. | 3524 | 82593 |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 7448 | 163593 |
| †Fletcher Building Ltd. | 77186 | 136101 |
| Freightways Group Ltd. | 14946 | 101184 |
| Genesis Energy Ltd. | 38404 | 53256 |
| †Gentrack Group Ltd. | 3379 | 25458 |
| Hallenstein Glasson <br> Holdings Ltd.<br>| 5127 | 25720 |
| Heartland Group Holdings <br> Ltd.<br>| 52841 | 25767 |
| Infratil Ltd. | 11814 | 76232 |
| †KMD Brands Ltd. | 50540 | 8473 |
| Mainfreight Ltd. | 2537 | 103843 |
| Manawa Energy Ltd. | 5838 | 22383 |
| Mercury NZ Ltd. | 12083 | 44276 |
| Meridian Energy Ltd. | 15558 | 55952 |
| NZX Ltd. | 20698 | 18799 |
| †Oceania Healthcare Ltd. | 68674 | 28046 |
| †Pacific Edge Ltd. | 16563 | 969 |
| PGG Wrightson Ltd. | 3482 | 4436 |
| Port of Tauranga Ltd. | 9842 | 41074 |
| †Rakon Ltd. | 8848 | 3290 |
| Restaurant Brands New <br> Zealand Ltd.<br>| 1312 | 2463 |
| †Ryman Healthcare Ltd. | 36618 | 49987 |
| Sanford Ltd. | 3824 | 13403 |
| Scales Corp. Ltd. | 10942 | 32148 |
| Skellerup Holdings Ltd. | 17661 | 50704 |
| SKY Network Television <br> Ltd.<br>| 10160 | 18517 |
| †SKYCITY Entertainment <br> Group Ltd.<br>| 54815 | 31379 |
| Spark New Zealand Ltd. | 60070 | 89013 |
| Steel & Tube Holdings Ltd. | 4332 | 1875 |
| Summerset Group Holdings <br> Ltd.<br>| 21029 | 144162 |
| Tourism Holdings Ltd. | 5819 | 7979 |
| TOWER Ltd. | 21343 | 20685 |
| Turners Automotive Group <br> Ltd.<br>| 3921 | 16730 |
| Vector Ltd. | 9108 | 24113 |
| †Vista Group International <br> Ltd.<br>| 10648 | 22717 |
| Vulcan Steel Ltd. | 2161 | 8289 |
| †Warehouse Group Ltd. | 6110 | 2979 |
| †Xero Ltd. | 277 | 32779 |
| Xero Ltd. (XRO) | 4052 | 479470 |
|  |  | **2557702** |

---

LVIP Dimensional International Core Equity Fund-34

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Norway–0.76%** | **Norway–0.76%** | **Norway–0.76%** |
| 2020 Bulkers Ltd. | 2462 | $27835 |
| ABG Sundal Collier Holding <br> ASA<br>| 35090 | 24474 |
| AF Gruppen ASA | 1402 | 21267 |
| †Akastor ASA | 6130 | 7434 |
| Aker ASA Class A | 362 | 23555 |
| Aker BioMarine ASA | 1763 | 10495 |
| Aker BP ASA | 12670 | 323774 |
| Aker Solutions ASA | 18311 | 63193 |
| Atea ASA | 7568 | 119533 |
| Austevoll Seafood ASA | 7454 | 71745 |
| Bakkafrost P | 535 | 24081 |
| Bluenord ASA | 933 | 45631 |
| Bonheur ASA | 1345 | 30530 |
| Borregaard ASA | 4167 | 82022 |
| Bouvet ASA | 5428 | 42920 |
| BW Offshore Ltd. | 8430 | 25300 |
| †Cloudberry Clean Energy <br> ASA<br>| 18751 | 23143 |
| †Crayon Group Holding ASA | 4190 | 60198 |
| DNB Bank ASA | 12515 | 346097 |
| DNO ASA | 52313 | 66669 |
| DOF Group ASA | 2621 | 23139 |
| Elkem ASA | 27134 | 63885 |
| Elmera Group ASA | 7374 | 25862 |
| Elopak ASA | 9930 | 46303 |
| †Entra ASA | 2782 | 36875 |
| Equinor ASA | 34666 | 875457 |
| Europris ASA | 16557 | 140412 |
| FLEX LNG Ltd. | 1270 | 27915 |
| Frontline PLC | 7943 | 130980 |
| Gjensidige Forsikring ASA | 1010 | 25603 |
| Golden Ocean Group Ltd. | 4374 | 32438 |
| †Grieg Seafood ASA | 6008 | 45218 |
| †Hexagon Composites ASA | 11362 | 20532 |
| †Hexagon Purus ASA | 2131 | 480 |
| Hoegh Autoliners ASA | 11013 | 97561 |
| Kid ASA | 1895 | 29254 |
| Kitron ASA | 9962 | 61886 |
| Klaveness Combination <br> Carriers ASA<br>| 3137 | 18985 |
| †Kongsberg Automotive <br> ASA<br>| 79968 | 13269 |
| Kongsberg Gruppen ASA | 5535 | 214631 |
| Leroy Seafood Group ASA | 7631 | 36224 |
| †LINK Mobility Group <br> Holding ASA<br>| 20663 | 59379 |
| Magnora ASA | 4688 | 11325 |
| Medistim ASA | 229 | 4748 |
| Morrow Bank ASA | 13708 | 15708 |
| Mowi ASA | 3718 | 71807 |
| MPC Container Ships ASA | 46238 | 73260 |
| Multiconsult ASA | 618 | 12808 |
| †NEL ASA | 12155 | 3041 |
| Norbit ASA | 1217 | 26068 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| †Nordic Semiconductor ASA | 2012 | $27202 |
| Norsk Hydro ASA | 18131 | 103825 |
| †Norske Skog ASA | 2906 | 6400 |
| Norwegian Air Shuttle ASA | 19708 | 28570 |
| †NRC Group ASA | 6134 | 4138 |
| Odfjell Drilling Ltd. | 10099 | 66837 |
| Odfjell SE Class A | 3481 | 37334 |
| †OKEA ASA | 5631 | 9465 |
| Orkla ASA | 1817 | 19790 |
| Pareto Bank ASA | 2045 | 16799 |
| Protector Forsikring ASA | 1317 | 56061 |
| Rana Gruber ASA | 3511 | 24043 |
| Rogaland Sparebank | 1014 | 14385 |
| Salmar ASA | 976 | 42296 |
| †SATS ASA | 17001 | 61420 |
| †Scatec ASA | 13621 | 125838 |
| Sea1 offshore, Inc. | 8784 | 21438 |
| Selvaag Bolig ASA | 3629 | 12655 |
| Solstad Maritime Holding <br> AS<br>| 4536 | 10776 |
| Solstad Offshore ASA | 4318 | 18312 |
| Sparebank 1 Oestlandet | 1833 | 35403 |
| SpareBank 1 Sor-Norge <br> ASA<br>| 6339 | 116631 |
| Sparebanken More | 3012 | 31945 |
| Stolt-Nielsen Ltd. | 1420 | 36135 |
| Storebrand ASA | 18459 | 261433 |
| Telenor ASA | 13244 | 206238 |
| TGS ASA | 11440 | 97609 |
| TOMRA Systems ASA | 2053 | 32044 |
| Var Energi ASA | 19203 | 61535 |
| Veidekke ASA | 8333 | 134048 |
| Vend Marketplaces ASA <br> Class B<br>| 550 | 18542 |
| Wallenius Wilhelmsen ASA | 8327 | 68463 |
| Wilh Wilhelmsen Holding <br> ASA Class A<br>| 1147 | 49445 |
| Wilh Wilhelmsen Holding <br> ASA Class B<br>| 293 | 12369 |
| †XXL ASA | 551 | 540 |
| Yara International ASA | 2963 | 109343 |
|  |  | **5664256** |
| **Peru–0.02%** | **Peru–0.02%** | **Peru–0.02%** |
| Hochschild Mining PLC | 33269 | 117265 |
|  |  | **117265** |
| **Philippines–0.00%** | **Philippines–0.00%** | **Philippines–0.00%** |
| †Del Monte Pacific Ltd. | 48800 | 2349 |
| †TELUS International CDA, <br> Inc.<br>| 5904 | 21432 |
|  |  | **23781** |

---

LVIP Dimensional International Core Equity Fund-35

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Poland–0.05%** | **Poland–0.05%** | **Poland–0.05%** |
| †InPost SA | 22465 | $373856 |
|  |  | **373856** |
| **Portugal–0.39%** | **Portugal–0.39%** | **Portugal–0.39%** |
| Altri SGPS SA | 5363 | 30804 |
| Banco Comercial Portugues <br> SA Class R<br>| 817245 | 636663 |
| Corticeira Amorim SGPS <br> SA<br>| 735 | 6859 |
| CTT-Correios de Portugal <br> SA<br>| 4552 | 40513 |
| EDP Renovaveis SA | 20595 | 230452 |
| EDP SA | 136985 | 595101 |
| Galp Energia SGPS SA | 38932 | 712683 |
| Jeronimo Martins SGPS SA | 7618 | 192872 |
| Mota-Engil SGPS SA | 8785 | 39799 |
| Navigator Co. SA | 22429 | 84270 |
| NOS SGPS SA | 20735 | 94641 |
| REN - Redes Energeticas <br> Nacionais SGPS SA<br>| 24428 | 87085 |
| Sonae SGPS SA | 92083 | 131031 |
|  |  | **2882773** |
| **Singapore–1.07%** | **Singapore–1.07%** | **Singapore–1.07%** |
| †AEM Holdings Ltd. | 41804 | 49343 |
| Aztech Global Ltd. | 15800 | 7024 |
| Banyan Tree Holdings Ltd. | 48800 | 16312 |
| BRC Asia Ltd. | 5600 | 13660 |
| Bukit Sembawang Estates <br> Ltd.<br>| 10600 | 33510 |
| BW LPG Ltd. | 6687 | 78685 |
| Centurion Corp. Ltd. | 37100 | 49009 |
| China Aviation Oil <br> Singapore Corp. Ltd.<br>| 34700 | 24834 |
| City Developments Ltd. | 38000 | 155131 |
| ComfortDelGro Corp. Ltd. | 130300 | 146556 |
| †COSCO Shipping <br> International Singapore <br> Co. Ltd.<br>| 243600 | 23388 |
| CSE Global Ltd. | 34727 | 15430 |
| DBS Group Holdings Ltd. | 39884 | 1407987 |
| Delfi Ltd. | 22000 | 13067 |
| DFI Retail Group Holdings <br> Ltd.<br>| 29100 | 80389 |
| =†Ezion Holdings Ltd. | 288390 | 0 |
| Far East Orchard Ltd. | 21691 | 17380 |
| First Resources Ltd. | 50700 | 58586 |
| Food Empire Holdings Ltd. | 18200 | 26337 |
| Frasers Property Ltd. | 33300 | 23177 |
| Frencken Group Ltd. | 21400 | 20872 |
| †Fu Yu Corp. Ltd. | 30400 | 2486 |
| Genting Singapore Ltd. | 405000 | 227787 |
| Geo Energy Resources Ltd. | 109100 | 28782 |
| Golden Agri-Resources <br> Ltd.<br>| 512000 | 100669 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| GuocoLand Ltd. | 27500 | $32442 |
| Hafnia Ltd. | 21454 | 107979 |
| Ho Bee Land Ltd. | 12200 | 19478 |
| Hong Fok Corp. Ltd. | 19800 | 11448 |
| Hong Leong Asia Ltd. | 34700 | 43719 |
| Hotel Grand Central Ltd. | 19945 | 10824 |
| Hour Glass Ltd. | 21300 | 32164 |
| Hutchison Port Holdings <br> Trust<br>| 545900 | 95031 |
| =†Hyflux Ltd. | 16000 | 0 |
| iFAST Corp. Ltd. | 6500 | 33741 |
| Indofood Agri Resources <br> Ltd.<br>| 26500 | 6669 |
| Kenon Holdings Ltd. | 1146 | 47357 |
| Keppel Infrastructure <br> Trust<br>| 193846 | 61020 |
| Keppel Ltd. | 47200 | 275628 |
| =†Midas Holdings Ltd. | 143100 | 0 |
| Nanofilm Technologies <br> International Ltd.<br>| 17800 | 9033 |
| Netlink NBN Trust | 145100 | 100423 |
| Olam Group Ltd. | 52900 | 39572 |
| OUE Ltd. | 20900 | 17095 |
| Oversea-Chinese Banking <br> Corp. Ltd.<br>| 52413 | 672108 |
| †Oxley Holdings Ltd. | 104878 | 7506 |
| Propnex Ltd. | 16800 | 14278 |
| Q&M Dental Group <br> Singapore Ltd.<br>| 30500 | 10674 |
| QAF Ltd. | 12400 | 8780 |
| Raffles Medical Group Ltd. | 49313 | 38601 |
| Riverstone Holdings Ltd. | 70100 | 36929 |
| SATS Ltd. | 54211 | 129661 |
| SBS Transit Ltd. | 4800 | 10537 |
| Seatrium Ltd. | 156242 | 246904 |
| Sembcorp Industries Ltd. | 38400 | 206864 |
| Sheng Siong Group Ltd. | 46800 | 68876 |
| SIA Engineering Co. Ltd. | 9600 | 23776 |
| SIIC Environment Holdings <br> Ltd.<br>| 68260 | 8375 |
| Singapore Airlines Ltd. | 91050 | 499387 |
| Singapore Exchange Ltd. | 26600 | 311465 |
| Singapore Land Group Ltd. | 14500 | 25240 |
| Singapore Technologies <br> Engineering Ltd.<br>| 55300 | 339082 |
| Singapore <br> Telecommunications Ltd.<br>| 20700 | 62406 |
| StarHub Ltd. | 49400 | 45068 |
| Straits Trading Co. Ltd. | 11108 | 13208 |
| †Thomson Medical Group <br> Ltd.<br>| 181300 | 6131 |
| Tuan Sing Holdings Ltd. | 59258 | 12591 |
| UMS Integration Ltd. | 34531 | 36099 |
| United Overseas Bank Ltd. | 28262 | 799919 |

---

LVIP Dimensional International Core Equity Fund-36

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| UOB-Kay Hian Holdings <br> Ltd.<br>| 47826 | $78634 |
| UOL Group Ltd. | 38700 | 188293 |
| †Valeura Energy, Inc. | 10600 | 55812 |
| Venture Corp. Ltd. | 22500 | 201914 |
| Vicom Ltd. | 4200 | 4823 |
| Wee Hur Holdings Ltd. | 64100 | 23973 |
| Wilmar International Ltd. | 66700 | 150560 |
| Wing Tai Holdings Ltd. | 34200 | 34698 |
| †XP Power Ltd. | 1325 | 16835 |
|  |  | **7954031** |
| **South Africa–0.03%** | **South Africa–0.03%** | **South Africa–0.03%** |
| †Petra Diamonds Ltd. | 9008 | 1823 |
| †Valterra Platinum Ltd. | 4361 | 191556 |
|  |  | **193379** |
| **Spain–2.58%** | **Spain–2.58%** | **Spain–2.58%** |
| Acciona SA | 1955 | 352612 |
| Acerinox SA | 16279 | 207842 |
| ACS Actividades de <br> Construccion y Servicios <br> SA<br>| 11413 | 793290 |
| Aedas Homes SA | 1320 | 37788 |
| Aena SME SA | 19200 | 512520 |
| Almirall SA | 4378 | 54924 |
| Amadeus IT Group SA | 15024 | 1269274 |
| †Amper SA | 108771 | 20604 |
| Atresmedia Corp. de <br> Medios de Comunicacion <br> SA<br>| 9729 | 59260 |
| †Audax Renovables SA | 8946 | 16164 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 120231 | 1851350 |
| Banco Bilbao Vizcaya <br> Argentaria SA ADR<br>| 99375 | 1527394 |
| Banco de Sabadell SA | 427409 | 1360678 |
| Banco Santander SA | 207156 | 1715433 |
| Bankinter SA | 78120 | 1019815 |
| CaixaBank SA | 57599 | 499085 |
| †Cellnex Telecom SA | 12737 | 495957 |
| CIE Automotive SA | 1997 | 57512 |
| Construcciones y Auxiliar <br> de Ferrocarriles SA<br>| 2140 | 117785 |
| Corp. ACCIONA Energias <br> Renovables SA<br>| 2251 | 52096 |
| †Distribuidora Internacional <br> de Alimentacion SA<br>| 883 | 27876 |
| Ebro Foods SA | 2022 | 41197 |
| †eDreams ODIGEO SA | 2861 | 26204 |
| Elecnor SA | 3734 | 95364 |
| Enagas SA | 8459 | 142428 |
| Ence Energia y Celulosa <br> SA<br>| 12971 | 44388 |
| Endesa SA | 11507 | 364485 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Ercros SA | 10000 | $34993 |
| Faes Farma SA | 12829 | 68880 |
| Fluidra SA | 2515 | 63053 |
| Gestamp Automocion SA | 12435 | 42952 |
| Global Dominion Access <br> SA<br>| 7450 | 27528 |
| †Grenergy Renovables SA | 713 | 51761 |
| †Grifols SA | 10416 | 127096 |
| Grupo Catalana Occidente <br> SA<br>| 4076 | 236465 |
| Grupo Empresarial San <br> Jose SA<br>| 3554 | 25470 |
| Iberdrola SA | 30174 | 580488 |
| Iberpapel Gestion SA | 898 | 21473 |
| Indra Sistemas SA | 5158 | 223787 |
| Industria de Diseno Textil <br> SA<br>| 16813 | 877080 |
| Laboratorios <br> Farmaceuticos Rovi SA<br>| 530 | 34205 |
| Linea Directa Aseguradora <br> SA Cia de Seguros y <br> Reaseguros<br>| 21910 | 34961 |
| Logista Integral SA | 6043 | 197890 |
| Mapfre SA | 97878 | 400928 |
| Melia Hotels International <br> SA<br>| 5514 | 46281 |
| Miquel y Costas & Miquel <br> SA<br>| 1868 | 31136 |
| Naturgy Energy Group SA | 5661 | 180046 |
| Neinor Homes SA | 1873 | 36654 |
| †Obrascon Huarte Lain SA | 25168 | 8940 |
| †Pharma Mar SA | 742 | 69688 |
| †Promotora de <br> Informaciones SA Class A<br>| 23606 | 10541 |
| Prosegur Cash SA | 36519 | 35102 |
| Realia Business SA | 11794 | 12281 |
| Redeia Corp. SA | 16985 | 363441 |
| Repsol SA | 44399 | 649398 |
| Sacyr SA | 18708 | 76471 |
| †Solaria Energia y Medio <br> Ambiente SA<br>| 4978 | 57759 |
| †Tecnicas Reunidas SA | 4025 | 92953 |
| Telefonica SA | 182441 | 960202 |
| Tubacex SA | 11128 | 55119 |
| Unicaja Banco SA | 77646 | 183394 |
| Vidrala SA | 2042 | 237283 |
| Viscofan SA | 3386 | 240855 |
|  |  | **19159879** |
| **Swaziland–0.00%** | **Swaziland–0.00%** | **Swaziland–0.00%** |
| Softwareone Holding AG | 3037 | 30132 |
|  |  | **30132** |
| **Sweden–2.78%** | **Sweden–2.78%** | **Sweden–2.78%** |
| AAK AB | 3471 | 91200 |

---

LVIP Dimensional International Core Equity Fund-37

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| AcadeMedia AB | 8341 | $73585 |
| AddLife AB Class B | 8354 | 166731 |
| Addnode Group AB | 6878 | 80782 |
| AddTech AB Class B | 7794 | 265710 |
| AFRY AB | 10969 | 183621 |
| Alfa Laval AB | 2620 | 110351 |
| Alimak Group AB | 2910 | 44784 |
| Alleima AB | 17620 | 139205 |
| Alligo AB Class B | 927 | 10778 |
| Ambea AB | 10557 | 125928 |
| †Annehem Fastigheter AB <br> Class B<br>| 4488 | 7723 |
| AQ Group AB | 4710 | 89891 |
| Arise AB | 3049 | 11050 |
| Arjo AB Class B | 14744 | 52897 |
| †Asmodee Group AB <br> Class B<br>| 5670 | 75306 |
| Assa Abloy AB Class B | 7219 | 225692 |
| Atlas Copco AB Class A | 35416 | 572535 |
| Atlas Copco AB Class B | 20952 | 298201 |
| Atrium Ljungberg AB <br> Class B<br>| 15075 | 54005 |
| Attendo AB | 13630 | 91558 |
| Avanza Bank Holding AB | 8077 | 274066 |
| Axfood AB | 2905 | 85882 |
| Beijer Alma AB | 2835 | 68230 |
| Beijer Ref AB | 4607 | 72703 |
| Bergman & Beving AB | 1531 | 47305 |
| Betsson AB Class B | 12884 | 272793 |
| †BHG Group AB | 16473 | 40594 |
| Bilia AB Class A | 6930 | 93411 |
| Billerud Aktiebolag | 18361 | 190236 |
| BioGaia AB Class B | 4284 | 48153 |
| Biotage AB | 1198 | 18167 |
| Bjorn Borg AB | 2586 | 16181 |
| †Boliden AB | 11926 | 372681 |
| †Bonava AB Class B | 20526 | 27846 |
| †Boozt AB | 4107 | 34377 |
| Bravida Holding AB | 20331 | 204872 |
| Bufab AB | 8765 | 81385 |
| Bulten AB | 815 | 5252 |
| Byggmax Group AB | 7274 | 39166 |
| †Camurus AB | 488 | 31364 |
| Castellum AB | 9893 | 130193 |
| Catena AB | 1654 | 84437 |
| Cellavision AB | 841 | 16161 |
| †Cint Group AB | 24365 | 20208 |
| Clas Ohlson AB Class B | 3793 | 129762 |
| Cloetta AB Class B | 25436 | 91592 |
| Coor Service Management <br> Holding AB<br>| 11679 | 51095 |
| Corem Property Group AB <br> Class B<br>| 47668 | 26210 |
| Corem Property Group AB <br> Class D<br>| 419 | 10580 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| CTT Systems AB | 561 | $12895 |
| Dios Fastigheter AB | 8151 | 59716 |
| Dometic Group AB | 18128 | 76014 |
| †Dustin Group AB | 57504 | 14433 |
| †Dynavox Group AB | 6844 | 80973 |
| Eastnine AB | 7448 | 39250 |
| Elanders AB Class B | 1811 | 11141 |
| †Electrolux AB Class B | 12821 | 91177 |
| Electrolux Professional AB <br> Class B<br>| 13262 | 94043 |
| Elekta AB Class B | 21721 | 112052 |
| †Eltel AB | 11132 | 12208 |
| †Embracer Group AB | 5670 | 64719 |
| †Enea AB | 1287 | 9468 |
| Engcon AB | 1349 | 12887 |
| Ependion AB | 1878 | 22034 |
| Epiroc AB Class A | 9438 | 205369 |
| Epiroc AB Class B | 5498 | 105411 |
| Essity AB Class A | 759 | 21151 |
| Essity AB Class B | 8578 | 237515 |
| Evolution AB | 3131 | 248674 |
| Fabege AB | 10758 | 96256 |
| Fagerhult Group AB | 5179 | 23099 |
| †Fastighets AB Balder <br> Class B<br>| 15301 | 114058 |
| †Fastighets AB Trianon | 1416 | 2852 |
| †Fastighetsbolaget Emilshus <br> AB Class B<br>| 94 | 517 |
| FastPartner AB Class A | 2918 | 17867 |
| †Ferronordic AB | 578 | 3067 |
| G5 Entertainment AB | 477 | 5502 |
| †GARO AB | 962 | 2034 |
| Getinge AB Class B | 9911 | 199119 |
| Granges AB | 11410 | 146481 |
| H & M Hennes & Mauritz <br> AB Class B<br>| 14299 | 201389 |
| Hanza AB | 2312 | 21926 |
| Heba Fastighets AB <br> Class B<br>| 7470 | 24974 |
| Hemnet Group AB | 5990 | 175871 |
| Hexagon AB Class B | 22249 | 224261 |
| †Hexatronic Group AB | 15691 | 41306 |
| Hexpol AB | 13858 | 134054 |
| †HMS Networks AB | 577 | 25262 |
| Holmen AB Class B | 2770 | 109726 |
| Hufvudstaden AB Class A | 4947 | 64661 |
| Humana AB | 3911 | 15328 |
| Husqvarna AB Class A | 1491 | 7885 |
| Husqvarna AB Class B | 15777 | 83164 |
| Indutrade AB | 3453 | 94285 |
| Instalco AB | 24898 | 64223 |
| INVISIO AB | 2645 | 99848 |
| Inwido AB | 5503 | 122548 |
| †ITAB Shop Concept AB | 1500 | 3634 |
| JM AB | 3598 | 57772 |

---

LVIP Dimensional International Core Equity Fund-38

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Kabe Group AB Class B | 418 | $11027 |
| †Karnov Group AB | 3802 | 43254 |
| †K-fast Holding AB | 5922 | 8991 |
| KNOW IT AB | 1633 | 22117 |
| Lagercrantz Group AB <br> Class B<br>| 12341 | 297057 |
| Lifco AB Class B | 3017 | 122269 |
| Lime Technologies AB | 713 | 31261 |
| Lindab International AB | 5809 | 120629 |
| Loomis AB | 8080 | 339700 |
| †Medcap AB | 820 | 38829 |
| Medicover AB Class B | 4332 | 115788 |
| MEKO AB | 4193 | 47687 |
| Midsona AB Class B | 1338 | 1230 |
| †Modern Times Group MTG <br> AB Class B<br>| 9134 | 115760 |
| Momentum Group AB | 927 | 15819 |
| Munters Group AB | 5335 | 78186 |
| Mycronic AB | 7410 | 158299 |
| †NCAB Group AB | 5265 | 26248 |
| NCC AB Class B | 10538 | 197197 |
| Nederman Holding AB | 1654 | 30874 |
| †Net Insight AB Class B | 38456 | 16428 |
| New Wave Group AB <br> Class B<br>| 7813 | 102615 |
| Nibe Industrier AB Class B | 8525 | 36399 |
| Nivika Fastigheter AB <br> Class B<br>| 2716 | 11795 |
| †Nobia AB | 40308 | 18335 |
| Nokian Renkaat OYJ | 5552 | 40176 |
| Nolato AB Class B | 12742 | 77980 |
| Nordnet AB publ | 4962 | 134876 |
| Note AB | 1549 | 29423 |
| NP3 Fastigheter AB | 2360 | 67511 |
| Nyfosa AB | 9733 | 97209 |
| OEM International AB <br> Class B<br>| 5867 | 86642 |
| †Orron Energy AB | 20424 | 10118 |
| †Ovzon AB | 3666 | 17980 |
| Peab AB Class B | 19265 | 157727 |
| Platzer Fastigheter Holding <br> AB Class B<br>| 4133 | 34934 |
| Prevas AB Class B | 951 | 9549 |
| †Pricer AB Class B | 11063 | 6001 |
| Proact IT Group AB | 2340 | 25937 |
| Ratos AB Class B | 24548 | 104188 |
| RaySearch Laboratories <br> AB<br>| 2208 | 78295 |
| Rejlers AB | 587 | 12329 |
| †Rottneros AB | 7980 | 2294 |
| Rvrc Holding AB | 7740 | 35766 |
| Saab AB Class B | 1385 | 77440 |
| Sagax AB Class B | 4413 | 101120 |
| †Samhallsbyggnadsbolaget i <br> Norden AB<br>| 23162 | 13868 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Samhallsbyggnadsbolaget i <br> Norden AB Class D<br>| 8533 | $7590 |
| Sandvik AB | 21161 | 485906 |
| Scandi Standard AB | 3932 | 40231 |
| Scandic Hotels Group AB | 18966 | 165397 |
| †Sdiptech AB Class B | 1862 | 41980 |
| Sectra AB Class B | 5273 | 195470 |
| Securitas AB Class B | 18979 | 284160 |
| †Sensys Gatso Group AB | 1884 | 8390 |
| †Sinch AB | 56576 | 164302 |
| Skandinaviska Enskilda <br> Banken AB Class A<br>| 27649 | 481937 |
| Skanska AB Class B | 13330 | 310517 |
| SKF AB Class A | 1577 | 36353 |
| SKF AB Class B | 13871 | 318621 |
| SkiStar AB | 4465 | 73127 |
| Solid Forsakring AB | 881 | 7450 |
| SSAB AB Class A | 10517 | 63290 |
| SSAB AB Class B | 23870 | 141291 |
| †Stendorren Fastigheter AB | 889 | 18463 |
| †Stillfront Group AB | 48955 | 35264 |
| Storskogen Group AB <br> Class B<br>| 124752 | 149641 |
| Svenska Cellulosa AB SCA <br> Class A<br>| 1121 | 14554 |
| Svenska Cellulosa AB SCA <br> Class B<br>| 18238 | 237144 |
| Svenska Handelsbanken <br> AB Class A<br>| 23706 | 317359 |
| Svenska Handelsbanken <br> AB Class B<br>| 1074 | 22513 |
| Sweco AB Class B | 7951 | 138040 |
| Swedbank AB Class A | 15445 | 409081 |
| †Swedish Orphan Biovitrum <br> AB<br>| 2505 | 76240 |
| Synsam AB | 5833 | 33015 |
| Systemair AB | 5564 | 51622 |
| Tele2 AB Class B | 24782 | 361753 |
| Telefonaktiebolaget LM <br> Ericsson Class A<br>| 2154 | 18474 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 66643 | 569486 |
| Telia Co. AB | 97749 | 351586 |
| TF Bank AB | 714 | 26541 |
| Thule Group AB | 2446 | 70454 |
| Trelleborg AB Class B | 7052 | 262695 |
| Troax Group AB | 3566 | 54242 |
| Truecaller AB Class B | 27904 | 197808 |
| VBG Group AB Class B | 1747 | 48018 |
| †Viaplay Group AB | 27828 | 2130 |
| Vitec Software Group AB <br> Class B<br>| 1631 | 82469 |
| Vitrolife AB | 4335 | 64276 |
| Volati AB | 837 | 10528 |
| Volvo AB Class A | 6233 | 175691 |

---

LVIP Dimensional International Core Equity Fund-39

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Volvo AB Class B | 49752 | $1399902 |
| †Volvo Car AB Class B | 51464 | 94283 |
| Wallenstam AB Class B | 16228 | 82942 |
| Wihlborgs Fastigheter AB | 12258 | 132777 |
|  |  | **20634694** |
| **Switzerland–7.97%** | **Switzerland–7.97%** | **Switzerland–7.97%** |
| ABB Ltd. | 19157 | 1148056 |
| Accelleron Industries AG | 9916 | 698769 |
| Adecco Group AG | 9030 | 269075 |
| Alcon AG | 17251 | 1524731 |
| Allreal Holding AG | 1569 | 368530 |
| ALSO Holding AG | 475 | 161099 |
| APG SGA SA | 98 | 29272 |
| Arbonia AG | 5155 | 34552 |
| †Aryzta AG | 2700 | 275720 |
| Ascom Holding AG | 1382 | 6290 |
| Autoneum Holding AG | 240 | 42015 |
| Avolta AG | 8874 | 483376 |
| Baloise Holding AG | 3242 | 764632 |
| Banque Cantonale de <br> Geneve<br>| 199 | 59442 |
| Banque Cantonale <br> Vaudoise<br>| 2043 | 235625 |
| Barry Callebaut AG | 188 | 205497 |
| Bell Food Group AG | 177 | 55733 |
| Bellevue Group AG | 933 | 8970 |
| Berner Kantonalbank AG | 447 | 141561 |
| BKW AG | 1113 | 244025 |
| Bossard Holding AG <br> Class A<br>| 439 | 96808 |
| Bucher Industries AG | 696 | 345932 |
| Burckhardt Compression <br> Holding AG<br>| 298 | 247761 |
| Burkhalter Holding AG | 416 | 68268 |
| Bystronic AG | 97 | 47119 |
| Calida Holding AG | 19 | 367 |
| Carlo Gavazzi Holding AG | 46 | 11827 |
| Cembra Money Bank AG | 3250 | 408830 |
| Cham Swiss Properties AG | 203 | 5782 |
| Chocoladefabriken Lindt & <br> Spruengli AG<br>| 2 | 333451 |
| †Cicor Technologies Ltd. | 245 | 49975 |
| Cie Financiere Richemont <br> SA Class A<br>| 7613 | 1440629 |
| Cie Financiere Tradition <br> SA<br>| 108 | 29690 |
| Clariant AG | 13412 | 142868 |
| Coca-Cola HBC AG | 6427 | 335763 |
| Coltene Holding AG | 332 | 28327 |
| Daetwyler Holding AG | 289 | 43837 |
| DKSH Holding AG | 3948 | 307089 |
| †DocMorris AG | 4288 | 34568 |
| dormakaba Holding AG | 330 | 301757 |
| DSM-Firmenich AG | 246 | 26171 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| EFG International AG | 12001 | $222421 |
| Emmi AG | 174 | 174015 |
| EMS-Chemie Holding AG | 148 | 111888 |
| †Feintool International <br> Holding AG<br>| 837 | 12553 |
| Fenix Outdoor <br> International AG<br>| 263 | 14483 |
| Flughafen Zurich AG | 2199 | 626988 |
| Forbo Holding AG | 47 | 48886 |
| Galenica AG | 5476 | 599257 |
| †GAM Holding AG | 7109 | 914 |
| Geberit AG | 1282 | 1009632 |
| Georg Fischer AG | 6615 | 541403 |
| Givaudan SA | 83 | 402511 |
| †Glencore PLC | 148830 | 579937 |
| †Gurit Holding AG Class BR | 240 | 5257 |
| Helvetia Holding AG | 2865 | 672634 |
| Holcim AG | 18040 | 1339635 |
| Huber & Suhner AG | 1300 | 145528 |
| Hypothekarbank Lenzburg <br> AG<br>| 7 | 35818 |
| Implenia AG | 1461 | 102378 |
| Inficon Holding AG | 644 | 86494 |
| Interroll Holding AG | 57 | 142248 |
| Intershop Holding AG | 270 | 48358 |
| Investis Holding SA | 307 | 49139 |
| Julius Baer Group Ltd. | 11728 | 795567 |
| Jungfraubahn Holding AG | 552 | 140612 |
| Kardex Holding AG | 391 | 135993 |
| †Komax Holding AG | 253 | 30909 |
| †Kudelski SA | 1531 | 2634 |
| Kuehne & Nagel <br> International AG<br>| 1404 | 304026 |
| Landis & Gyr Group AG | 1668 | 117560 |
| LEM Holding SA | 42 | 44202 |
| Liechtensteinische <br> Landesbank AG<br>| 1193 | 122841 |
| Logitech International SA | 4812 | 434896 |
| Lonza Group AG | 2121 | 1516862 |
| Luzerner Kantonalbank <br> AG<br>| 1951 | 175871 |
| Medacta Group SA | 258 | 43801 |
| Medmix AG | 1270 | 19429 |
| Metall Zug AG Class B | 22 | 29151 |
| Mobilezone Holding AG | 1836 | 26577 |
| Mobimo Holding AG | 673 | 275554 |
| Naturenergie Holding AG | 556 | 20011 |
| Nestle SA | 56348 | 5602476 |
| Novartis AG | 21964 | 2665927 |
| Novartis AG ADR | 42624 | 5157930 |
| Novavest Real Estate AG | 237 | 11470 |
| OC Oerlikon Corp. AG <br> Pfaffikon<br>| 8825 | 41115 |
| †Orior AG | 492 | 7965 |

---

LVIP Dimensional International Core Equity Fund-40

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Partners Group Holding <br> AG<br>| 803 | $1050586 |
| †Peach Property Group AG | 778 | 7018 |
| Phoenix Mecano AG | 34 | 18861 |
| Plazza AG Class A | 93 | 46546 |
| PSP Swiss Property AG | 3165 | 584305 |
| Rieter Holding AG | 353 | 30262 |
| Roche Holding AG | 13614 | 4457705 |
| Romande Energie Holding <br> SA<br>| 625 | 33241 |
| Sandoz Group AG | 29455 | 1614234 |
| Sandoz Group AG ADR | 2671 | 146010 |
| †Santhera Pharmaceuticals <br> Holding AG<br>| 1029 | 15508 |
| Schindler Holding AG | 416 | 151127 |
| Schweiter Technologies <br> AG<br>| 88 | 41954 |
| †Sensirion Holding AG | 159 | 16986 |
| SFS Group AG | 1646 | 226205 |
| SGS SA | 9793 | 994338 |
| Siegfried Holding AG | 2980 | 335752 |
| SIG Group AG | 28641 | 529774 |
| Sika AG | 2260 | 614909 |
| SKAN Group AG | 409 | 36864 |
| Softwareone Holding AG | 7974 | 79618 |
| Sonova Holding AG | 1471 | 438690 |
| St. Galler Kantonalbank <br> AG<br>| 321 | 195023 |
| Stadler Rail AG | 2889 | 71346 |
| STMicroelectronics NV | 16656 | 510706 |
| Straumann Holding AG | 1025 | 134162 |
| Sulzer AG | 1772 | 320224 |
| Swatch Group AG | 3994 | 294710 |
| Swiss Life Holding AG | 1074 | 1087278 |
| Swiss Prime Site AG | 7418 | 1113621 |
| Swiss Re AG | 10690 | 1849231 |
| Swisscom AG | 1123 | 797429 |
| Swissquote Group Holding <br> SA<br>| 1395 | 792834 |
| Tecan Group AG | 890 | 182136 |
| Temenos AG | 4573 | 328502 |
| TX Group AG | 202 | 52910 |
| †u-blox Holding AG | 564 | 70860 |
| UBS Group AG | 52976 | 1794688 |
| Valiant Holding AG | 1625 | 247499 |
| VAT Group AG | 284 | 120340 |
| Vaudoise Assurances <br> Holding SA<br>| 70 | 53888 |
| Vetropack Holding AG | 950 | 38294 |
| Vontobel Holding AG | 3592 | 290315 |
| VP Bank AG Class A | 349 | 35869 |
| V-ZUG Holding AG | 220 | 18010 |
| Walliser Kantonalbank | 94 | 14440 |
| Warteck Invest AG | 10 | 25458 |
| Ypsomed Holding AG | 79 | 42175 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Zehnder Group AG | 1078 | $91368 |
| Zug Estates Holding AG <br> Class B<br>| 24 | 65637 |
| Zuger Kantonalbank | 9 | 97776 |
| Zurich Insurance Group <br> AG<br>| 1849 | 1293788 |
|  |  | **59260555** |
| **Taiwan–0.01%** | **Taiwan–0.01%** | **Taiwan–0.01%** |
| †FIT Hon Teng Ltd. | 184000 | 55387 |
|  |  | **55387** |
| **United Arab Emirates–0.00%** | **United Arab Emirates–0.00%** | **United Arab Emirates–0.00%** |
| †Gulf Marine Services PLC | 49627 | 13380 |
| =†NMC Health PLC | 2337 | 0 |
| †Shelf Drilling Ltd. | 13982 | 12408 |
|  |  | **25788** |
| **United Kingdom–11.18%** | **United Kingdom–11.18%** | **United Kingdom–11.18%** |
| Anglogold Ashanti PLC | 5454 | 248539 |
| 4imprint Group PLC | 1868 | 93770 |
| †Accesso Technology Group <br> PLC<br>| 1549 | 11144 |
| Admiral Group PLC | 9114 | 409278 |
| Advanced Medical <br> Solutions Group PLC<br>| 13001 | 38709 |
| AG Barr PLC | 6257 | 59135 |
| Airtel Africa PLC | 85953 | 212857 |
| AJ Bell PLC | 28544 | 201094 |
| Alfa Financial Software <br> Holdings PLC<br>| 4940 | 15223 |
| Allfunds Group PLC | 21610 | 166059 |
| Anglo American PLC | 37536 | 1106482 |
| †AO World PLC | 25690 | 34135 |
| Ashmore Group PLC | 22572 | 48489 |
| Ashtead Group PLC | 17220 | 1104250 |
| Ashtead Technology <br> Holdings PLC<br>| 5826 | 35462 |
| †ASOS PLC | 2441 | 10152 |
| Associated British Foods <br> PLC<br>| 11964 | 338035 |
| †Aston Martin Lagonda <br> Global Holdings PLC<br>| 4044 | 4430 |
| AstraZeneca PLC | 5400 | 751513 |
| AstraZeneca PLC ADR | 41756 | 2917909 |
| †Auction Technology Group <br> PLC<br>| 5851 | 36583 |
| Auto Trader Group PLC | 56277 | 637437 |
| Aviva PLC | 72473 | 616145 |
| Avon Technologies PLC | 1962 | 51978 |
| B&M European Value <br> Retail SA<br>| 58134 | 216515 |
| Babcock International <br> Group PLC<br>| 30221 | 475978 |
| BAE Systems PLC | 21865 | 567459 |

---

LVIP Dimensional International Core Equity Fund-41

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Bakkavor Group PLC | 16224 | $48103 |
| Balfour Beatty PLC | 39985 | 286884 |
| Barclays PLC | 237750 | 1098587 |
| Barratt Redrow PLC | 99892 | 625523 |
| Beazley PLC | 62177 | 798353 |
| Begbies Traynor Group <br> PLC<br>| 6705 | 10170 |
| Bellway PLC | 13066 | 517609 |
| Berkeley Group Holdings <br> PLC<br>| 6695 | 354734 |
| Bloomsbury Publishing <br> PLC<br>| 5977 | 41985 |
| Bodycote PLC | 14011 | 112412 |
| †boohoo Group PLC | 35966 | 10096 |
| BP PLC | 284253 | 1416231 |
| BP PLC ADR | 49288 | 1475190 |
| Braemar PLC | 3535 | 10190 |
| Breedon Group PLC | 17511 | 92781 |
| Bridgepoint Group PLC | 8689 | 37069 |
| British American Tobacco <br> PLC<br>| 25392 | 1207296 |
| British American Tobacco <br> PLC ADR<br>| 3264 | 154485 |
| BT Group PLC | 464328 | 1236376 |
| Bunzl PLC | 4747 | 151270 |
| †Burberry Group PLC | 12699 | 206272 |
| Bytes Technology Group <br> PLC<br>| 25519 | 179247 |
| †Camellia PLC | 76 | 5980 |
| †Capita PLC | 7023 | 32182 |
| Card Factory PLC | 38688 | 48292 |
| †Carnival PLC | 1149 | 29188 |
| †Carnival PLC ADR | 1165 | 29719 |
| Carr's Group PLC | 1603 | 3254 |
| Central Asia Metals PLC | 23831 | 52142 |
| Centrica PLC | 233557 | 518210 |
| †Ceres Power Holdings PLC | 5558 | 6376 |
| Chemring Group PLC | 20014 | 155308 |
| Chesnara PLC | 13328 | 54701 |
| Clarkson PLC | 1580 | 70818 |
| †Close Brothers Group PLC | 12123 | 61506 |
| CMC Markets PLC | 11645 | 40281 |
| Coats Group PLC | 141000 | 153915 |
| Coca-Cola Europacific <br> Partners PLC<br>| 6225 | 573606 |
| Compass Group PLC | 30239 | 1024255 |
| Computacenter PLC | 2786 | 91826 |
| ConvaTec Group PLC | 47551 | 188352 |
| Costain Group PLC | 17953 | 36521 |
| Cranswick PLC | 3197 | 234829 |
| Crest Nicholson Holdings <br> PLC<br>| 28366 | 72752 |
| Croda International PLC | 2984 | 119802 |
| †Currys PLC | 71356 | 119275 |
| CVS Group PLC | 4289 | 73632 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †De La Rue PLC | 13452 | $23934 |
| †DFS Furniture PLC | 17021 | 39184 |
| Diageo PLC | 15003 | 378317 |
| Diageo PLC ADR | 2421 | 244134 |
| Diploma PLC | 2859 | 191924 |
| Direct Line Insurance <br> Group PLC<br>| 143003 | 603060 |
| DiscoverIE Group PLC | 5469 | 48946 |
| Domino's Pizza Group PLC | 17047 | 60230 |
| dotdigital group PLC | 7534 | 7788 |
| Dowlais Group PLC | 58441 | 53545 |
| Dr. Martens PLC | 29668 | 30563 |
| Drax Group PLC | 44319 | 422397 |
| Dunelm Group PLC | 12014 | 195779 |
| easyJet PLC | 15233 | 111480 |
| †EKF Diagnostics Holdings <br> PLC<br>| 5002 | 1840 |
| Elementis PLC | 46705 | 102668 |
| Endeavour Mining PLC | 16380 | 505083 |
| Energean PLC | 17683 | 221244 |
| EnQuest PLC | 185362 | 32236 |
| Epwin Group PLC | 9797 | 13724 |
| Essentra PLC | 21902 | 32168 |
| =†πEvraz PLC | 20000 | 0 |
| FDM Group Holdings PLC | 7488 | 21944 |
| Firstgroup PLC | 55434 | 175467 |
| FLEX LNG Ltd. | 843 | 18776 |
| Foresight Group Holdings <br> Ltd.<br>| 7643 | 46617 |
| Forterra PLC | 15583 | 42138 |
| Foxtons Group PLC | 30068 | 27963 |
| †Frasers Group PLC | 6580 | 61466 |
| †Frontier Developments <br> PLC<br>| 992 | 4241 |
| Fuller Smith & Turner PLC <br> Class A<br>| 2606 | 21391 |
| Future PLC | 12322 | 123691 |
| Galliford Try Holdings PLC | 9912 | 57123 |
| Games Workshop Group <br> PLC<br>| 2612 | 581386 |
| †Gaming Realms PLC | 880 | 616 |
| Gamma Communications <br> PLC<br>| 5521 | 86242 |
| GB Group PLC | 19697 | 64082 |
| Genuit Group PLC | 18116 | 97974 |
| Genus PLC | 209 | 5869 |
| †Georgia Capital PLC | 4171 | 110210 |
| Gooch & Housego PLC | 1112 | 9781 |
| Goodwin PLC | 187 | 19668 |
| Grainger PLC | 74491 | 226456 |
| Greencore Group PLC | 43007 | 137843 |
| Greggs PLC | 5518 | 145505 |
| GSK PLC | 57200 | 1090601 |
| Gulf Keystone Petroleum <br> Ltd.<br>| 21757 | 50471 |

---

LVIP Dimensional International Core Equity Fund-42

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| †Gym Group PLC | 10516 | $21941 |
| H&T Group PLC | 1906 | 16704 |
| Haleon PLC | 41615 | 213886 |
| Halfords Group PLC | 18444 | 39287 |
| Halma PLC | 4512 | 198321 |
| Harbour Energy PLC | 20193 | 54132 |
| Harworth Group PLC | 15020 | 37264 |
| Hays PLC | 46506 | 45469 |
| †Headlam Group PLC | 2792 | 3342 |
| Helical PLC | 8725 | 27467 |
| †Helios Towers PLC | 62269 | 103936 |
| Henry Boot PLC | 9398 | 29807 |
| Hill & Smith PLC | 4192 | 103319 |
| Hilton Food Group PLC | 7393 | 87882 |
| Hiscox Ltd. | 24545 | 423661 |
| Hollywood Bowl Group <br> PLC<br>| 21626 | 74806 |
| Howden Joinery Group <br> PLC<br>| 49040 | 576686 |
| HSBC Holdings PLC ADR | 31741 | 1929535 |
| HSBC Holdings PLC <br> (London Shares)<br>| 137478 | 1662959 |
| Hunting PLC | 17421 | 72021 |
| Ibstock PLC | 37628 | 75512 |
| IG Group Holdings PLC | 15961 | 233402 |
| IMI PLC | 22668 | 652275 |
| Impax Asset Management <br> Group PLC<br>| 8484 | 21637 |
| Imperial Brands PLC | 29271 | 1156501 |
| Inchcape PLC | 36515 | 363831 |
| †Indivior PLC | 3048 | 45322 |
| Informa PLC | 35697 | 395209 |
| IntegraFin Holdings PLC | 13392 | 59894 |
| InterContinental Hotels <br> Group PLC<br>| 412 | 47106 |
| InterContinental Hotels <br> Group PLC ADR<br>| 2814 | 324567 |
| International Consolidated <br> Airlines Group SA<br>| 7894 | 37029 |
| International Workplace <br> Group PLC<br>| 74640 | 214039 |
| Intertek Group PLC | 7754 | 505084 |
| Investec PLC | 32603 | 243901 |
| iomart Group PLC | 7195 | 2815 |
| †IQE PLC | 58773 | 8310 |
| ITV PLC | 270133 | 306031 |
| J D Wetherspoon PLC | 9040 | 96120 |
| J Sainsbury PLC | 141619 | 563624 |
| †James Fisher & Sons PLC | 3307 | 15888 |
| James Halstead PLC | 16114 | 35284 |
| JD Sports Fashion PLC | 179246 | 218586 |
| JET2 PLC | 4940 | 125286 |
| =†John Wood Group PLC | 54047 | 13680 |
| Johnson Matthey PLC | 12854 | 306492 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Johnson Service Group <br> PLC<br>| 36041 | $75197 |
| Jupiter Fund Management <br> PLC<br>| 49935 | 68543 |
| Just Group PLC | 86034 | 156645 |
| Kainos Group PLC | 2612 | 26612 |
| Keller Group PLC | 7639 | 153678 |
| Kier Group PLC | 29901 | 85663 |
| Kingfisher PLC | 143422 | 572769 |
| Kitwave Group PLC | 2572 | 11341 |
| Knights Group Holdings <br> PLC<br>| 783 | 2050 |
| Lancashire Holdings Ltd. | 17047 | 134547 |
| Legal & General Group <br> PLC<br>| 211209 | 739007 |
| Lion Finance Group PLC | 3870 | 376949 |
| Liontrust Asset <br> Management PLC<br>| 5738 | 32565 |
| Lloyds Banking Group PLC | 1059995 | 1114601 |
| London Stock Exchange <br> Group PLC<br>| 1549 | 226537 |
| LSL Property Services PLC | 6396 | 27831 |
| Luceco PLC | 14452 | 29621 |
| M&C Saatchi PLC | 5989 | 15904 |
| Macfarlane Group PLC | 14596 | 23656 |
| Man Group PLC | 75043 | 174331 |
| Marks & Spencer Group <br> PLC<br>| 91445 | 445065 |
| Marshalls PLC | 17993 | 66438 |
| †Marston's PLC | 68675 | 39385 |
| †McBride PLC | 15062 | 31054 |
| Me Group International <br> PLC<br>| 19139 | 60333 |
| Mears Group PLC | 10609 | 56357 |
| Melrose Industries PLC | 13008 | 94740 |
| †Metro Bank Holdings PLC | 26335 | 47789 |
| Midwich Group PLC | 1944 | 5630 |
| †Mitchells & Butlers PLC | 32436 | 127636 |
| Mitie Group PLC | 121809 | 236444 |
| MJ Gleeson PLC | 5712 | 31127 |
| †Mobico Group PLC | 64588 | 26174 |
| Mondi PLC | 22215 | 363004 |
| MONY Group PLC | 35323 | 107393 |
| Moonpig Group PLC | 13162 | 40521 |
| Morgan Advanced <br> Materials PLC<br>| 22119 | 66796 |
| Morgan Sindall Group PLC | 2641 | 165923 |
| Mortgage Advice Bureau <br> Holdings Ltd.<br>| 3472 | 42109 |
| MP Evans Group PLC | 2058 | 31907 |
| National Grid PLC | 31315 | 459662 |
| National Grid PLC ADR | 5177 | 385221 |
| NatWest Group PLC | 113322 | 795855 |
| NatWest Group PLC ADR | 29201 | 413194 |
| NCC Group PLC | 21063 | 41844 |

---

LVIP Dimensional International Core Equity Fund-43

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Next 15 Group PLC | 4840 | $16016 |
| Next PLC | 4244 | 724849 |
| Ninety One PLC | 5720 | 14541 |
| Norcros PLC | 5059 | 19048 |
| †Ocado Group PLC | 16195 | 50513 |
| Odfjell Technology Ltd. | 1683 | 8249 |
| On the Beach Group PLC | 10599 | 42972 |
| OSB Group PLC | 42937 | 308488 |
| Oxford Instruments PLC | 2638 | 68655 |
| Pagegroup PLC | 20094 | 73826 |
| Pan African Resources <br> PLC<br>| 187960 | 118036 |
| PayPoint PLC | 7751 | 90118 |
| Pearson PLC | 5109 | 75261 |
| Pennon Group PLC | 19875 | 137122 |
| Persimmon PLC | 24381 | 433747 |
| Pets at Home Group PLC | 36513 | 131450 |
| Pharos Energy PLC | 14884 | 4173 |
| Phoenix Group Holdings <br> PLC<br>| 8283 | 74937 |
| †Pinewood Technologies <br> Group PLC<br>| 6987 | 42855 |
| Playtech PLC | 19897 | 102692 |
| Polar Capital Holdings <br> PLC<br>| 6027 | 39306 |
| Porvair PLC | 1608 | 15937 |
| PPHE Hotel Group Ltd. | 770 | 16923 |
| Premier Foods PLC | 57794 | 158186 |
| Prudential PLC ADR | 15465 | 386934 |
| PZ Cussons PLC | 17088 | 17405 |
| QinetiQ Group PLC | 29164 | 206358 |
| Rank Group PLC | 8180 | 14934 |
| Reach PLC | 25344 | 25465 |
| Reckitt Benckiser Group <br> PLC<br>| 22337 | 1521752 |
| RELX PLC | 8237 | 445742 |
| RELX PLC ADR | 24827 | 1349099 |
| Renew Holdings PLC | 4013 | 46755 |
| Rentokil Initial PLC | 23283 | 112335 |
| Ricardo PLC | 2769 | 16852 |
| Rightmove PLC | 49221 | 532739 |
| Rio Tinto PLC | 7867 | 457891 |
| Rio Tinto PLC ADR | 9730 | 567551 |
| Robert Walters PLC | 3858 | 9691 |
| Rolls-Royce Holdings PLC | 127492 | 1689606 |
| Rotork PLC | 48856 | 215545 |
| RS Group PLC | 17867 | 141041 |
| RWS Holdings PLC | 14982 | 18221 |
| S4 Capital PLC | 20890 | 7283 |
| Sabre Insurance Group <br> PLC<br>| 19055 | 38753 |
| †Saga PLC | 13212 | 31811 |
| Sage Group PLC | 25509 | 438061 |
| †Savannah Energy PLC | 28585 | 2825 |
| Savills PLC | 10749 | 146866 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Schroders PLC | 44674 | $222169 |
| Secure Trust Bank PLC | 1370 | 15308 |
| Senior PLC | 18309 | 46243 |
| Serco Group PLC | 92861 | 257481 |
| Serica Energy PLC | 15438 | 33647 |
| Severfield PLC | 10593 | 5467 |
| Severn Trent PLC | 6207 | 233210 |
| Shell PLC | 136635 | 4767129 |
| Shell PLC ADR | 44162 | 3109446 |
| †SIG PLC | 58377 | 12436 |
| Smith & Nephew PLC | 11135 | 170524 |
| Smiths Group PLC | 8689 | 268006 |
| Smiths News PLC | 11631 | 9324 |
| Softcat PLC | 12874 | 303399 |
| Spectris PLC | 3566 | 187920 |
| Speedy Hire PLC | 45398 | 18165 |
| Spirax Group PLC | 1207 | 98699 |
| Spire Healthcare Group <br> PLC<br>| 13483 | 41510 |
| †Spirent Communications <br> PLC<br>| 35761 | 95720 |
| SSE PLC | 39830 | 1002924 |
| SSP Group PLC | 47075 | 111495 |
| St. James's Place PLC | 42049 | 685189 |
| Standard Chartered PLC | 77579 | 1283818 |
| SThree PLC | 7462 | 25022 |
| =†Studio Retail Group PLC | 3000 | 0 |
| STV Group PLC | 2471 | 5919 |
| Subsea 7 SA | 7831 | 147002 |
| †Synthomer PLC | 13236 | 19904 |
| Tate & Lyle PLC | 16470 | 116815 |
| Tatton Asset Management <br> PLC<br>| 5219 | 48428 |
| Taylor Wimpey PLC | 317061 | 517035 |
| Team Internet Group PLC | 9144 | 7958 |
| Telecom Plus PLC | 7410 | 196361 |
| Tesco PLC | 277349 | 1529169 |
| †THG PLC | 61212 | 27154 |
| Topps Tiles PLC | 15052 | 7231 |
| TORM PLC Class A | 3894 | 65630 |
| TP ICAP Group PLC | 70026 | 262190 |
| †Trainline PLC | 18113 | 69574 |
| TT Electronics PLC | 12612 | 19396 |
| †Tullow Oil PLC | 65046 | 14232 |
| Unilever PLC ADR | 30095 | 1840911 |
| United Utilities Group PLC | 19074 | 299514 |
| †Vanquis Banking Group <br> PLC<br>| 16016 | 22116 |
| Vertu Motors PLC | 36292 | 31633 |
| Vesuvius PLC | 14198 | 76474 |
| Victrex PLC | 3374 | 35939 |
| †Vistry Group PLC | 20407 | 178780 |
| Vodafone Group PLC | 635457 | 680226 |
| Vodafone Group PLC ADR | 8708 | 92827 |
| Volex PLC | 9310 | 48966 |

---

LVIP Dimensional International Core Equity Fund-44

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Volution Group PLC | 5998 | $48658 |
| Vp PLC | 1013 | 8343 |
| †Watches of Switzerland <br> Group PLC<br>| 18564 | 104518 |
| †Watkin Jones PLC | 10791 | 4159 |
| Weir Group PLC | 9357 | 320006 |
| WH Smith PLC | 9159 | 137185 |
| Whitbread PLC | 11820 | 458687 |
| †Wise PLC Class A | 3874 | 55342 |
| WPP PLC | 15914 | 112050 |
| WPP PLC ADR | 4463 | 156250 |
| †Xaar PLC | 886 | 1498 |
| XPS Pensions Group PLC | 15775 | 83041 |
| Young & Co.'s Brewery PLC <br> Class A<br>| 2151 | 28345 |
| Zigup PLC | 26892 | 131163 |
| Zotefoams PLC | 3613 | 15896 |
|  |  | **83083799** |
| **United States–0.41%** | **United States–0.41%** | **United States–0.41%** |
| †ADTRAN Holdings, Inc. | 4117 | 36962 |
| †Amrize Ltd. | 18040 | 899897 |
| †Coeur Mining, Inc. | 3673 | 32543 |
| Diversified Energy Co. PLC | 1389 | 20705 |
| †Frontage Holdings Corp. | 64000 | 8724 |
| GSK PLC Sponsored ADR | 23066 | 885734 |
| International Paper Co. | 11874 | 555683 |
| †REC Silicon ASA | 10625 | 2684 |
| †SSR Mining, Inc. | 495 | 6306 |
| †Viemed Healthcare, Inc. | 785 | 5424 |
| Waste Connections, Inc. | 3027 | 565201 |
|  |  | **3019863** |
| **Total Common Stock** <br>**(Cost $542,076,966)** | **Total Common Stock** <br>**(Cost $542,076,966)** | **734743075** |
| **ΔCONVERTIBLE PREFERRED STOCK–0.02%** | **ΔCONVERTIBLE PREFERRED STOCK–0.02%** | **ΔCONVERTIBLE PREFERRED STOCK–0.02%** |
| **Germany–0.02%** | **Germany–0.02%** | **Germany–0.02%** |
| †Dr. Ing hc F Porsche AG | 3440 | 170018 |
| **Total Convertible Preferred Stock** <br>**(Cost $290,567)** | **Total Convertible Preferred Stock** <br>**(Cost $290,567)** | **170018** |
| **ΔPREFERRED STOCKS–0.37%** | **ΔPREFERRED STOCKS–0.37%** | **ΔPREFERRED STOCKS–0.37%** |
| **Germany–0.37%** | **Germany–0.37%** | **Germany–0.37%** |
| Bayerische Motoren Werke <br> AG 6.17%<br>| 1391 | 115517 |
| Draegerwerk AG & Co. KGaA <br> 3.04%<br>| 847 | 67085 |
| Einhell Germany AG 1.29% | 192 | 16985 |
| FUCHS SE 2.49% | 6201 | 342714 |
| Henkel AG & Co. KGaA <br> 3.06%<br>| 6373 | 500813 |
| Jungheinrich AG 2.00% | 3605 | 170130 |
| Porsche Automobil Holding <br> SE 5.68%<br>| 6615 | 262606 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Sartorius AG 0.34% | 104 | $26489 |
| Sixt SE 4.56% | 2063 | 144955 |
| STO SE & Co. KGaA 2.81% | 210 | 29689 |
| Villeroy & Boch AG 5.03% | 830 | 17733 |
| Volkswagen AG 7.09% | 9496 | 1003856 |
| **Total Preferred Stocks** <br>**(Cost $3,041,762)** | **Total Preferred Stocks** <br>**(Cost $3,041,762)** | **2698572** |
| **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** |
| **Italy–0.00%** | **Italy–0.00%** | **Italy–0.00%** |
| =†Biesse SpA expiration date <br> 7/3/25<br>| 1326 | 0 |
|  |  | **0** |
| **Sweden–0.00%** | **Sweden–0.00%** | **Sweden–0.00%** |
| †Rottneros AB expiration <br> date 7/3/25<br>| 23940 | 16 |
|  |  | **16** |
| **United Kingdom–0.00%** | **United Kingdom–0.00%** | **United Kingdom–0.00%** |
| †Videndum PLC | 6099 | 6849 |
|  |  | **6849** |
| **Total Rights**<br> **(Cost $47,796)** | **Total Rights**<br> **(Cost $47,796)** | **6865** |
| **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** |
| **Canada–0.00%** | **Canada–0.00%** | **Canada–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> CAD 1.0000<br>| 300 | 0 |
|  |  | **0** |
| **Italy–0.00%** | **Italy–0.00%** | **Italy–0.00%** |
| †Geox SpA exp 9/30/26 <br> exercise price EUR 0.3420<br>| 325 | 14 |
| =†Webuild SpA exp 8/02/30 <br> exercise price EUR 1.0000<br>| 746 | 0 |
|  |  | **14** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **14** |

---

&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> 4.27%)<br>| 2909613 | 2909613 |
| **Total Money Market Fund** <br>**(Cost $2,909,613)** | **Total Money Market Fund** <br>**(Cost $2,909,613)** | **2909613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional International Core Equity Fund-45

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.63% (Cost $548,366,704)** | **$740528157** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.37%** | **2778332** |
| **NET ASSETS APPLICABLE TO 50,763,747 SHARES OUTSTANDING–100.00%** | **$743306489** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND STANDARD CLASS** <br>**($546,648,511 / 37,296,512 Shares)** | **$14.657** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND SERVICE CLASS** <br>**($196,657,978 / 13,467,235 Shares)** | **$14.603** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$550862867** |
| Distributable earnings/(accumulated loss) | **192443622** |
| **TOTAL NET ASSETS** | **$743306489** |

---

&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 June 30, 2025, the aggregate value of restricted securities was $0, which represented <br> 0.00% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these <br> securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Evraz PLC | 5/7/2015 | &nbsp;&nbsp; $63743 | &nbsp;&nbsp; $0 |
| Raven Property Group Ltd. | 7/26/2005 | &nbsp;&nbsp; 11879 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $75622 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $49,258 expense reimbursement receivable from Lincoln Financial Investments Corporation, $671,522 payable for securities <br> purchased, $1,508,270 payable for fund shares redeemed, $109,295 other accrued expenses payable, $406,785 due to manager and affiliates, <br> $16,187 payable for audit fee and $16,492 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CAD–Canadian Dollar |
| CDI–Chess Depository Interest |
| EUR–Euro |
| LNG–Liquefied Natural Gas |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-46

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $17276113 |
| Foreign taxes withheld | (1824541)<br>|
|  | 15451572 |
| **EXPENSES:** |  |
| Management fees | 2090269 |
| Distribution fees-Service Class | 226681 |
| Shareholder servicing fees | 104513 |
| Professional fees | 98510 |
| Custodian fees | 90183 |
| Pricing fees | 75818 |
| Accounting and administration expenses | 64224 |
| Trustees' fees and expenses | 9976 |
| Consulting fees | 8084 |
| Reports and statements to shareholders | 5349 |
| Other | 9780 |
|  | 2783387 |
| Less:  |  |
| Expenses reimbursed | (322281)<br>|
| Total operating expenses | 2461106 |
| **NET INVESTMENT INCOME**  | 12990466 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 7325090 |
| Foreign currencies | 354344 |
| Net realized gain | 7679434 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 117699470 |
| Foreign currencies | 231633 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 117931103 |
| **NET REALIZED AND UNREALIZED GAIN** | 125610537 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $138601003 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $12990466 | $13673723 |
| Net realized gain | 7679434 | 7181199 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 117931103 | (5697041)<br>|
| Net increase in net assets resulting <br> from operations<br>| 138601003 | 15157881 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (12035642)<br>|
| Service Class |  | (3641713)<br>|
|  |  | (15677355)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 9521969 | 198909230 |
| Service Class | 18919584 | 23689454 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 12035642 |
| Service Class |  | 3641713 |
|  | 28441553 | 238276039 |
| Cost of shares redeemed: |  |  |
| Standard Class | (99996527)<br>| (44292504)<br>|
| Service Class | (29280167)<br>| (25098633)<br>|
|  | (129276694)<br>| (69391137)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (100835141)<br>| 168884902 |
| **NET INCREASE IN NET ASSETS** | 37765862 | 168365428 |
| **NET ASSETS:** |  |  |
| Beginning of period | 705540627 | 537175199 |
| End of period | $743306489 | $705540627 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-47

------

**LVIP Dimensional International Core Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.098 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $10.668 | &nbsp;&nbsp; $12.760 | &nbsp;&nbsp; $11.539 | &nbsp;&nbsp; $10.972 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.239 | 0.312 | 0.302 | 0.312 | 0.280 | 0.181 |
| Net realized and unrealized gain (loss) | 2.320 | 0.067 | 1.393 | &nbsp;&nbsp; (2.030)<br>| 1.235 | 0.569 |
| Total from investment operations | 2.559 | 0.379 | 1.695 | &nbsp;&nbsp; (1.718)<br>| 1.515 | 0.750 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.183)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.294)<br>| &nbsp;&nbsp; (0.183)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.657 | &nbsp;&nbsp; $12.098 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $10.668 | &nbsp;&nbsp; $12.760 | &nbsp;&nbsp; $11.539 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 21.15% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 16.01% | &nbsp;&nbsp; (13.42%)<br>| &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; 6.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $546649 | &nbsp;&nbsp; $533611 | &nbsp;&nbsp; $368621 | &nbsp;&nbsp; $343995 | &nbsp;&nbsp; $407047 | &nbsp;&nbsp; $373079 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 1.84% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.73% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-48

------

**LVIP Dimensional International Core Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.069 | &nbsp;&nbsp; $11.986 | &nbsp;&nbsp; $10.645 | &nbsp;&nbsp; $12.739 | &nbsp;&nbsp; $11.522 | &nbsp;&nbsp; $10.960 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.223 | 0.280 | 0.272 | 0.283 | 0.248 | 0.156 |
| Net realized and unrealized gain (loss) | 2.311 | 0.067 | 1.390 | &nbsp;&nbsp; (2.026)<br>| 1.234 | 0.565 |
| Total from investment operations | 2.534 | 0.347 | 1.662 | &nbsp;&nbsp; (1.743)<br>| 1.482 | 0.721 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.159)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.159)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.603 | &nbsp;&nbsp; $12.069 | &nbsp;&nbsp; $11.986 | &nbsp;&nbsp; $10.645 | &nbsp;&nbsp; $12.739 | &nbsp;&nbsp; $11.522 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 21.00% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 15.72% | &nbsp;&nbsp; (13.64%)<br>| &nbsp;&nbsp; 12.94% | &nbsp;&nbsp; 6.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $196658 | &nbsp;&nbsp; $171929 | &nbsp;&nbsp; $168554 | &nbsp;&nbsp; $152083 | &nbsp;&nbsp; $140511 | &nbsp;&nbsp; $112482 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.01% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.59% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.48% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-49

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional International Core Equity Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of

LVIP Dimensional International Core Equity Fund-50

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 June 30, 2025, the value and cost of foreign currency held by the LVIP Dimensional International Core Equity Fund is $2,052,775 and $2,037,484 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 0.58% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.62% of the Fund's average daily net assets for the Standard Class and 0.87% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2025, 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 six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $709910 | &nbsp;&nbsp; $518071 | &nbsp;&nbsp; $685317 | &nbsp;&nbsp; $1913298 |

---

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

LVIP Dimensional International Core Equity Fund-51

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $30478 |
| Legal | &nbsp;&nbsp; 4645 |

---

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 $1,509 for the six months ended June 30, 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 June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $49258 |
| Management fees payable to LFI | &nbsp;&nbsp; 349654 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 39624 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 24 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 17483 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $9762616 |
| Sales | &nbsp;&nbsp; 95279386 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $548366704 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $231452395 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (39290942)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $192161453 |

---

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 June 30, 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)

LVIP Dimensional International Core Equity Fund-52

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $2084831 | &nbsp;&nbsp; $43571179 | &nbsp;&nbsp; $11264 | &nbsp;&nbsp; $45667274 |
| Austria | &nbsp;&nbsp; 149133 | &nbsp;&nbsp; 4755294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4904427 |
| Belgium | &nbsp;&nbsp; 123145 | &nbsp;&nbsp; 7308787 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7431932 |
| Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp; 47476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47476 |
| Britain | &nbsp;&nbsp; 69253 | &nbsp;&nbsp; 150920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 220173 |
| Canada | &nbsp;&nbsp; 82832208 | &nbsp;&nbsp; 135469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82967677 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 129809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129809 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 613527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 613527 |
| Colombia | &nbsp;&nbsp; 16072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16072 |
| Cyprus | &nbsp;&nbsp; — | &nbsp;&nbsp; 34480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34480 |
| Denmark | &nbsp;&nbsp; 858413 | &nbsp;&nbsp; 17168376 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18026789 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 457508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 457508 |
| Finland | &nbsp;&nbsp; 156820 | &nbsp;&nbsp; 12902386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13059206 |
| France | &nbsp;&nbsp; 337490 | &nbsp;&nbsp; 54795491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55132981 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 231979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 231979 |
| Germany | &nbsp;&nbsp; 915599 | &nbsp;&nbsp; 54501167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55416766 |
| Greece | &nbsp;&nbsp; 20305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20305 |
| Guernsey | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 1235506 | &nbsp;&nbsp; 10708401 | &nbsp;&nbsp; 166266 | &nbsp;&nbsp; 12110173 |
| Ireland | &nbsp;&nbsp; 455145 | &nbsp;&nbsp; 5782364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6237509 |
| Isle of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 133145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133145 |
| Israel | &nbsp;&nbsp; 828772 | &nbsp;&nbsp; 8408016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9236788 |
| Italy | &nbsp;&nbsp; 495974 | &nbsp;&nbsp; 23390427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23886401 |
| Japan | &nbsp;&nbsp; 318809 | &nbsp;&nbsp; 162829830 | &nbsp;&nbsp; 87783 | &nbsp;&nbsp; 163236422 |
| Jordan | &nbsp;&nbsp; — | &nbsp;&nbsp; 230428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 230428 |
| Luxembourg | &nbsp;&nbsp; 7241 | &nbsp;&nbsp; 1668030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1675271 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 221553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221553 |
| Mauritius | &nbsp;&nbsp; 545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 545 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 72948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72948 |
| Mongolia | &nbsp;&nbsp; — | &nbsp;&nbsp; 48770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48770 |
| Netherlands | &nbsp;&nbsp; 6468960 | &nbsp;&nbsp; 21768641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28237601 |
| New Zealand | &nbsp;&nbsp; 969489 | &nbsp;&nbsp; 1588213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2557702 |
| Norway | &nbsp;&nbsp; 1065176 | &nbsp;&nbsp; 4599080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5664256 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 117265 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117265 |
| Philippines | &nbsp;&nbsp; 21432 | &nbsp;&nbsp; 2349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23781 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 373856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373856 |
| Portugal | &nbsp;&nbsp; 131031 | &nbsp;&nbsp; 2751742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2882773 |
| Singapore | &nbsp;&nbsp; 544022 | &nbsp;&nbsp; 7410009 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 7954031 |
| South Africa | &nbsp;&nbsp; 191556 | &nbsp;&nbsp; 1823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 193379 |

---

LVIP Dimensional International Core Equity Fund-53

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Spain | &nbsp;&nbsp; $2634148 | &nbsp;&nbsp; $16525731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19159879 |
| Swaziland | &nbsp;&nbsp; — | &nbsp;&nbsp; 30132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30132 |
| Sweden | &nbsp;&nbsp; 424548 | &nbsp;&nbsp; 20210146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20634694 |
| Switzerland | &nbsp;&nbsp; 8233520 | &nbsp;&nbsp; 51027035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59260555 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 55387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55387 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 25788 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 25788 |
| United Kingdom | &nbsp;&nbsp; 20184307 | &nbsp;&nbsp; 62885812 | &nbsp;&nbsp; 13680 | &nbsp;&nbsp; 83083799 |
| United States | &nbsp;&nbsp; 2406513 | &nbsp;&nbsp; 613350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3019863 |
| Convertible Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 170018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 170018 |
| Preferred Stocks |  |  |  |  |
| Germany | &nbsp;&nbsp; 16985 | &nbsp;&nbsp; 2681587 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2698572 |
| Rights | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 6849 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 6865 |
| Warrants | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 14 |
| Money Market Fund | &nbsp;&nbsp; 2909613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2909613 |
| **Total Investments** | &nbsp;&nbsp; $137106591 | &nbsp;&nbsp; $603142573 | &nbsp;&nbsp; $278993 | &nbsp;&nbsp; $740528157 |

---

&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 June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

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 period ended June 30, 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> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $278993 | Enterprise Value | Deal Terms | # |
|  |  | Official Close/Last<br> Traded Price<br>| # | # |
|  |  | Official Close/Last<br> Traded Price (b)<br>| Discount Applied (b) | 81.25% (N/A) |
| Total | $278993 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. |

---

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> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $9356 | $— | $17141 | $(18476)<br>| $276590 | $(3936)<br>| $— | $(107897)<br>| $106215 | $278993 | $81003 |
| Rights |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  |  |  |  |  |  |  |  |  |  |
| Total | $9356 | $— | $17141 | $(18476)<br>| $276590 | (3936)$| $— | $(107897)<br>| $106215 | $278993 | $81003 |

---

LVIP Dimensional International Core Equity Fund-54

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 740562 | &nbsp;&nbsp; 15990621 |
| Service Class | &nbsp;&nbsp; 1426613 | &nbsp;&nbsp; 1901124 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 957017 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 289653 |
|  | &nbsp;&nbsp; 2167175 | &nbsp;&nbsp; 19138415 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (7549810)<br>| &nbsp;&nbsp; (3523890)<br>|
| Service Class | &nbsp;&nbsp; (2205272)<br>| &nbsp;&nbsp; (2007057)<br>|
|  | &nbsp;&nbsp; (9755082)<br>| &nbsp;&nbsp; (5530947)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7587907)<br>| &nbsp;&nbsp; 13607468 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geo-political tensions. The United States and many other countries have instituted various sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions and other punitive actions taken, and resulting future market disruptions – both in Europe and globally – cannot easily be predicted but could be significant and have a severe adverse effect on Russia and Europe in general. In addition, there are significant risks due to the relatively recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions.

LVIP Dimensional International Core Equity Fund-55

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional International Core Equity Fund-56

------

![](img80fa03ee1.jpg)

![](imgaa633bcb2.jpg)

LVIP Dimensional International Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Dimensional International Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_SOI-continued-279_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_FS-continued-279_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_FS-continued-279_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_FS-continued-279_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_FIHI-continued-279_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_e72214a7-817f-4c18-9338-cd7b4d4bd94c_NTF-continued-279_1)**  | &nbsp;&nbsp; **7** |

---

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–47.93%** | **AFFILIATED INVESTMENT–47.93%** | **AFFILIATED INVESTMENT–47.93%** |
| **INVESTMENT COMPANY–47.93%** | **INVESTMENT COMPANY–47.93%** | **INVESTMENT COMPANY–47.93%** |
| **International Equity Fund–47.93%** | **International Equity Fund–47.93%** | **International Equity Fund–47.93%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional <br> International Core Equity <br> Fund<br>| 18297661 | $268188813 |
| **Total Affiliated Investment** <br>**(Cost $166,937,507)**<br>|  | **268188813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–51.70%** | **UNAFFILIATED INVESTMENTS–51.70%** | **UNAFFILIATED INVESTMENTS–51.70%** |
| **INVESTMENT COMPANIES–51.70%** | **INVESTMENT COMPANIES–51.70%** | **INVESTMENT COMPANIES–51.70%** |
| **International Equity Fund–47.82%** | **International Equity Fund–47.82%** | **International Equity Fund–47.82%** |
| \*Dimensional Investment <br> Group–<br> DFA International Value <br> Portfolio<br>| 10736712 | 267558863 |
|  |  | **267558863** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.88%** | **Money Market Fund–3.88%** | **Money Market Fund–3.88%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 21688236 | $21688236 |
|  |  | **21688236** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $166,719,302)**<br>|  | **289247099** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.63% (Cost $333,656,809)** | **557435912** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.37%** | **2079552** |
| **NET ASSETS APPLICABLE TO 46,218,908 SHARES OUTSTANDING–100.00%** | **$559515464** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 66 | CME British Pound Currency Futures | &nbsp;&nbsp; $5661562 | &nbsp;&nbsp; $5581299 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $80263 | &nbsp;&nbsp; $— |
| 64 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 9468800 | &nbsp;&nbsp; 9237689 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 231111 | &nbsp;&nbsp; — |
| 77 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 6732206 | &nbsp;&nbsp; 6715758 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 16448 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 327822 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 2 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 219171 | &nbsp;&nbsp; 215743 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 3428 | &nbsp;&nbsp; — |
| 1 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 312688 | &nbsp;&nbsp; 304107 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 8581 | &nbsp;&nbsp; — |
| 1 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 312550 | &nbsp;&nbsp; 307880 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; — |
| 148 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 9286916 | &nbsp;&nbsp; 9329841 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (42925)<br>|
| 46 | FTSE 100 Index Futures | &nbsp;&nbsp; 5549856 | &nbsp;&nbsp; 5596491 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (46635)<br>|
| 5 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 308375 | &nbsp;&nbsp; 303812 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 4563 | &nbsp;&nbsp; — |
| 25 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 7032742 | &nbsp;&nbsp; 6669984 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 362758 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 384000 | &nbsp;&nbsp; (89560)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $711822 | &nbsp;&nbsp; $(89560)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

LVIP Dimensional International Equity Managed Volatility Fund-1

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| DFA–Dimensional Fund Advisors |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Equity Managed Volatility Fund** | **LVIP Dimensional International Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $289247099 |
| Affiliated investments, at value | &nbsp;&nbsp; 268188813 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2218229 |
| Receivable for securities sold | &nbsp;&nbsp; 942506 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 111811 |
| Dividends and interest receivable  | &nbsp;&nbsp; 74946 |
| Receivable for fund shares sold | &nbsp;&nbsp; 43663 |
| Prepaid expenses | &nbsp;&nbsp; 1272 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 560828339 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1035774 |
| Due to manager and affiliates | &nbsp;&nbsp; 236307 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Other accrued expenses payable | &nbsp;&nbsp; 13895 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12866 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1312875 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $559515464 |
| Affiliated investments, at cost | &nbsp;&nbsp; $166937507 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 166719302 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $25761771 |
| Shares Outstanding | &nbsp;&nbsp; 2123771 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.130 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $533753693 |
| Shares Outstanding | &nbsp;&nbsp; 44095137 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.105 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $410891808 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 148623656 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $559515464 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $5001631 |
| **EXPENSES:** |  |
| Management fees | 699389 |
| Distribution fees-Service Class | 668311 |
| Shareholder servicing fees | 81129 |
| Accounting and administration expenses | 46431 |
| Professional fees | 23883 |
| Trustees' fees and expenses | 8282 |
| Reports and statements to shareholders | 8113 |
| Custodian fees | 3958 |
| Consulting fees | 3853 |
| Pricing fees | 307 |
| Other | 7391 |
| Total operating expenses | 1551047 |
| **NET INVESTMENT INCOME**  | 3450584 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 9621664 |
| Sale of unaffiliated investments | 17768959 |
| Foreign currencies | (56325)<br>|
| Futures contracts | (14662937)<br>|
| Net realized gain | 12671361 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 41525723 |
| Unaffiliated investments | 33459854 |
| Foreign currencies | 17141 |
| Futures contracts | 1562035 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 76564753 |
| **NET REALIZED AND UNREALIZED GAIN** | 89236114 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $92686698 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $3450584 | $14686984 |
| Net realized gain | 12671361 | 12632109 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 76564753 | (923404)<br>|
| Net increase in net assets resulting <br> from operations<br>| 92686698 | 26395689 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (677901)<br>|
| Service Class |  | (13699355)<br>|
|  |  | (14377256)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2963630 | 9047318 |
| Service Class | 6368070 | 26017132 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 677901 |
| Service Class |  | 13699355 |
|  | 9331700 | 49441706 |
| Cost of shares redeemed: |  |  |
| Standard Class | (5476966)<br>| (8577624)<br>|
| Service Class | (94704460)<br>| (69763887)<br>|
|  | (100181426)<br>| (78341511)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (90849726)<br>| (28899805)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 1836972 | (16881372)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 557678492 | 574559864 |
| End of period | $559515464 | $557678492 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-4

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.281 | &nbsp;&nbsp; $10.110 | &nbsp;&nbsp; $8.960 | &nbsp;&nbsp; $10.430 | &nbsp;&nbsp; $9.317 | &nbsp;&nbsp; $10.120 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.081 | 0.297 | 0.337 | 0.290 | 0.295 | 0.160 |
| Net realized and unrealized gain (loss) | 1.768 | 0.173 | 1.159 | &nbsp;&nbsp; (1.456)<br>| 1.137 | &nbsp;&nbsp; (0.810)<br>|
| Total from investment operations | 1.849 | 0.470 | 1.496 | &nbsp;&nbsp; (1.166)<br>| 1.432 | &nbsp;&nbsp; (0.650)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.153)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.153)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.130 | &nbsp;&nbsp; $10.281 | &nbsp;&nbsp; $10.110 | &nbsp;&nbsp; $8.960 | &nbsp;&nbsp; $10.430 | &nbsp;&nbsp; $9.317 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 17.98% | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 16.69% | &nbsp;&nbsp; (11.15%)<br>| &nbsp;&nbsp; 15.37% | &nbsp;&nbsp; (6.42%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $25762 | &nbsp;&nbsp; $24114 | &nbsp;&nbsp; $22550 | &nbsp;&nbsp; $20137 | &nbsp;&nbsp; $23352 | &nbsp;&nbsp; $21735 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.28% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.47% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.84% | &nbsp;&nbsp; 1.95% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.47% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 3.08% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 1.91% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-5

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.272 | &nbsp;&nbsp; $10.100 | &nbsp;&nbsp; $8.952 | &nbsp;&nbsp; $10.420 | &nbsp;&nbsp; $9.309 | &nbsp;&nbsp; $10.115 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.067 | 0.270 | 0.312 | 0.266 | 0.268 | 0.139 |
| Net realized and unrealized gain (loss) | 1.766 | 0.174 | 1.157 | &nbsp;&nbsp; (1.454)<br>| 1.135 | &nbsp;&nbsp; (0.813)<br>|
| Total from investment operations | 1.833 | 0.444 | 1.469 | &nbsp;&nbsp; (1.188)<br>| 1.403 | &nbsp;&nbsp; (0.674)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.272)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.132)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.272)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.132)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.105 | &nbsp;&nbsp; $10.272 | &nbsp;&nbsp; $10.100 | &nbsp;&nbsp; $8.952 | &nbsp;&nbsp; $10.420 | &nbsp;&nbsp; $9.309 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 17.84% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 16.40% | &nbsp;&nbsp; (11.38%)<br>| &nbsp;&nbsp; 15.08% | &nbsp;&nbsp; (6.66%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $533754 | &nbsp;&nbsp; $533564 | &nbsp;&nbsp; $552010 | &nbsp;&nbsp; $528359 | &nbsp;&nbsp; $641983 | &nbsp;&nbsp; $607117 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.22% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 1.70% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.22% <br><sup>6</sup><br>| &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.66% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-6

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional International Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the Fund is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Dimensional International Equity Managed Volatility Fund-7

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $23816 |
| Legal | &nbsp;&nbsp; 3630 |

---

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 $4,187 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $114043 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 108831 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 204 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 13229 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP Dimensional International Equity Managed Volatility Fund-8

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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 six months ended June 30, 2025, were as follows:

**<u>LVIP Dimensional International Equity Managed Volatility Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-47.93%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity Fund-47.93%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International Core <br> Equity Fund<br>| $264810552 | $3210690 | $50979816 | $9621664 | $41525723 | $268188813 | 18297661 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $8158975 |
| Sales | &nbsp;&nbsp; 104674081 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $333656809 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $224490925 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (89560)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $224401365 |

---

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 June 30, 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)

LVIP Dimensional International Equity Managed Volatility Fund-9

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $268188813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $268188813 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 289247099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 289247099 |
| **Total Investments** | &nbsp;&nbsp; $557435912 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $557435912 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $711822 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $711822 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(89560)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(89560)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 268066 | &nbsp;&nbsp; 851335 |
| Service Class | &nbsp;&nbsp; 581151 | &nbsp;&nbsp; 2458322 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 66796 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1350858 |
|  | &nbsp;&nbsp; 849217 | &nbsp;&nbsp; 4727311 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (489821)<br>| &nbsp;&nbsp; (803001)<br>|
| Service Class | &nbsp;&nbsp; (8430343)<br>| &nbsp;&nbsp; (6518689)<br>|
|  | &nbsp;&nbsp; (8920164)<br>| &nbsp;&nbsp; (7321690)<br>|
| Net decrease | &nbsp;&nbsp; (8070947)<br>| &nbsp;&nbsp; (2594379)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded.

LVIP Dimensional International Equity Managed Volatility Fund-10

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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 June 30, 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 from broker on <br> futures contracts<br>| $384000 | Variation margin due from broker on <br> futures contracts<br>| $(89560)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 327822 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $711822 |  | $(89560)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 six months ended June 30, 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; $(11071304)<br>| &nbsp;&nbsp; $652076 |
| 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; (3591633)<br>| &nbsp;&nbsp; 909959 |
| Total |  | &nbsp;&nbsp; $(14662937)<br>| &nbsp;&nbsp; $1562035 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $46139602 | $— |

---

**7. 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 Dimensional International Equity Managed Volatility Fund-11

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-12

------

![](img2274a94f1.jpg)

LVIP Dimensional U.S. Core Equity 1 Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Dimensional U.S. Core Equity 1 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_0aa4637a-392a-46a6-913a-bc7e3a210141_SOI-continued-266_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_0aa4637a-392a-46a6-913a-bc7e3a210141_FS-continued-266_1)**  | &nbsp;&nbsp; **26** |
| **[Statements of Changes in Net Assets](#xx_0aa4637a-392a-46a6-913a-bc7e3a210141_FS-continued-266_1)**  | &nbsp;&nbsp; **26** |
| **[Financial Highlights](#xx_0aa4637a-392a-46a6-913a-bc7e3a210141_FIHI-continued-266_1)**  | &nbsp;&nbsp; **27** |
| **[Notes to Financial Statements](#xx_0aa4637a-392a-46a6-913a-bc7e3a210141_NTF-continued-266_1)**  | &nbsp;&nbsp; **29** |

---

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.79%** | **COMMON STOCK–99.79%** | **COMMON STOCK–99.79%** |
| **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** |
| †AAR Corp. | 2743 | $188691 |
| †AeroVironment, Inc. | 1264 | 360177 |
| †AerSale Corp. | 2240 | 13462 |
| †Astronics Corp. | 3806 | 126412 |
| †ATI, Inc. | 9302 | 803135 |
| †Axon Enterprise, Inc. | 1645 | 1361961 |
| †Boeing Co. | 13849 | 2901781 |
| BWX Technologies, Inc. | 5833 | 840302 |
| Cadre Holdings, Inc. | 1500 | 47775 |
| Curtiss-Wright Corp. | 2550 | 1245803 |
| †Ducommun, Inc. | 1600 | 132208 |
| General Dynamics Corp. | 5374 | 1567381 |
| General Electric Co. | 17013 | 4378976 |
| HEICO Corp. | 3064 | 888306 |
| Hexcel Corp. | 4368 | 246748 |
| Howmet Aerospace, Inc. | 13657 | 2541977 |
| Huntington Ingalls <br> Industries, Inc.<br>| 2018 | 487266 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 8962 | 416285 |
| L3Harris Technologies, Inc. | 5243 | 1315154 |
| Leonardo DRS, Inc. | 1000 | 46480 |
| Lockheed Martin Corp. | 7942 | 3678258 |
| †Mercury Systems, Inc. | 3446 | 185602 |
| Moog, Inc. Class A | 2096 | 379313 |
| National Presto Industries, <br> Inc.<br>| 749 | 73372 |
| Northrop Grumman Corp. | 3511 | 1755430 |
| Park Aerospace Corp. | 2423 | 35788 |
| †Rocket Lab Corp. | 7265 | 259869 |
| RTX Corp. | 29131 | 4253709 |
| Textron, Inc. | 9122 | 732405 |
| TransDigm Group, Inc. | 1311 | 1993559 |
| †V2X, Inc. | 1921 | 93265 |
| Woodward, Inc. | 4136 | 1013692 |
|  |  | **34364542** |
| **Air Freight & Logistics–0.41%** | **Air Freight & Logistics–0.41%** | **Air Freight & Logistics–0.41%** |
| CH Robinson Worldwide, Inc. | 6928 | 664742 |
| Expeditors International of <br> Washington, Inc.<br>| 8972 | 1025051 |
| FedEx Corp. | 9596 | 2181267 |
| †GXO Logistics, Inc. | 8507 | 414291 |
| Hub Group, Inc. Class A | 5350 | 178850 |
| †Radiant Logistics, Inc. | 2507 | 15243 |
| United Parcel Service, Inc. <br> Class B<br>| 24196 | 2442344 |
|  |  | **6921788** |
| **Automobile Components–0.32%** | **Automobile Components–0.32%** | **Automobile Components–0.32%** |
| †Adient PLC | 5509 | 107205 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 9931 | 40519 |
| †Aptiv PLC | 7711 | 526045 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Autoliv, Inc. | 7926 | $886919 |
| BorgWarner, Inc. | 18680 | 625406 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 2502 | 53793 |
| Dana, Inc. | 13970 | 239586 |
| †Dorman Products, Inc. | 2468 | 302750 |
| †Fox Factory Holding Corp. | 3534 | 91672 |
| Garrett Motion, Inc. | 10267 | 107906 |
| Gentex Corp. | 13825 | 304012 |
| †Gentherm, Inc. | 1903 | 53836 |
| †Goodyear Tire & Rubber Co. | 20525 | 212844 |
| LCI Industries | 2302 | 209919 |
| Lear Corp. | 3939 | 374126 |
| †Modine Manufacturing Co. | 4296 | 423156 |
| †Motorcar Parts of America, <br> Inc.<br>| 2029 | 22725 |
| Patrick Industries, Inc. | 3530 | 325713 |
| Phinia, Inc. | 4566 | 203141 |
| †QuantumScape Corp. | 4735 | 31819 |
| Standard Motor Products, <br> Inc.<br>| 2906 | 89272 |
| †Stoneridge, Inc. | 3532 | 24865 |
| †Visteon Corp. | 1685 | 157211 |
|  |  | **5414440** |
| **Automobiles–0.99%** | **Automobiles–0.99%** | **Automobiles–0.99%** |
| Ford Motor Co. | 171297 | 1858573 |
| General Motors Co. | 55158 | 2714325 |
| Harley-Davidson, Inc. | 7509 | 177212 |
| †Lucid Group, Inc. | 21024 | 44361 |
| †Rivian Automotive, Inc. <br> Class A<br>| 19298 | 265155 |
| †Tesla, Inc. | 34890 | 11083157 |
| Thor Industries, Inc. | 4199 | 372913 |
| Winnebago Industries, Inc. | 2269 | 65801 |
|  |  | **16581497** |
| **Banks–5.25%** | **Banks–5.25%** | **Banks–5.25%** |
| 1st Source Corp. | 2665 | 165417 |
| ACNB Corp. | 150 | 6426 |
| Amalgamated Financial <br> Corp.<br>| 3720 | 116064 |
| Amerant Bancorp, Inc. | 1464 | 26689 |
| Ameris Bancorp | 6498 | 420421 |
| Arrow Financial Corp. | 542 | 14320 |
| Associated Banc-Corp. | 16938 | 413118 |
| Atlantic Union Bankshares <br> Corp.<br>| 11288 | 353089 |
| †Axos Financial, Inc. | 5233 | 397917 |
| BancFirst Corp. | 2846 | 351822 |
| †Bancorp, Inc. | 4585 | 261207 |
| Bank First Corp. | 215 | 25295 |
| Bank of America Corp. | 134590 | 6368799 |
| Bank of Hawaii Corp. | 3306 | 223254 |
| Bank of Marin Bancorp | 800 | 18272 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-1

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 4897 | $216839 |
| Bank OZK | 10177 | 478930 |
| BankUnited, Inc. | 7908 | 281446 |
| Banner Corp. | 3251 | 208552 |
| Bar Harbor Bankshares | 127 | 3805 |
| BayCom Corp. | 863 | 23914 |
| BCB Bancorp, Inc. | 1717 | 14457 |
| Berkshire Hills Bancorp, Inc. | 4922 | 123247 |
| †Blue Foundry Bancorp | 1457 | 13943 |
| †Blue Ridge Bankshares, Inc. | 1073 | 3852 |
| BOK Financial Corp. | 5728 | 559225 |
| †Bridgewater Bancshares, <br> Inc.<br>| 2389 | 38009 |
| Brookline Bancorp, Inc. | 9434 | 99529 |
| Business First Bancshares, <br> Inc.<br>| 3000 | 73950 |
| Byline Bancorp, Inc. | 2137 | 57122 |
| Cadence Bank | 17713 | 566462 |
| Camden National Corp. | 1998 | 81079 |
| Capital Bancorp, Inc. | 557 | 18704 |
| Capital City Bank Group, Inc. | 800 | 31480 |
| Capitol Federal Financial, <br> Inc.<br>| 11777 | 71840 |
| †Carter Bankshares, Inc. | 2800 | 48552 |
| Cathay General Bancorp | 7193 | 327497 |
| Central Pacific Financial <br> Corp.<br>| 3160 | 88575 |
| Citigroup, Inc. | 47889 | 4076312 |
| Citizens & Northern Corp. | 836 | 15834 |
| Citizens Financial Group, <br> Inc.<br>| 19084 | 854009 |
| City Holding Co. | 1426 | 174571 |
| Civista Bancshares, Inc. | 1212 | 28118 |
| CNB Financial Corp. | 543 | 12413 |
| †Coastal Financial Corp. | 775 | 75074 |
| Columbia Banking System, <br> Inc.<br>| 821 | 19195 |
| †Columbia Financial, Inc. | 6136 | 89033 |
| Comerica, Inc. | 8347 | 497899 |
| Commerce Bancshares, Inc. | 10419 | 647749 |
| Community Financial System, <br> Inc.<br>| 5191 | 295212 |
| Community Trust Bancorp, <br> Inc.<br>| 2191 | 115948 |
| Community West Bancshares | 2384 | 46512 |
| ConnectOne Bancorp, Inc. | 4762 | 110288 |
| Cullen/Frost Bankers, Inc. | 4148 | 533184 |
| †Customers Bancorp, Inc. | 3262 | 191610 |
| CVB Financial Corp. | 14317 | 283333 |
| Dime Community <br> Bancshares, Inc.<br>| 4783 | 128854 |
| Eagle Bancorp, Inc. | 3549 | 69134 |
| East West Bancorp, Inc. | 11093 | 1120171 |
| Eastern Bankshares, Inc. | 8831 | 134849 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Enterprise Bancorp, Inc. | 321 | $12724 |
| Enterprise Financial Services <br> Corp.<br>| 3126 | 172243 |
| Equity Bancshares, Inc. <br> Class A<br>| 1380 | 56304 |
| Esquire Financial Holdings, <br> Inc.<br>| 328 | 31048 |
| Farmers National Banc Corp. | 3472 | 47879 |
| FB Financial Corp. | 4853 | 219841 |
| Fifth Third Bancorp | 31294 | 1287122 |
| Financial Institutions, Inc. | 763 | 19594 |
| First BanCorp | 17236 | 359026 |
| First Bancorp, Inc. | 962 | 24444 |
| First Bancorp/Southern Pines <br> NC<br>| 4235 | 186721 |
| First Busey Corp. | 6834 | 156396 |
| First Business Financial <br> Services, Inc.<br>| 810 | 41035 |
| First Citizens BancShares, <br> Inc. Class A<br>| 588 | 1150404 |
| First Commonwealth <br> Financial Corp.<br>| 10736 | 174245 |
| First Community Bankshares, <br> Inc.<br>| 1307 | 51195 |
| First Financial Bancorp | 9583 | 232484 |
| First Financial Bankshares, <br> Inc.<br>| 8922 | 321014 |
| First Financial Corp. | 880 | 47687 |
| †First Foundation, Inc. | 5112 | 26071 |
| First Hawaiian, Inc. | 5650 | 141024 |
| First Horizon Corp. | 37815 | 801678 |
| First Internet Bancorp | 622 | 16732 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 8840 | 254769 |
| First Merchants Corp. | 5690 | 217927 |
| First Mid Bancshares, Inc. | 773 | 28980 |
| Flushing Financial Corp. | 2658 | 31577 |
| FNB Corp. | 32839 | 478793 |
| Fulton Financial Corp. | 16777 | 302657 |
| †FVCBankcorp, Inc. | 1285 | 15163 |
| German American Bancorp, <br> Inc.<br>| 3237 | 124657 |
| Glacier Bancorp, Inc. | 7512 | 323617 |
| Great Southern Bancorp, Inc. | 2431 | 142894 |
| Greene County Bancorp, Inc. | 457 | 10155 |
| Guaranty Bancshares, Inc. | 509 | 21602 |
| Hancock Whitney Corp. | 8767 | 503226 |
| Hanmi Financial Corp. | 4000 | 98720 |
| HarborOne Bancorp, Inc. | 3325 | 38836 |
| HBT Financial, Inc. | 916 | 23092 |
| Heritage Commerce Corp. | 3648 | 36225 |
| Heritage Financial Corp. | 4420 | 105373 |
| Hilltop Holdings, Inc. | 6334 | 192237 |
| Hingham Institution For <br> Savings<br>| 127 | 31540 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-2

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Home BancShares, Inc. | 18464 | $525485 |
| †HomeStreet, Inc. | 2845 | 37184 |
| HomeTrust Bancshares, Inc. | 901 | 33706 |
| Hope Bancorp, Inc. | 11520 | 123610 |
| Horizon Bancorp, Inc. | 5686 | 87451 |
| Huntington Bancshares, Inc. | 59332 | 994404 |
| Independent Bank Corp. | 6981 | 369827 |
| International Bancshares <br> Corp.<br>| 6070 | 404019 |
| JPMorgan Chase & Co. | 82583 | 23941637 |
| Kearny Financial Corp. | 6001 | 38766 |
| KeyCorp | 36485 | 635569 |
| Lakeland Financial Corp. | 1993 | 122470 |
| Live Oak Bancshares, Inc. | 3640 | 108472 |
| M&T Bank Corp. | 6909 | 1340277 |
| Mercantile Bank Corp. | 1436 | 66645 |
| Metrocity Bankshares, Inc. | 602 | 17205 |
| †Metropolitan Bank Holding <br> Corp.<br>| 707 | 49490 |
| Mid Penn Bancorp, Inc. | 1043 | 29413 |
| Midland States Bancorp, Inc. | 1400 | 24248 |
| MidWestOne Financial Group, <br> Inc.<br>| 600 | 17262 |
| MVB Financial Corp. | 502 | 11310 |
| National Bank Holdings Corp. <br> Class A<br>| 3762 | 141489 |
| NBT Bancorp, Inc. | 4970 | 206503 |
| Nicolet Bankshares, Inc. | 573 | 70754 |
| Northeast Bank | 446 | 39689 |
| Northfield Bancorp, Inc. | 6724 | 77191 |
| Northwest Bancshares, Inc. | 14286 | 182575 |
| Norwood Financial Corp. | 666 | 17169 |
| OceanFirst Financial Corp. | 7155 | 126000 |
| OFG Bancorp | 4833 | 206852 |
| Old National Bancorp | 30209 | 644660 |
| Old Second Bancorp, Inc. | 1794 | 31826 |
| Origin Bancorp, Inc. | 1679 | 60007 |
| Orrstown Financial Services, <br> Inc.<br>| 519 | 16520 |
| Pacific Premier Bancorp, <br> Inc.<br>| 8045 | 169669 |
| Park National Corp. | 1584 | 264940 |
| Parke Bancorp, Inc. | 914 | 18618 |
| Pathward Financial, Inc. | 2688 | 212675 |
| PCB Bancorp | 1065 | 22344 |
| Peapack-Gladstone Financial <br> Corp.<br>| 2407 | 67998 |
| Peoples Bancorp, Inc. | 3493 | 106676 |
| Peoples Financial Services <br> Corp.<br>| 200 | 9874 |
| Pinnacle Financial Partners, <br> Inc.<br>| 5694 | 628674 |
| †Pioneer Bancorp, Inc. | 1350 | 16240 |
| PNC Financial Services <br> Group, Inc.<br>| 10085 | 1880046 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Ponce Financial Group, Inc. | 1264 | $17494 |
| Popular, Inc. | 6798 | 749208 |
| Preferred Bank | 1509 | 130596 |
| Primis Financial Corp. | 868 | 9418 |
| Prosperity Bancshares, Inc. | 7651 | 537406 |
| Provident Financial Services, <br> Inc.<br>| 12310 | 215794 |
| QCR Holdings, Inc. | 1263 | 85758 |
| Red River Bancshares, Inc. | 323 | 18960 |
| Regions Financial Corp. | 38162 | 897570 |
| Renasant Corp. | 7961 | 286039 |
| Republic Bancorp, Inc. <br> Class A<br>| 1755 | 128308 |
| S&T Bancorp, Inc. | 4286 | 162096 |
| Seacoast Banking Corp. of <br> Florida<br>| 1194 | 32978 |
| ServisFirst Bancshares, Inc. | 4189 | 324689 |
| Shore Bancshares, Inc. | 844 | 13268 |
| Sierra Bancorp | 742 | 22030 |
| Simmons First National Corp. <br> Class A<br>| 11060 | 209698 |
| SmartFinancial, Inc. | 928 | 31348 |
| South Plains Financial, Inc. | 1938 | 69845 |
| †Southern First Bancshares, <br> Inc.<br>| 592 | 22514 |
| Southern Missouri Bancorp, <br> Inc.<br>| 396 | 21693 |
| Southside Bancshares, Inc. | 3707 | 109097 |
| SouthState Corp. | 9040 | 831951 |
| Stellar Bancorp, Inc. | 1282 | 35870 |
| =†Sterling Bancorp, Inc. | 1664 | 0 |
| Stock Yards Bancorp, Inc. | 2112 | 166806 |
| Synovus Financial Corp. | 12197 | 631195 |
| †Texas Capital Bancshares, <br> Inc.<br>| 4382 | 347931 |
| TFS Financial Corp. | 9915 | 128399 |
| Tompkins Financial Corp. | 1579 | 99051 |
| Towne Bank | 7647 | 261374 |
| TriCo Bancshares | 3318 | 134346 |
| †Triumph Financial, Inc. | 1978 | 109008 |
| Truist Financial Corp. | 32455 | 1395240 |
| TrustCo Bank Corp. | 2494 | 83349 |
| Trustmark Corp. | 6506 | 237209 |
| U.S. Bancorp | 39769 | 1799547 |
| UMB Financial Corp. | 7491 | 787754 |
| United Bankshares, Inc. | 12883 | 469328 |
| United Community Banks, <br> Inc.<br>| 9910 | 295219 |
| Unity Bancorp, Inc. | 1592 | 74951 |
| Univest Financial Corp. | 3614 | 108565 |
| Valley National Bancorp | 39046 | 348681 |
| Veritex Holdings, Inc. | 2442 | 63736 |
| WaFd, Inc. | 8474 | 248119 |
| Washington Trust Bancorp, <br> Inc.<br>| 2170 | 61368 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-3

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Webster Financial Corp. | 12603 | $688124 |
| Wells Fargo & Co. | 87795 | 7034135 |
| WesBanco, Inc. | 8319 | 263130 |
| West BanCorp, Inc. | 852 | 16725 |
| Westamerica BanCorp | 2893 | 140137 |
| Western Alliance Bancorp | 8256 | 643803 |
| Wintrust Financial Corp. | 4836 | 599567 |
| WSFS Financial Corp. | 5899 | 324445 |
| Zions Bancorp NA | 11022 | 572483 |
|  |  | **87966164** |
| **Beverages–1.05%** | **Beverages–1.05%** | **Beverages–1.05%** |
| †Boston Beer Co., Inc. Class A | 469 | 89490 |
| Brown-Forman Corp. Class A | 11259 | 303566 |
| †Celsius Holdings, Inc. | 5811 | 269572 |
| Coca-Cola Co. | 92011 | 6509778 |
| Coca-Cola Consolidated, Inc. | 7090 | 791598 |
| Constellation Brands, Inc. <br> Class A<br>| 6028 | 980635 |
| Keurig Dr. Pepper, Inc. | 31827 | 1052201 |
| MGP Ingredients, Inc. | 1497 | 44865 |
| Molson Coors Beverage Co. <br> Class B<br>| 10324 | 496481 |
| †Monster Beverage Corp. | 21159 | 1325400 |
| †National Beverage Corp. | 3798 | 164226 |
| PepsiCo, Inc. | 38960 | 5144278 |
| Primo Brands Corp. Class A | 8316 | 246320 |
| †Vita Coco Co., Inc. | 3750 | 135375 |
|  |  | **17553785** |
| **Biotechnology–1.60%** | **Biotechnology–1.60%** | **Biotechnology–1.60%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 2900 | 10759 |
| AbbVie, Inc. | 42573 | 7902400 |
| †ADMA Biologics, Inc. | 7106 | 129400 |
| †Adverum Biotechnologies, <br> Inc.<br>| 1077 | 2316 |
| †Agios Pharmaceuticals, Inc. | 1787 | 59436 |
| †Aldeyra Therapeutics, Inc. | 6436 | 24650 |
| †Alector, Inc. | 5362 | 7507 |
| †Alkermes PLC | 4526 | 129489 |
| †Allogene Therapeutics, Inc. | 10092 | 11404 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 1644 | 536092 |
| Amgen, Inc. | 14776 | 4125607 |
| †Anika Therapeutics, Inc. | 1937 | 20493 |
| †Arcellx, Inc. | 271 | 17845 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 2800 | 36428 |
| †Arcus Biosciences, Inc. | 2997 | 24396 |
| †Avidity Biosciences, Inc. | 2519 | 71540 |
| †Beam Therapeutics, Inc. | 1976 | 33612 |
| †Biogen, Inc. | 4340 | 545061 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 7947 | 436847 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †CareDx, Inc. | 1422 | $27786 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 6124 | 132891 |
| †Cullinan Therapeutics, Inc. | 1271 | 9571 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 2358 | 15327 |
| †Denali Therapeutics, Inc. | 4195 | 58688 |
| †Dynavax Technologies Corp. | 5571 | 55264 |
| †Editas Medicine, Inc. | 1820 | 4004 |
| †Emergent BioSolutions, Inc. | 5759 | 36742 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 2114 | 15982 |
| †Exact Sciences Corp. | 4843 | 257357 |
| †Exelixis, Inc. | 20982 | 924782 |
| †Fate Therapeutics, Inc. | 3581 | 4011 |
| Gilead Sciences, Inc. | 38636 | 4283573 |
| †GRAIL, Inc. | 424 | 21802 |
| †Halozyme Therapeutics, Inc. | 5662 | 294537 |
| †HilleVax, Inc. | 2430 | 4836 |
| †Ideaya Biosciences, Inc. | 359 | 7546 |
| †Immunovant, Inc. | 3450 | 55200 |
| †Incyte Corp. | 5965 | 406216 |
| †Insmed, Inc. | 3574 | 359687 |
| †Intellia Therapeutics, Inc. | 2940 | 27577 |
| †Kiniksa Pharmaceuticals <br> International PLC<br>| 3129 | 86579 |
| †Kodiak Sciences, Inc. | 915 | 3413 |
| †Krystal Biotech, Inc. | 1200 | 164952 |
| †Kymera Therapeutics, Inc. | 498 | 21733 |
| †MacroGenics, Inc. | 2941 | 3559 |
| †MeiraGTx Holdings PLC | 1922 | 12531 |
| †MiMedx Group, Inc. | 3949 | 24128 |
| †Moderna, Inc. | 8656 | 238819 |
| †Myriad Genetics, Inc. | 6072 | 32242 |
| †Natera, Inc. | 3036 | 512902 |
| †Neurocrine Biosciences, Inc. | 4841 | 608465 |
| †Olema Pharmaceuticals, Inc. | 3387 | 14429 |
| †ORIC Pharmaceuticals, Inc. | 1829 | 18564 |
| =†PDL BioPharma, Inc. | 21857 | 9180 |
| †PMV Pharmaceuticals, Inc. | 356 | 377 |
| †Prothena Corp. PLC | 2660 | 16146 |
| †RAPT Therapeutics, Inc. | 275 | 2200 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 1878 | 985950 |
| †REGENXBIO, Inc. | 2474 | 20312 |
| †Relay Therapeutics, Inc. | 2767 | 9574 |
| †Replimune Group, Inc. | 3297 | 30629 |
| †Roivant Sciences Ltd. | 7550 | 85089 |
| †Sage Therapeutics, Inc. | 1625 | 14820 |
| †Sarepta Therapeutics, Inc. | 2493 | 42630 |
| †Stoke Therapeutics, Inc. | 1567 | 17785 |
| †Sutro Biopharma, Inc. | 500 | 357 |
| †United Therapeutics Corp. | 2357 | 677284 |
| †Vanda Pharmaceuticals, Inc. | 5302 | 25025 |
| †Veracyte, Inc. | 2721 | 73549 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-4

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Vericel Corp. | 1820 | $77441 |
| †Vertex Pharmaceuticals, Inc. | 4038 | 1797718 |
| †Voyager Therapeutics, Inc. | 3489 | 10851 |
| †Xencor, Inc. | 5219 | 41021 |
| †Zentalis Pharmaceuticals, <br> Inc.<br>| 3380 | 3921 |
| †Zymeworks, Inc. | 2467 | 30961 |
|  |  | **26843797** |
| **Broadline Retail–2.97%** | **Broadline Retail–2.97%** | **Broadline Retail–2.97%** |
| †Amazon.com, Inc. | 208311 | 45701350 |
| †Coupang, Inc. | 19217 | 575741 |
| Dillard's, Inc. Class A | 1486 | 620895 |
| eBay, Inc. | 21761 | 1620324 |
| †Etsy, Inc. | 4697 | 235602 |
| Kohl's Corp. | 9831 | 83367 |
| Macy's, Inc. | 27616 | 322003 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 3936 | 518686 |
|  |  | **49677968** |
| **Building Products–1.04%** | **Building Products–1.04%** | **Building Products–1.04%** |
| A.O. Smith Corp. | 8970 | 588163 |
| AAON, Inc. | 5364 | 395595 |
| Advanced Drainage Systems, <br> Inc.<br>| 6620 | 760373 |
| Allegion PLC | 4973 | 716709 |
| †American Woodmark Corp. | 1498 | 79948 |
| Apogee Enterprises, Inc. | 1602 | 65041 |
| Armstrong World Industries, <br> Inc.<br>| 3874 | 629293 |
| †AZEK Co., Inc. | 9229 | 501596 |
| AZZ, Inc. | 2429 | 229492 |
| †Builders FirstSource, Inc. | 11513 | 1343452 |
| Carlisle Cos., Inc. | 2931 | 1094435 |
| Carrier Global Corp. | 14166 | 1036810 |
| CSW Industrials, Inc. | 1175 | 337025 |
| Fortune Brands Innovations, <br> Inc.<br>| 9293 | 478404 |
| †Gibraltar Industries, Inc. | 2498 | 147382 |
| Griffon Corp. | 4080 | 295270 |
| †Hayward Holdings, Inc. | 10449 | 144196 |
| Insteel Industries, Inc. | 1756 | 65341 |
| †Janus International Group, <br> Inc.<br>| 5222 | 42507 |
| †JELD-WEN Holding, Inc. | 6383 | 25021 |
| Johnson Controls <br> International PLC<br>| 14081 | 1487235 |
| Lennox International, Inc. | 1443 | 827185 |
| Masco Corp. | 8712 | 560704 |
| †Masterbrand, Inc. | 9293 | 101572 |
| Owens Corning | 7740 | 1064405 |
| Quanex Building Products <br> Corp.<br>| 4360 | 82404 |
| †Resideo Technologies, Inc. | 13286 | 293089 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Simpson Manufacturing Co., <br> Inc.<br>| 2782 | $432072 |
| Tecnoglass, Inc. | 1413 | 109310 |
| Trane Technologies PLC | 5488 | 2400506 |
| †Trex Co., Inc. | 6320 | 343682 |
| UFP Industries, Inc. | 5658 | 562179 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 2631 | 96216 |
|  |  | **17336612** |
| **Capital Markets–3.55%** | **Capital Markets–3.55%** | **Capital Markets–3.55%** |
| Acadian Asset Management, <br> Inc.<br>| 2445 | 86162 |
| Affiliated Managers Group, <br> Inc.<br>| 2860 | 562762 |
| Ameriprise Financial, Inc. | 5251 | 2802616 |
| ARES Management Corp. <br> Class A<br>| 2453 | 424860 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 3789 | 167966 |
| †B Riley Financial, Inc. | 702 | 2085 |
| Bank of New York Mellon <br> Corp.<br>| 22761 | 2073755 |
| BGC Group, Inc. Class A | 30856 | 315657 |
| Blackrock, Inc. | 2676 | 2807793 |
| Blackstone, Inc. | 9142 | 1367460 |
| Carlyle Group, Inc. | 14680 | 754552 |
| Cboe Global Markets, Inc. | 4212 | 982281 |
| Charles Schwab Corp. | 32340 | 2950702 |
| CME Group, Inc. | 6490 | 1788774 |
| Cohen & Steers, Inc. | 4071 | 306750 |
| †Coinbase Global, Inc. Class A | 5263 | 1844629 |
| Diamond Hill Investment <br> Group, Inc.<br>| 786 | 114214 |
| DigitalBridge Group, Inc. | 3152 | 32623 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 2708 | 166948 |
| Evercore, Inc. Class A | 2579 | 696382 |
| FactSet Research Systems, <br> Inc.<br>| 1701 | 760823 |
| Federated Hermes, Inc. | 7936 | 351724 |
| Franklin Resources, Inc. | 20323 | 484704 |
| Goldman Sachs Group, Inc. | 7942 | 5620950 |
| Hamilton Lane, Inc. Class A | 2290 | 325455 |
| Houlihan Lokey, Inc. | 2921 | 525634 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 6232 | 345315 |
| Intercontinental Exchange, <br> Inc.<br>| 11356 | 2083485 |
| Invesco Ltd. | 34474 | 543655 |
| Janus Henderson Group PLC | 11212 | 435474 |
| Jefferies Financial Group, <br> Inc.<br>| 14759 | 807170 |
| KKR & Co., Inc. | 11231 | 1494060 |
| Lazard, Inc. | 3063 | 146963 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-5

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| LPL Financial Holdings, Inc. | 3385 | $1269273 |
| MarketAxess Holdings, Inc. | 1677 | 374541 |
| Moody's Corp. | 4085 | 2048995 |
| Morgan Stanley | 35904 | 5057437 |
| Morningstar, Inc. | 2645 | 830345 |
| MSCI, Inc. | 2026 | 1168475 |
| Nasdaq, Inc. | 17227 | 1540438 |
| Northern Trust Corp. | 9018 | 1143392 |
| †Open Lending Corp. Class A | 1499 | 2908 |
| Oppenheimer Holdings, Inc. <br> Class A<br>| 566 | 37226 |
| Piper Sandler Cos. | 1314 | 365213 |
| PJT Partners, Inc. Class A | 887 | 146364 |
| Raymond James Financial, <br> Inc.<br>| 8500 | 1303645 |
| †Robinhood Markets, Inc. <br> Class A<br>| 11242 | 1052588 |
| S&P Global, Inc. | 5649 | 2978661 |
| SEI Investments Co. | 10010 | 899499 |
| State Street Corp. | 11903 | 1265765 |
| Stifel Financial Corp. | 8781 | 911292 |
| †StoneX Group, Inc. | 3888 | 354352 |
| T. Rowe Price Group, Inc. | 9926 | 957859 |
| Tradeweb Markets, Inc. <br> Class A<br>| 4301 | 629666 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 3143 | 200115 |
| Virtu Financial, Inc. Class A | 8744 | 391644 |
| Virtus Investment Partners, <br> Inc.<br>| 672 | 121901 |
| Westwood Holdings Group, <br> Inc.<br>| 147 | 2293 |
| WisdomTree, Inc. | 12702 | 146200 |
|  |  | **59374470** |
| **Chemicals–1.48%** | **Chemicals–1.48%** | **Chemicals–1.48%** |
| AdvanSix, Inc. | 2954 | 70157 |
| Air Products & Chemicals, <br> Inc.<br>| 4756 | 1341477 |
| Albemarle Corp. | 3911 | 245102 |
| †American Vanguard Corp. | 3629 | 14226 |
| Ashland, Inc. | 3732 | 187645 |
| †Aspen Aerogels, Inc. | 4300 | 25456 |
| Avient Corp. | 9434 | 304812 |
| †Axalta Coating Systems Ltd. | 21171 | 628567 |
| Balchem Corp. | 2111 | 336071 |
| Cabot Corp. | 4810 | 360750 |
| Celanese Corp. | 4848 | 268240 |
| CF Industries Holdings, Inc. | 14281 | 1313852 |
| Chemours Co. | 6490 | 74310 |
| Corteva, Inc. | 20820 | 1551715 |
| Dow, Inc. | 29060 | 769509 |
| DuPont de Nemours, Inc. | 12964 | 889201 |
| Eastman Chemical Co. | 7160 | 534566 |
| Ecolab, Inc. | 5415 | 1459018 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Ecovyst, Inc. | 11383 | $93682 |
| Element Solutions, Inc. | 19266 | 436375 |
| FMC Corp. | 5172 | 215931 |
| Hawkins, Inc. | 1638 | 232760 |
| HB Fuller Co. | 3315 | 199397 |
| Huntsman Corp. | 12887 | 134283 |
| †Ingevity Corp. | 3224 | 138922 |
| Innospec, Inc. | 1961 | 164900 |
| International Flavors & <br> Fragrances, Inc.<br>| 10862 | 798900 |
| †Intrepid Potash, Inc. | 612 | 21867 |
| Koppers Holdings, Inc. | 1784 | 57356 |
| Kronos Worldwide, Inc. | 8371 | 51900 |
| Linde PLC | 9954 | 4670218 |
| †LSB Industries, Inc. | 3347 | 26107 |
| LyondellBasell Industries NV <br> Class A<br>| 13353 | 772605 |
| Mativ Holdings, Inc. | 2000 | 13640 |
| Minerals Technologies, Inc. | 2556 | 140759 |
| Mosaic Co. | 18737 | 683526 |
| NewMarket Corp. | 834 | 576177 |
| Olin Corp. | 8963 | 180067 |
| Orion SA | 1161 | 12179 |
| †Perimeter Solutions, Inc. | 7699 | 107170 |
| PPG Industries, Inc. | 8250 | 938437 |
| Quaker Chemical Corp. | 333 | 37276 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 8749 | 33684 |
| RPM International, Inc. | 7154 | 785795 |
| Sensient Technologies Corp. | 3297 | 324820 |
| Sherwin-Williams Co. | 6467 | 2220509 |
| Stepan Co. | 1698 | 92677 |
| Tronox Holdings PLC | 12136 | 61529 |
| Westlake Corp. | 2797 | 212376 |
|  |  | **24810498** |
| **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** | **Commercial Services & Supplies–0.81%** |
| ABM Industries, Inc. | 6155 | 290578 |
| ACCO Brands Corp. | 11109 | 39770 |
| †ACV Auctions, Inc. Class A | 1324 | 21475 |
| Brady Corp. Class A | 3406 | 231506 |
| †BrightView Holdings, Inc. | 4456 | 74192 |
| Brink's Co. | 2796 | 249655 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 2209 | 254874 |
| †CECO Environmental Corp. | 2528 | 71568 |
| †Cimpress PLC | 1769 | 83143 |
| Cintas Corp. | 9904 | 2207304 |
| Civeo Corp. | 683 | 15770 |
| †Clean Harbors, Inc. | 6114 | 1413435 |
| †Copart, Inc. | 16096 | 789831 |
| Deluxe Corp. | 5890 | 93710 |
| †Driven Brands Holdings, Inc. | 3542 | 62198 |
| Ennis, Inc. | 3323 | 60279 |
| †Enviri Corp. | 9121 | 79170 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-6

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| =†GCI Liberty, Inc. | 8309 | $0 |
| †Healthcare Services Group, <br> Inc.<br>| 2712 | 40761 |
| HNI Corp. | 4230 | 208031 |
| Interface, Inc. | 6714 | 140524 |
| †Liquidity Services, Inc. | 356 | 8398 |
| MillerKnoll, Inc. | 5200 | 100984 |
| †Montrose Environmental <br> Group, Inc.<br>| 573 | 12543 |
| MSA Safety, Inc. | 1744 | 292172 |
| †OPENLANE, Inc. | 10378 | 253742 |
| Quad/Graphics, Inc. | 5244 | 29629 |
| Republic Services, Inc. | 5847 | 1441929 |
| Rollins, Inc. | 14637 | 825820 |
| Steelcase, Inc. Class A | 9895 | 103205 |
| Tetra Tech, Inc. | 16954 | 609666 |
| UniFirst Corp. | 1525 | 287035 |
| Veralto Corp. | 4043 | 408141 |
| Vestis Corp. | 9019 | 51679 |
| VSE Corp. | 600 | 78588 |
| Waste Management, Inc. | 11560 | 2645159 |
|  |  | **13576464** |
| **Communications Equipment–0.80%** | **Communications Equipment–0.80%** | **Communications Equipment–0.80%** |
| †Applied Optoelectronics, Inc. | 2558 | 65715 |
| †Arista Networks, Inc. | 16752 | 1713897 |
| †Aviat Networks, Inc. | 681 | 16378 |
| †Calix, Inc. | 3340 | 177655 |
| †Ciena Corp. | 9996 | 812975 |
| Cisco Systems, Inc. | 78811 | 5467907 |
| †Clearfield, Inc. | 700 | 30387 |
| †Comtech <br> Telecommunications Corp.<br>| 2467 | 6044 |
| †Digi International, Inc. | 2900 | 101094 |
| †F5, Inc. | 4197 | 1235261 |
| †Harmonic, Inc. | 8852 | 83828 |
| Juniper Networks, Inc. | 22261 | 888882 |
| †Lumentum Holdings, Inc. | 3766 | 357996 |
| Motorola Solutions, Inc. | 4388 | 1844978 |
| †NETGEAR, Inc. | 3638 | 105757 |
| †NetScout Systems, Inc. | 7833 | 194337 |
| †Ribbon Communications, <br> Inc.<br>| 7554 | 30292 |
| †Viasat, Inc. | 6887 | 100550 |
| †Viavi Solutions, Inc. | 16999 | 171180 |
|  |  | **13405113** |
| **Construction & Engineering–0.74%** | **Construction & Engineering–0.74%** | **Construction & Engineering–0.74%** |
| AECOM | 6721 | 758532 |
| †Ameresco, Inc. Class A | 1754 | 26643 |
| †API Group Corp. | 7084 | 361638 |
| Arcosa, Inc. | 4724 | 409618 |
| Argan, Inc. | 1469 | 323885 |
| †Bowman Consulting Group <br> Ltd.<br>| 773 | 22224 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Cadeler AS ADR | 1367 | $27162 |
| Comfort Systems USA, Inc. | 2957 | 1585573 |
| †Construction Partners, Inc. <br> Class A<br>| 3231 | 343391 |
| †Dycom Industries, Inc. | 2802 | 684781 |
| EMCOR Group, Inc. | 2377 | 1271434 |
| †Everus Construction Group, <br> Inc.<br>| 4441 | 282137 |
| †Fluor Corp. | 6492 | 332845 |
| Granite Construction, Inc. | 3330 | 311388 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 8569 | 104456 |
| †IES Holdings, Inc. | 955 | 282900 |
| †Limbach Holdings, Inc. | 595 | 83359 |
| †MasTec, Inc. | 6175 | 1052405 |
| †Matrix Service Co. | 3017 | 40760 |
| †MYR Group, Inc. | 909 | 164938 |
| †NWPX Infrastructure, Inc. | 417 | 17101 |
| Primoris Services Corp. | 4046 | 315345 |
| Quanta Services, Inc. | 4701 | 1777354 |
| †Sterling Infrastructure, Inc. | 2384 | 550060 |
| †Tutor Perini Corp. | 5568 | 260471 |
| Valmont Industries, Inc. | 1709 | 558108 |
| WillScot Holdings Corp. | 15344 | 420426 |
|  |  | **12368934** |
| **Construction Materials–0.24%** | **Construction Materials–0.24%** | **Construction Materials–0.24%** |
| CRH PLC | 3482 | 319648 |
| Eagle Materials, Inc. | 3675 | 742754 |
| †Knife River Corp. | 4441 | 362563 |
| Martin Marietta Materials, <br> Inc.<br>| 2256 | 1238454 |
| U.S. Lime & Minerals, Inc. | 740 | 73852 |
| Vulcan Materials Co. | 5108 | 1332268 |
|  |  | **4069539** |
| **Consumer Finance–1.00%** | **Consumer Finance–1.00%** | **Consumer Finance–1.00%** |
| Ally Financial, Inc. | 21828 | 850201 |
| American Express Co. | 17081 | 5448497 |
| †Atlanticus Holdings Corp. | 1483 | 81194 |
| Bread Financial Holdings, <br> Inc.<br>| 4827 | 275718 |
| Capital One Financial Corp. | 20559 | 4374133 |
| †Credit Acceptance Corp. | 761 | 387676 |
| †Encore Capital Group, Inc. | 2403 | 93020 |
| †Enova International, Inc. | 2658 | 296420 |
| †EZCORP, Inc. Class A | 6690 | 92857 |
| FirstCash Holdings, Inc. | 4361 | 589346 |
| †Green Dot Corp. Class A | 3997 | 43088 |
| †LendingClub Corp. | 11516 | 138537 |
| †LendingTree, Inc. | 513 | 19017 |
| Navient Corp. | 12258 | 172838 |
| Nelnet, Inc. Class A | 2590 | 313701 |
| †NerdWallet, Inc. Class A | 3266 | 35828 |
| OneMain Holdings, Inc. | 11443 | 652251 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-7

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| †PRA Group, Inc. | 3756 | $55401 |
| PROG Holdings, Inc. | 3487 | 102343 |
| Regional Management Corp. | 1098 | 32073 |
| SLM Corp. | 19724 | 646750 |
| †SoFi Technologies, Inc. | 27377 | 498535 |
| Synchrony Financial | 21871 | 1459671 |
| †World Acceptance Corp. | 687 | 113437 |
|  |  | **16772532** |
| **Consumer Staples Distribution & Retail–2.21%** | **Consumer Staples Distribution & Retail–2.21%** | **Consumer Staples Distribution & Retail–2.21%** |
| Albertsons Cos., Inc. Class A | 31435 | 676167 |
| Andersons, Inc. | 2651 | 97424 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 10299 | 1110541 |
| Casey's General Stores, Inc. | 2867 | 1462944 |
| †Chefs' Warehouse, Inc. | 2580 | 164630 |
| Costco Wholesale Corp. | 9788 | 9689533 |
| Dollar General Corp. | 8636 | 987786 |
| †Dollar Tree, Inc. | 9394 | 930382 |
| †Grocery Outlet Holding Corp. | 1953 | 24256 |
| †HF Foods Group, Inc. | 4692 | 14920 |
| Ingles Markets, Inc. Class A | 1101 | 69781 |
| Kroger Co. | 59293 | 4253087 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 3652 | 143341 |
| †Performance Food Group Co. | 11543 | 1009666 |
| PriceSmart, Inc. | 1845 | 193799 |
| SpartanNash Co. | 3315 | 87814 |
| †Sprouts Farmers Market, Inc. | 8827 | 1453277 |
| Sysco Corp. | 17582 | 1331661 |
| Target Corp. | 17502 | 1726572 |
| †U.S. Foods Holding Corp. | 16963 | 1306321 |
| †United Natural Foods, Inc. | 6297 | 146783 |
| Village Super Market, Inc. <br> Class A<br>| 618 | 23793 |
| Walgreens Boots Alliance, <br> Inc.<br>| 24875 | 285565 |
| Walmart, Inc. | 98328 | 9614512 |
| Weis Markets, Inc. | 2787 | 202030 |
|  |  | **37006585** |
| **Containers & Packaging–0.60%** | **Containers & Packaging–0.60%** | **Containers & Packaging–0.60%** |
| Amcor PLC | 188102 | 1728657 |
| AptarGroup, Inc. | 5029 | 786687 |
| Ardagh Metal Packaging SA | 6180 | 26450 |
| Avery Dennison Corp. | 4042 | 709250 |
| Ball Corp. | 14967 | 839499 |
| Crown Holdings, Inc. | 7001 | 720963 |
| Graphic Packaging Holding <br> Co.<br>| 36241 | 763598 |
| Greif, Inc. Class A | 3741 | 245146 |
| International Paper Co. | 16118 | 754806 |
| Myers Industries, Inc. | 2920 | 42311 |
| †O-I Glass, Inc. | 15403 | 227040 |
| Packaging Corp. of America | 7234 | 1363247 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| †Ranpak Holdings Corp. | 2426 | $8661 |
| Sealed Air Corp. | 8211 | 254787 |
| Silgan Holdings, Inc. | 8214 | 445035 |
| Smurfit WestRock PLC | 12881 | 555815 |
| Sonoco Products Co. | 8938 | 389339 |
| TriMas Corp. | 3949 | 112981 |
|  |  | **9974272** |
| **Distributors–0.12%** | **Distributors–0.12%** | **Distributors–0.12%** |
| A-Mark Precious Metals, Inc. | 1648 | 36553 |
| Genuine Parts Co. | 8090 | 981398 |
| LKQ Corp. | 12418 | 459590 |
| Pool Corp. | 1930 | 562556 |
| Weyco Group, Inc. | 723 | 23975 |
|  |  | **2064072** |
| **Diversified Consumer Services–0.34%** | **Diversified Consumer Services–0.34%** | **Diversified Consumer Services–0.34%** |
| ADT, Inc. | 33492 | 283677 |
| †Adtalem Global Education, <br> Inc.<br>| 3425 | 435763 |
| †American Public Education, <br> Inc.<br>| 2213 | 67408 |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 3064 | 378680 |
| Carriage Services, Inc. | 1873 | 85671 |
| †Chegg, Inc. | 2936 | 3553 |
| †Coursera, Inc. | 7019 | 61486 |
| †Duolingo, Inc. | 948 | 388699 |
| †Frontdoor, Inc. | 5297 | 312205 |
| Graham Holdings Co. Class B | 350 | 331159 |
| †Grand Canyon Education, <br> Inc.<br>| 2298 | 434322 |
| H&R Block, Inc. | 8598 | 471944 |
| †Laureate Education, Inc. | 2483 | 58053 |
| Matthews International Corp. <br> Class A<br>| 2172 | 51933 |
| †Mister Car Wash, Inc. | 6772 | 40700 |
| OneSpaWorld Holdings Ltd. | 4641 | 94630 |
| Perdoceo Education Corp. | 6682 | 218435 |
| Service Corp. International | 12208 | 993731 |
| Strategic Education, Inc. | 2304 | 196139 |
| †Stride, Inc. | 4408 | 639997 |
| †Universal Technical Institute, <br> Inc.<br>| 3270 | 110820 |
|  |  | **5659005** |
| **Diversified Telecommunication Services–1.11%** | **Diversified Telecommunication Services–1.11%** | **Diversified Telecommunication Services–1.11%** |
| †Anterix, Inc. | 1256 | 32216 |
| AT&T, Inc. | 290784 | 8415289 |
| ATN International, Inc. | 2414 | 39228 |
| †Bandwidth, Inc. Class A | 2736 | 43502 |
| †Frontier Communications <br> Parent, Inc.<br>| 12661 | 460860 |
| IDT Corp. Class B | 2430 | 166018 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-8

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Iridium Communications, <br> Inc.<br>| 9651 | $291171 |
| †Liberty Global Ltd. Class A | 19127 | 193545 |
| †Liberty Latin America Ltd. <br> Class A<br>| 11079 | 68580 |
| †Lumen Technologies, Inc. | 6601 | 28912 |
| Shenandoah <br> Telecommunications Co.<br>| 4651 | 63533 |
| †Sunrise Communications AG <br> Class A ADR<br>| 3825 | 216304 |
| Verizon Communications, <br> Inc.<br>| 196220 | 8490439 |
|  |  | **18509597** |
| **Electric Utilities–1.36%** | **Electric Utilities–1.36%** | **Electric Utilities–1.36%** |
| ALLETE, Inc. | 3194 | 204640 |
| Alliant Energy Corp. | 9792 | 592122 |
| American Electric Power Co., <br> Inc.<br>| 12638 | 1311319 |
| Constellation Energy Corp. | 7720 | 2491707 |
| Duke Energy Corp. | 17825 | 2103350 |
| Edison International | 11997 | 619045 |
| Entergy Corp. | 11406 | 948067 |
| Evergy, Inc. | 7526 | 518767 |
| Eversource Energy | 11554 | 735065 |
| Exelon Corp. | 26594 | 1154711 |
| FirstEnergy Corp. | 17934 | 722023 |
| Genie Energy Ltd. Class B | 2298 | 61770 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 8248 | 87676 |
| IDACORP, Inc. | 3450 | 398303 |
| MGE Energy, Inc. | 2722 | 240734 |
| NextEra Energy, Inc. | 46179 | 3205746 |
| NRG Energy, Inc. | 10042 | 1612544 |
| OGE Energy Corp. | 8515 | 377896 |
| Otter Tail Corp. | 2220 | 171140 |
| PG&E Corp. | 11609 | 161829 |
| Pinnacle West Capital Corp. | 5231 | 468018 |
| Portland General Electric <br> Co.<br>| 5391 | 219036 |
| PPL Corp. | 23327 | 790552 |
| Southern Co. | 25061 | 2301352 |
| TXNM Energy, Inc. | 5952 | 335217 |
| Xcel Energy, Inc. | 14781 | 1006586 |
|  |  | **22839215** |
| **Electrical Equipment–0.93%** | **Electrical Equipment–0.93%** | **Electrical Equipment–0.93%** |
| Acuity, Inc. | 2185 | 651873 |
| Allient, Inc. | 980 | 35584 |
| †American Superconductor <br> Corp.<br>| 1761 | 64611 |
| AMETEK, Inc. | 8278 | 1497987 |
| Atkore, Inc. | 2450 | 172847 |
| Eaton Corp. PLC | 7220 | 2577468 |
| Emerson Electric Co. | 10417 | 1388899 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| EnerSys | 3479 | $298394 |
| †Fluence Energy, Inc. | 1145 | 7683 |
| †FuelCell Energy, Inc. | 834 | 4679 |
| GE Vernova, Inc. | 4627 | 2448377 |
| †Generac Holdings, Inc. | 1996 | 285847 |
| Hubbell, Inc. | 2749 | 1122719 |
| LSI Industries, Inc. | 2323 | 39514 |
| †NEXTracker, Inc. Class A | 1399 | 76064 |
| nVent Electric PLC | 8024 | 587758 |
| †Plug Power, Inc. | 4000 | 5960 |
| Powell Industries, Inc. | 1172 | 246647 |
| Preformed Line Products Co. | 206 | 32921 |
| Regal Rexnord Corp. | 3774 | 547079 |
| Rockwell Automation, Inc. | 4255 | 1413383 |
| Sensata Technologies Holding <br> PLC<br>| 11474 | 345482 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 3212 | 13651 |
| †Sunrun, Inc. | 12414 | 101547 |
| †Thermon Group Holdings, <br> Inc.<br>| 2031 | 57030 |
| Vertiv Holdings Co. Class A | 11058 | 1419958 |
| †Vicor Corp. | 1501 | 68085 |
|  |  | **15512047** |
| **Electronic Equipment, Instruments & Components–1.46%** | **Electronic Equipment, Instruments & Components–1.46%** | **Electronic Equipment, Instruments & Components–1.46%** |
| Advanced Energy Industries, <br> Inc.<br>| 2750 | 364375 |
| Amphenol Corp. Class A | 29700 | 2932875 |
| †Arrow Electronics, Inc. | 4495 | 572798 |
| Avnet, Inc. | 8564 | 454577 |
| Badger Meter, Inc. | 1825 | 447034 |
| Bel Fuse, Inc. Class B | 1087 | 106189 |
| Belden, Inc. | 3181 | 368360 |
| Benchmark Electronics, Inc. | 4152 | 161222 |
| CDW Corp. | 4620 | 825086 |
| Cognex Corp. | 7440 | 235997 |
| †Coherent Corp. | 7701 | 687006 |
| Corning, Inc. | 35644 | 1874518 |
| Crane NXT Co. | 3815 | 205628 |
| CTS Corp. | 2424 | 103287 |
| †Daktronics, Inc. | 5746 | 86880 |
| †ePlus, Inc. | 2428 | 175059 |
| †Fabrinet | 2860 | 842785 |
| †FARO Technologies, Inc. | 1676 | 73610 |
| †Flex Ltd. | 28745 | 1434950 |
| †Insight Enterprises, Inc. | 2266 | 312901 |
| †IPG Photonics Corp. | 3160 | 216934 |
| †Itron, Inc. | 2913 | 383438 |
| Jabil, Inc. | 8601 | 1875878 |
| †Keysight Technologies, Inc. | 6369 | 1043624 |
| †Kimball Electronics, Inc. | 343 | 6596 |
| †Knowles Corp. | 9789 | 172482 |
| Littelfuse, Inc. | 2042 | 462983 |
| Methode Electronics, Inc. | 3476 | 33057 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-9

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| †Mirion Technologies, Inc. | 5893 | $126876 |
| Napco Security Technologies, <br> Inc.<br>| 1900 | 56411 |
| †nLight, Inc. | 2861 | 56304 |
| †Novanta, Inc. | 2315 | 298473 |
| †OSI Systems, Inc. | 1390 | 312555 |
| †PAR Technology Corp. | 1800 | 124866 |
| PC Connection, Inc. | 2979 | 195959 |
| †Plexus Corp. | 1891 | 255871 |
| †Ralliant Corp. | 4364 | 211627 |
| Richardson Electronics Ltd. | 2073 | 20004 |
| †Rogers Corp. | 1412 | 96694 |
| †Sanmina Corp. | 5268 | 515368 |
| †ScanSource, Inc. | 2396 | 100177 |
| †SmartRent, Inc. | 9964 | 9864 |
| TD SYNNEX Corp. | 6092 | 826684 |
| TE Connectivity PLC | 8674 | 1463044 |
| †Teledyne Technologies, Inc. | 1799 | 921646 |
| †Trimble, Inc. | 9996 | 759496 |
| †TTM Technologies, Inc. | 10770 | 439631 |
| Vishay Intertechnology, Inc. | 7940 | 126087 |
| †Vishay Precision Group, Inc. | 858 | 24110 |
| Vontier Corp. | 10620 | 391878 |
| †Zebra Technologies Corp. <br> Class A<br>| 1852 | 571083 |
|  |  | **24364837** |
| **Energy Equipment & Services–0.46%** | **Energy Equipment & Services–0.46%** | **Energy Equipment & Services–0.46%** |
| Archrock, Inc. | 13582 | 337241 |
| Baker Hughes Co. | 31272 | 1198968 |
| †Bristow Group, Inc. | 670 | 22090 |
| Cactus, Inc. Class A | 3339 | 145981 |
| ChampionX Corp. | 17282 | 429285 |
| Core Laboratories, Inc. | 3764 | 43361 |
| †DMC Global, Inc. | 1792 | 14444 |
| †Expro Group Holdings NV | 4117 | 35365 |
| †Forum Energy Technologies, <br> Inc.<br>| 581 | 11312 |
| Halliburton Co. | 41586 | 847523 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 13767 | 85906 |
| Helmerich & Payne, Inc. | 7597 | 115170 |
| †Innovex International, Inc. | 4298 | 67135 |
| Liberty Energy, Inc. | 13753 | 157884 |
| †Mammoth Energy Services, <br> Inc.<br>| 3494 | 9783 |
| †Nabors Industries Ltd. | 845 | 23677 |
| Noble Corp. PLC | 7063 | 187523 |
| NOV, Inc. | 21887 | 272055 |
| †Oceaneering International, <br> Inc.<br>| 10362 | 214701 |
| †Oil States International, Inc. | 6670 | 35751 |
| Patterson-UTI Energy, Inc. | 2932 | 17387 |
| †ProPetro Holding Corp. | 7913 | 47241 |
| RPC, Inc. | 14752 | 69777 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Schlumberger NV | 50995 | $1723631 |
| †SEACOR Marine Holdings, <br> Inc.<br>| 2951 | 15050 |
| †Seadrill Ltd. | 1119 | 29374 |
| Select Water Solutions, Inc. | 10426 | 90081 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 2482 | 70216 |
| TechnipFMC PLC | 24993 | 860759 |
| †TETRA Technologies, Inc. | 6536 | 21961 |
| †Tidewater, Inc. | 1101 | 50789 |
| †Transocean Ltd. | 38916 | 100792 |
| †Valaris Ltd. | 2689 | 113234 |
| Weatherford International <br> PLC<br>| 5032 | 253160 |
|  |  | **7718607** |
| **Entertainment–1.44%** | **Entertainment–1.44%** | **Entertainment–1.44%** |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 2109 | 100087 |
| Cinemark Holdings, Inc. | 8070 | 243553 |
| Electronic Arts, Inc. | 6314 | 1008346 |
| †Eventbrite, Inc. Class A | 6000 | 15780 |
| †IMAX Corp. | 4896 | 136892 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 8951 | 927442 |
| †Liberty Media Corp.-Liberty <br> Live Class A<br>| 5359 | 432310 |
| †Lionsgate Studios Corp. | 18814 | 109309 |
| †Live Nation Entertainment, <br> Inc.<br>| 7827 | 1184068 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 2599 | 103882 |
| †Madison Square Garden <br> Sports Corp.<br>| 382 | 79819 |
| Marcus Corp. | 2728 | 45994 |
| †Netflix, Inc. | 7867 | 10534936 |
| †Reading International, Inc. <br> Class A<br>| 489 | 655 |
| †ROBLOX Corp. Class A | 5329 | 560611 |
| †Roku, Inc. | 3130 | 275096 |
| †Sphere Entertainment Co. | 3215 | 134387 |
| †Spotify Technology SA | 1414 | 1085019 |
| †Starz Entertainment Corp. | 1254 | 20152 |
| †Take-Two Interactive <br> Software, Inc.<br>| 4088 | 992771 |
| TKO Group Holdings, Inc. | 2424 | 441047 |
| Walt Disney Co. | 36996 | 4587874 |
| †Warner Bros Discovery, Inc. | 88464 | 1013797 |
| Warner Music Group Corp. <br> Class A<br>| 2536 | 69081 |
|  |  | **24102908** |
| **Financial Services–3.71%** | **Financial Services–3.71%** | **Financial Services–3.71%** |
| †Affirm Holdings, Inc. | 7184 | 496702 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-10

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Apollo Global Management, <br> Inc.<br>| 6950 | $985997 |
| †AvidXchange Holdings, Inc. | 10982 | 107514 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 37368 | 18152253 |
| †Block, Inc. | 7175 | 487398 |
| †Cantaloupe, Inc. | 2736 | 30069 |
| Cass Information Systems, <br> Inc.<br>| 1874 | 81425 |
| Corebridge Financial, Inc. | 34913 | 1239412 |
| †Corpay, Inc. | 4205 | 1395303 |
| Enact Holdings, Inc. | 1869 | 69433 |
| Equitable Holdings, Inc. | 15703 | 880938 |
| Essent Group Ltd. | 9692 | 588595 |
| †Euronet Worldwide, Inc. | 4413 | 447390 |
| EVERTEC, Inc. | 623 | 22459 |
| Federal Agricultural <br> Mortgage Corp. Class C<br>| 974 | 189229 |
| Fidelity National Information <br> Services, Inc.<br>| 18405 | 1498351 |
| †Fiserv, Inc. | 12330 | 2125815 |
| †Flywire Corp. | 2304 | 26957 |
| Global Payments, Inc. | 8159 | 653046 |
| †International Money Express, <br> Inc.<br>| 2436 | 24579 |
| Jack Henry & Associates, <br> Inc.<br>| 3078 | 554563 |
| Jackson Financial, Inc. <br> Class A<br>| 3086 | 274006 |
| †Marqeta, Inc. Class A | 7290 | 42501 |
| Mastercard, Inc. Class A | 20278 | 11395019 |
| Merchants Bancorp | 1218 | 40279 |
| MGIC Investment Corp. | 23361 | 650370 |
| †Mr. Cooper Group, Inc. | 6569 | 980161 |
| †NCR Atleos Corp. | 6538 | 186529 |
| †NMI Holdings, Inc. Class A | 7717 | 325580 |
| †Onity Group, Inc. | 819 | 31261 |
| †Paymentus Holdings, Inc. <br> Class A<br>| 2017 | 66057 |
| †Payoneer Global, Inc. | 9310 | 63774 |
| †PayPal Holdings, Inc. | 23562 | 1751128 |
| †Paysafe Ltd. | 3600 | 45432 |
| PennyMac Financial Services, <br> Inc.<br>| 1310 | 130528 |
| Radian Group, Inc. | 13737 | 494807 |
| †Remitly Global, Inc. | 4416 | 82888 |
| †Repay Holdings Corp. | 5100 | 24582 |
| Rocket Cos., Inc. Class A | 2409 | 34160 |
| †Shift4 Payments, Inc. Class A | 1914 | 189697 |
| †Toast, Inc. Class A | 7723 | 342052 |
| †Velocity Financial, Inc. | 535 | 9919 |
| Visa, Inc. Class A | 37774 | 13411659 |
| Voya Financial, Inc. | 8511 | 604281 |
| Walker & Dunlop, Inc. | 3389 | 238857 |
| Waterstone Financial, Inc. | 3925 | 54204 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Western Union Co. | 21608 | $181939 |
| †WEX, Inc. | 3024 | 444195 |
|  |  | **62153293** |
| **Food Products–0.80%** | **Food Products–0.80%** | **Food Products–0.80%** |
| Alico, Inc. | 234 | 7647 |
| Archer-Daniels-Midland Co. | 5579 | 294460 |
| B&G Foods, Inc. | 5511 | 23311 |
| Bunge Global SA | 6999 | 561880 |
| Calavo Growers, Inc. | 1666 | 44299 |
| Cal-Maine Foods, Inc. | 3432 | 341930 |
| Campbell's Co. | 16121 | 494109 |
| Conagra Brands, Inc. | 20072 | 410874 |
| †Darling Ingredients, Inc. | 8222 | 311943 |
| Dole PLC | 4165 | 58268 |
| †Farmer Bros Co. | 400 | 548 |
| Flowers Foods, Inc. | 15586 | 249064 |
| Fresh Del Monte Produce, <br> Inc.<br>| 5548 | 179866 |
| †Freshpet, Inc. | 1480 | 100581 |
| General Mills, Inc. | 19730 | 1022211 |
| †Hain Celestial Group, Inc. | 7400 | 11248 |
| Hershey Co. | 5771 | 957697 |
| Hormel Foods Corp. | 18651 | 564193 |
| Ingredion, Inc. | 5606 | 760286 |
| J&J Snack Foods Corp. | 1370 | 155372 |
| J.M. Smucker Co. | 5410 | 531262 |
| John B Sanfilippo & Son, Inc. | 748 | 47303 |
| Kraft Heinz Co. | 31697 | 818417 |
| Lamb Weston Holdings, Inc. | 5940 | 307989 |
| Lancaster Colony Corp. | 1572 | 271594 |
| McCormick & Co., Inc. | 8523 | 646176 |
| Mondelez International, Inc. <br> Class A<br>| 27705 | 1868425 |
| Pilgrim's Pride Corp. | 10200 | 458796 |
| †Post Holdings, Inc. | 4512 | 491943 |
| Seaboard Corp. | 14 | 40057 |
| †Simply Good Foods Co. | 7603 | 240179 |
| Tootsie Roll Industries, Inc. | 1638 | 54791 |
| †TreeHouse Foods, Inc. | 3727 | 72378 |
| Tyson Foods, Inc. Class A | 12030 | 672958 |
| Utz Brands, Inc. | 3854 | 48368 |
| †Vital Farms, Inc. | 3700 | 142524 |
| WK Kellogg Co. | 4522 | 72081 |
|  |  | **13335028** |
| **Gas Utilities–0.19%** | **Gas Utilities–0.19%** | **Gas Utilities–0.19%** |
| Atmos Energy Corp. | 5169 | 796594 |
| Chesapeake Utilities Corp. | 776 | 93291 |
| MDU Resources Group, Inc. | 18965 | 316146 |
| National Fuel Gas Co. | 5275 | 446845 |
| New Jersey Resources Corp. | 8468 | 379536 |
| Northwest Natural Holding <br> Co.<br>| 2733 | 108555 |
| ONE Gas, Inc. | 2955 | 212346 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-11

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Southwest Gas Holdings, Inc. | 3302 | $245636 |
| Spire, Inc. | 3336 | 243495 |
| UGI Corp. | 11119 | 404954 |
|  |  | **3247398** |
| **Ground Transportation–1.01%** | **Ground Transportation–1.01%** | **Ground Transportation–1.01%** |
| ArcBest Corp. | 1712 | 131841 |
| †Avis Budget Group, Inc. | 854 | 144369 |
| Covenant Logistics Group, <br> Inc.<br>| 2834 | 68328 |
| CSX Corp. | 68716 | 2242203 |
| FTAI Infrastructure, Inc. | 4825 | 29770 |
| Heartland Express, Inc. | 6467 | 55875 |
| †Hertz Global Holdings, Inc. | 17404 | 118869 |
| JB Hunt Transport Services, <br> Inc.<br>| 6558 | 941729 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 10537 | 466052 |
| Landstar System, Inc. | 2233 | 310432 |
| †Lyft, Inc. Class A | 6092 | 96010 |
| Marten Transport Ltd. | 6469 | 84032 |
| Norfolk Southern Corp. | 6204 | 1588038 |
| Old Dominion Freight Line, <br> Inc.<br>| 7164 | 1162717 |
| †PAMT Corp. | 1224 | 15753 |
| †RXO, Inc. | 9670 | 152013 |
| Ryder System, Inc. | 5398 | 858282 |
| †Saia, Inc. | 1186 | 324952 |
| Schneider National, Inc. <br> Class B<br>| 9043 | 218389 |
| †Uber Technologies, Inc. | 19994 | 1865440 |
| †U-Haul Holding Co. | 12126 | 669584 |
| Union Pacific Corp. | 17786 | 4092203 |
| Universal Logistics Holdings, <br> Inc.<br>| 2500 | 63450 |
| Werner Enterprises, Inc. | 5226 | 142983 |
| †XPO, Inc. | 8315 | 1050101 |
|  |  | **16893415** |
| **Health Care Equipment & Supplies–1.74%** | **Health Care Equipment & Supplies–1.74%** | **Health Care Equipment & Supplies–1.74%** |
| Abbott Laboratories | 33572 | 4566128 |
| †Align Technology, Inc. | 2128 | 402894 |
| †AngioDynamics, Inc. | 5678 | 56326 |
| †Artivion, Inc. | 3491 | 108570 |
| †AtriCure, Inc. | 1380 | 45223 |
| †Avanos Medical, Inc. | 4232 | 51800 |
| †Axogen, Inc. | 3071 | 33320 |
| Baxter International, Inc. | 20388 | 617349 |
| Becton Dickinson & Co. | 5658 | 974590 |
| †Bioventus, Inc. Class A | 3090 | 20456 |
| †Boston Scientific Corp. | 19203 | 2062594 |
| CONMED Corp. | 1948 | 101452 |
| †Cooper Cos., Inc. | 8507 | 605358 |
| Dentsply Sirona, Inc. | 12665 | 201120 |
| †Dexcom, Inc. | 4904 | 428070 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Edwards Lifesciences Corp. | 13454 | $1052237 |
| Embecta Corp. | 1053 | 10204 |
| †Enovis Corp. | 3676 | 115279 |
| †Envista Holdings Corp. | 10550 | 206147 |
| GE HealthCare Technologies, <br> Inc.<br>| 16357 | 1211563 |
| †Globus Medical, Inc. Class A | 2238 | 132087 |
| †Haemonetics Corp. | 2876 | 214578 |
| †Hologic, Inc. | 9212 | 600254 |
| †ICU Medical, Inc. | 1184 | 156466 |
| †IDEXX Laboratories, Inc. | 2544 | 1364449 |
| †Inogen, Inc. | 1392 | 9786 |
| †Inspire Medical Systems, Inc. | 361 | 46847 |
| †Insulet Corp. | 2075 | 651924 |
| †Integer Holdings Corp. | 2452 | 301522 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 4660 | 57178 |
| †Intuitive Surgical, Inc. | 4799 | 2607825 |
| iRadimed Corp. | 465 | 27802 |
| †Lantheus Holdings, Inc. | 4262 | 348887 |
| LeMaitre Vascular, Inc. | 1018 | 84545 |
| †LENSAR, Inc. | 1658 | 21836 |
| †LivaNova PLC | 3345 | 150592 |
| †Masimo Corp. | 2348 | 394981 |
| Medtronic PLC | 25795 | 2248550 |
| †Merit Medical Systems, Inc. | 4346 | 406264 |
| =†OmniAb, Inc. Earnout Shares | 435 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 435 | 0 |
| †Omnicell, Inc. | 2223 | 65356 |
| †OraSure Technologies, Inc. | 3636 | 10908 |
| †Orthofix Medical, Inc. | 3866 | 43106 |
| †OrthoPediatrics Corp. | 984 | 21136 |
| †Penumbra, Inc. | 873 | 224038 |
| †QuidelOrtho Corp. | 744 | 21442 |
| ResMed, Inc. | 4703 | 1213374 |
| †RxSight, Inc. | 1447 | 18811 |
| †SI-BONE, Inc. | 2500 | 47050 |
| †Solventum Corp. | 2726 | 206740 |
| †STAAR Surgical Co. | 700 | 11746 |
| STERIS PLC | 3660 | 879205 |
| Stryker Corp. | 6250 | 2472687 |
| †Surmodics, Inc. | 1196 | 35533 |
| †Tactile Systems Technology, <br> Inc.<br>| 3443 | 34912 |
| Teleflex, Inc. | 1857 | 219795 |
| †UFP Technologies, Inc. | 348 | 84968 |
| Utah Medical Products, Inc. | 166 | 9449 |
| †Varex Imaging Corp. | 3549 | 30770 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 8329 | 759688 |
| †Zimvie, Inc. | 832 | 7779 |
|  |  | **29115546** |

---

LVIP Dimensional U.S. Core Equity 1 Fund-12

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–2.07%** | **Health Care Providers & Services–2.07%** | **Health Care Providers & Services–2.07%** |
| †Acadia Healthcare Co., Inc. | 5457 | $123819 |
| †AdaptHealth Corp. | 6653 | 62738 |
| †Addus HomeCare Corp. | 1490 | 171633 |
| †agilon health, Inc. | 10936 | 25153 |
| †Amedisys, Inc. | 2782 | 273721 |
| †AMN Healthcare Services, <br> Inc.<br>| 3474 | 71808 |
| †Astrana Health, Inc. | 2925 | 72774 |
| †Brookdale Senior Living, Inc. | 25409 | 176847 |
| Cardinal Health, Inc. | 7851 | 1318968 |
| †Castle Biosciences, Inc. | 1800 | 36756 |
| Cencora, Inc. | 5691 | 1706446 |
| †Centene Corp. | 17165 | 931716 |
| Chemed Corp. | 941 | 458201 |
| Cigna Group | 9067 | 2997369 |
| †Community Health Systems, <br> Inc.<br>| 14031 | 47705 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 10679 | 219667 |
| †CorVel Corp. | 3899 | 400739 |
| †Cross Country Healthcare, <br> Inc.<br>| 2295 | 29950 |
| CVS Health Corp. | 28367 | 1956756 |
| †DaVita, Inc. | 3967 | 565099 |
| Elevance Health, Inc. | 5599 | 2177787 |
| Encompass Health Corp. | 10482 | 1285408 |
| †Enhabit, Inc. | 5241 | 50523 |
| Ensign Group, Inc. | 4490 | 692627 |
| †Fulgent Genetics, Inc. | 3138 | 62384 |
| HCA Healthcare, Inc. | 4402 | 1686406 |
| †HealthEquity, Inc. | 2091 | 219053 |
| †Henry Schein, Inc. | 6745 | 492722 |
| Humana, Inc. | 3124 | 763756 |
| Labcorp Holdings, Inc. | 3473 | 911697 |
| McKesson Corp. | 2950 | 2161701 |
| †ModivCare, Inc. | 1930 | 6022 |
| †Molina Healthcare, Inc. | 2528 | 753091 |
| National HealthCare Corp. | 1558 | 166722 |
| National Research Corp. | 414 | 6955 |
| †NeoGenomics, Inc. | 6172 | 45117 |
| †OPKO Health, Inc. | 26983 | 35618 |
| †Option Care Health, Inc. | 8414 | 273287 |
| †Owens & Minor, Inc. | 7025 | 63928 |
| †Pediatrix Medical Group, <br> Inc.<br>| 8411 | 120698 |
| †Pennant Group, Inc. | 2839 | 84744 |
| Premier, Inc. Class A | 6981 | 153093 |
| †Privia Health Group, Inc. | 4493 | 103339 |
| †Progyny, Inc. | 1799 | 39578 |
| Quest Diagnostics, Inc. | 4790 | 860428 |
| †RadNet, Inc. | 2573 | 146429 |
| Select Medical Holdings <br> Corp.<br>| 11878 | 180308 |
| †Surgery Partners, Inc. | 2745 | 61021 |
| †Tenet Healthcare Corp. | 9313 | 1639088 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| U.S. Physical Therapy, Inc. | 1000 | $78200 |
| UnitedHealth Group, Inc. | 21895 | 6830583 |
| Universal Health Services, <br> Inc. Class B<br>| 4896 | 886910 |
|  |  | **34687088** |
| **Health Care Technology–0.09%** | **Health Care Technology–0.09%** | **Health Care Technology–0.09%** |
| †American Well Corp. Class A | 668 | 5938 |
| †Certara, Inc. | 5749 | 67263 |
| †Definitive Healthcare Corp. | 5123 | 19980 |
| †Doximity, Inc. Class A | 3034 | 186106 |
| †Evolent Health, Inc. Class A | 7583 | 85385 |
| †GoodRx Holdings, Inc. <br> Class A<br>| 3965 | 19746 |
| HealthStream, Inc. | 2606 | 72108 |
| †Phreesia, Inc. | 2143 | 60990 |
| †Schrodinger, Inc. | 1980 | 39838 |
| Simulations Plus, Inc. | 1079 | 18828 |
| †Teladoc Health, Inc. | 5765 | 50213 |
| †TruBridge, Inc. | 971 | 22741 |
| †Veeva Systems, Inc. Class A | 2983 | 859044 |
|  |  | **1508180** |
| **Hotels, Restaurants & Leisure–2.17%** | **Hotels, Restaurants & Leisure–2.17%** | **Hotels, Restaurants & Leisure–2.17%** |
| †Airbnb, Inc. Class A | 6484 | 858093 |
| Aramark | 18038 | 755251 |
| †Biglari Holdings, Inc. Class B | 1 | 292 |
| †BJ's Restaurants, Inc. | 1988 | 88665 |
| Bloomin' Brands, Inc. | 5220 | 44944 |
| Booking Holdings, Inc. | 684 | 3959840 |
| Boyd Gaming Corp. | 3668 | 286948 |
| †Brinker International, Inc. | 3450 | 622139 |
| †Caesars Entertainment, Inc. | 9211 | 261500 |
| †Carnival Corp. | 35854 | 1008214 |
| †Cava Group, Inc. | 1819 | 153214 |
| Cheesecake Factory, Inc. | 3055 | 191426 |
| †Chipotle Mexican Grill, Inc. | 34100 | 1914715 |
| Choice Hotels International, <br> Inc.<br>| 3240 | 411091 |
| Churchill Downs, Inc. | 3270 | 330270 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 1445 | 88261 |
| Darden Restaurants, Inc. | 4743 | 1033832 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 2917 | 87743 |
| †Denny's Corp. | 3860 | 15826 |
| Dine Brands Global, Inc. | 793 | 19294 |
| Domino's Pizza, Inc. | 1117 | 503320 |
| †DoorDash, Inc. Class A | 4546 | 1120634 |
| †DraftKings, Inc. Class A | 9094 | 390042 |
| †Dutch Bros, Inc. Class A | 1237 | 84574 |
| †El Pollo Loco Holdings, Inc. | 3990 | 43930 |
| Expedia Group, Inc. | 4278 | 721613 |
| †First Watch Restaurant <br> Group, Inc.<br>| 5102 | 81836 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-13

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Flutter Entertainment PLC | 1476 | $421782 |
| Golden Entertainment, Inc. | 2073 | 61008 |
| †Hilton Grand Vacations, Inc. | 2114 | 87794 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 5784 | 1540511 |
| Hyatt Hotels Corp. Class A | 2033 | 283908 |
| Krispy Kreme, Inc. | 3368 | 9801 |
| Las Vegas Sands Corp. | 19276 | 838699 |
| †Life Time Group Holdings, <br> Inc.<br>| 6305 | 191231 |
| †Light & Wonder, Inc. | 5966 | 574287 |
| Marriott International, Inc. <br> Class A<br>| 5486 | 1498830 |
| Marriott Vacations Worldwide <br> Corp.<br>| 2792 | 201890 |
| McDonald's Corp. | 15548 | 4542659 |
| †MGM Resorts International | 11398 | 391977 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 10601 | 214988 |
| Papa John's International, <br> Inc.<br>| 1657 | 81094 |
| †Penn Entertainment, Inc. | 9276 | 165762 |
| †Planet Fitness, Inc. Class A | 5682 | 619622 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 2398 | 69134 |
| Red Rock Resorts, Inc. <br> Class A<br>| 2566 | 133509 |
| Royal Caribbean Cruises Ltd. | 8597 | 2692065 |
| †Sabre Corp. | 19559 | 61806 |
| †Shake Shack, Inc. Class A | 1397 | 196418 |
| Starbucks Corp. | 25650 | 2350310 |
| †Sweetgreen, Inc. Class A | 4300 | 63984 |
| Texas Roadhouse, Inc. | 5372 | 1006767 |
| Travel & Leisure Co. | 3900 | 201279 |
| †United Parks & Resorts, Inc. | 3939 | 185724 |
| Vail Resorts, Inc. | 1925 | 302475 |
| Wendy's Co. | 12897 | 147284 |
| Wingstop, Inc. | 415 | 139747 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 4719 | 383230 |
| Wynn Resorts Ltd. | 3118 | 292063 |
| Yum! Brands, Inc. | 8774 | 1300131 |
|  |  | **36329276** |
| **Household Durables–0.88%** | **Household Durables–0.88%** | **Household Durables–0.88%** |
| †Beazer Homes USA, Inc. | 1618 | 36195 |
| †Cavco Industries, Inc. | 615 | 267174 |
| Century Communities, Inc. | 2249 | 126664 |
| †Champion Homes, Inc. | 3677 | 230217 |
| Dr. Horton, Inc. | 11635 | 1499984 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 3347 | 84110 |
| Ethan Allen Interiors, Inc. | 2976 | 82882 |
| Flexsteel Industries, Inc. | 262 | 9440 |
| Garmin Ltd. | 6913 | 1442881 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †GoPro, Inc. Class A | 2300 | $1742 |
| †Green Brick Partners, Inc. | 1200 | 75456 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 400 | 7156 |
| †Helen of Troy Ltd. | 1542 | 43762 |
| Hooker Furnishings Corp. | 1803 | 19076 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 484 | 50602 |
| Installed Building Products, <br> Inc.<br>| 2039 | 367672 |
| KB Home | 6576 | 348331 |
| La-Z-Boy, Inc. | 4018 | 149349 |
| Leggett & Platt, Inc. | 9984 | 89057 |
| Lennar Corp. Class A | 9126 | 1006677 |
| †LGI Homes, Inc. | 1623 | 83617 |
| †Lovesac Co. | 1377 | 25061 |
| †M/I Homes, Inc. | 2794 | 313263 |
| Meritage Homes Corp. | 6348 | 425126 |
| †Mohawk Industries, Inc. | 2934 | 307601 |
| Newell Brands, Inc. | 34587 | 186770 |
| †NVR, Inc. | 224 | 1654388 |
| PulteGroup, Inc. | 14062 | 1482978 |
| †Purple Innovation, Inc. | 2397 | 1748 |
| †SharkNinja, Inc. | 6137 | 607502 |
| Somnigroup International, <br> Inc.<br>| 9791 | 666278 |
| †Sonos, Inc. | 2851 | 30819 |
| †Taylor Morrison Home Corp. | 10234 | 628572 |
| Toll Brothers, Inc. | 8160 | 931301 |
| †TopBuild Corp. | 2358 | 763379 |
| †Tri Pointe Homes, Inc. | 8913 | 284770 |
| †Universal Electronics, Inc. | 1276 | 8447 |
| Whirlpool Corp. | 4124 | 418256 |
|  |  | **14758303** |
| **Household Products–0.79%** | **Household Products–0.79%** | **Household Products–0.79%** |
| †Central Garden & Pet Co. | 5787 | 181998 |
| Church & Dwight Co., Inc. | 7415 | 712656 |
| Clorox Co. | 4176 | 501412 |
| Colgate-Palmolive Co. | 18519 | 1683377 |
| Energizer Holdings, Inc. | 5132 | 103461 |
| Kimberly-Clark Corp. | 9668 | 1246399 |
| Procter & Gamble Co. | 53278 | 8488251 |
| Reynolds Consumer Products, <br> Inc.<br>| 1713 | 36692 |
| Spectrum Brands Holdings, <br> Inc.<br>| 2189 | 116017 |
| WD-40 Co. | 802 | 182928 |
|  |  | **13253191** |
| **Independent Power and Renewable Electricity Producers–0.24%** | **Independent Power and Renewable Electricity Producers–0.24%** | **Independent Power and Renewable Electricity Producers–0.24%** |
| AES Corp. | 23697 | 249293 |
| Brookfield Renewable Corp. | 4554 | 149280 |
| Clearway Energy, Inc. Class A | 7924 | 249028 |
| †Montauk Renewables, Inc. | 4020 | 8924 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-14

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Independent Power and Renewable Electricity Producers** <br> **(continued)** | **Independent Power and Renewable Electricity Producers** <br> **(continued)** | **Independent Power and Renewable Electricity Producers** <br> **(continued)** |
| Ormat Technologies, Inc. | 5007 | $419386 |
| Vistra Corp. | 15292 | 2963743 |
|  |  | **4039654** |
| **Industrial Conglomerates–0.33%** | **Industrial Conglomerates–0.33%** | **Industrial Conglomerates–0.33%** |
| 3M Co. | 10907 | 1660482 |
| Honeywell International, Inc. | 16626 | 3871863 |
|  |  | **5532345** |
| **Insurance–3.22%** | **Insurance–3.22%** | **Insurance–3.22%** |
| Aflac, Inc. | 16168 | 1705077 |
| Allstate Corp. | 9725 | 1957740 |
| †Ambac Financial Group, Inc. | 3737 | 26533 |
| American Coastal Insurance <br> Corp. Class C<br>| 1612 | 17925 |
| American Financial Group, <br> Inc.<br>| 6291 | 793987 |
| American International <br> Group, Inc.<br>| 26383 | 2258121 |
| AMERISAFE, Inc. | 1652 | 72242 |
| Aon PLC Class A | 4664 | 1663929 |
| Arch Capital Group Ltd. | 16970 | 1545118 |
| Arthur J Gallagher & Co. | 3988 | 1276639 |
| Assurant, Inc. | 4180 | 825508 |
| Assured Guaranty Ltd. | 5006 | 436023 |
| Axis Capital Holdings Ltd. | 6050 | 628111 |
| †Baldwin Insurance Group, <br> Inc.<br>| 1800 | 77058 |
| †Brighthouse Financial, Inc. | 5618 | 302080 |
| Brown & Brown, Inc. | 11834 | 1312036 |
| Chubb Ltd. | 9621 | 2787396 |
| Cincinnati Financial Corp. | 6563 | 977362 |
| CNO Financial Group, Inc. | 2788 | 107561 |
| Crawford & Co. Class A | 2669 | 28097 |
| Donegal Group, Inc. Class A | 1349 | 27014 |
| †eHealth, Inc. | 2423 | 10540 |
| Employers Holdings, Inc. | 2884 | 136067 |
| †Enstar Group Ltd. | 1331 | 447695 |
| Erie Indemnity Co. Class A | 918 | 318353 |
| Everest Group Ltd. | 2122 | 721162 |
| F&G Annuities & Life, Inc. | 1879 | 60090 |
| Fidelity National Financial, <br> Inc.<br>| 15187 | 851383 |
| First American Financial <br> Corp.<br>| 8033 | 493146 |
| †Genworth Financial, Inc. <br> Class A<br>| 43794 | 340717 |
| Globe Life, Inc. | 6092 | 757175 |
| Goosehead Insurance, Inc. <br> Class A<br>| 1176 | 124080 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 4459 | 64076 |
| Hanover Insurance Group, <br> Inc.<br>| 3084 | 523879 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Hartford Insurance Group, <br> Inc.<br>| 17899 | $2270846 |
| HCI Group, Inc. | 1347 | 205013 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 3747 | 93450 |
| Horace Mann Educators <br> Corp.<br>| 4684 | 201271 |
| James River Group Holdings <br> Ltd.<br>| 3086 | 18084 |
| Kemper Corp. | 5413 | 349355 |
| †Kestrel Group Ltd. | 606 | 16071 |
| Kinsale Capital Group, Inc. | 1057 | 511482 |
| Loews Corp. | 9224 | 845472 |
| †Markel Group, Inc. | 576 | 1150479 |
| Marsh & McLennan Cos., Inc. | 12506 | 2734312 |
| Mercury General Corp. | 5667 | 381616 |
| MetLife, Inc. | 27164 | 2184529 |
| †NI Holdings, Inc. | 900 | 11466 |
| Old Republic International <br> Corp.<br>| 18896 | 726362 |
| †Oscar Health, Inc. Class A | 8880 | 190387 |
| †Palomar Holdings, Inc. | 897 | 138362 |
| Primerica, Inc. | 4113 | 1125605 |
| Principal Financial Group, <br> Inc.<br>| 9689 | 769597 |
| †ProAssurance Corp. | 5554 | 126798 |
| Progressive Corp. | 12097 | 3228205 |
| Prudential Financial, Inc. | 14668 | 1575930 |
| Reinsurance Group of <br> America, Inc.<br>| 4574 | 907299 |
| RenaissanceRe Holdings Ltd. | 3891 | 945124 |
| RLI Corp. | 6194 | 447331 |
| Safety Insurance Group, Inc. | 1663 | 132026 |
| Selective Insurance Group, <br> Inc.<br>| 4229 | 366443 |
| †SiriusPoint Ltd. | 11895 | 242539 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1400 | 80906 |
| Stewart Information Services <br> Corp.<br>| 3080 | 200508 |
| Tiptree, Inc. | 2925 | 68972 |
| Travelers Cos., Inc. | 14707 | 3934711 |
| †Trupanion, Inc. | 1512 | 83689 |
| United Fire Group, Inc. | 2797 | 80274 |
| Universal Insurance Holdings, <br> Inc.<br>| 3674 | 101880 |
| Unum Group | 9122 | 736693 |
| W.R. Berkley Corp. | 15772 | 1158769 |
| White Mountains Insurance <br> Group Ltd.<br>| 247 | 443543 |
| Willis Towers Watson PLC | 4673 | 1432274 |
|  |  | **53891593** |
| **Interactive Media & Services–5.16%** | **Interactive Media & Services–5.16%** | **Interactive Media & Services–5.16%** |
| Alphabet, Inc. Class A | 251951 | 44530222 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-15

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| †Angi, Inc. | 210 | $3205 |
| †Bumble, Inc. Class A | 8172 | 53853 |
| †Cargurus, Inc. | 5990 | 200485 |
| †Cars.com, Inc. | 5183 | 61419 |
| †DHI Group, Inc. | 5517 | 16385 |
| Match Group, Inc. | 9882 | 305255 |
| Meta Platforms, Inc. Class A | 54080 | 39915907 |
| †Pinterest, Inc. Class A | 12758 | 457502 |
| †QuinStreet, Inc. | 3909 | 62935 |
| Shutterstock, Inc. | 1235 | 23416 |
| †Snap, Inc. Class A | 32817 | 285180 |
| †TripAdvisor, Inc. | 8010 | 104530 |
| †TrueCar, Inc. | 10819 | 20556 |
| †Vimeo, Inc. | 12832 | 51841 |
| †Yelp, Inc. | 3995 | 136909 |
| †Zedge, Inc. Class B | 1132 | 4539 |
| †Ziff Davis, Inc. | 2809 | 85028 |
| †ZoomInfo Technologies, Inc. | 7631 | 77226 |
|  |  | **86396393** |
| **IT Services–1.19%** | **IT Services–1.19%** | **IT Services–1.19%** |
| Accenture PLC Class A | 14205 | 4245732 |
| †Akamai Technologies, Inc. | 7037 | 561271 |
| Amdocs Ltd. | 5634 | 514046 |
| †ASGN, Inc. | 3270 | 163271 |
| †Cloudflare, Inc. Class A | 1236 | 242046 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 17896 | 1396425 |
| †DigitalOcean Holdings, Inc. | 1591 | 45439 |
| †DXC Technology Co. | 16203 | 247744 |
| †EPAM Systems, Inc. | 1459 | 257980 |
| †Fastly, Inc. Class A | 7448 | 52583 |
| †Gartner, Inc. | 2793 | 1128987 |
| †Globant SA | 1717 | 155972 |
| †GoDaddy, Inc. Class A | 3510 | 632011 |
| †Grid Dynamics Holdings, Inc. | 2476 | 28598 |
| Hackett Group, Inc. | 2613 | 66422 |
| International Business <br> Machines Corp.<br>| 21607 | 6369312 |
| †Kyndryl Holdings, Inc. | 13287 | 557523 |
| †MongoDB, Inc. | 1322 | 277607 |
| †Okta, Inc. | 5700 | 569829 |
| †Snowflake, Inc. Class A | 2665 | 596347 |
| †Twilio, Inc. Class A | 6890 | 856840 |
| †Unisys Corp. | 5740 | 26002 |
| VeriSign, Inc. | 3004 | 867555 |
|  |  | **19859542** |
| **Leisure Products–0.14%** | **Leisure Products–0.14%** | **Leisure Products–0.14%** |
| Acushnet Holdings Corp. | 5705 | 415438 |
| †American Outdoor Brands, <br> Inc.<br>| 2016 | 21067 |
| Brunswick Corp. | 5777 | 319122 |
| †Funko, Inc. Class A | 2122 | 10101 |
| Hasbro, Inc. | 7816 | 576977 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 842 | $25487 |
| †Malibu Boats, Inc. Class A | 1279 | 40084 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 814 | 15124 |
| †Mattel, Inc. | 23363 | 460718 |
| Polaris, Inc. | 4182 | 169998 |
| Smith & Wesson Brands, Inc. | 4862 | 42202 |
| †Topgolf Callaway Brands <br> Corp.<br>| 12392 | 99756 |
| †YETI Holdings, Inc. | 3031 | 95537 |
|  |  | **2291611** |
| **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** |
| †10X Genomics, Inc. Class A | 1701 | 19698 |
| †Adaptive Biotechnologies <br> Corp.<br>| 4935 | 57493 |
| Agilent Technologies, Inc. | 6499 | 766947 |
| †Avantor, Inc. | 27637 | 371994 |
| †Azenta, Inc. | 1860 | 57251 |
| †BioLife Solutions, Inc. | 2557 | 55078 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 1192 | 287653 |
| Bio-Techne Corp. | 6154 | 316623 |
| Bruker Corp. | 7953 | 327664 |
| †Charles River Laboratories <br> International, Inc.<br>| 2668 | 404816 |
| †CryoPort, Inc. | 1498 | 11175 |
| †Cytek Biosciences, Inc. | 6300 | 21420 |
| Danaher Corp. | 10263 | 2027353 |
| †Fortrea Holdings, Inc. | 4241 | 20951 |
| †ICON PLC | 2364 | 343844 |
| †Illumina, Inc. | 2544 | 242723 |
| †IQVIA Holdings, Inc. | 7712 | 1215334 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 3739 | 9011 |
| †Medpace Holdings, Inc. | 1490 | 467651 |
| Mesa Laboratories, Inc. | 369 | 34767 |
| †Mettler-Toledo International, <br> Inc.<br>| 615 | 722453 |
| †OmniAb, Inc. | 5630 | 9796 |
| †Pacific Biosciences of <br> California, Inc.<br>| 7862 | 9749 |
| †Quanterix Corp. | 2102 | 13978 |
| †Repligen Corp. | 1977 | 245899 |
| Revvity, Inc. | 4782 | 462515 |
| †Seer, Inc. | 3658 | 7828 |
| †Sotera Health Co. | 13181 | 146573 |
| Thermo Fisher Scientific, <br> Inc.<br>| 6122 | 2482226 |
| †Waters Corp. | 2432 | 848865 |
| West Pharmaceutical <br> Services, Inc.<br>| 2013 | 440444 |
|  |  | **12449772** |

---

LVIP Dimensional U.S. Core Equity 1 Fund-16

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–2.59%** | **Machinery–2.59%** | **Machinery–2.59%** |
| †3D Systems Corp. | 12600 | $19404 |
| AGCO Corp. | 6409 | 661152 |
| Alamo Group, Inc. | 962 | 210082 |
| Albany International Corp. <br> Class A<br>| 1955 | 137104 |
| Allison Transmission <br> Holdings, Inc.<br>| 10027 | 952465 |
| Astec Industries, Inc. | 2143 | 89342 |
| Atmus Filtration <br> Technologies, Inc.<br>| 2033 | 74042 |
| †Blue Bird Corp. | 1534 | 66207 |
| Caterpillar, Inc. | 12216 | 4742373 |
| †Chart Industries, Inc. | 1760 | 289784 |
| CNH Industrial NV | 57223 | 741610 |
| Columbus McKinnon Corp. | 2439 | 37244 |
| †Commercial Vehicle Group, <br> Inc.<br>| 1272 | 2112 |
| Crane Co. | 4254 | 807792 |
| Cummins, Inc. | 5635 | 1845462 |
| Deere & Co. | 6968 | 3543158 |
| Donaldson Co., Inc. | 11081 | 768467 |
| Douglas Dynamics, Inc. | 2749 | 81013 |
| Dover Corp. | 5695 | 1043495 |
| †Energy Recovery, Inc. | 4106 | 52475 |
| Enerpac Tool Group Corp. | 4839 | 196270 |
| Enpro, Inc. | 1615 | 309353 |
| Esab Corp. | 3676 | 443142 |
| ESCO Technologies, Inc. | 2036 | 390647 |
| Federal Signal Corp. | 4850 | 516137 |
| Flowserve Corp. | 9087 | 475704 |
| Fortive Corp. | 13093 | 682538 |
| Franklin Electric Co., Inc. | 3733 | 334999 |
| †Gates Industrial Corp. PLC | 6364 | 146563 |
| Gorman-Rupp Co. | 2694 | 98924 |
| Graco, Inc. | 5884 | 505847 |
| Greenbrier Cos., Inc. | 3320 | 152886 |
| Helios Technologies, Inc. | 2983 | 99543 |
| Hillenbrand, Inc. | 5105 | 102457 |
| †Hillman Solutions Corp. | 11424 | 81567 |
| Hyster-Yale, Inc. | 1765 | 70212 |
| IDEX Corp. | 2515 | 441559 |
| Illinois Tool Works, Inc. | 9327 | 2306101 |
| Ingersoll Rand, Inc. | 13102 | 1089824 |
| ITT, Inc. | 6197 | 971876 |
| JBT Marel Corp. | 306 | 36800 |
| Kadant, Inc. | 857 | 272055 |
| Kennametal, Inc. | 7427 | 170524 |
| †L.B. Foster Co. Class A | 1339 | 29284 |
| Lincoln Electric Holdings, <br> Inc.<br>| 4061 | 841927 |
| Lindsay Corp. | 922 | 132999 |
| Luxfer Holdings PLC | 1823 | 22204 |
| †Manitowoc Co., Inc. | 3536 | 42503 |
| †Middleby Corp. | 4387 | 631728 |
| Miller Industries, Inc. | 382 | 16984 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Mueller Industries, Inc. | 8709 | $692104 |
| Mueller Water Products, Inc. <br> Class A<br>| 13201 | 317352 |
| †NN, Inc. | 2981 | 6260 |
| Nordson Corp. | 1898 | 406874 |
| Omega Flex, Inc. | 333 | 10783 |
| Oshkosh Corp. | 4650 | 527961 |
| Otis Worldwide Corp. | 12746 | 1262109 |
| PACCAR, Inc. | 17950 | 1706327 |
| Parker-Hannifin Corp. | 2453 | 1713347 |
| Park-Ohio Holdings Corp. | 1206 | 21539 |
| Pentair PLC | 12315 | 1264258 |
| †Proto Labs, Inc. | 1861 | 74514 |
| †RBC Bearings, Inc. | 1225 | 471380 |
| REV Group, Inc. | 4450 | 211776 |
| Shyft Group, Inc. | 3500 | 43890 |
| Snap-on, Inc. | 2574 | 800977 |
| †SPX Technologies, Inc. | 3638 | 610020 |
| Standex International Corp. | 784 | 122680 |
| Stanley Black & Decker, Inc. | 6307 | 427299 |
| †Stratasys Ltd. | 4881 | 55985 |
| †Symbotic, Inc. | 1331 | 51709 |
| Tennant Co. | 1295 | 100337 |
| Terex Corp. | 4389 | 204922 |
| Timken Co. | 6299 | 456992 |
| †Titan International, Inc. | 4215 | 43288 |
| Toro Co. | 6600 | 466488 |
| Trinity Industries, Inc. | 8244 | 222670 |
| Wabash National Corp. | 3716 | 39501 |
| Watts Water Technologies, <br> Inc. Class A<br>| 1865 | 458585 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 6996 | 1464613 |
| Worthington Enterprises, <br> Inc.<br>| 2467 | 157000 |
| Xylem, Inc. | 8433 | 1090893 |
|  |  | **43282373** |
| **Marine Transportation–0.07%** | **Marine Transportation–0.07%** | **Marine Transportation–0.07%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 2080 | 18033 |
| Costamare, Inc. | 10400 | 94744 |
| Genco Shipping & Trading <br> Ltd.<br>| 1685 | 22023 |
| †Kirby Corp. | 5207 | 590526 |
| Matson, Inc. | 3302 | 367678 |
|  |  | **1093004** |
| **Media–1.08%** | **Media–1.08%** | **Media–1.08%** |
| †Advantage Solutions, Inc. | 1590 | 2099 |
| †Altice USA, Inc. Class A | 14605 | 31255 |
| †AMC Networks, Inc. Class A | 4165 | 26115 |
| †Boston Omaha Corp. Class A | 1169 | 16413 |
| Cable One, Inc. | 488 | 66275 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-17

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| †Charter Communications, <br> Inc. Class A<br>| 6915 | $2826921 |
| Comcast Corp. Class A | 191260 | 6826069 |
| †DoubleVerify Holdings, Inc. | 4073 | 60973 |
| Entravision Communications <br> Corp. Class A<br>| 11605 | 26924 |
| †EW Scripps Co. Class A | 6953 | 20442 |
| Fox Corp. Class A | 20661 | 1112724 |
| †Gannett Co., Inc. | 16421 | 58787 |
| Gray Media, Inc. | 7432 | 33667 |
| †Integral Ad Science Holding <br> Corp.<br>| 5146 | 42763 |
| Interpublic Group of Cos., <br> Inc.<br>| 32184 | 787864 |
| John Wiley & Sons, Inc. <br> Class A<br>| 3746 | 167184 |
| †Liberty Broadband Corp. <br> Class A<br>| 6444 | 633276 |
| †Magnite, Inc. | 6973 | 168189 |
| New York Times Co. Class A | 12678 | 709714 |
| News Corp. Class A | 27741 | 866585 |
| Nexstar Media Group, Inc. | 4120 | 712554 |
| Omnicom Group, Inc. | 14327 | 1030684 |
| Paramount Global Class A | 31115 | 403172 |
| †PubMatic, Inc. Class A | 2989 | 37183 |
| Scholastic Corp. | 3623 | 76011 |
| Sinclair, Inc. | 2784 | 38475 |
| Sirius XM Holdings, Inc. | 20823 | 478304 |
| †Stagwell, Inc. | 6093 | 27418 |
| †TechTarget, Inc. | 700 | 5439 |
| TEGNA, Inc. | 16679 | 279540 |
| †Thryv Holdings, Inc. | 3667 | 44591 |
| †Trade Desk, Inc. Class A | 6213 | 447274 |
| †WideOpenWest, Inc. | 3108 | 12618 |
|  |  | **18077502** |
| **Metals & Mining–0.75%** | **Metals & Mining–0.75%** | **Metals & Mining–0.75%** |
| Alcoa Corp. | 15794 | 466081 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 758 | 85260 |
| Carpenter Technology Corp. | 4365 | 1206399 |
| †Century Aluminum Co. | 8410 | 151548 |
| †Cleveland-Cliffs, Inc. | 34479 | 262040 |
| †Coeur Mining, Inc. | 23894 | 211701 |
| Commercial Metals Co. | 9686 | 473742 |
| †Compass Minerals <br> International, Inc.<br>| 3859 | 77527 |
| Ferroglobe PLC | 12975 | 47618 |
| Freeport-McMoRan, Inc. | 53826 | 2333357 |
| Hecla Mining Co. | 58317 | 349319 |
| Kaiser Aluminum Corp. | 1676 | 133912 |
| Materion Corp. | 1703 | 135167 |
| †Metallus, Inc. | 3572 | 55044 |
| †MP Materials Corp. | 4592 | 152776 |
| Newmont Corp. | 27062 | 1576632 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Nexa Resources SA | 1997 | $9905 |
| Nucor Corp. | 9524 | 1233739 |
| Olympic Steel, Inc. | 684 | 22292 |
| Radius Recycling, Inc. | 2756 | 81826 |
| Ramaco Resources, Inc. <br> Class A<br>| 5805 | 70648 |
| Reliance, Inc. | 2955 | 927574 |
| Royal Gold, Inc. | 4771 | 848475 |
| Ryerson Holding Corp. | 2251 | 48554 |
| Southern Copper Corp. | 2902 | 293595 |
| Steel Dynamics, Inc. | 6854 | 877381 |
| SunCoke Energy, Inc. | 9367 | 80463 |
| †Tredegar Corp. | 3092 | 27210 |
| Warrior Met Coal, Inc. | 3272 | 149956 |
| Worthington Steel, Inc. | 3912 | 116695 |
|  |  | **12506436** |
| **Multi-Utilities–0.60%** | **Multi-Utilities–0.60%** | **Multi-Utilities–0.60%** |
| Ameren Corp. | 8666 | 832283 |
| Avista Corp. | 5502 | 208801 |
| Black Hills Corp. | 4628 | 259631 |
| CenterPoint Energy, Inc. | 21200 | 778888 |
| CMS Energy Corp. | 10091 | 699105 |
| Consolidated Edison, Inc. | 10269 | 1030494 |
| Dominion Energy, Inc. | 21497 | 1215010 |
| DTE Energy Co. | 6090 | 806681 |
| NiSource, Inc. | 15584 | 628659 |
| Northwestern Energy Group, <br> Inc.<br>| 3593 | 184321 |
| Public Service Enterprise <br> Group, Inc.<br>| 15647 | 1317164 |
| Sempra | 13832 | 1048051 |
| Unitil Corp. | 1492 | 77808 |
| WEC Energy Group, Inc. | 9957 | 1037519 |
|  |  | **10124415** |
| **Oil, Gas & Consumable Fuels–3.87%** | **Oil, Gas & Consumable Fuels–3.87%** | **Oil, Gas & Consumable Fuels–3.87%** |
| Antero Midstream Corp. | 23697 | 449058 |
| †Antero Resources Corp. | 18631 | 750457 |
| APA Corp. | 18840 | 344584 |
| Ardmore Shipping Corp. | 4417 | 42403 |
| Berry Corp. | 5961 | 16512 |
| California Resources Corp. | 3924 | 179209 |
| †Centrus Energy Corp. Class A | 1440 | 263779 |
| Cheniere Energy, Inc. | 8491 | 2067728 |
| Chevron Corp. | 47544 | 6807825 |
| Chord Energy Corp. | 1073 | 103920 |
| †Clean Energy Fuels Corp. | 17888 | 34882 |
| †CNX Resources Corp. | 14273 | 480715 |
| †Comstock Resources, Inc. | 15974 | 442001 |
| ConocoPhillips | 57249 | 5137525 |
| Core Natural Resources, Inc. | 5241 | 365507 |
| Coterra Energy, Inc. | 37123 | 942182 |
| Crescent Energy Co. Class A | 3663 | 31502 |
| CVR Energy, Inc. | 7250 | 194663 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-18

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Delek U.S. Holdings, Inc. | 6287 | $133159 |
| Devon Energy Corp. | 39817 | 1266579 |
| DHT Holdings, Inc. | 14019 | 151545 |
| Diamondback Energy, Inc. | 10852 | 1491065 |
| Dorian LPG Ltd. | 3440 | 83867 |
| DT Midstream, Inc. | 4017 | 441508 |
| EOG Resources, Inc. | 23416 | 2800788 |
| EQT Corp. | 23838 | 1390232 |
| Evolution Petroleum Corp. | 4707 | 22123 |
| Excelerate Energy, Inc. <br> Class A<br>| 2242 | 65735 |
| Expand Energy Corp. | 13032 | 1523962 |
| Exxon Mobil Corp. | 127414 | 13735229 |
| FutureFuel Corp. | 4566 | 17716 |
| †Green Plains, Inc. | 4898 | 29535 |
| †Gulfport Energy Corp. | 612 | 123116 |
| †Hallador Energy Co. | 3076 | 48693 |
| Hess Corp. | 15464 | 2142383 |
| HF Sinclair Corp. | 12509 | 513870 |
| International Seaways, Inc. | 3390 | 123667 |
| Kinder Morgan, Inc. | 50335 | 1479849 |
| Kinetik Holdings, Inc. | 3212 | 141489 |
| †Kosmos Energy Ltd. | 44165 | 75964 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 17053 | 383351 |
| Marathon Petroleum Corp. | 15557 | 2584173 |
| Matador Resources Co. | 10474 | 499819 |
| Murphy Oil Corp. | 11026 | 248085 |
| NACCO Industries, Inc. <br> Class A<br>| 200 | 8862 |
| New Fortress Energy, Inc. | 7583 | 25176 |
| Nordic American Tankers <br> Ltd.<br>| 15205 | 39989 |
| Northern Oil & Gas, Inc. | 1952 | 55339 |
| Occidental Petroleum Corp. | 38426 | 1614276 |
| ONEOK, Inc. | 18963 | 1547950 |
| Ovintiv, Inc. | 18110 | 689086 |
| †Par Pacific Holdings, Inc. | 5240 | 139017 |
| PBF Energy, Inc. Class A | 8551 | 185300 |
| Peabody Energy Corp. | 7583 | 101764 |
| Permian Resources Corp. | 28668 | 390458 |
| Phillips 66 | 15181 | 1811093 |
| Range Resources Corp. | 18226 | 741251 |
| †REX American Resources <br> Corp.<br>| 2062 | 100440 |
| Riley Exploration Permian, <br> Inc.<br>| 744 | 19515 |
| Scorpio Tankers, Inc. | 3830 | 149868 |
| SFL Corp. Ltd. | 13649 | 113696 |
| Sitio Royalties Corp. Class A | 3933 | 72289 |
| SM Energy Co. | 9682 | 239242 |
| †Talos Energy, Inc. | 7201 | 61065 |
| Targa Resources Corp. | 9218 | 1604669 |
| Teekay Corp. Ltd. | 9924 | 81873 |
| Teekay Tankers Ltd. Class A | 2096 | 87445 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Texas Pacific Land Corp. | 740 | $781729 |
| †Uranium Energy Corp. | 13992 | 95146 |
| VAALCO Energy, Inc. | 3440 | 12418 |
| Valero Energy Corp. | 13449 | 1807815 |
| †Vital Energy, Inc. | 1478 | 23781 |
| Vitesse Energy, Inc. | 1949 | 43053 |
| W&T Offshore, Inc. | 14633 | 24144 |
| Williams Cos., Inc. | 27423 | 1722439 |
| World Kinect Corp. | 6135 | 173927 |
|  |  | **64736069** |
| **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** |
| †Clearwater Paper Corp. | 1515 | 41269 |
| Louisiana-Pacific Corp. | 6109 | 525313 |
| Mercer International, Inc. | 10372 | 36302 |
| Sylvamo Corp. | 1931 | 96743 |
|  |  | **699627** |
| **Passenger Airlines–0.37%** | **Passenger Airlines–0.37%** | **Passenger Airlines–0.37%** |
| †Alaska Air Group, Inc. | 9637 | 476839 |
| †Allegiant Travel Co. | 1216 | 66819 |
| †American Airlines Group, <br> Inc.<br>| 26619 | 298665 |
| Copa Holdings SA Class A | 3120 | 343106 |
| Delta Air Lines, Inc. | 35783 | 1759808 |
| †Frontier Group Holdings, Inc. | 8372 | 30390 |
| †JetBlue Airways Corp. | 28121 | 118952 |
| †SkyWest, Inc. | 4150 | 427326 |
| Southwest Airlines Co. | 22825 | 740443 |
| †United Airlines Holdings, <br> Inc.<br>| 25205 | 2007074 |
|  |  | **6269422** |
| **Personal Care Products–0.21%** | **Personal Care Products–0.21%** | **Personal Care Products–0.21%** |
| †BellRing Brands, Inc. | 8754 | 507119 |
| †Coty, Inc. Class A | 39789 | 185019 |
| Edgewell Personal Care Co. | 3605 | 84393 |
| †elf Beauty, Inc. | 2915 | 362743 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 3566 | 288133 |
| †Herbalife Ltd. | 4757 | 41005 |
| †Honest Co., Inc. | 9457 | 48136 |
| Interparfums, Inc. | 1986 | 260782 |
| Kenvue, Inc. | 77810 | 1628563 |
| †Medifast, Inc. | 806 | 11324 |
| Natural Health Trends Corp. | 1722 | 7646 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 4913 | 39255 |
| †USANA Health Sciences, Inc. | 1749 | 53397 |
|  |  | **3517515** |
| **Pharmaceuticals–2.38%** | **Pharmaceuticals–2.38%** | **Pharmaceuticals–2.38%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 12683 | 102605 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-19

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 695 | $15957 |
| †ANI Pharmaceuticals, Inc. | 738 | 48155 |
| †Arvinas, Inc. | 1633 | 12019 |
| †Assertio Holdings, Inc. | 927 | 594 |
| Bristol-Myers Squibb Co. | 69858 | 3233727 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 361 | 10675 |
| †Corcept Therapeutics, Inc. | 5666 | 415884 |
| †Elanco Animal Health, Inc. | 22076 | 315245 |
| Eli Lilly & Co. | 19311 | 15053504 |
| †Fulcrum Therapeutics, Inc. | 6899 | 47465 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 1454 | 45946 |
| †Innoviva, Inc. | 7588 | 152443 |
| †Jazz Pharmaceuticals PLC | 4147 | 440080 |
| Johnson & Johnson | 53653 | 8195496 |
| †Ligand Pharmaceuticals, Inc. | 1149 | 130618 |
| Merck & Co., Inc. | 64485 | 5104633 |
| †Nektar Therapeutics | 650 | 16796 |
| Organon & Co. | 9303 | 90053 |
| †Pacira BioSciences, Inc. | 3506 | 83793 |
| Perrigo Co. PLC | 8951 | 239171 |
| Pfizer, Inc. | 135639 | 3287889 |
| Phibro Animal Health Corp. <br> Class A<br>| 1442 | 36829 |
| †Pliant Therapeutics, Inc. | 1349 | 1565 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 3878 | 309658 |
| †Rafael Holdings, Inc. Class B | 1698 | 2938 |
| SIGA Technologies, Inc. | 5213 | 33989 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 3800 | 119776 |
| Viatris, Inc. | 55995 | 500035 |
| Zoetis, Inc. | 10966 | 1710148 |
|  |  | **39757686** |
| **Professional Services–1.26%** | **Professional Services–1.26%** | **Professional Services–1.26%** |
| Alight, Inc. Class A | 12149 | 68763 |
| †Amentum Holdings, Inc. | 5599 | 132192 |
| Automatic Data Processing, <br> Inc.<br>| 11906 | 3671810 |
| Barrett Business Services, <br> Inc.<br>| 1200 | 50028 |
| Booz Allen Hamilton Holding <br> Corp.<br>| 5804 | 604371 |
| Broadridge Financial <br> Solutions, Inc.<br>| 4859 | 1180883 |
| †CACI International, Inc. <br> Class A<br>| 1703 | 811820 |
| †CBIZ, Inc. | 4603 | 330081 |
| †Clarivate PLC | 13346 | 57388 |
| †Conduent, Inc. | 18114 | 47821 |
| CRA International, Inc. | 434 | 81319 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| CSG Systems International, <br> Inc.<br>| 2870 | $187440 |
| †Dayforce, Inc. | 4852 | 268752 |
| Dun & Bradstreet Holdings, <br> Inc.<br>| 7947 | 72238 |
| Equifax, Inc. | 3968 | 1029180 |
| †ExlService Holdings, Inc. | 11460 | 501833 |
| Exponent, Inc. | 3002 | 224279 |
| †First Advantage Corp. | 5465 | 90774 |
| †Forrester Research, Inc. | 2034 | 20137 |
| †Franklin Covey Co. | 993 | 22660 |
| †FTI Consulting, Inc. | 2009 | 324454 |
| Genpact Ltd. | 13264 | 583749 |
| Heidrick & Struggles <br> International, Inc.<br>| 2100 | 96096 |
| †Huron Consulting Group, Inc. | 1426 | 196132 |
| †IBEX Holdings Ltd. | 1265 | 36812 |
| ICF International, Inc. | 1178 | 99788 |
| Insperity, Inc. | 1814 | 109058 |
| Jacobs Solutions, Inc. | 5278 | 693793 |
| KBR, Inc. | 11823 | 566795 |
| Kelly Services, Inc. Class A | 2965 | 34720 |
| Kforce, Inc. | 1102 | 45325 |
| Korn Ferry | 5215 | 382416 |
| †Legalzoom.com, Inc. | 5142 | 45815 |
| Leidos Holdings, Inc. | 6591 | 1039796 |
| ManpowerGroup, Inc. | 3303 | 133441 |
| Maximus, Inc. | 3536 | 248227 |
| †Mistras Group, Inc. | 3448 | 27619 |
| †NV5 Global, Inc. | 5600 | 129304 |
| †Parsons Corp. | 4776 | 342774 |
| Paychex, Inc. | 9227 | 1342160 |
| Paycom Software, Inc. | 1845 | 426933 |
| †Paylocity Holding Corp. | 1918 | 347522 |
| Resources Connection, Inc. | 4071 | 21861 |
| Robert Half, Inc. | 6076 | 249420 |
| Science Applications <br> International Corp.<br>| 4223 | 475552 |
| SS&C Technologies Holdings, <br> Inc.<br>| 10494 | 868903 |
| †TaskUS, Inc. Class A | 1624 | 27218 |
| TransUnion | 5972 | 525536 |
| TriNet Group, Inc. | 1661 | 121486 |
| †TrueBlue, Inc. | 5561 | 36035 |
| †TTEC Holdings, Inc. | 4912 | 23627 |
| †Upwork, Inc. | 3979 | 53478 |
| Verisk Analytics, Inc. | 5530 | 1722595 |
| †Verra Mobility Corp. | 6816 | 173058 |
| †Willdan Group, Inc. | 1232 | 77012 |
|  |  | **21082279** |
| **Real Estate Management & Development–0.30%** | **Real Estate Management & Development–0.30%** | **Real Estate Management & Development–0.30%** |
| †Anywhere Real Estate, Inc. | 7685 | 27820 |
| †CBRE Group, Inc. Class A | 11712 | 1641085 |
| †Compass, Inc. Class A | 10409 | 65368 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-20

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| †CoStar Group, Inc. | 7680 | $617472 |
| †Cushman & Wakefield PLC | 4785 | 52970 |
| †Douglas Elliman, Inc. | 7459 | 17305 |
| eXp World Holdings, Inc. | 2976 | 27082 |
| †Forestar Group, Inc. | 476 | 9520 |
| †FRP Holdings, Inc. | 1262 | 33935 |
| †Howard Hughes Holdings, <br> Inc.<br>| 4225 | 285187 |
| †Jones Lang LaSalle, Inc. | 3373 | 862746 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 14913 | 101408 |
| Marcus & Millichap, Inc. | 4001 | 122871 |
| Newmark Group, Inc. Class A | 13184 | 160185 |
| †Opendoor Technologies, Inc. | 22523 | 12005 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 3816 | 31215 |
| RMR Group, Inc. Class A | 862 | 14094 |
| †Seaport Entertainment <br> Group, Inc.<br>| 1063 | 19921 |
| St. Joe Co. | 3427 | 163468 |
| †Stratus Properties, Inc. | 836 | 15784 |
| †Tejon Ranch Co. | 2365 | 40110 |
| †Zillow Group, Inc. Class A | 9396 | 654705 |
|  |  | **4976256** |
| **Semiconductors & Semiconductor Equipment–9.76%** | **Semiconductors & Semiconductor Equipment–9.76%** | **Semiconductors & Semiconductor Equipment–9.76%** |
| †Advanced Micro Devices, Inc. | 24448 | 3469171 |
| †Allegro MicroSystems, Inc. | 1702 | 58191 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 1200 | 30792 |
| †Ambarella, Inc. | 790 | 52191 |
| Amkor Technology, Inc. | 15979 | 335399 |
| Analog Devices, Inc. | 9099 | 2165744 |
| Applied Materials, Inc. | 17367 | 3179377 |
| †Astera Labs, Inc. | 192 | 17361 |
| †Axcelis Technologies, Inc. | 2339 | 163005 |
| Broadcom, Inc. | 77206 | 21281834 |
| †CEVA, Inc. | 1850 | 40663 |
| †Cirrus Logic, Inc. | 4291 | 447358 |
| †Cohu, Inc. | 3425 | 65897 |
| †Credo Technology Group <br> Holding Ltd.<br>| 5380 | 498134 |
| †Diodes, Inc. | 3427 | 181254 |
| †Enphase Energy, Inc. | 3297 | 130726 |
| Entegris, Inc. | 5347 | 431236 |
| †First Solar, Inc. | 4692 | 776714 |
| †FormFactor, Inc. | 6333 | 217919 |
| †GLOBALFOUNDRIES, Inc. | 2254 | 86103 |
| †Ichor Holdings Ltd. | 2461 | 48334 |
| Intel Corp. | 96928 | 2171187 |
| KLA Corp. | 4056 | 3633121 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 3563 | 123280 |
| Lam Research Corp. | 31351 | 3051706 |
| †Lattice Semiconductor Corp. | 4750 | 232702 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 3456 | $495210 |
| †Magnachip Semiconductor <br> Corp.<br>| 2552 | 10157 |
| Marvell Technology, Inc. | 14116 | 1092578 |
| †MaxLinear, Inc. | 3899 | 55405 |
| Microchip Technology, Inc. | 18577 | 1307263 |
| Micron Technology, Inc. | 23567 | 2904633 |
| MKS, Inc. | 1192 | 118437 |
| Monolithic Power Systems, <br> Inc.<br>| 1103 | 806712 |
| †Navitas Semiconductor Corp. | 22 | 144 |
| NVE Corp. | 50 | 3680 |
| NVIDIA Corp. | 614444 | 97076008 |
| NXP Semiconductors NV | 13065 | 2854572 |
| †ON Semiconductor Corp. | 19477 | 1020790 |
| †Onto Innovation, Inc. | 2389 | 241122 |
| †PDF Solutions, Inc. | 3040 | 64995 |
| †Penguin Solutions, Inc. | 4444 | 88036 |
| †Photronics, Inc. | 5636 | 106126 |
| Power Integrations, Inc. | 3262 | 182346 |
| †Qorvo, Inc. | 5681 | 482374 |
| QUALCOMM, Inc. | 27985 | 4456891 |
| †Rambus, Inc. | 5881 | 376502 |
| †Silicon Laboratories, Inc. | 2034 | 299730 |
| †SiTime Corp. | 484 | 103131 |
| Skyworks Solutions, Inc. | 7807 | 581778 |
| †SolarEdge Technologies, Inc. | 1092 | 22277 |
| †Synaptics, Inc. | 2945 | 190895 |
| Teradyne, Inc. | 5610 | 504451 |
| Texas Instruments, Inc. | 22203 | 4609787 |
| †Ultra Clean Holdings, Inc. | 2793 | 63038 |
| Universal Display Corp. | 1770 | 273394 |
| †Veeco Instruments, Inc. | 4295 | 87274 |
|  |  | **163369135** |
| **Software–8.10%** | **Software–8.10%** | **Software–8.10%** |
| †8x8, Inc. | 11274 | 22097 |
| A10 Networks, Inc. | 4393 | 85005 |
| †ACI Worldwide, Inc. | 8610 | 395285 |
| Adeia, Inc. | 12823 | 181317 |
| †Adobe, Inc. | 9560 | 3698573 |
| †Alarm.com Holdings, Inc. | 2786 | 157604 |
| †ANSYS, Inc. | 2448 | 859787 |
| †Appfolio, Inc. Class A | 491 | 113068 |
| †AppLovin Corp. Class A | 15206 | 5323317 |
| †Atlassian Corp. Class A | 1294 | 262798 |
| †Autodesk, Inc. | 5266 | 1630196 |
| †AvePoint, Inc. | 4624 | 89289 |
| Bentley Systems, Inc. Class B | 8771 | 473371 |
| †Bill Holdings, Inc. | 2416 | 111764 |
| †Blackbaud, Inc. | 2359 | 151471 |
| †BlackLine, Inc. | 1931 | 109333 |
| †Box, Inc. Class A | 8637 | 295126 |
| †C3.ai, Inc. Class A | 2009 | 49361 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-21

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Cadence Design Systems, <br> Inc.<br>| 4087 | $1259409 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 7680 | 72269 |
| †Cerence, Inc. | 2733 | 27904 |
| Clear Secure, Inc. Class A | 5058 | 140410 |
| †Commvault Systems, Inc. | 737 | 128481 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 1735 | 40009 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 1645 | 837815 |
| †CS Disco, Inc. | 7032 | 30730 |
| †Datadog, Inc. Class A | 1907 | 256167 |
| †Digital Turbine, Inc. | 11311 | 66735 |
| †Docusign, Inc. | 4370 | 340379 |
| Dolby Laboratories, Inc. <br> Class A<br>| 3278 | 243424 |
| †Dropbox, Inc. Class A | 7150 | 204490 |
| †Dynatrace, Inc. | 8217 | 453661 |
| †E2open Parent Holdings, Inc. | 12037 | 38880 |
| †EverCommerce, Inc. | 395 | 4148 |
| †Fair Isaac Corp. | 785 | 1434949 |
| †Five9, Inc. | 707 | 18721 |
| †Fortinet, Inc. | 16832 | 1779479 |
| †Freshworks, Inc. Class A | 3698 | 55137 |
| Gen Digital, Inc. | 30275 | 890085 |
| †Guidewire Software, Inc. | 3169 | 746141 |
| †HubSpot, Inc. | 658 | 366263 |
| †I3 Verticals, Inc. Class A | 2397 | 65870 |
| †Informatica, Inc. Class A | 3872 | 94283 |
| †Intapp, Inc. | 1402 | 72371 |
| InterDigital, Inc. | 2231 | 500257 |
| Intuit, Inc. | 4629 | 3645939 |
| †Jamf Holding Corp. | 2756 | 26210 |
| †JFrog Ltd. | 4755 | 208649 |
| †LiveRamp Holdings, Inc. | 4728 | 156213 |
| †Manhattan Associates, Inc. | 1998 | 394545 |
| †Meridianlink, Inc. | 2104 | 34148 |
| Microsoft Corp. | 163307 | 81230535 |
| †Mitek Systems, Inc. | 4189 | 41471 |
| †N-able, Inc. | 12483 | 101112 |
| †nCino, Inc. | 2494 | 69757 |
| †NCR Voyix Corp. | 13077 | 153393 |
| †Nutanix, Inc. Class A | 4542 | 347191 |
| †Olo, Inc. Class A | 5662 | 50392 |
| †ON24, Inc. | 3631 | 19716 |
| OneSpan, Inc. | 3332 | 55611 |
| Oracle Corp. | 39704 | 8680486 |
| †Palantir Technologies, Inc. <br> Class A<br>| 14120 | 1924838 |
| †Palo Alto Networks, Inc. | 7682 | 1572045 |
| Pegasystems, Inc. | 4596 | 248782 |
| †Procore Technologies, Inc. | 779 | 53299 |
| Progress Software Corp. | 3147 | 200905 |
| †PTC, Inc. | 3816 | 657649 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Q2 Holdings, Inc. | 3020 | $282642 |
| †Qualys, Inc. | 1453 | 207590 |
| †Rimini Street, Inc. | 651 | 2454 |
| †RingCentral, Inc. Class A | 2899 | 82187 |
| Roper Technologies, Inc. | 1819 | 1031082 |
| Salesforce, Inc. | 13970 | 3809479 |
| †Samsara, Inc. Class A | 2905 | 115561 |
| Sapiens International Corp. <br> NV<br>| 854 | 24980 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 2352 | 21286 |
| †SentinelOne, Inc. Class A | 1963 | 35884 |
| †ServiceNow, Inc. | 1867 | 1919425 |
| †Sprinklr, Inc. Class A | 4205 | 35574 |
| †SPS Commerce, Inc. | 602 | 81926 |
| †Synchronoss Technologies, <br> Inc.<br>| 492 | 3370 |
| †Synopsys, Inc. | 2280 | 1168910 |
| †Telos Corp. | 5330 | 16896 |
| †Teradata Corp. | 3391 | 75653 |
| †Terawulf, Inc. | 12048 | 52770 |
| †Tyler Technologies, Inc. | 1192 | 706665 |
| †UiPath, Inc. Class A | 13593 | 173990 |
| †Unity Software, Inc. | 1201 | 29064 |
| †Verint Systems, Inc. | 4164 | 81906 |
| †Vertex, Inc. Class A | 3200 | 113072 |
| †Workday, Inc. Class A | 1507 | 361680 |
| †Xperi, Inc. | 3996 | 31608 |
| †Yext, Inc. | 8400 | 71400 |
| †Zoom Communications, Inc. <br> Class A<br>| 6521 | 508508 |
| †Zscaler, Inc. | 1623 | 509525 |
|  |  | **135605202** |
| **Specialized REITs–0.00%** | **Specialized REITs–0.00%** | **Specialized REITs–0.00%** |
| Millrose Properties, Inc. | 2147 | 61211 |
|  |  | **61211** |
| **Specialty Retail–2.32%** | **Specialty Retail–2.32%** | **Specialty Retail–2.32%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 5856 | 485170 |
| Academy Sports & Outdoors, <br> Inc.<br>| 5061 | 226783 |
| Advance Auto Parts, Inc. | 4345 | 201999 |
| American Eagle Outfitters, <br> Inc.<br>| 14910 | 143434 |
| †America's Car-Mart, Inc. | 559 | 31326 |
| †Arhaus, Inc. | 6124 | 53095 |
| Arko Corp. | 5331 | 22550 |
| †Asbury Automotive Group, <br> Inc.<br>| 1870 | 446070 |
| †AutoNation, Inc. | 4770 | 947561 |
| †AutoZone, Inc. | 412 | 1529439 |
| Bath & Body Works, Inc. | 7666 | 229673 |
| Best Buy Co., Inc. | 17025 | 1142888 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-22

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †Beyond, Inc. | 1966 | $13526 |
| †Boot Barn Holdings, Inc. | 2196 | 333792 |
| Buckle, Inc. | 4520 | 204982 |
| Build-A-Bear Workshop, Inc. | 1890 | 97448 |
| †Burlington Stores, Inc. | 2599 | 604631 |
| Caleres, Inc. | 3203 | 39141 |
| Camping World Holdings, Inc. <br> Class A<br>| 2739 | 47083 |
| †CarMax, Inc. | 7234 | 486197 |
| †Carvana Co. | 3263 | 1099501 |
| Cato Corp. Class A | 4303 | 12091 |
| †Chewy, Inc. Class A | 2543 | 108383 |
| †Citi Trends, Inc. | 2149 | 71755 |
| Designer Brands, Inc. <br> Class A<br>| 7264 | 17288 |
| †Destination XL Group, Inc. | 9137 | 10142 |
| Dick's Sporting Goods, Inc. | 5281 | 1044635 |
| †Duluth Holdings, Inc. Class B | 3677 | 7722 |
| †Five Below, Inc. | 3322 | 435780 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 4802 | 364760 |
| †Foot Locker, Inc. | 6442 | 157829 |
| †GameStop Corp. Class A | 8223 | 200559 |
| Gap, Inc. | 29199 | 636830 |
| †Genesco, Inc. | 1032 | 20320 |
| Group 1 Automotive, Inc. | 1239 | 541084 |
| †GrowGeneration Corp. | 4826 | 4513 |
| Guess?, Inc. | 6962 | 84171 |
| Haverty Furniture Cos., Inc. | 1642 | 33415 |
| Home Depot, Inc. | 24246 | 8889553 |
| †Lands' End, Inc. | 2926 | 31338 |
| †Leslie's, Inc. | 2875 | 1207 |
| Lithia Motors, Inc. | 2342 | 791174 |
| Lowe's Cos., Inc. | 13016 | 2887860 |
| †MarineMax, Inc. | 2439 | 61317 |
| Monro, Inc. | 2231 | 33264 |
| Murphy USA, Inc. | 1648 | 670406 |
| †National Vision Holdings, <br> Inc.<br>| 4591 | 105639 |
| †ODP Corp. | 2444 | 44310 |
| †O'Reilly Automotive, Inc. | 20265 | 1826484 |
| Penske Automotive Group, <br> Inc.<br>| 4089 | 702531 |
| †PetMed Express, Inc. | 1000 | 3320 |
| †Revolve Group, Inc. | 600 | 12030 |
| †RH | 1237 | 233805 |
| Ross Stores, Inc. | 13345 | 1702555 |
| †Sally Beauty Holdings, Inc. | 5960 | 55190 |
| Shoe Carnival, Inc. | 3150 | 58937 |
| Signet Jewelers Ltd. | 2898 | 230536 |
| †Sleep Number Corp. | 2723 | 18394 |
| Sonic Automotive, Inc. <br> Class A<br>| 2694 | 215331 |
| †Sportsman's Warehouse <br> Holdings, Inc.<br>| 165 | 569 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Tilly's, Inc. Class A | 4502 | $6213 |
| TJX Cos., Inc. | 30085 | 3715197 |
| Tractor Supply Co. | 21738 | 1147114 |
| †Ulta Beauty, Inc. | 2365 | 1106394 |
| Upbound Group, Inc. | 4964 | 124596 |
| †Urban Outfitters, Inc. | 7875 | 571253 |
| †Valvoline, Inc. | 6978 | 264257 |
| †Victoria's Secret & Co. | 4609 | 85359 |
| †Warby Parker, Inc. Class A | 5600 | 122808 |
| Williams-Sonoma, Inc. | 5168 | 844296 |
| Winmark Corp. | 151 | 57019 |
| †Zumiez, Inc. | 3015 | 39979 |
|  |  | **38797801** |
| **Technology Hardware, Storage & Peripherals–4.95%** | **Technology Hardware, Storage & Peripherals–4.95%** | **Technology Hardware, Storage & Peripherals–4.95%** |
| Apple, Inc. | 373234 | 76576420 |
| †Corsair Gaming, Inc. | 3545 | 33429 |
| Dell Technologies, Inc. <br> Class C<br>| 6306 | 773116 |
| †Diebold Nixdorf, Inc. | 1788 | 99055 |
| Hewlett Packard Enterprise <br> Co.<br>| 59887 | 1224689 |
| HP, Inc. | 28720 | 702491 |
| NetApp, Inc. | 8538 | 909724 |
| †Pure Storage, Inc. Class A | 6893 | 396899 |
| †Sandisk Corp. | 4845 | 219721 |
| Seagate Technology Holdings <br> PLC<br>| 6808 | 982599 |
| Western Digital Corp. | 14536 | 930159 |
| Xerox Holdings Corp. | 14324 | 75487 |
|  |  | **82923789** |
| **Textiles, Apparel & Luxury Goods–0.51%** | **Textiles, Apparel & Luxury Goods–0.51%** | **Textiles, Apparel & Luxury Goods–0.51%** |
| †Birkenstock Holding PLC | 441 | 21688 |
| †Capri Holdings Ltd. | 10329 | 182823 |
| Carter's, Inc. | 3306 | 99610 |
| Columbia Sportswear Co. | 4239 | 258918 |
| †Crocs, Inc. | 3739 | 378686 |
| †Culp, Inc. | 695 | 2731 |
| †Deckers Outdoor Corp. | 6068 | 625429 |
| †Figs, Inc. Class A | 6522 | 36784 |
| †Fossil Group, Inc. | 617 | 913 |
| †G-III Apparel Group Ltd. | 4144 | 92826 |
| †Hanesbrands, Inc. | 20764 | 95099 |
| Kontoor Brands, Inc. | 4497 | 296667 |
| Levi Strauss & Co. Class A | 6870 | 127026 |
| †Lululemon Athletica, Inc. | 3152 | 748852 |
| Movado Group, Inc. | 2255 | 34389 |
| NIKE, Inc. Class B | 26302 | 1868494 |
| Oxford Industries, Inc. | 949 | 38197 |
| PVH Corp. | 3380 | 231868 |
| Ralph Lauren Corp. | 2881 | 790201 |
| †Skechers USA, Inc. Class A | 10320 | 651192 |
| Steven Madden Ltd. | 5325 | 127694 |
| Tapestry, Inc. | 16823 | 1477228 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-23

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| †Under Armour, Inc. Class A | 23812 | $157337 |
| †Unifi, Inc. | 3174 | 16568 |
| †Vera Bradley, Inc. | 810 | 1790 |
| VF Corp. | 13941 | 163807 |
| Wolverine World Wide, Inc. | 2098 | 37932 |
|  |  | **8564749** |
| **Tobacco–0.54%** | **Tobacco–0.54%** | **Tobacco–0.54%** |
| Altria Group, Inc. | 38745 | 2271619 |
| Philip Morris International, <br> Inc.<br>| 35507 | 6466890 |
| Turning Point Brands, Inc. | 2141 | 162223 |
| Universal Corp. | 2261 | 131681 |
|  |  | **9032413** |
| **Trading Companies & Distributors–0.91%** | **Trading Companies & Distributors–0.91%** | **Trading Companies & Distributors–0.91%** |
| Air Lease Corp. | 10742 | 628300 |
| Alta Equipment Group, Inc. | 1440 | 9101 |
| Applied Industrial <br> Technologies, Inc.<br>| 2925 | 679916 |
| †BlueLinx Holdings, Inc. | 972 | 72297 |
| Boise Cascade Co. | 2424 | 210452 |
| †Core & Main, Inc. Class A | 7605 | 458962 |
| †Custom Truck One Source, <br> Inc.<br>| 7992 | 39480 |
| †Distribution Solutions Group, <br> Inc.<br>| 1498 | 41150 |
| †DNOW, Inc. | 11171 | 165666 |
| †DXP Enterprises, Inc. | 1631 | 142957 |
| Fastenal Co. | 40117 | 1684914 |
| Ferguson Enterprises, Inc. | 9269 | 2018325 |
| FTAI Aviation Ltd. | 198 | 22778 |
| GATX Corp. | 3554 | 545752 |
| Global Industrial Co. | 3176 | 85784 |
| †GMS, Inc. | 2879 | 313091 |
| Herc Holdings, Inc. | 4235 | 557707 |
| †Hudson Technologies, Inc. | 4947 | 40170 |
| McGrath RentCorp | 2004 | 232384 |
| †MRC Global, Inc. | 9716 | 133206 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 3948 | 335659 |
| †NPK International, Inc. | 9673 | 82317 |
| Rush Enterprises, Inc. <br> Class A<br>| 7743 | 399693 |
| †SiteOne Landscape Supply, <br> Inc.<br>| 1610 | 194713 |
| †Transcat, Inc. | 373 | 32063 |
| United Rentals, Inc. | 3735 | 2813949 |
| Watsco, Inc. | 1212 | 535243 |
| WESCO International, Inc. | 4156 | 769691 |
| Willis Lease Finance Corp. | 304 | 43405 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| WW Grainger, Inc. | 1873 | $1948370 |
| †Xometry, Inc. Class A | 1644 | 55551 |
|  |  | **15293046** |
| **Water Utilities–0.10%** | **Water Utilities–0.10%** | **Water Utilities–0.10%** |
| American States Water Co. | 2081 | 159529 |
| American Water Works Co., <br> Inc.<br>| 5951 | 827844 |
| Artesian Resources Corp. <br> Class A<br>| 766 | 25707 |
| California Water Service <br> Group<br>| 3488 | 158634 |
| Essential Utilities, Inc. | 9219 | 342394 |
| H2O America | 1775 | 92247 |
| Middlesex Water Co. | 1357 | 73522 |
| York Water Co. | 591 | 18676 |
|  |  | **1698553** |
| **Wireless Telecommunication Services–0.28%** | **Wireless Telecommunication Services–0.28%** | **Wireless Telecommunication Services–0.28%** |
| †Gogo, Inc. | 3721 | 54624 |
| Spok Holdings, Inc. | 1858 | 32850 |
| Telephone & Data Systems, <br> Inc.<br>| 9452 | 336302 |
| T-Mobile U.S., Inc. | 16996 | 4049467 |
| †U.S. Cellular Corp. | 3838 | 245517 |
|  |  | **4718760** |
| **Total Common Stock** <br>**(Cost $622,580,522)** | **Total Common Stock** <br>**(Cost $622,580,522)** | **1670718159** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 1351 | 1378 |
| =†Chinook Therapeutics, Inc. | 5559 | 0 |
| =†Mirati Therapeutics, Inc. | 1683 | 5167 |
| =†Resolute Forest Products, <br> Inc.<br>| 7351 | 1957 |
| =†Spectrum Pharmaceuticals, <br> Inc.<br>| 5200 | 0 |
| **Total Rights** <br>**(Cost $13,411)** | **Total Rights** <br>**(Cost $13,411)** | **8502** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.22%** | **MONEY MARKET FUND–0.22%** | **MONEY MARKET FUND–0.22%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 3640944 | 3640944 |
| **Total Money Market Fund** <br>**(Cost $3,640,944)** | **Total Money Market Fund** <br>**(Cost $3,640,944)** | **3640944** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.01% (Cost $626,234,877)** | **1674367605** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)** | **(173670)**<br>|
| **NET ASSETS APPLICABLE TO 33,086,033 SHARES OUTSTANDING–100.00%** | **$1674193935** |

---

LVIP Dimensional U.S. Core Equity 1 Fund-24

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND STANDARD CLASS** <br>**($1,288,576,009 / 25,396,502 Shares)** | **$50.738** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND SERVICE CLASS** <br>**($385,617,926 / 7,689,531 Shares)** | **$50.148** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$474368673** |
| Distributable earnings/(accumulated loss) | **1199825262** |
| **TOTAL NET ASSETS** | **$1674193935** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,657,482 payable for fund shares redeemed, $20,843 other accrued expenses payable, $583,478 due to manager and affiliates, <br> $9,287 due to custodian, $14,033 payable for audit fee and $37,069 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $11629803 |
| Foreign taxes withheld | (7034)<br>|
|  | 11622769 |
| **EXPENSES:** |  |
| Management fees | 2669802 |
| Distribution fees-Service Class | 628529 |
| Shareholder servicing fees | 231237 |
| Accounting and administration expenses | 139330 |
| Professional fees | 37801 |
| Trustees' fees and expenses | 24212 |
| Reports and statements to shareholders | 19859 |
| Pricing fees | 8336 |
| Consulting fees | 7998 |
| Custodian fees | 6992 |
| Other | 23987 |
|  | 3798083 |
| Less:  |  |
| Management fees waived | (79737)<br>|
| Total operating expenses | 3718346 |
| **NET INVESTMENT INCOME**  | 7904423 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 33227872 |
| Foreign currencies | (19)<br>|
| Net realized gain | 33227853 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 32059531 |
| **NET REALIZED AND UNREALIZED GAIN** | 65287384 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $73191807 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $7904423 | $16099609 |
| Net realized gain | 33227853 | 116910985 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 32059531 | 172196908 |
| Net increase in net assets <br> resulting from operations<br>| 73191807 | 305207502 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (68073304)<br>|
| Service Class |  | (17927926)<br>|
|  |  | (86001230)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 20278021 | 22500546 |
| Service Class | 31664305 | 38351894 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 68073304 |
| Service Class |  | 17927926 |
|  | 51942326 | 146853670 |
| Cost of shares redeemed: |  |  |
| Standard Class | (86123082)<br>| (172392252)<br>|
| Service Class | (29177397)<br>| (67648481)<br>|
|  | (115300479)<br>| (240040733)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (63358153)<br>| (93187063)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 9833654 | 126019209 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1664360281 | 1538341072 |
| End of period | $1674193935 | $1664360281 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-26

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $48.489 | &nbsp;&nbsp; $42.351 | &nbsp;&nbsp; $36.647 | &nbsp;&nbsp; $46.337 | &nbsp;&nbsp; $38.201 | &nbsp;&nbsp; $34.698 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.254 | 0.497 | 0.527 | 0.518 | 0.447 | 0.454 |
| Net realized and unrealized gain (loss) | 1.995 | 8.222 | 7.651 | &nbsp;&nbsp; (7.682)<br>| 9.971 | 4.986 |
| Total from investment operations | 2.249 | 8.719 | 8.178 | &nbsp;&nbsp; (7.164)<br>| 10.418 | 5.440 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.544)<br>| &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (0.512)<br>| &nbsp;&nbsp; (0.520)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (1.930)<br>| &nbsp;&nbsp; (1.987)<br>| &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (1.417)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.581)<br>| &nbsp;&nbsp; (2.474)<br>| &nbsp;&nbsp; (2.526)<br>| &nbsp;&nbsp; (2.282)<br>| &nbsp;&nbsp; (1.937)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $50.738 | &nbsp;&nbsp; $48.489 | &nbsp;&nbsp; $42.351 | &nbsp;&nbsp; $36.647 | &nbsp;&nbsp; $46.337 | &nbsp;&nbsp; $38.201 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.64% | &nbsp;&nbsp; 20.77% | &nbsp;&nbsp; 22.78% | &nbsp;&nbsp; (15.25%)<br>| &nbsp;&nbsp; 27.55% | &nbsp;&nbsp; 16.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1288576 | &nbsp;&nbsp; $1298112 | &nbsp;&nbsp; $1207572 | &nbsp;&nbsp; $1087032 | &nbsp;&nbsp; $1409944 | &nbsp;&nbsp; $1235576 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.41% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.41% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.37% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.37% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-27

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $48.008 | &nbsp;&nbsp; $41.962 | &nbsp;&nbsp; $36.346 | &nbsp;&nbsp; $45.979 | &nbsp;&nbsp; $37.935 | &nbsp;&nbsp; $34.486 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.169 | 0.329 | 0.384 | 0.373 | 0.292 | 0.335 |
| Net realized and unrealized gain (loss) | 1.971 | 8.134 | 7.571 | &nbsp;&nbsp; (7.615)<br>| 9.885 | 4.934 |
| Total from investment operations | 2.140 | 8.463 | 7.955 | &nbsp;&nbsp; (7.242)<br>| 10.177 | 5.269 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.363)<br>| &nbsp;&nbsp; (0.403)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (1.930)<br>| &nbsp;&nbsp; (1.987)<br>| &nbsp;&nbsp; (1.770)<br>| &nbsp;&nbsp; (1.417)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.417)<br>| &nbsp;&nbsp; (2.339)<br>| &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (2.133)<br>| &nbsp;&nbsp; (1.820)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $50.148 | &nbsp;&nbsp; $48.008 | &nbsp;&nbsp; $41.962 | &nbsp;&nbsp; $36.346 | &nbsp;&nbsp; $45.979 | &nbsp;&nbsp; $37.935 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 20.35% | &nbsp;&nbsp; 22.36% | &nbsp;&nbsp; (15.54%)<br>| &nbsp;&nbsp; 27.10% | &nbsp;&nbsp; 16.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $385618 | &nbsp;&nbsp; $366248 | &nbsp;&nbsp; $330769 | &nbsp;&nbsp; $273580 | &nbsp;&nbsp; $328843 | &nbsp;&nbsp; $262481 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.76% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.02% |
| Portfolio turnover | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-28

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Core Equity 1 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign

LVIP Dimensional U.S. Core Equity 1 Fund-29

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.01% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $68283 |
| Legal | &nbsp;&nbsp; 10407 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Dimensional U.S. Core Equity 1 Fund-30

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $11,301 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $434815 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 108001 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1783 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 38879 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $21506124 |
| Sales | &nbsp;&nbsp; 75482552 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $626234877 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $1116349946 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (68217218)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $1048132728 |

---

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 June 30, 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 Dimensional U.S. Core Equity 1 Fund-31

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $34364542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34364542 |
| Air Freight & Logistics | &nbsp;&nbsp; 6921788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6921788 |
| Automobile Components | &nbsp;&nbsp; 5414440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5414440 |
| Automobiles | &nbsp;&nbsp; 16581497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16581497 |
| Banks | &nbsp;&nbsp; 87966164 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 87966164 |
| Beverages | &nbsp;&nbsp; 17553785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17553785 |
| Biotechnology | &nbsp;&nbsp; 26834617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9180 | &nbsp;&nbsp; 26843797 |
| Broadline Retail | &nbsp;&nbsp; 49677968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49677968 |
| Building Products | &nbsp;&nbsp; 17336612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17336612 |
| Capital Markets | &nbsp;&nbsp; 59374470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59374470 |
| Chemicals | &nbsp;&nbsp; 24810498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24810498 |
| Commercial Services & Supplies | &nbsp;&nbsp; 13576464 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 13576464 |
| Communications Equipment | &nbsp;&nbsp; 13405113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13405113 |
| Construction & Engineering | &nbsp;&nbsp; 12368934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12368934 |
| Construction Materials | &nbsp;&nbsp; 4069539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4069539 |
| Consumer Finance | &nbsp;&nbsp; 16772532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16772532 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 37006585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37006585 |
| Containers & Packaging | &nbsp;&nbsp; 9974272 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9974272 |
| Distributors | &nbsp;&nbsp; 2064072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2064072 |
| Diversified Consumer Services | &nbsp;&nbsp; 5659005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5659005 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 18509597 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18509597 |
| Electric Utilities | &nbsp;&nbsp; 22839215 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22839215 |
| Electrical Equipment | &nbsp;&nbsp; 15512047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15512047 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 24364837 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24364837 |
| Energy Equipment & Services | &nbsp;&nbsp; 7718607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7718607 |
| Entertainment | &nbsp;&nbsp; 24102908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24102908 |
| Financial Services | &nbsp;&nbsp; 62153293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62153293 |
| Food Products | &nbsp;&nbsp; 13335028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13335028 |
| Gas Utilities | &nbsp;&nbsp; 3247398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3247398 |
| Ground Transportation | &nbsp;&nbsp; 16893415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16893415 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 29115546 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 29115546 |
| Health Care Providers & Services | &nbsp;&nbsp; 34687088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34687088 |
| Health Care Technology | &nbsp;&nbsp; 1508180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1508180 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 36329276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36329276 |
| Household Durables | &nbsp;&nbsp; 14758303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14758303 |
| Household Products | &nbsp;&nbsp; 13253191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13253191 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 4039654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4039654 |
| Industrial Conglomerates | &nbsp;&nbsp; 5532345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5532345 |
| Insurance | &nbsp;&nbsp; 53891593 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53891593 |
| Interactive Media & Services | &nbsp;&nbsp; 86396393 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 86396393 |
| IT Services | &nbsp;&nbsp; 19859542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19859542 |
| Leisure Products | &nbsp;&nbsp; 2291611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2291611 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 12449772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12449772 |
| Machinery | &nbsp;&nbsp; 43282373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43282373 |
| Marine Transportation | &nbsp;&nbsp; 1093004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1093004 |
| Media | &nbsp;&nbsp; 18077502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18077502 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-32

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Metals & Mining | &nbsp;&nbsp; $12506436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12506436 |
| Multi-Utilities | &nbsp;&nbsp; 10124415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10124415 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 64736069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64736069 |
| Paper & Forest Products | &nbsp;&nbsp; 699627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 699627 |
| Passenger Airlines | &nbsp;&nbsp; 6269422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6269422 |
| Personal Care Products | &nbsp;&nbsp; 3517515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3517515 |
| Pharmaceuticals | &nbsp;&nbsp; 39757686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39757686 |
| Professional Services | &nbsp;&nbsp; 21082279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21082279 |
| Real Estate Management & Development | &nbsp;&nbsp; 4976256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4976256 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 163369135 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163369135 |
| Software | &nbsp;&nbsp; 135605202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 135605202 |
| Specialized REITs | &nbsp;&nbsp; 61211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61211 |
| Specialty Retail | &nbsp;&nbsp; 38797801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38797801 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 82923789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82923789 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 8564749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8564749 |
| Tobacco | &nbsp;&nbsp; 9032413 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9032413 |
| Trading Companies & Distributors | &nbsp;&nbsp; 15293046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15293046 |
| Water Utilities | &nbsp;&nbsp; 1698553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1698553 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 4718760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4718760 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8502 | &nbsp;&nbsp; 8502 |
| Money Market Fund | &nbsp;&nbsp; 3640944 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3640944 |
| **Total Investments** | &nbsp;&nbsp; $1674349923 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17682 | &nbsp;&nbsp; $1674367605 |

---

&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 six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 427108 | &nbsp;&nbsp; 479243 |
| Service Class | &nbsp;&nbsp; 673569 | &nbsp;&nbsp; 818616 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1432511 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 382142 |
|  | &nbsp;&nbsp; 1100677 | &nbsp;&nbsp; 3112512 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1801970)<br>| &nbsp;&nbsp; (3653899)<br>|
| Service Class | &nbsp;&nbsp; (612899)<br>| &nbsp;&nbsp; (1454528)<br>|
|  | &nbsp;&nbsp; (2414869)<br>| &nbsp;&nbsp; (5108427)<br>|
| Net decrease | &nbsp;&nbsp; (1314192)<br>| &nbsp;&nbsp; (1995915)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP Dimensional U.S. Core Equity 1 Fund-33

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-34

------

![](imgc857d1181.jpg)

LVIP Dimensional U.S. Core Equity 2 Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Dimensional U.S. Core Equity 2 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_8e50333a-22b3-420d-976f-2f48339c4938_SOI-continued-253_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_8e50333a-22b3-420d-976f-2f48339c4938_FS-continued-253_1)**  | &nbsp;&nbsp; **29** |
| **[Statements of Changes in Net Assets](#xx_8e50333a-22b3-420d-976f-2f48339c4938_FS-continued-253_1)**  | &nbsp;&nbsp; **29** |
| **[Financial Highlights](#xx_8e50333a-22b3-420d-976f-2f48339c4938_FIHI-continued-253_1)**  | &nbsp;&nbsp; **30** |
| **[Notes to Financial Statements](#xx_8e50333a-22b3-420d-976f-2f48339c4938_NTF-continued-253_1)**  | &nbsp;&nbsp; **32** |

---

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.84%** | **COMMON STOCK–99.84%** | **COMMON STOCK–99.84%** |
| **Aerospace & Defense–1.83%** | **Aerospace & Defense–1.83%** | **Aerospace & Defense–1.83%** |
| †AAR Corp. | 1723 | $118525 |
| †AeroVironment, Inc. | 732 | 208583 |
| †AerSale Corp. | 2639 | 15860 |
| †Astronics Corp. | 3366 | 111897 |
| †ATI, Inc. | 7588 | 655148 |
| †Axon Enterprise, Inc. | 615 | 509183 |
| †Boeing Co. | 3184 | 667144 |
| BWX Technologies, Inc. | 3496 | 503634 |
| Cadre Holdings, Inc. | 739 | 23537 |
| †CPI Aerostructures, Inc. | 2723 | 9531 |
| Curtiss-Wright Corp. | 1575 | 769466 |
| †Ducommun, Inc. | 1095 | 90480 |
| General Dynamics Corp. | 3074 | 896563 |
| General Electric Co. | 4175 | 1074603 |
| HEICO Corp. | 1816 | 527229 |
| Hexcel Corp. | 2288 | 129249 |
| Howmet Aerospace, Inc. | 7489 | 1393928 |
| Huntington Ingalls <br> Industries, Inc.<br>| 1759 | 424728 |
| †Innovative Solutions & <br> Support, Inc.<br>| 1699 | 23582 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 7221 | 335416 |
| L3Harris Technologies, Inc. | 3347 | 839562 |
| Leonardo DRS, Inc. | 4225 | 196378 |
| Lockheed Martin Corp. | 3824 | 1771047 |
| †Mercury Systems, Inc. | 2952 | 158995 |
| Moog, Inc. Class A | 1664 | 301134 |
| National Presto Industries, <br> Inc.<br>| 415 | 40653 |
| Northrop Grumman Corp. | 1689 | 844466 |
| Park Aerospace Corp. | 1422 | 21003 |
| RTX Corp. | 16144 | 2357347 |
| Textron, Inc. | 6314 | 506951 |
| TransDigm Group, Inc. | 318 | 483564 |
| †V2X, Inc. | 700 | 33985 |
| Woodward, Inc. | 2515 | 616401 |
|  |  | **16659772** |
| **Air Freight & Logistics–0.46%** | **Air Freight & Logistics–0.46%** | **Air Freight & Logistics–0.46%** |
| CH Robinson Worldwide, Inc. | 6303 | 604773 |
| Expeditors International of <br> Washington, Inc.<br>| 5175 | 591244 |
| FedEx Corp. | 5190 | 1179739 |
| †GXO Logistics, Inc. | 4314 | 210092 |
| Hub Group, Inc. Class A | 3686 | 123223 |
| †Radiant Logistics, Inc. | 4220 | 25657 |
| United Parcel Service, Inc. <br> Class B<br>| 14166 | 1429916 |
|  |  | **4164644** |
| **Automobile Components–0.39%** | **Automobile Components–0.39%** | **Automobile Components–0.39%** |
| †Adient PLC | 4510 | 87765 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 7274 | $29678 |
| †Aptiv PLC | 4752 | 324181 |
| Autoliv, Inc. | 4792 | 536225 |
| BorgWarner, Inc. | 12525 | 419337 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 1627 | 34980 |
| Dana, Inc. | 5837 | 100105 |
| †Dorman Products, Inc. | 1581 | 193941 |
| †Fox Factory Holding Corp. | 1929 | 50038 |
| Garrett Motion, Inc. | 3700 | 38887 |
| Gentex Corp. | 10415 | 229026 |
| †Gentherm, Inc. | 1650 | 46678 |
| †Goodyear Tire & Rubber Co. | 13734 | 142422 |
| LCI Industries | 1744 | 159035 |
| Lear Corp. | 2101 | 199553 |
| †Mobileye Global, Inc. Class A | 3521 | 63308 |
| †Modine Manufacturing Co. | 3215 | 316677 |
| †Motorcar Parts of America, <br> Inc.<br>| 2131 | 23867 |
| Patrick Industries, Inc. | 2556 | 235842 |
| Phinia, Inc. | 2977 | 132447 |
| †QuantumScape Corp. | 1307 | 8783 |
| Standard Motor Products, <br> Inc.<br>| 1116 | 34284 |
| †Stoneridge, Inc. | 2012 | 14164 |
| †Strattec Security Corp. | 351 | 21836 |
| †Visteon Corp. | 1029 | 96006 |
| †XPEL, Inc. | 810 | 29079 |
|  |  | **3568144** |
| **Automobiles–0.61%** | **Automobiles–0.61%** | **Automobiles–0.61%** |
| Ford Motor Co. | 92515 | 1003788 |
| General Motors Co. | 28127 | 1384130 |
| Harley-Davidson, Inc. | 6258 | 147689 |
| †Lucid Group, Inc. | 17187 | 36264 |
| †Rivian Automotive, Inc. <br> Class A<br>| 21044 | 289144 |
| †Tesla, Inc. | 7390 | 2347507 |
| Thor Industries, Inc. | 3123 | 277354 |
| Winnebago Industries, Inc. | 1257 | 36453 |
|  |  | **5522329** |
| **Banks–5.51%** | **Banks–5.51%** | **Banks–5.51%** |
| 1st Source Corp. | 1869 | 116009 |
| ACNB Corp. | 300 | 12852 |
| Affinity Bancshares, Inc. | 675 | 12474 |
| Amalgamated Financial <br> Corp.<br>| 896 | 27955 |
| Amerant Bancorp, Inc. | 828 | 15094 |
| Ameris Bancorp | 4264 | 275881 |
| Ames National Corp. | 508 | 9047 |
| Arrow Financial Corp. | 1317 | 34795 |
| Associated Banc-Corp. | 9472 | 231022 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-1

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Atlantic Union Bankshares <br> Corp.<br>| 9244 | $289152 |
| Auburn National BanCorp, <br> Inc.<br>| 502 | 13002 |
| †Axos Financial, Inc. | 4313 | 327961 |
| BancFirst Corp. | 2190 | 270728 |
| †Bancorp, Inc. | 3418 | 194723 |
| Bank of America Corp. | 67858 | 3211041 |
| Bank of Hawaii Corp. | 2642 | 178414 |
| Bank of Marin Bancorp | 1102 | 25170 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 3380 | 149666 |
| Bank of the James Financial <br> Group, Inc.<br>| 308 | 4334 |
| Bank OZK | 7291 | 343114 |
| Bank7 Corp. | 716 | 29950 |
| BankFinancial Corp. | 1093 | 12646 |
| BankUnited, Inc. | 5824 | 207276 |
| Bankwell Financial Group, <br> Inc.<br>| 404 | 14556 |
| Banner Corp. | 1939 | 124387 |
| Bar Harbor Bankshares | 748 | 22410 |
| BayCom Corp. | 1762 | 48825 |
| BCB Bancorp, Inc. | 920 | 7746 |
| Berkshire Hills Bancorp, Inc. | 3684 | 92247 |
| †Blue Foundry Bancorp | 1892 | 18106 |
| †Blue Ridge Bankshares, Inc. | 816 | 2929 |
| BOK Financial Corp. | 3149 | 307437 |
| †Bridgewater Bancshares, <br> Inc.<br>| 1259 | 20031 |
| †Broadway Financial Corp. | 1737 | 12680 |
| Brookline Bancorp, Inc. | 6793 | 71666 |
| Burke & Herbert Financial <br> Services Corp.<br>| 226 | 13499 |
| Business First Bancshares, <br> Inc.<br>| 727 | 17921 |
| †BV Financial, Inc. | 437 | 6656 |
| Byline Bancorp, Inc. | 1200 | 32076 |
| C&F Financial Corp. | 247 | 15247 |
| Cadence Bank | 12724 | 406914 |
| †California BanCorp | 651 | 10260 |
| Camden National Corp. | 1173 | 47600 |
| Capital Bancorp, Inc. | 649 | 21793 |
| Capital City Bank Group, Inc. | 1029 | 40491 |
| Capitol Federal Financial, <br> Inc.<br>| 10543 | 64312 |
| †Carter Bankshares, Inc. | 1205 | 20895 |
| Cathay General Bancorp | 5111 | 232704 |
| Central Pacific Financial <br> Corp.<br>| 1797 | 50370 |
| CF Bankshares, Inc. | 455 | 10906 |
| Chemung Financial Corp. | 348 | 16868 |
| Citigroup, Inc. | 20116 | 1712274 |
| Citizens & Northern Corp. | 830 | 15720 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Citizens Community Bancorp, <br> Inc.<br>| 134 | $1849 |
| Citizens Financial Group, <br> Inc.<br>| 10761 | 481555 |
| Citizens Financial Services, <br> Inc.<br>| 349 | 20493 |
| City Holding Co. | 1056 | 129276 |
| Civista Bancshares, Inc. | 1887 | 43778 |
| CNB Financial Corp. | 1363 | 31158 |
| †Coastal Financial Corp. | 985 | 95417 |
| Colony Bankcorp, Inc. | 809 | 13324 |
| Columbia Banking System, <br> Inc.<br>| 1804 | 42178 |
| †Columbia Financial, Inc. | 5791 | 84027 |
| Comerica, Inc. | 5568 | 332131 |
| Commerce Bancshares, Inc. | 7201 | 447686 |
| Community Financial System, <br> Inc.<br>| 3521 | 200239 |
| Community Trust Bancorp, <br> Inc.<br>| 1576 | 83402 |
| Community West Bancshares | 1280 | 24973 |
| ConnectOne Bancorp, Inc. | 4864 | 112650 |
| Cullen/Frost Bankers, Inc. | 1764 | 226745 |
| †Customers Bancorp, Inc. | 2325 | 136571 |
| CVB Financial Corp. | 8489 | 167997 |
| Dime Community <br> Bancshares, Inc.<br>| 3418 | 92081 |
| Eagle Bancorp, Inc. | 2082 | 40557 |
| East West Bancorp, Inc. | 7326 | 739779 |
| Eastern Bankshares, Inc. | 7198 | 109913 |
| Enterprise Bancorp, Inc. | 505 | 20018 |
| Enterprise Financial Services <br> Corp.<br>| 2260 | 124526 |
| Equity Bancshares, Inc. <br> Class A<br>| 1411 | 57569 |
| Esquire Financial Holdings, <br> Inc.<br>| 464 | 43922 |
| ESSA Bancorp, Inc. | 506 | 9816 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 621 | 15699 |
| Farmers National Banc Corp. | 1405 | 19375 |
| FB Financial Corp. | 3337 | 151166 |
| Fidelity D&D Bancorp, Inc. | 372 | 17112 |
| Fifth Third Bancorp | 18805 | 773450 |
| Financial Institutions, Inc. | 1236 | 31740 |
| Finward Bancorp | 301 | 8314 |
| First BanCorp | 11732 | 244378 |
| First Bancorp, Inc. | 400 | 10164 |
| First Bancorp/Southern Pines <br> NC<br>| 2305 | 101627 |
| First Bank | 702 | 10860 |
| First Busey Corp. | 5359 | 122641 |
| First Business Financial <br> Services, Inc.<br>| 400 | 20264 |
| First Capital, Inc. | 402 | 16599 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-2

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Citizens BancShares, <br> Inc. Class A<br>| 421 | $823674 |
| First Commonwealth <br> Financial Corp.<br>| 7586 | 123121 |
| First Community Bankshares, <br> Inc.<br>| 1806 | 70741 |
| First Financial Bancorp | 6619 | 160577 |
| First Financial Bankshares, <br> Inc.<br>| 6396 | 230128 |
| First Financial Corp. | 910 | 49313 |
| †First Foundation, Inc. | 3162 | 16126 |
| First Hawaiian, Inc. | 9409 | 234849 |
| First Horizon Corp. | 5344 | 113293 |
| First Internet Bancorp | 281 | 7559 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 5713 | 164649 |
| First Merchants Corp. | 3427 | 131254 |
| First Mid Bancshares, Inc. | 782 | 29317 |
| First Savings Financial <br> Group, Inc.<br>| 486 | 12169 |
| †First Seacoast Bancorp, Inc. | 801 | 9051 |
| First United Corp. | 461 | 14296 |
| †First Western Financial, Inc. | 385 | 8686 |
| Five Star Bancorp | 972 | 27741 |
| Flagstar Financial, Inc. | 3089 | 32743 |
| Flushing Financial Corp. | 2575 | 30591 |
| FNB Corp. | 24748 | 360826 |
| Franklin Financial Services <br> Corp.<br>| 484 | 16759 |
| FS Bancorp, Inc. | 364 | 14334 |
| Fulton Financial Corp. | 10167 | 183413 |
| †FVCBankcorp, Inc. | 1846 | 21783 |
| German American Bancorp, <br> Inc.<br>| 1832 | 70550 |
| Glacier Bancorp, Inc. | 7320 | 315346 |
| Great Southern Bancorp, Inc. | 1288 | 75709 |
| Guaranty Bancshares, Inc. | 986 | 41846 |
| Hancock Whitney Corp. | 5726 | 328672 |
| Hanmi Financial Corp. | 2726 | 67278 |
| HarborOne Bancorp, Inc. | 3449 | 40284 |
| Hawthorn Bancshares, Inc. | 432 | 12588 |
| HBT Financial, Inc. | 668 | 16840 |
| Heritage Commerce Corp. | 4676 | 46433 |
| Heritage Financial Corp. | 2744 | 65417 |
| Hilltop Holdings, Inc. | 4920 | 149322 |
| Hingham Institution For <br> Savings<br>| 65 | 16143 |
| Home Bancorp, Inc. | 767 | 39715 |
| Home BancShares, Inc. | 11965 | 340524 |
| †HomeStreet, Inc. | 1444 | 18873 |
| HomeTrust Bancshares, Inc. | 2018 | 75493 |
| Hope Bancorp, Inc. | 7829 | 84005 |
| Horizon Bancorp, Inc. | 3992 | 61397 |
| Huntington Bancshares, Inc. | 35061 | 587622 |
| IF Bancorp, Inc. | 427 | 10530 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Independent Bank Corp. | 5535 | $288794 |
| International Bancshares <br> Corp.<br>| 4629 | 308106 |
| Investar Holding Corp. | 619 | 11959 |
| JPMorgan Chase & Co. | 33608 | 9743295 |
| Kearny Financial Corp. | 3902 | 25207 |
| KeyCorp | 23443 | 408377 |
| Lakeland Financial Corp. | 1686 | 103605 |
| Landmark Bancorp, Inc. | 611 | 16155 |
| LCNB Corp. | 779 | 11319 |
| Live Oak Bancshares, Inc. | 3428 | 102154 |
| M&T Bank Corp. | 3910 | 758501 |
| MainStreet Bancshares, Inc. | 481 | 9091 |
| Mercantile Bank Corp. | 1549 | 71889 |
| Meridian Corp. | 630 | 8121 |
| Metrocity Bankshares, Inc. | 927 | 26494 |
| †Metropolitan Bank Holding <br> Corp.<br>| 1000 | 70000 |
| Mid Penn Bancorp, Inc. | 906 | 25549 |
| Middlefield Banc Corp. | 600 | 18066 |
| Midland States Bancorp, Inc. | 2021 | 35004 |
| MidWestOne Financial Group, <br> Inc.<br>| 1275 | 36682 |
| MVB Financial Corp. | 505 | 11378 |
| National Bank Holdings Corp. <br> Class A<br>| 1818 | 68375 |
| National Bankshares, Inc. | 222 | 6038 |
| NBT Bancorp, Inc. | 3925 | 163084 |
| Nicolet Bankshares, Inc. | 736 | 90881 |
| Northeast Bank | 600 | 53394 |
| Northeast Community <br> Bancorp, Inc.<br>| 1217 | 28289 |
| Northfield Bancorp, Inc. | 4576 | 52532 |
| Northrim BanCorp, Inc. | 322 | 30030 |
| Northwest Bancshares, Inc. | 9475 | 121091 |
| Norwood Financial Corp. | 355 | 9152 |
| Oak Valley Bancorp | 1718 | 46798 |
| OceanFirst Financial Corp. | 3787 | 66689 |
| OFG Bancorp | 3694 | 158103 |
| Ohio Valley Banc Corp. | 303 | 9766 |
| Old National Bancorp | 21386 | 456377 |
| Old Point Financial Corp. | 531 | 20842 |
| Old Second Bancorp, Inc. | 1033 | 18325 |
| OP Bancorp | 1114 | 14471 |
| †OptimumBank Holdings, Inc. | 160 | 715 |
| Orange County Bancorp, Inc. | 440 | 11370 |
| Origin Bancorp, Inc. | 1422 | 50822 |
| Orrstown Financial Services, <br> Inc.<br>| 843 | 26833 |
| Pacific Premier Bancorp, <br> Inc.<br>| 5733 | 120909 |
| Park National Corp. | 1191 | 199207 |
| Parke Bancorp, Inc. | 739 | 15053 |
| Pathfinder Bancorp, Inc. | 617 | 9465 |
| Pathward Financial, Inc. | 1717 | 135849 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-3

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| †PB Bankshares, Inc. | 505 | $8923 |
| PCB Bancorp | 642 | 13469 |
| Peapack-Gladstone Financial <br> Corp.<br>| 1320 | 37290 |
| Penns Woods Bancorp, Inc. | 878 | 26656 |
| Peoples Bancorp of North <br> Carolina, Inc.<br>| 800 | 23080 |
| Peoples Bancorp, Inc. | 2814 | 85940 |
| Peoples Financial Services <br> Corp.<br>| 603 | 29770 |
| Pinnacle Financial Partners, <br> Inc.<br>| 3691 | 407523 |
| †Pioneer Bancorp, Inc. | 1588 | 19104 |
| Plumas Bancorp | 367 | 16317 |
| PNC Financial Services <br> Group, Inc.<br>| 4830 | 900409 |
| †Ponce Financial Group, Inc. | 1139 | 15764 |
| Popular, Inc. | 4537 | 500023 |
| Preferred Bank | 1120 | 96930 |
| Primis Financial Corp. | 1601 | 17371 |
| Princeton Bancorp, Inc. | 477 | 14568 |
| Prosperity Bancshares, Inc. | 4571 | 321067 |
| †Provident Bancorp, Inc. | 1300 | 16237 |
| Provident Financial Services, <br> Inc.<br>| 8464 | 148374 |
| QCR Holdings, Inc. | 1366 | 92751 |
| RBB Bancorp | 1258 | 21650 |
| Red River Bancshares, Inc. | 400 | 23480 |
| Regions Financial Corp. | 23030 | 541666 |
| Renasant Corp. | 5559 | 199735 |
| Republic Bancorp, Inc. <br> Class A<br>| 1308 | 95628 |
| †Rhinebeck Bancorp, Inc. | 985 | 11554 |
| Richmond Mutual BanCorp, <br> Inc.<br>| 246 | 3395 |
| Riverview Bancorp, Inc. | 1450 | 7975 |
| S&T Bancorp, Inc. | 3057 | 115616 |
| SB Financial Group, Inc. | 200 | 3820 |
| Seacoast Banking Corp. of <br> Florida<br>| 3281 | 90621 |
| ServisFirst Bancshares, Inc. | 3116 | 241521 |
| Shore Bancshares, Inc. | 1726 | 27133 |
| Sierra Bancorp | 1304 | 38716 |
| Simmons First National Corp. <br> Class A<br>| 7801 | 147907 |
| SmartFinancial, Inc. | 542 | 18309 |
| South Plains Financial, Inc. | 621 | 22381 |
| †Southern First Bancshares, <br> Inc.<br>| 419 | 15935 |
| Southern Missouri Bancorp, <br> Inc.<br>| 664 | 36374 |
| Southern States Bancshares, <br> Inc.<br>| 652 | 23713 |
| Southside Bancshares, Inc. | 2708 | 79696 |
| SouthState Corp. | 6056 | 557334 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Stellar Bancorp, Inc. | 2888 | $80806 |
| =†Sterling Bancorp, Inc. | 1968 | 0 |
| Stock Yards Bancorp, Inc. | 1461 | 115390 |
| Synovus Financial Corp. | 9521 | 492712 |
| †Texas Capital Bancshares, <br> Inc.<br>| 2530 | 200882 |
| TFS Financial Corp. | 7410 | 95960 |
| †Third Coast Bancshares, Inc. | 784 | 25613 |
| Timberland Bancorp, Inc. | 400 | 12480 |
| Tompkins Financial Corp. | 1112 | 69756 |
| Towne Bank | 4814 | 164543 |
| TriCo Bancshares | 2055 | 83207 |
| †Triumph Financial, Inc. | 1337 | 73682 |
| Truist Financial Corp. | 15133 | 650568 |
| TrustCo Bank Corp. | 1470 | 49127 |
| Trustmark Corp. | 4607 | 167971 |
| U.S. Bancorp | 18867 | 853732 |
| UMB Financial Corp. | 4512 | 474482 |
| United Bancorp, Inc. | 807 | 12105 |
| United Bankshares, Inc. | 8773 | 319600 |
| United Community Banks, <br> Inc.<br>| 5327 | 158691 |
| United Security Bancshares | 2131 | 18433 |
| Unity Bancorp, Inc. | 845 | 39783 |
| Univest Financial Corp. | 2727 | 81919 |
| USCB Financial Holdings, <br> Inc.<br>| 1035 | 17119 |
| Valley National Bancorp | 26937 | 240547 |
| Veritex Holdings, Inc. | 2371 | 61883 |
| Virginia National Bankshares <br> Corp.<br>| 307 | 11359 |
| WaFd, Inc. | 4981 | 145844 |
| Washington Trust Bancorp, <br> Inc.<br>| 1505 | 42561 |
| Webster Financial Corp. | 8066 | 440404 |
| Wells Fargo & Co. | 44820 | 3590978 |
| WesBanco, Inc. | 7781 | 246113 |
| West BanCorp, Inc. | 758 | 14880 |
| Westamerica BanCorp | 1867 | 90437 |
| Western Alliance Bancorp | 5374 | 419065 |
| Western New England <br> Bancorp, Inc.<br>| 1120 | 10338 |
| Wintrust Financial Corp. | 3133 | 388429 |
| WSFS Financial Corp. | 4317 | 237435 |
| Zions Bancorp NA | 7368 | 382694 |
|  |  | **50051890** |
| **Beverages–1.05%** | **Beverages–1.05%** | **Beverages–1.05%** |
| †Boston Beer Co., Inc. Class A | 359 | 68501 |
| Brown-Forman Corp. Class A | 9262 | 250179 |
| †Celsius Holdings, Inc. | 3129 | 145154 |
| Coca-Cola Co. | 41924 | 2966123 |
| Coca-Cola Consolidated, Inc. | 5320 | 593978 |
| Constellation Brands, Inc. <br> Class A<br>| 2982 | 485112 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-4

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Keurig Dr. Pepper, Inc. | 17346 | $573459 |
| MGP Ingredients, Inc. | 1309 | 39231 |
| Molson Coors Beverage Co. <br> Class B<br>| 5486 | 263822 |
| †Monster Beverage Corp. | 15731 | 985390 |
| †National Beverage Corp. | 4024 | 173998 |
| PepsiCo, Inc. | 21008 | 2773896 |
| Primo Brands Corp. Class A | 5448 | 161370 |
| †Vita Coco Co., Inc. | 837 | 30216 |
| †Willamette Valley Vineyards, <br> Inc.<br>| 127 | 701 |
|  |  | **9511130** |
| **Biotechnology–1.68%** | **Biotechnology–1.68%** | **Biotechnology–1.68%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 1916 | 7108 |
| AbbVie, Inc. | 24286 | 4507967 |
| †Acumen Pharmaceuticals, <br> Inc.<br>| 2758 | 3199 |
| †ADMA Biologics, Inc. | 5200 | 94692 |
| †Adverum Biotechnologies, <br> Inc.<br>| 579 | 1245 |
| †Aldeyra Therapeutics, Inc. | 4058 | 15542 |
| †Alector, Inc. | 1703 | 2384 |
| †Alkermes PLC | 7678 | 219668 |
| †Allogene Therapeutics, Inc. | 7123 | 8049 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 1209 | 394243 |
| Amgen, Inc. | 7740 | 2161085 |
| †Anika Therapeutics, Inc. | 1049 | 11098 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 271 | 3526 |
| †Arcus Biosciences, Inc. | 4104 | 33407 |
| †Avidity Biosciences, Inc. | 2484 | 70546 |
| †Beam Therapeutics, Inc. | 1208 | 20548 |
| †Biogen, Inc. | 2985 | 374886 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 2850 | 156665 |
| †Caribou Biosciences, Inc. | 3735 | 4706 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 2500 | 54250 |
| †Celcuity, Inc. | 961 | 12829 |
| †Cogent Biosciences, Inc. | 2478 | 17792 |
| †Cullinan Therapeutics, Inc. | 2469 | 18592 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 1142 | 7423 |
| †Denali Therapeutics, Inc. | 3237 | 45286 |
| †Design Therapeutics, Inc. | 1353 | 4560 |
| †Dynavax Technologies Corp. | 3870 | 38390 |
| †Editas Medicine, Inc. | 2173 | 4781 |
| †Emergent BioSolutions, Inc. | 3148 | 20084 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 1564 | 11824 |
| †Exact Sciences Corp. | 2539 | 134922 |
| †Exelixis, Inc. | 13346 | 588225 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Fate Therapeutics, Inc. | 2609 | $2922 |
| Gilead Sciences, Inc. | 26876 | 2979742 |
| †GRAIL, Inc. | 249 | 12804 |
| †Halozyme Therapeutics, Inc. | 4947 | 257343 |
| †HilleVax, Inc. | 1380 | 2746 |
| †ImmuCell Corp. | 1420 | 9883 |
| †Incyte Corp. | 2494 | 169841 |
| †Insmed, Inc. | 1584 | 159414 |
| †Intellia Therapeutics, Inc. | 1899 | 17813 |
| †Kalaris Therapeutics, Inc. | 135 | 360 |
| †KalVista Pharmaceuticals, <br> Inc.<br>| 745 | 8422 |
| †Keros Therapeutics, Inc. | 477 | 6368 |
| †Kiniksa Pharmaceuticals <br> International PLC<br>| 1095 | 30299 |
| †Kodiak Sciences, Inc. | 240 | 895 |
| †Krystal Biotech, Inc. | 1336 | 183647 |
| †Kura Oncology, Inc. | 1765 | 10184 |
| †Kymera Therapeutics, Inc. | 977 | 42636 |
| †Lineage Cell Therapeutics, <br> Inc.<br>| 4300 | 3902 |
| †Lisata Therapeutics, Inc. | 100 | 288 |
| †MacroGenics, Inc. | 2522 | 3052 |
| †MannKind Corp. | 9847 | 36828 |
| †MediciNova, Inc. | 6693 | 8768 |
| †MeiraGTx Holdings PLC | 2724 | 17760 |
| †MiMedx Group, Inc. | 2928 | 17890 |
| †Moderna, Inc. | 4054 | 111850 |
| †Monte Rosa Therapeutics, <br> Inc.<br>| 1541 | 6950 |
| †Myriad Genetics, Inc. | 4356 | 23130 |
| †Natera, Inc. | 617 | 104236 |
| †Neurocrine Biosciences, Inc. | 1790 | 224985 |
| †Nurix Therapeutics, Inc. | 1279 | 14568 |
| †Olema Pharmaceuticals, Inc. | 2287 | 9743 |
| †Organogenesis Holdings, Inc. | 1728 | 6324 |
| =†PDL BioPharma, Inc. | 12718 | 5342 |
| †Prothena Corp. PLC | 2185 | 13263 |
| †Puma Biotechnology, Inc. | 3378 | 11587 |
| †RAPT Therapeutics, Inc. | 137 | 1096 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 912 | 478800 |
| †REGENXBIO, Inc. | 2597 | 21321 |
| †Relay Therapeutics, Inc. | 5091 | 17615 |
| †Replimune Group, Inc. | 2843 | 26411 |
| †Rocket Pharmaceuticals, Inc. | 1401 | 3432 |
| †Roivant Sciences Ltd. | 3337 | 37608 |
| †Sage Therapeutics, Inc. | 2104 | 19189 |
| †Sarepta Therapeutics, Inc. | 1489 | 25462 |
| †Stoke Therapeutics, Inc. | 1500 | 17025 |
| †Summit Therapeutics, Inc. | 1672 | 35580 |
| †Sutro Biopharma, Inc. | 1578 | 1127 |
| †Twist Bioscience Corp. | 505 | 18579 |
| †United Therapeutics Corp. | 889 | 255454 |
| †Vanda Pharmaceuticals, Inc. | 3572 | 16860 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-5

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Veracyte, Inc. | 3746 | $101254 |
| †Vericel Corp. | 871 | 37061 |
| †Vertex Pharmaceuticals, Inc. | 1045 | 465234 |
| †Verve Therapeutics, Inc. | 1676 | 18821 |
| †Vir Biotechnology, Inc. | 5566 | 28053 |
| †Voyager Therapeutics, Inc. | 1748 | 5436 |
| †Whitehawk Therapeutics, <br> Inc.<br>| 1704 | 3186 |
| †Xencor, Inc. | 3216 | 25278 |
| †Y-mAbs Therapeutics, Inc. | 1554 | 7009 |
| †Zentalis Pharmaceuticals, <br> Inc.<br>| 2690 | 3120 |
|  |  | **15235318** |
| **Broadline Retail–2.24%** | **Broadline Retail–2.24%** | **Broadline Retail–2.24%** |
| †1stdibs.com, Inc. | 2522 | 6936 |
| †Amazon.com, Inc. | 81714 | 17927234 |
| †Coupang, Inc. | 12695 | 380342 |
| Dillard's, Inc. Class A | 727 | 303762 |
| eBay, Inc. | 14853 | 1105954 |
| †Etsy, Inc. | 2104 | 105537 |
| Kohl's Corp. | 6087 | 51618 |
| Macy's, Inc. | 12975 | 151289 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 2449 | 322729 |
|  |  | **20355401** |
| **Building Products–1.19%** | **Building Products–1.19%** | **Building Products–1.19%** |
| A.O. Smith Corp. | 6818 | 447056 |
| AAON, Inc. | 2793 | 205984 |
| Advanced Drainage Systems, <br> Inc.<br>| 3936 | 452089 |
| Allegion PLC | 3804 | 548232 |
| †American Woodmark Corp. | 1121 | 59828 |
| Apogee Enterprises, Inc. | 1507 | 61184 |
| Armstrong World Industries, <br> Inc.<br>| 3181 | 516722 |
| †AZEK Co., Inc. | 3729 | 202671 |
| AZZ, Inc. | 1791 | 169214 |
| †Builders FirstSource, Inc. | 5441 | 634910 |
| Carlisle Cos., Inc. | 1768 | 660171 |
| Carrier Global Corp. | 10035 | 734462 |
| CSW Industrials, Inc. | 829 | 237782 |
| Fortune Brands Innovations, <br> Inc.<br>| 5662 | 291480 |
| †Gibraltar Industries, Inc. | 1628 | 96052 |
| Griffon Corp. | 2779 | 201116 |
| †Hayward Holdings, Inc. | 9286 | 128147 |
| Insteel Industries, Inc. | 1555 | 57862 |
| †Janus International Group, <br> Inc.<br>| 851 | 6927 |
| †JELD-WEN Holding, Inc. | 5308 | 20807 |
| Johnson Controls <br> International PLC<br>| 11723 | 1238183 |
| Lennox International, Inc. | 964 | 552603 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Masco Corp. | 4092 | $263361 |
| †Masterbrand, Inc. | 8775 | 95911 |
| Owens Corning | 3284 | 451616 |
| Quanex Building Products <br> Corp.<br>| 2203 | 41637 |
| †Resideo Technologies, Inc. | 9867 | 217666 |
| Simpson Manufacturing Co., <br> Inc.<br>| 1976 | 306893 |
| Tecnoglass, Inc. | 2696 | 208563 |
| Trane Technologies PLC | 1769 | 773778 |
| †Trex Co., Inc. | 5817 | 316328 |
| UFP Industries, Inc. | 3773 | 374885 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 5645 | 206438 |
|  |  | **10780558** |
| **Capital Markets–3.67%** | **Capital Markets–3.67%** | **Capital Markets–3.67%** |
| Acadian Asset Management, <br> Inc.<br>| 2470 | 87043 |
| Affiliated Managers Group, <br> Inc.<br>| 2097 | 412627 |
| Ameriprise Financial, Inc. | 3718 | 1984408 |
| ARES Management Corp. <br> Class A<br>| 716 | 124011 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 4953 | 219566 |
| Associated Capital Group, <br> Inc. Class A<br>| 251 | 9412 |
| †B Riley Financial, Inc. | 150 | 446 |
| Bank of New York Mellon <br> Corp.<br>| 12123 | 1104527 |
| BGC Group, Inc. Class A | 17890 | 183015 |
| Blackrock, Inc. | 1111 | 1165717 |
| Blackstone, Inc. | 2879 | 430641 |
| Carlyle Group, Inc. | 8434 | 433508 |
| Cboe Global Markets, Inc. | 2564 | 597950 |
| Charles Schwab Corp. | 19020 | 1735385 |
| CME Group, Inc. | 2854 | 786619 |
| Cohen & Steers, Inc. | 2732 | 205856 |
| †Coinbase Global, Inc. Class A | 2891 | 1013267 |
| Diamond Hill Investment <br> Group, Inc.<br>| 308 | 44755 |
| DigitalBridge Group, Inc. | 3985 | 41245 |
| Dominari Holdings, Inc. | 700 | 3808 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 1054 | 64979 |
| Evercore, Inc. Class A | 1614 | 435812 |
| FactSet Research Systems, <br> Inc.<br>| 1352 | 604723 |
| Federated Hermes, Inc. | 5483 | 243007 |
| Franklin Resources, Inc. | 11369 | 271151 |
| GCM Grosvenor, Inc. Class A | 3238 | 37431 |
| Goldman Sachs Group, Inc. | 3780 | 2675295 |
| Hamilton Lane, Inc. Class A | 937 | 133166 |
| †Heritage Global, Inc. | 5434 | 12063 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-6

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Houlihan Lokey, Inc. | 2512 | $452034 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 1976 | 109490 |
| Intercontinental Exchange, <br> Inc.<br>| 4666 | 856071 |
| Invesco Ltd. | 17695 | 279050 |
| Janus Henderson Group PLC | 10713 | 416093 |
| Jefferies Financial Group, <br> Inc.<br>| 9882 | 540447 |
| KKR & Co., Inc. | 5125 | 681779 |
| Lazard, Inc. | 3096 | 148546 |
| LPL Financial Holdings, Inc. | 2880 | 1079914 |
| MarketAxess Holdings, Inc. | 898 | 200559 |
| Moelis & Co. Class A | 584 | 36395 |
| Moody's Corp. | 1287 | 645546 |
| Morgan Stanley | 17527 | 2468853 |
| Morningstar, Inc. | 1416 | 444525 |
| MSCI, Inc. | 578 | 333356 |
| Nasdaq, Inc. | 12420 | 1110596 |
| Northern Trust Corp. | 5451 | 691132 |
| †Open Lending Corp. Class A | 5162 | 10014 |
| Oppenheimer Holdings, Inc. <br> Class A<br>| 765 | 50314 |
| Piper Sandler Cos. | 1038 | 288502 |
| PJT Partners, Inc. Class A | 676 | 111547 |
| Raymond James Financial, <br> Inc.<br>| 4881 | 748599 |
| †Robinhood Markets, Inc. <br> Class A<br>| 18490 | 1731219 |
| S&P Global, Inc. | 2436 | 1284478 |
| SEI Investments Co. | 6387 | 573936 |
| Silvercrest Asset <br> Management Group, Inc. <br> Class A<br>| 997 | 15812 |
| State Street Corp. | 7100 | 755014 |
| Stifel Financial Corp. | 5283 | 548270 |
| †StoneX Group, Inc. | 2799 | 255101 |
| T. Rowe Price Group, Inc. | 5474 | 528241 |
| Tradeweb Markets, Inc. <br> Class A<br>| 2207 | 323105 |
| U.S. Global Investors, Inc. <br> Class A<br>| 2448 | 6316 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 2310 | 147078 |
| Virtu Financial, Inc. Class A | 5162 | 231206 |
| Virtus Investment Partners, <br> Inc.<br>| 420 | 76188 |
| Westwood Holdings Group, <br> Inc.<br>| 439 | 6848 |
| WisdomTree, Inc. | 10540 | 121315 |
|  |  | **33368922** |
| **Chemicals–1.77%** | **Chemicals–1.77%** | **Chemicals–1.77%** |
| AdvanSix, Inc. | 2562 | 60848 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Air Products & Chemicals, <br> Inc.<br>| 2662 | $750844 |
| Albemarle Corp. | 2615 | 163882 |
| †Alto Ingredients, Inc. | 4791 | 5510 |
| †American Vanguard Corp. | 2114 | 8287 |
| Ashland, Inc. | 2844 | 142996 |
| †Aspen Aerogels, Inc. | 2207 | 13065 |
| Avient Corp. | 6532 | 211049 |
| †Axalta Coating Systems Ltd. | 14806 | 439590 |
| Balchem Corp. | 1569 | 249785 |
| Cabot Corp. | 3948 | 296100 |
| Celanese Corp. | 2955 | 163500 |
| CF Industries Holdings, Inc. | 8984 | 826528 |
| Chemours Co. | 1030 | 11794 |
| Corteva, Inc. | 12005 | 894733 |
| Dow, Inc. | 20406 | 540351 |
| DuPont de Nemours, Inc. | 9282 | 636652 |
| Eastman Chemical Co. | 4406 | 328952 |
| Ecolab, Inc. | 2496 | 672522 |
| †Ecovyst, Inc. | 6127 | 50425 |
| Element Solutions, Inc. | 15224 | 344824 |
| FMC Corp. | 2470 | 103123 |
| Hawkins, Inc. | 1570 | 223097 |
| HB Fuller Co. | 3432 | 206435 |
| Huntsman Corp. | 8323 | 86726 |
| †Ingevity Corp. | 1015 | 43736 |
| Innospec, Inc. | 1414 | 118903 |
| International Flavors & <br> Fragrances, Inc.<br>| 6197 | 455789 |
| †Intrepid Potash, Inc. | 1283 | 45842 |
| Koppers Holdings, Inc. | 1060 | 34079 |
| Kronos Worldwide, Inc. | 4954 | 30715 |
| Linde PLC | 6516 | 3057177 |
| †LSB Industries, Inc. | 3136 | 24461 |
| LyondellBasell Industries NV <br> Class A<br>| 10225 | 591618 |
| Mativ Holdings, Inc. | 2848 | 19423 |
| Minerals Technologies, Inc. | 2394 | 131838 |
| Mosaic Co. | 11514 | 420031 |
| NewMarket Corp. | 588 | 406226 |
| Northern Technologies <br> International Corp.<br>| 1639 | 12145 |
| Olin Corp. | 5546 | 111419 |
| Orion SA | 1957 | 20529 |
| PPG Industries, Inc. | 5978 | 679997 |
| Quaker Chemical Corp. | 243 | 27201 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 7464 | 28736 |
| RPM International, Inc. | 4361 | 479012 |
| Scotts Miracle-Gro Co. | 1222 | 80603 |
| Sensient Technologies Corp. | 2141 | 210931 |
| Sherwin-Williams Co. | 3863 | 1326400 |
| Stepan Co. | 1226 | 66915 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-7

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Tronox Holdings PLC | 8735 | $44286 |
| Westlake Corp. | 2453 | 186256 |
|  |  | **16085886** |
| **Commercial Services & Supplies–0.89%** | **Commercial Services & Supplies–0.89%** | **Commercial Services & Supplies–0.89%** |
| ABM Industries, Inc. | 4513 | 213059 |
| ACCO Brands Corp. | 7956 | 28482 |
| Acme United Corp. | 172 | 7129 |
| †ACV Auctions, Inc. Class A | 1930 | 31305 |
| Brady Corp. Class A | 2770 | 188277 |
| †BrightView Holdings, Inc. | 3756 | 62537 |
| Brink's Co. | 2259 | 201706 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 2417 | 278873 |
| †CECO Environmental Corp. | 1187 | 33604 |
| †Cimpress PLC | 912 | 42864 |
| Cintas Corp. | 5024 | 1119699 |
| Civeo Corp. | 630 | 14547 |
| †Clean Harbors, Inc. | 3360 | 776765 |
| †Copart, Inc. | 7575 | 371705 |
| Deluxe Corp. | 3259 | 51851 |
| †Driven Brands Holdings, Inc. | 5238 | 91979 |
| Ennis, Inc. | 1765 | 32017 |
| †Enviri Corp. | 5387 | 46759 |
| =†GCI Liberty, Inc. | 5698 | 0 |
| †Healthcare Services Group, <br> Inc.<br>| 4016 | 60361 |
| HNI Corp. | 2783 | 136868 |
| Interface, Inc. | 3770 | 78906 |
| †Liquidity Services, Inc. | 1758 | 41471 |
| MillerKnoll, Inc. | 3111 | 60416 |
| †Montrose Environmental <br> Group, Inc.<br>| 388 | 8493 |
| MSA Safety, Inc. | 1382 | 231526 |
| NL Industries, Inc. | 2090 | 13376 |
| †OPENLANE, Inc. | 8508 | 208021 |
| †Perma-Fix Environmental <br> Services, Inc.<br>| 1952 | 20535 |
| Quad/Graphics, Inc. | 4623 | 26120 |
| †Quest Resource Holding <br> Corp.<br>| 2058 | 4157 |
| Republic Services, Inc. | 2893 | 713443 |
| Rollins, Inc. | 8554 | 482617 |
| Steelcase, Inc. Class A | 5268 | 54945 |
| Tetra Tech, Inc. | 9705 | 348992 |
| UniFirst Corp. | 1034 | 194620 |
| Veralto Corp. | 1877 | 189483 |
| Vestis Corp. | 4936 | 28283 |
| Virco Mfg. Corp. | 2397 | 19128 |
| VSE Corp. | 1374 | 179967 |
| Waste Management, Inc. | 6129 | 1402438 |
|  |  | **8097324** |
| **Communications Equipment–0.79%** | **Communications Equipment–0.79%** | **Communications Equipment–0.79%** |
| †Applied Optoelectronics, Inc. | 1210 | 31085 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| †Arista Networks, Inc. | 4170 | $426633 |
| †Aviat Networks, Inc. | 797 | 19168 |
| †BK Technologies Corp. | 264 | 12442 |
| †Calix, Inc. | 1776 | 94465 |
| †Ciena Corp. | 5181 | 421371 |
| Cisco Systems, Inc. | 47942 | 3326216 |
| †Clearfield, Inc. | 826 | 35857 |
| †Comtech <br> Telecommunications Corp.<br>| 2049 | 5020 |
| †Digi International, Inc. | 1498 | 52220 |
| †F5, Inc. | 2057 | 605416 |
| †Franklin Wireless Corp. | 1415 | 5915 |
| †Harmonic, Inc. | 6256 | 59244 |
| Juniper Networks, Inc. | 15147 | 604820 |
| †KVH Industries, Inc. | 2253 | 12009 |
| †Lumentum Holdings, Inc. | 2780 | 264267 |
| Motorola Solutions, Inc. | 1946 | 818215 |
| †NETGEAR, Inc. | 2066 | 60059 |
| †NetScout Systems, Inc. | 4399 | 109139 |
| Network-1 Technologies, Inc. | 11 | 13 |
| †Ribbon Communications, <br> Inc.<br>| 9487 | 38043 |
| †Viavi Solutions, Inc. | 13191 | 132833 |
|  |  | **7134450** |
| **Construction & Engineering–0.94%** | **Construction & Engineering–0.94%** | **Construction & Engineering–0.94%** |
| AECOM | 4436 | 500647 |
| †Ameresco, Inc. Class A | 1816 | 27585 |
| †API Group Corp. | 5216 | 266277 |
| Arcosa, Inc. | 2983 | 258656 |
| Argan, Inc. | 567 | 125012 |
| †Bowman Consulting Group <br> Ltd.<br>| 429 | 12334 |
| †Cadeler AS ADR | 454 | 9021 |
| Comfort Systems USA, Inc. | 1631 | 874559 |
| Concrete Pumping Holdings, <br> Inc.<br>| 5143 | 31629 |
| †Construction Partners, Inc. <br> Class A<br>| 2150 | 228502 |
| †Dycom Industries, Inc. | 2115 | 516885 |
| EMCOR Group, Inc. | 1668 | 892197 |
| †Everus Construction Group, <br> Inc.<br>| 3233 | 205392 |
| †Fluor Corp. | 7505 | 384781 |
| Granite Construction, Inc. | 2572 | 240508 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 4650 | 56683 |
| †IES Holdings, Inc. | 1179 | 349255 |
| †Limbach Holdings, Inc. | 231 | 32363 |
| †MasTec, Inc. | 4028 | 686492 |
| †Matrix Service Co. | 2351 | 31762 |
| †MYR Group, Inc. | 457 | 82923 |
| †NWPX Infrastructure, Inc. | 539 | 22104 |
| †Orion Group Holdings, Inc. | 1150 | 10430 |
| Primoris Services Corp. | 3772 | 293990 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-8

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Quanta Services, Inc. | 2839 | $1073369 |
| †Sterling Infrastructure, Inc. | 2101 | 484764 |
| †Tutor Perini Corp. | 4056 | 189740 |
| Valmont Industries, Inc. | 1274 | 416050 |
| WillScot Holdings Corp. | 6934 | 189992 |
|  |  | **8493902** |
| **Construction Materials–0.35%** | **Construction Materials–0.35%** | **Construction Materials–0.35%** |
| CRH PLC | 8581 | 787736 |
| Eagle Materials, Inc. | 2156 | 435749 |
| †Knife River Corp. | 3233 | 263942 |
| Martin Marietta Materials, <br> Inc.<br>| 1265 | 694435 |
| †Smith-Midland Corp. | 532 | 17854 |
| U.S. Lime & Minerals, Inc. | 1385 | 138223 |
| Vulcan Materials Co. | 3144 | 820018 |
|  |  | **3157957** |
| **Consumer Finance–1.10%** | **Consumer Finance–1.10%** | **Consumer Finance–1.10%** |
| Ally Financial, Inc. | 14400 | 560880 |
| American Express Co. | 9571 | 3052958 |
| †Atlanticus Holdings Corp. | 351 | 19217 |
| Bread Financial Holdings, <br> Inc.<br>| 3301 | 188553 |
| Capital One Financial Corp. | 10219 | 2174195 |
| †Credit Acceptance Corp. | 393 | 200206 |
| †Encore Capital Group, Inc. | 1918 | 74246 |
| †Enova International, Inc. | 1922 | 214341 |
| †EZCORP, Inc. Class A | 4961 | 68859 |
| FirstCash Holdings, Inc. | 2903 | 392311 |
| †Green Dot Corp. Class A | 3291 | 35477 |
| †LendingClub Corp. | 7603 | 91464 |
| †LendingTree, Inc. | 222 | 8230 |
| Navient Corp. | 10412 | 146809 |
| Nelnet, Inc. Class A | 1924 | 233035 |
| †NerdWallet, Inc. Class A | 1355 | 14864 |
| OneMain Holdings, Inc. | 8064 | 459648 |
| †PRA Group, Inc. | 2475 | 36506 |
| PROG Holdings, Inc. | 2966 | 87052 |
| Regional Management Corp. | 567 | 16562 |
| SLM Corp. | 14620 | 479390 |
| †SoFi Technologies, Inc. | 15747 | 286753 |
| Synchrony Financial | 15408 | 1028330 |
| †World Acceptance Corp. | 626 | 103365 |
|  |  | **9973251** |
| **Consumer Staples Distribution & Retail–2.18%** | **Consumer Staples Distribution & Retail–2.18%** | **Consumer Staples Distribution & Retail–2.18%** |
| Albertsons Cos., Inc. Class A | 18349 | 394687 |
| Andersons, Inc. | 1469 | 53986 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 6678 | 720089 |
| Casey's General Stores, Inc. | 1940 | 989924 |
| †Chefs' Warehouse, Inc. | 2397 | 152953 |
| Costco Wholesale Corp. | 5198 | 5145708 |
| Dollar General Corp. | 5654 | 646705 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 5484 | $543135 |
| †Grocery Outlet Holding Corp. | 3739 | 46438 |
| †HF Foods Group, Inc. | 2646 | 8414 |
| Ingles Markets, Inc. Class A | 547 | 34669 |
| Kroger Co. | 25881 | 1856444 |
| †Maplebear, Inc. | 2130 | 96361 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 1933 | 75870 |
| †Performance Food Group Co. | 6896 | 603193 |
| PriceSmart, Inc. | 1820 | 191173 |
| SpartanNash Co. | 2442 | 64689 |
| †Sprouts Farmers Market, Inc. | 5886 | 969071 |
| Sysco Corp. | 10911 | 826399 |
| Target Corp. | 12199 | 1203431 |
| †U.S. Foods Holding Corp. | 10600 | 816306 |
| †United Natural Foods, Inc. | 3773 | 87949 |
| Village Super Market, Inc. <br> Class A<br>| 880 | 33880 |
| Walgreens Boots Alliance, <br> Inc.<br>| 13596 | 156082 |
| Walmart, Inc. | 40335 | 3943956 |
| Weis Markets, Inc. | 1433 | 103878 |
|  |  | **19765390** |
| **Containers & Packaging–0.69%** | **Containers & Packaging–0.69%** | **Containers & Packaging–0.69%** |
| Amcor PLC | 101375 | 931636 |
| AptarGroup, Inc. | 3230 | 505269 |
| Ardagh Metal Packaging SA | 4030 | 17248 |
| Avery Dennison Corp. | 3229 | 566593 |
| Ball Corp. | 9481 | 531789 |
| Crown Holdings, Inc. | 6510 | 670400 |
| Graphic Packaging Holding <br> Co.<br>| 21397 | 450835 |
| Greif, Inc. Class A | 1934 | 128541 |
| International Paper Co. | 8869 | 415335 |
| Myers Industries, Inc. | 3079 | 44615 |
| †O-I Glass, Inc. | 8101 | 119409 |
| Packaging Corp. of America | 3479 | 655617 |
| †Ranpak Holdings Corp. | 874 | 3120 |
| Sealed Air Corp. | 5125 | 159029 |
| Silgan Holdings, Inc. | 6392 | 346318 |
| Smurfit WestRock PLC | 8446 | 364445 |
| Sonoco Products Co. | 6343 | 276301 |
| TriMas Corp. | 3116 | 89149 |
|  |  | **6275649** |
| **Distributors–0.15%** | **Distributors–0.15%** | **Distributors–0.15%** |
| A-Mark Precious Metals, Inc. | 1222 | 27104 |
| Genuine Parts Co. | 5038 | 611160 |
| LKQ Corp. | 7912 | 292823 |
| Pool Corp. | 1296 | 377758 |
| Weyco Group, Inc. | 507 | 16812 |
|  |  | **1325657** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-9

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services–0.43%** | **Diversified Consumer Services–0.43%** | **Diversified Consumer Services–0.43%** |
| ADT, Inc. | 20450 | $173212 |
| †Adtalem Global Education, <br> Inc.<br>| 2932 | 373038 |
| †American Public Education, <br> Inc.<br>| 1456 | 44350 |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 2461 | 304155 |
| Carriage Services, Inc. | 1652 | 75562 |
| †Chegg, Inc. | 7787 | 9422 |
| †Coursera, Inc. | 6556 | 57431 |
| †Frontdoor, Inc. | 3903 | 230043 |
| Graham Holdings Co. Class B | 230 | 217619 |
| †Grand Canyon Education, <br> Inc.<br>| 1648 | 311472 |
| H&R Block, Inc. | 4416 | 242394 |
| †Laureate Education, Inc. | 6158 | 143974 |
| †Lincoln Educational Services <br> Corp.<br>| 1828 | 42135 |
| Matthews International Corp. <br> Class A<br>| 1679 | 40145 |
| OneSpaWorld Holdings Ltd. | 3672 | 74872 |
| Perdoceo Education Corp. | 4748 | 155212 |
| Service Corp. International | 8873 | 722262 |
| Strategic Education, Inc. | 1317 | 112116 |
| †Stride, Inc. | 2788 | 404790 |
| †Udemy, Inc. | 4933 | 34679 |
| †Universal Technical Institute, <br> Inc.<br>| 3313 | 112278 |
|  |  | **3881161** |
| **Diversified Telecommunication Services–0.85%** | **Diversified Telecommunication Services–0.85%** | **Diversified Telecommunication Services–0.85%** |
| †Anterix, Inc. | 1166 | 29908 |
| AT&T, Inc. | 125523 | 3632636 |
| ATN International, Inc. | 1118 | 18167 |
| †Bandwidth, Inc. Class A | 2154 | 34249 |
| †Frontier Communications <br> Parent, Inc.<br>| 11913 | 433633 |
| †Globalstar, Inc. | 678 | 15967 |
| IDT Corp. Class B | 1774 | 121200 |
| Iridium Communications, <br> Inc.<br>| 4748 | 143247 |
| †Liberty Global Ltd. Class A | 3371 | 34060 |
| †Liberty Latin America Ltd. <br> Class A<br>| 15472 | 95922 |
| Shenandoah <br> Telecommunications Co.<br>| 3690 | 50405 |
| †Sunrise Communications AG <br> Class A ADR<br>| 674 | 38115 |
| Verizon Communications, <br> Inc.<br>| 71076 | 3075459 |
|  |  | **7722968** |
| **Electric Utilities–0.98%** | **Electric Utilities–0.98%** | **Electric Utilities–0.98%** |
| ALLETE, Inc. | 2439 | 156267 |
| Alliant Energy Corp. | 4703 | 284390 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| American Electric Power Co., <br> Inc.<br>| 3298 | $342200 |
| Constellation Energy Corp. | 1799 | 580645 |
| Duke Energy Corp. | 4427 | 522386 |
| Edison International | 6178 | 318785 |
| Entergy Corp. | 6890 | 572697 |
| Evergy, Inc. | 4491 | 309565 |
| Eversource Energy | 3599 | 228968 |
| Exelon Corp. | 6430 | 279191 |
| FirstEnergy Corp. | 10192 | 410330 |
| Genie Energy Ltd. Class B | 1295 | 34810 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 4111 | 43700 |
| IDACORP, Inc. | 1690 | 195111 |
| MGE Energy, Inc. | 1792 | 158484 |
| NextEra Energy, Inc. | 9866 | 684898 |
| NRG Energy, Inc. | 6847 | 1099491 |
| OGE Energy Corp. | 5679 | 252034 |
| Otter Tail Corp. | 1231 | 94898 |
| PG&E Corp. | 19013 | 265041 |
| Pinnacle West Capital Corp. | 2967 | 265457 |
| Portland General Electric <br> Co.<br>| 3574 | 145212 |
| PPL Corp. | 12952 | 438943 |
| Southern Co. | 6267 | 575499 |
| TXNM Energy, Inc. | 2892 | 162877 |
| Xcel Energy, Inc. | 6584 | 448370 |
|  |  | **8870249** |
| **Electrical Equipment–0.96%** | **Electrical Equipment–0.96%** | **Electrical Equipment–0.96%** |
| Acuity, Inc. | 1507 | 449598 |
| Allient, Inc. | 1137 | 41284 |
| †American Superconductor <br> Corp.<br>| 1700 | 62373 |
| AMETEK, Inc. | 5074 | 918191 |
| Atkore, Inc. | 1322 | 93267 |
| †Bloom Energy Corp. Class A | 3305 | 79056 |
| Eaton Corp. PLC | 2872 | 1025275 |
| Emerson Electric Co. | 5414 | 721849 |
| EnerSys | 2594 | 222487 |
| †Fluence Energy, Inc. | 1964 | 13178 |
| †FuelCell Energy, Inc. | 107 | 600 |
| GE Vernova, Inc. | 1334 | 705886 |
| †Generac Holdings, Inc. | 1111 | 159106 |
| Hubbell, Inc. | 1700 | 694297 |
| LSI Industries, Inc. | 457 | 7774 |
| †NEXTracker, Inc. Class A | 1018 | 55349 |
| nVent Electric PLC | 6731 | 493046 |
| Pioneer Power Solutions, <br> Inc.<br>| 3909 | 10750 |
| †Plug Power, Inc. | 10899 | 16240 |
| Powell Industries, Inc. | 1009 | 212344 |
| Preformed Line Products Co. | 449 | 71755 |
| Regal Rexnord Corp. | 3222 | 467061 |
| Rockwell Automation, Inc. | 2883 | 957646 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-10

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Sensata Technologies Holding <br> PLC<br>| 1784 | $53716 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 3328 | 14144 |
| †Sunrun, Inc. | 9039 | 73939 |
| †Thermon Group Holdings, <br> Inc.<br>| 1686 | 47343 |
| †Ultralife Corp. | 2766 | 24839 |
| Vertiv Holdings Co. Class A | 7721 | 991454 |
| †Vicor Corp. | 594 | 26944 |
|  |  | **8710791** |
| **Electronic Equipment, Instruments & Components–1.65%** | **Electronic Equipment, Instruments & Components–1.65%** | **Electronic Equipment, Instruments & Components–1.65%** |
| Advanced Energy Industries, <br> Inc.<br>| 2367 | 313628 |
| †Airgain, Inc. | 1525 | 6329 |
| Amphenol Corp. Class A | 12752 | 1259260 |
| †Arrow Electronics, Inc. | 3492 | 444986 |
| Avnet, Inc. | 6028 | 319966 |
| Badger Meter, Inc. | 1025 | 251074 |
| Bel Fuse, Inc. Class B | 886 | 86553 |
| Belden, Inc. | 2450 | 283710 |
| Benchmark Electronics, Inc. | 2494 | 96842 |
| CDW Corp. | 3065 | 547378 |
| Climb Global Solutions, Inc. | 332 | 35494 |
| †Coda Octopus Group, Inc. | 2420 | 19796 |
| Cognex Corp. | 4550 | 144326 |
| †Coherent Corp. | 3251 | 290022 |
| Corning, Inc. | 20441 | 1074992 |
| Crane NXT Co. | 3186 | 171725 |
| CTS Corp. | 2254 | 96043 |
| †Daktronics, Inc. | 2615 | 39539 |
| †Data I/O Corp. | 7146 | 21938 |
| †ePlus, Inc. | 1924 | 138720 |
| †Fabrinet | 1742 | 513333 |
| †FARO Technologies, Inc. | 842 | 36981 |
| †Flex Ltd. | 16245 | 810950 |
| Frequency Electronics, Inc. | 783 | 17782 |
| †Identiv, Inc. | 1421 | 4632 |
| †Insight Enterprises, Inc. | 1479 | 204228 |
| †IPG Photonics Corp. | 1909 | 131053 |
| †Itron, Inc. | 2486 | 327232 |
| Jabil, Inc. | 5337 | 1164000 |
| †Key Tronic Corp. | 304 | 869 |
| †Keysight Technologies, Inc. | 3967 | 650033 |
| †Kimball Electronics, Inc. | 2160 | 41537 |
| †Knowles Corp. | 6423 | 113173 |
| Littelfuse, Inc. | 999 | 226503 |
| Methode Electronics, Inc. | 2176 | 20694 |
| †Mirion Technologies, Inc. | 2916 | 62782 |
| Napco Security Technologies, <br> Inc.<br>| 1100 | 32659 |
| †nLight, Inc. | 1778 | 34991 |
| †Novanta, Inc. | 1226 | 158068 |
| †OSI Systems, Inc. | 1009 | 226884 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †PAR Technology Corp. | 1037 | $71937 |
| PC Connection, Inc. | 2018 | 132744 |
| †Plexus Corp. | 1738 | 235169 |
| †Powerfleet, Inc. NJ | 2100 | 9051 |
| †Ralliant Corp. | 2468 | 119673 |
| Richardson Electronics Ltd. | 916 | 8839 |
| †Rogers Corp. | 803 | 54989 |
| †Sanmina Corp. | 3814 | 373124 |
| †ScanSource, Inc. | 1716 | 71746 |
| †SmartRent, Inc. | 6461 | 6396 |
| Taitron Components, Inc. <br> Class A<br>| 4409 | 9876 |
| TD SYNNEX Corp. | 3860 | 523802 |
| TE Connectivity PLC | 5077 | 856338 |
| †Teledyne Technologies, Inc. | 1192 | 610674 |
| †Trimble, Inc. | 5938 | 451169 |
| †TTM Technologies, Inc. | 6628 | 270555 |
| Vishay Intertechnology, Inc. | 5367 | 85228 |
| †Vishay Precision Group, Inc. | 600 | 16860 |
| Vontier Corp. | 8718 | 321694 |
| †Zebra Technologies Corp. <br> Class A<br>| 1112 | 342896 |
|  |  | **14993465** |
| **Energy Equipment & Services–0.60%** | **Energy Equipment & Services–0.60%** | **Energy Equipment & Services–0.60%** |
| Archrock, Inc. | 9631 | 239138 |
| Baker Hughes Co. | 23663 | 907239 |
| †Bristow Group, Inc. | 1323 | 43619 |
| Cactus, Inc. Class A | 2654 | 116033 |
| ChampionX Corp. | 10411 | 258609 |
| Core Laboratories, Inc. | 2200 | 25344 |
| †DMC Global, Inc. | 551 | 4441 |
| †Expro Group Holdings NV | 5471 | 46996 |
| †Forum Energy Technologies, <br> Inc.<br>| 380 | 7399 |
| †Geospace Technologies Corp. | 1182 | 16855 |
| †Gulf Island Fabrication, Inc. | 6318 | 42015 |
| Halliburton Co. | 31739 | 646841 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 9426 | 58818 |
| Helmerich & Payne, Inc. | 1423 | 21573 |
| †Innovex International, Inc. | 2477 | 38691 |
| Liberty Energy, Inc. | 8157 | 93642 |
| †Mammoth Energy Services, <br> Inc.<br>| 2622 | 7342 |
| †Nabors Industries Ltd. | 576 | 16139 |
| †Natural Gas Services Group, <br> Inc.<br>| 679 | 17525 |
| Noble Corp. PLC | 1193 | 31674 |
| NOV, Inc. | 15674 | 194828 |
| †Oceaneering International, <br> Inc.<br>| 6032 | 124983 |
| †Oil States International, Inc. | 5610 | 30070 |
| †ProPetro Holding Corp. | 3633 | 21689 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-11

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| Ranger Energy Services, Inc. <br> Class A<br>| 1723 | $20573 |
| RPC, Inc. | 11712 | 55398 |
| Schlumberger NV | 30933 | 1045535 |
| †SEACOR Marine Holdings, <br> Inc.<br>| 1843 | 9399 |
| †Seadrill Ltd. | 1698 | 44572 |
| Select Water Solutions, Inc. | 9056 | 78244 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 2100 | 59409 |
| TechnipFMC PLC | 17349 | 597500 |
| †TETRA Technologies, Inc. | 6409 | 21534 |
| †Tidewater, Inc. | 2167 | 99964 |
| †Transocean Ltd. | 37899 | 98158 |
| †Valaris Ltd. | 2932 | 123466 |
| Weatherford International <br> PLC<br>| 2918 | 146805 |
|  |  | **5412060** |
| **Entertainment–1.07%** | **Entertainment–1.07%** | **Entertainment–1.07%** |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 1864 | 87572 |
| Cinemark Holdings, Inc. | 7781 | 234831 |
| †Cineverse Corp. | 3502 | 16740 |
| Electronic Arts, Inc. | 3894 | 621872 |
| †Eventbrite, Inc. Class A | 2663 | 7004 |
| †IMAX Corp. | 3593 | 100460 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 5244 | 543066 |
| †Liberty Media Corp.-Liberty <br> Live Class A<br>| 2366 | 190833 |
| †Lionsgate Studios Corp. | 9976 | 57961 |
| †Live Nation Entertainment, <br> Inc.<br>| 2936 | 444158 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 1336 | 53400 |
| †Madison Square Garden <br> Sports Corp.<br>| 597 | 124743 |
| Marcus Corp. | 2001 | 33737 |
| †Netflix, Inc. | 1994 | 2670225 |
| †Reading International, Inc. <br> Class A<br>| 1404 | 1881 |
| †ROBLOX Corp. Class A | 1603 | 168636 |
| †Roku, Inc. | 693 | 60908 |
| †Sphere Entertainment Co. | 1336 | 55845 |
| †Spotify Technology SA | 400 | 306936 |
| †Starz Entertainment Corp. | 664 | 10670 |
| †Take-Two Interactive <br> Software, Inc.<br>| 2338 | 567783 |
| TKO Group Holdings, Inc. | 1533 | 278929 |
| Walt Disney Co. | 18754 | 2325684 |
| †Warner Bros Discovery, Inc. | 59390 | 680609 |
| Warner Music Group Corp. <br> Class A<br>| 1625 | 44265 |
|  |  | **9688748** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services–3.77%** | **Financial Services–3.77%** | **Financial Services–3.77%** |
| †Acacia Research Corp. | 1090 | $3902 |
| †Affirm Holdings, Inc. | 5126 | 354412 |
| Apollo Global Management, <br> Inc.<br>| 2440 | 346163 |
| †AvidXchange Holdings, Inc. | 4871 | 47687 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 15703 | 7628046 |
| †Block, Inc. | 5736 | 389647 |
| †Cantaloupe, Inc. | 5370 | 59016 |
| Cass Information Systems, <br> Inc.<br>| 1074 | 46665 |
| Corebridge Financial, Inc. | 21069 | 747950 |
| †Corpay, Inc. | 2986 | 990815 |
| Enact Holdings, Inc. | 754 | 28011 |
| Equitable Holdings, Inc. | 14613 | 819789 |
| Essent Group Ltd. | 7232 | 439199 |
| †Euronet Worldwide, Inc. | 2790 | 282850 |
| EVERTEC, Inc. | 938 | 33815 |
| Federal Agricultural <br> Mortgage Corp. Class A<br>| 799 | 152486 |
| Fidelity National Information <br> Services, Inc.<br>| 11652 | 948589 |
| †Fiserv, Inc. | 6554 | 1129975 |
| †Flywire Corp. | 2278 | 26653 |
| Global Payments, Inc. | 5357 | 428774 |
| Guild Holdings Co. Class A | 733 | 14491 |
| †International Money Express, <br> Inc.<br>| 2069 | 20876 |
| Jack Henry & Associates, <br> Inc.<br>| 2482 | 447182 |
| Jackson Financial, Inc. <br> Class A<br>| 3823 | 339444 |
| †Marqeta, Inc. Class A | 14833 | 86476 |
| Mastercard, Inc. Class A | 10843 | 6093116 |
| Merchants Bancorp | 2230 | 73746 |
| MGIC Investment Corp. | 13300 | 370272 |
| †Mr. Cooper Group, Inc. | 5193 | 774848 |
| †NCR Atleos Corp. | 4987 | 142279 |
| †NMI Holdings, Inc. Class A | 4487 | 189307 |
| †Onity Group, Inc. | 526 | 20078 |
| †Paymentus Holdings, Inc. <br> Class A<br>| 1355 | 44376 |
| †Payoneer Global, Inc. | 3845 | 26338 |
| †PayPal Holdings, Inc. | 14868 | 1104990 |
| †Paysafe Ltd. | 2000 | 25240 |
| PennyMac Financial Services, <br> Inc.<br>| 2498 | 248901 |
| Radian Group, Inc. | 2793 | 100604 |
| †Remitly Global, Inc. | 3561 | 66840 |
| †Repay Holdings Corp. | 2875 | 13858 |
| Rocket Cos., Inc. Class A | 374 | 5303 |
| †Security National Financial <br> Corp. Class A<br>| 1425 | 14036 |
| †Shift4 Payments, Inc. Class A | 1881 | 186426 |
| †Toast, Inc. Class A | 3715 | 164537 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-12

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| †Velocity Financial, Inc. | 941 | $17446 |
| Visa, Inc. Class A | 21946 | 7791927 |
| Voya Financial, Inc. | 5476 | 388796 |
| Walker & Dunlop, Inc. | 2190 | 154351 |
| Waterstone Financial, Inc. | 2626 | 36265 |
| Western Union Co. | 16363 | 137777 |
| †WEX, Inc. | 1697 | 249272 |
|  |  | **34253842** |
| **Food Products–0.98%** | **Food Products–0.98%** | **Food Products–0.98%** |
| Alico, Inc. | 310 | 10131 |
| Archer-Daniels-Midland Co. | 9498 | 501304 |
| B&G Foods, Inc. | 4796 | 20287 |
| Bunge Global SA | 4864 | 390482 |
| Calavo Growers, Inc. | 781 | 20767 |
| Cal-Maine Foods, Inc. | 2504 | 249474 |
| Campbell's Co. | 11132 | 341196 |
| Conagra Brands, Inc. | 13369 | 273663 |
| †Darling Ingredients, Inc. | 4241 | 160904 |
| Dole PLC | 2032 | 28428 |
| †Farmer Bros Co. | 1079 | 1478 |
| Flowers Foods, Inc. | 11732 | 187477 |
| Fresh Del Monte Produce, <br> Inc.<br>| 3707 | 120181 |
| †Freshpet, Inc. | 2140 | 145434 |
| General Mills, Inc. | 11622 | 602136 |
| †Hain Celestial Group, Inc. | 1056 | 1605 |
| Hershey Co. | 4012 | 665791 |
| Hormel Foods Corp. | 10944 | 331056 |
| Ingredion, Inc. | 3563 | 483214 |
| J&J Snack Foods Corp. | 1165 | 132123 |
| J.M. Smucker Co. | 3225 | 316695 |
| John B Sanfilippo & Son, Inc. | 320 | 20237 |
| Kraft Heinz Co. | 12985 | 335273 |
| Lamb Weston Holdings, Inc. | 4444 | 230421 |
| Lancaster Colony Corp. | 1158 | 200068 |
| †Lifeway Foods, Inc. | 699 | 17230 |
| Limoneira Co. | 992 | 15525 |
| †Mama's Creations, Inc. | 2663 | 22103 |
| McCormick & Co., Inc. | 6304 | 477824 |
| †Mission Produce, Inc. | 2513 | 29452 |
| Mondelez International, Inc. <br> Class A<br>| 14242 | 960481 |
| Pilgrim's Pride Corp. | 6543 | 294304 |
| †Post Holdings, Inc. | 3653 | 398287 |
| Seaboard Corp. | 37 | 105864 |
| †Seneca Foods Corp. Class A | 364 | 36921 |
| †Simply Good Foods Co. | 4668 | 147462 |
| Tootsie Roll Industries, Inc. | 1794 | 60009 |
| †TreeHouse Foods, Inc. | 2070 | 40199 |
| Tyson Foods, Inc. Class A | 7116 | 398069 |
| Utz Brands, Inc. | 1872 | 23494 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Vital Farms, Inc. | 1481 | $57048 |
| WK Kellogg Co. | 3096 | 49350 |
|  |  | **8903447** |
| **Gas Utilities–0.21%** | **Gas Utilities–0.21%** | **Gas Utilities–0.21%** |
| Atmos Energy Corp. | 2669 | 411320 |
| Chesapeake Utilities Corp. | 908 | 109160 |
| MDU Resources Group, Inc. | 12934 | 215610 |
| National Fuel Gas Co. | 3166 | 268192 |
| New Jersey Resources Corp. | 6806 | 305045 |
| Northwest Natural Holding <br> Co.<br>| 1338 | 53145 |
| ONE Gas, Inc. | 2252 | 161829 |
| RGC Resources, Inc. | 1002 | 22425 |
| Southwest Gas Holdings, Inc. | 1839 | 136803 |
| Spire, Inc. | 2361 | 172329 |
| UGI Corp. | 1884 | 68615 |
|  |  | **1924473** |
| **Ground Transportation–1.05%** | **Ground Transportation–1.05%** | **Ground Transportation–1.05%** |
| ArcBest Corp. | 925 | 71234 |
| †Avis Budget Group, Inc. | 548 | 92639 |
| Covenant Logistics Group, <br> Inc.<br>| 1918 | 46243 |
| CSX Corp. | 40368 | 1317208 |
| Heartland Express, Inc. | 3986 | 34439 |
| †Hertz Global Holdings, Inc. | 13464 | 91959 |
| JB Hunt Transport Services, <br> Inc.<br>| 3912 | 561763 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 7530 | 333052 |
| Landstar System, Inc. | 2051 | 285130 |
| Marten Transport Ltd. | 4686 | 60871 |
| Norfolk Southern Corp. | 3753 | 960655 |
| Old Dominion Freight Line, <br> Inc.<br>| 4613 | 748690 |
| †PAMT Corp. | 2728 | 35109 |
| †RXO, Inc. | 4881 | 76729 |
| Ryder System, Inc. | 3059 | 486381 |
| †Saia, Inc. | 580 | 158914 |
| Schneider National, Inc. <br> Class B<br>| 5218 | 126015 |
| †Uber Technologies, Inc. | 6139 | 572769 |
| †U-Haul Holding Co. | 7427 | 409582 |
| Union Pacific Corp. | 9984 | 2297119 |
| Universal Logistics Holdings, <br> Inc.<br>| 2167 | 54998 |
| Werner Enterprises, Inc. | 3088 | 84488 |
| †XPO, Inc. | 4881 | 616422 |
|  |  | **9522409** |
| **Health Care Equipment & Supplies–1.66%** | **Health Care Equipment & Supplies–1.66%** | **Health Care Equipment & Supplies–1.66%** |
| Abbott Laboratories | 15769 | 2144742 |
| †Accuray, Inc. | 4267 | 5846 |
| †Align Technology, Inc. | 1078 | 204098 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-13

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †AngioDynamics, Inc. | 3064 | $30395 |
| †Apyx Medical Corp. | 3118 | 7015 |
| †Artivion, Inc. | 2557 | 79523 |
| †AtriCure, Inc. | 1808 | 59248 |
| †Avanos Medical, Inc. | 2882 | 35276 |
| †Axogen, Inc. | 1694 | 18380 |
| Baxter International, Inc. | 12243 | 370718 |
| Becton Dickinson & Co. | 5208 | 897078 |
| †Bioventus, Inc. Class A | 5653 | 37423 |
| †Boston Scientific Corp. | 10292 | 1105464 |
| CONMED Corp. | 1545 | 80464 |
| †Cooper Cos., Inc. | 4032 | 286917 |
| Dentsply Sirona, Inc. | 5874 | 93279 |
| †Dexcom, Inc. | 1914 | 167073 |
| †Edwards Lifesciences Corp. | 5022 | 392771 |
| †Electromed, Inc. | 1109 | 24387 |
| Embecta Corp. | 547 | 5300 |
| †Enovis Corp. | 2217 | 69525 |
| †Envista Holdings Corp. | 7903 | 154425 |
| †enVVeno Medical Corp. | 1679 | 6699 |
| †FONAR Corp. | 558 | 8348 |
| GE HealthCare Technologies, <br> Inc.<br>| 10877 | 805659 |
| †Globus Medical, Inc. Class A | 570 | 33641 |
| †Haemonetics Corp. | 1802 | 134447 |
| †Hologic, Inc. | 4995 | 325474 |
| †ICU Medical, Inc. | 685 | 90523 |
| †IDEXX Laboratories, Inc. | 1562 | 837763 |
| †Inogen, Inc. | 962 | 6763 |
| †Inspire Medical Systems, Inc. | 204 | 26473 |
| †Insulet Corp. | 1078 | 338686 |
| †Integer Holdings Corp. | 2023 | 248768 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 3804 | 46675 |
| †Intuitive Surgical, Inc. | 1027 | 558082 |
| iRadimed Corp. | 396 | 23677 |
| †Kewaunee Scientific Corp. | 820 | 48134 |
| †Lantheus Holdings, Inc. | 3065 | 250901 |
| LeMaitre Vascular, Inc. | 1009 | 83797 |
| †LENSAR, Inc. | 965 | 12709 |
| †LivaNova PLC | 3030 | 136411 |
| †Masimo Corp. | 1588 | 267133 |
| Medtronic PLC | 10996 | 958521 |
| †Merit Medical Systems, Inc. | 3063 | 286329 |
| †Neogen Corp. | 1243 | 5942 |
| =†OmniAb, Inc. Earnout Shares | 344 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 344 | 0 |
| †Omnicell, Inc. | 1495 | 43953 |
| †OraSure Technologies, Inc. | 3929 | 11787 |
| †Orchestra BioMed Holdings, <br> Inc.<br>| 5064 | 13572 |
| †Orthofix Medical, Inc. | 1905 | 21241 |
| †OrthoPediatrics Corp. | 500 | 10740 |
| †Penumbra, Inc. | 250 | 64157 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †QuidelOrtho Corp. | 361 | $10404 |
| ResMed, Inc. | 2840 | 732720 |
| †Semler Scientific, Inc. | 194 | 7516 |
| †SI-BONE, Inc. | 200 | 3764 |
| †Sight Sciences, Inc. | 2357 | 9734 |
| †Solventum Corp. | 678 | 51420 |
| †STAAR Surgical Co. | 327 | 5487 |
| STERIS PLC | 2373 | 570042 |
| Stryker Corp. | 2428 | 960590 |
| †Surmodics, Inc. | 576 | 17113 |
| †Tactile Systems Technology, <br> Inc.<br>| 2636 | 26729 |
| Teleflex, Inc. | 1357 | 160614 |
| †UFP Technologies, Inc. | 419 | 102303 |
| Utah Medical Products, Inc. | 304 | 17304 |
| †Varex Imaging Corp. | 2809 | 24354 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 4704 | 429052 |
| †Zimvie, Inc. | 470 | 4394 |
|  |  | **15109892** |
| **Health Care Providers & Services–2.06%** | **Health Care Providers & Services–2.06%** | **Health Care Providers & Services–2.06%** |
| †Acadia Healthcare Co., Inc. | 3719 | 84384 |
| †AdaptHealth Corp. | 3161 | 29808 |
| †Addus HomeCare Corp. | 1037 | 119452 |
| †agilon health, Inc. | 5592 | 12862 |
| †Amedisys, Inc. | 1959 | 192746 |
| †AMN Healthcare Services, <br> Inc.<br>| 1557 | 32183 |
| †Astrana Health, Inc. | 3028 | 75337 |
| †Brookdale Senior Living, Inc. | 14577 | 101456 |
| Cardinal Health, Inc. | 4032 | 677376 |
| †Castle Biosciences, Inc. | 800 | 16336 |
| Cencora, Inc. | 3490 | 1046476 |
| †Centene Corp. | 11157 | 605602 |
| Chemed Corp. | 794 | 386622 |
| Cigna Group | 4134 | 1366618 |
| †Community Health Systems, <br> Inc.<br>| 5888 | 20019 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 4726 | 97214 |
| †CorVel Corp. | 2709 | 278431 |
| †Cross Country Healthcare, <br> Inc.<br>| 2183 | 28488 |
| CVS Health Corp. | 13142 | 906535 |
| †DaVita, Inc. | 3121 | 444586 |
| Elevance Health, Inc. | 2875 | 1118260 |
| Encompass Health Corp. | 6292 | 771588 |
| †Enhabit, Inc. | 3856 | 37172 |
| Ensign Group, Inc. | 3180 | 490547 |
| †Fulgent Genetics, Inc. | 885 | 17594 |
| HCA Healthcare, Inc. | 1075 | 411832 |
| †HealthEquity, Inc. | 3352 | 351156 |
| †Henry Schein, Inc. | 4163 | 304107 |
| Humana, Inc. | 1871 | 457422 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-14

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †InfuSystem Holdings, Inc. | 1714 | $10695 |
| †Joint Corp. | 300 | 3462 |
| Labcorp Holdings, Inc. | 2170 | 569647 |
| †LifeStance Health Group, <br> Inc.<br>| 3574 | 18478 |
| McKesson Corp. | 685 | 501954 |
| †ModivCare, Inc. | 1393 | 4346 |
| †Molina Healthcare, Inc. | 1694 | 504643 |
| National HealthCare Corp. | 1163 | 124453 |
| National Research Corp. | 1656 | 27821 |
| †NeoGenomics, Inc. | 5840 | 42690 |
| †OPKO Health, Inc. | 13338 | 17606 |
| †Option Care Health, Inc. | 5646 | 183382 |
| †Owens & Minor, Inc. | 4089 | 37210 |
| †Pediatrix Medical Group, <br> Inc.<br>| 5330 | 76486 |
| †Pennant Group, Inc. | 1314 | 39223 |
| †Performant Healthcare, Inc. | 4544 | 18176 |
| Premier, Inc. Class A | 5444 | 119387 |
| †Privia Health Group, Inc. | 1012 | 23276 |
| †Progyny, Inc. | 600 | 13200 |
| Quest Diagnostics, Inc. | 2834 | 509071 |
| †RadNet, Inc. | 3063 | 174315 |
| Select Medical Holdings <br> Corp.<br>| 5857 | 88909 |
| †Surgery Partners, Inc. | 4969 | 110461 |
| †Tenet Healthcare Corp. | 5353 | 942128 |
| U.S. Physical Therapy, Inc. | 363 | 28387 |
| UnitedHealth Group, Inc. | 11152 | 3479089 |
| Universal Health Services, <br> Inc. Class B<br>| 3178 | 575695 |
|  |  | **18726399** |
| **Health Care Technology–0.10%** | **Health Care Technology–0.10%** | **Health Care Technology–0.10%** |
| †American Well Corp. Class A | 263 | 2338 |
| †Certara, Inc. | 8926 | 104434 |
| †Definitive Healthcare Corp. | 3780 | 14742 |
| †Doximity, Inc. Class A | 1110 | 68087 |
| †Evolent Health, Inc. Class A | 6148 | 69226 |
| †GoodRx Holdings, Inc. <br> Class A<br>| 4994 | 24870 |
| †Health Catalyst, Inc. | 2400 | 9048 |
| HealthStream, Inc. | 2713 | 75069 |
| †OptimizeRx Corp. | 1975 | 26663 |
| †Schrodinger, Inc. | 1902 | 38268 |
| Simulations Plus, Inc. | 804 | 14030 |
| †Teladoc Health, Inc. | 6301 | 54882 |
| †TruBridge, Inc. | 313 | 7330 |
| †Veeva Systems, Inc. Class A | 1418 | 408356 |
|  |  | **917343** |
| **Hotels, Restaurants & Leisure–1.98%** | **Hotels, Restaurants & Leisure–1.98%** | **Hotels, Restaurants & Leisure–1.98%** |
| †Airbnb, Inc. Class A | 2098 | 277649 |
| Aramark | 9872 | 413341 |
| †Biglari Holdings, Inc. Class A | 136 | 45281 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †BJ's Restaurants, Inc. | 1840 | $82064 |
| Bloomin' Brands, Inc. | 3646 | 31392 |
| Booking Holdings, Inc. | 184 | 1065220 |
| Boyd Gaming Corp. | 2528 | 197765 |
| †Brinker International, Inc. | 1880 | 339020 |
| †Caesars Entertainment, Inc. | 5797 | 164577 |
| †Carnival Corp. | 27670 | 778080 |
| †Cava Group, Inc. | 1216 | 102424 |
| Cheesecake Factory, Inc. | 3354 | 210162 |
| †Chipotle Mexican Grill, Inc. | 15150 | 850672 |
| Choice Hotels International, <br> Inc.<br>| 2146 | 272284 |
| Churchill Downs, Inc. | 2699 | 272599 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 903 | 55155 |
| Darden Restaurants, Inc. | 2981 | 649769 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 1895 | 57002 |
| †Denny's Corp. | 3911 | 16035 |
| Dine Brands Global, Inc. | 552 | 13430 |
| Domino's Pizza, Inc. | 622 | 280273 |
| †DoorDash, Inc. Class A | 1051 | 259082 |
| †DraftKings, Inc. Class A | 3203 | 137377 |
| †Dutch Bros, Inc. Class A | 1973 | 134894 |
| †El Pollo Loco Holdings, Inc. | 3403 | 37467 |
| Expedia Group, Inc. | 3045 | 513631 |
| †First Watch Restaurant <br> Group, Inc.<br>| 3027 | 48553 |
| †Flutter Entertainment PLC | 1779 | 508367 |
| †Global Business Travel Group <br> I<br>| 5626 | 35444 |
| Golden Entertainment, Inc. | 647 | 19041 |
| †Hilton Grand Vacations, Inc. | 4987 | 207110 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 1452 | 386726 |
| Hyatt Hotels Corp. Class A | 1426 | 199141 |
| International Game <br> Technology PLC<br>| 3976 | 62861 |
| Krispy Kreme, Inc. | 6170 | 17955 |
| †Kura Sushi USA, Inc. Class A | 610 | 52509 |
| Las Vegas Sands Corp. | 14408 | 626892 |
| †Life Time Group Holdings, <br> Inc.<br>| 4075 | 123595 |
| †Light & Wonder, Inc. | 3487 | 335659 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 3554 | 41475 |
| Marriott International, Inc. <br> Class A<br>| 1399 | 382221 |
| Marriott Vacations Worldwide <br> Corp.<br>| 1552 | 112225 |
| McDonald's Corp. | 3743 | 1093592 |
| †MGM Resorts International | 7173 | 246679 |
| Nathan's Famous, Inc. | 298 | 32953 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 11656 | 236384 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-15

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Papa John's International, <br> Inc.<br>| 828 | $40522 |
| †Penn Entertainment, Inc. | 3322 | 59364 |
| †Planet Fitness, Inc. Class A | 2230 | 243181 |
| †PlayAGS, Inc. | 1440 | 17986 |
| †Portillo's, Inc. Class A | 1400 | 16338 |
| †Potbelly Corp. | 1460 | 17885 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 1218 | 35115 |
| Red Rock Resorts, Inc. <br> Class A<br>| 2753 | 143239 |
| Royal Caribbean Cruises Ltd. | 6683 | 2092715 |
| †Sabre Corp. | 5918 | 18701 |
| †Shake Shack, Inc. Class A | 835 | 117401 |
| Starbucks Corp. | 6314 | 578552 |
| †Sweetgreen, Inc. Class A | 7756 | 115409 |
| Texas Roadhouse, Inc. | 3420 | 640942 |
| Travel & Leisure Co. | 3346 | 172687 |
| †United Parks & Resorts, Inc. | 481 | 22679 |
| Vail Resorts, Inc. | 1881 | 295561 |
| Wendy's Co. | 10118 | 115548 |
| Wingstop, Inc. | 778 | 261984 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 4003 | 325084 |
| Wynn Resorts Ltd. | 1444 | 135259 |
| Yum! Brands, Inc. | 3499 | 518482 |
|  |  | **18010661** |
| **Household Durables–1.01%** | **Household Durables–1.01%** | **Household Durables–1.01%** |
| Bassett Furniture Industries, <br> Inc.<br>| 722 | 10974 |
| †Beazer Homes USA, Inc. | 2298 | 51406 |
| †Cavco Industries, Inc. | 442 | 192018 |
| Century Communities, Inc. | 1989 | 112020 |
| †Champion Homes, Inc. | 2886 | 180692 |
| Dr. Horton, Inc. | 5753 | 741677 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 1113 | 27970 |
| Ethan Allen Interiors, Inc. | 1750 | 48738 |
| Flexsteel Industries, Inc. | 419 | 15097 |
| Garmin Ltd. | 4554 | 950511 |
| †GoPro, Inc. Class A | 2100 | 1590 |
| †Green Brick Partners, Inc. | 3200 | 201216 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 652 | 11664 |
| †Helen of Troy Ltd. | 919 | 26081 |
| Hooker Furnishings Corp. | 831 | 8792 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 551 | 57607 |
| Installed Building Products, <br> Inc.<br>| 1646 | 296807 |
| KB Home | 5148 | 272690 |
| La-Z-Boy, Inc. | 3008 | 111807 |
| †Legacy Housing Corp. | 594 | 13460 |
| Leggett & Platt, Inc. | 7210 | 64313 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lennar Corp. Class A | 5327 | $586202 |
| †LGI Homes, Inc. | 1190 | 61309 |
| Lifetime Brands, Inc. | 785 | 4004 |
| †Lovesac Co. | 603 | 10975 |
| †M/I Homes, Inc. | 1091 | 122323 |
| Meritage Homes Corp. | 4650 | 311410 |
| †Mohawk Industries, Inc. | 2110 | 221212 |
| Newell Brands, Inc. | 22715 | 122661 |
| †NVR, Inc. | 121 | 893665 |
| PulteGroup, Inc. | 6892 | 726830 |
| †Purple Innovation, Inc. | 800 | 583 |
| †SharkNinja, Inc. | 3328 | 329439 |
| Somnigroup International, <br> Inc.<br>| 8821 | 600269 |
| †Sonos, Inc. | 2987 | 32289 |
| †Taylor Morrison Home Corp. | 6223 | 382217 |
| Toll Brothers, Inc. | 4709 | 537438 |
| †TopBuild Corp. | 1912 | 618991 |
| †Tri Pointe Homes, Inc. | 6232 | 199112 |
| †Universal Electronics, Inc. | 867 | 5740 |
| Whirlpool Corp. | 480 | 48682 |
|  |  | **9212481** |
| **Household Products–0.78%** | **Household Products–0.78%** | **Household Products–0.78%** |
| †Central Garden & Pet Co. | 3810 | 122693 |
| Church & Dwight Co., Inc. | 5791 | 556573 |
| Clorox Co. | 2258 | 271118 |
| Colgate-Palmolive Co. | 5992 | 544673 |
| Energizer Holdings, Inc. | 3912 | 78866 |
| Kimberly-Clark Corp. | 5037 | 649370 |
| Oil-Dri Corp. of America | 564 | 33270 |
| Procter & Gamble Co. | 28240 | 4499197 |
| Reynolds Consumer Products, <br> Inc.<br>| 1427 | 30566 |
| Spectrum Brands Holdings, <br> Inc.<br>| 1953 | 103509 |
| WD-40 Co. | 775 | 176770 |
|  |  | **7066605** |
| **Independent Power and Renewable Electricity Producers–0.31%** | **Independent Power and Renewable Electricity Producers–0.31%** | **Independent Power and Renewable Electricity Producers–0.31%** |
| AES Corp. | 8298 | 87295 |
| Brookfield Renewable Corp. | 2401 | 78705 |
| Clearway Energy, Inc. Class A | 5540 | 173789 |
| †Montauk Renewables, Inc. | 2515 | 5583 |
| Ormat Technologies, Inc. | 2822 | 236371 |
| Vistra Corp. | 11274 | 2185014 |
|  |  | **2766757** |
| **Industrial Conglomerates–0.26%** | **Industrial Conglomerates–0.26%** | **Industrial Conglomerates–0.26%** |
| 3M Co. | 5816 | 885428 |
| Honeywell International, Inc. | 6337 | 1475760 |
|  |  | **2361188** |
| **Insurance–3.39%** | **Insurance–3.39%** | **Insurance–3.39%** |
| Aflac, Inc. | 8193 | 864034 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-16

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Allstate Corp. | 5808 | $1169208 |
| †Ambac Financial Group, Inc. | 2234 | 15861 |
| American Financial Group, <br> Inc.<br>| 4150 | 523772 |
| American International <br> Group, Inc.<br>| 13308 | 1139032 |
| AMERISAFE, Inc. | 1468 | 64196 |
| Aon PLC Class A | 1388 | 495183 |
| Arch Capital Group Ltd. | 10534 | 959121 |
| Arthur J Gallagher & Co. | 2027 | 648883 |
| Assurant, Inc. | 2716 | 536383 |
| Assured Guaranty Ltd. | 3781 | 329325 |
| Axis Capital Holdings Ltd. | 5052 | 524499 |
| †Baldwin Insurance Group, <br> Inc.<br>| 2221 | 95081 |
| †Brighthouse Financial, Inc. | 2418 | 130016 |
| Brown & Brown, Inc. | 6490 | 719546 |
| Chubb Ltd. | 4176 | 1209871 |
| Cincinnati Financial Corp. | 3762 | 560237 |
| CNO Financial Group, Inc. | 6176 | 238270 |
| Crawford & Co. Class A | 3914 | 41061 |
| Donegal Group, Inc. Class A | 996 | 19945 |
| †eHealth, Inc. | 1543 | 6712 |
| Employers Holdings, Inc. | 2097 | 98936 |
| †Enstar Group Ltd. | 1075 | 361587 |
| Erie Indemnity Co. Class A | 691 | 239632 |
| Everest Group Ltd. | 1231 | 418355 |
| F&G Annuities & Life, Inc. | 1138 | 36393 |
| Fidelity National Financial, <br> Inc.<br>| 11124 | 623611 |
| First American Financial <br> Corp.<br>| 5770 | 354220 |
| †Genworth Financial, Inc. <br> Class A<br>| 22919 | 178310 |
| Globe Life, Inc. | 5229 | 649912 |
| Goosehead Insurance, Inc. <br> Class A<br>| 189 | 19941 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 1907 | 27404 |
| Hanover Insurance Group, <br> Inc.<br>| 2649 | 449986 |
| Hartford Insurance Group, <br> Inc.<br>| 11450 | 1452661 |
| HCI Group, Inc. | 887 | 135001 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 4237 | 105671 |
| Horace Mann Educators <br> Corp.<br>| 2359 | 101366 |
| Investors Title Co. | 124 | 26201 |
| James River Group Holdings <br> Ltd.<br>| 1705 | 9991 |
| Kemper Corp. | 3591 | 231763 |
| †Kestrel Group Ltd. | 276 | 7320 |
| Kinsale Capital Group, Inc. | 763 | 369216 |
| Loews Corp. | 5944 | 544827 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Markel Group, Inc. | 350 | $699076 |
| Marsh & McLennan Cos., Inc. | 5181 | 1132774 |
| Mercury General Corp. | 3824 | 257508 |
| MetLife, Inc. | 17668 | 1420861 |
| †NI Holdings, Inc. | 863 | 10995 |
| Old Republic International <br> Corp.<br>| 12402 | 476733 |
| †Oscar Health, Inc. Class A | 7674 | 164531 |
| †Palomar Holdings, Inc. | 463 | 71418 |
| Primerica, Inc. | 2389 | 653798 |
| Principal Financial Group, <br> Inc.<br>| 7348 | 583652 |
| †ProAssurance Corp. | 3203 | 73124 |
| Progressive Corp. | 5839 | 1558196 |
| Prudential Financial, Inc. | 8824 | 948051 |
| Reinsurance Group of <br> America, Inc.<br>| 2470 | 489949 |
| RenaissanceRe Holdings Ltd. | 2081 | 505475 |
| RLI Corp. | 4674 | 337556 |
| Safety Insurance Group, Inc. | 1159 | 92013 |
| Selective Insurance Group, <br> Inc.<br>| 2641 | 228843 |
| †Selectquote, Inc. | 567 | 1349 |
| †SiriusPoint Ltd. | 7714 | 157288 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1855 | 107200 |
| Stewart Information Services <br> Corp.<br>| 1688 | 109889 |
| Tiptree, Inc. | 1600 | 37728 |
| Travelers Cos., Inc. | 5095 | 1363116 |
| †Trupanion, Inc. | 433 | 23967 |
| United Fire Group, Inc. | 2034 | 58376 |
| Universal Insurance Holdings, <br> Inc.<br>| 1326 | 36770 |
| Unum Group | 9329 | 753410 |
| W.R. Berkley Corp. | 8651 | 635589 |
| White Mountains Insurance <br> Group Ltd.<br>| 179 | 321434 |
| Willis Towers Watson PLC | 2493 | 764104 |
|  |  | **30807313** |
| **Interactive Media & Services–5.62%** | **Interactive Media & Services–5.62%** | **Interactive Media & Services–5.62%** |
| Alphabet, Inc. Class A | 142455 | 25178127 |
| †Angi, Inc. | 163 | 2487 |
| †Bumble, Inc. Class A | 6388 | 42097 |
| †Cargurus, Inc. | 2955 | 98904 |
| †Cars.com, Inc. | 3451 | 40894 |
| †DHI Group, Inc. | 3155 | 9370 |
| †EverQuote, Inc. Class A | 500 | 12090 |
| †fuboTV, Inc. | 8998 | 34732 |
| Match Group, Inc. | 3950 | 122016 |
| Meta Platforms, Inc. Class A | 33506 | 24730444 |
| †Pinterest, Inc. Class A | 6587 | 236210 |
| †QuinStreet, Inc. | 3300 | 53130 |
| Shutterstock, Inc. | 1614 | 30601 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-17

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| †Snap, Inc. Class A | 9587 | $83311 |
| †TripAdvisor, Inc. | 6188 | 80753 |
| †TrueCar, Inc. | 6947 | 13199 |
| †Vimeo, Inc. | 4300 | 17372 |
| †Yelp, Inc. | 2364 | 81014 |
| †Zedge, Inc. Class B | 591 | 2370 |
| †Ziff Davis, Inc. | 1954 | 59148 |
| †ZoomInfo Technologies, Inc. | 7341 | 74291 |
|  |  | **51002560** |
| **IT Services–1.32%** | **IT Services–1.32%** | **IT Services–1.32%** |
| Accenture PLC Class A | 6134 | 1833391 |
| †Akamai Technologies, Inc. | 4082 | 325580 |
| Amdocs Ltd. | 4487 | 409394 |
| †ASGN, Inc. | 2517 | 125674 |
| †Cloudflare, Inc. Class A | 488 | 95565 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 10584 | 825870 |
| †Crexendo, Inc. | 2357 | 14307 |
| †DigitalOcean Holdings, Inc. | 1949 | 55664 |
| †DXC Technology Co. | 7838 | 119843 |
| †EPAM Systems, Inc. | 977 | 172753 |
| †Fastly, Inc. Class A | 5634 | 39776 |
| †Gartner, Inc. | 1820 | 735680 |
| †Globant SA | 1310 | 119000 |
| †GoDaddy, Inc. Class A | 2711 | 488143 |
| †Grid Dynamics Holdings, Inc. | 2155 | 24890 |
| Hackett Group, Inc. | 2748 | 69854 |
| Information Services Group, <br> Inc.<br>| 2900 | 13920 |
| International Business <br> Machines Corp.<br>| 15486 | 4564963 |
| †Kyndryl Holdings, Inc. | 8035 | 337149 |
| †MongoDB, Inc. | 840 | 176392 |
| †Okta, Inc. | 2727 | 272618 |
| †Research Solutions, Inc. | 3554 | 10200 |
| †Snowflake, Inc. Class A | 1029 | 230259 |
| †Twilio, Inc. Class A | 4149 | 515970 |
| †Unisys Corp. | 1659 | 7515 |
| VeriSign, Inc. | 1380 | 398544 |
|  |  | **11982914** |
| **Leisure Products–0.17%** | **Leisure Products–0.17%** | **Leisure Products–0.17%** |
| Acushnet Holdings Corp. | 4495 | 327326 |
| †American Outdoor Brands, <br> Inc.<br>| 1803 | 18841 |
| Brunswick Corp. | 2522 | 139315 |
| †Funko, Inc. Class A | 1250 | 5950 |
| Hasbro, Inc. | 4346 | 320822 |
| JAKKS Pacific, Inc. | 616 | 12800 |
| Johnson Outdoors, Inc. <br> Class A<br>| 436 | 13198 |
| †Malibu Boats, Inc. Class A | 1084 | 33973 |
| Marine Products Corp. | 2133 | 18152 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 1000 | $18580 |
| †Mattel, Inc. | 18315 | 361172 |
| †Outdoor Holding Co. | 8400 | 10752 |
| Polaris, Inc. | 2368 | 96259 |
| Smith & Wesson Brands, Inc. | 2575 | 22351 |
| †Topgolf Callaway Brands <br> Corp.<br>| 7331 | 59014 |
| †YETI Holdings, Inc. | 3440 | 108429 |
|  |  | **1566934** |
| **Life Sciences Tools & Services–0.78%** | **Life Sciences Tools & Services–0.78%** | **Life Sciences Tools & Services–0.78%** |
| †10X Genomics, Inc. Class A | 1470 | 17023 |
| †Adaptive Biotechnologies <br> Corp.<br>| 4172 | 48604 |
| Agilent Technologies, Inc. | 5210 | 614832 |
| †Alpha Teknova, Inc. | 1800 | 8838 |
| †Avantor, Inc. | 13009 | 175101 |
| †Azenta, Inc. | 1794 | 55219 |
| †BioLife Solutions, Inc. | 3097 | 66709 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 570 | 137552 |
| Bio-Techne Corp. | 2920 | 150234 |
| Bruker Corp. | 5255 | 216506 |
| †Champions Oncology, Inc. | 1317 | 9706 |
| †Charles River Laboratories <br> International, Inc.<br>| 1615 | 245044 |
| †CryoPort, Inc. | 2671 | 19926 |
| †Cytek Biosciences, Inc. | 2976 | 10118 |
| Danaher Corp. | 4618 | 912240 |
| †Fortrea Holdings, Inc. | 3037 | 15003 |
| †ICON PLC | 90 | 13090 |
| †Illumina, Inc. | 1950 | 186049 |
| †IQVIA Holdings, Inc. | 4967 | 782750 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 5321 | 12824 |
| †Medpace Holdings, Inc. | 1288 | 404252 |
| Mesa Laboratories, Inc. | 221 | 20823 |
| †Mettler-Toledo International, <br> Inc.<br>| 322 | 378260 |
| †Nautilus Biotechnology, Inc. | 5121 | 3712 |
| †OmniAb, Inc. | 4454 | 7750 |
| †Pacific Biosciences of <br> California, Inc.<br>| 7405 | 9182 |
| †Quanterix Corp. | 1218 | 8100 |
| †Repligen Corp. | 1464 | 182092 |
| Revvity, Inc. | 2954 | 285711 |
| †Seer, Inc. | 2828 | 6052 |
| †Sotera Health Co. | 12699 | 141213 |
| Thermo Fisher Scientific, <br> Inc.<br>| 3038 | 1231787 |
| †Waters Corp. | 1354 | 472600 |
| West Pharmaceutical <br> Services, Inc.<br>| 1251 | 273719 |
|  |  | **7122621** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-18

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–2.95%** | **Machinery–2.95%** | **Machinery–2.95%** |
| †3D Systems Corp. | 6912 | $10645 |
| AGCO Corp. | 3171 | 327120 |
| Alamo Group, Inc. | 568 | 124040 |
| Albany International Corp. <br> Class A<br>| 1256 | 88083 |
| Allison Transmission <br> Holdings, Inc.<br>| 6065 | 576114 |
| Astec Industries, Inc. | 1462 | 60951 |
| Atmus Filtration <br> Technologies, Inc.<br>| 1726 | 62861 |
| †Blue Bird Corp. | 812 | 35046 |
| Caterpillar, Inc. | 6914 | 2684084 |
| †Chart Industries, Inc. | 485 | 79855 |
| Chicago Rivet & Machine Co. | 189 | 2312 |
| CNH Industrial NV | 43442 | 563008 |
| Columbus McKinnon Corp. | 1631 | 24905 |
| †Commercial Vehicle Group, <br> Inc.<br>| 4182 | 6942 |
| Crane Co. | 2254 | 428012 |
| Cummins, Inc. | 3231 | 1058153 |
| Deere & Co. | 4430 | 2252611 |
| Donaldson Co., Inc. | 7885 | 546825 |
| Douglas Dynamics, Inc. | 1386 | 40845 |
| Dover Corp. | 3170 | 580839 |
| Eastern Co. | 515 | 11752 |
| †Energy Recovery, Inc. | 2984 | 38136 |
| Enerpac Tool Group Corp. | 2890 | 117218 |
| Enpro, Inc. | 1403 | 268745 |
| Esab Corp. | 2239 | 269911 |
| ESCO Technologies, Inc. | 1491 | 286078 |
| Federal Signal Corp. | 3403 | 362147 |
| Flowserve Corp. | 6513 | 340956 |
| Fortive Corp. | 7404 | 385971 |
| Franklin Electric Co., Inc. | 2494 | 223812 |
| †Gates Industrial Corp. PLC | 3772 | 86869 |
| †Gencor Industries, Inc. | 1204 | 16856 |
| Gorman-Rupp Co. | 2146 | 78801 |
| Graco, Inc. | 3675 | 315940 |
| †Graham Corp. | 501 | 24805 |
| Greenbrier Cos., Inc. | 1954 | 89982 |
| Helios Technologies, Inc. | 1979 | 66039 |
| Hillenbrand, Inc. | 2630 | 52784 |
| †Hillman Solutions Corp. | 9490 | 67759 |
| †Hurco Cos., Inc. | 300 | 5670 |
| Hyster-Yale, Inc. | 834 | 33177 |
| IDEX Corp. | 1637 | 287408 |
| Illinois Tool Works, Inc. | 5511 | 1362595 |
| Ingersoll Rand, Inc. | 8229 | 684488 |
| ITT, Inc. | 3824 | 599718 |
| JBT Marel Corp. | 270 | 32470 |
| Kadant, Inc. | 745 | 236500 |
| Kennametal, Inc. | 5039 | 115695 |
| †L.B. Foster Co. Class A | 762 | 16665 |
| Lincoln Electric Holdings, <br> Inc.<br>| 3420 | 709034 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Lindsay Corp. | 475 | $68519 |
| Luxfer Holdings PLC | 1289 | 15700 |
| †Manitowoc Co., Inc. | 3195 | 38404 |
| †Mayville Engineering Co., <br> Inc.<br>| 557 | 8890 |
| †Middleby Corp. | 2587 | 372528 |
| Miller Industries, Inc. | 637 | 28321 |
| Mueller Industries, Inc. | 5679 | 451310 |
| Mueller Water Products, Inc. <br> Class A<br>| 8420 | 202417 |
| †NN, Inc. | 5648 | 11861 |
| Nordson Corp. | 1271 | 272464 |
| Omega Flex, Inc. | 460 | 14895 |
| Oshkosh Corp. | 3866 | 438946 |
| Otis Worldwide Corp. | 6517 | 645313 |
| PACCAR, Inc. | 10527 | 1000697 |
| Parker-Hannifin Corp. | 1175 | 820702 |
| Park-Ohio Holdings Corp. | 1241 | 22164 |
| Pentair PLC | 7979 | 819124 |
| †Proto Labs, Inc. | 1067 | 42723 |
| †RBC Bearings, Inc. | 700 | 269360 |
| REV Group, Inc. | 3787 | 180223 |
| Shyft Group, Inc. | 2371 | 29732 |
| Snap-on, Inc. | 1224 | 380884 |
| †SPX Technologies, Inc. | 2852 | 478223 |
| Standex International Corp. | 630 | 98582 |
| Stanley Black & Decker, Inc. | 4384 | 297016 |
| †Stratasys Ltd. | 1800 | 20646 |
| Tennant Co. | 1373 | 106380 |
| Terex Corp. | 2159 | 100804 |
| Timken Co. | 4369 | 316971 |
| Toro Co. | 3648 | 257841 |
| Trinity Industries, Inc. | 6363 | 171865 |
| Twin Disc, Inc. | 600 | 5298 |
| Wabash National Corp. | 2605 | 27691 |
| Watts Water Technologies, <br> Inc. Class A<br>| 1597 | 392686 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 3909 | 818349 |
| Worthington Enterprises, <br> Inc.<br>| 2613 | 166291 |
| Xylem, Inc. | 5153 | 666592 |
|  |  | **26801644** |
| **Marine Transportation–0.09%** | **Marine Transportation–0.09%** | **Marine Transportation–0.09%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 1271 | 11020 |
| Costamare, Inc. | 6357 | 57912 |
| Genco Shipping & Trading <br> Ltd.<br>| 2086 | 27264 |
| †Kirby Corp. | 4034 | 457496 |
| Matson, Inc. | 2201 | 245081 |
| Pangaea Logistics Solutions <br> Ltd.<br>| 3860 | 18142 |
|  |  | **816915** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-19

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media–0.98%** | **Media–0.98%** | **Media–0.98%** |
| †Advantage Solutions, Inc. | 5958 | $7865 |
| †Altice USA, Inc. Class A | 10271 | 21980 |
| †AMC Networks, Inc. Class A | 1659 | 10402 |
| †Boston Omaha Corp. Class A | 1027 | 14419 |
| Cable One, Inc. | 196 | 26619 |
| †Cardlytics, Inc. | 5823 | 9579 |
| †Charter Communications, <br> Inc. Class A<br>| 3584 | 1465175 |
| Comcast Corp. Class A | 64481 | 2301327 |
| †DoubleVerify Holdings, Inc. | 2056 | 30778 |
| Entravision Communications <br> Corp. Class A<br>| 4034 | 9359 |
| †EW Scripps Co. Class A | 5690 | 16729 |
| Fox Corp. Class A | 15410 | 828062 |
| †Gambling.com Group Ltd. | 2200 | 26158 |
| †Gannett Co., Inc. | 11594 | 41506 |
| Gray Media, Inc. | 5362 | 24290 |
| †Integral Ad Science Holding <br> Corp.<br>| 8409 | 69879 |
| Interpublic Group of Cos., <br> Inc.<br>| 14529 | 355670 |
| John Wiley & Sons, Inc. <br> Class A<br>| 2592 | 115681 |
| †Liberty Broadband Corp. <br> Class A<br>| 2368 | 232568 |
| †Magnite, Inc. | 7190 | 173423 |
| †Marchex, Inc. Class B | 5340 | 11534 |
| New York Times Co. Class A | 6656 | 372603 |
| News Corp. Class A | 17038 | 531771 |
| Nexstar Media Group, Inc. | 2010 | 347629 |
| Omnicom Group, Inc. | 10447 | 751557 |
| Paramount Global Class A | 24606 | 321437 |
| †PubMatic, Inc. Class A | 1163 | 14468 |
| Saga Communications, Inc. <br> Class A<br>| 635 | 8255 |
| Scholastic Corp. | 1560 | 32729 |
| Sinclair, Inc. | 911 | 12590 |
| Sirius XM Holdings, Inc. | 13179 | 302722 |
| †Stagwell, Inc. | 4200 | 18900 |
| †TechTarget, Inc. | 959 | 7451 |
| TEGNA, Inc. | 12221 | 204824 |
| †Thryv Holdings, Inc. | 1751 | 21292 |
| †Trade Desk, Inc. Class A | 1425 | 102586 |
| †Urban One, Inc. | 3828 | 2415 |
| †WideOpenWest, Inc. | 3597 | 14604 |
|  |  | **8860836** |
| **Metals & Mining–0.87%** | **Metals & Mining–0.87%** | **Metals & Mining–0.87%** |
| Alcoa Corp. | 11273 | 332666 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 638 | 71762 |
| †Ampco-Pittsburgh Corp. | 782 | 2315 |
| †Ascent Industries Co. | 1221 | 15397 |
| Caledonia Mining Corp. PLC | 1249 | 24131 |
| Carpenter Technology Corp. | 2617 | 723286 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Century Aluminum Co. | 6328 | $114031 |
| †Cleveland-Cliffs, Inc. | 17895 | 136002 |
| †Coeur Mining, Inc. | 22731 | 201397 |
| Commercial Metals Co. | 7116 | 348044 |
| †Compass Minerals <br> International, Inc.<br>| 2029 | 40763 |
| †Dakota Gold Corp. | 2786 | 10280 |
| Ferroglobe PLC | 9406 | 34520 |
| Fortitude Gold Corp. | 1049 | 3755 |
| Freeport-McMoRan, Inc. | 22516 | 976069 |
| Friedman Industries, Inc. | 5 | 83 |
| Hecla Mining Co. | 36267 | 217239 |
| †Idaho Strategic Resources, <br> Inc.<br>| 1820 | 23806 |
| Kaiser Aluminum Corp. | 589 | 47061 |
| Materion Corp. | 961 | 76275 |
| †Metallus, Inc. | 3184 | 49065 |
| †MP Materials Corp. | 4309 | 143360 |
| Newmont Corp. | 19107 | 1113174 |
| Nexa Resources SA | 4710 | 23362 |
| Nucor Corp. | 6406 | 829833 |
| Olympic Steel, Inc. | 623 | 20304 |
| Radius Recycling, Inc. | 1911 | 56738 |
| Ramaco Resources, Inc. <br> Class A<br>| 1464 | 18973 |
| Reliance, Inc. | 2246 | 705019 |
| Royal Gold, Inc. | 1959 | 348389 |
| Ryerson Holding Corp. | 2043 | 44067 |
| Southern Copper Corp. | 2422 | 245034 |
| Steel Dynamics, Inc. | 4894 | 626481 |
| SunCoke Energy, Inc. | 6128 | 52639 |
| †Tredegar Corp. | 3415 | 30052 |
| Warrior Met Coal, Inc. | 2150 | 98534 |
| Worthington Steel, Inc. | 3712 | 110729 |
|  |  | **7914635** |
| **Multi-Utilities–0.47%** | **Multi-Utilities–0.47%** | **Multi-Utilities–0.47%** |
| Ameren Corp. | 4019 | 385985 |
| Avista Corp. | 2686 | 101934 |
| Black Hills Corp. | 964 | 54080 |
| CenterPoint Energy, Inc. | 10838 | 398188 |
| CMS Energy Corp. | 5086 | 352358 |
| Consolidated Edison, Inc. | 5469 | 548814 |
| Dominion Energy, Inc. | 5531 | 312612 |
| DTE Energy Co. | 3314 | 438973 |
| NiSource, Inc. | 8491 | 342527 |
| Northwestern Energy Group, <br> Inc.<br>| 1697 | 87056 |
| Public Service Enterprise <br> Group, Inc.<br>| 5861 | 493379 |
| Sempra | 4488 | 340056 |
| Unitil Corp. | 1166 | 60807 |
| WEC Energy Group, Inc. | 3452 | 359698 |
|  |  | **4276467** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-20

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–3.90%** | **Oil, Gas & Consumable Fuels–3.90%** | **Oil, Gas & Consumable Fuels–3.90%** |
| †Amplify Energy Corp. | 3085 | $9872 |
| Antero Midstream Corp. | 22565 | 427607 |
| †Antero Resources Corp. | 8049 | 324214 |
| APA Corp. | 14490 | 265022 |
| Ardmore Shipping Corp. | 2791 | 26794 |
| †Battalion Oil Corp. | 29 | 37 |
| Berry Corp. | 3410 | 9446 |
| California Resources Corp. | 4309 | 196792 |
| †Centrus Energy Corp. Class A | 700 | 128226 |
| Cheniere Energy, Inc. | 6579 | 1602118 |
| Chevron Corp. | 23389 | 3349071 |
| Chord Energy Corp. | 562 | 54430 |
| Civitas Resources, Inc. | 554 | 15246 |
| †Clean Energy Fuels Corp. | 12425 | 24229 |
| †CNX Resources Corp. | 10126 | 341044 |
| †Comstock Resources, Inc. | 11629 | 321774 |
| ConocoPhillips | 22004 | 1974639 |
| Core Natural Resources, Inc. | 3002 | 209359 |
| Coterra Energy, Inc. | 26720 | 678154 |
| Crescent Energy Co. Class A | 1709 | 14697 |
| CVR Energy, Inc. | 2972 | 79798 |
| Delek U.S. Holdings, Inc. | 4667 | 98847 |
| Devon Energy Corp. | 28945 | 920740 |
| DHT Holdings, Inc. | 9475 | 102425 |
| Diamondback Energy, Inc. | 6182 | 849407 |
| Dorian LPG Ltd. | 2455 | 59853 |
| DT Midstream, Inc. | 5019 | 551638 |
| EOG Resources, Inc. | 10875 | 1300759 |
| Epsilon Energy Ltd. | 2128 | 15705 |
| EQT Corp. | 14397 | 839633 |
| Evolution Petroleum Corp. | 2220 | 10434 |
| Excelerate Energy, Inc. <br> Class A<br>| 1162 | 34070 |
| Expand Energy Corp. | 10225 | 1195711 |
| Exxon Mobil Corp. | 51314 | 5531649 |
| FutureFuel Corp. | 4158 | 16133 |
| Granite Ridge Resources, <br> Inc.<br>| 3316 | 21123 |
| †Green Plains, Inc. | 3877 | 23378 |
| †Gulfport Energy Corp. | 473 | 95153 |
| †Hallador Energy Co. | 3632 | 57495 |
| Hess Corp. | 8908 | 1234114 |
| HF Sinclair Corp. | 8304 | 341128 |
| International Seaways, Inc. | 2158 | 78724 |
| Kinder Morgan, Inc. | 25792 | 758285 |
| Kinetik Holdings, Inc. | 896 | 39469 |
| †Kosmos Energy Ltd. | 14647 | 25193 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 9382 | 210907 |
| Marathon Petroleum Corp. | 8696 | 1444493 |
| Matador Resources Co. | 5316 | 253679 |
| Murphy Oil Corp. | 5919 | 133177 |
| NACCO Industries, Inc. <br> Class A<br>| 326 | 14445 |
| New Fortress Energy, Inc. | 4276 | 14196 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| 14832 | $39008 |
| Northern Oil & Gas, Inc. | 1139 | 32291 |
| Occidental Petroleum Corp. | 19026 | 799282 |
| ONEOK, Inc. | 13084 | 1068047 |
| Ovintiv, Inc. | 13095 | 498265 |
| †Par Pacific Holdings, Inc. | 3626 | 96198 |
| PBF Energy, Inc. Class A | 5112 | 110777 |
| Peabody Energy Corp. | 9294 | 124725 |
| Permian Resources Corp. | 19935 | 271515 |
| Phillips 66 | 7915 | 944259 |
| †PrimeEnergy Resources <br> Corp.<br>| 202 | 29569 |
| Range Resources Corp. | 13109 | 533143 |
| †REX American Resources <br> Corp.<br>| 913 | 44472 |
| SandRidge Energy, Inc. | 3035 | 32839 |
| Scorpio Tankers, Inc. | 1997 | 78143 |
| SFL Corp. Ltd. | 10126 | 84350 |
| Sitio Royalties Corp. Class A | 1683 | 30933 |
| SM Energy Co. | 5919 | 146258 |
| †Talos Energy, Inc. | 4058 | 34412 |
| Targa Resources Corp. | 5937 | 1033513 |
| Teekay Corp. Ltd. | 3211 | 26491 |
| Teekay Tankers Ltd. Class A | 1148 | 47895 |
| Texas Pacific Land Corp. | 442 | 466924 |
| †Uranium Energy Corp. | 12370 | 84116 |
| Valero Energy Corp. | 9012 | 1211393 |
| †Vital Energy, Inc. | 1110 | 17860 |
| Vitesse Energy, Inc. | 1422 | 31412 |
| W&T Offshore, Inc. | 4101 | 6767 |
| Williams Cos., Inc. | 16933 | 1063562 |
| World Kinect Corp. | 4679 | 132650 |
|  |  | **35445601** |
| **Paper & Forest Products–0.06%** | **Paper & Forest Products–0.06%** | **Paper & Forest Products–0.06%** |
| †Clearwater Paper Corp. | 1500 | 40860 |
| Louisiana-Pacific Corp. | 4590 | 394694 |
| †Magnera Corp. | 1721 | 20790 |
| Mercer International, Inc. | 4679 | 16376 |
| Sylvamo Corp. | 1590 | 79659 |
|  |  | **552379** |
| **Passenger Airlines–0.42%** | **Passenger Airlines–0.42%** | **Passenger Airlines–0.42%** |
| †Alaska Air Group, Inc. | 6350 | 314198 |
| †Allegiant Travel Co. | 956 | 52532 |
| †American Airlines Group, <br> Inc.<br>| 14699 | 164923 |
| †Blade Air Mobility, Inc. | 5327 | 21468 |
| Copa Holdings SA Class A | 1782 | 195967 |
| Delta Air Lines, Inc. | 24758 | 1217598 |
| †Frontier Group Holdings, Inc. | 2518 | 9140 |
| †JetBlue Airways Corp. | 12036 | 50912 |
| †SkyWest, Inc. | 3119 | 321163 |
| Southwest Airlines Co. | 12115 | 393011 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-21

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 2980 | $35015 |
| †United Airlines Holdings, <br> Inc.<br>| 12582 | 1001905 |
|  |  | **3777832** |
| **Personal Care Products–0.19%** | **Personal Care Products–0.19%** | **Personal Care Products–0.19%** |
| †BellRing Brands, Inc. | 3383 | 195977 |
| †Coty, Inc. Class A | 28705 | 133478 |
| Edgewell Personal Care Co. | 3074 | 71962 |
| †elf Beauty, Inc. | 1640 | 204082 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 1114 | 90011 |
| †Herbalife Ltd. | 4218 | 36359 |
| †Honest Co., Inc. | 7804 | 39723 |
| Interparfums, Inc. | 1441 | 189218 |
| Kenvue, Inc. | 31954 | 668797 |
| Lifevantage Corp. | 2676 | 35002 |
| †Medifast, Inc. | 636 | 8936 |
| Natural Health Trends Corp. | 462 | 2051 |
| †Nature's Sunshine Products, <br> Inc.<br>| 909 | 13444 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 3625 | 28964 |
| †USANA Health Sciences, Inc. | 1458 | 44513 |
|  |  | **1762517** |
| **Pharmaceuticals–2.45%** | **Pharmaceuticals–2.45%** | **Pharmaceuticals–2.45%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 8114 | 65642 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 331 | 7600 |
| †ANI Pharmaceuticals, Inc. | 935 | 61009 |
| †Arvinas, Inc. | 1209 | 8898 |
| †Assertio Holdings, Inc. | 937 | 601 |
| †Atea Pharmaceuticals, Inc. | 4025 | 14490 |
| Bristol-Myers Squibb Co. | 41992 | 1943810 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 1508 | 44591 |
| †Corcept Therapeutics, Inc. | 4605 | 338007 |
| †Elanco Animal Health, Inc. | 18347 | 261995 |
| Eli Lilly & Co. | 9790 | 7631599 |
| †Fulcrum Therapeutics, Inc. | 3143 | 21624 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 2848 | 89997 |
| †Innoviva, Inc. | 5638 | 113267 |
| †Jazz Pharmaceuticals PLC | 1708 | 181253 |
| Johnson & Johnson | 34642 | 5291565 |
| †LENZ Therapeutics, Inc. | 632 | 18524 |
| †Ligand Pharmaceuticals, Inc. | 909 | 103335 |
| Merck & Co., Inc. | 32287 | 2555839 |
| †Nektar Therapeutics | 389 | 10052 |
| †Oramed Pharmaceuticals, <br> Inc.<br>| 2680 | 6030 |
| Organon & Co. | 1956 | 18934 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Pacira BioSciences, Inc. | 2987 | $71389 |
| Perrigo Co. PLC | 4955 | 132398 |
| Pfizer, Inc. | 65116 | 1578412 |
| Phibro Animal Health Corp. <br> Class A<br>| 1490 | 38055 |
| †Pliant Therapeutics, Inc. | 1160 | 1346 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 3449 | 275403 |
| †Rafael Holdings, Inc. Class B | 887 | 1534 |
| †Scilex Holding Co. | 39 | 230 |
| SIGA Technologies, Inc. | 4189 | 27312 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 4014 | 126521 |
| †Tarsus Pharmaceuticals, Inc. | 625 | 25319 |
| †Ventyx Biosciences, Inc. | 1006 | 2153 |
| Viatris, Inc. | 29225 | 260979 |
| Zoetis, Inc. | 5954 | 928526 |
|  |  | **22258239** |
| **Professional Services–1.47%** | **Professional Services–1.47%** | **Professional Services–1.47%** |
| Alight, Inc. Class A | 6750 | 38205 |
| †Amentum Holdings, Inc. | 2823 | 66651 |
| †Asure Software, Inc. | 1711 | 16699 |
| Automatic Data Processing, <br> Inc.<br>| 6219 | 1917940 |
| Barrett Business Services, <br> Inc.<br>| 1991 | 83005 |
| †BGSF, Inc. | 458 | 2917 |
| Booz Allen Hamilton Holding <br> Corp.<br>| 4670 | 486287 |
| Broadridge Financial <br> Solutions, Inc.<br>| 2898 | 704301 |
| †CACI International, Inc. <br> Class A<br>| 1092 | 520556 |
| †CBIZ, Inc. | 2928 | 209967 |
| †Clarivate PLC | 6339 | 27258 |
| †Conduent, Inc. | 11528 | 30434 |
| CRA International, Inc. | 465 | 87127 |
| CSG Systems International, <br> Inc.<br>| 1488 | 97181 |
| †Dayforce, Inc. | 2899 | 160576 |
| †DLH Holdings Corp. | 697 | 4070 |
| Dun & Bradstreet Holdings, <br> Inc.<br>| 18237 | 165774 |
| Equifax, Inc. | 2435 | 631566 |
| †ExlService Holdings, Inc. | 7105 | 311128 |
| Exponent, Inc. | 1964 | 146730 |
| †First Advantage Corp. | 8659 | 143826 |
| †Forrester Research, Inc. | 1302 | 12890 |
| †Franklin Covey Co. | 769 | 17549 |
| †FTI Consulting, Inc. | 1625 | 262437 |
| Genpact Ltd. | 4452 | 195933 |
| Heidrick & Struggles <br> International, Inc.<br>| 1738 | 79531 |
| HireQuest, Inc. | 768 | 7688 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-22

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| †Huron Consulting Group, Inc. | 1120 | $154045 |
| †IBEX Holdings Ltd. | 574 | 16703 |
| ICF International, Inc. | 989 | 83778 |
| Insperity, Inc. | 1316 | 79118 |
| Jacobs Solutions, Inc. | 2662 | 349920 |
| KBR, Inc. | 5931 | 284332 |
| Kelly Services, Inc. Class A | 2914 | 34123 |
| Kforce, Inc. | 774 | 31835 |
| Korn Ferry | 3509 | 257315 |
| †Legalzoom.com, Inc. | 3899 | 34740 |
| Leidos Holdings, Inc. | 4486 | 707711 |
| ManpowerGroup, Inc. | 1931 | 78012 |
| Maximus, Inc. | 2858 | 200632 |
| †Mistras Group, Inc. | 2371 | 18992 |
| †NV5 Global, Inc. | 3256 | 75181 |
| †Parsons Corp. | 3000 | 215310 |
| Paychex, Inc. | 5534 | 804976 |
| Paycom Software, Inc. | 1219 | 282077 |
| †Paylocity Holding Corp. | 950 | 172131 |
| †RCM Technologies, Inc. | 1000 | 23570 |
| Resources Connection, Inc. | 3042 | 16336 |
| Robert Half, Inc. | 3366 | 138174 |
| Science Applications <br> International Corp.<br>| 2991 | 336817 |
| SS&C Technologies Holdings, <br> Inc.<br>| 5701 | 472043 |
| †TaskUS, Inc. Class A | 3000 | 50280 |
| TransUnion | 4978 | 438064 |
| TriNet Group, Inc. | 1667 | 121924 |
| †TrueBlue, Inc. | 2836 | 18377 |
| †TTEC Holdings, Inc. | 3257 | 15666 |
| †Upwork, Inc. | 1575 | 21168 |
| Verisk Analytics, Inc. | 3598 | 1120777 |
| †Verra Mobility Corp. | 8011 | 203399 |
| †Willdan Group, Inc. | 746 | 46632 |
|  |  | **13332384** |
| **Real Estate Management & Development–0.35%** | **Real Estate Management & Development–0.35%** | **Real Estate Management & Development–0.35%** |
| †AMREP Corp. | 442 | 9251 |
| †Anywhere Real Estate, Inc. | 7238 | 26202 |
| †CBRE Group, Inc. Class A | 6723 | 942027 |
| †CKX Lands, Inc. | 100 | 1070 |
| †CoStar Group, Inc. | 4483 | 360433 |
| †Cushman & Wakefield PLC | 5962 | 65999 |
| †Douglas Elliman, Inc. | 3734 | 8663 |
| eXp World Holdings, Inc. | 1193 | 10856 |
| †Five Point Holdings LLC <br> Class A<br>| 1459 | 8025 |
| †Forestar Group, Inc. | 2282 | 45640 |
| †FRP Holdings, Inc. | 2382 | 64052 |
| †Howard Hughes Holdings, <br> Inc.<br>| 2366 | 159705 |
| †Jones Lang LaSalle, Inc. | 2228 | 569878 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 9523 | 64756 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Marcus & Millichap, Inc. | 2435 | $74779 |
| †Maui Land & Pineapple Co., <br> Inc.<br>| 1011 | 18390 |
| Newmark Group, Inc. Class A | 9823 | 119349 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 1472 | 12041 |
| RMR Group, Inc. Class A | 1499 | 24509 |
| †Seaport Entertainment <br> Group, Inc.<br>| 594 | 11132 |
| St. Joe Co. | 2123 | 101267 |
| †Stratus Properties, Inc. | 394 | 7439 |
| †Tejon Ranch Co. | 3049 | 51711 |
| †Zillow Group, Inc. Class A | 6226 | 433672 |
|  |  | **3190846** |
| **Semiconductors & Semiconductor Equipment–8.60%** | **Semiconductors & Semiconductor Equipment–8.60%** | **Semiconductors & Semiconductor Equipment–8.60%** |
| †Advanced Micro Devices, Inc. | 7379 | 1047080 |
| †Allegro MicroSystems, Inc. | 3524 | 120486 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 978 | 25095 |
| †Ambarella, Inc. | 809 | 53447 |
| Amkor Technology, Inc. | 10597 | 222431 |
| †Amtech Systems, Inc. | 1163 | 5164 |
| Analog Devices, Inc. | 3879 | 923280 |
| Applied Materials, Inc. | 7700 | 1409639 |
| †Axcelis Technologies, Inc. | 1222 | 85161 |
| Broadcom, Inc. | 23600 | 6505340 |
| †CEVA, Inc. | 1018 | 22376 |
| †Cirrus Logic, Inc. | 3277 | 341644 |
| †Cohu, Inc. | 2659 | 51159 |
| †Credo Technology Group <br> Holding Ltd.<br>| 2502 | 231660 |
| †Diodes, Inc. | 2071 | 109535 |
| †Enphase Energy, Inc. | 1541 | 61101 |
| Entegris, Inc. | 3102 | 250176 |
| †Everspin Technologies, Inc. | 2446 | 15385 |
| †First Solar, Inc. | 2584 | 427755 |
| †FormFactor, Inc. | 3500 | 120435 |
| †GLOBALFOUNDRIES, Inc. | 2473 | 94469 |
| †GSI Technology, Inc. | 1975 | 6636 |
| †Ichor Holdings Ltd. | 1913 | 37571 |
| †indie Semiconductor, Inc. <br> Class A<br>| 2266 | 8067 |
| Intel Corp. | 44887 | 1005469 |
| †inTEST Corp. | 1085 | 7899 |
| KLA Corp. | 2154 | 1929424 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 2179 | 75393 |
| Lam Research Corp. | 17622 | 1715325 |
| †Lattice Semiconductor Corp. | 2350 | 115126 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 1808 | 259068 |
| †Magnachip Semiconductor <br> Corp.<br>| 1402 | 5580 |
| Marvell Technology, Inc. | 7929 | 613705 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-23

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| †MaxLinear, Inc. | 2776 | $39447 |
| Microchip Technology, Inc. | 11278 | 793633 |
| Micron Technology, Inc. | 9842 | 1213026 |
| MKS, Inc. | 1323 | 131453 |
| Monolithic Power Systems, <br> Inc.<br>| 551 | 402990 |
| †Navitas Semiconductor Corp. | 3750 | 24562 |
| NVE Corp. | 375 | 27604 |
| NVIDIA Corp. | 315936 | 49914729 |
| NXP Semiconductors NV | 4625 | 1010516 |
| †ON Semiconductor Corp. | 14565 | 763352 |
| †Onto Innovation, Inc. | 1537 | 155129 |
| †PDF Solutions, Inc. | 2280 | 48746 |
| †Penguin Solutions, Inc. | 2460 | 48733 |
| †Photronics, Inc. | 2572 | 48431 |
| Power Integrations, Inc. | 1961 | 109620 |
| †Qorvo, Inc. | 3559 | 302195 |
| QUALCOMM, Inc. | 13493 | 2148895 |
| †Rambus, Inc. | 3919 | 250894 |
| †Silicon Laboratories, Inc. | 1367 | 201441 |
| †SiTime Corp. | 694 | 147878 |
| Skyworks Solutions, Inc. | 4092 | 304936 |
| †SolarEdge Technologies, Inc. | 763 | 15565 |
| †Synaptics, Inc. | 1559 | 101054 |
| Teradyne, Inc. | 3389 | 304739 |
| Texas Instruments, Inc. | 6851 | 1422405 |
| †Ultra Clean Holdings, Inc. | 2522 | 56922 |
| Universal Display Corp. | 1230 | 189986 |
| †Veeco Instruments, Inc. | 2578 | 52385 |
|  |  | **78133347** |
| **Software–7.98%** | **Software–7.98%** | **Software–7.98%** |
| A10 Networks, Inc. | 2287 | 44253 |
| †ACI Worldwide, Inc. | 6433 | 295339 |
| Adeia, Inc. | 7533 | 106517 |
| †Adobe, Inc. | 5881 | 2275241 |
| †Agilysys, Inc. | 153 | 17540 |
| †Alarm.com Holdings, Inc. | 1772 | 100242 |
| †Amplitude, Inc. Class A | 3306 | 40994 |
| †ANSYS, Inc. | 1313 | 461152 |
| †Appfolio, Inc. Class A | 301 | 69314 |
| †AppLovin Corp. Class A | 7569 | 2649756 |
| †Atlassian Corp. Class A | 315 | 63973 |
| †Autodesk, Inc. | 1666 | 515744 |
| †AvePoint, Inc. | 3296 | 63646 |
| Bentley Systems, Inc. Class B | 2883 | 155595 |
| †Bill Holdings, Inc. | 1820 | 84193 |
| †Blackbaud, Inc. | 2281 | 146463 |
| †BlackLine, Inc. | 719 | 40710 |
| †Box, Inc. Class A | 1064 | 36357 |
| †C3.ai, Inc. Class A | 4371 | 107395 |
| †Cadence Design Systems, <br> Inc.<br>| 1182 | 364233 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 6674 | 62802 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Cerence, Inc. | 2409 | $24596 |
| Clear Secure, Inc. Class A | 1392 | 38642 |
| †Commvault Systems, Inc. | 456 | 79494 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 1160 | 26750 |
| †CoreCard Corp. | 954 | 27637 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 408 | 207798 |
| †CS Disco, Inc. | 2868 | 12533 |
| †Daily Journal Corp. | 100 | 42225 |
| †Datadog, Inc. Class A | 627 | 84225 |
| †Digital Turbine, Inc. | 3073 | 18131 |
| †Docusign, Inc. | 1959 | 152587 |
| Dolby Laboratories, Inc. <br> Class A<br>| 2255 | 167456 |
| †Dropbox, Inc. Class A | 4063 | 116202 |
| †Dynatrace, Inc. | 4553 | 251371 |
| †E2open Parent Holdings, Inc. | 15260 | 49290 |
| †eGain Corp. | 796 | 4975 |
| †Fair Isaac Corp. | 402 | 734840 |
| †Five9, Inc. | 794 | 21025 |
| †Fortinet, Inc. | 9421 | 995988 |
| †Freshworks, Inc. Class A | 6955 | 103699 |
| Gen Digital, Inc. | 24225 | 712215 |
| †Guidewire Software, Inc. | 1199 | 282305 |
| †HubSpot, Inc. | 157 | 87391 |
| †I3 Verticals, Inc. Class A | 1655 | 45479 |
| †Informatica, Inc. Class A | 5370 | 130759 |
| †Intapp, Inc. | 705 | 36392 |
| InterDigital, Inc. | 1836 | 411686 |
| Intuit, Inc. | 1138 | 896323 |
| †Jamf Holding Corp. | 4825 | 45886 |
| †JFrog Ltd. | 2880 | 126374 |
| †LiveRamp Holdings, Inc. | 2668 | 88151 |
| †Manhattan Associates, Inc. | 2038 | 402444 |
| †Meridianlink, Inc. | 1203 | 19525 |
| Microsoft Corp. | 92695 | 46107420 |
| †Mitek Systems, Inc. | 3573 | 35373 |
| †N-able, Inc. | 5589 | 45271 |
| †nCino, Inc. | 3473 | 97140 |
| †NCR Voyix Corp. | 9975 | 117007 |
| †Nutanix, Inc. Class A | 2597 | 198515 |
| †Olo, Inc. Class A | 5124 | 45604 |
| †ON24, Inc. | 506 | 2748 |
| OneSpan, Inc. | 2510 | 41892 |
| †Ooma, Inc. | 1800 | 23220 |
| Oracle Corp. | 18840 | 4118989 |
| †Palantir Technologies, Inc. <br> Class A<br>| 5620 | 766118 |
| †Palo Alto Networks, Inc. | 1882 | 385132 |
| Pegasystems, Inc. | 3180 | 172133 |
| †Procore Technologies, Inc. | 600 | 41052 |
| Progress Software Corp. | 3296 | 210417 |
| †PTC, Inc. | 1995 | 343818 |
| †Q2 Holdings, Inc. | 1418 | 132711 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-24

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Qualys, Inc. | 1293 | $184731 |
| †RingCentral, Inc. Class A | 628 | 17804 |
| †Riot Platforms, Inc. | 3024 | 34171 |
| Roper Technologies, Inc. | 949 | 537931 |
| Salesforce, Inc. | 7714 | 2103531 |
| †Samsara, Inc. Class A | 1356 | 53942 |
| Sapiens International Corp. <br> NV<br>| 3371 | 98602 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 1619 | 14652 |
| †SentinelOne, Inc. Class A | 6162 | 112641 |
| †ServiceNow, Inc. | 339 | 348519 |
| †SoundThinking, Inc. | 558 | 7285 |
| †Sprinklr, Inc. Class A | 2904 | 24568 |
| †SPS Commerce, Inc. | 282 | 38377 |
| †Synchronoss Technologies, <br> Inc.<br>| 257 | 1760 |
| †Synopsys, Inc. | 594 | 304532 |
| †Telos Corp. | 3621 | 11479 |
| †Teradata Corp. | 4002 | 89285 |
| †Tyler Technologies, Inc. | 575 | 340883 |
| †UiPath, Inc. Class A | 7152 | 91546 |
| †Unity Software, Inc. | 9692 | 234546 |
| †Verint Systems, Inc. | 3097 | 60918 |
| †Vertex, Inc. Class A | 1395 | 49292 |
| †Workday, Inc. Class A | 315 | 75600 |
| †Xperi, Inc. | 3013 | 23833 |
| †Yext, Inc. | 4098 | 34833 |
| †Zoom Communications, Inc. <br> Class A<br>| 4867 | 379529 |
| †Zscaler, Inc. | 476 | 149435 |
|  |  | **72454638** |
| **Specialty Retail–2.36%** | **Specialty Retail–2.36%** | **Specialty Retail–2.36%** |
| †1-800-Flowers.com, Inc. <br> Class A<br>| 3054 | 15026 |
| †Abercrombie & Fitch Co. <br> Class A<br>| 3681 | 304971 |
| Academy Sports & Outdoors, <br> Inc.<br>| 3257 | 145946 |
| Advance Auto Parts, Inc. | 2697 | 125384 |
| American Eagle Outfitters, <br> Inc.<br>| 9311 | 89572 |
| †America's Car-Mart, Inc. | 473 | 26507 |
| †Arhaus, Inc. | 2348 | 20357 |
| Arko Corp. | 4300 | 18189 |
| †Asbury Automotive Group, <br> Inc.<br>| 1229 | 293166 |
| †AutoNation, Inc. | 2738 | 543904 |
| †AutoZone, Inc. | 107 | 397209 |
| Bath & Body Works, Inc. | 4665 | 139763 |
| Best Buy Co., Inc. | 11310 | 759240 |
| †Beyond, Inc. | 3668 | 25236 |
| †Boot Barn Holdings, Inc. | 1876 | 285152 |
| Buckle, Inc. | 3060 | 138771 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Build-A-Bear Workshop, Inc. | 1134 | $58469 |
| †Burlington Stores, Inc. | 1720 | 400141 |
| Caleres, Inc. | 1642 | 20065 |
| Camping World Holdings, Inc. <br> Class A<br>| 1466 | 25201 |
| †CarMax, Inc. | 5033 | 338268 |
| †Carvana Co. | 904 | 304612 |
| Cato Corp. Class A | 2294 | 6446 |
| †Chewy, Inc. Class A | 1823 | 77696 |
| †Citi Trends, Inc. | 946 | 31587 |
| Designer Brands, Inc. <br> Class A<br>| 3126 | 7440 |
| †Destination XL Group, Inc. | 4125 | 4579 |
| Dick's Sporting Goods, Inc. | 3444 | 681258 |
| †Duluth Holdings, Inc. Class B | 753 | 1581 |
| †Five Below, Inc. | 2411 | 316275 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 3758 | 285458 |
| †Foot Locker, Inc. | 3242 | 79429 |
| †GameStop Corp. Class A | 6454 | 157413 |
| Gap, Inc. | 12803 | 279233 |
| †Genesco, Inc. | 2116 | 41664 |
| Group 1 Automotive, Inc. | 978 | 427102 |
| †GrowGeneration Corp. | 2382 | 2227 |
| Guess?, Inc. | 4877 | 58963 |
| Haverty Furniture Cos., Inc. | 1170 | 23809 |
| Home Depot, Inc. | 13084 | 4797118 |
| J Jill, Inc. | 987 | 14450 |
| †Lands' End, Inc. | 2935 | 31434 |
| †Leslie's, Inc. | 6775 | 2845 |
| Lithia Motors, Inc. | 1439 | 486123 |
| Lowe's Cos., Inc. | 3205 | 711093 |
| †MarineMax, Inc. | 1791 | 45026 |
| Monro, Inc. | 2081 | 31028 |
| Murphy USA, Inc. | 1030 | 419004 |
| †National Vision Holdings, <br> Inc.<br>| 3754 | 86380 |
| †ODP Corp. | 1511 | 27394 |
| †OneWater Marine, Inc. <br> Class A<br>| 769 | 10297 |
| †O'Reilly Automotive, Inc. | 4965 | 447495 |
| Penske Automotive Group, <br> Inc.<br>| 2473 | 424886 |
| †Petco Health & Wellness Co., <br> Inc.<br>| 3697 | 10462 |
| †PetMed Express, Inc. | 1442 | 4787 |
| †Revolve Group, Inc. | 1075 | 21554 |
| †RH | 781 | 147617 |
| Ross Stores, Inc. | 8906 | 1136227 |
| †Sally Beauty Holdings, Inc. | 4190 | 38799 |
| Shoe Carnival, Inc. | 2018 | 37757 |
| Signet Jewelers Ltd. | 1926 | 153213 |
| †Sleep Number Corp. | 1810 | 12227 |
| Sonic Automotive, Inc. <br> Class A<br>| 1581 | 126369 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-25

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †Sportsman's Warehouse <br> Holdings, Inc.<br>| 1747 | $6027 |
| †Stitch Fix, Inc. Class A | 990 | 3663 |
| Tandy Leather Factory, Inc. | 3803 | 11789 |
| †Tile Shop Holdings, Inc. | 4218 | 26826 |
| †Tilly's, Inc. Class A | 2120 | 2926 |
| TJX Cos., Inc. | 16310 | 2014122 |
| Tractor Supply Co. | 12920 | 681788 |
| †Ulta Beauty, Inc. | 2108 | 986165 |
| Upbound Group, Inc. | 3348 | 84035 |
| †Urban Outfitters, Inc. | 6503 | 471728 |
| †Valvoline, Inc. | 6336 | 239944 |
| †Victoria's Secret & Co. | 3220 | 59634 |
| †Warby Parker, Inc. Class A | 1875 | 41119 |
| Williams-Sonoma, Inc. | 3307 | 540265 |
| Winmark Corp. | 151 | 57019 |
| †Zumiez, Inc. | 1585 | 21017 |
|  |  | **21428961** |
| **Technology Hardware, Storage & Peripherals–4.77%** | **Technology Hardware, Storage & Peripherals–4.77%** | **Technology Hardware, Storage & Peripherals–4.77%** |
| Apple, Inc. | 194096 | 39822676 |
| †Corsair Gaming, Inc. | 5089 | 47989 |
| †CPI Card Group, Inc. | 137 | 3250 |
| Dell Technologies, Inc. <br> Class C<br>| 2092 | 256479 |
| †Diebold Nixdorf, Inc. | 1512 | 83765 |
| Hewlett Packard Enterprise <br> Co.<br>| 35479 | 725546 |
| HP, Inc. | 15313 | 374556 |
| NetApp, Inc. | 5766 | 614367 |
| †One Stop Systems, Inc. | 2641 | 9376 |
| †Pure Storage, Inc. Class A | 2475 | 142510 |
| †Sandisk Corp. | 2861 | 129746 |
| Seagate Technology Holdings <br> PLC<br>| 3357 | 484516 |
| †Turtle Beach Corp. | 601 | 8312 |
| Western Digital Corp. | 8942 | 572199 |
| Xerox Holdings Corp. | 13402 | 70628 |
|  |  | **43345915** |
| **Textiles, Apparel & Luxury Goods–0.64%** | **Textiles, Apparel & Luxury Goods–0.64%** | **Textiles, Apparel & Luxury Goods–0.64%** |
| †Allbirds, Inc. Class A | 103 | 1095 |
| †Birkenstock Holding PLC | 393 | 19328 |
| †Capri Holdings Ltd. | 4553 | 80588 |
| Carter's, Inc. | 1451 | 43719 |
| Columbia Sportswear Co. | 3386 | 206817 |
| †Crocs, Inc. | 2725 | 275988 |
| Crown Crafts, Inc. | 3339 | 9583 |
| †Culp, Inc. | 857 | 3368 |
| †Deckers Outdoor Corp. | 4185 | 431348 |
| †Figs, Inc. Class A | 10968 | 61859 |
| †Fossil Group, Inc. | 312 | 462 |
| †G-III Apparel Group Ltd. | 1942 | 43501 |
| †Hanesbrands, Inc. | 15995 | 73257 |
| Jerash Holdings U.S., Inc. | 2837 | 9277 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| Kontoor Brands, Inc. | 2536 | $167300 |
| Lakeland Industries, Inc. | 306 | 4165 |
| Levi Strauss & Co. Class A | 3482 | 64382 |
| †Lululemon Athletica, Inc. | 2983 | 708701 |
| Movado Group, Inc. | 1488 | 22692 |
| NIKE, Inc. Class B | 13556 | 963018 |
| Oxford Industries, Inc. | 824 | 33166 |
| PVH Corp. | 2550 | 174930 |
| Ralph Lauren Corp. | 1882 | 516195 |
| Rocky Brands, Inc. | 542 | 12027 |
| †Skechers USA, Inc. Class A | 5696 | 359418 |
| Steven Madden Ltd. | 4035 | 96759 |
| Superior Group of Cos., Inc. | 478 | 4923 |
| Tapestry, Inc. | 12730 | 1117821 |
| †Under Armour, Inc. Class A | 17063 | 113607 |
| †Unifi, Inc. | 1589 | 8295 |
| †Vera Bradley, Inc. | 4817 | 10645 |
| VF Corp. | 12868 | 151199 |
| Wolverine World Wide, Inc. | 2673 | 48328 |
|  |  | **5837761** |
| **Tobacco–0.25%** | **Tobacco–0.25%** | **Tobacco–0.25%** |
| Altria Group, Inc. | 9836 | 576685 |
| Philip Morris International, <br> Inc.<br>| 8647 | 1574878 |
| Turning Point Brands, Inc. | 703 | 53266 |
| Universal Corp. | 1492 | 86894 |
|  |  | **2291723** |
| **Trading Companies & Distributors–1.14%** | **Trading Companies & Distributors–1.14%** | **Trading Companies & Distributors–1.14%** |
| Air Lease Corp. | 7484 | 437739 |
| Alta Equipment Group, Inc. | 1479 | 9347 |
| Applied Industrial <br> Technologies, Inc.<br>| 1951 | 453510 |
| †BlueLinx Holdings, Inc. | 383 | 28488 |
| Boise Cascade Co. | 2267 | 196821 |
| †Core & Main, Inc. Class A | 4834 | 291732 |
| †Custom Truck One Source, <br> Inc.<br>| 7065 | 34901 |
| †Distribution Solutions Group, <br> Inc.<br>| 1378 | 37854 |
| †DNOW, Inc. | 6498 | 96365 |
| †DXP Enterprises, Inc. | 1112 | 97467 |
| EVI Industries, Inc. | 812 | 17726 |
| Fastenal Co. | 22870 | 960540 |
| Ferguson Enterprises, Inc. | 6842 | 1489846 |
| FTAI Aviation Ltd. | 253 | 29105 |
| GATX Corp. | 2433 | 373612 |
| Global Industrial Co. | 2361 | 63771 |
| †GMS, Inc. | 2696 | 293190 |
| Herc Holdings, Inc. | 2012 | 264960 |
| †Hudson Technologies, Inc. | 2788 | 22639 |
| Karat Packaging, Inc. | 551 | 15516 |
| McGrath RentCorp | 1500 | 173940 |
| †MRC Global, Inc. | 5465 | 74925 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-26

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 2560 | $217651 |
| †NPK International, Inc. | 9875 | 84036 |
| Rush Enterprises, Inc. <br> Class A<br>| 5893 | 304741 |
| †SiteOne Landscape Supply, <br> Inc.<br>| 1945 | 235228 |
| †Titan Machinery, Inc. | 1745 | 34568 |
| †Transcat, Inc. | 587 | 50459 |
| United Rentals, Inc. | 2453 | 1848090 |
| Watsco, Inc. | 700 | 309134 |
| WESCO International, Inc. | 2642 | 489298 |
| Willis Lease Finance Corp. | 616 | 87952 |
| WW Grainger, Inc. | 1111 | 1155707 |
| †Xometry, Inc. Class A | 1572 | 53118 |
|  |  | **10333976** |
| **Water Utilities–0.10%** | **Water Utilities–0.10%** | **Water Utilities–0.10%** |
| American States Water Co. | 1681 | 128866 |
| American Water Works Co., <br> Inc.<br>| 3062 | 425955 |
| Artesian Resources Corp. <br> Class A<br>| 575 | 19297 |
| California Water Service <br> Group<br>| 2184 | 99328 |
| Consolidated Water Co. Ltd. | 860 | 25817 |
| Essential Utilities, Inc. | 1390 | 51625 |
| Global Water Resources, Inc. | 1585 | 16151 |
| H2O America | 1157 | 60129 |
| Middlesex Water Co. | 668 | 36192 |
| †Pure Cycle Corp. | 1628 | 17452 |
| York Water Co. | 500 | 15800 |
|  |  | **896612** |
| **Wireless Telecommunication Services–0.32%** | **Wireless Telecommunication Services–0.32%** | **Wireless Telecommunication Services–0.32%** |
| †Gogo, Inc. | 4647 | 68218 |

---

---

| | | |
|:---|:---|:---|
|  | **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. | 803 | $14197 |
| Telephone & Data Systems, <br> Inc.<br>| 6032 | 214618 |
| T-Mobile U.S., Inc. | 10268 | 2446454 |
| †U.S. Cellular Corp. | 2733 | 174830 |
|  |  | **2918317** |
| **Total Common Stock** <br>**(Cost $430,436,133)** | **Total Common Stock** <br>**(Cost $430,436,133)** | **906696400** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 626 | 639 |
| =†Aduro Biotech, Inc. | 227 | 86 |
| =†Albireo Pharma, Inc. | 900 | 5535 |
| =†Chinook Therapeutics, Inc. | 3834 | 0 |
| =†Mirati Therapeutics, Inc. | 1120 | 3438 |
| =†Poseida Therapeutics, Inc. | 2501 | 1251 |
| =†Resolute Forest Products, <br> Inc.<br>| 6285 | 1674 |
| =†Spectrum Pharmaceuticals, <br> Inc.<br>| 5260 | 0 |
| **Total Rights** <br>**(Cost $13,954)** | **Total Rights** <br>**(Cost $13,954)** | **12623** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.30%** | **MONEY MARKET FUND–0.30%** | **MONEY MARKET FUND–0.30%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 2713411 | 2713411 |
| **Total Money Market Fund** <br>**(Cost $2,713,411)** | **Total Money Market Fund** <br>**(Cost $2,713,411)** | **2713411** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.14% (Cost $433,163,498)** | **909422434** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.14%)** | **(1283975)**<br>|
| **NET ASSETS APPLICABLE TO 40,076,673 SHARES OUTSTANDING–100.00%** | **$908138459** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND STANDARD CLASS** <br>**($683,263,117 / 30,125,248 Shares)** | **$22.681** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND SERVICE CLASS** <br>**($224,875,342 / 9,951,425 Shares)** | **$22.597** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$341024427** |
| Distributable earnings/(accumulated loss) | **567114032** |
| **TOTAL NET ASSETS** | **$908138459** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional U.S. Core Equity 2 Fund-27

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,773,945 payable for fund shares redeemed, $14,775 other accrued expenses payable, $371,070 due to manager and affiliates, <br> $14,850 due to custodian, $16,187 payable for audit fee and $23,571 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-28

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $6353158 |
| Foreign taxes withheld | (4002)<br>|
|  | 6349156 |
| **EXPENSES:** |  |
| Management fees | 1800523 |
| Distribution fees-Service Class | 256717 |
| Shareholder servicing fees | 124322 |
| Accounting and administration expenses | 79664 |
| Professional fees | 31839 |
| Trustees' fees and expenses | 13042 |
| Pricing fees | 9154 |
| Consulting fees | 6425 |
| Custodian fees | 6313 |
| Reports and statements to shareholders | 6239 |
| Other | 13945 |
| Total operating expenses | 2348183 |
| **NET INVESTMENT INCOME**  | 4000973 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 17154916 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 15419729 |
| **NET REALIZED AND UNREALIZED GAIN** | 32574645 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $36575618 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $4000973 | $8198880 |
| Net realized gain | 17154916 | 74637939 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 15419729 | 70251252 |
| Net increase in net assets resulting <br> from operations<br>| 36575618 | 153088071 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (34897089)<br>|
| Service Class |  | (9778714)<br>|
|  |  | (44675803)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 34503549 | 21031392 |
| Service Class | 25516679 | 25704903 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 34897089 |
| Service Class |  | 9778714 |
|  | 60020228 | 91412098 |
| Cost of shares redeemed: |  |  |
| Standard Class | (60561984)<br>| (149885768)<br>|
| Service Class | (17023065)<br>| (46794373)<br>|
|  | (77585049)<br>| (196680141)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (17564821)<br>| (105268043)<br>|
| **NET INCREASE IN NET ASSETS** | 19010797 | 3144225 |
| **NET ASSETS:** |  |  |
| Beginning of period | 889127662 | 885983437 |
| End of period | $908138459 | $889127662 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-29

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.740 | &nbsp;&nbsp; $19.294 | &nbsp;&nbsp; $16.555 | &nbsp;&nbsp; $20.506 | &nbsp;&nbsp; $16.368 | &nbsp;&nbsp; $14.366 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.106 | 0.204 | 0.217 | 0.215 | 0.183 | 0.176 |
| Net realized and unrealized gain (loss) | 0.835 | 3.343 | 3.309 | &nbsp;&nbsp; (3.106)<br>| 4.348 | 2.022 |
| Total from investment operations | 0.941 | 3.547 | 3.526 | &nbsp;&nbsp; (2.891)<br>| 4.531 | 2.198 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.218)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.215)<br>| &nbsp;&nbsp; (0.196)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.178)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.101)<br>| &nbsp;&nbsp; (0.787)<br>| &nbsp;&nbsp; (1.060)<br>| &nbsp;&nbsp; (0.393)<br>| &nbsp;&nbsp; (0.196)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.681 | &nbsp;&nbsp; $21.740 | &nbsp;&nbsp; $19.294 | &nbsp;&nbsp; $16.555 | &nbsp;&nbsp; $20.506 | &nbsp;&nbsp; $16.368 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 18.45% | &nbsp;&nbsp; 21.65% | &nbsp;&nbsp; (13.91%)<br>| &nbsp;&nbsp; 27.77% | &nbsp;&nbsp; 15.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $683263 | &nbsp;&nbsp; $682260 | &nbsp;&nbsp; $691319 | &nbsp;&nbsp; $616725 | &nbsp;&nbsp; $779683 | &nbsp;&nbsp; $701744 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.49% |
| Ratio of expenses to average net assets prior to expenses waived | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.29% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.99% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-30

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.687 | &nbsp;&nbsp; $19.254 | &nbsp;&nbsp; $16.526 | &nbsp;&nbsp; $20.476 | &nbsp;&nbsp; $16.349 | &nbsp;&nbsp; $14.355 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.079 | 0.150 | 0.172 | 0.169 | 0.136 | 0.142 |
| Net realized and unrealized gain (loss) | 0.831 | 3.331 | 3.300 | &nbsp;&nbsp; (3.101)<br>| 4.338 | 2.013 |
| Total from investment operations | 0.910 | 3.481 | 3.472 | &nbsp;&nbsp; (2.932)<br>| 4.474 | 2.155 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.161)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.178)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.048)<br>| &nbsp;&nbsp; (0.744)<br>| &nbsp;&nbsp; (1.018)<br>| &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.161)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.597 | &nbsp;&nbsp; $21.687 | &nbsp;&nbsp; $19.254 | &nbsp;&nbsp; $16.526 | &nbsp;&nbsp; $20.476 | &nbsp;&nbsp; $16.349 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 18.16% | &nbsp;&nbsp; 21.35% | &nbsp;&nbsp; (14.12%)<br>| &nbsp;&nbsp; 27.46% | &nbsp;&nbsp; 15.05% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $224875 | &nbsp;&nbsp; $206868 | &nbsp;&nbsp; $194664 | &nbsp;&nbsp; $154490 | &nbsp;&nbsp; $168051 | &nbsp;&nbsp; $126730 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% |
| Ratio of expenses to average net assets prior to expenses waived | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 1.04% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.74% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-31

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Core Equity 2 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on

LVIP Dimensional U.S. Core Equity 2 Fund-32

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.42% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $36670 |
| Legal | &nbsp;&nbsp; 5589 |

---

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 $928 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $305051 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 44943 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 13 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21063 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $42341368 |
| Sales | &nbsp;&nbsp; 55091036 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-33

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $433163498 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $513140402 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (36881466)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $476258936 |

---

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 June 30, 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)

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $16659772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16659772 |
| Air Freight & Logistics | &nbsp;&nbsp; 4164644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4164644 |
| Automobile Components | &nbsp;&nbsp; 3568144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3568144 |
| Automobiles | &nbsp;&nbsp; 5522329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5522329 |
| Banks | &nbsp;&nbsp; 50051890 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 50051890 |
| Beverages | &nbsp;&nbsp; 9511130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9511130 |
| Biotechnology | &nbsp;&nbsp; 15229976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5342 | &nbsp;&nbsp; 15235318 |
| Broadline Retail | &nbsp;&nbsp; 20355401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20355401 |
| Building Products | &nbsp;&nbsp; 10780558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10780558 |
| Capital Markets | &nbsp;&nbsp; 33368922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33368922 |
| Chemicals | &nbsp;&nbsp; 16085886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16085886 |
| Commercial Services & Supplies | &nbsp;&nbsp; 8097324 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 8097324 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-34

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communications Equipment | &nbsp;&nbsp; $7134450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7134450 |
| Construction & Engineering | &nbsp;&nbsp; 8493902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8493902 |
| Construction Materials | &nbsp;&nbsp; 3157957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3157957 |
| Consumer Finance | &nbsp;&nbsp; 9973251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9973251 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 19765390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19765390 |
| Containers & Packaging | &nbsp;&nbsp; 6275649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6275649 |
| Distributors | &nbsp;&nbsp; 1325657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1325657 |
| Diversified Consumer Services | &nbsp;&nbsp; 3881161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3881161 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 7722968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7722968 |
| Electric Utilities | &nbsp;&nbsp; 8870249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8870249 |
| Electrical Equipment | &nbsp;&nbsp; 8710791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8710791 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 14993465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14993465 |
| Energy Equipment & Services | &nbsp;&nbsp; 5412060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5412060 |
| Entertainment | &nbsp;&nbsp; 9688748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9688748 |
| Financial Services | &nbsp;&nbsp; 34253842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34253842 |
| Food Products | &nbsp;&nbsp; 8903447 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8903447 |
| Gas Utilities | &nbsp;&nbsp; 1924473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1924473 |
| Ground Transportation | &nbsp;&nbsp; 9522409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9522409 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 15109892 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 15109892 |
| Health Care Providers & Services | &nbsp;&nbsp; 18726399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18726399 |
| Health Care Technology | &nbsp;&nbsp; 917343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 917343 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 18010661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18010661 |
| Household Durables | &nbsp;&nbsp; 9212481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9212481 |
| Household Products | &nbsp;&nbsp; 7066605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7066605 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 2766757 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2766757 |
| Industrial Conglomerates | &nbsp;&nbsp; 2361188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2361188 |
| Insurance | &nbsp;&nbsp; 30807313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30807313 |
| Interactive Media & Services | &nbsp;&nbsp; 51002560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51002560 |
| IT Services | &nbsp;&nbsp; 11982914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11982914 |
| Leisure Products | &nbsp;&nbsp; 1566934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1566934 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 7122621 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7122621 |
| Machinery | &nbsp;&nbsp; 26801644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26801644 |
| Marine Transportation | &nbsp;&nbsp; 816915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 816915 |
| Media | &nbsp;&nbsp; 8860836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8860836 |
| Metals & Mining | &nbsp;&nbsp; 7914635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7914635 |
| Multi-Utilities | &nbsp;&nbsp; 4276467 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4276467 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 35445601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35445601 |
| Paper & Forest Products | &nbsp;&nbsp; 552379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 552379 |
| Passenger Airlines | &nbsp;&nbsp; 3777832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3777832 |
| Personal Care Products | &nbsp;&nbsp; 1762517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762517 |
| Pharmaceuticals | &nbsp;&nbsp; 22258239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22258239 |
| Professional Services | &nbsp;&nbsp; 13332384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13332384 |
| Real Estate Management & Development | &nbsp;&nbsp; 3190846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3190846 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 78133347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78133347 |
| Software | &nbsp;&nbsp; 72454638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72454638 |
| Specialty Retail | &nbsp;&nbsp; 21428961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21428961 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 43345915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43345915 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5837761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5837761 |
| Tobacco | &nbsp;&nbsp; 2291723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2291723 |
| Trading Companies & Distributors | &nbsp;&nbsp; 10333976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10333976 |
| Water Utilities | &nbsp;&nbsp; 896612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 896612 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 2918317 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2918317 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12623 | &nbsp;&nbsp; 12623 |
| Money Market Fund | &nbsp;&nbsp; 2713411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2713411 |
| **Total Investments** | &nbsp;&nbsp; $909404469 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17965 | &nbsp;&nbsp; $909422434 |

---

&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 six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

LVIP Dimensional U.S. Core Equity 2 Fund-35

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1613771 | &nbsp;&nbsp; 989477 |
| Service Class | &nbsp;&nbsp; 1203381 | &nbsp;&nbsp; 1211557 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1609462 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 453477 |
|  | &nbsp;&nbsp; 2817152 | &nbsp;&nbsp; 4263973 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2870868)<br>| &nbsp;&nbsp; (7046554)<br>|
| Service Class | &nbsp;&nbsp; (790737)<br>| &nbsp;&nbsp; (2236531)<br>|
|  | &nbsp;&nbsp; (3661605)<br>| &nbsp;&nbsp; (9283085)<br>|
| Net decrease | &nbsp;&nbsp; (844453)<br>| &nbsp;&nbsp; (5019112)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-36

------

![](img4954b83c1.jpg)

![](img188fce382.jpg)

LVIP Dimensional U.S. Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_SOI-continued-278_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_FS-continued-278_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_FS-continued-278_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_FS-continued-278_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_FIHI-continued-278_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_4ba6f1b2-7d04-4667-a22b-6149ad0e34d9_NTF-continued-278_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–57.60%** | **AFFILIATED INVESTMENT–57.60%** | **AFFILIATED INVESTMENT–57.60%** |
| **INVESTMENT COMPANY–57.60%** | **INVESTMENT COMPANY–57.60%** | **INVESTMENT COMPANY–57.60%** |
| **Equity Fund–57.60%** | **Equity Fund–57.60%** | **Equity Fund–57.60%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional U.S. Core <br> Equity 2 Fund<br>| 23377575 | $530226772 |
| **Total Affiliated Investment** <br>**(Cost $228,426,209)**<br>|  | **530226772** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–42.42%** | **UNAFFILIATED INVESTMENTS–42.42%** | **UNAFFILIATED INVESTMENTS–42.42%** |
| **INVESTMENT COMPANIES–42.42%** | **INVESTMENT COMPANIES–42.42%** | **INVESTMENT COMPANIES–42.42%** |
| **Equity Fund–38.71%** | **Equity Fund–38.71%** | **Equity Fund–38.71%** |
| \*\*Dimensional Investment <br> Group–<br> DFA U.S. Large Company <br> Portfolio<br>| 8657613 | 356347344 |
|  |  | **356347344** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.71%** | **Money Market Fund–3.71%** | **Money Market Fund–3.71%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 34149932 | $34149932 |
|  |  | **34149932** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $160,254,849)**<br>|  | **390497276** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $388,681,058)** | **920724048** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(156581)**<br>|
| **NET ASSETS APPLICABLE TO 39,957,486 SHARES OUTSTANDING–100.00%** | **$920567467** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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; $2410870 | &nbsp;&nbsp; $2419028 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8158)<br>|
| 86 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 26891125 | &nbsp;&nbsp; 26877380 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 13745 | &nbsp;&nbsp; — |
| 18 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 5625900 | &nbsp;&nbsp; 5617749 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 8151 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $21896 | &nbsp;&nbsp; $(8158)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| DFA–Dimensional Fund Advisors |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility Fund** | **LVIP Dimensional U.S. Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $530226772 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 390497276 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2629012 |
| Receivable for securities sold | &nbsp;&nbsp; 780731 |
| Dividends and interest receivable  | &nbsp;&nbsp; 118909 |
| Receivable for fund shares sold | &nbsp;&nbsp; 44118 |
| Prepaid expenses | &nbsp;&nbsp; 2281 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 924299099 |
| **LIABILITIES:** |  |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 2442300 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 865940 |
| Due to manager and affiliates | &nbsp;&nbsp; 379300 |
| Other accrued expenses payable | &nbsp;&nbsp; 17150 |
| Payable for audit fee | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 12909 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 3731632 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $920567467 |
| Affiliated investments, at cost | &nbsp;&nbsp; $228426209 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 160254849 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $42621100 |
| Shares Outstanding | &nbsp;&nbsp; 1844669 |
| Net Asset Value Per Share | &nbsp;&nbsp; $23.105 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $877946367 |
| Shares Outstanding | &nbsp;&nbsp; 38112817 |
| Net Asset Value Per Share | &nbsp;&nbsp; $23.035 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $346216527 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 574350940 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $920567467 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $2886687 |
| **EXPENSES:** |  |
| Management fees | 1124622 |
| Distribution fees-Service Class | 1074917 |
| Shareholder servicing fees | 130456 |
| Accounting and administration expenses | 64148 |
| Professional fees | 27950 |
| Trustees' fees and expenses | 14008 |
| Reports and statements to shareholders | 10892 |
| Custodian fees | 4417 |
| Consulting fees | 3986 |
| Pricing fees | 97 |
| Other | 16006 |
|  | 2471499 |
| Less:  |  |
| Management fees waived | (22493)<br>|
| Total operating expenses | 2449006 |
| **NET INVESTMENT INCOME**  | 437681 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 17388015 |
| Sale of unaffiliated investments | 20087901 |
| Futures contracts | (53846055)<br>|
| Net realized loss | (16370139)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 3258715 |
| Unaffiliated investments | (1802365)<br>|
| Futures contracts | 2214327 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 3670677 |
| **NET REALIZED AND UNREALIZED LOSS** | (12699462)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(12261781)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $437681 | $7457915 |
| Net realized gain (loss) | (16370139)<br>| 122586769 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 3670677 | 56122605 |
| Net increase (decrease) in net <br> assets resulting from operations<br>| (12261781)<br>| 186167289 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (2529758)<br>|
| Service Class |  | (56228702)<br>|
|  |  | (58758460)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 7171325 | 12858114 |
| Service Class | 29173621 | 17165233 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 2529758 |
| Service Class |  | 56228702 |
|  | 36344946 | 88781807 |
| Cost of shares redeemed: |  |  |
| Standard Class | (5281024)<br>| (17176587)<br>|
| Service Class | (58875172)<br>| (227517046)<br>|
|  | (64156196)<br>| (244693633)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (27811250)<br>| (155911826)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (40073031)<br>| (28502997)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 960640498 | 989143495 |
| End of period | $920567467 | $960640498 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-3

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $23.426 | &nbsp;&nbsp; $20.681 | &nbsp;&nbsp; $19.323 | &nbsp;&nbsp; $23.790 | &nbsp;&nbsp; $18.815 | &nbsp;&nbsp; $16.485 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.038 | 0.226 | 0.243 | 0.204 | 0.167 | 0.185 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.359)<br>| 4.006 | 3.784 | &nbsp;&nbsp; (3.716)<br>| 5.043 | 2.334 |
| Total from investment operations | &nbsp;&nbsp; (0.321)<br>| 4.232 | 4.027 | &nbsp;&nbsp; (3.512)<br>| 5.210 | 2.519 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.329)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.221)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.189)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.158)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.487)<br>| &nbsp;&nbsp; (2.669)<br>| &nbsp;&nbsp; (0.955)<br>| &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.189)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $23.105 | &nbsp;&nbsp; $23.426 | &nbsp;&nbsp; $20.681 | &nbsp;&nbsp; $19.323 | &nbsp;&nbsp; $23.790 | &nbsp;&nbsp; $18.815 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (1.37%)<br>| &nbsp;&nbsp; 20.65% | &nbsp;&nbsp; 21.95% | &nbsp;&nbsp; (14.69%)<br>| &nbsp;&nbsp; 27.69% | &nbsp;&nbsp; 15.30% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $42621 | &nbsp;&nbsp; $41042 | &nbsp;&nbsp; $37849 | &nbsp;&nbsp; $30270 | &nbsp;&nbsp; $36695 | &nbsp;&nbsp; $29853 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.31% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.33% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.32% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.14% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-4

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $23.385 | &nbsp;&nbsp; $20.646 | &nbsp;&nbsp; $19.300 | &nbsp;&nbsp; $23.760 | &nbsp;&nbsp; $18.792 | &nbsp;&nbsp; $16.469 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.010 | 0.168 | 0.192 | 0.151 | 0.112 | 0.144 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.360)<br>| 3.996 | 3.773 | &nbsp;&nbsp; (3.709)<br>| 5.033 | 2.325 |
| Total from investment operations | &nbsp;&nbsp; (0.350)<br>| 4.164 | 3.965 | &nbsp;&nbsp; (3.558)<br>| 5.145 | 2.469 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.146)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.158)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.425)<br>| &nbsp;&nbsp; (2.619)<br>| &nbsp;&nbsp; (0.902)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.146)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $23.035 | &nbsp;&nbsp; $23.385 | &nbsp;&nbsp; $20.646 | &nbsp;&nbsp; $19.300 | &nbsp;&nbsp; $23.760 | &nbsp;&nbsp; $18.792 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (1.50%)<br>| &nbsp;&nbsp; 20.36% | &nbsp;&nbsp; 21.64% | &nbsp;&nbsp; (14.90%)<br>| &nbsp;&nbsp; 27.38% | &nbsp;&nbsp; 15.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $877946 | &nbsp;&nbsp; $919598 | &nbsp;&nbsp; $951295 | &nbsp;&nbsp; $862391 | &nbsp;&nbsp; $1094120 | &nbsp;&nbsp; $1002667 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.08% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.07% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.89% |
| Portfolio turnover | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-5

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-6

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $38861 |
| Legal | &nbsp;&nbsp; 5923 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,183 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $181195 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 176387 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 270 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21448 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP Dimensional U.S. Equity Managed Volatility Fund-7

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 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> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-57.60%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-57.60%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional U.S. Core Equity 2 <br> Fund<br>| $542930224 | $14971096 | $48321278 | $17388015 | $3258715 | $530226772 | 23377575 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $22434321 |
| Sales | &nbsp;&nbsp; 87454659 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $388681058 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $532064885 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (8158)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $532056727 |

---

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 June 30, 2025.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Dimensional U.S. Equity Managed Volatility Fund-8

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $530226772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $530226772 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 390497276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 390497276 |
| **Total Investments** | &nbsp;&nbsp; $920724048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $920724048 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $21896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21896 |
| **Liabilities:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(8158)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8158)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 325518 | &nbsp;&nbsp; 563043 |
| Service Class | &nbsp;&nbsp; 1329505 | &nbsp;&nbsp; 754764 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 109319 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2438456 |
|  | &nbsp;&nbsp; 1655023 | &nbsp;&nbsp; 3865582 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (232810)<br>| &nbsp;&nbsp; (750529)<br>|
| Service Class | &nbsp;&nbsp; (2541790)<br>| &nbsp;&nbsp; (9944295)<br>|
|  | &nbsp;&nbsp; (2774600)<br>| &nbsp;&nbsp; (10694824)<br>|
| Net decrease | &nbsp;&nbsp; (1119577)<br>| &nbsp;&nbsp; (6829242)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the

LVIP Dimensional U.S. Equity Managed Volatility Fund-9

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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 June 30, 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>| $21896 | Variation margin due to broker on futures <br> contracts<br>| $(8158)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 six months ended June 30, 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; $(53846055)<br>| &nbsp;&nbsp; $2214327 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $32343842 | $49287474 |

---

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-10

------

![](imgff2d168f1.jpg)

![](img366804f72.jpg)

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_7348de1b-13a3-4679-ae5f-0afe7deb338d_SOI-continued-283_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_7348de1b-13a3-4679-ae5f-0afe7deb338d_FS-continued-283_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_7348de1b-13a3-4679-ae5f-0afe7deb338d_FS-continued-283_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_7348de1b-13a3-4679-ae5f-0afe7deb338d_FIHI-continued-283_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_7348de1b-13a3-4679-ae5f-0afe7deb338d_NTF-continued-283_1)**  | &nbsp;&nbsp; **6** |

---

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.82%** | **INVESTMENT COMPANIES–99.82%** | **INVESTMENT COMPANIES–99.82%** |
| **Equity Funds–96.65%** | **Equity Funds–96.65%** | **Equity Funds–96.65%** |
| ✠Fidelity<sup>®</sup>- | ✠Fidelity<sup>®</sup>- |  |
| VIP Contrafund<sup>®</sup> Portfolio | 5728739 | $356155688 |
| VIP Equity-Income Portfolio | 5194978 | 148524429 |
|  |  | **504680117** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.17%** | **Money Market Fund–3.17%** | **Money Market Fund–3.17%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 16580549 | $16580549 |
|  |  | **16580549** |
| **Total Investment Companies** <br>**(Cost $296,295,797)**<br>|  | **521260666** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.82% (Cost $296,295,797)** | **521260666** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.18%** | **916811** |
| **NET ASSETS APPLICABLE TO 30,496,308 SHARES OUTSTANDING–100.00%** | **$522177477** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **SELECT CORE EQUITY MANAGED VOLATILITY** <br> **FUND STANDARD CLASS** <br>**($92,106 / 5,356 Shares)** | **$17.198** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **SELECT CORE EQUITY MANAGED VOLATILITY** <br> **FUND SERVICE CLASS** <br>**($522,085,371 / 30,490,952 Shares)** | **$17.123** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$301523446** |
| Distributable earnings/(accumulated loss) | **220654031** |
| **TOTAL NET ASSETS** | **$522177477** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✠Initial Class.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,320,151 cash collateral held at broker for futures contracts, $20,400 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $933,047 payable for fund shares redeemed, $4,849 other accrued expenses payable, $189,557 due to manager and <br> affiliates, $219,111 variation margin due to broker on futures contracts, $14,033 payable for audit fee and $12,858 payable for fund <br> accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 54 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $16885125 | &nbsp;&nbsp; $16512879 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $372246 | &nbsp;&nbsp; $— |
| 2 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 625100 | &nbsp;&nbsp; 612380 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 12720 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $384966 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-1

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $485058 |
| **EXPENSES:** |  |
| Management fees | 1754634 |
| Distribution fees-Service Class | 877165 |
| Shareholder servicing fees | 72692 |
| Accounting and administration expenses | 43709 |
| Professional fees | 23389 |
| Trustees' fees and expenses | 7647 |
| Reports and statements to shareholders | 6855 |
| Consulting fees | 3849 |
| Custodian fees | 3524 |
| Pricing fees | 50 |
| Other | 6825 |
|  | 2800339 |
| Less:  |  |
| Management fees waived | (1566637)<br>|
| Expenses reimbursed | (118408)<br>|
| Total operating expenses | 1115294 |
| **NET INVESTMENT LOSS** | (630236)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (3263786)<br>|
| Distributions from investment companies | 11981742 |
| Futures contracts | (25949067)<br>|
| Net realized loss | (17231111)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 36291713 |
| Futures contracts | 1305787 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 37597500 |
| **NET REALIZED AND UNREALIZED GAIN** | 20366389 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $19736153 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income (loss) | $(630236)<br>| $2233450 |
| Net realized gain (loss) | (17231111)<br>| 83846246 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 37597500 | 39478376 |
| Net increase in net assets resulting <br> from operations<br>| 19736153 | 125558072 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (11692)<br>|
| Service Class |  | (66857752)<br>|
|  |  | (66869444)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2059 | 802 |
| Service Class | 24350210 | 38187254 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 11692 |
| Service Class |  | 66857752 |
|  | 24352269 | 105057500 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1742)<br>| (15743)<br>|
| Service Class | (42427230)<br>| (133940793)<br>|
|  | (42428972)<br>| (133956536)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (18076703)<br>| (28899036)<br>|
| **NET INCREASE IN NET ASSETS** | 1659450 | 29789592 |
| **NET ASSETS:** |  |  |
| Beginning of period | 520518027 | 490728435 |
| End of period | $522177477 | $520518027 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-3

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.529 | &nbsp;&nbsp; $14.842 | &nbsp;&nbsp; $12.592 | &nbsp;&nbsp; $18.674 | &nbsp;&nbsp; $15.290 | &nbsp;&nbsp; $13.110 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.008 | 0.134 | 0.144 | 0.129 | 0.085 | 0.088 |
| Net realized and unrealized gain (loss) | 0.661 | 3.945 | 2.983 | &nbsp;&nbsp; (3.708)<br>| 4.030 | 2.527 |
| Total from investment operations | 0.669 | 4.079 | 3.127 | &nbsp;&nbsp; (3.579)<br>| 4.115 | 2.615 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.754)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.243)<br>| &nbsp;&nbsp; (0.089)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.638)<br>| &nbsp;&nbsp; (0.730)<br>| &nbsp;&nbsp; (2.364)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.346)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.392)<br>| &nbsp;&nbsp; (0.877)<br>| &nbsp;&nbsp; (2.503)<br>| &nbsp;&nbsp; (0.731)<br>| &nbsp;&nbsp; (0.435)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.198 | &nbsp;&nbsp; $16.529 | &nbsp;&nbsp; $14.842 | &nbsp;&nbsp; $12.592 | &nbsp;&nbsp; $18.674 | &nbsp;&nbsp; $15.290 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 25.25% | &nbsp;&nbsp; (18.92%)<br>| &nbsp;&nbsp; 26.98% | &nbsp;&nbsp; 20.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $153 | &nbsp;&nbsp; $132 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.09% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income (loss) to average net <br> assets prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.58% )<sup>6</sup><br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.03%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-4

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.486 | &nbsp;&nbsp; $14.808 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $18.648 | &nbsp;&nbsp; $15.270 | &nbsp;&nbsp; $13.100 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> | &nbsp;&nbsp; (0.020)<br>| 0.073 | 0.095 | 0.073 | 0.024 | 0.040 |
| Net realized and unrealized gain (loss) | 0.657 | 3.932 | 2.971 | &nbsp;&nbsp; (3.698)<br>| 4.021 | 2.519 |
| Total from investment operations | 0.637 | 4.005 | 3.066 | &nbsp;&nbsp; (3.625)<br>| 4.045 | 2.559 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.689)<br>| &nbsp;&nbsp; (0.097)<br>| &nbsp;&nbsp; (0.090)<br>| &nbsp;&nbsp; (0.179)<br>| &nbsp;&nbsp; (0.043)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.638)<br>| &nbsp;&nbsp; (0.730)<br>| &nbsp;&nbsp; (2.364)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.346)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.327)<br>| &nbsp;&nbsp; (0.827)<br>| &nbsp;&nbsp; (2.454)<br>| &nbsp;&nbsp; (0.667)<br>| &nbsp;&nbsp; (0.389)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.123 | &nbsp;&nbsp; $16.486 | &nbsp;&nbsp; $14.808 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $18.648 | &nbsp;&nbsp; $15.270 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 27.19% | &nbsp;&nbsp; 24.81% | &nbsp;&nbsp; (19.20%)<br>| &nbsp;&nbsp; 26.54% | &nbsp;&nbsp; 19.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $522085 | &nbsp;&nbsp; $520430 | &nbsp;&nbsp; $490647 | &nbsp;&nbsp; $447926 | &nbsp;&nbsp; $596931 | &nbsp;&nbsp; $530011 |
| Ratio of expenses to average net assets<sup>5</sup> | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>5</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income (loss) to average net <br> assets<br>| &nbsp;&nbsp; (0.26% )<sup>6</sup><br>| &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.29% |
| Ratio of net investment loss to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.93% )<sup>6</sup><br>| &nbsp;&nbsp; (0.25%)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.38%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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. 

<sup>5</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>6</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-5

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund. The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the Fidelity<sup>®</sup>-VIP Contrafund<sup>®</sup> Portfolio and Fidelity<sup>®</sup> VIP Equity-Income Portfolio (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The Fidelity<sup>®</sup>-VIP Contrafund<sup>®</sup> Portfolio and Fidelity<sup>®</sup> VIP Equity-Income Portfolio, which are advised by an unaffiliated adviser, invest primarily in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-6

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.70% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.625% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.095% of the Fund's average daily net assets for the Standard Class and 0.445% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $237502 | &nbsp;&nbsp; $241555 | &nbsp;&nbsp; $240078 | &nbsp;&nbsp; $719135 |

---

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 six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $21487 |
| Legal | &nbsp;&nbsp; 3275 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-7

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,211 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $20400 |
| Management fees payable to LFI | &nbsp;&nbsp; 31299 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 146037 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 119 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12102 |

---

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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $27208131 |
| Sales | &nbsp;&nbsp; 49953945 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $296295797 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $225349835 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; — |
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $225349835 |

---

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 June 30, 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.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-8

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $521260666 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $521260666 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $384966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384966 |

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 45 |
| Service Class | &nbsp;&nbsp; 1493342 | &nbsp;&nbsp; 2219225 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 699 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 4001841 |
|  | &nbsp;&nbsp; 1493469 | &nbsp;&nbsp; 6221810 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (106)<br>| &nbsp;&nbsp; (917)<br>|
| Service Class | &nbsp;&nbsp; (2570867)<br>| &nbsp;&nbsp; (7785800)<br>|
|  | &nbsp;&nbsp; (2570973)<br>| &nbsp;&nbsp; (7786717)<br>|
| Net decrease | &nbsp;&nbsp; (1077504)<br>| &nbsp;&nbsp; (1564907)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-9

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. 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 six months ended June 30, 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 June 30, 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>| $384966 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(25949067)<br>| &nbsp;&nbsp; $1305787 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $18140159 | $23042956 |

---

**7. 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 Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-10

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-11

------

![](img8725b8a71.jpg)

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

(formerly, LVIP Macquarie Diversified Income Fund)

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6dd64724-6df9-4f09-ab48-03ca1beca419_SOI-continued-453_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6dd64724-6df9-4f09-ab48-03ca1beca419_FS-continued-453_1)**  | &nbsp;&nbsp; **39** |
| **[Statements of Changes in Net Assets](#xx_6dd64724-6df9-4f09-ab48-03ca1beca419_FS-continued-453_1)**  | &nbsp;&nbsp; **39** |
| **[Financial Highlights](#xx_6dd64724-6df9-4f09-ab48-03ca1beca419_FIHI-continued-453_1)**  | &nbsp;&nbsp; **40** |
| **[Notes to Financial Statements](#xx_6dd64724-6df9-4f09-ab48-03ca1beca419_NTF-continued-453_1)**  | &nbsp;&nbsp; **42** |

---

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.09%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.09%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.09%** |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| Series 5001 Class A 2.00% <br> 1/25/45<br>| 940343 | $881058 |
| Series 5002 Class TJ 2.00% <br> 7/25/50<br>| 1063126 | 902424 |
| Series 5059 Class GA 1.00% <br> 1/25/51<br>| 260428 | 200071 |
| Series 5209 Class EA 3.00% <br> 8/25/50<br>| 388801 | 356863 |
| Series 5209 Class EJ 3.00% <br> 8/25/50<br>| 388801 | 356863 |
| •Series 5354 Class FC 5.76% <br> (30 day USD SOFR Average <br> + 1.45%) 10/25/53<br>| 5400167 | 5442161 |
| ♦Federal Home Loan Mortgage <br> Corp. Structured <br> Pass-Through Certificates <br> Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 1322 | 1388 |
| Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
| •Series 1999-T2 Class A1 <br> 7.50% 1/19/39<br>| 91 | 91 |
| Series 2004-T1 Class 1A2 <br> 6.50% 1/25/44<br>| 1186 | 1229 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| Series 2022-18 Class DL <br> 3.25% 7/25/46<br>| 478613 | 455242 |
| •Series 2022-53 Class FG <br> 5.11% (30 day USD SOFR <br> Average + 0.80%) 8/25/52<br>| 1572167 | 1529712 |
| •Series 2022-56 Class FJ <br> 5.11% (30 day USD SOFR <br> Average + 0.80%) 9/25/52<br>| 2332863 | 2269866 |
| •Series 2022-64 Class GF <br> 5.11% (30 day USD SOFR <br> Average + 0.80%) 10/25/52<br>| 1784207 | 1746098 |
| •Series 2022-67 Class FA <br> 5.11% (30 day USD SOFR <br> Average + 0.80%) 10/25/52<br>| 2286765 | 2224913 |
| Series 2022-9 Class DJ 3.25% <br> 3/25/49<br>| 268855 | 250311 |
| •Series 2023-51 Class FB <br> 5.86% (30 day USD SOFR <br> Average + 1.55%) 11/25/53<br>| 2669027 | 2688675 |
| •Series 2023-53 Class FD <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 11/25/53<br>| 2014462 | 2027431 |
| •Series 2023-56 Class FC <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 11/25/53<br>| 1931060 | 1943576 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $23,205,609)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $23,205,609)** | **23277972** |
| **AGENCY MORTGAGE-BACKED SECURITIES–18.58%** | **AGENCY MORTGAGE-BACKED SECURITIES–18.58%** | **AGENCY MORTGAGE-BACKED SECURITIES–18.58%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 1/1/37 | 7881468 | 7245223 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 2.00% 3/1/41 | 5344361 | $4603359 |
| 2.00% 1/1/51 | 6286440 | 5014025 |
| 2.00% 3/1/52 | 5852597 | 4659910 |
| 2.50% 1/1/40 | 2508926 | 2286696 |
| 2.50% 6/1/41 | 9165514 | 8196740 |
| 2.50% 3/1/51 | 6861105 | 5769127 |
| 2.50% 5/1/51 | 1173201 | 979731 |
| 2.50% 12/1/51 | 8072907 | 6798020 |
| 2.50% 1/1/52 | 307716 | 258104 |
| 3.00% 4/1/42 | 2041869 | 1859679 |
| 3.00% 6/1/42 | 3299857 | 3003126 |
| 3.00% 11/1/46 | 2348874 | 2095642 |
| 3.00% 1/1/47 | 2321378 | 2062009 |
| 3.00% 7/1/50 | 1359575 | 1205877 |
| 3.00% 5/1/51 | 8358788 | 7414934 |
| 3.00% 8/1/52 | 6450280 | 5646467 |
| 3.50% 11/1/48 | 2206688 | 2036129 |
| 3.50% 4/1/52 | 3228795 | 2927778 |
| 4.00% 10/1/47 | 1027412 | 969707 |
| 4.00% 9/1/52 | 7044100 | 6604900 |
| 4.50% 7/1/52 | 1067641 | 1026866 |
| 5.00% 7/1/52 | 4529484 | 4471963 |
| 5.00% 6/1/53 | 4455763 | 4380099 |
| 5.50% 9/1/41 | 2101648 | 2167400 |
| 5.50% 11/1/52 | 4148762 | 4179036 |
| 6.00% 12/1/52 | 1786650 | 1838283 |
| 6.50% 6/1/55 | 1950826 | 2050088 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 3/1/41 | 3845303 | 3317750 |
| 2.00% 5/1/41 | 4436386 | 3814121 |
| 2.00% 6/1/50 | 22340537 | 17860361 |
| 2.00% 12/1/50 | 5050493 | 4031689 |
| 2.00% 1/1/51 | 1608449 | 1295108 |
| 2.00% 2/1/51 | 4294672 | 3454294 |
| 2.00% 4/1/51 | 385952 | 307031 |
| 2.00% 8/1/51 | 2207207 | 1769438 |
| 2.50% 8/1/36 | 343389 | 320906 |
| 2.50% 1/1/43 | 1786812 | 1580459 |
| 2.50% 8/1/50 | 8639025 | 7290131 |
| 2.50% 11/1/50 | 7183960 | 5991591 |
| 2.50% 1/1/51 | 3350269 | 2807374 |
| 2.50% 2/1/52 | 6858567 | 5760541 |
| 2.50% 4/1/52 | 1989964 | 1665482 |
| 3.00% 9/1/37 | 1123385 | 1073169 |
| 3.00% 10/1/46 | 5317202 | 4724263 |
| 3.00% 4/1/47 | 596731 | 527195 |
| 3.00% 11/1/48 | 1040312 | 922859 |
| 3.00% 12/1/49 | 8630824 | 7607821 |
| 3.00% 7/1/51 | 6212412 | 5444048 |
| 3.00% 12/1/51 | 506011 | 443016 |
| 3.00% 6/1/52 | 5668379 | 4952859 |
| 3.50% 1/1/48 | 3020162 | 2804520 |
| 3.50% 2/1/48 | 1775406 | 1625045 |
| 3.50% 1/1/50 | 1160985 | 1067241 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-1

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.50% 8/1/50 | 7749390 | $7144040 |
| 4.00% 8/1/42 | 798815 | 770819 |
| 4.00% 9/1/48 | 170639 | 161425 |
| 4.00% 6/1/49 | 801502 | 757066 |
| 4.00% 5/1/51 | 5593851 | 5291431 |
| 4.50% 5/1/38 | 1987556 | 1975924 |
| 4.50% 1/1/50 | 4010692 | 3948405 |
| 5.00% 7/1/47 | 571172 | 578461 |
| 5.50% 5/1/44 | 4675913 | 4824463 |
| 5.50% 10/1/52 | 4000964 | 4020881 |
| 5.50% 11/1/52 | 6044681 | 6095753 |
| 6.00% 1/1/42 | 5498352 | 5763583 |
| 6.00% 7/1/53 | 6911204 | 7120840 |
| 6.00% 5/1/55 | 5635918 | 5798400 |
| 6.00% 6/1/55 | 1098147 | 1132512 |
| 6.50% 6/1/54 | 2620335 | 2753205 |
| 6.50% 7/1/54 | 2331786 | 2433296 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 1/20/51 | 13918218 | 11337672 |
| 3.00% 4/20/52 | 3178862 | 2812798 |
| 3.00% 11/20/54 | 1875773 | 1659744 |
| 3.00% 12/20/54 | 1099581 | 973068 |
| 3.00% 2/20/55 | 866525 | 766780 |
| 3.00% 4/20/55 | 82350 | 72932 |
| 3.00% 5/20/55 | 496211 | 439065 |
| 3.50% 7/20/52 | 2627934 | 2397162 |
| 3.50% 8/20/52 | 1599032 | 1460345 |
| 3.50% 9/20/52 | 1582799 | 1443311 |
| 3.50% 10/20/52 | 489822 | 447183 |
| 5.00% 12/20/54 | 514877 | 506627 |
| 5.00% 5/20/55 | 9499998 | 9336061 |
| 6.50% 5/20/55 | 1149998 | 1182204 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 2.00% 7/20/54 | 16975000 | 13821047 |
| 2.50% 7/20/54 | 8450000 | 7177763 |
| 2.50% 8/20/54 | 11150000 | 9472120 |
| 3.00% 7/20/54 | 6400000 | 5659899 |
| 3.50% 8/20/54 | 2150000 | 1950055 |
| 4.00% 8/20/54 | 6000000 | 5577019 |
| 4.50% 8/20/54 | 25000 | 23918 |
| 5.50% 7/20/54 | 9250000 | 9262139 |
| 5.50% 8/20/54 | 8750000 | 8737695 |
| 6.00% 7/20/54 | 1975000 | 2003849 |
| 6.00% 8/20/54 | 14025000 | 14213979 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 2.00% 7/1/54 | 18400000 | 4478990 |
| 2.00% 8/1/54 | 20450000 | 6110920 |
| 3.50% 7/1/54 | 25000 | 22505 |
| 3.50% 8/1/54 | 100000 | 90001 |
| 4.50% 7/1/54 | 5875000 | 5618976 |
| 6.00% 7/1/54 | 2500000 | 2540307 |
| 6.00% 8/1/54 | 4700000 | 4771555 |
| 6.50% 7/1/54 | 4250000 | 4388026 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Uniform Mortgage-Backed Security, TBA (continued) | Uniform Mortgage-Backed Security, TBA (continued) | Uniform Mortgage-Backed Security, TBA (continued) |
| 6.50% 8/1/54 | 50000 | $51351 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $414,375,200)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $414,375,200)** | **395586800** |
| **CONVERTIBLE BONDS–0.10%** | **CONVERTIBLE BONDS–0.10%** | **CONVERTIBLE BONDS–0.10%** |
| Core Scientific, Inc. | Core Scientific, Inc. | Core Scientific, Inc. |
| ^0.00% exercise price $0.01, <br> maturity date 6/15/31<br>| 265000 | 287856 |
| 3.00% exercise price $3.00, <br> maturity date 9/1/29<br>| 38000 | 65303 |
| @EchoStar Corp. 3.88% <br> exercise price $3.87, <br> maturity date 11/30/30<br>| 497568 | 585886 |
| Golar LNG Ltd. 2.75% <br> exercise price $2.75, <br> maturity date 12/15/30<br>| 100000 | 102500 |
| MKS, Inc. 1.25% exercise <br> price $1.25, maturity date <br> 6/1/30<br>| 167000 | 164579 |
| ^ON Semiconductor Corp. <br> 0.00% exercise price $0.01, <br> maturity date 5/1/27<br>| 123000 | 145620 |
| PG&E Corp. 4.25% exercise <br> price $4.25, maturity date <br> 12/1/27<br>| 125000 | 124038 |
| Redfin Corp. 0.50% exercise <br> price $0.50, maturity date <br> 4/1/27<br>| 444000 | 398534 |
| Riot Platforms, Inc. 0.75% <br> exercise price $0.75, <br> maturity date 1/15/30<br>| 137000 | 141795 |
| Tempus Ai, Inc. 0.75% <br> exercise price $0.75, <br> maturity date 7/15/30<br>| 20000 | 20000 |
| Wolfspeed, Inc. 1.88% <br> exercise price $1.88, <br> maturity date 12/1/29<br>| 683000 | 169042 |
| **Total Convertible Bonds** <br>**(Cost $2,097,723)** | **Total Convertible Bonds** <br>**(Cost $2,097,723)** | **2205153** |
| **CORPORATE BONDS–27.68%** | **CORPORATE BONDS–27.68%** | **CORPORATE BONDS–27.68%** |
| **Advertising–0.07%** | **Advertising–0.07%** | **Advertising–0.07%** |
| Advantage Sales & Marketing, <br> Inc. 6.50% 11/15/28<br>| 185000 | 144211 |
| Clear Channel Outdoor <br> Holdings, Inc.<br>|  |  |
| 5.13% 8/15/27 | 150000 | 148294 |
| 7.88% 4/1/30 | 250000 | 258061 |
| 9.00% 9/15/28 | 250000 | 261956 |
| CMG Media Corp. 8.88% <br> 6/18/29<br>| 70000 | 65986 |
| Dotdash Meredith, Inc. 7.63% <br> 6/15/32<br>| 90000 | 87273 |
| Neptune Bidco U.S., Inc. <br> 9.29% 4/15/29<br>| 285000 | 277500 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-2

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp. 7.38% 2/15/31<br>| 150000 | $158807 |
| Publicis Groupe SA 3.38% <br> 6/12/32<br>| 100000 | 117479 |
|  |  | **1519567** |
| **Aerospace & Defense–0.56%** | **Aerospace & Defense–0.56%** | **Aerospace & Defense–0.56%** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 4675000 | 4602034 |
| 3.25% 2/1/28 | 2200000 | 2133856 |
| 6.86% 5/1/54 | 3000000 | 3284148 |
| Bombardier, Inc. |  |  |
| 6.75% 6/15/33 | 120000 | 124344 |
| 7.25% 7/1/31 | 200000 | 209940 |
| 7.88% 4/15/27 | 27000 | 27156 |
| 8.75% 11/15/30 | 200000 | 216516 |
| Czechoslovak Group AS 6.50% <br> 1/10/31<br>| 200000 | 201669 |
| Goat Holdco LLC 6.75% <br> 2/1/32<br>| 200000 | 203308 |
| TransDigm, Inc. |  |  |
| 4.63% 1/15/29 | 430000 | 421915 |
| 6.38% 3/1/29 | 150000 | 153891 |
| 6.38% 5/31/33 | 265000 | 265240 |
| 6.63% 3/1/32 | 100000 | 103539 |
|  |  | **11947556** |
| **Agriculture–0.41%** | **Agriculture–0.41%** | **Agriculture–0.41%** |
| BAT Capital Corp. 5.35% <br> 8/15/32<br>| 6350000 | 6494288 |
| BAT International Finance <br> PLC 4.13% 4/12/32<br>| 255000 | 308398 |
| μBritish American Tobacco <br> PLC 3.00% 9/27/26<br>| 362000 | 423676 |
| Imperial Brands Finance <br> Netherlands BV 5.25% <br> 2/15/31<br>| 245000 | 312245 |
| Imperial Brands Finance PLC <br> 4.88% 6/7/32<br>| 175000 | 232108 |
| Japan Tobacco, Inc. 5.85% <br> 6/15/35<br>| 325000 | 339848 |
| Philip Morris International, <br> Inc. 3.25% 6/6/32<br>| 325000 | 376799 |
| Scandinavian Tobacco Group <br> AS 4.88% 9/12/29<br>| 165000 | 201010 |
|  |  | **8688372** |
| **Airlines–0.05%** | **Airlines–0.05%** | **Airlines–0.05%** |
| American Airlines, Inc. 8.50% <br> 5/15/29<br>| 150000 | 157280 |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>| 205000 | 199441 |
| OneSky Flight LLC 8.88% <br> 12/15/29<br>| 131000 | 136402 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc.<br>|  |  |
| 6.38% 2/1/30 | 480000 | $449990 |
| 7.88% 5/1/27 | 200000 | 201236 |
|  |  | **1144349** |
| **Apparel–0.02%** | **Apparel–0.02%** | **Apparel–0.02%** |
| Beach Acquisition Bidco LLC <br> 10.00% 7/15/33<br>| 250000 | 259129 |
| Wolverine World Wide, Inc. <br> 4.00% 8/15/29<br>| 150000 | 134490 |
|  |  | **393619** |
| **Auto Manufacturers–0.28%** | **Auto Manufacturers–0.28%** | **Auto Manufacturers–0.28%** |
| Aston Martin Capital <br> Holdings Ltd. 10.00% <br> 3/31/29<br>| 155000 | 146768 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90% 2/16/28 | 1030000 | 965728 |
| 4.45% 2/14/30 | 100000 | 119581 |
| 6.80% 5/12/28 | 2340000 | 2418448 |
| 6.80% 11/7/28 | 850000 | 880637 |
| New Flyer Holdings, Inc. <br> 9.25% 7/1/30<br>| 70000 | 73853 |
| μRCI Banque SA 5.50% 10/9/34 | 200000 | 247784 |
| Rivian <br> Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC 10.00% <br> 1/15/31<br>| 355000 | 348795 |
| Stellantis Finance U.S., Inc. <br> 5.75% 3/18/30<br>| 229000 | 231049 |
| Volkswagen Bank GmbH <br> 3.50% 6/19/31<br>| 100000 | 117456 |
| μVolkswagen International <br> Finance NV 3.88% 6/17/29<br>| 300000 | 338789 |
|  |  | **5888888** |
| **Auto Parts & Equipment–0.07%** | **Auto Parts & Equipment–0.07%** | **Auto Parts & Equipment–0.07%** |
| Adient Global Holdings Ltd. <br> 7.50% 2/15/33<br>| 150000 | 153390 |
| Clarios Global LP/Clarios <br> U.S. Finance Co. 6.75% <br> 2/15/30<br>| 120000 | 124775 |
| Metalsa SAPI de CV 3.75% <br> 5/4/31<br>| 200000 | 164296 |
| Schaeffler AG 5.38% 4/1/31 | 200000 | 240621 |
| ZF Europe Finance BV 4.75% <br> 1/31/29<br>| 300000 | 332163 |
| ZF North America Capital, <br> Inc.<br>|  |  |
| 6.75% 4/23/30 | 300000 | 288094 |
| 6.88% 4/14/28 | 100000 | 100302 |
| 6.88% 4/23/32 | 200000 | 184848 |
|  |  | **1588489** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-3

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks–7.12%** | **Banks–7.12%** | **Banks–7.12%** |
| ABN AMRO Bank NV 3.88% <br> 1/15/32<br>| 300000 | $363795 |
| μBanco Bilbao Vizcaya <br> Argentaria SA 6.03% 3/13/35<br>| 400000 | 417087 |
| μBanco de Credito del Peru SA <br> 5.80% 3/10/35<br>| 100000 | 99217 |
| μBanco de Credito e <br> Inversiones SA 8.75% 5/8/29<br>| 200000 | 211006 |
| μBanco del Estado de Chile <br> 7.95% 5/2/29<br>| 200000 | 207750 |
| μBanco do Brasil SA 8.75% <br> 10/15/25<br>| 200000 | 201619 |
| μBanco Mercantil del Norte SA <br> 7.63% 1/10/28<br>| 250000 | 249143 |
| μBank of America Corp. |  |  |
| 4.62% 5/9/29 | 4239000 | 4265901 |
| 5.16% 1/24/31 | 3080000 | 3156845 |
| 5.29% 4/25/34 | 7290000 | 7436046 |
| 5.82% 9/15/29 | 4171000 | 4345005 |
| 6.20% 11/10/28 | 5285000 | 5499983 |
| μBank of Nova Scotia 3.38% <br> 3/5/33<br>| 335000 | 392952 |
| μBarclays PLC |  |  |
| 3.54% 8/14/31 | 150000 | 177967 |
| 5.37% 2/25/31 | 4180000 | 4269814 |
| 5.50% 8/9/28 | 6190000 | 6313262 |
| 8.41% 11/14/32 | 150000 | 220072 |
| μBBVA Mexico SA Institucion <br> De Banca Multiple Grupo <br> Financiero BBVA Mexico <br> 5.13% 1/18/33<br>| 250000 | 240250 |
| μBNP Paribas SA |  |  |
| 3.95% 2/18/37 | 200000 | 234811 |
| 5.79% 1/13/33 | 3491000 | 3631701 |
| 7.45% 6/27/35 | 200000 | 201200 |
| μBPCE SA 5.72% 1/18/30 | 420000 | 432418 |
| μBW Real Estate, Inc. 9.50% <br> 3/30/30<br>| 200000 | 205772 |
| μCaixaBank SA 6.84% 9/13/34 | 485000 | 532744 |
| μCitigroup, Inc. |  |  |
| 2.67% 1/29/31 | 7040000 | 6454860 |
| 5.17% 2/13/30 | 4015000 | 4096238 |
| μCommerzbank AG |  |  |
| 4.88% 10/16/34 | 300000 | 368621 |
| 8.63% 2/28/33 | 100000 | 147614 |
| Commonwealth Bank of <br> Australia 2.69% 3/11/31<br>| 365000 | 325474 |
| Cooperatieve Rabobank UA <br> 1.13% 5/7/31<br>| 400000 | 421774 |
| μDanske Bank AS 3.88% 1/9/32 | 415000 | 503667 |
| μDeutsche Bank AG |  |  |
| 6.13% 12/12/30 | 200000 | 285878 |
| 6.72% 1/18/29 | 3558000 | 3737581 |
| 6.82% 11/20/29 | 2599000 | 2772149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μGoldman Sachs Group, Inc. |  |  |
| 5.02% 10/23/35 | 3400000 | $3358874 |
| 5.73% 4/25/30 | 4010000 | 4174226 |
| 6.48% 10/24/29 | 8295000 | 8799056 |
| μHSBC Holdings PLC |  |  |
| 5.81% 5/22/33 | 125000 | 176150 |
| 6.25% 3/9/34 | 420000 | 449384 |
| 8.20% 11/16/34 | 140000 | 212076 |
| μING Groep NV 3.00% 8/17/31 | 500000 | 582322 |
| Intesa Sanpaolo SpA |  |  |
| 3.88% 7/14/27 | 1070000 | 1056055 |
| 6.63% 6/20/33 | 200000 | 217151 |
| μJPMorgan Chase & Co. |  |  |
| 2.52% 4/22/31 | 8190000 | 7488078 |
| 5.01% 1/23/30 | 2075000 | 2113298 |
| 5.14% 1/24/31 | 1805000 | 1850990 |
| 5.34% 1/23/35 | 2175000 | 2226395 |
| 5.77% 4/22/35 | 7040000 | 7396145 |
| 6.25% 10/23/34 | 1418000 | 1541140 |
| μJyske Bank AS 5.13% 5/1/35 | 338000 | 419921 |
| Kreditanstalt fuer <br> Wiederaufbau<br>|  |  |
| 0.13% 1/9/32 | 555000 | 558116 |
| 4.00% 3/15/29 | 450000 | 453736 |
| μMorgan Stanley |  |  |
| 5.25% 4/21/34 | 5220000 | 5310035 |
| 5.83% 4/19/35 | 5246000 | 5496020 |
| 6.30% 10/18/28 | 3189000 | 3321905 |
| 6.41% 11/1/29 | 2746000 | 2908623 |
| μNatWest Group PLC 7.42% <br> 6/6/33<br>| 175000 | 254051 |
| μPNC Financial Services <br> Group, Inc. 6.88% 10/20/34<br>| 2670000 | 2984798 |
| μRoyal Bank of Canada 3.13% <br> 9/27/31<br>| 185000 | 216962 |
| μSociete Generale SA 6.69% <br> 1/10/34<br>| 405000 | 432216 |
| μStandard Chartered PLC <br> 3.86% 3/17/33<br>| 130000 | 155099 |
| μUBS Group AG |  |  |
| 0.25% 11/5/28 | 300000 | 334488 |
| 4.19% 4/1/31 | 6590000 | 6453187 |
| 5.70% 2/8/35 | 1005000 | 1043889 |
| Walker & Dunlop, Inc. 6.63% <br> 4/1/33<br>| 100000 | 102623 |
| μWells Fargo & Co. |  |  |
| 2.88% 10/30/30 | 9110000 | 8511756 |
| 5.24% 1/24/31 | 1850000 | 1897799 |
| 6.49% 10/23/34 | 5790000 | 6328650 |
| μWestern Alliance Bancorp <br> 3.00% 6/15/31<br>| 250000 | 232342 |
|  |  | **151477772** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-4

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages–0.02%** | **Beverages–0.02%** | **Beverages–0.02%** |
| Carlsberg Breweries AS 3.25% <br> 2/28/32<br>| 175000 | $205647 |
| Central American Bottling <br> Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL 5.25% <br> 4/27/29<br>| 150000 | 145851 |
| Primo Water Holdings, <br> Inc./Triton Water Holdings, <br> Inc. 6.25% 4/1/29<br>| 90000 | 90627 |
|  |  | **442125** |
| **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** |
| Biocon Biologics Global PLC <br> 6.67% 10/9/29<br>| 55000 | 52260 |
| Emergent BioSolutions, Inc. <br> 3.88% 8/15/28<br>| 188000 | 150286 |
|  |  | **202546** |
| **Building Materials–0.21%** | **Building Materials–0.21%** | **Building Materials–0.21%** |
| Amrize Finance U.S. LLC <br> 4.70% 4/7/28<br>| 1250000 | 1261355 |
| Builders FirstSource, Inc. |  |  |
| 4.25% 2/1/32 | 200000 | 185292 |
| 6.38% 3/1/34 | 100000 | 101907 |
| 6.75% 5/15/35 | 390000 | 401550 |
| μCemex SAB de CV |  |  |
| 5.13% 6/8/26 | 350000 | 344253 |
| 7.20% 6/10/30 | 200000 | 202050 |
| EMRLD <br> Borrower LP/Emerald <br> Co-Issuer, Inc. 6.63% <br> 12/15/30<br>| 450000 | 459978 |
| JH North America Holdings, <br> Inc. 6.13% 7/31/32<br>| 35000 | 35581 |
| Masterbrand, Inc. 7.00% <br> 7/15/32<br>| 100000 | 102125 |
| Miter Brands Acquisition <br> Holdco, Inc./MIWD <br> Borrower LLC 6.75% 4/1/32<br>| 100000 | 102566 |
| Quikrete Holdings, Inc. |  |  |
| 6.38% 3/1/32 | 600000 | 616992 |
| 6.75% 3/1/33 | 200000 | 206365 |
| Sisecam U.K. PLC 8.63% <br> 5/2/32<br>| 150000 | 151593 |
| Smyrna Ready Mix <br> Concrete LLC 6.00% 11/1/28<br>| 200000 | 199512 |
| Standard Building Solutions, <br> Inc. 6.50% 8/15/32<br>| 150000 | 153695 |
|  |  | **4524814** |
| **Chemicals–0.42%** | **Chemicals–0.42%** | **Chemicals–0.42%** |
| Axalta Coating Systems Dutch <br> Holding B BV 7.25% 2/15/31<br>| 100000 | 105429 |
| Braskem Idesa SAPI 7.45% <br> 11/15/29<br>| 150000 | 110475 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Braskem Netherlands <br> Finance BV<br>|  |  |
| 5.88% 1/31/50 | 100000 | $62789 |
| 7.25% 2/13/33 | 250000 | 198054 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50% 4/15/30 | 351000 | 359293 |
| 6.75% 4/15/33 | 2319000 | 2343085 |
| Chemours Co. |  |  |
| 5.75% 11/15/28 | 250000 | 234326 |
| 8.00% 1/15/33 | 175000 | 163871 |
| Consolidated Energy Finance <br> SA<br>|  |  |
| 5.63% 10/15/28 | 20000 | 17145 |
| 12.00% 2/15/31 | 550000 | 539460 |
| GPD Cos., Inc. 12.50% <br> 12/31/29<br>| 97050 | 92586 |
| Herens Holdco SARL 4.75% <br> 5/15/28<br>| 300000 | 269243 |
| INEOS Quattro Finance 2 <br> PLC 9.63% 3/15/29<br>| 100000 | 101379 |
| Ma'aden Sukuk Ltd. 5.25% <br> 2/13/30<br>| 200000 | 203369 |
| Mativ Holdings, Inc. 8.00% <br> 10/1/29<br>| 130000 | 117790 |
| Methanex Corp. |  |  |
| 5.13% 10/15/27 | 400000 | 398638 |
| 5.25% 12/15/29 | 70000 | 69152 |
| 5.65% 12/1/44 | 300000 | 237898 |
| Methanex U.S. Operations, <br> Inc. 6.25% 3/15/32<br>| 200000 | 199419 |
| OCP SA |  |  |
| 3.75% 6/23/31 | 200000 | 179177 |
| 5.13% 6/23/51 | 100000 | 75792 |
| 6.88% 4/25/44 | 100000 | 96529 |
| Olin Corp. |  |  |
| 5.00% 2/1/30 | 400000 | 386015 |
| 5.63% 8/1/29 | 65000 | 64505 |
| 6.63% 4/1/33 | 265000 | 260818 |
| Olympus Water U.S. Holding <br> Corp.<br>|  |  |
| 6.25% 10/1/29 | 300000 | 286250 |
| 9.75% 11/15/28 | 400000 | 421212 |
| Sasol Financing USA LLC <br> 4.38% 9/18/26<br>| 350000 | 344458 |
| SCIL IV LLC/SCIL USA <br> Holdings LLC 5.38% 11/1/26<br>| 150000 | 149027 |
| Tronox, Inc. 4.63% 3/15/29 | 400000 | 345164 |
| Vibrantz Technologies, Inc. <br> 9.00% 2/15/30<br>| 150000 | 101055 |
| WR Grace Holdings LLC <br> 5.63% 8/15/29<br>| 400000 | 362074 |
|  |  | **8895477** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-5

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services–0.33%** | **Commercial Services–0.33%** | **Commercial Services–0.33%** |
| ADT Security Corp. 4.13% <br> 8/1/29<br>| 150000 | $144906 |
| Albion Financing 1 <br> SARL/Aggreko Holdings, <br> Inc. 7.00% 5/21/30<br>| 200000 | 204105 |
| Allied Universal Holdco LLC <br> 7.88% 2/15/31<br>| 350000 | 365642 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp. 6.88% 6/15/30<br>| 190000 | 192577 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc. 8.38% 6/15/32<br>| 95000 | 99391 |
| Belron U.K. Finance PLC <br> 5.75% 10/15/29<br>| 200000 | 201669 |
| Block, Inc. |  |  |
| 3.50% 6/1/31 | 300000 | 275180 |
| 6.50% 5/15/32 | 350000 | 361103 |
| Boost Newco Borrower LLC <br> 7.50% 1/15/31<br>| 300000 | 318454 |
| Champions Financing, Inc. <br> 8.75% 2/15/29<br>| 70000 | 67584 |
| CoreCivic, Inc. |  |  |
| 4.75% 10/15/27 | 350000 | 343378 |
| 8.25% 4/15/29 | 300000 | 318077 |
| DP World Crescent Ltd. 3.75% <br> 1/30/30<br>| 200000 | 190442 |
| DP World Ltd. 5.63% 9/25/48 | 100000 | 93158 |
| μDP World Salaam 6.00% <br> 10/1/25<br>| 200000 | 199685 |
| GEO Group, Inc. |  |  |
| 8.63% 4/15/29 | 200000 | 211746 |
| 10.25% 4/15/31 | 200000 | 219352 |
| Herc Holdings, Inc. |  |  |
| 7.00% 6/15/30 | 260000 | 271533 |
| 7.25% 6/15/33 | 185000 | 193843 |
| OT Midco, Inc. 10.00% <br> 2/15/30<br>| 250000 | 192938 |
| Service Corp. International <br> 4.00% 5/15/31<br>| 150000 | 140352 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 200000 | 207714 |
| Sotheby's 7.38% 10/15/27 | 250000 | 247122 |
| StoneMor, Inc. 8.50% 5/15/29 | 230000 | 210453 |
| TriNet Group, Inc. 3.50% <br> 3/1/29<br>| 300000 | 281926 |
| United Rentals North <br> America, Inc. 6.13% 3/15/34<br>| 250000 | 257506 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 100000 | 105093 |
| WASH Multifamily <br> Acquisition, Inc. 5.75% <br> 4/15/26<br>| 475000 | 473288 |
| WEX, Inc. 6.50% 3/15/33 | 200000 | 201780 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Williams Scotsman, Inc. |  |  |
| 6.63% 6/15/29 | 150000 | $153978 |
| 6.63% 4/15/30 | 75000 | 77906 |
| Wolters Kluwer NV 3.00% <br> 9/25/30<br>| 100000 | 117992 |
|  |  | **6939873** |
| **Computers–0.06%** | **Computers–0.06%** | **Computers–0.06%** |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 150000 | 154373 |
| ASGN, Inc. 4.63% 5/15/28 | 95000 | 92651 |
| CACI International, Inc. <br> 6.38% 6/15/33<br>| 240000 | 247667 |
| Insight Enterprises, Inc. <br> 6.63% 5/15/32<br>| 100000 | 103013 |
| Seagate Data Storage <br> Technology Pte. Ltd.<br>|  |  |
| 5.75% 12/1/34 | 200000 | 196705 |
| 5.88% 7/15/30 | 115000 | 116717 |
| 8.50% 7/15/31 | 100000 | 107053 |
| Western Digital Corp. |  |  |
| 2.85% 2/1/29 | 250000 | 231765 |
| 3.10% 2/1/32 | 100000 | 88454 |
|  |  | **1338398** |
| **Distribution/Wholesale–0.02%** | **Distribution/Wholesale–0.02%** | **Distribution/Wholesale–0.02%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 100000 | 102449 |
| Telecommunications Co. <br> Telekom Srbija AD Belgrade <br> 7.00% 10/28/29<br>| 250000 | 249653 |
|  |  | **352102** |
| **Diversified Financial Services–1.57%** | **Diversified Financial Services–1.57%** | **Diversified Financial Services–1.57%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 2070000 | 2016752 |
| 3.00% 10/29/28 | 3769000 | 3590632 |
| 5.10% 1/19/29 | 1400000 | 1424995 |
| μAir Lease Corp. 4.13% <br> 12/15/26<br>| 250000 | 242389 |
| μAircastle Ltd. 5.25% 6/15/26 | 300000 | 296940 |
| Ally Financial, Inc. |  |  |
| μ4.70% 5/15/28 | 250000 | 224212 |
| μ5.74% 5/15/29 | 340000 | 346053 |
| μ6.65% 1/17/40 | 365000 | 358831 |
| 6.70% 2/14/33 | 350000 | 364677 |
| μ6.99% 6/13/29 | 4010000 | 4221294 |
| 8.00% 11/1/31 | 1880000 | 2140606 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.95% 1/15/28 | 1700000 | 1708881 |
| 5.38% 5/30/30 | 2150000 | 2190122 |
| Azorra Finance Ltd. |  |  |
| 7.25% 1/15/31 | 135000 | 137825 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-6

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Azorra Finance <br> Ltd. (continued)<br>|  |  |
| 7.75% 4/15/30 | 115000 | $119916 |
| μCapital One Financial Corp. |  |  |
| 4.93% 5/10/28 | 2000000 | 2014641 |
| 6.31% 6/8/29 | 5000000 | 5248497 |
| CIMIC Finance Ltd. 1.50% <br> 5/28/29<br>| 124000 | 135625 |
| Encore Capital Group, Inc. |  |  |
| 8.50% 5/15/30 | 225000 | 241334 |
| 9.25% 4/1/29 | 100000 | 106343 |
| GGAM Finance Ltd. |  |  |
| 5.88% 3/15/30 | 200000 | 201420 |
| 6.88% 4/15/29 | 190000 | 196427 |
| 8.00% 2/15/27 | 300000 | 309312 |
| 8.00% 6/15/28 | 400000 | 423088 |
| Global Aircraft Leasing Co. <br> Ltd. 8.75% 9/1/27<br>| 365000 | 374166 |
| Hightower Holding LLC 9.13% <br> 1/31/30<br>| 300000 | 318161 |
| Jane Street Group/JSG <br> Finance, Inc.<br>|  |  |
| 6.13% 11/1/32 | 200000 | 201909 |
| 7.13% 4/30/31 | 150000 | 157824 |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp. 6.63% <br> 10/15/31<br>| 140000 | 139496 |
| LFS Topco LLC 8.75% 7/15/30 | 70000 | 68859 |
| Macquarie Airfinance <br> Holdings Ltd.<br>|  |  |
| 6.40% 3/26/29 | 200000 | 208791 |
| 6.50% 3/26/31 | 150000 | 158747 |
| 8.13% 3/30/29 | 200000 | 209196 |
| Navient Corp. |  |  |
| 4.88% 3/15/28 | 100000 | 98605 |
| 5.50% 3/15/29 | 80000 | 78350 |
| 5.63% 8/1/33 | 100000 | 91960 |
| 7.88% 6/15/32 | 150000 | 156000 |
| OneMain Finance Corp. |  |  |
| 3.88% 9/15/28 | 400000 | 383583 |
| 6.63% 5/15/29 | 250000 | 256763 |
| 7.13% 3/15/26 | 139000 | 141057 |
| 7.13% 9/15/32 | 130000 | 134585 |
| PennyMac Financial Services, <br> Inc.<br>|  |  |
| 6.88% 5/15/32 | 180000 | 184045 |
| 6.88% 2/15/33 | 150000 | 153750 |
| Phoenix Aviation Capital Ltd. <br> 9.25% 7/15/30<br>| 143000 | 148110 |
| PRA Group, Inc. 8.88% <br> 1/31/30<br>| 130000 | 133978 |
| Rfna LP 7.88% 2/15/30 | 100000 | 102329 |
| Rocket Cos., Inc. |  |  |
| 6.13% 8/1/30 | 170000 | 173235 |
| 6.38% 8/1/33 | 245000 | 250684 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| SLM Corp. 6.50% 1/31/30 | 125000 | $131204 |
| Stonex Escrow Issuer LLC <br> 6.88% 7/15/32<br>| 120000 | 121207 |
| TrueNoord Capital DAC 8.75% <br> 3/1/30<br>| 150000 | 155754 |
| UWM Holdings LLC 6.63% <br> 2/1/30<br>| 250000 | 250258 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc. 7.50% <br> 6/15/31<br>| 150000 | 157410 |
|  |  | **33400828** |
| **Electric–1.19%** | **Electric–1.19%** | **Electric–1.19%** |
| Abu Dhabi National Energy <br> Co. PJSC<br>|  |  |
| 4.00% 10/3/49 | 100000 | 76702 |
| 4.70% 4/24/33 | 200000 | 197595 |
| 4.75% 3/9/37 | 200000 | 191060 |
| AES Corp. |  |  |
| 2.45% 1/15/31 | 4990000 | 4362473 |
| μ6.95% 7/15/55 | 265000 | 258510 |
| Alpha Generation LLC 6.75% <br> 10/15/32<br>| 50000 | 51542 |
| Amprion GmbH |  |  |
| 3.88% 6/5/36 | 100000 | 117930 |
| 4.13% 9/7/34 | 300000 | 365572 |
| AusNet Services Holdings Pty. <br> Ltd. 6.13% 5/31/33<br>| 180000 | 125288 |
| Aydem Yenilenebilir Enerji <br> AS 7.75% 2/2/27<br>| 180000 | 178159 |
| Buffalo Energy Mexico <br> Holdings/Buffalo Energy <br> Infrastructure/Buffalo <br> Energy 7.88% 2/15/39<br>| 150000 | 154563 |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 6.38% <br> 2/15/32<br>| 300000 | 300489 |
| Calpine Corp. |  |  |
| 4.63% 2/1/29 | 100000 | 98763 |
| 5.13% 3/15/28 | 100000 | 99888 |
| Chile Electricity Lux MPC <br> SARL 6.01% 1/20/33<br>| 186000 | 192465 |
| Clearway Energy <br> Operating LLC 3.75% <br> 2/15/31<br>| 300000 | 275465 |
| ContourGlobal Power <br> Holdings SA 6.75% 2/28/30<br>| 150000 | 154554 |
| E.ON SE 3.50% 4/16/33 | 320000 | 380651 |
| Edison International |  |  |
| μ5.00% 12/15/26 | 75000 | 64833 |
| 6.25% 3/15/30 | 100000 | 101566 |
| μ7.88% 6/15/54 | 150000 | 142105 |
| μ8.13% 6/15/53 | 150000 | 144884 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-7

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Electricite de France SA <br> 5.50% 1/25/35<br>| 300000 | $400226 |
| EnBW International Finance <br> BV 3.75% 11/20/35<br>| 240000 | 283322 |
| Enel Finance International <br> NV 5.50% 6/26/34<br>| 215000 | 219104 |
| EnfraGen Energia Sur <br> SA/EnfraGen Spain <br> SA/Prime Energia SpA 5.38% <br> 12/30/30<br>| 500000 | 447726 |
| Engie SA 4.25% 9/6/34 | 200000 | 246582 |
| Eskom Holdings SOC Ltd. <br> 6.35% 8/10/28<br>| 250000 | 252500 |
| Exelon Corp. 5.45% 3/15/34 | 1115000 | 1144022 |
| Georgia Power Co. 4.95% <br> 5/17/33<br>| 4200000 | 4232533 |
| Investment Energy Resources <br> Ltd. 6.25% 4/26/29<br>| 200000 | 196022 |
| Lightning Power LLC 7.25% <br> 8/15/32<br>| 100000 | 105245 |
| London Power Networks PLC <br> 3.84% 6/11/37<br>| 100000 | 117726 |
| Mong Duong Finance <br> Holdings BV 5.13% 5/7/29<br>| 67760 | 66166 |
| μNGG Finance PLC 2.13% <br> 9/5/82<br>| 181000 | 208098 |
| Niagara Energy SAC 5.75% <br> 10/3/34<br>| 200000 | 197993 |
| NRG Energy, Inc. |  |  |
| 3.38% 2/15/29 | 250000 | 235738 |
| 5.75% 7/15/29 | 200000 | 200257 |
| 6.00% 2/1/33 | 350000 | 353488 |
| 6.25% 11/1/34 | 250000 | 254712 |
| μPacifiCorp 7.38% 9/15/55 | 195000 | 202714 |
| PG&E Corp. |  |  |
| 5.25% 7/1/30 | 700000 | 666850 |
| μ7.38% 3/15/55 | 291000 | 275583 |
| Pike Corp. |  |  |
| 5.50% 9/1/28 | 130000 | 129915 |
| 8.63% 1/31/31 | 200000 | 217516 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 4290000 | 4315688 |
| RWE Finance U.S. LLC 5.88% <br> 4/16/34<br>| 436000 | 451038 |
| Saavi Energia SARL 8.88% <br> 2/10/35<br>| 250000 | 260875 |
| Scottish Hydro Electric <br> Transmission PLC 3.38% <br> 9/4/32<br>| 175000 | 205264 |
| μSSE PLC 3.74% 1/14/26 | 100000 | 135615 |
| Termocandelaria Power SA <br> 7.75% 9/17/31<br>| 250000 | 256430 |
| Tierra Mojada Luxembourg II <br> SARL 5.75% 12/1/40<br>| 169055 | 159739 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Vistra Operations Co. LLC |  |  |
| 5.63% 2/15/27 | 250000 | $250171 |
| 6.88% 4/15/32 | 250000 | 261371 |
| XPLR Infrastructure <br> Operating Partners LP<br>|  |  |
| 7.25% 1/15/29 | 30000 | 30754 |
| 8.38% 1/15/31 | 170000 | 181578 |
| 8.63% 3/15/33 | 170000 | 182202 |
|  |  | **25379820** |
| **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** |
| WESCO Distribution, Inc. <br> 6.38% 3/15/33<br>| 200000 | 206716 |
|  |  | **206716** |
| **Electronics–0.03%** | **Electronics–0.03%** | **Electronics–0.03%** |
| Coherent Corp. 5.00% <br> 12/15/29<br>| 200000 | 196426 |
| Sensata Technologies BV <br> 4.00% 4/15/29<br>| 150000 | 142662 |
| Sensata Technologies, Inc. <br> 6.63% 7/15/32<br>| 150000 | 154373 |
| TTM Technologies, Inc. 4.00% <br> 3/1/29<br>| 150000 | 143319 |
|  |  | **636780** |
| **Energy-Alternate Sources–0.00%** | **Energy-Alternate Sources–0.00%** | **Energy-Alternate Sources–0.00%** |
| ‡Sunnova Energy Corp. 5.88% <br> 9/1/26<br>| 280000 | 5600 |
|  |  | **5600** |
| **Engineering & Construction–0.19%** | **Engineering & Construction–0.19%** | **Engineering & Construction–0.19%** |
| Aeropuerto Internacional de <br> Tocumen SA 5.13% 8/11/61<br>| 200000 | 139660 |
| Aeropuertos Dominicanos <br> Siglo XXI SA 7.00% 6/30/34<br>| 200000 | 208186 |
| Artera Services LLC 8.50% <br> 2/15/31<br>| 750000 | 624541 |
| ATP Tower Holdings/Andean <br> Telecom Partners Chile <br> SpA/Andean Tower Partners <br> C 7.88% 2/3/30<br>| 150000 | 151935 |
| Brand Industrial Services, <br> Inc. 10.38% 8/1/30<br>| 700000 | 645845 |
| Heathrow Funding Ltd. 6.00% <br> 3/5/32<br>| 255000 | 353692 |
| HTA Group Ltd. 7.50% 6/4/29 | 600000 | 615060 |
| IHS Holding Ltd. |  |  |
| 5.63% 11/29/26 | 80000 | 78577 |
| 7.88% 5/29/30 | 400000 | 400892 |
| 8.25% 11/29/31 | 200000 | 201747 |
| Kingston Airport Revenue <br> Finance Ltd. 6.75% 12/15/36<br>| 200000 | 201086 |
| Railworks <br> Holdings LP/Railworks Rally, <br> Inc. 8.25% 11/15/28<br>| 310000 | 316975 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-8

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| TopBuild Corp. 4.13% 2/15/32 | 100000 | $92729 |
|  |  | **4030925** |
| **Entertainment–0.44%** | **Entertainment–0.44%** | **Entertainment–0.44%** |
| Caesars Entertainment, Inc. |  |  |
| 6.00% 10/15/32 | 250000 | 245178 |
| 6.50% 2/15/32 | 250000 | 256529 |
| 8.13% 7/1/27 | 100000 | 100030 |
| Flutter Treasury DAC 5.88% <br> 6/4/31<br>| 265000 | 266988 |
| GENM Capital Labuan Ltd. <br> 3.88% 4/19/31<br>| 200000 | 179374 |
| Mohegan Tribal Gaming <br> Authority/MS Digital <br> Entertainment <br> Holdings LLC<br>|  |  |
| 8.25% 4/15/30 | 115000 | 118704 |
| 11.88% 4/15/31 | 130000 | 136191 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05% 3/15/29 | 4550000 | 4550000 |
| 4.28% 3/15/32 | 4268000 | 3612300 |
|  |  | **9465294** |
| **Environmental Control–0.04%** | **Environmental Control–0.04%** | **Environmental Control–0.04%** |
| Clean Harbors, Inc. 6.38% <br> 2/1/31<br>| 100000 | 102452 |
| GFL Environmental, Inc. <br> 3.50% 9/1/28<br>| 100000 | 96461 |
| Reworld Holding Corp. 4.88% <br> 12/1/29<br>| 200000 | 190269 |
| Waste Pro USA, Inc. 7.00% <br> 2/1/33<br>| 100000 | 103812 |
| Wrangler Holdco Corp. 6.63% <br> 4/1/32<br>| 250000 | 260265 |
|  |  | **753259** |
| **Food–1.11%** | **Food–1.11%** | **Food–1.11%** |
| Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50% 3/15/29 | 235000 | 222634 |
| 4.88% 2/15/30 | 200000 | 196603 |
| 6.25% 3/15/33 | 150000 | 154624 |
| Barry Callebaut Services NV <br> 4.25% 8/19/31<br>| 300000 | 355259 |
| C&S Group Enterprises LLC <br> 5.00% 12/15/28<br>| 260000 | 234758 |
| Fiesta Purchaser, Inc. |  |  |
| 7.88% 3/1/31 | 100000 | 106121 |
| 9.63% 9/15/32 | 100000 | 105517 |
| Gruma SAB de CV 5.76% <br> 12/9/54<br>| 250000 | 236279 |
| KeHE Distributors LLC/KeHE <br> Finance Corp./NextWave <br> Distribution, Inc. 9.00% <br> 2/15/29<br>| 300000 | 310696 |

---

---

| | | |
|:---|:---|:---|
|  | **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. 5.00% 9/15/34 | 4340000 | $4308960 |
| KUO SAB de CV 5.75% 7/7/27 | 150000 | 147387 |
| Lamb Weston Holdings, Inc. <br> 4.13% 1/31/30<br>| 400000 | 381439 |
| MARB BondCo PLC 3.95% <br> 1/29/31<br>| 100000 | 88615 |
| Mars, Inc. |  |  |
| 4.80% 3/1/30 | 7595000 | 7695253 |
| 5.20% 3/1/35 | 2855000 | 2889200 |
| 5.65% 5/1/45 | 1900000 | 1904595 |
| 5.70% 5/1/55 | 2275000 | 2269446 |
| METRO AG 4.00% 3/5/30 | 175000 | 212392 |
| Minerva Luxembourg SA <br> 8.88% 9/13/33<br>| 100000 | 108022 |
| NBM U.S. Holdings, Inc. 6.63% <br> 8/6/29<br>| 150000 | 150866 |
| Performance Food Group, <br> Inc. 6.13% 9/15/32<br>| 200000 | 204587 |
| Post Holdings, Inc. |  |  |
| 5.50% 12/15/29 | 300000 | 298624 |
| 6.25% 2/15/32 | 200000 | 205537 |
| 6.38% 3/1/33 | 200000 | 201823 |
| REWE International Finance <br> BV 4.88% 9/13/30<br>| 200000 | 252372 |
| Sigma Holdco BV 7.88% <br> 5/15/26<br>| 75000 | 75001 |
| U.S. Foods, Inc. |  |  |
| 4.75% 2/15/29 | 250000 | 245614 |
| 5.75% 4/15/33 | 150000 | 149843 |
|  |  | **23712067** |
| **Food Service–0.01%** | **Food Service–0.01%** | **Food Service–0.01%** |
| TKC Holdings, Inc. 6.88% <br> 5/15/28<br>| 250000 | 248456 |
|  |  | **248456** |
| **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** | **Forest Products & Paper–0.03%** |
| Ahlstrom Holding 3 OYJ 4.88% <br> 2/4/28<br>| 100000 | 95110 |
| Inversiones CMPC SA 3.00% <br> 4/6/31<br>| 50000 | 44109 |
| LD Celulose International <br> GmbH 7.95% 1/26/32<br>| 200000 | 210500 |
| Suzano Austria GmbH 5.00% <br> 1/15/30<br>| 200000 | 199179 |
|  |  | **548898** |
| **Gas–0.23%** | **Gas–0.23%** | **Gas–0.23%** |
| Fluxys SA 4.00% 11/28/30 | 200000 | 238300 |
| NiSource, Inc. 2.95% 9/1/29 | 4540000 | 4283067 |
| Snam SpA 5.75% 5/28/35 | 200000 | 204127 |
| Southern Gas Networks PLC <br> 3.50% 10/16/30<br>| 175000 | 207428 |
|  |  | **4932922** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-9

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Products–0.05%** | **Health Care Products–0.05%** | **Health Care Products–0.05%** |
| Avantor Funding, Inc. |  |  |
| 3.88% 11/1/29 | 100000 | $94680 |
| 4.63% 7/15/28 | 100000 | 98196 |
| Insulet Corp. 6.50% 4/1/33 | 100000 | 104259 |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 470000 | 482824 |
| Sotera Health Holdings LLC <br> 7.38% 6/1/31<br>| 100000 | 104044 |
| Werfen SA 4.63% 6/6/28 | 200000 | 246424 |
|  |  | **1130427** |
| **Health Care Services–0.71%** | **Health Care Services–0.71%** | **Health Care Services–0.71%** |
| Acadia Healthcare Co., Inc. <br> 7.38% 3/15/33<br>| 100000 | 103023 |
| Auna SA 10.00% 12/18/29 | 130000 | 136299 |
| Centene Corp. 4.63% <br> 12/15/29<br>| 6560000 | 6380469 |
| Charles River Laboratories <br> International, Inc.<br>|  |  |
| 4.00% 3/15/31 | 150000 | 137444 |
| 4.25% 5/1/28 | 100000 | 97034 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 755000 | 645436 |
| 5.25% 5/15/30 | 667000 | 591461 |
| 6.13% 4/1/30 | 120000 | 88735 |
| 6.88% 4/15/29 | 250000 | 199338 |
| DaVita, Inc. |  |  |
| 4.63% 6/1/30 | 450000 | 431155 |
| 6.75% 7/15/33 | 195000 | 201356 |
| 6.88% 9/1/32 | 250000 | 259045 |
| HAH Group Holding Co. LLC <br> 9.75% 10/1/31<br>| 160000 | 158626 |
| HCA, Inc. 5.45% 9/15/34 | 2610000 | 2632588 |
| IQVIA, Inc. |  |  |
| 6.25% 6/1/32 | 295000 | 302734 |
| 6.50% 5/15/30 | 100000 | 103098 |
| LifePoint Health, Inc. 10.00% <br> 6/1/32<br>| 100000 | 103167 |
| Molina Healthcare, Inc. 6.25% <br> 1/15/33<br>| 400000 | 407159 |
| Pediatrix Medical Group, Inc. <br> 5.38% 2/15/30<br>| 150000 | 148289 |
| Prime Healthcare Services, <br> Inc. 9.38% 9/1/29<br>| 130000 | 129025 |
| Radiology Partners, Inc. <br> 8.50% 7/15/32<br>| 65000 | 65151 |
| Select Medical Corp. 6.25% <br> 12/1/32<br>| 250000 | 251493 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 65000 | 66236 |
| Tenet Healthcare Corp. |  |  |
| 4.25% 6/1/29 | 300000 | 290945 |
| 4.63% 6/15/28 | 300000 | 296238 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Tenet Healthcare <br> Corp. (continued)<br>|  |  |
| 6.13% 10/1/28 | 350000 | $350490 |
| 6.13% 6/15/30 | 270000 | 274694 |
| U.S. Acute Care <br> Solutions LLC 9.75% 5/15/29<br>| 285000 | 293960 |
|  |  | **15144688** |
| **Holding Companies-Diversified–0.01%** | **Holding Companies-Diversified–0.01%** | **Holding Companies-Diversified–0.01%** |
| Clue Opco LLC 9.50% <br> 10/15/31<br>| 100000 | 106021 |
|  |  | **106021** |
| **Home Builders–0.07%** | **Home Builders–0.07%** | **Home Builders–0.07%** |
| Ashton Woods <br> USA LLC/Ashton Woods <br> Finance Co. 4.63% 8/1/29<br>| 100000 | 95500 |
| Beazer Homes USA, Inc. <br> 7.50% 3/15/31<br>| 100000 | 101378 |
| Berkeley Group PLC 2.50% <br> 8/11/31<br>| 427000 | 489585 |
| Forestar Group, Inc. 6.50% <br> 3/15/33<br>| 250000 | 251896 |
| LGI Homes, Inc. |  |  |
| 4.00% 7/15/29 | 100000 | 89479 |
| 7.00% 11/15/32 | 315000 | 299801 |
| 8.75% 12/15/28 | 15000 | 15593 |
| New Home Co., Inc. 8.50% <br> 11/1/30<br>| 80000 | 81477 |
|  |  | **1424709** |
| **Home Furnishings–0.02%** | **Home Furnishings–0.02%** | **Home Furnishings–0.02%** |
| Whirlpool Corp. |  |  |
| 5.75% 3/1/34 | 15000 | 14624 |
| 6.13% 6/15/30 | 245000 | 247153 |
| 6.50% 6/15/33 | 210000 | 210673 |
|  |  | **472450** |
| **Household Products Wares–0.01%** | **Household Products Wares–0.01%** | **Household Products Wares–0.01%** |
| Kronos Acquisition Holdings, <br> Inc.<br>|  |  |
| 8.25% 6/30/31 | 165000 | 149834 |
| 10.75% 6/30/32 | 95000 | 69022 |
|  |  | **218856** |
| **Housewares–0.03%** | **Housewares–0.03%** | **Housewares–0.03%** |
| Newell Brands, Inc. |  |  |
| 6.38% 5/15/30 | 200000 | 194565 |
| 6.63% 5/15/32 | 200000 | 190792 |
| 7.00% 4/1/46 | 100000 | 85434 |
| 8.50% 6/1/28 | 200000 | 210042 |
|  |  | **680833** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-10

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance–0.78%** | **Insurance–0.78%** | **Insurance–0.78%** |
| Acrisure LLC/Acrisure <br> Finance, Inc.<br>|  |  |
| 6.75% 7/1/32 | 65000 | $65921 |
| 7.50% 11/6/30 | 100000 | 103303 |
| 8.50% 6/15/29 | 100000 | 104282 |
| Admiral Group PLC 8.50% <br> 1/6/34<br>| 235000 | 367076 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer 7.38% <br> 10/1/32<br>| 150000 | 154622 |
| AmWINS Group, Inc. |  |  |
| 4.88% 6/30/29 | 135000 | 131195 |
| 6.38% 2/15/29 | 65000 | 66250 |
| APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC <br> 7.88% 11/1/29<br>| 250000 | 255728 |
| Athene Global Funding 5.58% <br> 1/9/29<br>| 2100000 | 2158606 |
| Corebridge Financial, Inc. <br> 3.90% 4/5/32<br>| 4670000 | 4383312 |
| Equitable Financial Life <br> Global Funding 5.00% <br> 3/27/30<br>| 4220000 | 4283006 |
| μQBE Insurance Group Ltd. <br> 2.50% 9/13/38<br>| 174000 | 219769 |
| Reinsurance Group of <br> America, Inc. 3.15% 6/15/30<br>| 4590000 | 4288168 |
|  |  | **16581238** |
| **Internet–0.16%** | **Internet–0.16%** | **Internet–0.16%** |
| Acuris Finance U.S., <br> Inc./Acuris Finance SARL<br>|  |  |
| 5.00% 5/1/28 | 250000 | 238568 |
| 9.00% 8/1/29 | 650000 | 664596 |
| Cogent Communications <br> Group LLC/Cogent Finance, <br> Inc. 7.00% 6/15/27<br>| 200000 | 200357 |
| Gen Digital, Inc. 6.25% 4/1/33 | 150000 | 154026 |
| Go Daddy Operating Co. <br> LLC/GD Finance Co., Inc.<br>|  |  |
| 3.50% 3/1/29 | 200000 | 188989 |
| 5.25% 12/1/27 | 200000 | 199727 |
| GrubHub Holdings, Inc. 5.50% <br> 7/1/27<br>| 145000 | 140709 |
| ION Trading Technologies <br> SARL 5.75% 5/15/28<br>| 265000 | 255684 |
| Prosus NV 4.19% 1/19/32 | 500000 | 468325 |
| Snap, Inc. 6.88% 3/1/33 | 150000 | 153919 |
| Wayfair LLC |  |  |
| 7.25% 10/31/29 | 381000 | 381171 |
| 7.75% 9/15/30 | 430000 | 432669 |
|  |  | **3478740** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Investment Companies–0.70%** | **Investment Companies–0.70%** | **Investment Companies–0.70%** |
| Abu Dhabi Developmental <br> Holding Co. PJSC<br>|  |  |
| 5.25% 10/2/54 | 200000 | $185280 |
| 5.50% 5/8/34 | 200000 | 207937 |
| ARES Strategic Income Fund |  |  |
| 5.45% 9/9/28 | 1075000 | 1075527 |
| 5.80% 9/9/30 | 869000 | 872036 |
| 6.35% 8/15/29 | 2090000 | 2142728 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 4.88% 4/14/26 | 100000 | 136536 |
| 5.60% 11/22/29 | 1565000 | 1575812 |
| 7.30% 11/27/28 | 2950000 | 3146159 |
| HAT Holdings I LLC/HAT <br> Holdings II LLC 3.38% <br> 6/15/26<br>| 43000 | 42089 |
| Icahn Enterprises LP/Icahn <br> Enterprises Finance Corp.<br>|  |  |
| 4.38% 2/1/29 | 250000 | 210144 |
| 5.25% 5/15/27 | 400000 | 387572 |
| 6.25% 5/15/26 | 120000 | 119147 |
| MDGH GMTN RSC Ltd. |  |  |
| 2.88% 11/7/29 | 200000 | 187684 |
| 4.38% 11/22/33 | 200000 | 191837 |
| 5.08% 5/22/53 | 200000 | 182569 |
| Sixth Street Lending Partners <br> 6.13% 7/15/30<br>| 4220000 | 4297101 |
|  |  | **14960158** |
| **Iron & Steel–0.13%** | **Iron & Steel–0.13%** | **Iron & Steel–0.13%** |
| ATI, Inc. 7.25% 8/15/30 | 100000 | 104790 |
| Champion Iron Canada, Inc. <br> 7.88% 7/15/32<br>| 50000 | 50694 |
| Cleveland-Cliffs, Inc. |  |  |
| 6.88% 11/1/29 | 100000 | 98454 |
| 7.00% 3/15/32 | 200000 | 188532 |
| 7.38% 5/1/33 | 100000 | 93896 |
| Commercial Metals Co. |  |  |
| 3.88% 2/15/31 | 100000 | 91779 |
| 4.13% 1/15/30 | 150000 | 143464 |
| CSN Inova Ventures 6.75% <br> 1/28/28<br>| 150000 | 141640 |
| Mineral Resources Ltd. |  |  |
| 8.00% 11/1/27 | 180000 | 180839 |
| 8.50% 5/1/30 | 400000 | 398021 |
| 9.25% 10/1/28 | 100000 | 102341 |
| POSCO 5.88% 1/17/33 | 200000 | 207928 |
| @Samarco Mineracao SA 9.50% <br> 6/30/31<br>| 526665 | 517741 |
| Usiminas International SARL <br> 7.50% 1/27/32<br>| 200000 | 204480 |
| Vale Overseas Ltd. 6.40% <br> 6/28/54<br>| 150000 | 147415 |
|  |  | **2672014** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-11

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Leisure Time–0.09%** | **Leisure Time–0.09%** | **Leisure Time–0.09%** |
| Amer Sports Co. 6.75% <br> 2/16/31<br>| 250000 | $260209 |
| Carnival Corp. |  |  |
| 5.75% 3/15/30 | 275000 | 279653 |
| 5.88% 6/15/31 | 260000 | 264875 |
| 6.00% 5/1/29 | 200000 | 202089 |
| 6.13% 2/15/33 | 150000 | 153473 |
| Life Time, Inc. 6.00% <br> 11/15/31<br>| 235000 | 238748 |
| MajorDrive Holdings IV LLC <br> 6.38% 6/1/29<br>| 180000 | 141397 |
| NCL Corp. Ltd. 6.75% 2/1/32 | 150000 | 153244 |
| Viking Cruises Ltd. 9.13% <br> 7/15/31<br>| 100000 | 107700 |
| VOC Escrow Ltd. 5.00% <br> 2/15/28<br>| 100000 | 99495 |
|  |  | **1900883** |
| **Lodging–0.05%** | **Lodging–0.05%** | **Lodging–0.05%** |
| Hilton Domestic Operating <br> Co., Inc.<br>|  |  |
| 3.63% 2/15/32 | 420000 | 380460 |
| 4.00% 5/1/31 | 200000 | 188045 |
| 6.13% 4/1/32 | 100000 | 102414 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br> 6.63% 1/15/32<br>| 250000 | 253882 |
| MGM Resorts International <br> 6.50% 4/15/32<br>| 100000 | 101631 |
| Station Casinos LLC 6.63% <br> 3/15/32<br>| 100000 | 102251 |
|  |  | **1128683** |
| **Machinery Construction & Mining–0.01%** | **Machinery Construction & Mining–0.01%** | **Machinery Construction & Mining–0.01%** |
| BWX Technologies, Inc. 4.13% <br> 6/30/28<br>| 250000 | 243892 |
|  |  | **243892** |
| **Machinery Diversified–0.02%** | **Machinery Diversified–0.02%** | **Machinery Diversified–0.02%** |
| TK Elevator U.S. Newco, Inc. <br> 5.25% 7/15/27<br>| 400000 | 399720 |
|  |  | **399720** |
| **Media–1.05%** | **Media–1.05%** | **Media–1.05%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.25% 2/1/31 | 500000 | 467087 |
| 4.50% 5/1/32 | 495000 | 460965 |
| 4.50% 6/1/33 | 600000 | 548418 |
| 5.38% 6/1/29 | 135000 | 134506 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.85% 4/1/61 | 6270000 | 4017021 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 6.38% 10/23/35 | 4140000 | $4348277 |
| 6.48% 10/23/45 | 2250000 | 2229392 |
| CSC Holdings LLC |  |  |
| 3.38% 2/15/31 | 600000 | 415733 |
| 4.63% 12/1/30 | 700000 | 325539 |
| 5.38% 2/1/28 | 400000 | 366222 |
| DISH DBS Corp. |  |  |
| 5.13% 6/1/29 | 390000 | 259943 |
| 7.38% 7/1/28 | 95000 | 68609 |
| LCPR Senior Secured <br> Financing DAC<br>|  |  |
| 5.13% 7/15/29 | 100000 | 58907 |
| 6.75% 10/15/27 | 200000 | 134718 |
| Telecomunicaciones Digitales <br> SA 4.50% 1/30/30<br>| 250000 | 233209 |
| Telenet Finance Luxembourg <br> Notes SARL 5.50% 3/1/28<br>| 200000 | 197859 |
| Time Warner Cable LLC 7.30% <br> 7/1/38<br>| 5775000 | 6297600 |
| Univision Communications, <br> Inc.<br>|  |  |
| 4.50% 5/1/29 | 250000 | 227300 |
| 8.00% 8/15/28 | 150000 | 152217 |
| 8.50% 7/31/31 | 475000 | 475526 |
| Virgin Media Secured <br> Finance PLC 4.50% 8/15/30<br>| 300000 | 278817 |
| VTR Comunicaciones SpA <br> 5.13% 1/15/28<br>| 150000 | 141970 |
| VTR Finance NV 6.38% <br> 7/15/28<br>| 360000 | 343800 |
| Ziggo BV 4.88% 1/15/30 | 100000 | 93402 |
|  |  | **22277037** |
| **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** | **Metal Fabricate & Hardware–0.02%** |
| Vallourec SACA 7.50% <br> 4/15/32<br>| 350000 | 366891 |
|  |  | **366891** |
| **Mining–0.26%** | **Mining–0.26%** | **Mining–0.26%** |
| Alcoa Nederland Holding BV <br> 7.13% 3/15/31<br>| 500000 | 524744 |
| Alumina Pty. Ltd. 6.38% <br> 9/15/32<br>| 250000 | 254695 |
| Antofagasta PLC 2.38% <br> 10/14/30<br>| 200000 | 176971 |
| Aris Mining Corp. 8.00% <br> 10/31/29<br>| 250000 | 255000 |
| Capstone Copper Corp. 6.75% <br> 3/31/33<br>| 110000 | 112636 |
| Cia de Minas Buenaventura <br> SAA 6.80% 2/4/32<br>| 200000 | 202900 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-12

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Corp. Nacional del Cobre de <br> Chile<br>|  |  |
| 3.15% 1/14/30 | 50000 | $46389 |
| 5.95% 1/8/34 | 200000 | 203836 |
| 6.30% 9/8/53 | 200000 | 195669 |
| Endeavour Mining PLC 7.00% <br> 5/28/30<br>| 200000 | 200800 |
| ERO Copper Corp. 6.50% <br> 2/15/30<br>| 350000 | 348250 |
| First Quantum Minerals Ltd. |  |  |
| 6.88% 10/15/27 | 100000 | 100138 |
| 8.00% 3/1/33 | 215000 | 220523 |
| 9.38% 3/1/29 | 435000 | 461686 |
| Freeport Indonesia PT 6.20% <br> 4/14/52<br>| 200000 | 195921 |
| Fresnillo PLC 4.25% 10/2/50 | 250000 | 182278 |
| Hudbay Minerals, Inc. 4.50% <br> 4/1/26<br>| 100000 | 99378 |
| Indonesia Asahan Aluminium <br> PT/Mineral Industri <br> Indonesia Persero PT 5.45% <br> 5/15/30<br>| 150000 | 152674 |
| Ivanhoe Mines Ltd. 7.88% <br> 1/23/30<br>| 295000 | 294452 |
| Navoi Mining & Metallurgical <br> Combinat 6.95% 10/17/31<br>| 200000 | 204558 |
| Navoiyuran State Enterprise <br> 6.70% 7/2/30<br>| 200000 | 200562 |
| Nexa Resources SA 6.75% <br> 4/9/34<br>| 200000 | 208908 |
| Novelis Corp. |  |  |
| 3.25% 11/15/26 | 35000 | 34439 |
| 6.88% 1/30/30 | 300000 | 310179 |
| Volcan Cia Minera SAA 8.75% <br> 1/24/30<br>| 355000 | 352661 |
|  |  | **5540247** |
| **Miscellaneous Manufacturing–0.03%** | **Miscellaneous Manufacturing–0.03%** | **Miscellaneous Manufacturing–0.03%** |
| Amsted Industries, Inc. 6.38% <br> 3/15/33<br>| 150000 | 152470 |
| Axon Enterprise, Inc. |  |  |
| 6.13% 3/15/30 | 200000 | 205672 |
| 6.25% 3/15/33 | 200000 | 205933 |
| Enpro, Inc. 6.13% 6/1/33 | 150000 | 153348 |
|  |  | **717423** |
| **Oil & Gas–2.42%** | **Oil & Gas–2.42%** | **Oil & Gas–2.42%** |
| Adnoc Murban Rsc Ltd. 5.13% <br> 9/11/54<br>| 200000 | 182018 |
| Ascent Resources Utica <br> Holdings LLC/ARU Finance <br> Corp. 6.63% 7/15/33<br>| 60000 | 60870 |
| Bapco Energies BSC Closed |  |  |
| 7.50% 10/25/27 | 150000 | 153683 |
| 8.38% 11/7/28 | 50000 | 52989 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Baytex Energy Corp. 7.38% <br> 3/15/32<br>| 165000 | $157557 |
| California Resources Corp. <br> 8.25% 6/15/29<br>| 344000 | 353108 |
| Calumet Specialty Products <br> Partners LP/Calumet <br> Finance Corp.<br>|  |  |
| 8.13% 1/15/27 | 170000 | 168992 |
| 9.75% 7/15/28 | 235000 | 234298 |
| Canacol Energy Ltd. 5.75% <br> 11/24/28<br>| 490000 | 167734 |
| Canadian Natural Resources <br> Ltd. 2.95% 7/15/30<br>| 4730000 | 4338031 |
| CITGO Petroleum Corp. |  |  |
| 6.38% 6/15/26 | 200000 | 199904 |
| 8.38% 1/15/29 | 50000 | 52007 |
| CNX Resources Corp. 7.25% <br> 3/1/32<br>| 250000 | 258853 |
| Comstock Resources, Inc. |  |  |
| 5.88% 1/15/30 | 250000 | 242830 |
| 6.75% 3/1/29 | 200000 | 200448 |
| Cosan Overseas Ltd. 8.25% <br> 8/5/25<br>| 200000 | 201326 |
| CVR Energy, Inc. |  |  |
| 5.75% 2/15/28 | 230000 | 220226 |
| 8.50% 1/15/29 | 180000 | 180071 |
| Ecopetrol SA |  |  |
| 8.38% 1/19/36 | 50000 | 48243 |
| 8.88% 1/13/33 | 350000 | 361062 |
| Empresa Nacional del <br> Petroleo 5.95% 7/30/34<br>| 200000 | 202346 |
| Energean Israel Finance Ltd. |  |  |
| 4.88% 3/30/26 | 330000 | 325694 |
| 5.38% 3/30/28 | 200000 | 190250 |
| Energean PLC 6.50% 4/30/27 | 450000 | 441000 |
| Geopark Ltd. 8.75% 1/31/30 | 250000 | 220000 |
| Gran Tierra Energy, Inc. <br> 9.50% 10/15/29<br>| 235000 | 178850 |
| Hess Corp. |  |  |
| 5.60% 2/15/41 | 2180000 | 2164645 |
| 7.13% 3/15/33 | 1910000 | 2162952 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 100000 | 100692 |
| 5.75% 4/19/47 | 50000 | 43407 |
| Kosmos Energy Ltd. |  |  |
| 7.13% 4/4/26 | 210000 | 202654 |
| 7.50% 3/1/28 | 85000 | 69959 |
| 7.75% 5/1/27 | 75000 | 66656 |
| 8.75% 10/1/31 | 550000 | 407537 |
| Leviathan Bond Ltd. 6.50% <br> 6/30/27<br>| 140000 | 138815 |
| MC Brazil Downstream <br> Trading SARL 7.25% 6/30/31<br>| 228052 | 180024 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-13

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Medco Maple Tree Pte. Ltd. <br> 8.96% 4/27/29<br>| 250000 | $260225 |
| Moss Creek Resources <br> Holdings, Inc. 8.25% 9/1/31<br>| 156000 | 151731 |
| Nabors Industries Ltd. 7.50% <br> 1/15/28<br>| 200000 | 178426 |
| Nabors Industries, Inc. 8.88% <br> 8/15/31<br>| 150000 | 111421 |
| Northern Oil & Gas, Inc. |  |  |
| 8.13% 3/1/28 | 200000 | 201777 |
| 8.75% 6/15/31 | 100000 | 103050 |
| Occidental Petroleum Corp. |  |  |
| 5.38% 1/1/32 | 1285000 | 1274426 |
| 5.55% 10/1/34 | 895000 | 878194 |
| 6.13% 1/1/31 | 3158000 | 3269235 |
| ORLEN SA 6.00% 1/30/35 | 200000 | 205071 |
| Parkland Corp. |  |  |
| 4.63% 5/1/30 | 350000 | 335146 |
| 6.63% 8/15/32 | 100000 | 102208 |
| PBF Holding Co. LLC/PBF <br> Finance Corp.<br>|  |  |
| 6.00% 2/15/28 | 30000 | 28690 |
| 7.88% 9/15/30 | 350000 | 314225 |
| 9.88% 3/15/30 | 200000 | 194531 |
| Permian Resources <br> Operating LLC<br>|  |  |
| 5.88% 7/1/29 | 175000 | 175678 |
| 6.25% 2/1/33 | 85000 | 85789 |
| Pertamina Persero PT 4.18% <br> 1/21/50<br>| 50000 | 37181 |
| ‡Petroleos de Venezuela SA |  |  |
| 5.38% 4/12/27 | 450000 | 55608 |
| 9.75% 5/17/35 | 300000 | 43650 |
| Petroleos Mexicanos |  |  |
| 5.35% 2/12/28 | 5770000 | 5540594 |
| 5.95% 1/28/31 | 9320000 | 8425561 |
| 6.50% 3/13/27 | 490000 | 486596 |
| 6.63% 6/15/35 | 500000 | 421390 |
| 6.70% 2/16/32 | 165000 | 153298 |
| 6.75% 9/21/47 | 1239000 | 897396 |
| 7.69% 1/23/50 | 9870000 | 7763596 |
| 10.00% 2/7/33 | 200000 | 214128 |
| Petronas Capital Ltd. |  |  |
| 3.40% 4/28/61 | 100000 | 65167 |
| 3.50% 4/21/30 | 100000 | 96016 |
| QatarEnergy |  |  |
| 1.38% 9/12/26 | 300000 | 288928 |
| 2.25% 7/12/31 | 200000 | 175076 |
| 3.30% 7/12/51 | 350000 | 235900 |
| Saudi Arabian Oil Co. |  |  |
| 2.25% 11/24/30 | 300000 | 266105 |
| 3.25% 11/24/50 | 150000 | 95036 |
| 3.50% 4/16/29 | 300000 | 289823 |
| 4.25% 4/16/39 | 300000 | 260986 |
| 5.88% 7/17/64 | 200000 | 182619 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Saudi Arabian Oil <br> Co. (continued)<br>|  |  |
| 6.38% 6/2/55 | 200000 | $199922 |
| SEPLAT Energy PLC 9.13% <br> 3/21/30<br>| 250000 | 248121 |
| Sunoco LP 6.25% 7/1/33 | 250000 | 254175 |
| Sunoco LP/Sunoco Finance <br> Corp.<br>|  |  |
| 4.50% 5/15/29 | 200000 | 194158 |
| 5.88% 3/15/28 | 200000 | 200535 |
| Talos Production, Inc. |  |  |
| 9.00% 2/1/29 | 100000 | 102386 |
| 9.38% 2/1/31 | 100000 | 102096 |
| Tecpetrol SA 7.63% 1/22/33 | 50000 | 50675 |
| Tengizchevroil Finance Co. <br> International Ltd. 3.25% <br> 8/15/30<br>| 100000 | 88954 |
| Transocean Aquila Ltd. 8.00% <br> 9/30/28<br>| 138615 | 139668 |
| Transocean, Inc. |  |  |
| 8.00% 2/1/27 | 400000 | 394048 |
| 8.25% 5/15/29 | 150000 | 138681 |
| 8.75% 2/15/30 | 68000 | 69927 |
| Tullow Oil PLC 10.25% <br> 5/15/26<br>| 309000 | 268058 |
| Valaris Ltd. 8.38% 4/30/30 | 250000 | 256494 |
| YPF SA 8.25% 1/17/34 | 50000 | 49992 |
|  |  | **51552098** |
| **Oil & Gas Services–0.07%** | **Oil & Gas Services–0.07%** | **Oil & Gas Services–0.07%** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance Corp. <br> 6.63% 9/1/32<br>| 150000 | 152826 |
| Aris Water Holdings LLC <br> 7.25% 4/1/30<br>| 200000 | 206346 |
| Guara Norte SARL 5.20% <br> 6/15/34<br>| 115244 | 109219 |
| Star Holding LLC 8.75% <br> 8/1/31<br>| 100000 | 94237 |
| TGS ASA 8.50% 1/15/30 | 150000 | 154811 |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.88% 9/1/27 | 85000 | 85171 |
| 7.13% 3/15/29 | 100000 | 102493 |
| Viridien 10.00% 10/15/30 | 155000 | 152528 |
| Yinson Boronia Production <br> BV 8.95% 7/31/42<br>| 332045 | 353430 |
|  |  | **1411061** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-14

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Packaging & Containers–0.09%** | **Packaging & Containers–0.09%** | **Packaging & Containers–0.09%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC<br>|  |  |
| 4.00% 9/1/29 | 225000 | $205397 |
| 6.00% 6/15/27 | 140000 | 140430 |
| Ball Corp. 6.00% 6/15/29 | 100000 | 102518 |
| Clydesdale Acquisition <br> Holdings, Inc.<br>|  |  |
| 6.88% 1/15/30 | 250000 | 255570 |
| 8.75% 4/15/30 | 300000 | 306847 |
| Crown Americas LLC 5.88% <br> 6/1/33<br>| 190000 | 191299 |
| Graham Packaging Co., Inc. <br> 7.13% 8/15/28<br>| 80000 | 79852 |
| Graphic Packaging <br> International LLC<br>|  |  |
| 3.75% 2/1/30 | 100000 | 93747 |
| 6.38% 7/15/32 | 100000 | 102108 |
| Sealed Air Corp. |  |  |
| 5.00% 4/15/29 | 80000 | 79128 |
| 6.50% 7/15/32 | 50000 | 51813 |
| Sealed Air Corp./Sealed Air <br> Corp. U.S. 7.25% 2/15/31<br>| 100000 | 105248 |
| Toucan FinCo Ltd./Toucan <br> FinCo Can, Inc./Toucan <br> FinCo U.S. LLC 9.50% <br> 5/15/30<br>| 265000 | 270888 |
|  |  | **1984845** |
| **Pharmaceuticals–0.68%** | **Pharmaceuticals–0.68%** | **Pharmaceuticals–0.68%** |
| 1261229 BC Ltd. 10.00% <br> 4/15/32<br>| 500000 | 504385 |
| 180 Medical, Inc. 3.88% <br> 10/15/29<br>| 100000 | 95073 |
| AdaptHealth LLC 5.13% <br> 3/1/30<br>| 150000 | 142519 |
| Bausch Health Americas, Inc. |  |  |
| 8.50% 1/31/27 | 30000 | 28575 |
| 9.25% 4/1/26 | 250000 | 248438 |
| Bausch Health Cos., Inc. |  |  |
| 4.88% 6/1/28 | 250000 | 210886 |
| 5.25% 1/30/30 | 50000 | 31660 |
| 11.00% 9/30/28 | 110000 | 108900 |
| Bayer U.S. Finance II LLC <br> 4.38% 12/15/28<br>| 4270000 | 4230238 |
| Bayer U.S. Finance LLC 6.50% <br> 11/21/33<br>| 700000 | 750579 |
| CVS Health Corp. |  |  |
| 3.25% 8/15/29 | 5640000 | 5360394 |
| μ6.75% 12/10/54 | 231000 | 231503 |
| μ7.00% 3/10/55 | 350000 | 360994 |
| Grifols SA 4.75% 10/15/28 | 100000 | 96133 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Novo Nordisk Finance <br> Netherlands BV 3.63% <br> 5/27/37<br>| 250000 | $295722 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV<br>|  |  |
| 4.13% 4/30/28 | 300000 | 288532 |
| 5.13% 4/30/31 | 280000 | 243000 |
| 6.75% 5/15/34 | 30000 | 28810 |
| 7.88% 5/15/34 | 30000 | 27091 |
| Owens & Minor, Inc. |  |  |
| 4.50% 3/31/29 | 80000 | 71712 |
| 6.63% 4/1/30 | 90000 | 84541 |
| Teva Pharmaceutical Finance <br> Netherlands III BV<br>|  |  |
| 3.15% 10/1/26 | 59000 | 57854 |
| 6.00% 12/1/32 | 330000 | 337003 |
| 7.88% 9/15/29 | 200000 | 218174 |
| Teva Pharmaceutical Finance <br> Netherlands IV BV 5.75% <br> 12/1/30<br>| 330000 | 335919 |
|  |  | **14388635** |
| **Pipelines–1.47%** | **Pipelines–1.47%** | **Pipelines–1.47%** |
| Antero Midstream <br> Partners LP/Antero <br> Midstream Finance Corp. <br> 5.75% 3/1/27<br>| 60000 | 59927 |
| Cheniere Energy Partners LP <br> 5.75% 8/15/34<br>| 150000 | 154046 |
| CNX Midstream Partners LP <br> 4.75% 4/15/30<br>| 200000 | 188915 |
| CQP Holdco LP/BIP-V <br> Chinook Holdco LLC 7.50% <br> 12/15/33<br>| 250000 | 271272 |
| Delek Logistics <br> Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13% 6/1/28 | 350000 | 351444 |
| 7.38% 6/30/33 | 65000 | 64697 |
| 8.63% 3/15/29 | 200000 | 207576 |
| DT Midstream, Inc. 5.80% <br> 12/15/34<br>| 150000 | 152762 |
| EIG Pearl Holdings SARL <br> 3.55% 8/31/36<br>| 248161 | 220852 |
| Energy Transfer LP |  |  |
| 6.10% 12/1/28 | 4235000 | 4448740 |
| μ6.63% 2/15/28 | 250000 | 248836 |
| μ7.13% 5/15/30 | 80000 | 81493 |
| 7.38% 2/1/31 | 100000 | 104784 |
| Galaxy Pipeline Assets Bidco <br> Ltd.<br>|  |  |
| 2.16% 3/31/34 | 73715 | 65355 |
| 2.63% 3/31/36 | 300000 | 254877 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-15

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Genesis Energy LP/Genesis <br> Energy Finance Corp. 8.00% <br> 5/15/33<br>| 350000 | $365933 |
| Global Partners LP/GLP <br> Finance Corp.<br>|  |  |
| 6.88% 1/15/29 | 150000 | 152316 |
| 7.13% 7/1/33 | 50000 | 50701 |
| Golar LNG Ltd. 7.75% 9/19/29 | 400000 | 402040 |
| Greensaif Pipelines Bidco <br> SARL<br>|  |  |
| 6.13% 2/23/38 | 200000 | 206253 |
| 6.51% 2/23/42 | 200000 | 207247 |
| Harvest Midstream I LP |  |  |
| 7.50% 9/1/28 | 200000 | 203407 |
| 7.50% 5/15/32 | 50000 | 52808 |
| Hess Midstream <br> Operations LP<br>|  |  |
| 4.25% 2/15/30 | 65000 | 62496 |
| 5.13% 6/15/28 | 300000 | 297895 |
| 5.88% 3/1/28 | 150000 | 152236 |
| Howard Midstream Energy <br> Partners LLC<br>|  |  |
| 7.38% 7/15/32 | 100000 | 105170 |
| 8.88% 7/15/28 | 200000 | 209968 |
| Kinetik Holdings LP |  |  |
| 5.88% 6/15/30 | 150000 | 151272 |
| 6.63% 12/15/28 | 250000 | 255697 |
| New Fortress Energy, Inc. <br> 6.50% 9/30/26<br>| 65000 | 36075 |
| NFE Financing LLC 12.00% <br> 11/15/29<br>| 340000 | 154360 |
| Oleoducto Central SA 4.00% <br> 7/14/27<br>| 100000 | 97382 |
| ONEOK, Inc. |  |  |
| 5.05% 11/1/34 | 1353000 | 1316667 |
| 6.50% 9/1/30 | 2990000 | 3194369 |
| •Plains All American <br> Pipeline LP 8.70% (3 mo. <br> USD Term SOFR + 4.37%) <br> 7/30/25<br>| 940000 | 941987 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp. 3.55% 12/15/29<br>| 2230000 | 2131565 |
| Prairie Acquiror LP 9.00% <br> 8/1/29<br>| 130000 | 135410 |
| Rockies Express Pipeline LLC |  |  |
| 4.95% 7/15/29 | 200000 | 196339 |
| 6.75% 3/15/33 | 250000 | 260917 |
| μSouth Bow Canadian <br> Infrastructure Holdings Ltd. <br> 7.50% 3/1/55<br>| 135000 | 139286 |
| Southern Gas Corridor CJSC <br> 6.88% 3/24/26<br>| 150000 | 151836 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50% 1/15/28 | 300000 | $298238 |
| 6.00% 12/31/30 | 820000 | 804597 |
| 6.00% 9/1/31 | 70000 | 68309 |
| Targa Resources Corp. |  |  |
| 4.90% 9/15/30 | 658000 | 663555 |
| 5.65% 2/15/36 | 1584000 | 1598886 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 4355000 | 4358064 |
| TMS Issuer SARL 5.78% <br> 8/23/32<br>| 100000 | 103118 |
| TransMontaigne <br> Partners LLC 8.50% 6/15/30<br>| 90000 | 93627 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 6.50% 1/15/34 | 265000 | 265000 |
| 6.75% 1/15/36 | 205000 | 205000 |
| Williams Cos., Inc. 2.60% <br> 3/15/31<br>| 4820000 | 4318333 |
|  |  | **31283935** |
| **Real Estate–0.22%** | **Real Estate–0.22%** | **Real Estate–0.22%** |
| Alpha Star Holding IX Ltd. <br> 7.00% 8/26/28<br>| 200000 | 202305 |
| Anywhere Real Estate <br> Group LLC/Anywhere <br> Co-Issuer Corp. 7.00% <br> 4/15/30<br>| 100000 | 93424 |
| Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.75% 1/15/29 | 80000 | 69956 |
| 9.75% 4/15/30 | 160000 | 162578 |
| Aroundtown SA 3.63% <br> 4/10/31<br>| 295000 | 358194 |
| Blackstone Property Partners <br> Europe Holdings SARL <br> 1.63% 4/20/30<br>| 300000 | 323005 |
| CBRE Global Investors <br> Open-Ended Funds SCA <br> SICAV-SIF-Pan European <br> Core Fund 4.75% 3/27/34<br>| 125000 | 153522 |
| Citycon Treasury BV 5.38% <br> 7/8/31<br>| 100000 | 121079 |
| CPI Property Group SA 6.00% <br> 1/27/32<br>| 205000 | 245823 |
| Deutsche EuroShop AG 4.50% <br> 10/15/30<br>| 100000 | 117793 |
| @Fideicomiso Irrevocable de <br> Administracion y Fuente de <br> Pago Numero CIB/4323 <br> 11.00% 9/12/31<br>| 464600 | 356787 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-16

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| μGrand City Properties SA <br> 1.50% 3/9/26<br>| 100000 | $114134 |
| Heimstaden Bostad AB |  |  |
| μ3.63% 10/13/26 | 105000 | 120747 |
| 3.88% 11/5/29 | 170000 | 201280 |
| Howard Hughes Corp. |  |  |
| 4.13% 2/1/29 | 100000 | 95229 |
| 4.38% 2/1/31 | 100000 | 92284 |
| Kennedy-Wilson, Inc. 4.75% <br> 2/1/30<br>| 150000 | 137373 |
| LEG Immobilien SE 3.88% <br> 1/20/35<br>| 200000 | 230725 |
| Logicor Financing SARL <br> 1.63% 1/17/30<br>| 305000 | 330026 |
| P3 Group SARL 4.00% <br> 4/19/32<br>| 175000 | 207277 |
| Prologis International <br> Funding II SA 4.38% 7/1/36<br>| 275000 | 334233 |
| Samhallsbyggnadsbolaget I <br> Norden Holding AB 2.25% <br> 7/12/27<br>| 215000 | 225401 |
| Shurgard Luxembourg SARL <br> 4.00% 5/27/35<br>| 200000 | 234991 |
| Sirius Real Estate Ltd. 4.00% <br> 1/22/32<br>| 100000 | 116723 |
|  |  | **4644889** |
| **Real Estate Investment Trusts–1.56%** | **Real Estate Investment Trusts–1.56%** | **Real Estate Investment Trusts–1.56%** |
| Agree LP 2.90% 10/1/30 | 2340000 | 2159654 |
| American Homes 4 Rent LP <br> 4.95% 6/15/30<br>| 1538000 | 1553696 |
| American Tower Corp. 3.63% <br> 5/30/32<br>| 150000 | 177947 |
| COPT Defense Properties LP <br> 2.75% 4/15/31<br>| 4950000 | 4378237 |
| CTR <br> Partnership LP/CareTrust <br> Capital Corp. 3.88% 6/30/28<br>| 150000 | 143180 |
| Great Portland Estates PLC <br> 5.38% 9/25/31<br>| 340000 | 466330 |
| Invitation Homes Operating <br> Partnership LP 2.30% <br> 11/15/28<br>| 4560000 | 4269406 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.75% 6/15/29 | 100000 | 97369 |
| 7.00% 7/15/31 | 155000 | 162082 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 3.50% 3/15/31 | 250000 | 176740 |
| 4.63% 8/1/29 | 200000 | 157579 |
| 5.00% 10/15/27 | 450000 | 415660 |
| 8.50% 2/15/32 | 150000 | 156983 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Omega Healthcare Investors, <br> Inc.<br>|  |  |
| 3.25% 4/15/33 | 300000 | $258977 |
| 3.63% 10/1/29 | 2000000 | 1903832 |
| Phillips Edison Grocery <br> Center Operating <br> Partnership I LP 2.63% <br> 11/15/31<br>| 2470000 | 2152587 |
| Realty Income Corp. 3.38% <br> 6/20/31<br>| 100000 | 117464 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp. 6.50% 6/15/33<br>| 130000 | 133737 |
| Rithm Capital Corp. |  |  |
| 8.00% 4/1/29 | 100000 | 101032 |
| 8.00% 7/15/30 | 55000 | 55275 |
| Sabra Health Care LP 3.20% <br> 12/1/31<br>| 2860000 | 2548612 |
| Safehold GL Holdings LLC |  |  |
| 2.80% 6/15/31 | 250000 | 223654 |
| 2.85% 1/15/32 | 150000 | 130617 |
| Starwood Property Trust, Inc. |  |  |
| 6.50% 7/1/30 | 250000 | 258215 |
| 6.50% 10/15/30 | 65000 | 67109 |
| 7.25% 4/1/29 | 150000 | 157773 |
| Uniti Group LP/Uniti Fiber <br> Holdings, Inc./CSL <br> Capital LLC 6.00% 1/15/30<br>| 300000 | 281040 |
| Uniti Group LP/Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| 6.50% 2/15/29 | 480000 | 463934 |
| 8.63% 6/15/32 | 165000 | 166674 |
| 10.50% 2/15/28 | 287000 | 304232 |
| Ventas Realty LP 3.00% <br> 1/15/30<br>| 4570000 | 4288720 |
| VICI Properties LP |  |  |
| 4.95% 2/15/30 | 2800000 | 2816380 |
| 5.63% 4/1/35 | 1170000 | 1180755 |
| VICI Properties LP/VICI <br> Note Co., Inc.<br>|  |  |
| 4.63% 12/1/29 | 1030000 | 1011911 |
| 5.75% 2/1/27 | 265000 | 268666 |
|  |  | **33206059** |
| **Retail–0.45%** | **Retail–0.45%** | **Retail–0.45%** |
| 1011778 BC ULC/New Red <br> Finance, Inc.<br>|  |  |
| 4.00% 10/15/30 | 200000 | 186374 |
| 4.38% 1/15/28 | 230000 | 225550 |
| 5.63% 9/15/29 | 300000 | 304237 |
| BCPE Flavor Debt Merger <br> Sub LLC & BCPE Flavor <br> Issuer, Inc. 9.50% 7/1/32<br>| 200000 | 204595 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-17

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| @BCPE Ulysses Intermediate, <br> Inc. 7.75% 4/1/27<br>| 350000 | $338283 |
| @Carvana Co. |  |  |
| 9.00% 12/1/28 | 180000 | 184620 |
| 9.00% 6/1/31 | 490000 | 580450 |
| CEC Entertainment LLC <br> 6.75% 5/1/26<br>| 250000 | 248084 |
| eG Global Finance PLC <br> 12.00% 11/30/28<br>| 550000 | 607131 |
| Fertitta <br> Entertainment LLC/Fertitta <br> Entertainment Finance Co., <br> Inc. 6.75% 1/15/30<br>| 480000 | 442945 |
| Foundation Building <br> Materials, Inc. 6.00% 3/1/29<br>| 150000 | 137581 |
| ‡Future Retail Ltd. 5.60% <br> 1/22/25<br>| 905000 | 136 |
| LBM Acquisition LLC 6.25% <br> 1/15/29<br>| 200000 | 173500 |
| Lowe's Cos., Inc. 3.75% 4/1/32 | 4590000 | 4328938 |
| McDonald's Corp. 3.50% <br> 5/21/32<br>| 150000 | 178148 |
| Nordstrom, Inc. |  |  |
| 4.25% 8/1/31 | 150000 | 131779 |
| 4.38% 4/1/30 | 100000 | 92207 |
| Patrick Industries, Inc. 6.38% <br> 11/1/32<br>| 100000 | 100275 |
| Saks Global Enterprises LLC <br> 11.00% 12/15/29<br>| 235000 | 88125 |
| Sally Holdings LLC/Sally <br> Capital, Inc. 6.75% 3/1/32<br>| 100000 | 102661 |
| =Sgus LLC 11.00% 12/15/29 | 64091 | 64091 |
| Staples, Inc. |  |  |
| 10.75% 9/1/29 | 300000 | 283927 |
| 12.75% 1/15/30 | 200000 | 132351 |
| Yum! Brands, Inc. 4.63% <br> 1/31/32<br>| 350000 | 336970 |
|  |  | **9472958** |
| **Semiconductors–0.50%** | **Semiconductors–0.50%** | **Semiconductors–0.50%** |
| Broadcom, Inc. |  |  |
| 3.19% 11/15/36 | 1965000 | 1628966 |
| 3.42% 4/15/33 | 4810000 | 4362327 |
| 5.05% 7/12/29 | 3330000 | 3409982 |
| Entegris, Inc. |  |  |
| 4.75% 4/15/29 | 400000 | 395564 |
| 5.95% 6/15/30 | 645000 | 655252 |
| ON Semiconductor Corp. <br> 3.88% 9/1/28<br>| 150000 | 145107 |
|  |  | **10597198** |
| **Software–0.13%** | **Software–0.13%** | **Software–0.13%** |
| Cloud Software Group, Inc. |  |  |
| 8.25% 6/30/32 | 300000 | 319269 |
| 9.00% 9/30/29 | 650000 | 673742 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CoreWeave, Inc. 9.25% 6/1/30 | 265000 | $270918 |
| Fair Isaac Corp. 6.00% <br> 5/15/33<br>| 325000 | 327979 |
| Helios Software Holdings, <br> Inc./ION Corporate <br> Solutions Finance SARL <br> 8.75% 5/1/29<br>| 100000 | 102864 |
| Open Text Corp. |  |  |
| 3.88% 2/15/28 | 200000 | 193972 |
| 3.88% 12/1/29 | 200000 | 188385 |
| Open Text Holdings, Inc. <br> 4.13% 12/1/31<br>| 250000 | 230178 |
| Rackspace Finance LLC <br> 3.50% 5/15/28<br>| 250000 | 100498 |
| UKG, Inc. 6.88% 2/1/31 | 125000 | 129697 |
| X.AI LLC/X.AI Co. Issuer <br> Corp. 12.50% 6/30/30<br>| 185000 | 185000 |
|  |  | **2722502** |
| **Telecommunications–1.17%** | **Telecommunications–1.17%** | **Telecommunications–1.17%** |
| Altice Financing SA 5.75% <br> 8/15/29<br>| 550000 | 401599 |
| Altice France Holding SA <br> 6.00% 2/15/28<br>| 265000 | 92750 |
| Altice France SA 5.13% <br> 7/15/29<br>| 1700000 | 1405092 |
| AT&T, Inc. |  |  |
| 2.25% 2/1/32 | 3760000 | 3236041 |
| 6.30% 1/15/38 | 1485000 | 1603807 |
| Axian Telecom 7.38% 2/16/27 | 300000 | 303027 |
| Axian Telecom Holding & <br> Management PLC 7.25% <br> 7/11/30<br>| 400000 | 397777 |
| C&W Senior Finance Ltd. <br> 9.00% 1/15/33<br>| 615000 | 628860 |
| Colombia <br> Telecomunicaciones SA ESP <br> 4.95% 7/17/30<br>| 200000 | 172032 |
| CommScope LLC |  |  |
| 4.75% 9/1/29 | 100000 | 97628 |
| 9.50% 12/15/31 | 500000 | 523606 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>| 140000 | 140718 |
| CT Trust 5.13% 2/3/32 | 200000 | 186469 |
| @EchoStar Corp. 6.75% <br> 11/30/30<br>| 858198 | 783218 |
| Iliad Holding SASU |  |  |
| 7.00% 4/15/32 | 150000 | 153687 |
| 8.50% 4/15/31 | 175000 | 187184 |
| Koninklijke KPN NV 3.88% <br> 2/16/36<br>| 200000 | 236508 |
| Level 3 Financing, Inc. |  |  |
| 3.63% 1/15/29 | 150000 | 128250 |
| 3.75% 7/15/29 | 85000 | 71506 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-18

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Level 3 Financing, <br> Inc. (continued)<br>|  |  |
| 4.50% 4/1/30 | 250000 | $226250 |
| 6.88% 6/30/33 | 365000 | 371396 |
| 10.00% 10/15/32 | 65000 | 65650 |
| 11.00% 11/15/29 | 134137 | 153867 |
| Liberty Costa Rica Senior <br> Secured Finance 10.88% <br> 1/15/31<br>| 200000 | 212700 |
| Liquid Telecommunications <br> Financing PLC 5.50% 9/4/26<br>| 350000 | 297133 |
| Millicom International <br> Cellular SA<br>|  |  |
| 4.50% 4/27/31 | 350000 | 319678 |
| 7.38% 4/2/32 | 100000 | 102649 |
| μNetwork i2i Ltd. 3.98% 3/3/26 | 150000 | 147737 |
| μRogers Communications, Inc. |  |  |
| 7.00% 4/15/55 | 100000 | 102236 |
| 7.13% 4/15/55 | 100000 | 101360 |
| Sable International Finance <br> Ltd. 7.13% 10/15/32<br>| 450000 | 451196 |
| μTELUS Corp. |  |  |
| 6.63% 10/15/55 | 133000 | 133795 |
| 7.00% 10/15/55 | 66000 | 66442 |
| T-Mobile USA, Inc. |  |  |
| 3.00% 2/15/41 | 580000 | 424418 |
| 3.88% 4/15/30 | 4430000 | 4302495 |
| 5.13% 5/15/32 | 915000 | 933111 |
| 5.75% 1/15/34 | 1190000 | 1246287 |
| Verizon Communications, Inc. |  |  |
| 2.55% 3/21/31 | 2055000 | 1843105 |
| 5.25% 4/2/35 | 1830000 | 1845247 |
| Viasat, Inc. |  |  |
| 6.50% 7/15/28 | 75000 | 70882 |
| 7.50% 5/30/31 | 135000 | 116907 |
| Vmed O2 U.K. Financing I <br> PLC 4.25% 1/31/31<br>| 300000 | 274836 |
| Windstream <br> Services LLC/Windstream <br> Escrow Finance Corp. 8.25% <br> 10/1/31<br>| 350000 | 366550 |
|  |  | **24925686** |
| **Transportation–0.11%** | **Transportation–0.11%** | **Transportation–0.11%** |
| Beacon Mobility Corp. 7.25% <br> 8/1/30<br>| 115000 | 117419 |
| Deutsche Post AG 3.13% <br> 6/5/32<br>| 200000 | 236756 |
| Genesee & Wyoming, Inc. <br> 6.25% 4/15/32<br>| 300000 | 306112 |
| MISC Capital Two Labuan <br> Ltd. 3.75% 4/6/27<br>| 200000 | 197251 |
| Mobico Group PLC |  |  |
| μ4.25% 11/26/25 | 100000 | 82565 |
| 4.88% 9/26/31 | 165000 | 157360 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Rand Parent LLC 8.50% <br> 2/15/30<br>| 550000 | $552288 |
| Seaspan Corp. 5.50% 8/1/29 | 150000 | 142593 |
| Stonepeak Nile Parent LLC <br> 7.25% 3/15/32<br>| 125000 | 132507 |
| XPO, Inc. |  |  |
| 7.13% 6/1/31 | 100000 | 104538 |
| 7.13% 2/1/32 | 200000 | 209614 |
| Yinson Bergenia Production <br> BV 8.50% 1/31/45<br>| 200000 | 199992 |
|  |  | **2438995** |
| **Trucking & Leasing–0.01%** | **Trucking & Leasing–0.01%** | **Trucking & Leasing–0.01%** |
| Fortress Transportation & <br> Infrastructure Investors LLC<br>|  |  |
| 7.00% 6/15/32 | 100000 | 103253 |
| 7.88% 12/1/30 | 150000 | 159152 |
|  |  | **262405** |
| **Water–0.10%** | **Water–0.10%** | **Water–0.10%** |
| Aegea Finance SARL 9.00% <br> 1/20/31<br>| 200000 | 212406 |
| Anglian Water Services <br> Financing PLC 5.88% <br> 6/20/31<br>| 310000 | 435322 |
| Northumbrian Water Finance <br> PLC 4.50% 2/14/31<br>| 185000 | 244003 |
| Severn Trent Utilities Finance <br> PLC 3.88% 8/4/35<br>| 175000 | 207360 |
| South West Water Finance <br> PLC 5.75% 12/11/32<br>| 160000 | 224748 |
| SW Finance I PLC 2.38% <br> 5/28/28<br>| 135000 | 162341 |
| United Utilities Water <br> Finance PLC 3.50% 2/27/33<br>| 100000 | 116965 |
| Veolia Environnement SA <br> 3.32% 6/17/32<br>| 300000 | 352439 |
| Wessex Water Services <br> Finance PLC 6.13% 9/19/34<br>| 170000 | 235673 |
|  |  | **2191257** |
| **Total Corporate Bonds** <br>**(Cost $577,273,289)** | **Total Corporate Bonds** <br>**(Cost $577,273,289)** | **589192945** |
| **LOAN AGREEMENTS–5.38%** | **LOAN AGREEMENTS–5.38%** | **LOAN AGREEMENTS–5.38%** |
| •1011778 BC Unlimited <br> Liability Co. 6.08% (1 mo. <br> USD Term SOFR + 1.75%) <br> 9/20/30<br>| 748111 | 744056 |
| •19th Holdings Golf LLC 7.66% <br> (1 mo. USD Term SOFR + <br> 3.25%) 2/7/29<br>| 498715 | 490611 |
| •ABG Intermediate Holdings 2 <br> LLC 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 12/21/28<br>| 498744 | 498080 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-19

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Acrisure LLC 7.33% (1 mo. <br> USD Term SOFR + 3.00%) <br> 11/6/30<br>| 1745614 | $1739382 |
| Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC |
| ✠0.00% 12/11/31 | 38462 | 38606 |
| •7.30% (3 mo. USD Term <br> SOFR + 3.00%) 12/11/31<br>| 460385 | 462111 |
| •Alera Group, Inc. | •Alera Group, Inc. | •Alera Group, Inc. |
| 7.58% (1 mo. USD Term <br> SOFR + 3.25%) 5/31/32<br>| 295000 | 295811 |
| 9.83% (1 mo. USD Term <br> SOFR + 5.50%) 5/30/33<br>| 130000 | 132383 |
| •Allied Universal Holdco LLC <br> 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 5/12/28<br>| 1000000 | 1004420 |
| •Altice France SA 9.76% (3 mo. <br> USD Term SOFR + 5.50%) <br> 8/15/28<br>| 2000000 | 1807220 |
| •Amentum Government <br> Services Holdings LLC 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 9/29/31<br>| 709900 | 708125 |
| •American Airlines, Inc. | •American Airlines, Inc. | •American Airlines, Inc. |
| 6.52% (3 mo. USD Term <br> SOFR + 2.25%) 4/20/28<br>| 500000 | 496170 |
| 7.56% (1 mo. USD Term <br> SOFR + 3.25%) 5/28/32<br>| 100000 | 100550 |
| •American Trailer World Corp. <br> 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 3/3/28<br>| 500000 | 406250 |
| •AmWINS Group, Inc. 6.58% (1 <br> mo. USD Term SOFR + <br> 2.25%) 1/30/32<br>| 498747 | 498837 |
| •Amynta Agency Borrower, <br> Inc. 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 12/29/31<br>| 250000 | 249910 |
| •AP Core Holdings II LLC <br> 9.94% (1 mo. USD Term <br> SOFR + 5.50%) 9/1/27<br>| 750000 | 671602 |
| •Applied Systems, Inc. 6.80% <br> (3 mo. USD Term SOFR + <br> 2.50%) 2/24/31<br>| 250000 | 250938 |
| •Arcis Golf LLC 7.08% (1 mo. <br> USD Term SOFR + 2.75%) <br> 11/24/28<br>| 250000 | 250000 |
| •Artera Services LLC 8.80% (3 <br> mo. USD Term SOFR + <br> 4.50%) 2/15/31<br>| 500000 | 416930 |
| •Arthur U.S. Finco, Inc. 9.55% <br> (3 mo. USD Term SOFR + <br> 5.25%) 12/14/29<br>| 500000 | 464375 |
| •Aruba Investments <br> Holdings LLC 8.43% (1 mo. <br> USD Term SOFR + 4.00%) <br> 11/24/27<br>| 498705 | 466289 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Ascend Learning LLC 7.33% <br> (1 mo. USD Term SOFR + <br> 3.00%) 12/11/28<br>| 748125 | $747661 |
| •Asplundh Tree Expert LLC <br> 6.08% (1 mo. USD Term <br> SOFR + 1.75%) 5/23/31<br>| 249370 | 249552 |
| •AssetMark Financial <br> Holdings, Inc. 7.05% (3 mo. <br> USD Term SOFR + 2.75%) <br> 9/5/31<br>| 498747 | 499370 |
| •Asurion LLC | •Asurion LLC | •Asurion LLC |
| 7.69% (1 mo. USD Term <br> SOFR + 3.25%) 7/31/27<br>| 174544 | 174289 |
| 8.43% (1 mo. USD Term <br> SOFR + 4.00%) 8/19/28<br>| 24935 | 24562 |
| 8.58% (1 mo. USD Term <br> SOFR + 4.25%) 9/19/30<br>| 1745603 | 1700322 |
| 8.68% (1 mo. USD Term <br> SOFR + 4.25%) 8/19/28<br>| 74809 | 73940 |
| 9.69% (1 mo. USD Term <br> SOFR + 5.25%) 1/31/28<br>| 165000 | 157369 |
| 9.69% (1 mo. USD Term <br> SOFR + 5.25%) 1/20/29<br>| 1000000 | 925780 |
| •AthenaHealth Group, Inc. <br> 7.08% (1 mo. USD Term <br> SOFR + 2.75%) 2/15/29<br>| 748125 | 746958 |
| •Bakelite U.S. Holdco, Inc. <br> 8.05% (3 mo. USD Term <br> SOFR + 3.75%) 12/23/31<br>| 498747 | 491580 |
| •Bausch & Lomb Corp. 8.57% <br> (1 mo. USD Term SOFR + <br> 4.25%) 1/15/31<br>| 285000 | 285180 |
| •Bausch Health Cos., Inc. <br> 10.56% (1 mo. USD Term <br> SOFR + 6.25%) 10/8/30<br>| 1250000 | 1202925 |
| •BCPE Empire Holdings, Inc. <br> 7.58% (1 mo. USD Term <br> SOFR + 3.25%) 12/11/30<br>| 498747 | 495380 |
| ∞Beach Acquisition Bidco LLC <br> 0.00% 6/25/32<br>| 175000 | 175875 |
| •Brand Industrial Services, <br> Inc. 8.78% (3 mo. USD Term <br> SOFR + 4.50%) 8/1/30<br>| 1050000 | 874650 |
| •BroadStreet Partners, Inc. <br> 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 6/13/31<br>| 498740 | 499229 |
| •Caesars Entertainment, Inc. <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 2/6/30<br>| 1246189 | 1243697 |
| •Cardenas Markets, Inc. <br> 11.15% (3 mo. USD Term <br> SOFR + 6.75%) 8/1/29<br>| 500000 | 458500 |
| •Cast & Crew Payroll LLC <br> 8.08% (1 mo. USD Term <br> SOFR + 3.75%) 12/29/28<br>| 498436 | 470489 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-20

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •CD&R Hydra Buyer, Inc. <br> 8.43% (1 mo. USD Term <br> SOFR + 4.00%) 3/25/31<br>| 500000 | $491375 |
| •Celsius Holdings, Inc. 7.49% <br> (3 mo. USD Term SOFR + <br> 3.25%) 4/1/32<br>| 250000 | 251188 |
| •CFC Bidco 2022 Ltd. 8.04% (3 <br> mo. USD Term SOFR + <br> 3.75%) 5/30/32<br>| 250000 | 247500 |
| •Charlotte Buyer, Inc. 8.56% (1 <br> mo. USD Term SOFR + <br> 4.25%) 2/11/28<br>| 498747 | 498657 |
| •Charter Communications <br> Operating LLC 6.30% (3 mo. <br> USD Term SOFR + 2.00%) <br> 12/7/30<br>| 750000 | 749400 |
| •Charter NEX U.S., Inc. 7.06% <br> (1 mo. USD Term SOFR + <br> 2.75%) 11/29/30<br>| 500000 | 501565 |
| •Chemours Co. 7.33% (1 mo. <br> USD Term SOFR + 3.00%) <br> 8/18/28<br>| 279289 | 278242 |
| •CHG Healthcare Services, <br> Inc. 7.33% (3 mo. USD Term <br> SOFR + 3.00%) 9/29/28<br>| 250000 | 250765 |
| •Ciena Corp. 6.07% (1 mo. USD <br> Term SOFR + 1.75%) <br> 10/24/30<br>| 250000 | 250938 |
| •Citadel Securities LP 6.33% <br> (1 mo. USD Term SOFR + <br> 2.00%) 10/31/31<br>| 748120 | 750836 |
| •City Football Group Ltd. <br> 8.04% (3 mo. USD Term <br> SOFR + 3.50%) 7/22/30<br>| 498741 | 495414 |
| •Clarios Global LP 6.83% (1 <br> mo. USD Term SOFR + <br> 2.50%) 5/6/30<br>| 748120 | 745315 |
| •Cloud Software Group, Inc. <br> 8.05% (3 mo. USD Term <br> SOFR + 3.75%) 3/21/31<br>| 997494 | 998970 |
| •Clydesdale Acquisition <br> Holdings, Inc. 7.50% (1 mo. <br> USD Term SOFR + 3.18%) <br> 4/13/29<br>| 1500000 | 1496385 |
| •CMG Media Corp. 7.90% (3 <br> mo. USD Term SOFR + <br> 3.50%) 6/18/29<br>| 952596 | 920579 |
| •CNT Holdings I Corp. 6.78% (3 <br> mo. USD Term SOFR + <br> 2.50%) 11/8/32<br>| 497500 | 498485 |
| •CommScope, Inc. 9.58% (1 <br> mo. USD Term SOFR + <br> 5.25%) 12/17/29<br>| 750000 | 758205 |
| ✠Connect Holding II LLC 0.00% <br> 4/3/31<br>| 153894 | 141027 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Consolidated Energy Finance <br> SA 8.83% (3 mo. USD Term <br> SOFR + 4.50%) 11/15/30<br>| 29962 | $28239 |
| •Constant Contact, Inc. 8.52% <br> (3 mo. USD Term SOFR + <br> 4.00%) 2/10/28<br>| 748365 | 714688 |
| •Construction Partners, Inc. <br> 6.83% (1 mo. USD Term <br> SOFR + 2.50%) 11/3/31<br>| 250000 | 250625 |
| •Corp. Service Co. 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 11/2/29<br>| 494318 | 493577 |
| •Cotiviti Corp. 7.07% (1 mo. <br> USD Term SOFR + 2.75%) <br> 5/1/31<br>| 748116 | 743911 |
| •CPI Holdco B LLC 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 5/19/31<br>| 280000 | 277900 |
| •Crown Finance U.S., Inc. <br> 9.57% (1 mo. USD Term <br> SOFR + 5.25%) 12/2/31<br>| 997494 | 996247 |
| •Crown Subsea <br> Communications Holding, <br> Inc. 8.33% (3 mo. USD Term <br> SOFR + 4.00%) 1/30/31<br>| 124685 | 125361 |
| •CSC Holdings LLC 8.81% (1 <br> mo. USD Term SOFR + <br> 4.50%) 1/18/28<br>| 80000 | 78801 |
| •Darktrace PLC 7.57% (3 mo. <br> USD Term SOFR + 3.25%) <br> 10/9/31<br>| 500000 | 500190 |
| •Dave & Buster's, Inc. 7.56% (3 <br> mo. USD Term SOFR + <br> 3.25%) 6/29/29<br>| 500000 | 483455 |
| •DaVita, Inc. 6.33% (1 mo. USD <br> Term SOFR + 2.00%) 5/9/31<br>| 500000 | 502440 |
| •DCert Buyer, Inc. | •DCert Buyer, Inc. | •DCert Buyer, Inc. |
| 8.33% (1 mo. USD Term <br> SOFR + 4.00%) 10/16/26<br>| 1885026 | 1865384 |
| 11.33% (1 mo. USD Term <br> SOFR + 7.00%) 2/19/29<br>| 20000 | 17300 |
| •DG Investment Intermediate <br> Holdings 2, Inc. 7.94% (1 mo. <br> USD Term SOFR + 3.50%) <br> 3/31/28<br>| 498705 | 498201 |
| •Discovery Purchaser Corp. <br> 8.02% (3 mo. USD Term <br> SOFR + 3.75%) 10/4/29<br>| 498750 | 497658 |
| •Dotdash Meredith, Inc. 7.82% <br> (3 mo. USD Term SOFR + <br> 3.50%) 6/17/32<br>| 220000 | 219817 |
| •Dynasty Acquisition Co., Inc. | •Dynasty Acquisition Co., Inc. | •Dynasty Acquisition Co., Inc. |
| 6.33% (1 mo. USD Term <br> SOFR + 2.00%) 10/31/31<br>| 362222 | 362273 |
| 6.33% (1 mo. USD Term <br> SOFR + 2.00%) 10/31/31<br>| 137778 | 137797 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-21

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Eagle Parent Corp. 8.55% (3 <br> mo. USD Term SOFR + <br> 4.25%) 4/2/29<br>| 914974 | $905632 |
| •Ellucian Holdings, Inc. 7.33% <br> (1 mo. USD Term SOFR + <br> 3.00%) 10/9/29<br>| 500000 | 500940 |
| •Endo Luxembourg Finance <br> Co. I SARL 8.33% (1 mo. <br> USD Term SOFR + 4.00%) <br> 4/23/31<br>| 500000 | 498875 |
| •Ensemble RCM LLC 7.28% (3 <br> mo. USD Term SOFR + <br> 3.00%) 8/1/29<br>| 99747 | 100111 |
| •EP Purchaser LLC 8.06% (3 <br> mo. USD Term SOFR + <br> 3.50%) 11/6/28<br>| 39897 | 38787 |
| •Esdec Solar Group BV 9.56% <br> (3 mo. USD Term SOFR + <br> 5.00%) 8/30/28<br>| 689645 | 506889 |
| •Fertitta Entertainment LLC <br> 7.83% (1 mo. USD Term <br> SOFR + 3.50%) 1/27/29<br>| 1774936 | 1771829 |
| •Fiesta Purchaser, Inc. 7.58% <br> (1 mo. USD Term SOFR + <br> 3.25%) 2/12/31<br>| 500000 | 500945 |
| •Filtration Group Corp. 7.33% <br> (1 mo. USD Term SOFR + <br> 3.00%) 10/21/28<br>| 249354 | 250209 |
| •Flexera Software LLC 7.31% <br> (3 mo. USD Term SOFR + <br> 3.00%) 3/3/28<br>| 500000 | 499820 |
| •Flutter Financing BV | •Flutter Financing BV | •Flutter Financing BV |
| 6.05% (3 mo. USD Term <br> SOFR + 1.75%) 11/30/30<br>| 498734 | 496864 |
| 6.30% (3 mo. USD Term <br> SOFR + 2.00%) 6/4/32<br>| 65000 | 64919 |
| •Flynn Restaurant Group LP | •Flynn Restaurant Group LP | •Flynn Restaurant Group LP |
| 8.08% (1 mo. USD Term <br> SOFR + 3.75%) 1/28/32<br>| 150000 | 149625 |
| 8.69% (1 mo. USD Term <br> SOFR + 4.25%) 12/1/28<br>| 500000 | 502000 |
| •Focus Financial Partners LLC <br> 7.08% (1 mo. USD Term <br> SOFR + 2.75%) 9/15/31<br>| 35000 | 34738 |
| •Foundation Building Materials Holding Co. LLC | •Foundation Building Materials Holding Co. LLC | •Foundation Building Materials Holding Co. LLC |
| 7.79% (3 mo. USD Term <br> SOFR + 3.25%) 1/31/28<br>| 84818 | 83652 |
| 8.28% (3 mo. USD Term <br> SOFR + 4.00%) 1/29/31<br>| 498737 | 487336 |
| •Froneri Lux Finco SARL <br> 6.24% (6 mo. USD Term <br> SOFR + 2.00%) 9/30/31<br>| 250000 | 247033 |
| •Gen Digital, Inc. 6.08% (1 mo. <br> USD Term SOFR + 1.75%) <br> 9/12/29<br>| 498059 | 497128 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •GEN II Fund Services LLC <br> 6.97% (6 mo. USD Term <br> SOFR + 2.75%) 11/26/31<br>| 250000 | $250000 |
| •Genesee & Wyoming, Inc. <br> 6.05% (3 mo. USD Term <br> SOFR + 1.75%) 4/10/31<br>| 498744 | 495781 |
| •GFL Environmental, Inc. <br> 6.82% (3 mo. USD Term <br> SOFR + 2.50%) 3/3/32<br>| 500000 | 499585 |
| •Gloves Buyer, Inc. 8.32% (1 <br> mo. USD Term SOFR + <br> 4.00%) 1/17/32<br>| 500000 | 489375 |
| •Go Daddy Operating Co. LLC <br> 6.08% (1 mo. USD Term <br> SOFR + 1.75%) 11/9/29<br>| 249372 | 249467 |
| •Great Outdoors Group LLC <br> 7.58% (1 mo. USD Term <br> SOFR + 3.25%) 1/23/32<br>| 2992481 | 2984072 |
| •Hamilton Projects <br> Acquiror LLC 6.83% (1 mo. <br> USD Term SOFR + 2.50%) <br> 5/30/31<br>| 75000 | 74813 |
| Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
| ✠0.00% 10/23/31 | 28517 | 28544 |
| •7.83% (1 mo. USD Term <br> SOFR + 3.50%) 10/23/31<br>| 221483 | 221696 |
| •Help At Home, Inc. 9.33% (1 <br> mo. USD Term SOFR + <br> 5.00%) 9/24/31<br>| 584787 | 566302 |
| •Herschend Entertainment Co. <br> LLC 7.57% (1 mo. USD Term <br> SOFR + 3.25%) 5/27/32<br>| 80000 | 80483 |
| •Hexion Holdings Corp. | •Hexion Holdings Corp. | •Hexion Holdings Corp. |
| 8.31% (1 mo. USD Term <br> SOFR + 4.00%) 3/15/29<br>| 1047362 | 1044523 |
| 11.86% (1 mo. USD Term <br> SOFR + 7.44%) 3/15/30<br>| 75000 | 73219 |
| •Hightower Holding LLC 7.26% <br> (3 mo. USD Term SOFR + <br> 3.00%) 2/3/32<br>| 500000 | 498335 |
| •Hilton Grand Vacations <br> Borrower LLC 6.33% (1 mo. <br> USD Term SOFR + 2.00%) <br> 8/2/28<br>| 750000 | 749182 |
| •Horizon U.S. Finco LP 9.03% <br> (3 mo. USD Term SOFR + <br> 4.75%) 10/31/31<br>| 393957 | 384435 |
| •HUB International Ltd. 6.77% <br> (3 mo. USD Term SOFR + <br> 2.50%) 6/20/30<br>| 853568 | 855933 |
| •INEOS Quattro Holdings U.K. <br> Ltd. 8.68% (1 mo. USD Term <br> SOFR + 4.25%) 4/2/29<br>| 498737 | 463202 |
| •IVC Acquisition Ltd. 8.05% (3 <br> mo. USD Term SOFR + <br> 3.75%) 12/12/28<br>| 500000 | 502345 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-22

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •J&J Ventures Gaming LLC <br> 7.83% (1 mo. USD Term <br> SOFR + 3.50%) 4/26/30<br>| 500000 | $493635 |
| •Jane Street Group LLC 6.33% <br> (3 mo. USD Term SOFR + <br> 2.00%) 12/15/31<br>| 748042 | 747077 |
| •Jazz Financing Lux SARL <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 5/5/28<br>| 497996 | 499908 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. |
| ✠0.00% 2/26/32 | 64655 | 64554 |
| •7.08% (3 mo. USD Term <br> SOFR + 2.75%) 2/26/32<br>| 685345 | 684276 |
| •Kaseya, Inc. 7.58% (1 mo. <br> USD Term SOFR + 3.25%) <br> 3/20/32<br>| 1246875 | 1251164 |
| •Kodiak Building Partners, <br> Inc. 8.04% (3 mo. USD Term <br> SOFR + 3.75%) 12/4/31<br>| 500000 | 481040 |
| •Kronos Acquisition Holdings, <br> Inc. 8.30% (3 mo. USD Term <br> SOFR + 4.00%) 7/8/31<br>| 500000 | 446125 |
| •KUEHG Corp. 7.55% (3 mo. <br> USD Term SOFR + 3.25%) <br> 6/12/30<br>| 249373 | 249373 |
| •LBM Acquisition LLC | •LBM Acquisition LLC | •LBM Acquisition LLC |
| 8.16% (1 mo. USD Term <br> SOFR + 3.75%) 6/6/31<br>| 299244 | 278671 |
| 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 12/17/27<br>| 24000 | 23631 |
| •Leia Finco U.S. LLC 9.57% (3 <br> mo. USD Term SOFR + <br> 5.25%) 10/9/32<br>| 135000 | 133988 |
| •Life Time Fitness, Inc. 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 11/5/31<br>| 500000 | 501000 |
| •Lonza Group AG 8.32% (3 mo. <br> USD Term SOFR + 3.93%) <br> 7/3/28<br>| 700000 | 636685 |
| •Lumen Technologies, Inc. | •Lumen Technologies, Inc. | •Lumen Technologies, Inc. |
| 6.79% (1 mo. USD Term <br> SOFR + 2.35%) 4/16/29<br>| 1765500 | 1741896 |
| 6.79% (1 mo. USD Term <br> SOFR + 2.35%) 4/15/30<br>| 119695 | 118068 |
| •M2S Group Intermediate <br> Holdings, Inc. 9.03% (3 mo. <br> USD Term SOFR + 4.75%) <br> 8/25/31<br>| 830000 | 800950 |
| •Madison IAQ LLC 6.61% (6 <br> mo. USD Term SOFR + <br> 2.50%) 6/21/28<br>| 748057 | 748251 |
| •MajorDrive Holdings IV LLC <br> 8.56% (3 mo. USD Term <br> SOFR + 4.00%) 6/1/28<br>| 200000 | 195834 |
| •MED ParentCo LP 7.58% (1 <br> mo. USD Term SOFR + <br> 3.25%) 4/15/31<br>| 165000 | 165472 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Medline Borrower LP 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 10/23/28<br>| 1246859 | $1247470 |
| •MH Sub I LLC 8.58% (1 mo. <br> USD Term SOFR + 4.25%) <br> 12/31/31<br>| 1246867 | 1080622 |
| •MKS Instruments, Inc. 6.32% <br> (1 mo. USD Term SOFR + <br> 2.00%) 8/17/29<br>| 500000 | 500500 |
| •Modena Buyer LLC 8.78% (3 <br> mo. USD Term SOFR + <br> 4.50%) 7/1/31<br>| 750000 | 720937 |
| •ModivCare, Inc. 9.05% (3 mo. <br> USD Term SOFR + 4.75%) <br> 7/1/31<br>| 99749 | 72485 |
| MRP Buyer LLC | MRP Buyer LLC | MRP Buyer LLC |
| ✠0.00% 6/4/32 | 11290 | 11114 |
| •7.57% (3 mo. USD Term <br> SOFR + 3.25%) 6/4/32<br>| 88710 | 87324 |
| •Natgasoline LLC 9.83% (1 mo. <br> USD Term SOFR + 5.50%) <br> 3/29/30<br>| 1043437 | 1034307 |
| •Neptune Bidco U.S., Inc. | •Neptune Bidco U.S., Inc. | •Neptune Bidco U.S., Inc. |
| 9.08% (3 mo. USD Term <br> SOFR + 4.75%) 4/11/29<br>| 1250000 | 1174550 |
| 9.33% (3 mo. USD Term <br> SOFR + 5.00%) 4/11/29<br>| 250000 | 235848 |
| •New Arclin U.S. Holding Corp. <br> 7.93% (1 mo. USD Term <br> SOFR + 3.50%) 9/30/28<br>| 500000 | 501190 |
| •New Fortress Energy, Inc. <br> 9.81% (3 mo. USD Term <br> SOFR + 5.50%) 10/30/28<br>| 2309500 | 1242003 |
| •Nexstar Broadcasting, Inc. <br> 6.82% (1 mo. USD Term <br> SOFR + 2.50%) 6/28/32<br>| 210000 | 207900 |
| •Nexus Buyer LLC 7.83% (1 <br> mo. USD Term SOFR + <br> 3.50%) 7/31/31<br>| 748125 | 750175 |
| •Nielsen Consumer, Inc. 7.83% <br> (1 mo. USD Term SOFR + <br> 3.50%) 3/6/28<br>| 249375 | 249245 |
| •Nuvei Technologies Corp. <br> 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 11/17/31<br>| 500000 | 500590 |
| •Open Text Corp. 6.08% (1 mo. <br> USD Term SOFR + 1.75%) <br> 1/31/30<br>| 497958 | 497400 |
| •Optiv Parent, Inc. 9.53% (3 <br> mo. USD Term SOFR + <br> 5.25%) 7/31/26<br>| 500000 | 400535 |
| •Organon & Co. 6.57% (1 mo. <br> USD Term SOFR + 2.25%) <br> 5/19/31<br>| 500000 | 490415 |
| •Oscar AcquisitionCo LLC <br> 8.55% (3 mo. USD Term <br> SOFR + 4.25%) 4/29/29<br>| 44859 | 41205 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-23

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Par Petroleum LLC 8.03% (3 <br> mo. USD Term SOFR + <br> 3.75%) 2/28/30<br>| 500000 | $493440 |
| •Peraton Corp. 8.18% (1 mo. <br> USD Term SOFR + 3.75%) <br> 2/1/28<br>| 997339 | 877967 |
| •PMHC II, Inc. 8.64% (3 mo. <br> USD Term SOFR + 4.25%) <br> 4/23/29<br>| 159795 | 139199 |
| •Polaris Newco LLC | •Polaris Newco LLC | •Polaris Newco LLC |
| 8.29% (3 mo. USD Term <br> SOFR + 3.75%) 6/2/28<br>| 1664728 | 1620563 |
| 13.43% (3 mo. USD Term <br> SOFR + 9.00%) 6/4/29<br>| 150000 | 145220 |
| •Primo Brands Corp. 6.55% (3 <br> mo. USD Term SOFR + <br> 2.25%) 3/31/28<br>| 498747 | 500313 |
| •Project Alpha Intermediate <br> Holding, Inc. 7.55% (3 mo. <br> USD Term SOFR + 3.25%) <br> 10/26/30<br>| 748116 | 747180 |
| •Project Boost Purchaser LLC <br> 7.30% (3 mo. USD Term <br> SOFR + 3.00%) 7/16/31<br>| 500000 | 500625 |
| •Proofpoint, Inc. 7.33% (1 mo. <br> USD Term SOFR + 3.00%) <br> 8/31/28<br>| 750000 | 750082 |
| •Quikrete Holdings, Inc. 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 2/10/32<br>| 748125 | 746816 |
| Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
| @•8.09% (3 mo. USD Term <br> SOFR + 3.50%) 1/31/29<br>| 150087 | 149796 |
| •8.80% (3 mo. USD Term <br> SOFR + 4.50%) 6/25/32<br>| 170000 | 168513 |
| •Recess Holdings, Inc. 8.03% <br> (3 mo. USD Term SOFR + <br> 3.75%) 2/20/30<br>| 249373 | 249905 |
| •Red Planet Borrower LLC <br> 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 10/2/28<br>| 500000 | 493750 |
| •Renaissance Holdings Corp. <br> 8.28% (3 mo. USD Term <br> SOFR + 4.00%) 4/5/30<br>| 748101 | 677615 |
| •Restoration Hardware, Inc. <br> 7.68% (1 mo. USD Term <br> SOFR + 3.25%) 10/20/28<br>| 500000 | 486520 |
| •Roper Industrial Products <br> Investment Co. LLC 7.05% <br> (3 mo. USD Term SOFR + <br> 2.75%) 11/22/29<br>| 134662 | 134283 |
| •RVR Dealership Holdings LLC <br> 8.18% (1 mo. USD Term <br> SOFR + 3.75%) 2/8/28<br>| 500000 | 456390 |
| •Ryan Specialty Group LLC <br> 6.58% (1 mo. USD Term <br> SOFR + 2.25%) 9/15/31<br>| 249373 | 248957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Sandisk Corp. 7.32% (3 mo. <br> USD Term SOFR + 3.00%) <br> 2/20/32<br>| 726750 | $722208 |
| •Sedgwick Claims <br> Management Services, Inc. <br> 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 7/31/31<br>| 498744 | 500305 |
| •Shift4 Payments LLC 7.08% (3 <br> mo. USD Term SOFR + <br> 2.75%) 6/30/32<br>| 35000 | 34913 |
| Sizzling Platter LLC | Sizzling Platter LLC | Sizzling Platter LLC |
| ✠0.00% 6/25/32 | 26139 | 25354 |
| •9.32% (3 mo. USD Term <br> SOFR + 5.00%) 6/25/32<br>| 138861 | 134696 |
| •Somnigroup International, <br> Inc. 6.54% (1 mo. USD Term <br> SOFR + 2.25%) 10/24/31<br>| 467500 | 467851 |
| •Sotera Health Holdings LLC <br> 7.55% (3 mo. USD Term <br> SOFR + 3.25%) 5/30/31<br>| 249372 | 250152 |
| •Sovos Compliance LLC 8.33% <br> (1 mo. USD Term SOFR + <br> 4.00%) 8/13/29<br>| 250000 | 251110 |
| •Spin Holdco, Inc. 8.58% (3 <br> mo. USD Term SOFR + <br> 4.00%) 3/4/28<br>| 1617812 | 1415586 |
| •Staples, Inc. 10.03% (3 mo. <br> USD Term SOFR + 5.75%) <br> 9/4/29<br>| 748116 | 688797 |
| •Station Casinos LLC 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 3/14/31<br>| 500000 | 500605 |
| ∞Student Transportation Of <br> America Holdings, Inc 0.00% <br> 6/24/32<br>| 1667 | 1658 |
| •Student Transportation Of <br> America Holdings, Inc. <br> 7.57% (3 mo. USD Term <br> SOFR + 3.25%) 6/24/32<br>| 23333 | 23217 |
| •Sweetwater Borrower LLC <br> 8.69% (1 mo. USD Term <br> SOFR + 4.25%) 8/7/28<br>| 500000 | 500000 |
| •Talen Energy Supply LLC <br> 6.81% (3 mo. USD Term <br> SOFR + 2.50%) 12/15/31<br>| 250000 | 250508 |
| •Tempur Sealy International, <br> Inc. 6.79% (1 mo. USD Term <br> SOFR + 2.50%) 10/24/31<br>| 500000 | 500835 |
| •TGP Holdings III LLC 7.68% <br> (1 mo. USD Term SOFR + <br> 3.25%) 6/29/28<br>| 269960 | 240073 |
| •TK Elevator Midco GmbH <br> 7.24% (3 mo. SOFR CME + <br> 3.00%) 4/30/30<br>| 498750 | 499827 |
| •Tory Burch LLC 7.69% (1 mo. <br> USD Term SOFR + 3.25%) <br> 4/16/28<br>| 498701 | 495584 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-24

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •TPC Group, Inc. 9.95% (6 mo. <br> USD Term SOFR + 5.75%) <br> 12/16/31<br>| 249375 | $239400 |
| •TransDigm, Inc. 6.80% (3 mo. <br> USD Term SOFR + 2.50%) <br> 2/28/31<br>| 1246851 | 1248971 |
| •Truist Insurance <br> Holdings LLC 7.05% (3 mo. <br> USD Term SOFR + 2.75%) <br> 5/6/31<br>| 265000 | 264944 |
| •TTM Technologies, Inc. 6.57% <br> (1 mo. USD Term SOFR + <br> 2.25%) 5/30/30<br>| 250000 | 249375 |
| Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
| ∞9.50% 10/26/29 | 1450000 | 1408921 |
| •10.93% (1 mo. USD Term <br> SOFR + 6.50%) 10/26/29<br>| 149616 | 146017 |
| •UKG, Inc. 7.32% (3 mo. USD <br> Term SOFR + 3.00%) <br> 2/10/31<br>| 1250000 | 1254400 |
| •United FP Holdings LLC <br> 8.54% (3 mo. USD Term <br> SOFR + 4.00%) 12/30/26<br>| 979416 | 941219 |
| •Univision Communications, <br> Inc. 8.55% (3 mo. USD Term <br> SOFR + 4.25%) 6/24/29<br>| 748072 | 741841 |
| •USI, Inc. 6.55% (3 mo. USD <br> Term SOFR + 2.25%) <br> 9/29/30<br>| 500000 | 498280 |
| •Varsity Brands, Inc. 7.58% (3 <br> mo. USD Term SOFR + <br> 3.50%) 8/26/31<br>| 500000 | 499530 |
| •Vertiv Group Corp. 6.07% (1 <br> mo. USD Term SOFR + <br> 1.75%) 3/2/27<br>| 498744 | 499113 |
| Virgin Media Bristol LLC <br> 7.37% (6 mo. USD Term <br> SOFR + 3.18%) 3/31/31<br>| 500000 | 493070 |
| •Vista Management Holding, <br> Inc. 8.04% (3 mo. USD Term <br> SOFR + 3.75%) 4/1/31<br>| 250000 | 250418 |
| •Vistra Operations Co. LLC <br> 6.08% (1 mo. USD Term <br> SOFR + 1.75%) 12/20/30<br>| 498734 | 499737 |
| •WaterBridge Midstream <br> Operating LLC 9.31% (3 mo. <br> USD Term SOFR + 4.75%) <br> 6/27/29<br>| 498744 | 495447 |
| •Waterbridge Midstream <br> Opr LLC 8.30% (3 mo. USD <br> Term SOFR + 4.00%) <br> 5/10/29<br>| 64837 | 64323 |
| •Weber-Stephen Products LLC <br> 7.69% (1 mo. USD Term <br> SOFR + 3.25%) 10/30/27<br>| 961961 | 954092 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •WEC U.S. Holdings Ltd. 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 1/27/31<br>| 500000 | $499960 |
| •WH Borrower LLC 9.07% (3 <br> mo. USD Term SOFR + <br> 4.75%) 2/20/32<br>| 1160000 | 1158306 |
| •Whatabrands LLC 6.83% (1 <br> mo. USD Term SOFR + <br> 2.50%) 8/3/28<br>| 498747 | 498772 |
| •WIN Waste Innovations <br> Holdings, Inc. 7.19% (1 mo. <br> USD Term SOFR + 2.75%) <br> 3/24/28<br>| 723183 | 714823 |
| •Windsor Holdings III LLC <br> 7.07% (1 mo. USD Term <br> SOFR + 2.75%) 8/1/30<br>| 498747 | 498622 |
| •X Ai Corp. 11.55% (3 mo. USD <br> Term SOFR + 7.25%) <br> 6/28/30<br>| 65000 | 62400 |
| •Zelis Payments Buyer, Inc. <br> 7.08% (1 mo. USD Term <br> SOFR + 2.75%) 9/28/29<br>| 500000 | 496315 |
| **Total Loan Agreements** <br>**(Cost $114,244,689)** | **Total Loan Agreements** <br>**(Cost $114,244,689)** | **114533420** |
| **NON-AGENCY ASSET-BACKED SECURITIES–7.69%** | **NON-AGENCY ASSET-BACKED SECURITIES–7.69%** | **NON-AGENCY ASSET-BACKED SECURITIES–7.69%** |
| Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
| Series 2025-X1 Class A 5.08% <br> 4/15/30<br>| 1662053 | 1663609 |
| Series 2025-X1 Class B 5.19% <br> 4/15/30<br>| 1000000 | 1000913 |
| •AIMCO CLO 10 Ltd. Series <br> 2019-10A Class ARR 5.68% <br> (3 mo. USD Term SOFR + <br> 1.41%) 7/22/37<br>| 10000000 | 10024430 |
| Amur Equipment Finance <br> Receivables XV LLC Series <br> 2025-1A Class A2 4.70% <br> 9/22/31<br>| 1700000 | 1710018 |
| •ARES LIV CLO Ltd. Series <br> 2019-54A Class AR2 1.00% <br> (1.31% minus 3 mo. USD <br> Term SOFR) 7/15/38<br>| 953000 | 953000 |
| Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
| Series 2025-1A Class A 4.80% <br> 8/20/29<br>| 445000 | 449898 |
| Series 2025-2A Class A 5.12% <br> 8/20/31<br>| 1305000 | 1327530 |
| •BCRED BSL Static CLO Ltd. <br> Series 2025-1A Class AR <br> 5.54% (3 mo. USD Term <br> SOFR + 1.25%) 7/24/35<br>| 1304000 | 1301399 |
| •Beechwood Park CLO Ltd. <br> Series 2019-1A Class A1R <br> 5.58% (3 mo. USD Term <br> SOFR + 1.30%) 1/17/35<br>| 10000000 | 10018260 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-25

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 1992001 | $1867883 |
| BofA Auto Trust Series <br> 2025-1A Class A3 4.35% <br> 11/20/29<br>| 300000 | 301376 |
| •Cedar Funding XV CLO Ltd. <br> Series 2022-15A Class A <br> 5.59% (3 mo. USD Term <br> SOFR + 1.32%) 4/20/35<br>| 4500000 | 4499977 |
| Consolidated <br> Communications LLC/Fidium <br> Fiber Finance Holdco LLC <br> Series 2025-1A Class A2 <br> 6.00% 5/20/55<br>| 173000 | 178394 |
| DB Master Finance LLC | DB Master Finance LLC | DB Master Finance LLC |
| Series 2017-1A Class A2II <br> 4.03% 11/20/47<br>| 4637500 | 4587968 |
| Series 2019-1A Class A2II <br> 4.02% 5/20/49<br>| 3209213 | 3181242 |
| Series 2021-1A Class A23 <br> 2.79% 11/20/51<br>| 3770255 | 3287483 |
| Dell Equipment Finance <br> Trust Series 2023-3 Class A3 <br> 5.93% 4/23/29<br>| 2399814 | 2412928 |
| Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
| Series 2017-1A Class A23 <br> 4.12% 7/25/47<br>| 4700000 | 4636152 |
| Series 2021-1A Class A2I <br> 2.66% 4/25/51<br>| 14587500 | 13610715 |
| Series 2021-1A Class A2II <br> 3.15% 4/25/51<br>| 889838 | 800969 |
| •Dryden 108 CLO Ltd. Series <br> 2022-108A Class A1R 5.63% <br> (3 mo. USD Term SOFR + <br> 1.36%) 7/18/37<br>| 500000 | 500811 |
| •Eaton Vance CLO Ltd. | •Eaton Vance CLO Ltd. | •Eaton Vance CLO Ltd. |
| Series 2020-1A Class ARR <br> 5.65% (3 mo. USD Term <br> SOFR + 1.39%) 10/15/37<br>| 411000 | 412242 |
| Series 2020-2A Class AR2 <br> 5.64% (3 mo. USD Term <br> SOFR + 1.38%) 10/15/37<br>| 2750000 | 2757903 |
| •Flatiron CLO 32 Ltd. Series <br> 2025-32A Class A1 1.29% <br> (1.29% minus 3 mo. USD <br> Term SOFR) 10/22/38<br>| 1242000 | 1242000 |
| •Invesco CLO Ltd. Series <br> 2021-3A Class A 5.66% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/22/34<br>| 1000000 | 1000562 |
| •Madison Park Funding LXVII <br> Ltd. Series 2024-67A <br> Class A1 5.79% (3 mo. USD <br> Term SOFR + 1.51%) <br> 4/25/37<br>| 4000000 | 4011472 |

---

---

| | | |
|:---|:---|:---|
|  | **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 XLVIII <br> Ltd. Series 2021-48A Class A <br> 5.68% (3 mo. USD Term <br> SOFR + 1.41%) 4/19/33<br>| 9079705 | $9101805 |
| •Magnetite XXIX Ltd. Series <br> 2021-29A Class AR 5.61% (3 <br> mo. USD Term SOFR + <br> 1.35%) 7/15/37<br>| 6500000 | 6517043 |
| •Magnetite XXXVI Ltd. Series <br> 2023-36A Class AR 5.64% (3 <br> mo. USD Term SOFR + <br> 1.32%) 7/25/38<br>| 1270000 | 1274127 |
| •OHA Credit Funding 6 Ltd. <br> Series 2020-6A Class AR2 <br> 5.60% (3 mo. USD Term <br> SOFR + 1.33%) 10/20/37<br>| 1450000 | 1454766 |
| •OHA Credit Partners VII Ltd. <br> Series 2012-7A Class AR4 <br> 5.46% (3 mo. USD Term <br> SOFR + 1.14%) 2/20/38<br>| 10000000 | 9978460 |
| Onemain Financial Issuance <br> Trust Series 2025-1A Class A <br> 4.82% 7/14/38<br>| 1200000 | 1206510 |
| OneMain Financial Issuance <br> Trust Series 2020-2A Class A <br> 1.75% 9/14/35<br>| 2000000 | 1949915 |
| Oportun Issuance Trust <br> Series 2025-B Class A 4.88% <br> 5/9/33<br>| 300000 | 301460 |
| •Palmer Square CLO Ltd. <br> Series 2025-2A Class A1 <br> 5.67% (3 mo. USD Term <br> SOFR + 1.35%) 7/20/38<br>| 2355000 | 2363200 |
| ‡•Palmer Square Loan Funding <br> Ltd. Series 2025-2A Class A1 <br> 0.00% (0.94% minus 3 mo. <br> USD Term SOFR) 7/15/33<br>| 1257000 | 1257000 |
| •Peace Park CLO Ltd. Series <br> 2021-1A Class A 5.66% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/20/34<br>| 6114000 | 6117564 |
| •Rockland Park CLO Ltd. <br> Series 2021-1A Class A 5.65% <br> (3 mo. USD Term SOFR + <br> 1.38%) 4/20/34<br>| 1500000 | 1502250 |
| •RR 34 Ltd. Series 2024-34RA <br> Class A1R 5.61% (3 mo. USD <br> Term SOFR + 1.35%) <br> 10/15/39<br>| 250000 | 251044 |
| ‡•Sixth Street CLO XX Ltd. <br> Series 2021-20A Class A1R <br> 0.00% (1.32% minus 3 mo. <br> USD Term SOFR) 7/17/38<br>| 1030000 | 1030000 |
| SLAM Ltd. Series 2025-1A <br> Class A 5.81% 5/15/50<br>| 895000 | 910088 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-26

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Stellantis Financial <br> Underwritten Enhanced <br> Lease Trust Series 2025-AA <br> Class A2 4.63% 7/20/27<br>| 4900000 | $4911779 |
| Subway Funding LLC | Subway Funding LLC | Subway Funding LLC |
| Series 2024-1A Class A23 <br> 6.51% 7/30/54<br>| 4975000 | 5098408 |
| Series 2024-1A Class A2I <br> 6.03% 7/30/54<br>| 2905400 | 2954495 |
| Series 2024-1A Class A2II <br> 6.27% 7/30/54<br>| 4975000 | 5096734 |
| Series 2024-3A Class A23 <br> 5.91% 7/30/54<br>| 4975000 | 4920989 |
| •Symphony CLO 43 Ltd. Series <br> 2024-43A Class A1 5.78% (3 <br> mo. USD Term SOFR + <br> 1.52%) 4/15/37<br>| 6800000 | 6817163 |
| •Symphony CLO XXVI Ltd. <br> Series 2021-26A Class AR <br> 5.61% (3 mo. USD Term <br> SOFR + 1.34%) 4/20/33<br>| 8399326 | 8401728 |
| Toyota Auto Loan Extended <br> Note Trust Series 2025-1A <br> Class A 4.65% 5/25/38<br>| 300000 | 304004 |
| VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
| Series 2024-1A Class D <br> 6.64% 5/15/54<br>| 200000 | 205095 |
| Series 2024-1A Class F 8.87% <br> 5/15/54<br>| 300000 | 312523 |
| Verdant Receivables LLC <br> Series 2025-1A Class A2 <br> 4.85% 3/13/28<br>| 565000 | 566552 |
| Willis Engine Structured <br> Trust VIII Series 2025-A <br> Class A 5.58% 6/15/50<br>| 1060000 | 1076910 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $163,920,250)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $163,920,250)** | **163620746** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.63%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.63%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.63%** |
| •Angel Oak Mortgage Trust <br> Series 2025-7 Class A1 5.51% <br> 6/25/70<br>| 606000 | 608185 |
| φBravo Residential Funding <br> Trust Series 2025-NQM5 <br> Class A1 5.50% 2/25/65<br>| 778990 | 780916 |
| •CIM Trust Series 2021-R3 <br> Class A1A 1.95% 6/25/57<br>| 1770754 | 1621394 |
| •Cross Mortgage Trust Series <br> 2025-H4 Class A1 5.60% <br> 6/25/70<br>| 884941 | 888950 |
| •CSMC Trust Series 2021-RPL7 <br> Class A1 4.20% 7/27/61<br>| 1966752 | 1987523 |
| •GS Mortgage-Backed <br> Securities Trust Series <br> 2024-RPL2 Class A1 3.75% <br> 7/25/61<br>| 2028986 | 1982900 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •JP Morgan Mortgage Trust <br> Series 2025-NQM2 Class A1 <br> 5.57% 9/25/65<br>| 294837 | $296521 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2025-NQM3 Class A1 5.53% <br> 5/25/70<br>| 649188 | 651457 |
| φOBX Trust Series <br> 2025-NQM10 Class A1 5.45% <br> 5/25/65<br>| 596502 | 598871 |
| φPRET Trust Series 2025-RPL3 <br> Class A1 4.15% 4/25/65<br>| 397000 | 381200 |
| φPRPM LLC Series 2024-RPL4 <br> Class A1 4.00% 12/25/54<br>| 94212 | 92022 |
| φRCO VIII Mortgage LLC <br> Series 2025-3 Class A1 6.43% <br> 5/25/30<br>| 468527 | 464326 |
| φSantander Mortgage Asset <br> Receivable Trust Series <br> 2025-NQM2 Class A1 5.73% <br> 2/25/65<br>| 973831 | 979991 |
| φVerus Securitization Trust <br> Series 2025-5 Class A1 5.43% <br> 6/25/70<br>| 2000000 | 2008309 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $13,226,809)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $13,226,809)** | **13342565** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.03%** |
| •ALA Trust Series 2025-OANA <br> Class A 6.04% (1 mo. USD <br> Term SOFR + 1.74%) <br> 6/15/40<br>| 940000 | 943819 |
| •ARES Trust Series 2025-IND3 <br> Class D 6.86% (1 mo. USD <br> Term SOFR + 2.55%) <br> 4/15/42<br>| 140000 | 139650 |
| •Bank Series 2018-BN10 <br> Class C 4.16% 2/15/61<br>| 200000 | 179650 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2025-5C34 Class A3 <br> 5.66% 5/15/58<br>| 600000 | 623577 |
| •Series 2025-5C34 Class C <br> 7.03% 5/15/58<br>| 275000 | 287780 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2022-B33 Class C <br> 3.73% 3/15/55<br>| 200000 | 156932 |
| Series 2025-V14 Class A4 <br> 5.66% 4/15/57<br>| 700000 | 727511 |
| •BFLD Mortgage Trust Series <br> 2024-WRHS Class E 8.00% (1 <br> mo. USD Term SOFR + <br> 3.69%) 8/15/26<br>| 185399 | 184936 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-27

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| \*•Series 2025-5C11 Class XB <br> 0.58% 7/15/58<br>| 4000000 | $113883 |
| •Series 2025-5C9 Class A3 <br> 5.78% 4/15/58<br>| 4300000 | 4482463 |
| •Series 2025-C12 Class C <br> 6.39% 6/15/58<br>| 113000 | 116871 |
| •BMP Trust Series 2024-MF23 <br> Class B 5.95% (1 mo. USD <br> Term SOFR + 1.64%) <br> 6/15/41<br>| 1113000 | 1114392 |
| •BPR Commercial Mortgage <br> Trust Series 2024-PARK <br> Class A 5.39% 11/5/39<br>| 5000000 | 5045366 |
| •BPR Trust Series 2023-BRK2 <br> Class C 8.63% 10/5/38<br>| 275000 | 290094 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2020-VIV2 Class C <br> 3.66% 3/9/44<br>| 3211000 | 2948366 |
| Series 2020-VIVA Class D <br> 3.67% 3/11/44<br>| 290000 | 264135 |
| Series 2020-VIVA Class E <br> 3.67% 3/11/44<br>| 235000 | 209560 |
| Series 2021-CIP Class F <br> 7.65% (1 mo. USD Term <br> SOFR + 3.33%) 12/15/38<br>| 131947 | 131617 |
| Series 2021-SOAR Class F <br> 6.78% (1 mo. USD Term <br> SOFR + 2.46%) 6/15/38<br>| 504124 | 504282 |
| Series 2021-VOLT Class G <br> 7.28% (1 mo. USD Term <br> SOFR + 2.96%) 9/15/36<br>| 145324 | 143144 |
| Series 2022-LP2 Class C <br> 5.87% (1 mo. USD Term <br> SOFR + 1.56%) 2/15/39<br>| 175000 | 174563 |
| Series 2022-LP2 Class G <br> 8.42% (1 mo. USD Term <br> SOFR + 4.11%) 2/15/39<br>| 105000 | 104870 |
| Series 2023-VLT3 Class C <br> 7.75% (1 mo. USD Term <br> SOFR + 3.44%) 11/15/28<br>| 100000 | 100000 |
| Series 2024-GPA3 Class A <br> 5.60% (1 mo. USD Term <br> SOFR + 1.29%) 12/15/39<br>| 1032423 | 1033393 |
| Series 2024-KING Class E <br> 8.00% (1 mo. USD Term <br> SOFR + 3.69%) 5/15/34<br>| 345452 | 345021 |
| Series 2024-MDHS Class A <br> 5.95% (1 mo. USD Term <br> SOFR + 1.64%) 5/15/41<br>| 208354 | 208614 |
| Series 2024-XL4 Class A <br> 5.75% (1 mo. USD Term <br> SOFR + 1.44%) 2/15/39<br>| 5283336 | 5291591 |
| Series 2024-XL4 Class B <br> 6.10% (1 mo. USD Term <br> SOFR + 1.79%) 2/15/39<br>| 1420454 | 1423561 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) |
| Series 2024-XL5 Class A <br> 5.70% (1 mo. USD Term <br> SOFR + 1.39%) 3/15/41<br>| 6177796 | $6183588 |
| Series 2024-XL5 Class D <br> 7.00% (1 mo. USD Term <br> SOFR + 2.69%) 3/15/41<br>| 77708 | 77854 |
| Series 2025-SPOT Class D <br> 6.80% (1 mo. USD Term <br> SOFR + 2.49%) 4/15/40<br>| 280000 | 277198 |
| Series 2025-SPOT Class E <br> 8.00% (1 mo. USD Term <br> SOFR + 3.69%) 4/15/40<br>| 350000 | 347241 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 530000 | 494356 |
| •Series 2019-OC11 Class E <br> 4.08% 12/9/41<br>| 350000 | 319542 |
| •Series 2021-BXMF Class A <br> 5.06% (1 mo. USD Term <br> SOFR + 0.75%) 10/15/26<br>| 4040130 | 4035079 |
| •Series 2021-MFM1 Class F <br> 7.43% (1 mo. USD Term <br> SOFR + 3.11%) 1/15/34<br>| 70000 | 69979 |
| •Series 2021-SDMF Class F <br> 6.36% (1 mo. USD Term <br> SOFR + 2.05%) 9/15/34<br>| 304240 | 300437 |
| •Series 2022-VAMF Class E <br> 7.01% (1 mo. USD Term <br> SOFR + 2.70%) 1/15/39<br>| 104000 | 103036 |
| •Series 2022-VAMF Class F <br> 7.61% (1 mo. USD Term <br> SOFR + 3.30%) 1/15/39<br>| 250000 | 248461 |
| •Series 2024-CNYN Class A <br> 5.75% (1 mo. USD Term <br> SOFR + 1.44%) 4/15/41<br>| 1106963 | 1108692 |
| •Series 2024-VLT4 Class E <br> 7.20% (1 mo. USD Term <br> SOFR + 2.89%) 7/15/29<br>| 275000 | 273453 |
| •Series 2025-LUNR Class E <br> 8.26% (1 mo. USD Term <br> SOFR + 3.95%) 6/15/40<br>| 100000 | 100000 |
| •Series 2025-ROIC Class A <br> 5.46% (1 mo. USD Term <br> SOFR + 1.14%) 3/15/30<br>| 2047000 | 2034203 |
| •Series 2025-ROIC Class C <br> 5.86% (1 mo. USD Term <br> SOFR + 1.54%) 3/15/30<br>| 3177000 | 3149196 |
| •Series 2025-TAIL Class A <br> 5.71% (1 mo. USD Term <br> SOFR + 1.40%) 6/15/35<br>| 496000 | 496776 |
| •Series 2025-TAIL Class D <br> 6.76% (1 mo. USD Term <br> SOFR + 2.45%) 6/15/35<br>| 128000 | 128000 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-28

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| BX Trust (continued) | BX Trust (continued) | BX Trust (continued) |
| •Series 2025-TAIL Class E <br> 7.61% (1 mo. USD Term <br> SOFR + 3.30%) 6/15/35<br>| 100000 | $100187 |
| •Series 2025-VLT6 Class E <br> 7.50% (1 mo. USD Term <br> SOFR + 3.19%) 3/15/42<br>| 383000 | 381802 |
| •Series 2025-VLT6 Class F <br> 8.25% (1 mo. USD Term <br> SOFR + 3.94%) 3/15/42<br>| 156000 | 153662 |
| •COMM Mortgage Trust | •COMM Mortgage Trust | •COMM Mortgage Trust |
| Series 2015-DC1 Class B <br> 4.04% 2/10/48<br>| 240000 | 229597 |
| Series 2015-DC1 Class C <br> 4.43% 2/10/48<br>| 250000 | 226048 |
| Series 2015-LC19 Class C <br> 4.24% 2/10/48<br>| 125000 | 120492 |
| •CONE Trust Series <br> 2024-DFW1 Class E 8.20% (1 <br> mo. USD Term SOFR + <br> 3.89%) 8/15/41<br>| 300000 | 299644 |
| DB-JPM Mortgage Trust <br> Series 2020-C9 Class B 2.57% <br> 8/15/53<br>| 100000 | 84166 |
| •ELP Commercial Mortgage Trust | •ELP Commercial Mortgage Trust | •ELP Commercial Mortgage Trust |
| Series 2021-ELP Class G <br> 7.54% (1 mo. USD Term <br> SOFR + 3.23%) 11/15/38<br>| 111870 | 111730 |
| Series 2021-ELP Class J <br> 8.04% (1 mo. USD Term <br> SOFR + 3.73%) 11/15/38<br>| 99884 | 99883 |
| •Extended Stay America Trust | •Extended Stay America Trust | •Extended Stay America Trust |
| Series 2021-ESH Class A <br> 5.51% (1 mo. USD Term <br> SOFR + 1.19%) 7/15/38<br>| 3516684 | 3517784 |
| Series 2021-ESH Class F <br> 8.13% (1 mo. USD Term <br> SOFR + 3.81%) 7/15/38<br>| 214432 | 214432 |
| •GS Mortgage Securities Corp. <br> Trust Series 2023-SHIP <br> Class E 7.68% 9/10/38<br>| 250000 | 250477 |
| •GS Mortgage Securities Trust | •GS Mortgage Securities Trust | •GS Mortgage Securities Trust |
| Series 2019-GC38 Class B <br> 4.31% 2/10/52<br>| 150888 | 144446 |
| Series 2019-GC42 Class C <br> 3.82% 9/10/52<br>| 155000 | 131736 |
| •GSAT Trust Series 2025-BMF <br> Class F 8.47% (1 mo. USD <br> Term SOFR + 4.15%) <br> 7/15/30<br>| 130000 | 130041 |
| •Hilton USA Trust Series <br> 2016-HHV Class F 4.33% <br> 11/5/38<br>| 350000 | 337319 |
| •IP Mortgage Trust Series <br> 2025-IP Class F 7.71% <br> 6/10/42<br>| 200000 | 201268 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2021-MHC Class F <br> 7.63% (1 mo. USD Term <br> SOFR + 3.31%) 4/15/38<br>| 200000 | $200125 |
| JPMDB Commercial <br> Mortgage Securities Trust <br> Series 2019-COR6 Class A4 <br> 3.06% 11/13/52<br>| 800000 | 714681 |
| •KIND Trust | •KIND Trust | •KIND Trust |
| Series 2021-KIND Class D <br> 6.73% (1 mo. USD Term <br> SOFR + 2.41%) 8/15/38<br>| 223167 | 221567 |
| Series 2021-KIND Class E <br> 7.68% (1 mo. USD Term <br> SOFR + 3.36%) 8/15/38<br>| 113071 | 111044 |
| •MHC Commercial Mortgage Trust | •MHC Commercial Mortgage Trust | •MHC Commercial Mortgage Trust |
| Series 2021-MHC Class A <br> 5.23% (1 mo. USD Term <br> SOFR + 0.92%) 4/15/38<br>| 37018 | 37018 |
| Series 2021-MHC Class G <br> 7.63% (1 mo. USD Term <br> SOFR + 3.32%) 4/15/38<br>| 400308 | 400308 |
| •MSWF Commercial Mortgage <br> Trust Series 2023-2 Class C <br> 7.25% 12/15/56<br>| 310000 | 320889 |
| •Natixis Commercial Mortgage <br> Securities Trust Series <br> 2022-RRI Class C 7.41% (1 <br> mo. USD Term SOFR + <br> 3.10%) 3/15/35<br>| 102750 | 102718 |
| •NCMF Trust Series 2025-MFS <br> Class F 8.44% 6/10/33<br>| 100000 | 101346 |
| Prima Capital CRE Securitization Ltd. | Prima Capital CRE Securitization Ltd. | Prima Capital CRE Securitization Ltd. |
| Series 2019-7A Class D <br> 4.25% 12/25/50<br>| 100000 | 93558 |
| Series 2019-RK1 Class BT <br> 4.45% 4/15/38<br>| 100000 | 93697 |
| •PRM Trust | •PRM Trust | •PRM Trust |
| Series 2025-PRM6 Class E <br> 6.58% 7/5/33<br>| 100000 | 99166 |
| Series 2025-PRM6 Class F <br> 7.06% 7/5/33<br>| 100000 | 99216 |
| •PRM5 Trust Series <br> 2025-PRM5 Class D 5.81% <br> 3/10/33<br>| 150000 | 148503 |
| ROCK Trust Series <br> 2024-CNTR Class E 8.82% <br> 11/13/41<br>| 250000 | 262525 |
| •SG Commercial Mortgage <br> Securities Trust Series <br> 2019-PREZ Class D 3.59% <br> 9/15/39<br>| 135000 | 115405 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-29

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •SMRT Commercial Mortgage <br> Trust Series 2022-MINI <br> Class D 6.26% (1 mo. USD <br> Term SOFR + 1.95%) <br> 1/15/39<br>| 250000 | $246562 |
| •SREIT Trust | •SREIT Trust | •SREIT Trust |
| Series 2021-MFP Class A <br> 5.16% (1 mo. USD Term <br> SOFR + 0.85%) 11/15/38<br>| 419421 | 419159 |
| Series 2021-PALM Class G <br> 8.04% (1 mo. USD Term <br> SOFR + 3.73%) 10/15/34<br>| 100000 | 99480 |
| •Starwood Mortgage Trust <br> Series 2021-LIH Class E <br> 7.33% (1 mo. USD Term <br> SOFR + 3.02%) 11/15/36<br>| 100000 | 99875 |
| •SWCH Commercial Mortgage <br> Trust Series 2025-DATA <br> Class D 6.95% (1 mo. USD <br> Term SOFR + 2.64%) <br> 2/15/42<br>| 200000 | 197936 |
| •TCO Commercial Mortgage <br> Trust Series 2024-DPM <br> Class A 5.55% (1 mo. USD <br> Term SOFR + 1.24%) <br> 12/15/39<br>| 4870000 | 4868470 |
| •TTAN Series 2021-MHC <br> Class F 7.33% (1 mo. USD <br> Term SOFR + 3.01%) <br> 3/15/38<br>| 296082 | 296360 |
| VDCM Commercial Mortgage Trust | VDCM Commercial Mortgage Trust | VDCM Commercial Mortgage Trust |
| •Series 2025-AZ Class C <br> 6.03% 7/13/44<br>| 100000 | 100000 |
| •Series 2025-AZ Class D <br> 6.43% 7/13/44<br>| 100000 | 100000 |
| =•Series 2025-AZ Class E <br> 7.93% 7/13/44<br>| 100000 | 101000 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| •Series 2020-C57 Class C <br> 4.16% 8/15/53<br>| 299000 | 270927 |
| •Series 2024-1CHI Class E <br> 7.83% 7/15/35<br>| 250000 | 255073 |
| \*•Series 2025-5C4 Class XA <br> 1.35% 5/15/58<br>| 3999505 | 191511 |
| \*•Series 2025-5C4 Class XB <br> 0.74% 5/15/58<br>| 10000000 | 247467 |
| •WHARF Commercial <br> Mortgage Trust Series <br> 2025-DC Class E 7.72% <br> 7/15/40<br>| 100000 | 102583 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $64,204,885)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $64,204,885)** | **64489615** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS–1.33%** | **ΔSOVEREIGN BONDS–1.33%** | **ΔSOVEREIGN BONDS–1.33%** |
| **Angola—0.02%** | **Angola—0.02%** | **Angola—0.02%** |
| Angola Government <br> International Bonds 9.38% <br> 5/8/48<br>| 50000 | $39720 |
| Angolan Government International Bonds | Angolan Government International Bonds | Angolan Government International Bonds |
| 8.75% 4/14/32 | 200000 | 176533 |
| 9.50% 11/12/25 | 200000 | 200385 |
|  |  | **416638** |
| **Argentina—0.10%** | **Argentina—0.10%** | **Argentina—0.10%** |
| φArgentina Government <br> International Bonds 4.13% <br> 7/9/35<br>| 871767 | 586454 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| φ0.75% 7/9/30 | 936459 | 746826 |
| 1.00% 7/9/29 | 222742 | 186435 |
| φ3.50% 7/9/41 | 350000 | 216370 |
| 5.00% 1/9/38 | 450000 | 320723 |
|  |  | **2056808** |
| **Armenia—0.01%** | **Armenia—0.01%** | **Armenia—0.01%** |
| Republic of Armenia <br> International Bonds 6.75% <br> 3/12/35<br>| 250000 | 242978 |
|  |  | **242978** |
| **Australia—0.02%** | **Australia—0.02%** | **Australia—0.02%** |
| Australia Government Bonds <br> 1.25% 5/21/32<br>| 600000 | 334093 |
|  |  | **334093** |
| **Bahamas—0.01%** | **Bahamas—0.01%** | **Bahamas—0.01%** |
| Bahamas Government <br> International Bonds 8.25% <br> 6/24/36<br>| 200000 | 203000 |
|  |  | **203000** |
| **Bahrain—0.00%** | **Bahrain—0.00%** | **Bahrain—0.00%** |
| Bahrain Government <br> International Bonds 5.63% <br> 5/18/34<br>| 50000 | 45553 |
|  |  | **45553** |
| **Benin—0.01%** | **Benin—0.01%** | **Benin—0.01%** |
| Benin Government <br> International Bonds 7.96% <br> 2/13/38<br>| 200000 | 189479 |
|  |  | **189479** |
| **Bermuda—0.01%** | **Bermuda—0.01%** | **Bermuda—0.01%** |
| Bermuda Government International Bonds | Bermuda Government International Bonds | Bermuda Government International Bonds |
| 3.38% 8/20/50 | 50000 | 32826 |
| 3.72% 1/25/27 | 200000 | 196900 |
|  |  | **229726** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-30

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Brazil—0.03%** | **Brazil—0.03%** | **Brazil—0.03%** |
| Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| 3.88% 6/12/30 | 200000 | $188265 |
| 7.13% 1/20/37 | 100000 | 106795 |
| 8.25% 1/20/34 | 250000 | 284750 |
|  |  | **579810** |
| **Canada—0.07%** | **Canada—0.07%** | **Canada—0.07%** |
| Canada Government Bonds <br> 1.50% 12/1/31<br>CAD | 2370000 | 1587669 |
|  |  | **1587669** |
| **Chile—0.03%** | **Chile—0.03%** | **Chile—0.03%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 2.45% 1/31/31 | 300000 | 267798 |
| 3.10% 1/22/61 | 150000 | 90717 |
| 4.00% 1/31/52 | 200000 | 153850 |
| 5.33% 1/5/54 | 200000 | 187370 |
|  |  | **699735** |
| **Colombia—0.16%** | **Colombia—0.16%** | **Colombia—0.16%** |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 3.00% 1/30/30 | 350000 | 302296 |
| 3.13% 4/15/31 | 2640000 | 2165110 |
| 3.25% 4/22/32 | 520000 | 410906 |
| 5.00% 6/15/45 | 242000 | 163048 |
| 5.20% 5/15/49 | 300000 | 200655 |
| 8.75% 11/14/53 | 200000 | 197820 |
|  |  | **3439835** |
| **Costa Rica—0.01%** | **Costa Rica—0.01%** | **Costa Rica—0.01%** |
| Costa Rica Government <br> International Bonds 7.30% <br> 11/13/54<br>| 200000 | 207038 |
|  |  | **207038** |
| **Dominican Republic—0.04%** | **Dominican Republic—0.04%** | **Dominican Republic—0.04%** |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 5.30% 1/21/41 | 100000 | 86110 |
| 5.95% 1/25/27 | 250000 | 252025 |
| 6.60% 6/1/36 | 150000 | 150817 |
| 7.05% 2/3/31 | 300000 | 314310 |
| 7.15% 2/24/55 | 150000 | 149573 |
|  |  | **952835** |
| **Ecuador—0.02%** | **Ecuador—0.02%** | **Ecuador—0.02%** |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| φ5.50% 7/31/35 | 200000 | 144898 |
| 6.90% 7/31/30 | 250000 | 216875 |
|  |  | **361773** |
| **Egypt—0.03%** | **Egypt—0.03%** | **Egypt—0.03%** |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 7.50% 1/31/27 | 200000 | 203086 |
| 7.50% 2/16/61 | 150000 | 109200 |
| 7.63% 5/29/32 | 100000 | 92143 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| Egypt Government International Bonds (continued) | Egypt Government International Bonds (continued) | Egypt Government International Bonds (continued) |
| 8.70% 3/1/49 | 300000 | $245973 |
|  |  | **650402** |
| **El Salvador—0.02%** | **El Salvador—0.02%** | **El Salvador—0.02%** |
| El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
| 9.25% 4/17/30 | 200000 | 211500 |
| 9.65% 11/21/54 | 200000 | 205500 |
|  |  | **417000** |
| **Gabon—0.01%** | **Gabon—0.01%** | **Gabon—0.01%** |
| Gabon Government <br> International Bonds 6.63% <br> 2/6/31<br>| 150000 | 119202 |
|  |  | **119202** |
| **Georgia—0.01%** | **Georgia—0.01%** | **Georgia—0.01%** |
| Georgia Government <br> International Bonds 2.75% <br> 4/22/26<br>| 200000 | 194576 |
|  |  | **194576** |
| **Germany—0.02%** | **Germany—0.02%** | **Germany—0.02%** |
| Bundesrepublik Deutschland <br> Bundesanleihe 2.50% 7/4/44<br>| 390000 | 427444 |
|  |  | **427444** |
| **Ghana—0.01%** | **Ghana—0.01%** | **Ghana—0.01%** |
| φGhana Government International Bonds | φGhana Government International Bonds | φGhana Government International Bonds |
| 5.00% 7/3/29 | 61952 | 57998 |
| 5.00% 7/3/35 | 89088 | 69199 |
|  |  | **127197** |
| **Guatemala—0.01%** | **Guatemala—0.01%** | **Guatemala—0.01%** |
| Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| 5.38% 4/24/32 | 100000 | 97543 |
| 6.13% 6/1/50 | 50000 | 45187 |
|  |  | **142730** |
| **Hungary—0.03%** | **Hungary—0.03%** | **Hungary—0.03%** |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 2.13% 9/22/31 | 200000 | 166213 |
| 5.50% 6/16/34 | 100000 | 98227 |
| 6.75% 9/25/52 | 100000 | 101817 |
| Magyar Export-Import Bank <br> Zrt 6.13% 12/4/27<br>| 200000 | 204387 |
|  |  | **570644** |
| **Indonesia—0.04%** | **Indonesia—0.04%** | **Indonesia—0.04%** |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 4.10% 4/24/28 | 100000 | 99916 |
| 4.35% 1/11/48 | 100000 | 83819 |
| 5.95% 1/8/46 | 250000 | 259476 |
| 7.75% 1/17/38 | 200000 | 242805 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-31

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **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) |
| 8.50% 10/12/35 | 200000 | $253062 |
|  |  | **939078** |
| **Israel—0.01%** | **Israel—0.01%** | **Israel—0.01%** |
| Israel Government <br> International Bonds 5.75% <br> 3/12/54<br>| 200000 | 185105 |
| State of Israel 3.38% 1/15/50 | 150000 | 97344 |
|  |  | **282449** |
| **Ivory Coast—0.01%** | **Ivory Coast—0.01%** | **Ivory Coast—0.01%** |
| Ivory Coast Government <br> International Bonds 6.13% <br> 6/15/33<br>| 300000 | 272473 |
|  |  | **272473** |
| **Jamaica—0.00%** | **Jamaica—0.00%** | **Jamaica—0.00%** |
| Jamaica Government <br> International Bonds 7.88% <br> 7/28/45<br>| 50000 | 58245 |
|  |  | **58245** |
| **Japan—0.01%** | **Japan—0.01%** | **Japan—0.01%** |
| Japan Government Ten Year <br> Bonds 0.90% 9/20/34<br>| 23600000 | 157185 |
|  |  | **157185** |
| **Jordan—0.00%** | **Jordan—0.00%** | **Jordan—0.00%** |
| Jordan Government <br> International Bonds 7.38% <br> 10/10/47<br>| 50000 | 44249 |
|  |  | **44249** |
| **Kenya—0.01%** | **Kenya—0.01%** | **Kenya—0.01%** |
| Republic of Kenya <br> Government International <br> Bonds 9.75% 2/16/31<br>| 200000 | 202681 |
|  |  | **202681** |
| **Lebanon—0.00%** | **Lebanon—0.00%** | **Lebanon—0.00%** |
| ‡Lebanon Government <br> International Bonds 6.38% <br> 3/9/20<br>| 300000 | 56190 |
|  |  | **56190** |
| **Mexico—0.06%** | **Mexico—0.06%** | **Mexico—0.06%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 2.66% 5/24/31 | 200000 | 173000 |
| 3.50% 2/12/34 | 200000 | 167600 |
| 3.77% 5/24/61 | 200000 | 117750 |
| 6.35% 2/9/35 | 200000 | 204270 |
| 6.88% 5/13/37 | 250000 | 260575 |
| 7.38% 5/13/55 | 250000 | 257685 |
|  |  | **1180880** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mongolia—0.01%** | **Mongolia—0.01%** | **Mongolia—0.01%** |
| Mongolia Government <br> International Bonds 7.88% <br> 6/5/29<br>| 200000 | $208372 |
|  |  | **208372** |
| **Montenegro—0.01%** | **Montenegro—0.01%** | **Montenegro—0.01%** |
| Montenegro Government <br> International Bonds 7.25% <br> 3/12/31<br>| 200000 | 207000 |
|  |  | **207000** |
| **Morocco—0.01%** | **Morocco—0.01%** | **Morocco—0.01%** |
| Morocco Government <br> International Bonds 6.50% <br> 9/8/33<br>| 200000 | 210856 |
|  |  | **210856** |
| **Nigeria—0.02%** | **Nigeria—0.02%** | **Nigeria—0.02%** |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 6.13% 9/28/28 | 400000 | 381665 |
| 7.88% 2/16/32 | 150000 | 142167 |
|  |  | **523832** |
| **Oman—0.04%** | **Oman—0.04%** | **Oman—0.04%** |
| Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| 5.63% 1/17/28 | 400000 | 408649 |
| 6.25% 1/25/31 | 200000 | 212475 |
| 6.75% 1/17/48 | 125000 | 129021 |
|  |  | **750145** |
| **Pakistan—0.02%** | **Pakistan—0.02%** | **Pakistan—0.02%** |
| Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| 6.00% 4/8/26 | 200000 | 196670 |
| 7.38% 4/8/31 | 200000 | 177754 |
|  |  | **374424** |
| **Panama—0.02%** | **Panama—0.02%** | **Panama—0.02%** |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 3.87% 7/23/60 | 200000 | 113756 |
| 7.88% 3/1/57 | 200000 | 203201 |
|  |  | **316957** |
| **Paraguay—0.03%** | **Paraguay—0.03%** | **Paraguay—0.03%** |
| Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
| 2.74% 1/29/33 | 200000 | 170172 |
| 6.00% 2/9/36 | 200000 | 203060 |
| 6.65% 3/4/55 | 200000 | 199640 |
|  |  | **572872** |
| **Peru—0.01%** | **Peru—0.01%** | **Peru—0.01%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 2.78% 1/23/31 | 150000 | 134235 |
| 3.30% 3/11/41 | 100000 | 74075 |
|  |  | **208310** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-32

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Philippines—0.02%** | **Philippines—0.02%** | **Philippines—0.02%** |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 5.50% 1/17/48 | 200000 | $194692 |
| 5.95% 10/13/47 | 200000 | 206478 |
|  |  | **401170** |
| **Poland—0.03%** | **Poland—0.03%** | **Poland—0.03%** |
| Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
| 5.38% 5/22/33 | 200000 | 201615 |
| 6.25% 7/9/54 | 200000 | 198275 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 5.50% 4/4/53 | 40000 | 37271 |
| 5.75% 11/16/32 | 100000 | 105513 |
|  |  | **542674** |
| **Qatar—0.03%** | **Qatar—0.03%** | **Qatar—0.03%** |
| Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
| 4.40% 4/16/50 | 300000 | 253433 |
| 4.63% 6/2/46 | 200000 | 178503 |
| 4.82% 3/14/49 | 250000 | 224128 |
|  |  | **656064** |
| **Romania—0.02%** | **Romania—0.02%** | **Romania—0.02%** |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 2.12% 7/16/31 | 25000 | 24521 |
| 3.63% 3/27/32 | 100000 | 85769 |
| 4.00% 2/14/51 | 85000 | 53088 |
| 5.88% 7/11/32 | 150000 | 178158 |
| 7.50% 2/10/37 | 150000 | 155715 |
|  |  | **497251** |
| **Rwanda—0.00%** | **Rwanda—0.00%** | **Rwanda—0.00%** |
| Rwanda International <br> Government Bonds 5.50% <br> 8/9/31<br>| 100000 | 85139 |
|  |  | **85139** |
| **Saudi Arabia—0.02%** | **Saudi Arabia—0.02%** | **Saudi Arabia—0.02%** |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 2.25% 2/2/33 | 200000 | 167732 |
| 3.45% 2/2/61 | 250000 | 154585 |
| 3.75% 1/21/55 | 100000 | 68160 |
| 4.50% 10/26/46 | 100000 | 82275 |
|  |  | **472752** |
| **Senegal—0.00%** | **Senegal—0.00%** | **Senegal—0.00%** |
| Senegal Government <br> International Bonds 6.25% <br> 5/23/33<br>| 110000 | 72295 |
|  |  | **72295** |
| **Serbia—0.01%** | **Serbia—0.01%** | **Serbia—0.01%** |
| Serbia International Bonds <br> 6.00% 6/12/34<br>| 150000 | 151216 |
|  |  | **151216** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **South Africa—0.03%** | **South Africa—0.03%** | **South Africa—0.03%** |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 4.85% 9/30/29 | 150000 | $144633 |
| 5.00% 10/12/46 | 150000 | 104636 |
| 5.75% 9/30/49 | 200000 | 150203 |
| 7.10% 11/19/36 | 300000 | 297641 |
|  |  | **697113** |
| **Sri Lanka—0.01%** | **Sri Lanka—0.01%** | **Sri Lanka—0.01%** |
| Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
| φ3.10% 1/15/30 | 56145 | 49969 |
| φ3.35% 3/15/33 | 110128 | 88749 |
| φ3.60% 5/15/36 | 51609 | 41932 |
| φ3.60% 2/15/38 | 103261 | 83706 |
| 4.00% 4/15/28 | 52468 | 49189 |
|  |  | **313545** |
| **Turkey—0.09%** | **Turkey—0.09%** | **Turkey—0.09%** |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 4.25% 4/14/26 | 200000 | 198469 |
| 4.88% 4/16/43 | 200000 | 141042 |
| 5.75% 5/11/47 | 100000 | 74957 |
| 5.88% 6/26/31 | 100000 | 95061 |
| 7.63% 5/15/34 | 250000 | 256253 |
| 9.38% 3/14/29 | 300000 | 330575 |
| 9.38% 1/19/33 | 400000 | 451405 |
| 9.88% 1/15/28 | 200000 | 218463 |
| Turkiye Ihracat Kredi Bankasi <br> AS 6.88% 7/3/28<br>| 200000 | 200201 |
|  |  | **1966426** |
| **Ukraine—0.02%** | **Ukraine—0.02%** | **Ukraine—0.02%** |
| πφUkraine Government International Bonds | πφUkraine Government International Bonds | πφUkraine Government International Bonds |
| 0.00% 2/1/30 | 21848 | 10366 |
| 0.00% 2/1/34 | 81644 | 30777 |
| 0.00% 2/1/35 | 68995 | 31743 |
| 0.00% 2/1/36 | 57496 | 27087 |
| 1.75% 2/1/29 | 150000 | 91335 |
| 1.75% 2/1/34 | 179987 | 91719 |
| 1.75% 2/1/35 | 139990 | 70579 |
| 1.75% 2/1/36 | 79994 | 38641 |
| 7.75% 8/1/41 | 50000 | 35625 |
|  |  | **427872** |
| **United Arab Emirates—0.03%** | **United Arab Emirates—0.03%** | **United Arab Emirates—0.03%** |
| Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| 3.13% 9/30/49 | 500000 | 339961 |
| 5.50% 4/30/54 | 200000 | 199196 |
| Emirate of Dubai Government <br> International Bonds 5.25% <br> 1/30/43<br>| 200000 | 188490 |
|  |  | **727647** |
| **Uruguay—0.01%** | **Uruguay—0.01%** | **Uruguay—0.01%** |
| Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| 5.10% 6/18/50 | 150000 | 138333 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-33

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Uruguay (continued)** | **Uruguay (continued)** | **Uruguay (continued)** |
| Uruguay Government International Bonds (continued) | Uruguay Government International Bonds (continued) | Uruguay Government International Bonds (continued) |
| 5.75% 10/28/34 | 50000 | $52735 |
|  |  | **191068** |
| **Uzbekistan—0.00%** | **Uzbekistan—0.00%** | **Uzbekistan—0.00%** |
| Republic of Uzbekistan <br> International Bonds 3.70% <br> 11/25/30<br>| 100000 | 89149 |
|  |  | **89149** |
| **Venezuela—0.01%** | **Venezuela—0.01%** | **Venezuela—0.01%** |
| ‡Venezuela Government <br> International Bonds 9.25% <br> 9/15/27<br>| 550000 | 110000 |
|  |  | **110000** |
| **Zambia—0.01%** | **Zambia—0.01%** | **Zambia—0.01%** |
| Zambia Government <br> International Bonds 0.50% <br> 12/31/53<br>| 200000 | 137371 |
|  |  | **137371** |
| **Total Sovereign Bonds** <br>**(Cost $28,053,764)** | **Total Sovereign Bonds** <br>**(Cost $28,053,764)** | **28301115** |
| **SUPRANATIONAL BANKS–0.08%** | **SUPRANATIONAL BANKS–0.08%** | **SUPRANATIONAL BANKS–0.08%** |
| ^European Investment Bank <br> 0.00% 3/28/28<br>| 1205000 | 1341586 |
| European Union 2.88% 4/4/28 | 349000 | 418998 |
| **Total Supranational Banks** <br>**(Cost $1,712,514)** | **Total Supranational Banks** <br>**(Cost $1,712,514)** | **1760584** |
| **U.S. TREASURY OBLIGATIONS–35.83%** | **U.S. TREASURY OBLIGATIONS–35.83%** | **U.S. TREASURY OBLIGATIONS–35.83%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2.25% 8/15/46 | 37530000 | 24586548 |
| 3.88% 2/15/43 | 28715000 | 25704412 |
| 4.50% 11/15/54 | 15570000 | 14837723 |
| 4.63% 11/15/44 | 32220000 | 31540359 |
| 4.63% 2/15/55 | 102180000 | 99465844 |
| 4.75% 2/15/45 | 75640000 | 75238162 |
| 4.75% 5/15/55 | 5300000 | 5270187 |
| U.S. Treasury <br> Inflation-Indexed Bonds <br> 2.38% 2/15/55<br>| 1016520 | 982196 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.88% 3/15/28 | 14450000 | $14519428 |
| 4.00% 2/28/30 | 48410000 | 48880863 |
| 4.00% 3/31/30 | 120000000 | 121115626 |
| 4.00% 1/31/31 | 1015000 | 1022176 |
| 4.00% 4/30/32 | 158425000 | 158623031 |
| 4.00% 2/15/34 | 1348000 | 1333941 |
| 4.13% 5/31/32 | 2534000 | 2555381 |
| 4.25% 5/15/35 | 13170000 | 13190578 |
| 4.50% 12/31/31 | 20340000 | 20972447 |
| 4.63% 2/15/35 | 99870000 | 103037752 |
| **Total U.S. Treasury Obligations** <br>**(Cost $774,029,472)** | **Total U.S. Treasury Obligations** <br>**(Cost $774,029,472)** | **762876654** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.06%** | **COMMON STOCK–0.06%** | **COMMON STOCK–0.06%** |
| †Grupo Aeromexico SAB de <br> CV<br>| 74288 | 1187690 |
| **Total Common Stock** <br>**(Cost $667,823)** | **Total Common Stock** <br>**(Cost $667,823)** | **1187690** |
| **PREFERRED STOCKS–0.02%** | **PREFERRED STOCKS–0.02%** | **PREFERRED STOCKS–0.02%** |
| =†‡Acrisure Holdings, Inc. 0.00% | 8824 | 216276 |
| †MicroStrategy, Inc. 10.00% <br> 12/31/49<br>| 3100 | 278225 |
| **Total Preferred Stocks** <br>**(Cost $475,982)** | **Total Preferred Stocks** <br>**(Cost $475,982)** | **494501** |
| **EXCHANGE-TRADED FUND–0.15%** | **EXCHANGE-TRADED FUND–0.15%** | **EXCHANGE-TRADED FUND–0.15%** |
| Invesco Senior Loan ETF | 157700 | 3299084 |
| **Total Exchange-Traded** <br> **Fund** <br>**(Cost $3,291,478)**<br>|  | **3299084** |
| **MONEY MARKET FUND–4.39%** | **MONEY MARKET FUND–4.39%** | **MONEY MARKET FUND–4.39%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 93427015 | 93427015 |
| **Total Money Market Fund** <br>**(Cost $93,427,015)** | **Total Money Market Fund** <br>**(Cost $93,427,015)** | **93427015** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–106.04% (Cost $2,274,206,502)** | **2257595859** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(6.04%)** | **(128676209)**<br>|
| **NET ASSETS APPLICABLE TO 237,641,942 SHARES OUTSTANDING–100.00%** | **$2128919650** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **TOTAL BOND FUND STANDARD CLASS** <br>**($340,679,311 / 37,811,049 Shares)** | **$9.010** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **TOTAL BOND FUND SERVICE CLASS** <br>**($1,788,240,339 / 199,830,893 Shares)** | **$8.949** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-34

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2489645610** |
| Distributable earnings/(accumulated loss) | **(360725960)**<br>|
| **TOTAL NET ASSETS** | **$2128919650** |

---

&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 June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> 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. |
| ^Zero coupon security. |
| @PIK. 100% of the income received was in the form of additional par. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| ✠All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the <br> time of funding. |
| ∞Delayed settlement. Interest rate to be determined upon settlement date. |
| ‡Rate is less than 0.01%. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. Refer to Note 7 in the accompanying notes for further information on these types of securities. |
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| 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 June 30, 2025, the aggregate value of restricted securities was $427,872, which <br> represented 0.02% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with <br> respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; $84676 | &nbsp;&nbsp; $91719 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 64307 | &nbsp;&nbsp; 70579 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 35794 | &nbsp;&nbsp; 38641 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 10065 | &nbsp;&nbsp; 10366 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 28981 | &nbsp;&nbsp; 30777 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 31114 | &nbsp;&nbsp; 31743 |
| Ukraine Government International Bonds | 8/30/2024 | &nbsp;&nbsp; 25464 | &nbsp;&nbsp; 27087 |
| Ukraine Government International Bonds | 4/25/2025 | &nbsp;&nbsp; 36448 | &nbsp;&nbsp; 35625 |
| Ukraine Government International Bonds | 4/24/2025 | &nbsp;&nbsp; 97293 | &nbsp;&nbsp; 91335 |
| **Total** |  | &nbsp;&nbsp; $414142 | &nbsp;&nbsp; $427872 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-35

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $202,344 expense reimbursement receivable from Lincoln Financial Investments Corporation, $415,475 variation margin due from <br> broker on futures contracts, $196,367,479 payable for securities purchased, $506,710 payable for fund shares redeemed, $108,090 variation <br> margin due to brokers on centrally cleared interest rate swap contracts, $53,817 other accrued expenses payable, $49,752 payable for <br> unfunded loan commitments, $1,449,987 due to manager and affiliates, $31,759 payable for audit fee and $50,855 payable for fund <br> accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 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>|
| BBH | AUD | &nbsp;&nbsp; (125000)<br>| USD | &nbsp;&nbsp; 80569 | 7/8/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1708)<br>|
| BBH | GBP | &nbsp;&nbsp; (118000)<br>| USD | &nbsp;&nbsp; 157830 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4149)<br>|
| BNP | CAD | &nbsp;&nbsp; (2211000)<br>| USD | &nbsp;&nbsp; 1602613 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21708)<br>|
| BNP | CAD | &nbsp;&nbsp; 41000 | USD | &nbsp;&nbsp; (29867)<br>| 7/8/25 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; — |
| BNP | EUR | &nbsp;&nbsp; (91000)<br>| USD | &nbsp;&nbsp; 103380 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3871)<br>|
| BNP | EUR | &nbsp;&nbsp; 26000 | USD | &nbsp;&nbsp; (30517)<br>| 7/8/25 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — |
| BNP | JPY | &nbsp;&nbsp; (22950000)<br>| USD | &nbsp;&nbsp; 158918 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (595)<br>|
| BOA | AUD | &nbsp;&nbsp; (693000)<br>| USD | &nbsp;&nbsp; 442693 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13455)<br>|
| BOA | EUR | &nbsp;&nbsp; 440000 | USD | &nbsp;&nbsp; (507022)<br>| 7/8/25 | &nbsp;&nbsp; 11554 | &nbsp;&nbsp; — |
| BOA | EUR | &nbsp;&nbsp; (17000)<br>| USD | &nbsp;&nbsp; 19439 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (597)<br>|
| BOA | GBP | &nbsp;&nbsp; (4325000)<br>| USD | &nbsp;&nbsp; 5748587 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (188338)<br>|
| CBK | EUR | &nbsp;&nbsp; (27000)<br>| USD | &nbsp;&nbsp; 30278 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1544)<br>|
| GSB | EUR | &nbsp;&nbsp; (30000)<br>| USD | &nbsp;&nbsp; 34362 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (995)<br>|
| GSB | GBP | &nbsp;&nbsp; (22000)<br>| USD | &nbsp;&nbsp; 30143 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (56)<br>|
| JPM | AUD | &nbsp;&nbsp; (36000)<br>| USD | &nbsp;&nbsp; 23507 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (189)<br>|
| JPM | EUR | &nbsp;&nbsp; 443000 | USD | &nbsp;&nbsp; (512175)<br>| 7/8/25 | &nbsp;&nbsp; 9936 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; (17665000)<br>| USD | &nbsp;&nbsp; 20004129 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (815499)<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; $21870 | &nbsp;&nbsp; $(1052704)<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:** |
| 945 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $105958125 | &nbsp;&nbsp; $103528778 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $2429347 | &nbsp;&nbsp; $— |
| 195 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 40564570 | &nbsp;&nbsp; 40406468 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 158102 | &nbsp;&nbsp; — |
| (45) | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (4905000)<br>| &nbsp;&nbsp; (4842781)<br>| &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (62219)<br>|
| 19 | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 2263375 | &nbsp;&nbsp; 2171052 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 92323 | &nbsp;&nbsp; — |
| (7) | Long Gilt Futures | &nbsp;&nbsp; (893883)<br>| &nbsp;&nbsp; (867068)<br>| &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (26815)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2679772 | &nbsp;&nbsp; $(89034)<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:** <br>|  |  |  |  |  |  |  |
| **Protection Purchased** <br>|  |  |  |  |  |  |  |
| BNP BMW Finance NV 0.75 - <br> 07/13/2026 - Quarterly<br>| EUR 550,000 | (1.00%) | 6/20/30 | $(10736) | $(10608) | $— | $(128) |
| MSC CMBX.NA.BB.18 - Quar-<br> terly<sup>4</sup> <br>| 200000 | (5.00%) | 12/17/57 | 21875 | 28908 |  | (7033) |
| MSC CMBX.NA.BBB-.17 - <br> Quarterly<sup>4</sup> <br>| 400000 | (3.00%) | 12/15/56 | 45533 | 58222 |  | (12689) |
| MSC CMBX.NA.BBB-.17 - <br> Quarterly<sup>4</sup> <br>| 200000 | (3.00%) | 12/15/56 | 22767 | 28894 |  | (6127) |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-36

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Purchased**<br> **(continued)** |  |  |  |  |  |  |  |
| CITI CMBX.NA.BBB-.17 - <br> Quarterly<sup>4</sup> <br>| 700000 | (3.00%) | 12/15/56 | $79567 | $92442 | $— | $(12875) |
| GS CMBX.NA.BBB-.18 - Quar-<br> terly<sup>4</sup> <br>| 900000 | (3.00%) | 12/17/57 | 52215 | 88554 |  | (36339) |
| CITI CMBX.NA.BBB-.18 - <br> Quarterly<sup>4</sup> <br>| 700000 | (3.00%) | 12/17/57 | 40612 | 52277 |  | (11665) |
| GS CMBX.NA.BBB-.18 - Quar-<br> terly<sup>4</sup> <br>| 700000 | (3.00%) | 12/17/57 | 40495 | 50657 |  | (10162) |
| BNP Deutsche Bank AG 5.625 <br> - 05/19/2031 - Quarterly<br>| EUR 200,000 | (1.00%) | 6/20/30 | 3544 | 5106 |  | (1562) |
| BNP Generali 4.125 - <br> 05/04/2026 - Quarterly<br>| EUR 250,000 | (1.00%) | 6/20/30 | (479) | 906 |  | (1385) |
| JPM Intesa Sanpaolo SpA <br> 6.184 - 02/20/2034 - Quar-<br> terly<br>| EUR 250,000 | (1.00%) | 6/20/30 | (566) | 1679 |  | (2245) |
| BNP Societe Generale SA <br> 5.25 - 09/06/2032 - Quarterly<br>| EUR 250,000 | (1.00%) | 6/20/30 | 1942 | 2064 |  | (122) |
| GSB UniCredit SpA 5.375 - <br> 04/16/2034 - Quarterly<br>| EUR 250,000 | (1.00%) | 6/20/30 | 768 | 2385 |  | (1617) |
|  |  |  |  |  | 401486 |  | (103949) |
| **Protection Sold** <br>|  |  |  |  |  |  |  |
| CBK CMBX.NA.AAA.16 - <br> Quarterly<sup>4</sup> <br>| 500000 | (0.50%) | 4/17/65 | (4405) | (6131) | 1726 |  |
| **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | $395355 | $1726 | $(103949) |

---

**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** <br>|  |  |  |  |  |  |  |  |  |
| 10948000 | 3.75 | SOFRM12M | Receive | Annual | 9/17/32 | $(160232) | $8097 | $— | $(168329) |
| 26614000 | 3.75 | SOFRM12M | Receive | Annual | 9/17/28 | (321991) | (122968) |  | (199023) |
| 16240000 | 3.75 | SOFRM12M | Receive | Annual | 9/17/27 | (123723) | (41646) |  | (82077) |
| 4494000 | 3.75 | SOFRM12M | Receive | Annual | 9/17/29 | (68428) | (22305) |  | (46123) |
| 5038000 | 3.75 | SOFRM12M | Receive | Annual | 9/17/45 | 148746 | 266016 |  | (117270) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $87194 | $— | $(612822) |

---

&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 6 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 June 30, 2025. |
| <sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-37

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

<sup>4</sup> CMBX.NA.AAA, CMBX.NA.AS, CMBX.NA.AA, CMBX.NA.A, CMBX.NA.BBB and CMBX.NA.BB (collectively, the "CMBX Indices" and each, a <br> "CMBX Index"). Each CMBX Index will be composed of 25 reference obligations that are tranches of commercial mortgage-backed <br> securities offerings.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BBH–Brown Brothers Harriman & Co. |
| BMO–Bank of Montreal  |
| BNP–BNP Paribas |
| BOA–Bank of America |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |
| CITI–Citigroup Global Markets |
| CLO–Collateralized Loan Obligation |
| CME–Chicago Mercantile Exchange |
| CMPC–Coût Moyen Pondéré du Capital |
| DB–Deutsche Bank |
| DB-JPM–Deutsche Bank JPMorgan |
| ETF–Exchange-Traded Fund |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| GSB–Goldman Sachs Bank USA |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IRS–Interest Rate Swap |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| LNG–Liquefied Natural Gas |
| MSC–Morgan Stanley & Co. |
| PJSC–Public Joint Stock Company |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| SSB–State Street Bank |
| TBA–To be announced |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-38

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $52601711 |
| Dividends | 61712 |
| Foreign taxes refunded | 7475 |
|  | 52670898 |
| **EXPENSES:** |  |
| Management fees | 6316385 |
| Distribution fees-Service Class | 2729589 |
| Shareholder servicing fees | 313435 |
| Accounting and administration expenses | 187535 |
| Professional fees | 60069 |
| Reports and statements to shareholders | 38354 |
| Trustees' fees and expenses | 32521 |
| Pricing fees | 30241 |
| Custodian fees | 29041 |
| Consulting fees | 9428 |
| Other | 22559 |
|  | 9769157 |
| Less:  |  |
| Management fees waived | (105611)<br>|
| Expenses reimbursed | (1203182)<br>|
| Total operating expenses | 8460364 |
| **NET INVESTMENT INCOME**  | 44210534 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (88552007)<br>|
| Foreign currencies | 35195 |
| Foreign currency exchange contracts | (349991)<br>|
| Futures contracts | (3596410)<br>|
| Swap contracts | (413634)<br>|
| Net realized loss | (92876847)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 117030800 |
| Foreign currencies | 23371 |
| Foreign currency exchange contracts | (1178487)<br>|
| Futures contracts | 5338683 |
| Swap contracts | (499516)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 120714851 |
| **NET REALIZED AND UNREALIZED GAIN** | 27838004 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $72048538 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $44210534 | $89245142 |
| Net realized loss | (92876847)<br>| (38394771)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 120714851 | (11472810)<br>|
| Net increase in net assets <br> resulting from operations<br>| 72048538 | 39377561 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (14789243)<br>|
| Service Class |  | (74903257)<br>|
|  |  | (89692500)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 19922400 | 64579956 |
| Service Class | 46081022 | 170443588 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 14789243 |
| Service Class |  | 74903257 |
|  | 66003422 | 324716044 |
| Cost of shares redeemed: |  |  |
| Standard Class | (40843216)<br>| (56211670)<br>|
| Service Class | (197002795)<br>| (221459080)<br>|
|  | (237846011)<br>| (277670750)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (171842589)<br>| 47045294 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (99794051)<br>| (3269645)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 2228713701 | 2231983346 |
| End of period | $2128919650 | $2228713701 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-39

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1,2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1,2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>3</sup> <br>| **12/31/20**<sup>3</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.706 | &nbsp;&nbsp; $8.917 | &nbsp;&nbsp; $8.735 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $11.560 | &nbsp;&nbsp; $10.710 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.190 | 0.382 | 0.363 | 0.296 | 0.247 | 0.270 |
| Net realized and unrealized gain (loss) | 0.114 | &nbsp;&nbsp; (0.206)<br>| 0.185 | &nbsp;&nbsp; (1.756)<br>| &nbsp;&nbsp; (0.402)<br>| 0.890 |
| Total from investment operations | 0.304 | 0.176 | 0.548 | &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.155)<br>| 1.160 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.553)<br>| &nbsp;&nbsp; (0.310)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; (0.318)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.872)<br>| &nbsp;&nbsp; (0.310)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.010 | &nbsp;&nbsp; $8.706 | &nbsp;&nbsp; $8.917 | &nbsp;&nbsp; $8.735 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $11.560 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; (13.86%)<br>| &nbsp;&nbsp; (1.30%)<br>| &nbsp;&nbsp; 11.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $340679 | &nbsp;&nbsp; $349700 | &nbsp;&nbsp; $334721 | &nbsp;&nbsp; $309107 | &nbsp;&nbsp; $385982 | &nbsp;&nbsp; $386607 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.42% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.21% | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.38% |
| Portfolio turnover | &nbsp;&nbsp; 183% | &nbsp;&nbsp; 102% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 280% | &nbsp;&nbsp; 132% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> The Fund adopted the accounting and performance history of the Delaware VIP Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Diversified Income Series. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<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 and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-40

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1,2</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1,2</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>3</sup> <br>| **12/31/20**<sup>3</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.659 | &nbsp;&nbsp; $8.872 | &nbsp;&nbsp; $8.693 | &nbsp;&nbsp; $10.481 | &nbsp;&nbsp; $11.470 | &nbsp;&nbsp; $10.630 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>4</sup> | 0.176 | 0.353 | 0.334 | 0.266 | 0.213 | 0.230 |
| Net realized and unrealized gain (loss) | 0.114 | &nbsp;&nbsp; (0.206)<br>| 0.183 | &nbsp;&nbsp; (1.746)<br>| &nbsp;&nbsp; (0.403)<br>| 0.880 |
| Total from investment operations | 0.290 | 0.147 | 0.517 | &nbsp;&nbsp; (1.480)<br>| &nbsp;&nbsp; (0.190)<br>| 1.110 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.360)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.480)<br>| &nbsp;&nbsp; (0.270)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; (0.318)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.360)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.799)<br>| &nbsp;&nbsp; (0.270)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.949 | &nbsp;&nbsp; $8.659 | &nbsp;&nbsp; $8.872 | &nbsp;&nbsp; $8.693 | &nbsp;&nbsp; $10.481 | &nbsp;&nbsp; $11.470 |
| Total return<sup>5</sup> | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; (14.12%)<br>| &nbsp;&nbsp; (1.62%)<br>| &nbsp;&nbsp; 10.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1788241 | &nbsp;&nbsp; $1879014 | &nbsp;&nbsp; $1897262 | &nbsp;&nbsp; $1848841 | &nbsp;&nbsp; $2413119 | &nbsp;&nbsp; $2362602 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.90% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 3.78% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 2.12% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 2.08% |
| Portfolio turnover | &nbsp;&nbsp; 183% | &nbsp;&nbsp; 102% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 280% | &nbsp;&nbsp; 132% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>3</sup> The Fund adopted the accounting and performance history of the Delaware VIP Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Diversified Income Series. 

<sup>4</sup> The average shares outstanding method has been applied for per share information.

<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 and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-41

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund (formerly, LVIP Macquarie Diversified Income Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek maximum long-term total return, consistent with reasonable risk.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments 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. 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-42

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; 0.60% of the next $500 million; 0.55% of the next $1.5 billion; and 0.50% of the Fund's average daily net assets in excess of $2.5 billion. Effective May 1, 2025, LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.03% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-43

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Effective May 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.51% of the Fund's average daily net assets for the Standard Class and 0.81% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.54% the Fund's average daily net assets for the Standard Class and 0.84% for the Service Class.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $2542450 | &nbsp;&nbsp; $2310296 | &nbsp;&nbsp; $2427755 | &nbsp;&nbsp; $7280501 |

---

Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") (the "Sub Adviser") and FMR Investment Management (UK) Limited ("Sub-Sub-Adviser") are responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to May 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $92758 |
| Legal | &nbsp;&nbsp; 14137 |

---

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 $23,842 for the six months ended June 30, 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 June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $202344 |
| Management fees payable to LFI | &nbsp;&nbsp; 960685 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 435882 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 3281 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 50139 |

---

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 Fidelity Institutional AM<sup>®</sup> Total Bond Fund-44

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the six months ended June 30, 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; $1078238635 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 2823141893 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 1235137336 |
| Sales of U.S. government securities | &nbsp;&nbsp; 2680953470 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $2274206502 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $29884437 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (66019649)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(36135212)<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. 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 June 30, 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)

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23277972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23277972 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 395586800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 395586800 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-45

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2205153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2205153 |
| Corporate Bonds |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 1519567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1519567 |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 11947556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11947556 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 8688372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8688372 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 1144349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1144349 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 393619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 393619 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 5888888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5888888 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1588489 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1588489 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 151477772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151477772 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 442125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 442125 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 202546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202546 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 4524814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4524814 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 8895477 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8895477 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 6939873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6939873 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1338398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1338398 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 352102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 352102 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 33400828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33400828 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 25379820 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25379820 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 206716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 206716 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 636780 | &nbsp;&nbsp; — | &nbsp;&nbsp; 636780 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5600 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 4030925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4030925 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 9465294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9465294 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 753259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 753259 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 23712067 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23712067 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 248456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248456 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 548898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 548898 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 4932922 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4932922 |
| Health Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 1130427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1130427 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 15144688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15144688 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 106021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 106021 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1424709 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 472450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 472450 |
| Household Products Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 218856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218856 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 680833 | &nbsp;&nbsp; — | &nbsp;&nbsp; 680833 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 16581238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16581238 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 3478740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3478740 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 14960158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14960158 |
| Iron & Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 2672014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2672014 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 1900883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1900883 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 1128683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1128683 |
| Machinery Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 243892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243892 |
| Machinery Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 399720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 399720 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 22277037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22277037 |
| Metal Fabricate & Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 366891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 366891 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 5540247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5540247 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 717423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 717423 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 51552098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51552098 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1411061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1411061 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1984845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1984845 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 14388635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14388635 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 31283935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31283935 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 4644889 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4644889 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 33206059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33206059 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 9408867 | &nbsp;&nbsp; 64091 | &nbsp;&nbsp; 9472958 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 10597198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10597198 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 2722502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2722502 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 24925686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24925686 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 2438995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2438995 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-46

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Trucking & Leasing | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $262405 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 2191257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2191257 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 114533420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114533420 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 163620746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163620746 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13342565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13342565 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 64388615 | &nbsp;&nbsp; 101000 | &nbsp;&nbsp; 64489615 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 28301115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28301115 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760584 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 762876654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 762876654 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 1187690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1187690 |
| Preferred Stocks | &nbsp;&nbsp; 278225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216276 | &nbsp;&nbsp; 494501 |
| Exchange-Traded Fund | &nbsp;&nbsp; 3299084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3299084 |
| Money Market Fund | &nbsp;&nbsp; 93427015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 93427015 |
| **Total Investments** | &nbsp;&nbsp; $97004324 | &nbsp;&nbsp; $2160210168 | &nbsp;&nbsp; $381367 | &nbsp;&nbsp; $2257595859 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21870 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21870 |
| Futures Contracts | &nbsp;&nbsp; $2679772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2679772 |
| Swap Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1726 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1726 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1052704)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1052704)<br>|
| Futures Contracts | &nbsp;&nbsp; $(89034)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(89034)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(716771)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(716771)<br>|

---

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 period ended June 30, 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> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Corporate Bonds | $64091 | Enterprise Value | Expected Recovery | 100.0 (N/A) |
| Non-Agency Commercial<br> Mortgage-Backed Securities<br>| $101000 | Recent Transaction | Cost | # |
| Preferred Stock | $216276 | Market Comparable Companies | Enterprise Value to EBITDA multiple (b) | 22.07x (N/A) |
| Total | $381367 |  |  |  |

| (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. |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-47

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following 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> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $1454510 | $— | $— | $(22391)<br>| $— | $(1187690)<br>| $— | $22392 | $(266821)<br>| $— | $— |
| Corporate Bond |  |  | 61527 |  |  |  | 5 |  | 2559 | 64091 | 2559 |
| Non-Agency Commercial <br> Mortgage-Backed <br> Security<br>|  |  | 101000 |  |  |  |  |  |  | 101000 |  |
| Preferred Stock | 3669075 |  | 212482 | (3136775)<br>|  |  |  | (468490)<br>| (60016)<br>| 216276 | 3794 |
| Total | $5123585 | $— | $375009 | $(3159166)<br>| $— | (1187690)$| $5 | $(446098)<br>| $(324278)<br>| $381367 | $6353 |

---

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2254939 | &nbsp;&nbsp; 7177031 |
| Service Class | &nbsp;&nbsp; 5248916 | &nbsp;&nbsp; 19202707 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1701190 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8661718 |
|  | &nbsp;&nbsp; 7503855 | &nbsp;&nbsp; 36742646 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4613490)<br>| &nbsp;&nbsp; (6245268)<br>|
| Service Class | &nbsp;&nbsp; (22412381)<br>| &nbsp;&nbsp; (24729483)<br>|
|  | &nbsp;&nbsp; (27025871)<br>| &nbsp;&nbsp; (30974751)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (19522016)<br>| &nbsp;&nbsp; 5767895 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-48

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to reduce transaction costs.

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty for trades.

During the six months ended June 30, 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 six months ended June 30, 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

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-49

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the Statement of Net Assets, at June 30, 2025, the notional value of the protection sold was USD 500,000, 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 June 30, 2025, net unrealized appreciation of the protection sold was $1,726.

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 six months ended June 30, 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 June 30, 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>| $21870 | Liabilities net of receivables and other <br> assets<br>| $(1052704)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 2679772 | Liabilities net of receivables and other <br> assets<br>| (89034)<br>|
| Swap contracts <br> (Credit contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 1726 | Liabilities net of receivables and other <br> assets<br>| (103949)<br>|
| Swap contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>|  | Liabilities net of receivables and other <br> assets<br>| (612822)<br>|
| Total |  | $2703368 |  | $(1858509)<br>|

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-50

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(349991)<br>| &nbsp;&nbsp; $(1178487)<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; (3596410)<br>| &nbsp;&nbsp; 5338683 |
| 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; (906747)<br>| &nbsp;&nbsp; 113306 |
| 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; 493113 | &nbsp;&nbsp; (612822)<br>|
| Total |  | &nbsp;&nbsp; $(4360035)<br>| &nbsp;&nbsp; $3660680 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $1340683 | $14020064 |
| Futures contracts (average notional value) | 139311349 | 1768548 |
| CDS contracts (average notional value)\* | 5634890 | 5851174 |
| Interest rate swap contracts (average notional value)\*\* | 9150000 | 9047714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection. <br> \*\*Long represents paying floating interest payments and short represent receiving floating interest payments.

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain 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 June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $11554 | &nbsp;&nbsp; $(202390)<br>| &nbsp;&nbsp; $(190836)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 380 | &nbsp;&nbsp; (29371)<br>| &nbsp;&nbsp; (28991)<br>|
| Brown Brothers Harriman & Co. | &nbsp;&nbsp; — | &nbsp;&nbsp; (5857)<br>| &nbsp;&nbsp; (5857)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; (26084)<br>| &nbsp;&nbsp; (24358)<br>|
| Goldman Sachs International | &nbsp;&nbsp; — | &nbsp;&nbsp; (49169)<br>| &nbsp;&nbsp; (49169)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; 9936 | &nbsp;&nbsp; (2434)<br>| &nbsp;&nbsp; 7502 |
| Morgan Stanley Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (25849)<br>| &nbsp;&nbsp; (25849)<br>|
| State Street Bank & Trust Company | &nbsp;&nbsp; — | &nbsp;&nbsp; (815499)<br>| &nbsp;&nbsp; (815499)<br>|
| Total | &nbsp;&nbsp; $23596 | &nbsp;&nbsp; $(1156653)<br>| &nbsp;&nbsp; $(1133057)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-51

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(190836)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(190836)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (28991)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (28991)<br>|
| Brown Brothers Harriman & <br> Co.<br>| &nbsp;&nbsp; (5857)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5857)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; (24358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24358)<br>|
| Goldman Sachs International | &nbsp;&nbsp; (49169)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (49169)<br>|
| JPMorgan Chase Bank | &nbsp;&nbsp; 7502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7502 |
| Morgan Stanley Capital | &nbsp;&nbsp; (25849)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25849)<br>|
| State Street Bank & Trust <br> Company<br>| &nbsp;&nbsp; (815499)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (815499)<br>|
| Total | &nbsp;&nbsp; $(1133057)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1133057)<br>|

---

&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.

**7. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in 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.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-52

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-53

------

![](imgf84b51e71.jpg)

![](img34f564252.jpg)

LVIP Franklin Templeton Global Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_693122eb-9ad3-422e-a8f9-0bc56de8977d_SOI-continued-235_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_693122eb-9ad3-422e-a8f9-0bc56de8977d_FS-continued-235_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_693122eb-9ad3-422e-a8f9-0bc56de8977d_FS-continued-235_1)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_693122eb-9ad3-422e-a8f9-0bc56de8977d_FIHI-continued-235_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_693122eb-9ad3-422e-a8f9-0bc56de8977d_NTF-continued-235_1)**  | &nbsp;&nbsp; **10** |

---

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–93.89%** | **ΔCOMMON STOCK–93.89%** | **ΔCOMMON STOCK–93.89%** |
| **Australia–0.04%** | **Australia–0.04%** | **Australia–0.04%** |
| Pro Medicus Ltd. | 1772 | $331603 |
|  |  | **331603** |
| **Canada–2.07%** | **Canada–2.07%** | **Canada–2.07%** |
| †Celestica, Inc. | 6047 | 943997 |
| Constellation Software, <br> Inc.<br>| 300 | 1100026 |
| †Descartes Systems Group, <br> Inc.<br>| 3152 | 320385 |
| †Lumine Group, Inc. | 1769 | 62134 |
| Manulife Financial Corp. | 230200 | 7360314 |
| Royal Bank of Canada | 55700 | 7340906 |
| †Shopify, Inc. Class A | 17673 | 2038349 |
|  |  | **19166111** |
| **China–0.17%** | **China–0.17%** | **China–0.17%** |
| BYD Co. Ltd. Class H | 1980 | 30828 |
| Tencent Holdings Ltd. | 23656 | 1524289 |
|  |  | **1555117** |
| **Denmark–0.98%** | **Denmark–0.98%** | **Denmark–0.98%** |
| †Ascendis Pharma AS ADR | 1323 | 228350 |
| Novo Nordisk AS Class B | 71112 | 4927635 |
| †Orsted AS | 91912 | 3959442 |
|  |  | **9115427** |
| **France–4.25%** | **France–4.25%** | **France–4.25%** |
| Airbus SE | 9394 | 1965231 |
| BNP Paribas SA | 28860 | 2588791 |
| Capgemini SE | 8550 | 1464072 |
| Cie de Saint-Gobain SA | 67326 | 7909137 |
| Danone SA | 15015 | 1228577 |
| Kering SA | 3925 | 855083 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 7859 | 4113244 |
| Sanofi SA | 81259 | 7866989 |
| Veolia Environnement SA | 162154 | 5789204 |
| Vinci SA | 37427 | 5519374 |
|  |  | **39299702** |
| **Germany–3.59%** | **Germany–3.59%** | **Germany–3.59%** |
| Daimler Truck Holding AG | 132706 | 6296098 |
| Deutsche Bank AG | 61218 | 1814834 |
| Deutsche Telekom AG | 24273 | 888479 |
| Fresenius Medical Care <br> AG<br>| 103712 | 5958789 |
| Fresenius SE & Co. KGaA | 32133 | 1617022 |
| Infineon Technologies AG | 209006 | 8918711 |
| SAP SE | 22110 | 6760787 |
| Scout24 SE | 268 | 36997 |
| Siemens AG | 3508 | 901059 |
|  |  | **33192776** |
| **Hong Kong–0.85%** | **Hong Kong–0.85%** | **Hong Kong–0.85%** |
| AIA Group Ltd. | 661000 | 5987628 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Prudential PLC | 151133 | $1891617 |
|  |  | **7879245** |
| **India–0.58%** | **India–0.58%** | **India–0.58%** |
| †MakeMyTrip Ltd. | 1777 | 174181 |
| Reliance Industries Ltd. <br> GDR<br>| 74227 | 5181045 |
|  |  | **5355226** |
| **Ireland–2.54%** | **Ireland–2.54%** | **Ireland–2.54%** |
| Accenture PLC Class A | 18987 | 5675024 |
| AerCap Holdings NV | 15371 | 1798407 |
| †Aptiv PLC | 21403 | 1460113 |
| Medtronic PLC | 95705 | 8342605 |
| Smurfit WestRock PLC | 143529 | 6207904 |
|  |  | **23484053** |
| **Japan–3.36%** | **Japan–3.36%** | **Japan–3.36%** |
| Denso Corp. | 113501 | 1531728 |
| Ebara Corp. | 358800 | 6880945 |
| Mitsubishi Electric Corp. | 445492 | 9582073 |
| Mizuho Financial Group, <br> Inc.<br>| 313100 | 8691633 |
| Renesas Electronics Corp. | 111800 | 1383125 |
| Seven & i Holdings Co. Ltd. | 106575 | 1715358 |
| Toyota Motor Corp. | 76149 | 1311513 |
|  |  | **31096375** |
| **Netherlands–1.81%** | **Netherlands–1.81%** | **Netherlands–1.81%** |
| †Argenx SE | 708 | 391937 |
| ASM International NV | 10462 | 6711141 |
| ASML Holding NV | 708 | 567384 |
| Heineken NV | 19653 | 1714583 |
| ING Groep NV | 335339 | 7349856 |
|  |  | **16734901** |
| **Norway–0.57%** | **Norway–0.57%** | **Norway–0.57%** |
| Norsk Hydro ASA | 919382 | 5264748 |
|  |  | **5264748** |
| **Portugal–0.59%** | **Portugal–0.59%** | **Portugal–0.59%** |
| Galp Energia SGPS SA | 297694 | 5449540 |
|  |  | **5449540** |
| **Republic of Korea–0.88%** | **Republic of Korea–0.88%** | **Republic of Korea–0.88%** |
| †Samsung Biologics Co. Ltd. | 70 | 51367 |
| Samsung Electronics Co. <br> Ltd.<br>| 183777 | 8126914 |
|  |  | **8178281** |
| **Singapore–0.17%** | **Singapore–0.17%** | **Singapore–0.17%** |
| DBS Group Holdings Ltd. | 44683 | 1577402 |
|  |  | **1577402** |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-1

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden–0.83%** | **Sweden–0.83%** | **Sweden–0.83%** |
| Securitas AB Class B | 479904 | $7185279 |
| †Spotify Technology SA | 708 | 543277 |
|  |  | **7728556** |
| **Switzerland–1.63%** | **Switzerland–1.63%** | **Switzerland–1.63%** |
| Adecco Group AG | 175366 | 5225544 |
| Cie Financiere Richemont <br> SA Class A<br>| 8427 | 1594665 |
| Novartis AG ADR | 15769 | 1908207 |
| Roche Holding AG | 5891 | 1922938 |
| Swiss Re AG | 25833 | 4468774 |
|  |  | **15120128** |
| **Taiwan–1.50%** | **Taiwan–1.50%** | **Taiwan–1.50%** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 61204 | 13862094 |
|  |  | **13862094** |
| **Thailand–0.09%** | **Thailand–0.09%** | **Thailand–0.09%** |
| †Sea Ltd. ADR | 5282 | 844803 |
|  |  | **844803** |
| **United Kingdom–8.91%** | **United Kingdom–8.91%** | **United Kingdom–8.91%** |
| †ARM Holdings PLC ADR | 707 | 114350 |
| AstraZeneca PLC | 58646 | 8161713 |
| Barratt Redrow PLC | 1012666 | 6341304 |
| BP PLC | 307620 | 1532652 |
| BP PLC ADR | 386919 | 11580486 |
| British American Tobacco <br> PLC<br>| 27996 | 1331107 |
| CNH Industrial NV | 559736 | 7254179 |
| GSK PLC | 44813 | 854425 |
| Haleon PLC | 290703 | 1494105 |
| National Grid PLC | 78027 | 1145332 |
| nVent Electric PLC | 58002 | 4248646 |
| Reckitt Benckiser Group <br> PLC<br>| 24130 | 1643903 |
| Rio Tinto PLC | 23668 | 1377574 |
| Shell PLC | 299857 | 10461866 |
| SSE PLC | 271607 | 6839095 |
| Standard Chartered PLC | 616539 | 10202814 |
| TechnipFMC PLC | 3539 | 121883 |
| Unilever PLC | 127773 | 7797500 |
|  |  | **82502934** |
| **United States–58.28%** | **United States–58.28%** | **United States–58.28%** |
| Abbott Laboratories | 42807 | 5822180 |
| AbbVie, Inc. | 20109 | 3732633 |
| †Adobe, Inc. | 3475 | 1344408 |
| †Affirm Holdings, Inc. | 350 | 24199 |
| Air Products & Chemicals, <br> Inc.<br>| 10877 | 3067967 |
| Allstate Corp. | 40232 | 8099104 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 353 | $115110 |
| Alphabet, Inc. Class A | 105300 | 18557019 |
| †Amazon.com, Inc. | 35295 | 7743370 |
| American Tower Corp. | 6956 | 1537415 |
| Amphenol Corp. Class A | 5679 | 560801 |
| Analog Devices, Inc. | 24928 | 5933363 |
| Apple, Inc. | 46392 | 9518247 |
| Applied Materials, Inc. | 9348 | 1711338 |
| †AppLovin Corp. Class A | 3882 | 1359011 |
| Aramark | 149807 | 6272419 |
| ARES Management Corp. <br> Class A<br>| 19806 | 3430399 |
| †Arista Networks, Inc. | 4961 | 507560 |
| AT&T, Inc. | 514297 | 14883755 |
| †Aurora Innovation, Inc. | 5363 | 28102 |
| †Axon Enterprise, Inc. | 3269 | 2706536 |
| Baker Hughes Co. | 3544 | 135877 |
| Bank of America Corp. | 30784 | 1456699 |
| Becton Dickinson & Co. | 13982 | 2408399 |
| Blackrock, Inc. | 1382 | 1450063 |
| Booking Holdings, Inc. | 177 | 1024695 |
| †Boston Scientific Corp. | 3189 | 342530 |
| Broadcom, Inc. | 59352 | 16360379 |
| †Cadence Design Systems, <br> Inc.<br>| 5303 | 1634119 |
| Capital One Financial <br> Corp.<br>| 7465 | 1588253 |
| †Caris Life Sciences, Inc. | 722 | 19292 |
| Carlisle Cos., Inc. | 8777 | 3277332 |
| †Carvana Co. | 809 | 272601 |
| Casey's General Stores, <br> Inc.<br>| 4779 | 2438580 |
| Charles Schwab Corp. | 161723 | 14755607 |
| †Charter Communications, <br> Inc. Class A<br>| 5595 | 2287292 |
| Chevron Corp. | 21210 | 3037060 |
| †Chime Financial, Inc. <br> Class A<br>| 1171 | 40411 |
| Cintas Corp. | 19499 | 4345742 |
| †Circle Internet Group, Inc. | 400 | 72516 |
| †Cloudflare, Inc. Class A | 7431 | 1455213 |
| Colgate-Palmolive Co. | 22136 | 2012162 |
| †Corcept Therapeutics, Inc. | 839 | 61583 |
| CRH PLC | 92088 | 8500615 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 886 | 451249 |
| Crown Holdings, Inc. | 73527 | 7571810 |
| CVS Health Corp. | 23414 | 1615098 |
| Danaher Corp. | 15331 | 3028486 |
| Delta Air Lines, Inc. | 130745 | 6430039 |
| †DoorDash, Inc. Class A | 4252 | 1048161 |
| †Doximity, Inc. Class A | 7088 | 434778 |
| Dr. Horton, Inc. | 10876 | 1402134 |
| †Duolingo, Inc. | 525 | 215260 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-2

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ecolab, Inc. | 12554 | $3382550 |
| Elevance Health, Inc. | 4424 | 1720759 |
| Eli Lilly & Co. | 6470 | 5043559 |
| EOG Resources, Inc. | 14082 | 1684348 |
| Erie Indemnity Co. Class A | 5764 | 1998898 |
| Exxon Mobil Corp. | 20560 | 2216368 |
| †Fair Isaac Corp. | 90 | 164516 |
| Ferguson Enterprises, Inc. | 42206 | 9190356 |
| Fidelity National <br> Information Services, <br> Inc.<br>| 121884 | 9922576 |
| †Fiserv, Inc. | 11050 | 1905130 |
| †Fortinet, Inc. | 3898 | 412097 |
| Freeport-McMoRan, Inc. | 166125 | 7201519 |
| GE Vernova, Inc. | 354 | 187319 |
| General Dynamics Corp. | 13739 | 4007117 |
| Global Payments, Inc. | 18081 | 1447203 |
| †Guardant Health, Inc. | 4375 | 227675 |
| †Guidewire Software, Inc. | 1063 | 250283 |
| HCA Healthcare, Inc. | 22458 | 8603660 |
| †HealthEquity, Inc. | 707 | 74065 |
| Hess Corp. | 3016 | 417837 |
| †Hinge Health, Inc. Class A | 2282 | 118093 |
| Honeywell International, <br> Inc.<br>| 19893 | 4632682 |
| †HubSpot, Inc. | 883 | 491504 |
| †ICON PLC | 33100 | 4814395 |
| †IDEXX Laboratories, Inc. | 177 | 94932 |
| †Insmed, Inc. | 1415 | 142406 |
| Intercontinental Exchange, <br> Inc.<br>| 29243 | 5365213 |
| International Paper Co. | 29708 | 1391226 |
| Intuit, Inc. | 885 | 697053 |
| †Intuitive Surgical, Inc. | 3534 | 1920411 |
| Johnson & Johnson | 27006 | 4125166 |
| Johnson Controls <br> International PLC<br>| 60389 | 6378286 |
| JPMorgan Chase & Co. | 31724 | 9197105 |
| †Karman Holdings, Inc. | 2835 | 142799 |
| Kellanova | 7864 | 625424 |
| Kenvue, Inc. | 453443 | 9490562 |
| †Kestra Medical <br> Technologies Ltd.<br>| 1264 | 20957 |
| KeyCorp | 540947 | 9423297 |
| KLA Corp. | 708 | 634184 |
| †Klaviyo, Inc. Class A | 3544 | 119008 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 7947 | 369138 |
| Lam Research Corp. | 7087 | 689849 |
| †Life360, Inc. | 1184 | 77256 |
| †Ligand Pharmaceuticals, <br> Inc.<br>| 566 | 64343 |
| Linde PLC | 16220 | 7610100 |
| Lowe's Cos., Inc. | 19129 | 4244151 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Marsh & McLennan Cos., <br> Inc.<br>| 11556 | $2526604 |
| Mastercard, Inc. Class A | 6010 | 3377259 |
| McCormick & Co., Inc. | 26062 | 1976021 |
| McDonald's Corp. | 17369 | 5074701 |
| Merck & Co., Inc. | 21997 | 1741283 |
| Meta Platforms, Inc. <br> Class A<br>| 7941 | 5861173 |
| Micron Technology, Inc. | 59782 | 7368131 |
| Microsoft Corp. | 67487 | 33568709 |
| †Monday.com Ltd. | 1240 | 389955 |
| Mondelez International, <br> Inc. Class A<br>| 21887 | 1476059 |
| Monolithic Power Systems, <br> Inc.<br>| 885 | 647271 |
| Moody's Corp. | 176 | 88280 |
| Morgan Stanley | 38618 | 5439731 |
| Nasdaq, Inc. | 61995 | 5543593 |
| †Natera, Inc. | 5303 | 895889 |
| †Netflix, Inc. | 1415 | 1894869 |
| NextEra Energy, Inc. | 42702 | 2964373 |
| NIKE, Inc. Class B | 16496 | 1171876 |
| NVIDIA Corp. | 67099 | 10600971 |
| †Oceaneering International, <br> Inc.<br>| 3539 | 73328 |
| Oracle Corp. | 35294 | 7716327 |
| †Palantir Technologies, Inc. <br> Class A<br>| 4252 | 579633 |
| †Palo Alto Networks, Inc. | 7070 | 1446805 |
| Parker-Hannifin Corp. | 4245 | 2965005 |
| PepsiCo, Inc. | 23179 | 3060555 |
| PNC Financial Services <br> Group, Inc.<br>| 40967 | 7637068 |
| Procter & Gamble Co. | 30040 | 4785973 |
| Quanta Services, Inc. | 354 | 133840 |
| †Reddit, Inc. Class A | 530 | 79802 |
| †Robinhood Markets, Inc. <br> Class A<br>| 4356 | 407852 |
| †ROBLOX Corp. Class A | 5292 | 556718 |
| †Rocket Lab Corp. | 2402 | 85920 |
| †Root, Inc. Class A | 695 | 88939 |
| Roper Technologies, Inc. | 12016 | 6811149 |
| Ross Stores, Inc. | 25432 | 3244615 |
| RTX Corp. | 37402 | 5461440 |
| Salesforce, Inc. | 356 | 97078 |
| Schlumberger NV | 43538 | 1471584 |
| †ServiceNow, Inc. | 2827 | 2906382 |
| †ServiceTitan, Inc. Class A | 2796 | 299675 |
| Sherwin-Williams Co. | 6124 | 2102737 |
| †Snowflake, Inc. Class A | 178 | 39831 |
| STERIS PLC | 10146 | 2437272 |
| Stryker Corp. | 18930 | 7489276 |
| †Synopsys, Inc. | 2651 | 1359115 |
| Target Corp. | 10331 | 1019153 |
| †Tempus AI, Inc. | 1913 | 121552 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-3

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Tesla, Inc. | 7069 | $2245539 |
| Texas Instruments, Inc. | 35232 | 7314868 |
| T-Mobile U.S., Inc. | 26266 | 6258137 |
| †Toast, Inc. Class A | 4252 | 188321 |
| Tractor Supply Co. | 24948 | 1316506 |
| Tradeweb Markets, Inc. <br> Class A<br>| 7086 | 1037390 |
| †Tyler Technologies, Inc. | 708 | 419731 |
| †Uber Technologies, Inc. | 3544 | 330655 |
| UnitedHealth Group, Inc. | 1703 | 531285 |
| †Veeva Systems, Inc. <br> Class A<br>| 1239 | 356807 |
| Verisk Analytics, Inc. | 708 | 220542 |
| †Vertex Pharmaceuticals, <br> Inc.<br>| 353 | 157156 |
| Visa, Inc. Class A | 28786 | 10220469 |
| Walmart, Inc. | 71543 | 6995475 |
| Walt Disney Co. | 11330 | 1405033 |
| Wells Fargo & Co. | 136173 | 10910181 |
| West Pharmaceutical <br> Services, Inc.<br>| 8125 | 1777750 |
| WW Grainger, Inc. | 3802 | 3954992 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 62039 | 5658577 |
|  |  | **539451132** |
| **Uruguay–0.20%** | **Uruguay–0.20%** | **Uruguay–0.20%** |
| †MercadoLibre, Inc. | 708 | 1850450 |
|  |  | **1850450** |
| **Total Common Stock** <br>**(Cost $551,999,407)** | **Total Common Stock** <br>**(Cost $551,999,407)** | **869040604** |
| **ΔWARRANT–0.00%** | **ΔWARRANT–0.00%** | **ΔWARRANT–0.00%** |
| **Canada–0.00%** | **Canada–0.00%** | **Canada–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> CAD 1.0000<br>| 236 | 0 |
| **Total Warrant** <br>**(Cost $0)** | **Total Warrant** <br>**(Cost $0)** | **0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **ΔCORPORATE BOND–0.02%** | **ΔCORPORATE BOND–0.02%** | **ΔCORPORATE BOND–0.02%** |
| **United States–0.02%** | **United States–0.02%** | **United States–0.02%** |
| Michaels Cos., Inc. 7.88% <br> 5/1/29<br>| 350000 | 229250 |
| **Total Corporate Bond** <br>**(Cost $226,083)** | **Total Corporate Bond** <br>**(Cost $226,083)** | **229250** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS–0.22%** | **ΔLOAN AGREEMENTS–0.22%** | **ΔLOAN AGREEMENTS–0.22%** |
| **United States–0.22%** | **United States–0.22%** | **United States–0.22%** |
| •CoreLogic, Inc. 7.94% (1 mo. <br> USD Term SOFR + 3.50%) <br> 6/2/28<br>| 418113 | $413280 |
| •Michaels Cos., Inc. 8.81% (3 <br> mo. USD Term SOFR + <br> 4.25%) 4/17/28<br>| 741034 | 619534 |
| •Neptune Bidco U.S., Inc.  |  |  |
| 9.08% (3 mo. USD Term <br> SOFR + 4.75%) 4/11/29<br>| 497056 | 467054 |
| 9.33% (3 mo. USD Term <br> SOFR + 5.00%) 4/11/29<br>| 566474 | 534406 |
| **Total Loan Agreements** <br>**(Cost $2,039,748)** | **Total Loan Agreements** <br>**(Cost $2,039,748)** | **2034274** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–5.58%** | **MONEY MARKET FUND–5.58%** | **MONEY MARKET FUND–5.58%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 51641743 | 51641743 |
| **Total Money Market Fund** <br>**(Cost $51,641,743)** | **Total Money Market Fund** <br>**(Cost $51,641,743)** | **51641743** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS–0.09%** | **SHORT-TERM INVESTMENTS–0.09%** | **SHORT-TERM INVESTMENTS–0.09%** |
| **U.S. TREASURY OBLIGATIONS–0.09%** | **U.S. TREASURY OBLIGATIONS–0.09%** | **U.S. TREASURY OBLIGATIONS–0.09%** |
| \*≠U.S. Treasury Bills | \*≠U.S. Treasury Bills | \*≠U.S. Treasury Bills |
| % 8/21/25 | 300000 | 298165 |
| % 10/9/25 | 200000 | 197676 |
| 0.01% 7/24/25 | 300000 | 299201 |
|  |  | **795042** |
| **Total Short-Term Investments** <br>**(Cost $795,220)** | **Total Short-Term Investments** <br>**(Cost $795,220)** | **795042** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.80% (Cost $606,702,201)** | **923740913** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.20%** | **1886855** |
| **NET ASSETS APPLICABLE TO 20,174,320 SHARES OUTSTANDING–100.00%** | **$925627768** |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-4

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($90,741,176 / 1,975,237 Shares)** | **$45.939** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND** <br> **SERVICE CLASS** <br>**($834,886,592 / 18,199,083 Shares)** | **$45.875** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$483569181** |
| Distributable earnings/(accumulated loss) | **442058587** |
| **TOTAL NET ASSETS** | **$925627768** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| \*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 $2,656,880 cash collateral held at broker for futures contracts, $14 payable for securities purchased, $1,834,046 payable for fund <br> shares redeemed, $49,342 other accrued expenses payable, $667,313 due to manager and affiliates, $767,577 variation margin due to broker <br> on futures contracts, $16,187 payable for audit fee and $40,634 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | EUR | &nbsp;&nbsp; (5481354)<br>| USD | &nbsp;&nbsp; 5726694 | 7/14/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(736421)<br>|
| BOA | EUR | &nbsp;&nbsp; 2541800 | USD | &nbsp;&nbsp; (2915576)<br>| 7/14/25 | &nbsp;&nbsp; 81482 | &nbsp;&nbsp; — |
| BOA | GBP | &nbsp;&nbsp; 56186 | USD | &nbsp;&nbsp; (75070)<br>| 7/21/25 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; 2304406 | USD | &nbsp;&nbsp; (2656719)<br>| 7/14/25 | &nbsp;&nbsp; 60428 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (407704)<br>| USD | &nbsp;&nbsp; 436977 | 7/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (43750)<br>|
| UBS | EUR | &nbsp;&nbsp; 1042854 | USD | &nbsp;&nbsp; (1172406)<br>| 7/14/25 | &nbsp;&nbsp; 57232 | &nbsp;&nbsp; — |
| UBS | GBP | &nbsp;&nbsp; (56186)<br>| USD | &nbsp;&nbsp; 74570 | 7/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2561)<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; $201204 | &nbsp;&nbsp; $(782732)<br>|

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-5

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 25 | CME British Pound Currency Futures | &nbsp;&nbsp; $2144531 | &nbsp;&nbsp; $2123890 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $20641 | &nbsp;&nbsp; $— |
| 24 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 3550800 | &nbsp;&nbsp; 3493624 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 57176 | &nbsp;&nbsp; — |
| 29 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2535506 | &nbsp;&nbsp; 2531165 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 4341 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 82158 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 63 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 19699312 | &nbsp;&nbsp; 19323344 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 375968 | &nbsp;&nbsp; — |
| 19 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 5938450 | &nbsp;&nbsp; 5874471 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 63979 | &nbsp;&nbsp; — |
| 57 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 3576718 | &nbsp;&nbsp; 3581718 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5000)<br>|
| 18 | FTSE 100 Index Futures | &nbsp;&nbsp; 2171683 | &nbsp;&nbsp; 2182103 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10420)<br>|
| 9 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 2531787 | &nbsp;&nbsp; 2432301 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 99486 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 539433 | &nbsp;&nbsp; (15420)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $621591 | &nbsp;&nbsp; $(15420)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BOA–Bank of America |
| CAD–Canadian Dollar |
| CME–Chicago Mercantile Exchange |
| EUR–Euro |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| GDR–Global Depository Receipt |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $10611758 |
| Interest | 1427906 |
| Foreign taxes withheld | (700474)<br>|
|  | 11339190 |
| **EXPENSES:** |  |
| Management fees | 2947420 |
| Distribution fees-Service Class | 1024798 |
| Shareholder servicing fees | 131673 |
| Accounting and administration expenses | 101949 |
| Custodian fees | 41372 |
| Professional fees | 30522 |
| Trustees' fees and expenses | 13861 |
| Reports and statements to shareholders | 13127 |
| Consulting fees | 11181 |
| Pricing fees | 6950 |
| Other | 16033 |
|  | 4338886 |
| Less:  |  |
| Management fees waived | (45404)<br>|
| Total operating expenses | 4293482 |
| **NET INVESTMENT INCOME**  | 7045708 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 68143027 |
| Foreign currencies | (83514)<br>|
| Foreign currency exchange contracts | 193250 |
| Futures contracts | (43401982)<br>|
| Net realized gain | 24850781 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 963782 |
| Foreign currencies | 110084 |
| Foreign currency exchange contracts | (942234)<br>|
| Futures contracts | 2468087 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 2599719 |
| **NET REALIZED AND UNREALIZED GAIN** | 27450500 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $34496208 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $7045708 | $11921873 |
| Net realized gain | 24850781 | 101621606 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 2599719 | 699702 |
| Net increase in net assets resulting <br> from operations<br>| 34496208 | 114243181 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (5141975)<br>|
| Service Class |  | (46949065)<br>|
|  |  | (52091040)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 4449355 | 6329622 |
| Service Class | 14073851 | 21765740 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 5141975 |
| Service Class |  | 46949065 |
|  | 18523206 | 80186402 |
| Cost of shares redeemed: |  |  |
| Standard Class | (7895417)<br>| (13429796)<br>|
| Service Class | (60212410)<br>| (159357378)<br>|
|  | (68107827)<br>| (172787174)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (49584621)<br>| (92600772)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (15088413)<br>| (30448631)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 940716181 | 971164812 |
| End of period | $925627768 | $940716181 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-7

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $44.219 | &nbsp;&nbsp; $41.594 | &nbsp;&nbsp; $37.707 | &nbsp;&nbsp; $45.868 | &nbsp;&nbsp; $39.545 | &nbsp;&nbsp; $35.448 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.391 | 0.648 | 0.628 | 0.501 | 0.385 | 0.431 |
| Net realized and unrealized gain (loss) | 1.329 | 4.570 | 5.769 | &nbsp;&nbsp; (6.164)<br>| 6.464 | 4.052 |
| Total from investment operations | 1.720 | 5.218 | 6.397 | &nbsp;&nbsp; (5.663)<br>| 6.849 | 4.483 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (0.657)<br>| &nbsp;&nbsp; (0.624)<br>| &nbsp;&nbsp; (0.526)<br>| &nbsp;&nbsp; (0.386)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.883)<br>| &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (1.874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.593)<br>| &nbsp;&nbsp; (2.510)<br>| &nbsp;&nbsp; (2.498)<br>| &nbsp;&nbsp; (0.526)<br>| &nbsp;&nbsp; (0.386)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $45.939 | &nbsp;&nbsp; $44.219 | &nbsp;&nbsp; $41.594 | &nbsp;&nbsp; $37.707 | &nbsp;&nbsp; $45.868 | &nbsp;&nbsp; $39.545 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 12.54% | &nbsp;&nbsp; 17.24% | &nbsp;&nbsp; (12.06%)<br>| &nbsp;&nbsp; 17.32% | &nbsp;&nbsp; 12.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $90741 | &nbsp;&nbsp; $90756 | &nbsp;&nbsp; $87204 | &nbsp;&nbsp; $78905 | &nbsp;&nbsp; $98213 | &nbsp;&nbsp; $90558 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.25% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.24% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 Franklin Templeton Global Equity Managed Volatility Fund-8

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $44.212 | &nbsp;&nbsp; $41.586 | &nbsp;&nbsp; $37.705 | &nbsp;&nbsp; $45.861 | &nbsp;&nbsp; $39.540 | &nbsp;&nbsp; $35.451 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.336 | 0.535 | 0.526 | 0.399 | 0.275 | 0.344 |
| Net realized and unrealized gain (loss) | 1.327 | 4.567 | 5.761 | &nbsp;&nbsp; (6.159)<br>| 6.457 | 4.041 |
| Total from investment operations | 1.663 | 5.102 | 6.287 | &nbsp;&nbsp; (5.760)<br>| 6.732 | 4.385 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.593)<br>| &nbsp;&nbsp; (0.553)<br>| &nbsp;&nbsp; (0.522)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.296)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.883)<br>| &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (1.874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.476)<br>| &nbsp;&nbsp; (2.406)<br>| &nbsp;&nbsp; (2.396)<br>| &nbsp;&nbsp; (0.411)<br>| &nbsp;&nbsp; (0.296)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $45.875 | &nbsp;&nbsp; $44.212 | &nbsp;&nbsp; $41.586 | &nbsp;&nbsp; $37.705 | &nbsp;&nbsp; $45.861 | &nbsp;&nbsp; $39.540 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 12.26% | &nbsp;&nbsp; 16.95% | &nbsp;&nbsp; (12.28%)<br>| &nbsp;&nbsp; 17.03% | &nbsp;&nbsp; 12.38% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $834887 | &nbsp;&nbsp; $849960 | &nbsp;&nbsp; $883961 | &nbsp;&nbsp; $859170 | &nbsp;&nbsp; $1071692 | &nbsp;&nbsp; $1024444 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.98% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 1.00% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.99% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 Franklin Templeton Global Equity Managed Volatility Fund-9

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Franklin Templeton Global Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. 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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-10

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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. As of June 30, 2025, the value and cost of foreign currency held by the LVIP Franklin Templeton Global Equity Managed Volatility Fund is $26,620 and $26,634 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $1,009 for the six months ended June 30, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $200 million of the Fund's average daily net assets; 0.65% of the next $300 million; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.01% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-11

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Templeton Investment Counsel, LLC, Franklin Advisers, Inc., and Franklin Mutual Advisers, LLC (the "Sub-Advisers") are each responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Advisers a fee based on their respective managed portion of the Fund's average daily net assets.

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 six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $38975 |
| Legal | &nbsp;&nbsp; 5940 |

---

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 $7,472 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $476650 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 168113 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 939 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 21611 |

---

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 six months ended June 30, 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 six months ended June 30, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $177701372 |
| Sales | &nbsp;&nbsp; 251440649 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-12

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 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; $606702201 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $325053846 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7990491)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $317063355 |

---

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 June 30, 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)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-13

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $331603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $331603 |
| Canada | &nbsp;&nbsp; 19166111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19166111 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 1555117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1555117 |
| Denmark | &nbsp;&nbsp; 228350 | &nbsp;&nbsp; 8887077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9115427 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 39299702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39299702 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 33192776 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33192776 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 7879245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7879245 |
| India | &nbsp;&nbsp; 5355226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5355226 |
| Ireland | &nbsp;&nbsp; 17276149 | &nbsp;&nbsp; 6207904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23484053 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 31096375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31096375 |
| Netherlands | &nbsp;&nbsp; 567384 | &nbsp;&nbsp; 16167517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16734901 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 5264748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5264748 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 5449540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5449540 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 8178281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8178281 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 1577402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1577402 |
| Sweden | &nbsp;&nbsp; 543277 | &nbsp;&nbsp; 7185279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7728556 |
| Switzerland | &nbsp;&nbsp; 1908207 | &nbsp;&nbsp; 13211921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15120128 |
| Taiwan | &nbsp;&nbsp; 13862094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13862094 |
| Thailand | &nbsp;&nbsp; 844803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 844803 |
| United Kingdom | &nbsp;&nbsp; 23319544 | &nbsp;&nbsp; 59183390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82502934 |
| United States | &nbsp;&nbsp; 530950517 | &nbsp;&nbsp; 8500615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 539451132 |
| Uruguay | &nbsp;&nbsp; 1850450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1850450 |
| Warrant | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Corporate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; 229250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 229250 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 2034274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2034274 |
| Money Market Fund | &nbsp;&nbsp; 51641743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51641743 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 795042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 795042 |
| **Total Investments** | &nbsp;&nbsp; $667513855 | &nbsp;&nbsp; $256227058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $923740913 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201204 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201204 |
| Futures Contracts | &nbsp;&nbsp; $621591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $621591 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(782732)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(782732)<br>|
| Futures Contracts | &nbsp;&nbsp; $(15420)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15420)<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 six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-14

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 99526 | &nbsp;&nbsp; 140643 |
| Service Class | &nbsp;&nbsp; 324187 | &nbsp;&nbsp; 482189 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 114816 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1048808 |
|  | &nbsp;&nbsp; 423713 | &nbsp;&nbsp; 1786456 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (176715)<br>| &nbsp;&nbsp; (299590)<br>|
| Service Class | &nbsp;&nbsp; (1349833)<br>| &nbsp;&nbsp; (3562624)<br>|
|  | &nbsp;&nbsp; (1526548)<br>| &nbsp;&nbsp; (3862214)<br>|
| Net decrease | &nbsp;&nbsp; (1102835)<br>| &nbsp;&nbsp; (2075758)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the

LVIP Franklin Templeton Global Equity Managed Volatility Fund-15

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 six months ended June 30, 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 June 30, 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>| $201204 | Receivables and other assets net of <br> liabilities<br>| $(782732)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 539433 | Receivables and other assets net of <br> liabilities<br>| (15420)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 82158 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $822795 |  | $(798152)<br>|

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $193250 | &nbsp;&nbsp; $(942234)<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; (42034155)<br>| &nbsp;&nbsp; 2125521 |
| 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; (1367827)<br>| &nbsp;&nbsp; 342566 |
| Total |  | &nbsp;&nbsp; $(43208732)<br>| &nbsp;&nbsp; $1525853 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $3466066 | $7925190 |
| Futures contracts (average notional value) | 39890930 | 44251774 |

---

At June 30, 2025, the Fund posted securities collateral (comprised of U.S. treasury securities) for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Securities Collateral** |
| Bank of America N.A. | &nbsp;&nbsp; $608000 |
| Total | &nbsp;&nbsp; $608000 |

---

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund-16

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

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 June 30, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $83544 | &nbsp;&nbsp; $(736421)<br>| &nbsp;&nbsp; $(652877)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 60428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60428 |
| UBS AG | &nbsp;&nbsp; 57232 | &nbsp;&nbsp; (46311)<br>| &nbsp;&nbsp; 10921 |
| Total | &nbsp;&nbsp; $201204 | &nbsp;&nbsp; $(782732)<br>| &nbsp;&nbsp; $(581528)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(652877)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $608000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44877)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 60428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60428 |
| UBS AG | &nbsp;&nbsp; 10921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10921 |
| Total | &nbsp;&nbsp; $(581528)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $608000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26472 |

---

&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.

**7. 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.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-17

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-18

------

![](imged6e36671.jpg)

LVIP Franklin Templeton Multi-Factor Funds

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor International Equity <br> Fund <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor Emerging Markets <br> Equity Fund <br>|
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor SMID Cap Equity <br> Fund <br>|

---

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Franklin Templeton Multi-Factor Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_d4a1b843-2201-4c62-abee-ba7ec1980593_SOI-continued-318_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_d4a1b843-2201-4c62-abee-ba7ec1980593_FS-continued-318_1)**  | &nbsp;&nbsp; **34** |
| **[Statements of Changes in Net Assets](#xx_d4a1b843-2201-4c62-abee-ba7ec1980593_FS-continued-318_2)**  | &nbsp;&nbsp; **35** |
| **[Financial Highlights](#xx_d4a1b843-2201-4c62-abee-ba7ec1980593_FIHI-continued-318_1)**  | &nbsp;&nbsp; **36** |
| **[Notes to Financial Statements](#xx_d4a1b843-2201-4c62-abee-ba7ec1980593_NTF-continued-316_1)**  | &nbsp;&nbsp; **44** |

---

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–97.58%** | **ΔCOMMON STOCK–97.58%** | **ΔCOMMON STOCK–97.58%** |
| **Australia–5.12%** | **Australia–5.12%** | **Australia–5.12%** |
| Aristocrat Leisure Ltd. | 107270 | $4595958 |
| BHP Group Ltd. | 578748 | 13923285 |
| BlueScope Steel Ltd. | 60095 | 915760 |
| Brambles Ltd. | 86004 | 1328228 |
| Cochlear Ltd. | 4953 | 979585 |
| Coles Group Ltd. | 152287 | 2088178 |
| Commonwealth Bank of <br> Australia<br>| 22894 | 2786389 |
| Computershare Ltd. | 37970 | 996108 |
| CSL Ltd. | 22012 | 3477028 |
| Fortescue Ltd. | 561568 | 5645011 |
| Goodman Group | 46690 | 1052608 |
| Pro Medicus Ltd. | 15054 | 2817125 |
| Qantas Airways Ltd. | 277621 | 1961274 |
| REA Group Ltd. | 10597 | 1678128 |
| Wesfarmers Ltd. | 36308 | 2026253 |
|  |  | **46270918** |
| **Austria–0.58%** | **Austria–0.58%** | **Austria–0.58%** |
| Erste Group Bank AG | 16911 | 1439554 |
| OMV AG | 53012 | 2882854 |
| Verbund AG | 11571 | 888959 |
|  |  | **5211367** |
| **Belgium–0.57%** | **Belgium–0.57%** | **Belgium–0.57%** |
| Ageas SA | 61555 | 4164049 |
| Anheuser-Busch InBev SA | 14605 | 1004830 |
|  |  | **5168879** |
| **China–0.23%** | **China–0.23%** | **China–0.23%** |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 1198400 | 2091327 |
|  |  | **2091327** |
| **Denmark–2.68%** | **Denmark–2.68%** | **Denmark–2.68%** |
| AP Moller - Maersk AS <br> Class A<br>| 496 | 915100 |
| †Genmab AS | 22643 | 4702235 |
| Novo Nordisk AS Class B | 176641 | 12240163 |
| Pandora AS | 24839 | 4376513 |
| Rockwool AS Class B | 42304 | 1982884 |
|  |  | **24216895** |
| **Finland–0.65%** | **Finland–0.65%** | **Finland–0.65%** |
| Kone OYJ Class B | 39364 | 2593330 |
| Orion OYJ Class B | 27574 | 2074489 |
| Wartsila OYJ Abp | 49837 | 1177865 |
|  |  | **5845684** |
| **France–9.66%** | **France–9.66%** | **France–9.66%** |
| Air Liquide SA | 26104 | 5382672 |
| AXA SA | 24123 | 1184561 |
| BNP Paribas SA | 81075 | 7272565 |
| Bouygues SA | 63955 | 2892346 |
| Carrefour SA | 59960 | 845810 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Cie de Saint-Gobain SA | 73416 | $8624561 |
| Credit Agricole SA | 180477 | 3414316 |
| Eiffage SA | 7467 | 1049213 |
| Engie SA | 188562 | 4431734 |
| EssilorLuxottica SA | 7126 | 1956748 |
| Hermes International SCA | 2350 | 6370534 |
| Ipsen SA | 17231 | 2052520 |
| Klepierre SA | 84604 | 3345182 |
| L'Oreal SA | 22513 | 9643528 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 12111 | 6338656 |
| Orange SA | 250959 | 3821650 |
| Publicis Groupe SA | 9082 | 1025765 |
| Safran SA | 3127 | 1019791 |
| Sanofi SA | 45211 | 4377047 |
| Schneider Electric SE | 13115 | 3521180 |
| Societe Generale SA | 48016 | 2746717 |
| Teleperformance SE | 19456 | 1889710 |
| TotalEnergies SE | 66392 | 4058057 |
|  |  | **87264863** |
| **Germany–9.88%** | **Germany–9.88%** | **Germany–9.88%** |
| adidas AG | 6545 | 1527799 |
| Allianz SE | 31944 | 12963942 |
| Bayer AG | 77745 | 2342247 |
| CTS Eventim AG & Co. <br> KGaA<br>| 6970 | 866724 |
| Deutsche Bank AG | 347608 | 10304989 |
| Deutsche Boerse AG | 11992 | 3917661 |
| Deutsche Post AG | 95283 | 4413496 |
| Deutsche Telekom AG | 136801 | 5007409 |
| Evonik Industries AG | 38696 | 799404 |
| Fresenius Medical Care <br> AG<br>| 16976 | 975359 |
| GEA Group AG | 23910 | 1676094 |
| Hannover Rueck SE | 2915 | 918556 |
| Heidelberg Materials AG | 18119 | 4266965 |
| Henkel AG & Co. KGaA | 11961 | 867475 |
| Infineon Technologies AG | 22390 | 955427 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 2399 | 1557754 |
| Rheinmetall AG | 2325 | 4923648 |
| RWE AG | 169548 | 7085108 |
| SAP SE | 51862 | 15858342 |
| Siemens AG | 18493 | 4750081 |
| †Siemens Energy AG | 13118 | 1533244 |
| Volkswagen AG | 8211 | 888105 |
| †Zalando SE | 24112 | 795632 |
|  |  | **89195461** |
| **Hong Kong–2.20%** | **Hong Kong–2.20%** | **Hong Kong–2.20%** |
| AIA Group Ltd. | 516000 | 4674155 |
| CK Asset Holdings Ltd. | 396500 | 1752063 |

---

LVIP Franklin Templeton Multi-Factor Funds-1

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| CK Hutchison Holdings <br> Ltd.<br>| 568514 | $3500727 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 55400 | 2979774 |
| SITC International <br> Holdings Co. Ltd.<br>| 314000 | 1006006 |
| Sun Hung Kai Properties <br> Ltd.<br>| 116000 | 1336673 |
| Techtronic Industries Co. <br> Ltd.<br>| 74000 | 816514 |
| WH Group Ltd. | 3927365 | 3785163 |
|  |  | **19851075** |
| **Ireland–0.59%** | **Ireland–0.59%** | **Ireland–0.59%** |
| AerCap Holdings NV | 34154 | 3996018 |
| AIB Group PLC | 164809 | 1360144 |
|  |  | **5356162** |
| **Israel–1.45%** | **Israel–1.45%** | **Israel–1.45%** |
| Bank Hapoalim BM | 54605 | 1048856 |
| Bank Leumi Le-Israel BM | 306100 | 5695155 |
| †Check Point Software <br> Technologies Ltd.<br>| 14940 | 3305475 |
| ICL Group Ltd. | 127999 | 878748 |
| †Nice Ltd. | 8362 | 1417468 |
| †Wix.com Ltd. | 4734 | 750149 |
|  |  | **13095851** |
| **Italy–3.22%** | **Italy–3.22%** | **Italy–3.22%** |
| Banco BPM SpA | 351465 | 4102486 |
| Enel SpA | 118758 | 1127098 |
| Ferrari NV | 6173 | 3024220 |
| Generali | 109502 | 3895152 |
| Intesa Sanpaolo SpA | 848335 | 4886759 |
| Poste Italiane SpA | 212343 | 4562372 |
| Prysmian SpA | 23779 | 1683534 |
| UniCredit SpA | 86204 | 5782854 |
|  |  | **29064475** |
| **Japan–21.31%** | **Japan–21.31%** | **Japan–21.31%** |
| Advantest Corp. | 62900 | 4662840 |
| Asahi Group Holdings Ltd. | 99700 | 1332703 |
| Asahi Kasei Corp. | 241900 | 1722028 |
| Asics Corp. | 124400 | 3172245 |
| Bandai Namco Holdings, <br> Inc.<br>| 45900 | 1645020 |
| Central Japan Railway Co. | 107500 | 2403118 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 17200 | 898146 |
| Daifuku Co. Ltd. | 119900 | 3084539 |
| Dai-ichi Life Holdings, Inc. | 201600 | 1532685 |
| Daiichi Sankyo Co. Ltd. | 38100 | 882704 |
| Daiwa House Industry Co. <br> Ltd.<br>| 196800 | 6762595 |
| Disco Corp. | 3700 | 1096100 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Fuji Electric Co. Ltd. | 23800 | $1096035 |
| Fujikura Ltd. | 20800 | 1094193 |
| Hitachi Ltd. | 169100 | 4914778 |
| Hoya Corp. | 40800 | 4845493 |
| Hulic Co. Ltd. | 178500 | 1800490 |
| Inpex Corp. | 127000 | 1782720 |
| ITOCHU Corp. | 25217 | 1320488 |
| Japan Post Holdings Co. <br> Ltd.<br>| 97800 | 905845 |
| Japan Post Insurance Co. <br> Ltd.<br>| 72500 | 1641418 |
| Kao Corp. | 28500 | 1276959 |
| KDDI Corp. | 304600 | 5230158 |
| Keyence Corp. | 2000 | 799656 |
| Komatsu Ltd. | 158800 | 5239374 |
| Konami Group Corp. | 22500 | 3557288 |
| LY Corp. | 350000 | 1288912 |
| Makita Corp. | 36200 | 1114886 |
| Marubeni Corp. | 50400 | 1015975 |
| Mitsubishi Chemical Group <br> Corp.<br>| 375500 | 1973636 |
| Mitsubishi Electric Corp. | 218200 | 4693256 |
| Mitsui & Co. Ltd. | 76300 | 1554991 |
| Mizuho Financial Group, <br> Inc.<br>| 65700 | 1823827 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 185300 | 4142493 |
| Murata Manufacturing Co. <br> Ltd.<br>| 113900 | 1683520 |
| NEC Corp. | 117600 | 3430985 |
| Nintendo Co. Ltd. | 26800 | 2573598 |
| Nippon Building Fund, Inc. | 931 | 859666 |
| Nitto Denko Corp. | 195500 | 3775392 |
| Nomura Holdings, Inc. | 644100 | 4244426 |
| Olympus Corp. | 91000 | 1080927 |
| Oracle Corp. Japan | 9500 | 1132310 |
| ORIX Corp. | 301800 | 6810617 |
| Osaka Gas Co. Ltd. | 78600 | 2016084 |
| Panasonic Holdings Corp. | 362400 | 3877433 |
| Recruit Holdings Co. Ltd. | 146600 | 8621047 |
| Renesas Electronics Corp. | 109900 | 1359620 |
| SCREEN Holdings Co. Ltd. | 29400 | 2390554 |
| Sekisui Chemical Co. Ltd. | 50000 | 905534 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 134200 | 4431546 |
| Shionogi & Co. Ltd. | 341400 | 6145977 |
| Sompo Holdings, Inc. | 137000 | 4128466 |
| Sony Group Corp. | 147900 | 3845445 |
| Subaru Corp. | 216200 | 3748126 |
| Sumitomo Corp. | 198100 | 5112309 |
| Sumitomo Electric <br> Industries Ltd.<br>| 45900 | 984252 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 36400 | 916587 |

---

LVIP Franklin Templeton Multi-Factor Funds-2

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 45800 | $1768766 |
| Suzuki Motor Corp. | 175300 | 2113457 |
| Sysmex Corp. | 57200 | 995692 |
| TDK Corp. | 211500 | 2468744 |
| Terumo Corp. | 45400 | 833175 |
| TIS, Inc. | 29700 | 995237 |
| Tokio Marine Holdings, <br> Inc.<br>| 71100 | 3013291 |
| Tokyo Electron Ltd. | 31800 | 6089997 |
| Tokyo Gas Co. Ltd. | 26000 | 864814 |
| Toray Industries, Inc. | 129600 | 887144 |
| Toyota Motor Corp. | 232200 | 3999177 |
| Toyota Tsusho Corp. | 274000 | 6206442 |
| Trend Micro, Inc. | 12400 | 857657 |
| Yokogawa Electric Corp. | 105700 | 2823654 |
| Zensho Holdings Co. Ltd. | 14200 | 859474 |
| ZOZO, Inc. | 117400 | 1268471 |
|  |  | **192427207** |
| **Luxembourg–0.43%** | **Luxembourg–0.43%** | **Luxembourg–0.43%** |
| Eurofins Scientific SE | 54220 | 3864006 |
|  |  | **3864006** |
| **Macau–0.10%** | **Macau–0.10%** | **Macau–0.10%** |
| †Sands China Ltd. | 436800 | 912882 |
|  |  | **912882** |
| **Netherlands–4.23%** | **Netherlands–4.23%** | **Netherlands–4.23%** |
| †Adyen NV | 494 | 907249 |
| ASML Holding NV | 20875 | 16727909 |
| Euronext NV | 6447 | 1104642 |
| EXOR NV | 39652 | 4002771 |
| Koninklijke Ahold Delhaize <br> NV<br>| 174668 | 7295260 |
| Koninklijke KPN NV | 495620 | 2417729 |
| Prosus NV | 23795 | 1335054 |
| Stellantis NV | 305077 | 3055693 |
| Wolters Kluwer NV | 8175 | 1367172 |
|  |  | **38213479** |
| **New Zealand–0.17%** | **New Zealand–0.17%** | **New Zealand–0.17%** |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 70390 | 1546096 |
|  |  | **1546096** |
| **Norway–1.29%** | **Norway–1.29%** | **Norway–1.29%** |
| Aker BP ASA | 85512 | 2185207 |
| DNB Bank ASA | 31691 | 876401 |
| Equinor ASA | 260780 | 6585751 |
| Kongsberg Gruppen ASA | 26484 | 1026973 |
| Orkla ASA | 91556 | 997181 |
|  |  | **11671513** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Poland–0.10%** | **Poland–0.10%** | **Poland–0.10%** |
| †InPost SA | 54924 | $914029 |
|  |  | **914029** |
| **Singapore–1.01%** | **Singapore–1.01%** | **Singapore–1.01%** |
| CapitaLand Ascendas <br> REIT<br>| 728200 | 1536614 |
| DBS Group Holdings Ltd. | 54800 | 1934552 |
| Singapore Exchange Ltd. | 401600 | 4702422 |
| Singapore Technologies <br> Engineering Ltd.<br>| 147300 | 903197 |
|  |  | **9076785** |
| **Spain–5.16%** | **Spain–5.16%** | **Spain–5.16%** |
| Aena SME SA | 253466 | 6765965 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 433101 | 6669008 |
| Banco Santander SA | 373177 | 3090233 |
| CaixaBank SA | 451258 | 3910067 |
| Endesa SA | 140791 | 4459568 |
| Iberdrola SA | 693657 | 13344597 |
| Industria de Diseno Textil <br> SA<br>| 89110 | 4648580 |
| Repsol SA | 250383 | 3662202 |
|  |  | **46550220** |
| **Sweden–2.01%** | **Sweden–2.01%** | **Sweden–2.01%** |
| Atlas Copco AB Class A | 53532 | 865398 |
| Atlas Copco AB Class B | 58256 | 829133 |
| †Boliden AB | 55117 | 1722376 |
| Evolution AB | 19832 | 1575118 |
| Nordea Bank Abp | 60382 | 897036 |
| SKF AB Class B | 39407 | 905191 |
| †Spotify Technology SA | 9977 | 7655751 |
| Tele2 AB Class B | 59772 | 872517 |
| Volvo AB Class B | 100565 | 2829659 |
|  |  | **18152179** |
| **Switzerland–9.40%** | **Switzerland–9.40%** | **Switzerland–9.40%** |
| ABB Ltd. | 61163 | 3665427 |
| Avolta AG | 38973 | 2122902 |
| Cie Financiere Richemont <br> SA Class A<br>| 13494 | 2553507 |
| Coca-Cola HBC AG | 101032 | 5278173 |
| EMS-Chemie Holding AG | 1188 | 898132 |
| Geberit AG | 7277 | 5730963 |
| Givaudan SA | 180 | 872915 |
| Holcim AG | 8050 | 597786 |
| Logitech International SA | 9913 | 898955 |
| Nestle SA | 128991 | 12825103 |
| Novartis AG | 162408 | 19712611 |
| Partners Group Holding <br> AG<br>| 1053 | 1377668 |
| Roche Holding AG | 38931 | 12707844 |
| Schindler Holding AG | 20291 | 7497326 |
| Sika AG | 3431 | 933519 |

---

LVIP Franklin Templeton Multi-Factor Funds-3

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Sonova Holding AG | 6244 | $1862119 |
| STMicroelectronics NV | 29649 | 909097 |
| VAT Group AG | 2228 | 944075 |
| Zurich Insurance Group <br> AG<br>| 4980 | 3484620 |
|  |  | **84872742** |
| **Thailand–0.41%** | **Thailand–0.41%** | **Thailand–0.41%** |
| †Sea Ltd. ADR | 23400 | 3742596 |
|  |  | **3742596** |
| **United Kingdom–15.08%** | **United Kingdom–15.08%** | **United Kingdom–15.08%** |
| 3i Group PLC | 197658 | 11185899 |
| Associated British Foods <br> PLC<br>| 59338 | 1676555 |
| AstraZeneca PLC | 37881 | 5271866 |
| Auto Trader Group PLC | 157837 | 1787785 |
| BAE Systems PLC | 143982 | 3736745 |
| Barclays PLC | 2412223 | 11146317 |
| BT Group PLC | 1887360 | 5025513 |
| Centrica PLC | 1242620 | 2757090 |
| Compass Group PLC | 75451 | 2555674 |
| GSK PLC | 278123 | 5302820 |
| Halma PLC | 24693 | 1085358 |
| HSBC Holdings PLC <br> (London Shares)<br>| 1424787 | 17234480 |
| Imperial Brands PLC | 142645 | 5635922 |
| InterContinental Hotels <br> Group PLC<br>| 11862 | 1356243 |
| Intertek Group PLC | 20788 | 1354100 |
| JD Sports Fashion PLC | 774843 | 944900 |
| Marks & Spencer Group <br> PLC<br>| 225959 | 1099747 |
| Mondi PLC | 54150 | 884838 |
| NatWest Group PLC | 1051566 | 7385098 |
| Next PLC | 30433 | 5197768 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| RELX PLC | 101248 | $5487406 |
| Rio Tinto PLC | 45438 | 2644676 |
| Rolls-Royce Holdings PLC | 317688 | 4210206 |
| Sage Group PLC | 51827 | 890014 |
| Shell PLC | 248183 | 8658985 |
| Smith & Nephew PLC | 275178 | 4214138 |
| Standard Chartered PLC | 107419 | 1777627 |
| Unilever PLC | 240573 | 14681255 |
| Vodafone Group PLC | 902455 | 966034 |
|  |  | **136155059** |
| **United States–0.05%** | **United States–0.05%** | **United States–0.05%** |
| †Amrize Ltd. | 8050 | 401562 |
|  |  | **401562** |
| **Total Common Stock** <br>**(Cost $691,705,293)** | **Total Common Stock** <br>**(Cost $691,705,293)** | **881133312** |
| **ΔPREFERRED STOCK–0.27%** | **ΔPREFERRED STOCK–0.27%** | **ΔPREFERRED STOCK–0.27%** |
| **Germany–0.27%** | **Germany–0.27%** | **Germany–0.27%** |
| Henkel AG & Co. KGaA <br> 3.06%<br>| 31139 | 2447014 |
| **Total Preferred Stock** <br>**(Cost $2,440,847)** | **Total Preferred Stock** <br>**(Cost $2,440,847)** | **2447014** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.54%** | **MONEY MARKET FUND–1.54%** | **MONEY MARKET FUND–1.54%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 13860093 | 13860093 |
| **Total Money Market Fund** <br>**(Cost $13,860,093)** | **Total Money Market Fund** <br>**(Cost $13,860,093)** | **13860093** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.39% (Cost $708,006,233)** | **897440419** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.61%** | **5549494** |
| **NET ASSETS APPLICABLE TO 91,506,619 SHARES OUTSTANDING–100.00%** | **$902989913** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR INTERNATIONAL EQUITY FUND** <br> **STANDARD CLASS** <br>**($776,525,392 / 78,682,538 Shares)** | **$9.869** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR INTERNATIONAL EQUITY FUND** <br> **SERVICE CLASS** <br>**($126,464,521 / 12,824,081 Shares)** | **$9.861** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$712636986** |
| Distributable earnings/(accumulated loss) | **190352927** |
| **TOTAL NET ASSETS** | **$902989913** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-4

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $531,815 cash collateral held at broker for futures contracts, $14,001 variation margin due from broker on futures contracts, $550 <br> payable for securities purchased, $1,145,399 payable for fund shares redeemed, $40,954 other accrued expenses payable, $283,000 due to <br> manager and affiliates, $16,187 payable for audit fee and $22,017 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 111 | ICE U.S. mini MSCI EAFE Index Futures | &nbsp;&nbsp; $14883435 | &nbsp;&nbsp; $14685837 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $197598 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 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 Franklin Templeton Multi-Factor Funds-5

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–97.16%** | **ΔCOMMON STOCK–97.16%** | **ΔCOMMON STOCK–97.16%** |
| **Brazil–2.86%** | **Brazil–2.86%** | **Brazil–2.86%** |
| Ambev SA | 142600 | $348816 |
| B3 SA - Brasil Bolsa Balcao | 173100 | 463248 |
| Banco do Brasil SA | 496600 | 2026398 |
| BB Seguridade <br> Participacoes SA<br>| 212500 | 1402951 |
| BRF SA | 151800 | 563826 |
| Caixa Seguridade <br> Participacoes SA<br>| 38000 | 102674 |
| CPFL Energia SA | 69000 | 516887 |
| Rede D'Or Sao Luiz SA | 238400 | 1552885 |
| TOTVS SA | 163600 | 1274027 |
| Vale SA | 341500 | 3312483 |
| WEG SA | 450782 | 3546120 |
|  |  | **15110315** |
| **Chile–0.45%** | **Chile–0.45%** | **Chile–0.45%** |
| Banco de Chile | 7133411 | 1078865 |
| Cencosud SA | 382517 | 1301574 |
|  |  | **2380439** |
| **China–26.45%** | **China–26.45%** | **China–26.45%** |
| AAC Technologies <br> Holdings, Inc.<br>| 39500 | 205512 |
| Agricultural Bank of China <br> Ltd. Class A<br>| 1498200 | 1229659 |
| Alibaba Group Holding <br> Ltd.<br>| 852700 | 12070770 |
| Aluminum Corp. of China <br> Ltd. Class H<br>| 880000 | 594962 |
| Anhui Gujing Distillery Co. <br> Ltd. Class B<br>| 36000 | 481792 |
| Anker Innovations <br> Technology Co. Ltd. <br> Class A<br>| 8900 | 141239 |
| ANTA Sports Products Ltd. | 299800 | 3627512 |
| Avary Holding Shenzhen <br> Co. Ltd. Class A<br>| 23900 | 106976 |
| Bank of Beijing Co. Ltd. <br> Class A<br>| 128800 | 122794 |
| Bank of China Ltd. Class A | 662700 | 519892 |
| Bank of Shanghai Co. Ltd. <br> Class A<br>| 267100 | 395538 |
| †Beijing Kingsoft Office <br> Software, Inc. Class A<br>| 3247 | 126968 |
| Beijing New Building <br> Materials PLC Class A<br>| 32000 | 118309 |
| †Beijing-Shanghai High <br> Speed Railway Co. Ltd. <br> Class A<br>| 882400 | 708547 |
| BYD Co. Ltd. Class A | 28300 | 1311804 |
| BYD Co. Ltd. Class H | 361500 | 5628563 |
| China CITIC Bank Corp. <br> Ltd. Class H<br>| 1367000 | 1303271 |
| China Coal Energy Co. Ltd. <br> Class H<br>| 511000 | 591585 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Communications <br> Services Corp. Ltd. <br> Class H<br>| 740000 | $401710 |
| China Construction Bank <br> Corp. Class H<br>| 7980000 | 8075332 |
| China Everbright Bank Co. <br> Ltd. Class A<br>| 872400 | 505454 |
| China Feihe Ltd. | 915000 | 667440 |
| China Galaxy Securities Co. <br> Ltd. Class H<br>| 1036500 | 1171070 |
| China Hongqiao Group <br> Ltd.<br>| 100000 | 230260 |
| China Merchants Bank Co. <br> Ltd. Class A<br>| 52200 | 334911 |
| China Merchants <br> Securities Co. Ltd. <br> Class A<br>| 43500 | 106812 |
| China Merchants Shekou <br> Industrial Zone Holdings <br> Co. Ltd. Class A<br>| 101300 | 124027 |
| China National Chemical <br> Engineering Co. Ltd. <br> Class A<br>| 110900 | 118764 |
| China Overseas Land & <br> Investment Ltd.<br>| 532500 | 928251 |
| China Resources Land Ltd. | 230000 | 783100 |
| China Resources Mixc <br> Lifestyle Services Ltd.<br>| 186200 | 904641 |
| China Resources Power <br> Holdings Co. Ltd.<br>| 232000 | 560564 |
| China Tower Corp. Ltd. <br> Class H<br>| 915300 | 1312249 |
| China Yangtze Power Co. <br> Ltd. Class A<br>| 439700 | 1849645 |
| Chongqing Rural <br> Commercial Bank Co. <br> Ltd. Class A<br>| 166900 | 166334 |
| CITIC Securities Co. Ltd. <br> Class A<br>| 211575 | 815905 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class A<br>| 18540 | 653578 |
| COSCO SHIPPING Holdings <br> Co. Ltd. Class H<br>| 88000 | 153201 |
| CRRC Corp. Ltd. Class A | 451600 | 443997 |
| CSPC Pharmaceutical <br> Group Ltd.<br>| 416000 | 409203 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 7610 | 333585 |
| ENN Natural Gas Co. Ltd. <br> Class A<br>| 48300 | 127400 |
| Focus Media Information <br> Technology Co. Ltd. <br> Class A<br>| 108900 | 111001 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class A<br>| 12900 | 102616 |

---

LVIP Franklin Templeton Multi-Factor Funds-6

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| GF Securities Co. Ltd. <br> Class A<br>| 104900 | $246194 |
| Giant Biogene Holding Co. <br> Ltd.<br>| 89400 | 659717 |
| †Great Wall Motor Co. Ltd. <br> Class H<br>| 708500 | 1093967 |
| Gree Electric Appliances, <br> Inc. of Zhuhai Class A<br>| 52800 | 331145 |
| Guangdong Haid Group Co. <br> Ltd. Class A<br>| 15300 | 125109 |
| Haidilao International <br> Holding Ltd.<br>| 457000 | 871301 |
| Hansoh Pharmaceutical <br> Group Co. Ltd.<br>| 108000 | 410433 |
| Hithink RoyalFlush <br> Information Network Co. <br> Ltd. Class A<br>| 7400 | 282174 |
| Huatai Securities Co. Ltd. <br> Class A<br>| 76600 | 190556 |
| Huaxia Bank Co. Ltd. <br> Class A<br>| 99900 | 110303 |
| Hygon Information <br> Technology Co. Ltd. <br> Class A<br>| 41766 | 824704 |
| Imeik Technology <br> Development Co. Ltd. <br> Class A<br>| 4200 | 102504 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class A<br>| 1130400 | 1197689 |
| Industrial Bank Co. Ltd. <br> Class A<br>| 328200 | 1069380 |
| Inner Mongolia Dian Tou <br> Energy Corp. Ltd. Class A<br>| 42100 | 116136 |
| Inner Mongolia Yili <br> Industrial Group Co. Ltd. <br> Class A<br>| 118400 | 460969 |
| †Innovent Biologics, Inc. | 122500 | 1228023 |
| JCET Group Co. Ltd. <br> Class A<br>| 33200 | 156187 |
| †JD Logistics, Inc. | 611500 | 1028037 |
| JD.com, Inc. Class A | 146350 | 2390232 |
| †Kuaishou Technology | 437900 | 3554691 |
| Kunlun Energy Co. Ltd. | 524000 | 509323 |
| Kweichow Moutai Co. Ltd. <br> Class A<br>| 500 | 98424 |
| Lenovo Group Ltd. | 250000 | 302048 |
| Lens Technology Co. Ltd. <br> Class A<br>| 32000 | 99728 |
| Li Ning Co. Ltd. | 292000 | 632812 |
| Luzhou Laojiao Co. Ltd. <br> Class A<br>| 26400 | 418111 |
| †Meituan Class B | 293800 | 4726078 |
| Midea Group Co. Ltd. <br> Class A<br>| 62700 | 632014 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| NAURA Technology Group <br> Co. Ltd. Class A<br>| 1700 | $104996 |
| NetEase, Inc. | 175732 | 4735865 |
| New China Life Insurance <br> Co. Ltd. Class H<br>| 267800 | 1466407 |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 601800 | 3087110 |
| PetroChina Co. Ltd. <br> Class H<br>| 6324000 | 5449876 |
| Poly Developments & <br> Holdings Group Co. Ltd. <br> Class A<br>| 136900 | 154768 |
| Pop Mart International <br> Group Ltd.<br>| 120600 | 4108739 |
| Qifu Technology, Inc. ADR | 5600 | 242816 |
| Rockchip Electronics Co. <br> Ltd. Class A<br>| 7800 | 165650 |
| SAIC Motor Corp. Ltd. <br> Class A<br>| 146000 | 326956 |
| Satellite Chemical Co. Ltd. <br> Class A<br>| 60800 | 147201 |
| SF Holding Co. Ltd. <br> Class A<br>| 60600 | 412660 |
| Shaanxi Coal Industry Co. <br> Ltd. Class A<br>| 183100 | 491843 |
| Shandong Himile <br> Mechanical Science & <br> Technology Co. Ltd. <br> Class A<br>| 15100 | 124827 |
| Shandong Nanshan <br> Aluminum Co. Ltd. <br> Class A<br>| 221300 | 118313 |
| Shandong Weigao Group <br> Medical Polymer Co. Ltd. <br> Class H<br>| 439600 | 342577 |
| Shanghai Pudong <br> Development Bank Co. <br> Ltd. Class A<br>| 471100 | 913021 |
| †Shenergy Co. Ltd. Class A | 94100 | 112984 |
| Shenzhen Mindray <br> Bio-Medical Electronics <br> Co. Ltd. Class A<br>| 10100 | 316994 |
| Shenzhen Transsion <br> Holdings Co. Ltd. Class A<br>| 9328 | 103911 |
| †Sichuan Biokin <br> Pharmaceutical Co. Ltd. <br> Class A<br>| 3603 | 149014 |
| Sinotruk Hong Kong Ltd. | 172500 | 503889 |
| Tencent Holdings Ltd. | 371800 | 23957159 |
| Tingyi Cayman Islands <br> Holding Corp.<br>| 570000 | 836771 |
| Vipshop Holdings Ltd. ADR | 96128 | 1446726 |
| Weichai Power Co. Ltd. <br> Class A<br>| 125100 | 268726 |
| Wuliangye Yibin Co. Ltd. <br> Class A<br>| 64400 | 1069134 |

---

LVIP Franklin Templeton Multi-Factor Funds-7

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| WuXi AppTec Co. Ltd. <br> Class H<br>| 95100 | $956741 |
| XCMG Construction <br> Machinery Co. Ltd. <br> Class A<br>| 219500 | 238118 |
| †Xiaomi Corp. Class B | 883800 | 6803259 |
| Xinyi Solar Holdings Ltd. | 1068000 | 339979 |
| Yum China Holdings, Inc. | 48597 | 2172772 |
| Yutong Bus Co. Ltd. <br> Class A<br>| 41700 | 144724 |
| Zhejiang Chint Electrics <br> Co. Ltd. Class A<br>| 40400 | 127889 |
| Zhejiang NHU Co. Ltd. <br> Class A<br>| 57900 | 171909 |
| Zijin Mining Group Co. Ltd. <br> Class A<br>| 280500 | 767452 |
| Zijin Mining Group Co. Ltd. <br> Class H<br>| 916000 | 2355779 |
| ZTE Corp. Class A | 26000 | 118145 |
|  |  | **139900432** |
| **Colombia–0.12%** | **Colombia–0.12%** | **Colombia–0.12%** |
| Grupo Cibest SA | 49290 | 615635 |
|  |  | **615635** |
| **Czech Republic–0.25%** | **Czech Republic–0.25%** | **Czech Republic–0.25%** |
| CEZ AS | 12957 | 761113 |
| Moneta Money Bank AS | 79941 | 551367 |
|  |  | **1312480** |
| **Egypt–0.15%** | **Egypt–0.15%** | **Egypt–0.15%** |
| Commercial International <br> Bank - Egypt (CIB)<br>| 418652 | 711509 |
| Eastern Co. SAE | 176806 | 106939 |
|  |  | **818448** |
| **Greece–0.48%** | **Greece–0.48%** | **Greece–0.48%** |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 23444 | 445720 |
| National Bank of Greece <br> SA<br>| 40696 | 518905 |
| OPAP SA | 55301 | 1253981 |
| Public Power Corp. SA | 20178 | 329759 |
|  |  | **2548365** |
| **Hong Kong–0.79%** | **Hong Kong–0.79%** | **Hong Kong–0.79%** |
| Bosideng International <br> Holdings Ltd.<br>| 194000 | 114978 |
| Geely Automobile Holdings <br> Ltd.<br>| 1686000 | 3441469 |
| Guangdong Investment <br> Ltd.<br>| 714000 | 598283 |
|  |  | **4154730** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hungary–0.81%** | **Hungary–0.81%** | **Hungary–0.81%** |
| MOL Hungarian Oil & Gas <br> PLC<br>| 122056 | $1063327 |
| OTP Bank Nyrt | 25109 | 2006963 |
| Richter Gedeon Nyrt | 41642 | 1227456 |
|  |  | **4297746** |
| **India–17.74%** | **India–17.74%** | **India–17.74%** |
| ABB India Ltd. | 16237 | 1151742 |
| †Adani Power Ltd. | 172269 | 1175083 |
| Asian Paints Ltd. | 54108 | 1477644 |
| Astral Ltd. | 6560 | 115281 |
| †Aurobindo Pharma Ltd. | 74738 | 989514 |
| Bajaj Holdings & <br> Investment Ltd.<br>| 5930 | 995023 |
| Bharat Electronics Ltd. | 32350 | 159095 |
| Bharti Airtel Ltd. | 92903 | 2178024 |
| Britannia Industries Ltd. | 4095 | 279390 |
| BSE Ltd. | 9936 | 321445 |
| Cipla Ltd. | 48508 | 852161 |
| Coal India Ltd. | 494041 | 2259170 |
| Colgate-Palmolive India <br> Ltd.<br>| 40741 | 1143808 |
| Coromandel International <br> Ltd.<br>| 35307 | 1031993 |
| Divi's Laboratories Ltd. | 14761 | 1172743 |
| Dr. Reddy's Laboratories <br> Ltd.<br>| 88548 | 1326568 |
| Eicher Motors Ltd. | 11373 | 750323 |
| GAIL India Ltd. | 545252 | 1213858 |
| Godrej Consumer Products <br> Ltd.<br>| 11588 | 159248 |
| Havells India Ltd. | 23206 | 419683 |
| HCL Technologies Ltd. | 203408 | 4101107 |
| HDFC Asset Management <br> Co. Ltd.<br>| 27977 | 1694442 |
| HDFC Bank Ltd. | 427045 | 9969561 |
| Hero MotoCorp Ltd. | 14212 | 702173 |
| Hindalco Industries Ltd. | 355891 | 2879311 |
| Hindustan Unilever Ltd. | 15245 | 408027 |
| ICICI Bank Ltd. | 193097 | 3263290 |
| Indian Hotels Co. Ltd. | 235292 | 2086611 |
| †Indus Towers Ltd. | 262230 | 1286170 |
| Infosys Ltd. | 134773 | 2517920 |
| Larsen & Toubro Ltd. | 49880 | 2134923 |
| Lupin Ltd. | 68389 | 1546626 |
| Marico Ltd. | 19005 | 160100 |
| Max Healthcare Institute <br> Ltd.<br>| 34899 | 519253 |
| Muthoot Finance Ltd. | 36081 | 1104874 |
| NMDC Ltd. | 914617 | 747081 |
| NTPC Ltd. | 902430 | 3523927 |
| Oberoi Realty Ltd. | 37988 | 844630 |
| Oracle Financial Services <br> Software Ltd.<br>| 4985 | 522511 |
| Page Industries Ltd. | 1838 | 1059006 |

---

LVIP Franklin Templeton Multi-Factor Funds-8

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Petronet LNG Ltd. | 176478 | $621401 |
| PI Industries Ltd. | 23055 | 1103244 |
| Pidilite Industries Ltd. | 45580 | 1624392 |
| Polycab India Ltd. | 5797 | 442940 |
| Power Finance Corp. Ltd. | 422575 | 2108274 |
| Reliance Industries Ltd. | 508974 | 8908681 |
| Shriram Finance Ltd. | 389265 | 3209919 |
| Solar Industries India Ltd. | 8133 | 1669161 |
| SRF Ltd. | 39962 | 1511210 |
| †Suzlon Energy Ltd. | 1971880 | 1557910 |
| Tata Consultancy Services <br> Ltd.<br>| 109676 | 4428767 |
| Tata Motors Ltd. | 86637 | 695047 |
| Trent Ltd. | 30948 | 2243618 |
| United Spirits Ltd. | 7031 | 117095 |
| UPL Ltd. | 134921 | 1040741 |
| Vedanta Ltd. | 361927 | 1948812 |
| Wipro Ltd. | 115995 | 359908 |
|  |  | **93834459** |
| **Indonesia–1.16%** | **Indonesia–1.16%** | **Indonesia–1.16%** |
| Astra International Tbk. <br> PT<br>| 6055300 | 1679222 |
| Bank Central Asia Tbk. PT | 1967700 | 1051829 |
| Indofood Sukses Makmur <br> Tbk. PT<br>| 1313300 | 657608 |
| Kalbe Farma Tbk. PT | 4864800 | 457562 |
| Sumber Alfaria Trijaya Tbk. <br> PT<br>| 5738500 | 845188 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 5146400 | 880454 |
| United Tractors Tbk. PT | 446300 | 589599 |
|  |  | **6161462** |
| **Ireland–0.64%** | **Ireland–0.64%** | **Ireland–0.64%** |
| †PDD Holdings, Inc. ADR | 32400 | 3390984 |
|  |  | **3390984** |
| **Kuwait–0.11%** | **Kuwait–0.11%** | **Kuwait–0.11%** |
| Mabanee Co. KPSC | 204912 | 586134 |
|  |  | **586134** |
| **Malaysia–0.82%** | **Malaysia–0.82%** | **Malaysia–0.82%** |
| CIMB Group Holdings Bhd. | 354600 | 571919 |
| QL Resources Bhd. | 491700 | 537384 |
| RHB Bank Bhd. | 378900 | 566878 |
| Telekom Malaysia Bhd. | 344600 | 536422 |
| Tenaga Nasional Bhd. | 617300 | 2109583 |
|  |  | **4322186** |
| **Mexico–1.95%** | **Mexico–1.95%** | **Mexico–1.95%** |
| Arca Continental SAB de <br> CV<br>| 51500 | 545616 |
| Cemex SAB de CV | 3784667 | 2619991 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Coca-Cola Femsa SAB de <br> CV<br>| 47800 | $463034 |
| Gruma SAB de CV Class B | 48545 | 837252 |
| Grupo Aeroportuario del <br> Centro Norte SAB de CV<br>| 86600 | 1139006 |
| Grupo Aeroportuario del <br> Sureste SAB de CV <br> Class B<br>| 36275 | 1157970 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 69600 | 638675 |
| Grupo Mexico SAB de CV | 201600 | 1216723 |
| Kimberly-Clark de Mexico <br> SAB de CV Class A<br>| 320400 | 587373 |
| Prologis Property Mexico <br> SA de CV<br>| 63900 | 240930 |
| Promotora y Operadora de <br> Infraestructura SAB de <br> CV<br>| 56805 | 640689 |
| Qualitas Controladora SAB <br> de CV<br>| 23700 | 243625 |
|  |  | **10330884** |
| **Netherlands–0.07%** | **Netherlands–0.07%** | **Netherlands–0.07%** |
| NEPI Rockcastle NV | 51410 | 391882 |
|  |  | **391882** |
| **Philippines–0.52%** | **Philippines–0.52%** | **Philippines–0.52%** |
| International Container <br> Terminal Services, Inc.<br>| 267210 | 1948054 |
| Manila Electric Co. | 84750 | 810188 |
|  |  | **2758242** |
| **Poland–1.43%** | **Poland–1.43%** | **Poland–1.43%** |
| Bank Polska Kasa Opieki <br> SA<br>| 50036 | 2577074 |
| ORLEN SA | 159874 | 3643764 |
| †PGE Polska Grupa <br> Energetyczna SA<br>| 97376 | 308257 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 58867 | 1029413 |
|  |  | **7558508** |
| **Qatar–0.88%** | **Qatar–0.88%** | **Qatar–0.88%** |
| Ooredoo QPSC | 257876 | 906334 |
| Qatar Islamic Bank QPSC | 131192 | 798106 |
| Qatar National Bank QPSC | 614492 | 2927866 |
|  |  | **4632306** |
| **Republic of Korea–11.71%** | **Republic of Korea–11.71%** | **Republic of Korea–11.71%** |
| DB Insurance Co. Ltd. | 13742 | 1253992 |
| Hana Financial Group, Inc. | 83632 | 5327190 |
| Hankook Tire & Technology <br> Co. Ltd.<br>| 10515 | 308921 |
| HD Hyundai Electric Co. <br> Ltd.<br>| 5462 | 2047633 |

---

LVIP Franklin Templeton Multi-Factor Funds-9

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 3838 | $1036417 |
| Hyundai Mobis Co. Ltd. | 15172 | 3218713 |
| KB Financial Group, Inc. | 65984 | 5422319 |
| Kia Corp. | 6715 | 480488 |
| Korea Electric Power <br> Corp.<br>| 76679 | 2215809 |
| Korea Investment Holdings <br> Co. Ltd.<br>| 2373 | 244878 |
| LG Uplus Corp. | 63884 | 676341 |
| Meritz Financial Group, <br> Inc.<br>| 24809 | 2063823 |
| Orion Corp. | 5587 | 449549 |
| Posco International Corp. | 8270 | 303595 |
| Samsung Electronics Co. <br> Ltd.<br>| 303945 | 13440935 |
| Samsung Life Insurance <br> Co. Ltd.<br>| 3401 | 320257 |
| Shinhan Financial Group <br> Co. Ltd.<br>| 116177 | 5267096 |
| SK Hynix, Inc. | 47424 | 10218997 |
| †SK Square Co. Ltd. | 27915 | 3752027 |
| SK Telecom Co. Ltd. | 16035 | 674649 |
| Woori Financial Group, <br> Inc.<br>| 194695 | 3239575 |
|  |  | **61963204** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πSeverstal PAO | 283840 | 0 |
| =†πSurgutneftegas PAO | 11590970 | 0 |
|  |  | **0** |
| **Saudi Arabia–3.55%** | **Saudi Arabia–3.55%** | **Saudi Arabia–3.55%** |
| Ades Holding Co. | 42051 | 153582 |
| Al Rajhi Bank | 192467 | 4854566 |
| Arab National Bank | 269430 | 1560223 |
| Arabian Internet & <br> Communications Services <br> Co.<br>| 7471 | 530539 |
| Etihad Etisalat Co. | 100923 | 1595716 |
| Makkah Construction & <br> Development Co.<br>| 25614 | 629682 |
| Mouwasat Medical Services <br> Co.<br>| 22313 | 448955 |
| Nahdi Medical Co. | 12162 | 414102 |
| Riyad Bank | 452618 | 3467309 |
| SABIC Agri-Nutrients Co. | 68975 | 1972204 |
| SAL Saudi Logistics <br> Services<br>| 2143 | 107279 |
| Saudi Arabian Oil Co. | 208605 | 1352578 |
| Saudi Aramco Base Oil Co. | 15719 | 428409 |
| Saudi National Bank | 57584 | 554452 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Yanbu National <br> Petrochemical Co.<br>| 85270 | $687012 |
|  |  | **18756608** |
| **South Africa–3.20%** | **South Africa–3.20%** | **South Africa–3.20%** |
| Bid Corp. Ltd. | 24229 | 639715 |
| Capitec Bank Holdings <br> Ltd.<br>| 17296 | 3458264 |
| Clicks Group Ltd. | 61873 | 1296611 |
| Discovery Ltd. | 162004 | 1969392 |
| FirstRand Ltd. | 118179 | 505196 |
| Gold Fields Ltd. | 27269 | 645722 |
| Harmony Gold Mining Co. <br> Ltd.<br>| 170211 | 2368307 |
| Kumba Iron Ore Ltd. | 19785 | 318549 |
| MTN Group Ltd. | 88191 | 702021 |
| OUTsurance Group Ltd. | 253405 | 1121187 |
| Sanlam Ltd. | 44990 | 225334 |
| Shoprite Holdings Ltd. | 77679 | 1215178 |
| Standard Bank Group Ltd. | 79870 | 1025501 |
| Vodacom Group Ltd. | 185722 | 1434058 |
|  |  | **16925035** |
| **Taiwan–16.71%** | **Taiwan–16.71%** | **Taiwan–16.71%** |
| Accton Technology Corp. | 47000 | 1174706 |
| Asia Cement Corp. | 97000 | 141602 |
| Asustek Computer, Inc. | 5000 | 110537 |
| Cathay Financial Holding <br> Co. Ltd.<br>| 628000 | 1351797 |
| Compal Electronics, Inc. | 1251000 | 1244301 |
| Elite Material Co. Ltd. | 41000 | 1239785 |
| eMemory Technology, Inc. | 6000 | 485738 |
| Hon Hai Precision Industry <br> Co. Ltd.<br>| 1200000 | 6620804 |
| International Games <br> System Co. Ltd.<br>| 50000 | 1467787 |
| Largan Precision Co. Ltd. | 29000 | 2368441 |
| MediaTek, Inc. | 138000 | 5913115 |
| Novatek Microelectronics <br> Corp.<br>| 161000 | 3002791 |
| Pegatron Corp. | 478000 | 1259220 |
| †PharmaEssentia Corp. | 25000 | 468950 |
| †Pou Chen Corp. | 274000 | 290541 |
| Ruentex Development Co. <br> Ltd.<br>| 321000 | 327263 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1545322 | 56511416 |
| Uni-President Enterprises <br> Corp.<br>| 567000 | 1571668 |
| Voltronic Power Technology <br> Corp.<br>| 21000 | 905845 |
| Yang Ming Marine <br> Transport Corp.<br>| 522000 | 1268947 |

---

LVIP Franklin Templeton Multi-Factor Funds-10

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Zhen Ding Technology <br> Holding Ltd.<br>| 200000 | $688276 |
|  |  | **88413530** |
| **Thailand–1.16%** | **Thailand–1.16%** | **Thailand–1.16%** |
| Advanced Info Service PCL | 301600 | 2585057 |
| Bangkok Dusit Medical <br> Services PCL Class F<br>| 1513600 | 968621 |
| Bumrungrad Hospital PCL | 138000 | 592758 |
| Charoen Pokphand Foods <br> PCL<br>| 1136500 | 804838 |
| Kasikornbank PCL | 87600 | 413787 |
| Krung Thai Bank PCL | 832100 | 545828 |
| TMBThanachart Bank PCL <br> NVDR<br>| 4303800 | 250425 |
|  |  | **6161314** |
| **Turkey–0.70%** | **Turkey–0.70%** | **Turkey–0.70%** |
| Aselsan Elektronik Sanayi <br> Ve Ticaret AS<br>| 409667 | 1551361 |
| BIM Birlesik Magazalar AS | 9143 | 113605 |
| Turk Hava Yollari AO | 165304 | 1177662 |
| Turkcell Iletisim Hizmetleri <br> AS<br>| 361117 | 873495 |
|  |  | **3716123** |
| **United Arab Emirates–1.97%** | **United Arab Emirates–1.97%** | **United Arab Emirates–1.97%** |
| Abu Dhabi Islamic Bank <br> PJSC<br>| 435404 | 2549191 |
| Dubai Islamic Bank PJSC | 868020 | 2143279 |
| Emaar Development PJSC | 299700 | 1103373 |
| Emaar Properties PJSC | 565347 | 2097233 |
| Emirates NBD Bank PJSC | 404502 | 2511203 |
|  |  | **10404279** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom–0.02%** | **United Kingdom–0.02%** | **United Kingdom–0.02%** |
| Anglogold Ashanti PLC | 2548 | $116396 |
|  |  | **116396** |
| **United States–0.46%** | **United States–0.46%** | **United States–0.46%** |
| †BeOne Medicines Ltd. | 127200 | 2406247 |
|  |  | **2406247** |
| **Total Common Stock** <br>**(Cost $402,565,848)** | **Total Common Stock** <br>**(Cost $402,565,848)** | **513968373** |
| **ΔPREFERRED STOCKS–1.69%** | **ΔPREFERRED STOCKS–1.69%** | **ΔPREFERRED STOCKS–1.69%** |
| **Brazil–1.69%** | **Brazil–1.69%** | **Brazil–1.69%** |
| Gerdau SA 4.00% | 268462 | 790597 |
| Itau Unibanco Holding SA <br> 6.77%<br>| 572080 | 3882238 |
| Itausa SA 8.01% | 1718048 | 3462595 |
| Petroleo Brasileiro SA - <br> Petrobras 10.92%<br>| 138300 | 798526 |
| **Total Preferred Stocks** <br>**(Cost $7,619,740)** | **Total Preferred Stocks** <br>**(Cost $7,619,740)** | **8933956** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.51%** | **MONEY MARKET FUND–1.51%** | **MONEY MARKET FUND–1.51%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 7981222 | 7981222 |
| **Total Money Market Fund** <br>**(Cost $7,981,222)** | **Total Money Market Fund** <br>**(Cost $7,981,222)** | **7981222** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.36% (Cost $418,166,810)** | **530883551** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.36%)** | **(1888393)**<br>|
| **NET ASSETS APPLICABLE TO 58,823,659 SHARES OUTSTANDING–100.00%** | **$528995158** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR EMERGING MARKETS EQUITY FUND** <br> **STANDARD CLASS** <br>**($391,536,936 / 43,531,243 Shares)** | **$8.994** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR EMERGING MARKETS EQUITY FUND** <br> **SERVICE CLASS** <br>**($137,458,222 / 15,292,416 Shares)** | **$8.989** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$618611983** |
| Distributable earnings/(accumulated loss) | **(89616825)**<br>|
| **TOTAL NET ASSETS** | **$528995158** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-11

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

------

---

| |
|:---|
| 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 June 30, 2025, the aggregate value of restricted securities was $0, which represented <br> 0.00% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these <br> securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Severstal PAO | 2/4/2022 | &nbsp;&nbsp; $3161310 | &nbsp;&nbsp; $0 |
| Surgutneftegas PAO | 2/4/2022 | &nbsp;&nbsp; 5050556 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $8211866 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $376,635 cash collateral held at broker for futures contracts, $24,093 variation margin due from broker on futures contracts, $42 <br> payable for securities purchased, $820,189 payable for fund shares redeemed, $94,421 other accrued expenses payable, $181,906 due to <br> manager and affiliates, $3,280,298 foreign capital gain taxes payable, $16,187 payable for audit fee and $17,074 payable for fund accounting <br> fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 165 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; $10176375 | &nbsp;&nbsp; $9860940 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $315435 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| ICE–Intercontinental Exchange |
| LNG–Liquefied Natural Gas |
| MSCI–Morgan Stanley Capital International |
| NVDR–Non-Voting Depository Receipt |
| PJSC–Public Joint Stock Company |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-12

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.27%** | **COMMON STOCK–98.27%** | **COMMON STOCK–98.27%** |
| **Aerospace & Defense–1.76%** | **Aerospace & Defense–1.76%** | **Aerospace & Defense–1.76%** |
| Curtiss-Wright Corp. | 3398 | $1660093 |
| General Dynamics Corp. | 7649 | 2230907 |
| General Electric Co. | 16080 | 4138831 |
| Howmet Aerospace, Inc. | 32092 | 5973284 |
| Lockheed Martin Corp. | 25839 | 11967074 |
| Northrop Grumman Corp. | 3438 | 1718931 |
| RTX Corp. | 13576 | 1982368 |
| Textron, Inc. | 21971 | 1764052 |
|  |  | **31435540** |
| **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** |
| FedEx Corp. | 11580 | 2632250 |
| United Parcel Service, Inc. <br> Class B<br>| 16937 | 1709621 |
|  |  | **4341871** |
| **Automobiles–1.92%** | **Automobiles–1.92%** | **Automobiles–1.92%** |
| General Motors Co. | 131355 | 6463979 |
| †Tesla, Inc. | 87307 | 27733942 |
|  |  | **34197921** |
| **Banks–2.76%** | **Banks–2.76%** | **Banks–2.76%** |
| Bank of America Corp. | 120218 | 5688716 |
| Citigroup, Inc. | 73590 | 6263981 |
| JPMorgan Chase & Co. | 94480 | 27390697 |
| M&T Bank Corp. | 9017 | 1749208 |
| Popular, Inc. | 16202 | 1785622 |
| Wells Fargo & Co. | 79455 | 6365934 |
|  |  | **49244158** |
| **Beverages–0.70%** | **Beverages–0.70%** | **Beverages–0.70%** |
| Coca-Cola Co. | 23662 | 1674086 |
| Coca-Cola Consolidated, Inc. | 15563 | 1737609 |
| Molson Coors Beverage Co. <br> Class B<br>| 45652 | 2195405 |
| †Monster Beverage Corp. | 79323 | 4968793 |
| PepsiCo, Inc. | 14496 | 1914052 |
|  |  | **12489945** |
| **Biotechnology–3.42%** | **Biotechnology–3.42%** | **Biotechnology–3.42%** |
| AbbVie, Inc. | 100919 | 18732585 |
| Amgen, Inc. | 32316 | 9022950 |
| †Biogen, Inc. | 12919 | 1622497 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 29842 | 1640415 |
| †Exelixis, Inc. | 86347 | 3805744 |
| Gilead Sciences, Inc. | 186267 | 20651422 |
| †United Therapeutics Corp. | 13543 | 3891581 |
| †Vertex Pharmaceuticals, Inc. | 3715 | 1653918 |
|  |  | **61021112** |
| **Broadline Retail–3.46%** | **Broadline Retail–3.46%** | **Broadline Retail–3.46%** |
| †Amazon.com, Inc. | 281204 | 61693346 |
|  |  | **61693346** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Building Products–0.73%** | **Building Products–0.73%** | **Building Products–0.73%** |
| †Builders FirstSource, Inc. | 14857 | $1733663 |
| Johnson Controls <br> International PLC<br>| 32371 | 3419025 |
| Lennox International, Inc. | 2819 | 1615964 |
| Owens Corning | 12268 | 1687095 |
| Trane Technologies PLC | 10246 | 4481703 |
|  |  | **12937450** |
| **Capital Markets–4.27%** | **Capital Markets–4.27%** | **Capital Markets–4.27%** |
| Bank of New York Mellon <br> Corp.<br>| 181601 | 16545667 |
| Charles Schwab Corp. | 26902 | 2454538 |
| CME Group, Inc. | 59179 | 16310916 |
| Goldman Sachs Group, Inc. | 13758 | 9737225 |
| Moody's Corp. | 25190 | 12635052 |
| Morgan Stanley | 43440 | 6118958 |
| Northern Trust Corp. | 15673 | 1987180 |
| S&P Global, Inc. | 3507 | 1849206 |
| SEI Investments Co. | 21909 | 1968743 |
| State Street Corp. | 46435 | 4937898 |
| XP, Inc. Class A | 86636 | 1750047 |
|  |  | **76295430** |
| **Chemicals–1.16%** | **Chemicals–1.16%** | **Chemicals–1.16%** |
| †Axalta Coating Systems Ltd. | 56675 | 1682681 |
| CF Industries Holdings, Inc. | 57846 | 5321832 |
| Corteva, Inc. | 23570 | 1756672 |
| Eastman Chemical Co. | 19406 | 1448852 |
| Ecolab, Inc. | 6309 | 1699897 |
| Linde PLC | 3633 | 1704531 |
| LyondellBasell Industries NV <br> Class A<br>| 26734 | 1546829 |
| Mosaic Co. | 107970 | 3938745 |
| Sherwin-Williams Co. | 4799 | 1647785 |
|  |  | **20747824** |
| **Commercial Services & Supplies–1.00%** | **Commercial Services & Supplies–1.00%** | **Commercial Services & Supplies–1.00%** |
| Cintas Corp. | 64489 | 14372663 |
| Republic Services, Inc. | 14147 | 3488792 |
|  |  | **17861455** |
| **Communications Equipment–0.84%** | **Communications Equipment–0.84%** | **Communications Equipment–0.84%** |
| †Arista Networks, Inc. | 17643 | 1805055 |
| Cisco Systems, Inc. | 164667 | 11424597 |
| †F5, Inc. | 6176 | 1817720 |
|  |  | **15047372** |
| **Construction & Engineering–0.22%** | **Construction & Engineering–0.22%** | **Construction & Engineering–0.22%** |
| EMCOR Group, Inc. | 4172 | 2231561 |
| Valmont Industries, Inc. | 5257 | 1716779 |
|  |  | **3948340** |
| **Construction Materials–0.15%** | **Construction Materials–0.15%** | **Construction Materials–0.15%** |
| CRH PLC | 28651 | 2630162 |
|  |  | **2630162** |

---

LVIP Franklin Templeton Multi-Factor Funds-13

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Finance–0.51%** | **Consumer Finance–0.51%** | **Consumer Finance–0.51%** |
| SLM Corp. | 54041 | $1772005 |
| Synchrony Financial | 111111 | 7415548 |
|  |  | **9187553** |
| **Consumer Staples Distribution & Retail–2.42%** | **Consumer Staples Distribution & Retail–2.42%** | **Consumer Staples Distribution & Retail–2.42%** |
| Albertsons Cos., Inc. Class A | 128580 | 2765756 |
| Costco Wholesale Corp. | 7445 | 7370103 |
| Kroger Co. | 219106 | 15716473 |
| Target Corp. | 17216 | 1698359 |
| Walmart, Inc. | 160044 | 15649102 |
|  |  | **43199793** |
| **Containers & Packaging–0.10%** | **Containers & Packaging–0.10%** | **Containers & Packaging–0.10%** |
| Crown Holdings, Inc. | 16856 | 1735831 |
|  |  | **1735831** |
| **Diversified Telecommunication Services–1.33%** | **Diversified Telecommunication Services–1.33%** | **Diversified Telecommunication Services–1.33%** |
| AT&T, Inc. | 495350 | 14335429 |
| Verizon Communications, <br> Inc.<br>| 218791 | 9467087 |
|  |  | **23802516** |
| **Electric Utilities–1.23%** | **Electric Utilities–1.23%** | **Electric Utilities–1.23%** |
| Edison International | 103361 | 5333428 |
| Entergy Corp. | 20523 | 1705872 |
| Evergy, Inc. | 25163 | 1734485 |
| Exelon Corp. | 35491 | 1541019 |
| NRG Energy, Inc. | 62098 | 9971697 |
| PG&E Corp. | 119534 | 1666304 |
|  |  | **21952805** |
| **Electrical Equipment–0.30%** | **Electrical Equipment–0.30%** | **Electrical Equipment–0.30%** |
| Eaton Corp. PLC | 4958 | 1769957 |
| Emerson Electric Co. | 13489 | 1798488 |
| GE Vernova, Inc. | 3505 | 1854671 |
|  |  | **5423116** |
| **Electronic Equipment, Instruments & Components–0.22%** | **Electronic Equipment, Instruments & Components–0.22%** | **Electronic Equipment, Instruments & Components–0.22%** |
| †Arrow Electronics, Inc. | 13841 | 1763759 |
| Jabil, Inc. | 9545 | 2081764 |
|  |  | **3845523** |
| **Entertainment–1.95%** | **Entertainment–1.95%** | **Entertainment–1.95%** |
| Electronic Arts, Inc. | 11200 | 1788640 |
| †Netflix, Inc. | 16486 | 22076897 |
| †Spotify Technology SA | 2432 | 1866171 |
| Walt Disney Co. | 73525 | 9117835 |
|  |  | **34849543** |
| **Financial Services–5.87%** | **Financial Services–5.87%** | **Financial Services–5.87%** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 84906 | 41244788 |
| Equitable Holdings, Inc. | 71740 | 4024614 |
| Mastercard, Inc. Class A | 34400 | 19330736 |
| MGIC Investment Corp. | 78692 | 2190785 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †PayPal Holdings, Inc. | 46912 | $3486500 |
| Visa, Inc. Class A | 97198 | 34510150 |
|  |  | **104787573** |
| **Food Products–0.15%** | **Food Products–0.15%** | **Food Products–0.15%** |
| Ingredion, Inc. | 20161 | 2734235 |
|  |  | **2734235** |
| **Gas Utilities–0.23%** | **Gas Utilities–0.23%** | **Gas Utilities–0.23%** |
| National Fuel Gas Co. | 20310 | 1720460 |
| UGI Corp. | 66143 | 2408928 |
|  |  | **4129388** |
| **Ground Transportation–0.73%** | **Ground Transportation–0.73%** | **Ground Transportation–0.73%** |
| †Lyft, Inc. Class A | 110708 | 1744758 |
| Ryder System, Inc. | 12170 | 1935030 |
| †Uber Technologies, Inc. | 47750 | 4455075 |
| Union Pacific Corp. | 21614 | 4972949 |
|  |  | **13107812** |
| **Health Care Equipment & Supplies–2.25%** | **Health Care Equipment & Supplies–2.25%** | **Health Care Equipment & Supplies–2.25%** |
| Abbott Laboratories | 35753 | 4862765 |
| †Align Technology, Inc. | 9408 | 1781217 |
| †Boston Scientific Corp. | 149755 | 16085184 |
| †IDEXX Laboratories, Inc. | 7744 | 4153417 |
| †Intuitive Surgical, Inc. | 11416 | 6203569 |
| Medtronic PLC | 19317 | 1683863 |
| ResMed, Inc. | 13751 | 3547758 |
| Stryker Corp. | 4511 | 1784687 |
|  |  | **40102460** |
| **Health Care Providers & Services–0.86%** | **Health Care Providers & Services–0.86%** | **Health Care Providers & Services–0.86%** |
| †Centene Corp. | 33063 | 1794660 |
| Cigna Group | 5420 | 1791744 |
| CVS Health Corp. | 28406 | 1959446 |
| Humana, Inc. | 6411 | 1567361 |
| McKesson Corp. | 2339 | 1713972 |
| UnitedHealth Group, Inc. | 10577 | 3299707 |
| Universal Health Services, <br> Inc. Class B<br>| 17649 | 3197116 |
|  |  | **15324006** |
| **Health Care REITs–0.18%** | **Health Care REITs–0.18%** | **Health Care REITs–0.18%** |
| Omega Healthcare Investors, <br> Inc.<br>| 43085 | 1579065 |
| Welltower, Inc. | 11064 | 1700869 |
|  |  | **3279934** |
| **Health Care Technology–0.20%** | **Health Care Technology–0.20%** | **Health Care Technology–0.20%** |
| †Doximity, Inc. Class A | 30015 | 1841120 |
| †Veeva Systems, Inc. Class A | 6058 | 1744583 |
|  |  | **3585703** |
| **Hotels, Restaurants & Leisure–1.71%** | **Hotels, Restaurants & Leisure–1.71%** | **Hotels, Restaurants & Leisure–1.71%** |
| Booking Holdings, Inc. | 2979 | 17246146 |

---

LVIP Franklin Templeton Multi-Factor Funds-14

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Carnival Corp. | 73742 | $2073625 |
| †Chipotle Mexican Grill, Inc. | 33589 | 1886022 |
| Domino's Pizza, Inc. | 3713 | 1673078 |
| Expedia Group, Inc. | 9955 | 1679209 |
| McDonald's Corp. | 5866 | 1713869 |
| Royal Caribbean Cruises Ltd. | 8310 | 2602194 |
| Yum! Brands, Inc. | 11304 | 1675027 |
|  |  | **30549170** |
| **Household Durables–0.10%** | **Household Durables–0.10%** | **Household Durables–0.10%** |
| Garmin Ltd. | 8203 | 1712130 |
|  |  | **1712130** |
| **Household Products–1.22%** | **Household Products–1.22%** | **Household Products–1.22%** |
| Colgate-Palmolive Co. | 125697 | 11425857 |
| Kimberly-Clark Corp. | 42495 | 5478456 |
| Procter & Gamble Co. | 30251 | 4819589 |
|  |  | **21723902** |
| **Independent Power and Renewable Electricity Producers–0.24%** | **Independent Power and Renewable Electricity Producers–0.24%** | **Independent Power and Renewable Electricity Producers–0.24%** |
| AES Corp. | 221295 | 2328023 |
| Vistra Corp. | 9831 | 1905346 |
|  |  | **4233369** |
| **Industrial Conglomerates–0.12%** | **Industrial Conglomerates–0.12%** | **Industrial Conglomerates–0.12%** |
| 3M Co. | 13613 | 2072443 |
|  |  | **2072443** |
| **Industrial REITs–0.25%** | **Industrial REITs–0.25%** | **Industrial REITs–0.25%** |
| First Industrial Realty Trust, <br> Inc.<br>| 41333 | 1989357 |
| Prologis, Inc. | 24208 | 2544745 |
|  |  | **4534102** |
| **Insurance–1.24%** | **Insurance–1.24%** | **Insurance–1.24%** |
| Axis Capital Holdings Ltd. | 23597 | 2449841 |
| Chubb Ltd. | 6984 | 2023405 |
| Globe Life, Inc. | 12924 | 1606324 |
| Hartford Insurance Group, <br> Inc.<br>| 13352 | 1693968 |
| Old Republic International <br> Corp.<br>| 43362 | 1666835 |
| Progressive Corp. | 23116 | 6168736 |
| Travelers Cos., Inc. | 7821 | 2092430 |
| Unum Group | 55870 | 4512061 |
|  |  | **22213600** |
| **Interactive Media & Services–7.31%** | **Interactive Media & Services–7.31%** | **Interactive Media & Services–7.31%** |
| Alphabet, Inc. Class A | 397542 | 70272017 |
| Match Group, Inc. | 55751 | 1722149 |
| Meta Platforms, Inc. Class A | 79266 | 58505442 |
|  |  | **130499608** |
| **IT Services–1.35%** | **IT Services–1.35%** | **IT Services–1.35%** |
| Accenture PLC Class A | 5373 | 1605936 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 59479 | $4641146 |
| International Business <br> Machines Corp.<br>| 28059 | 8271232 |
| †Kyndryl Holdings, Inc. | 42552 | 1785482 |
| VeriSign, Inc. | 27109 | 7829079 |
|  |  | **24132875** |
| **Leisure Products–0.10%** | **Leisure Products–0.10%** | **Leisure Products–0.10%** |
| †Mattel, Inc. | 92049 | 1815206 |
|  |  | **1815206** |
| **Life Sciences Tools & Services–1.06%** | **Life Sciences Tools & Services–1.06%** | **Life Sciences Tools & Services–1.06%** |
| Agilent Technologies, Inc. | 14375 | 1696394 |
| Danaher Corp. | 8659 | 1710499 |
| †Illumina, Inc. | 19396 | 1850572 |
| †Medpace Holdings, Inc. | 6181 | 1939969 |
| †Mettler-Toledo International, <br> Inc.<br>| 6029 | 7082387 |
| Thermo Fisher Scientific, <br> Inc.<br>| 7028 | 2849573 |
| †Waters Corp. | 5358 | 1870156 |
|  |  | **18999550** |
| **Machinery–0.94%** | **Machinery–0.94%** | **Machinery–0.94%** |
| Allison Transmission <br> Holdings, Inc.<br>| 16861 | 1601627 |
| Caterpillar, Inc. | 7625 | 2960101 |
| Cummins, Inc. | 4754 | 1556935 |
| Deere & Co. | 3394 | 1725815 |
| Illinois Tool Works, Inc. | 6913 | 1709239 |
| †Middleby Corp. | 11880 | 1710720 |
| Oshkosh Corp. | 20406 | 2316897 |
| Snap-on, Inc. | 5355 | 1666369 |
| Toro Co. | 22678 | 1602881 |
|  |  | **16850584** |
| **Media–0.67%** | **Media–0.67%** | **Media–0.67%** |
| †Charter Communications, <br> Inc. Class A<br>| 4307 | 1760745 |
| Comcast Corp. Class A | 176596 | 6302711 |
| Fox Corp. Class A | 70190 | 3933447 |
|  |  | **11996903** |
| **Metals & Mining–0.81%** | **Metals & Mining–0.81%** | **Metals & Mining–0.81%** |
| Alcoa Corp. | 59228 | 1747818 |
| Newmont Corp. | 94913 | 5529631 |
| Nucor Corp. | 14431 | 1869392 |
| Reliance, Inc. | 6340 | 1990126 |
| Steel Dynamics, Inc. | 25444 | 3257087 |
|  |  | **14394054** |
| **Multi-Utilities–0.38%** | **Multi-Utilities–0.38%** | **Multi-Utilities–0.38%** |
| Ameren Corp. | 17591 | 1689440 |
| Consolidated Edison, Inc. | 17051 | 1711068 |

---

LVIP Franklin Templeton Multi-Factor Funds-15

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| DTE Energy Co. | 12566 | $1664492 |
| WEC Energy Group, Inc. | 16059 | 1673348 |
|  |  | **6738348** |
| **Oil, Gas & Consumable Fuels–2.33%** | **Oil, Gas & Consumable Fuels–2.33%** | **Oil, Gas & Consumable Fuels–2.33%** |
| APA Corp. | 119290 | 2181814 |
| Cheniere Energy, Inc. | 7273 | 1771121 |
| Chevron Corp. | 52375 | 7499576 |
| ConocoPhillips | 20650 | 1853131 |
| Devon Energy Corp. | 198551 | 6315907 |
| EOG Resources, Inc. | 95690 | 11445481 |
| Exxon Mobil Corp. | 81084 | 8740855 |
| Targa Resources Corp. | 10106 | 1759253 |
|  |  | **41567138** |
| **Passenger Airlines–0.22%** | **Passenger Airlines–0.22%** | **Passenger Airlines–0.22%** |
| †United Airlines Holdings, <br> Inc.<br>| 48300 | 3846129 |
|  |  | **3846129** |
| **Personal Care Products–0.09%** | **Personal Care Products–0.09%** | **Personal Care Products–0.09%** |
| †BellRing Brands, Inc. | 28437 | 1647355 |
|  |  | **1647355** |
| **Pharmaceuticals–2.01%** | **Pharmaceuticals–2.01%** | **Pharmaceuticals–2.01%** |
| Bristol-Myers Squibb Co. | 82723 | 3829248 |
| Eli Lilly & Co. | 21255 | 16568910 |
| Johnson & Johnson | 23604 | 3605511 |
| Merck & Co., Inc. | 64556 | 5110253 |
| Pfizer, Inc. | 205584 | 4983356 |
| Royalty Pharma PLC Class A | 48464 | 1746158 |
|  |  | **35843436** |
| **Professional Services–0.20%** | **Professional Services–0.20%** | **Professional Services–0.20%** |
| Genpact Ltd. | 39214 | 1725808 |
| Leidos Holdings, Inc. | 11548 | 1821813 |
|  |  | **3547621** |
| **Real Estate Management & Development–0.31%** | **Real Estate Management & Development–0.31%** | **Real Estate Management & Development–0.31%** |
| †CBRE Group, Inc. Class A | 12613 | 1767334 |
| †Jones Lang LaSalle, Inc. | 14539 | 3718785 |
|  |  | **5486119** |
| **Residential REITs–0.19%** | **Residential REITs–0.19%** | **Residential REITs–0.19%** |
| AvalonBay Communities, Inc. | 8185 | 1665647 |
| Essex Property Trust, Inc. | 5899 | 1671777 |
|  |  | **3337424** |
| **Retail REITs–0.30%** | **Retail REITs–0.30%** | **Retail REITs–0.30%** |
| Simon Property Group, Inc. | 32827 | 5277268 |
|  |  | **5277268** |
| **Semiconductors & Semiconductor Equipment–12.88%** | **Semiconductors & Semiconductor Equipment–12.88%** | **Semiconductors & Semiconductor Equipment–12.88%** |
| †Advanced Micro Devices, Inc. | 15686 | 2225843 |
| Analog Devices, Inc. | 7364 | 1752779 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Applied Materials, Inc. | 42657 | $7809217 |
| Broadcom, Inc. | 155599 | 42890864 |
| KLA Corp. | 5221 | 4676659 |
| Lam Research Corp. | 55131 | 5366452 |
| Micron Technology, Inc. | 71805 | 8849966 |
| NVIDIA Corp. | 850781 | 134414890 |
| QUALCOMM, Inc. | 108705 | 17312358 |
| Skyworks Solutions, Inc. | 27109 | 2020163 |
| Texas Instruments, Inc. | 12619 | 2619957 |
|  |  | **229939148** |
| **Software–10.92%** | **Software–10.92%** | **Software–10.92%** |
| †Adobe, Inc. | 23520 | 9099418 |
| †AppLovin Corp. Class A | 5199 | 1820066 |
| †Autodesk, Inc. | 5941 | 1839155 |
| †Cadence Design Systems, <br> Inc.<br>| 5552 | 1710849 |
| †Docusign, Inc. | 22488 | 1751590 |
| †Dropbox, Inc. Class A | 69620 | 1991132 |
| †Fair Isaac Corp. | 901 | 1646992 |
| †Fortinet, Inc. | 68453 | 7236851 |
| Gen Digital, Inc. | 59965 | 1762971 |
| Intuit, Inc. | 7967 | 6275048 |
| Microsoft Corp. | 259310 | 128983387 |
| Oracle Corp. | 29699 | 6493093 |
| †Palantir Technologies, Inc. <br> Class A<br>| 57980 | 7903834 |
| Salesforce, Inc. | 23393 | 6379037 |
| †ServiceNow, Inc. | 3703 | 3806980 |
| †Zoom Communications, Inc. <br> Class A<br>| 78893 | 6152076 |
|  |  | **194852479** |
| **Specialized REITs–1.20%** | **Specialized REITs–1.20%** | **Specialized REITs–1.20%** |
| American Tower Corp. | 20771 | 4590806 |
| Gaming & Leisure Properties, <br> Inc.<br>| 80144 | 3741122 |
| Lamar Advertising Co. <br> Class A<br>| 14074 | 1708021 |
| VICI Properties, Inc. | 351260 | 11451076 |
|  |  | **21491025** |
| **Specialty Retail–1.69%** | **Specialty Retail–1.69%** | **Specialty Retail–1.69%** |
| Bath & Body Works, Inc. | 65467 | 1961391 |
| Best Buy Co., Inc. | 24491 | 1644081 |
| Dick's Sporting Goods, Inc. | 9270 | 1833699 |
| Home Depot, Inc. | 21735 | 7968921 |
| Lowe's Cos., Inc. | 6829 | 1515150 |
| †O'Reilly Automotive, Inc. | 18774 | 1692101 |
| TJX Cos., Inc. | 78961 | 9750894 |
| †Ulta Beauty, Inc. | 4048 | 1893735 |
| Williams-Sonoma, Inc. | 11679 | 1907998 |
|  |  | **30167970** |

---

LVIP Franklin Templeton Multi-Factor Funds-16

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–5.70%** | **Technology Hardware, Storage & Peripherals–5.70%** | **Technology Hardware, Storage & Peripherals–5.70%** |
| Apple, Inc. | 486895 | $99896247 |
| Hewlett Packard Enterprise <br> Co.<br>| 94282 | 1928067 |
|  |  | **101824314** |
| **Textiles, Apparel & Luxury Goods–0.38%** | **Textiles, Apparel & Luxury Goods–0.38%** | **Textiles, Apparel & Luxury Goods–0.38%** |
| †Crocs, Inc. | 16490 | 1670107 |
| †Deckers Outdoor Corp. | 15871 | 1635824 |
| †Lululemon Athletica, Inc. | 6920 | 1644054 |
| Tapestry, Inc. | 20795 | 1826009 |
|  |  | **6775994** |
| **Tobacco–0.57%** | **Tobacco–0.57%** | **Tobacco–0.57%** |
| Altria Group, Inc. | 138200 | 8102666 |
| Philip Morris International, <br> Inc.<br>| 11394 | 2075189 |
|  |  | **10177855** |
| **Trading Companies & Distributors–0.53%** | **Trading Companies & Distributors–0.53%** | **Trading Companies & Distributors–0.53%** |
| Fastenal Co. | 43074 | 1809108 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| United Rentals, Inc. | 2384 | $1796106 |
| WW Grainger, Inc. | 5546 | 5769171 |
|  |  | **9374385** |
| **Wireless Telecommunication Services–0.09%** | **Wireless Telecommunication Services–0.09%** | **Wireless Telecommunication Services–0.09%** |
| T-Mobile U.S., Inc. | 6771 | 1613259 |
|  |  | **1613259** |
| **Total Common Stock** <br>**(Cost $1,212,240,978)** | **Total Common Stock** <br>**(Cost $1,212,240,978)** | **1754174480** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.66%** | **MONEY MARKET FUND–1.66%** | **MONEY MARKET FUND–1.66%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 29647322 | 29647322 |
| **Total Money Market Fund** <br>**(Cost $29,647,322)** | **Total Money Market Fund** <br>**(Cost $29,647,322)** | **29647322** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.93% (Cost $1,241,888,300)** | **1783821802** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.07%** | **1190546** |
| **NET ASSETS APPLICABLE TO 113,564,359 SHARES OUTSTANDING–100.00%** | **$1785012348** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR LARGE CAP EQUITY FUND STANDARD** <br> **CLASS** <br>**($1,442,710,782 / 91,702,717 Shares)** | **$15.732** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR LARGE CAP EQUITY FUND SERVICE** <br> **CLASS** <br>**($342,301,566 / 21,861,642 Shares)** | **$15.658** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1115928627** |
| Distributable earnings/(accumulated loss) | **669083721** |
| **TOTAL NET ASSETS** | **$1785012348** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,023,911 cash collateral held at broker for futures contracts, $141,496 variation margin due from broker on futures contracts, <br> $1,343,942 payable for fund shares redeemed, $20,647 other accrued expenses payable, $538,142 due to manager and affiliates, $16,187 <br> payable for audit fee and $38,029 payable for fund accounting fee as of June 30, 2025.<br>

LVIP Franklin Templeton Multi-Factor Funds-17

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 94 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $29392625 | &nbsp;&nbsp; $28352000 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $1040625 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-18

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.72%** | **COMMON STOCK–97.72%** | **COMMON STOCK–97.72%** |
| **Aerospace & Defense–1.98%** | **Aerospace & Defense–1.98%** | **Aerospace & Defense–1.98%** |
| †AAR Corp. | 12855 | $884295 |
| †Astronics Corp. | 18725 | 626913 |
| †Byrna Technologies, Inc. | 11544 | 356479 |
| Cadre Holdings, Inc. | 4550 | 144918 |
| Curtiss-Wright Corp. | 12113 | 5917806 |
| †Ducommun, Inc. | 8162 | 674426 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 70405 | 3270312 |
| †Mercury Systems, Inc. | 14495 | 780701 |
| †Rocket Lab Corp. | 96399 | 3448192 |
| †Triumph Group, Inc. | 11284 | 290563 |
| †V2X, Inc. | 11128 | 540264 |
|  |  | **16934869** |
| **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** | **Air Freight & Logistics–0.10%** |
| †GXO Logistics, Inc. | 3882 | 189054 |
| Hub Group, Inc. Class A | 18998 | 635103 |
|  |  | **824157** |
| **Automobile Components–1.12%** | **Automobile Components–1.12%** | **Automobile Components–1.12%** |
| †Adient PLC | 14557 | 283279 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 75100 | 306408 |
| BorgWarner, Inc. | 47137 | 1578147 |
| Dana, Inc. | 82720 | 1418648 |
| †Dorman Products, Inc. | 8218 | 1008102 |
| †Fox Factory Holding Corp. | 6089 | 157949 |
| †Goodyear Tire & Rubber Co. | 159199 | 1650894 |
| †Modine Manufacturing Co. | 3083 | 303676 |
| Patrick Industries, Inc. | 15079 | 1391339 |
| Phinia, Inc. | 12369 | 550297 |
| Standard Motor Products, <br> Inc.<br>| 13434 | 412692 |
| †XPEL, Inc. | 14675 | 526832 |
|  |  | **9588263** |
| **Automobiles–0.31%** | **Automobiles–0.31%** | **Automobiles–0.31%** |
| Harley-Davidson, Inc. | 70563 | 1665287 |
| Thor Industries, Inc. | 5224 | 463943 |
| Winnebago Industries, Inc. | 16794 | 487026 |
|  |  | **2616256** |
| **Banks–9.33%** | **Banks–9.33%** | **Banks–9.33%** |
| 1st Source Corp. | 12342 | 766068 |
| Amalgamated Financial <br> Corp.<br>| 11291 | 352279 |
| Associated Banc-Corp. | 40879 | 997039 |
| †Axos Financial, Inc. | 30816 | 2343249 |
| †Bancorp, Inc. | 27825 | 1585190 |
| Bank First Corp. | 6438 | 757431 |
| Bank of Marin Bancorp | 10264 | 234430 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 28117 | 1245021 |
| Bank OZK | 59498 | 2799976 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| BankUnited, Inc. | 31816 | $1132331 |
| Bar Harbor Bankshares | 9212 | 275992 |
| BayCom Corp. | 6494 | 179949 |
| †Bridgewater Bancshares, <br> Inc.<br>| 12257 | 195009 |
| Brookline Bancorp, Inc. | 54628 | 576325 |
| Business First Bancshares, <br> Inc.<br>| 15977 | 393833 |
| Cadence Bank | 30017 | 959944 |
| Camden National Corp. | 11153 | 452589 |
| Capital Bancorp, Inc. | 5981 | 200842 |
| Capital City Bank Group, Inc. | 9049 | 356078 |
| Capitol Federal Financial, <br> Inc.<br>| 84573 | 515895 |
| †Carter Bankshares, Inc. | 14664 | 254274 |
| Cathay General Bancorp | 27003 | 1229447 |
| Central Pacific Financial <br> Corp.<br>| 16669 | 467232 |
| Citizens & Northern Corp. | 9596 | 181748 |
| Citizens Financial Services, <br> Inc.<br>| 3027 | 177745 |
| City Holding Co. | 8592 | 1051833 |
| Civista Bancshares, Inc. | 9505 | 220516 |
| CNB Financial Corp. | 13261 | 303146 |
| Colony Bankcorp, Inc. | 10696 | 176163 |
| Columbia Banking System, <br> Inc.<br>| 139597 | 3263778 |
| Community Trust Bancorp, <br> Inc.<br>| 9624 | 509302 |
| ConnectOne Bancorp, Inc. | 30174 | 698830 |
| †Customers Bancorp, Inc. | 19465 | 1143374 |
| Dime Community <br> Bancshares, Inc.<br>| 23821 | 641738 |
| Eagle Bancorp, Inc. | 16162 | 314836 |
| Enterprise Bancorp, Inc. | 6379 | 252864 |
| Enterprise Financial Services <br> Corp.<br>| 24004 | 1322620 |
| Esquire Financial Holdings, <br> Inc.<br>| 4564 | 432028 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 8308 | 210026 |
| Farmers National Banc Corp. | 24457 | 337262 |
| FB Financial Corp. | 23233 | 1052455 |
| Financial Institutions, Inc. | 9491 | 243729 |
| First Bancorp, Inc. | 6971 | 177133 |
| First Bancorp/Southern Pines <br> NC<br>| 25792 | 1137169 |
| First Bank | 13617 | 210655 |
| First Business Financial <br> Services, Inc.<br>| 5111 | 258923 |
| First Community Bankshares, <br> Inc.<br>| 11335 | 443992 |
| First Financial Bancorp | 32077 | 778188 |
| First Financial Corp. | 7507 | 406804 |
| First Horizon Corp. | 103382 | 2191698 |

---

LVIP Franklin Templeton Multi-Factor Funds-19

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Merchants Corp. | 36930 | $1414419 |
| First Mid Bancshares, Inc. | 14346 | 537832 |
| Five Star Bancorp | 11113 | 317165 |
| FS Bancorp, Inc. | 4179 | 164569 |
| Great Southern Bancorp, Inc. | 5606 | 329521 |
| Guaranty Bancshares, Inc. | 5106 | 216699 |
| Hanmi Financial Corp. | 19583 | 483308 |
| HarborOne Bancorp, Inc. | 24924 | 291112 |
| HBT Financial, Inc. | 8255 | 208109 |
| Heritage Commerce Corp. | 38656 | 383854 |
| Heritage Financial Corp. | 21101 | 503048 |
| Hingham Institution For <br> Savings<br>| 1023 | 254062 |
| Home Bancorp, Inc. | 4807 | 248906 |
| HomeTrust Bancshares, Inc. | 9231 | 345332 |
| Hope Bancorp, Inc. | 55091 | 591126 |
| Horizon Bancorp, Inc. | 28202 | 433747 |
| Independent Bank Corp. | 42740 | 2307737 |
| Kearny Financial Corp. | 30748 | 198632 |
| Mercantile Bank Corp. | 9993 | 463775 |
| Metrocity Bankshares, Inc. | 11680 | 333814 |
| †Metropolitan Bank Holding <br> Corp.<br>| 6665 | 466550 |
| Mid Penn Bancorp, Inc. | 9418 | 265588 |
| NBT Bancorp, Inc. | 11737 | 487672 |
| Nicolet Bankshares, Inc. | 1962 | 242268 |
| Northeast Bank | 4731 | 421012 |
| Northeast Community <br> Bancorp, Inc.<br>| 7739 | 179893 |
| Northfield Bancorp, Inc. | 24309 | 279067 |
| Northrim BanCorp, Inc. | 3104 | 289479 |
| OceanFirst Financial Corp. | 34458 | 606805 |
| Old Second Bancorp, Inc. | 28116 | 498778 |
| Origin Bancorp, Inc. | 18973 | 678095 |
| Park National Corp. | 2321 | 388210 |
| Pathward Financial, Inc. | 16063 | 1270905 |
| Peapack-Gladstone Financial <br> Corp.<br>| 10472 | 295834 |
| Pinnacle Financial Partners, <br> Inc.<br>| 24203 | 2672253 |
| †Ponce Financial Group, Inc. | 13051 | 180626 |
| Popular, Inc. | 5751 | 633818 |
| Preferred Bank | 7643 | 661463 |
| QCR Holdings, Inc. | 10392 | 705617 |
| RBB Bancorp | 10656 | 183390 |
| Red River Bancshares, Inc. | 3099 | 181911 |
| Republic Bancorp, Inc. <br> Class A<br>| 5494 | 401666 |
| ServisFirst Bancshares, Inc. | 24201 | 1875820 |
| Shore Bancshares, Inc. | 19004 | 298743 |
| Sierra Bancorp | 7558 | 224397 |
| Simmons First National Corp. <br> Class A<br>| 53732 | 1018759 |
| SmartFinancial, Inc. | 9900 | 334422 |
| South Plains Financial, Inc. | 7787 | 280643 |

---

---

| | | |
|:---|:---|:---|
|  | **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 First Bancshares, <br> Inc.<br>| 4990 | $189770 |
| Southern Missouri Bancorp, <br> Inc.<br>| 5811 | 318327 |
| Southern States Bancshares, <br> Inc.<br>| 5445 | 198035 |
| Stock Yards Bancorp, Inc. | 16772 | 1324653 |
| Synovus Financial Corp. | 21713 | 1123648 |
| †Third Coast Bancshares, Inc. | 7068 | 230912 |
| Tompkins Financial Corp. | 7858 | 492932 |
| TriCo Bancshares | 8078 | 327078 |
| TrustCo Bank Corp. | 11941 | 399068 |
| Unity Bancorp, Inc. | 4424 | 208282 |
| Univest Financial Corp. | 19505 | 585930 |
| Valley National Bancorp | 70643 | 630842 |
| Veritex Holdings, Inc. | 32395 | 845509 |
| WaFd, Inc. | 11571 | 338799 |
| Washington Trust Bancorp, <br> Inc.<br>| 10300 | 291284 |
| Webster Financial Corp. | 56761 | 3099151 |
| WesBanco, Inc. | 36452 | 1152977 |
| West BanCorp, Inc. | 10807 | 212141 |
| Western Alliance Bancorp | 20663 | 1611301 |
| WSFS Financial Corp. | 12065 | 663575 |
| Zions Bancorp NA | 63394 | 3292684 |
|  |  | **79996327** |
| **Beverages–0.33%** | **Beverages–0.33%** | **Beverages–0.33%** |
| †Celsius Holdings, Inc. | 54044 | 2507101 |
| MGP Ingredients, Inc. | 4529 | 135734 |
| †National Beverage Corp. | 4620 | 199769 |
|  |  | **2842604** |
| **Biotechnology–7.94%** | **Biotechnology–7.94%** | **Biotechnology–7.94%** |
| †89bio, Inc. | 40558 | 398280 |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 28219 | 608684 |
| †ADMA Biologics, Inc. | 140177 | 2552623 |
| †Akebia Therapeutics, Inc. | 129007 | 469585 |
| †Akero Therapeutics, Inc. | 19234 | 1026326 |
| †Alkermes PLC | 47194 | 1350220 |
| †Anavex Life Sciences Corp. | 51928 | 478776 |
| †Apogee Therapeutics, Inc. | 23306 | 1012180 |
| †Arbutus Biopharma Corp. | 102340 | 316231 |
| †Arcellx, Inc. | 8852 | 582904 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 14696 | 191195 |
| †Arcutis Biotherapeutics, Inc. | 71428 | 1001421 |
| †Ardelyx, Inc. | 48204 | 188960 |
| †Arrowhead Pharmaceuticals, <br> Inc.<br>| 68460 | 1081668 |
| †Aura Biosciences, Inc. | 30183 | 188946 |
| †Aurinia Pharmaceuticals, <br> Inc.<br>| 89206 | 755575 |
| †Avidity Biosciences, Inc. | 30582 | 868529 |

---

LVIP Franklin Templeton Multi-Factor Funds-20

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Beam Therapeutics, Inc. | 13160 | $223852 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 137305 | 1230253 |
| †Biohaven Ltd. | 32223 | 454667 |
| †Blueprint Medicines Corp. | 26663 | 3417663 |
| †Bridgebio Pharma, Inc. | 20314 | 877158 |
| †CareDx, Inc. | 33788 | 660218 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 74252 | 1611268 |
| †CG oncology, Inc. | 18669 | 485394 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 16764 | 482133 |
| †Cullinan Therapeutics, Inc. | 30704 | 231201 |
| †Cytokinetics, Inc. | 7627 | 251996 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 32429 | 210788 |
| †Denali Therapeutics, Inc. | 59723 | 835525 |
| †Dynavax Technologies Corp. | 87538 | 868377 |
| †Dyne Therapeutics, Inc. | 51899 | 494078 |
| †Erasca, Inc. | 122128 | 155103 |
| †Exact Sciences Corp. | 19908 | 1057911 |
| †Exelixis, Inc. | 92273 | 4066932 |
| †Halozyme Therapeutics, Inc. | 51866 | 2698069 |
| †ImmunityBio, Inc. | 87073 | 229873 |
| †Insmed, Inc. | 25748 | 2591279 |
| †Janux Therapeutics, Inc. | 21017 | 485493 |
| †Keros Therapeutics, Inc. | 22779 | 304100 |
| †Kiniksa Pharmaceuticals <br> International PLC<br>| 25566 | 707411 |
| †Krystal Biotech, Inc. | 11082 | 1523332 |
| †Kura Oncology, Inc. | 45280 | 261266 |
| †Kymera Therapeutics, Inc. | 30566 | 1333900 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 4342 | 1314063 |
| †MannKind Corp. | 131332 | 491182 |
| †MeiraGTx Holdings PLC | 32485 | 211802 |
| †MiMedx Group, Inc. | 78790 | 481407 |
| †Myriad Genetics, Inc. | 62082 | 329655 |
| †Natera, Inc. | 10285 | 1737548 |
| †Novavax, Inc. | 100704 | 634435 |
| †Nurix Therapeutics, Inc. | 37136 | 422979 |
| †Nuvalent, Inc. Class A | 3415 | 260564 |
| †ORIC Pharmaceuticals, Inc. | 40912 | 415257 |
| †Protagonist Therapeutics, <br> Inc.<br>| 31138 | 1720997 |
| †PTC Therapeutics, Inc. | 31242 | 1525859 |
| †Recursion Pharmaceuticals, <br> Inc. Class A<br>| 52544 | 265873 |
| †REGENXBIO, Inc. | 28775 | 236243 |
| †Relay Therapeutics, Inc. | 83601 | 289259 |
| †Rigel Pharmaceuticals, Inc. | 11030 | 206592 |
| †Sana Biotechnology, Inc. | 92638 | 252902 |
| †Scholar Rock Holding Corp. | 25382 | 899030 |
| †Soleno Therapeutics, Inc. | 3431 | 287449 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †SpringWorks Therapeutics, <br> Inc.<br>| 9061 | $425776 |
| †Stoke Therapeutics, Inc. | 22314 | 253264 |
| †Summit Therapeutics, Inc. | 47186 | 1004118 |
| †Taysha Gene Therapies, Inc. | 107968 | 249406 |
| †TG Therapeutics, Inc. | 74298 | 2673985 |
| †Tourmaline Bio, Inc. | 13785 | 220422 |
| †Travere Therapeutics, Inc. | 48969 | 724741 |
| †Twist Bioscience Corp. | 39389 | 1449121 |
| †United Therapeutics Corp. | 7002 | 2012025 |
| †Vaxcyte, Inc. | 55422 | 1801769 |
| †Vera Therapeutics, Inc. | 7625 | 179645 |
| †Veracyte, Inc. | 51298 | 1386585 |
| †Vericel Corp. | 26715 | 1136723 |
| †Verve Therapeutics, Inc. | 47783 | 536603 |
| †Viking Therapeutics, Inc. | 25026 | 663189 |
| †Vir Biotechnology, Inc. | 43438 | 218928 |
| †Xencor, Inc. | 43522 | 342083 |
|  |  | **68082822** |
| **Broadline Retail–0.11%** | **Broadline Retail–0.11%** | **Broadline Retail–0.11%** |
| Kohl's Corp. | 46895 | 397669 |
| Macy's, Inc. | 47907 | 558596 |
|  |  | **956265** |
| **Building Products–1.11%** | **Building Products–1.11%** | **Building Products–1.11%** |
| Apogee Enterprises, Inc. | 13775 | 559265 |
| Armstrong World Industries, <br> Inc.<br>| 1172 | 190380 |
| CSW Industrials, Inc. | 3145 | 902080 |
| Griffon Corp. | 18640 | 1348977 |
| Insteel Industries, Inc. | 11960 | 445032 |
| †Janus International Group, <br> Inc.<br>| 91503 | 744834 |
| Quanex Building Products <br> Corp.<br>| 30380 | 574182 |
| †Resideo Technologies, Inc. | 93254 | 2057183 |
| Tecnoglass, Inc. | 12360 | 956170 |
| UFP Industries, Inc. | 17697 | 1758374 |
|  |  | **9536477** |
| **Capital Markets–2.26%** | **Capital Markets–2.26%** | **Capital Markets–2.26%** |
| Acadian Asset Management, <br> Inc.<br>| 17953 | 632664 |
| Affiliated Managers Group, <br> Inc.<br>| 13216 | 2600512 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 31493 | 1396085 |
| BGC Group, Inc. Class A | 121779 | 1245799 |
| Diamond Hill Investment <br> Group, Inc.<br>| 1716 | 249352 |
| Invesco Ltd. | 8638 | 136221 |
| Janus Henderson Group PLC | 65338 | 2537728 |
| PJT Partners, Inc. Class A | 1819 | 300153 |
| SEI Investments Co. | 20054 | 1802053 |

---

LVIP Franklin Templeton Multi-Factor Funds-21

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Stifel Financial Corp. | 14022 | $1455203 |
| †StoneX Group, Inc. | 29191 | 2660468 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 25942 | 1651727 |
| Virtu Financial, Inc. Class A | 53585 | 2400072 |
| XP, Inc. Class A | 16017 | 323543 |
|  |  | **19391580** |
| **Chemicals–1.39%** | **Chemicals–1.39%** | **Chemicals–1.39%** |
| AdvanSix, Inc. | 17435 | 414081 |
| †Aspen Aerogels, Inc. | 40379 | 239044 |
| Avient Corp. | 15981 | 516346 |
| †Ecovyst, Inc. | 77183 | 635216 |
| Hawkins, Inc. | 11818 | 1679338 |
| †Ingevity Corp. | 23070 | 994086 |
| Innospec, Inc. | 13660 | 1148669 |
| †Intrepid Potash, Inc. | 7080 | 252968 |
| Koppers Holdings, Inc. | 11799 | 379338 |
| Mativ Holdings, Inc. | 34314 | 234022 |
| Minerals Technologies, Inc. | 17887 | 985037 |
| Orion SA | 35963 | 377252 |
| †Perimeter Solutions, Inc. | 90393 | 1258271 |
| Quaker Chemical Corp. | 4389 | 491305 |
| Scotts Miracle-Gro Co. | 15742 | 1038342 |
| Sensient Technologies Corp. | 10366 | 1021258 |
| Tronox Holdings PLC | 45988 | 233159 |
|  |  | **11897732** |
| **Commercial Services & Supplies–1.44%** | **Commercial Services & Supplies–1.44%** | **Commercial Services & Supplies–1.44%** |
| ACCO Brands Corp. | 59067 | 211460 |
| †ACV Auctions, Inc. Class A | 30640 | 496981 |
| †BrightView Holdings, Inc. | 39326 | 654778 |
| †CECO Environmental Corp. | 14045 | 397614 |
| †Cimpress PLC | 10533 | 495051 |
| †CoreCivic, Inc. | 55992 | 1179751 |
| Deluxe Corp. | 29855 | 474993 |
| †Driven Brands Holdings, Inc. | 40561 | 712251 |
| Ennis, Inc. | 16690 | 302757 |
| †GEO Group, Inc. | 51275 | 1228036 |
| †Healthcare Services Group, <br> Inc.<br>| 48904 | 735027 |
| HNI Corp. | 22847 | 1123615 |
| Interface, Inc. | 38761 | 811268 |
| †Liquidity Services, Inc. | 14853 | 350382 |
| MillerKnoll, Inc. | 17108 | 332237 |
| †Montrose Environmental <br> Group, Inc.<br>| 21126 | 462448 |
| Pitney Bowes, Inc. | 108903 | 1188132 |
| UniFirst Corp. | 6221 | 1170917 |
|  |  | **12327698** |
| **Communications Equipment–0.70%** | **Communications Equipment–0.70%** | **Communications Equipment–0.70%** |
| †ADTRAN Holdings, Inc. | 51058 | 457990 |
| †Aviat Networks, Inc. | 7813 | 187903 |
| †Clearfield, Inc. | 7944 | 344849 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| †CommScope Holding Co., <br> Inc.<br>| 122473 | $1014076 |
| †Extreme Networks, Inc. | 52603 | 944224 |
| †NETGEAR, Inc. | 17933 | 521312 |
| †NetScout Systems, Inc. | 42475 | 1053805 |
| Ubiquiti, Inc. | 2152 | 885871 |
| †Viavi Solutions, Inc. | 59781 | 601995 |
|  |  | **6012025** |
| **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** |
| †Ameresco, Inc. Class A | 21408 | 325187 |
| Arcosa, Inc. | 3446 | 298803 |
| Argan, Inc. | 8067 | 1778612 |
| †Bowman Consulting Group <br> Ltd.<br>| 9137 | 262689 |
| †Centuri Holdings, Inc. | 11145 | 250094 |
| Comfort Systems USA, Inc. | 5252 | 2816175 |
| Granite Construction, Inc. | 15102 | 1412188 |
| †IES Holdings, Inc. | 4486 | 1328888 |
| †Matrix Service Co. | 16804 | 227022 |
| †NWPX Infrastructure, Inc. | 6156 | 252457 |
| Primoris Services Corp. | 15837 | 1234336 |
| †Sterling Infrastructure, Inc. | 12757 | 2943423 |
| †Tutor Perini Corp. | 26766 | 1252113 |
|  |  | **14381987** |
| **Construction Materials–0.20%** | **Construction Materials–0.20%** | **Construction Materials–0.20%** |
| †Knife River Corp. | 12205 | 996416 |
| U.S. Lime & Minerals, Inc. | 6907 | 689319 |
|  |  | **1685735** |
| **Consumer Finance–1.02%** | **Consumer Finance–1.02%** | **Consumer Finance–1.02%** |
| †Atlanticus Holdings Corp. | 3443 | 188504 |
| Bread Financial Holdings, <br> Inc.<br>| 24772 | 1414977 |
| †Dave, Inc. | 4192 | 1125175 |
| †Enova International, Inc. | 15428 | 1720530 |
| †LendingClub Corp. | 19676 | 236702 |
| OneMain Holdings, Inc. | 3432 | 195624 |
| SLM Corp. | 105535 | 3460493 |
| †World Acceptance Corp. | 2182 | 360292 |
|  |  | **8702297** |
| **Consumer Staples Distribution & Retail–1.05%** | **Consumer Staples Distribution & Retail–1.05%** | **Consumer Staples Distribution & Retail–1.05%** |
| Albertsons Cos., Inc. Class A | 69770 | 1500753 |
| Ingles Markets, Inc. Class A | 3352 | 212450 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 6199 | 243311 |
| SpartanNash Co. | 22418 | 593853 |
| †Sprouts Farmers Market, Inc. | 32263 | 5311780 |
| †United Natural Foods, Inc. | 39136 | 912260 |
| Village Super Market, Inc. <br> Class A<br>| 5754 | 221529 |
|  |  | **8995936** |

---

LVIP Franklin Templeton Multi-Factor Funds-22

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Containers & Packaging–0.19%** | **Containers & Packaging–0.19%** | **Containers & Packaging–0.19%** |
| AptarGroup, Inc. | 5725 | $895562 |
| Ardagh Metal Packaging SA | 42519 | 181981 |
| Greif, Inc. Class B | 2885 | 199094 |
| Myers Industries, Inc. | 25006 | 362337 |
|  |  | **1638974** |
| **Distributors–0.03%** | **Distributors–0.03%** | **Distributors–0.03%** |
| †GigaCloud Technology, Inc. <br> Class A<br>| 12435 | 245964 |
|  |  | **245964** |
| **Diversified Consumer Services–1.41%** | **Diversified Consumer Services–1.41%** | **Diversified Consumer Services–1.41%** |
| †Adtalem Global Education, <br> Inc.<br>| 9977 | 1269374 |
| †American Public Education, <br> Inc.<br>| 10068 | 306671 |
| Carriage Services, Inc. | 9341 | 427257 |
| †Frontdoor, Inc. | 40121 | 2364732 |
| †Grand Canyon Education, <br> Inc.<br>| 11807 | 2231523 |
| †Lincoln Educational Services <br> Corp.<br>| 16705 | 385050 |
| †Mister Car Wash, Inc. | 63200 | 379832 |
| Perdoceo Education Corp. | 34089 | 1114369 |
| †Stride, Inc. | 20699 | 3005288 |
| †Universal Technical Institute, <br> Inc.<br>| 18230 | 617815 |
|  |  | **12101911** |
| **Diversified REITs–0.63%** | **Diversified REITs–0.63%** | **Diversified REITs–0.63%** |
| Alexander & Baldwin, Inc. | 28864 | 514645 |
| Broadstone Net Lease, Inc. | 112275 | 1802014 |
| Essential Properties Realty <br> Trust, Inc.<br>| 76846 | 2452156 |
| Gladstone Commercial Corp. | 27582 | 395250 |
| One Liberty Properties, Inc. | 10715 | 255660 |
|  |  | **5419725** |
| **Diversified Telecommunication Services–0.71%** | **Diversified Telecommunication Services–0.71%** | **Diversified Telecommunication Services–0.71%** |
| †Anterix, Inc. | 6608 | 169495 |
| †Bandwidth, Inc. Class A | 16043 | 255084 |
| †Frontier Communications <br> Parent, Inc.<br>| 34688 | 1262643 |
| IDT Corp. Class B | 10326 | 705473 |
| Iridium Communications, <br> Inc.<br>| 19743 | 595646 |
| †Liberty Global Ltd. Class A | 105021 | 1051260 |
| †Lumen Technologies, Inc. | 462336 | 2025032 |
|  |  | **6064633** |
| **Electric Utilities–0.70%** | **Electric Utilities–0.70%** | **Electric Utilities–0.70%** |
| †Hawaiian Electric Industries, <br> Inc.<br>| 38178 | 405832 |
| NRG Energy, Inc. | 34928 | 5608738 |
|  |  | **6014570** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment–2.98%** | **Electrical Equipment–2.98%** | **Electrical Equipment–2.98%** |
| Acuity, Inc. | 16338 | $4874279 |
| Allient, Inc. | 9503 | 345054 |
| †American Superconductor <br> Corp.<br>| 23127 | 848530 |
| †Array Technologies, Inc. | 71172 | 419915 |
| Atkore, Inc. | 19008 | 1341014 |
| †Bloom Energy Corp. Class A | 126198 | 3018656 |
| EnerSys | 23734 | 2035665 |
| †Enovix Corp. | 94554 | 977688 |
| †Fluence Energy, Inc. | 41921 | 281290 |
| †Generac Holdings, Inc. | 6015 | 861408 |
| LSI Industries, Inc. | 19257 | 327562 |
| †NANO Nuclear Energy, Inc. | 10536 | 363387 |
| †NEXTracker, Inc. Class A | 59002 | 3207939 |
| nVent Electric PLC | 45638 | 3342984 |
| Powell Industries, Inc. | 5821 | 1225029 |
| Preformed Line Products Co. | 1622 | 259212 |
| Sensata Technologies Holding <br> PLC<br>| 11095 | 334070 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 109123 | 463773 |
| †Thermon Group Holdings, <br> Inc.<br>| 14127 | 396686 |
| †Vicor Corp. | 14534 | 659262 |
|  |  | **25583403** |
| **Electronic Equipment, Instruments & Components–3.14%** | **Electronic Equipment, Instruments & Components–3.14%** | **Electronic Equipment, Instruments & Components–3.14%** |
| †Arlo Technologies, Inc. | 50781 | 861246 |
| †Arrow Electronics, Inc. | 3428 | 436830 |
| Badger Meter, Inc. | 12771 | 3128256 |
| Bel Fuse, Inc. Class B | 6607 | 645438 |
| Belden, Inc. | 8462 | 979900 |
| Benchmark Electronics, Inc. | 22781 | 884586 |
| Climb Global Solutions, Inc. | 2637 | 281922 |
| †Coherent Corp. | 6793 | 606004 |
| †Daktronics, Inc. | 25298 | 382506 |
| †Evolv Technologies Holdings, <br> Inc.<br>| 61366 | 382924 |
| †Fabrinet | 7147 | 2106078 |
| †FARO Technologies, Inc. | 10522 | 462126 |
| Ingram Micro Holding Corp. | 11483 | 239306 |
| †Insight Enterprises, Inc. | 6888 | 951129 |
| †Itron, Inc. | 15665 | 2061984 |
| †Kimball Electronics, Inc. | 16837 | 323775 |
| †Knowles Corp. | 50788 | 894885 |
| Methode Electronics, Inc. | 22745 | 216305 |
| Napco Security Technologies, <br> Inc.<br>| 17801 | 528512 |
| †nLight, Inc. | 25083 | 493633 |
| †OSI Systems, Inc. | 8039 | 1807650 |
| †PAR Technology Corp. | 15676 | 1087444 |
| PC Connection, Inc. | 3529 | 232138 |
| †Plexus Corp. | 5379 | 727832 |
| †Sanmina Corp. | 24652 | 2411705 |
| †ScanSource, Inc. | 15641 | 653950 |

---

LVIP Franklin Templeton Multi-Factor Funds-23

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| TD SYNNEX Corp. | 2124 | $288227 |
| †TTM Technologies, Inc. | 60024 | 2450180 |
| Vishay Intertechnology, Inc. | 9397 | 149224 |
| †Vishay Precision Group, Inc. | 7755 | 217915 |
|  |  | **26893610** |
| **Energy Equipment & Services–1.60%** | **Energy Equipment & Services–1.60%** | **Energy Equipment & Services–1.60%** |
| Archrock, Inc. | 75345 | 1870816 |
| Aris Water Solutions, Inc. <br> Class A<br>| 17461 | 412953 |
| †Bristow Group, Inc. | 15418 | 508331 |
| Cactus, Inc. Class A | 17224 | 753033 |
| ChampionX Corp. | 49755 | 1235914 |
| †Expro Group Holdings NV | 62932 | 540586 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 25111 | 156693 |
| Helmerich & Payne, Inc. | 56647 | 858768 |
| †Innovex International, Inc. | 11924 | 186253 |
| Kodiak Gas Services, Inc. | 21036 | 720904 |
| Liberty Energy, Inc. | 88138 | 1011824 |
| †Nabors Industries Ltd. | 5020 | 140660 |
| †Oceaneering International, <br> Inc.<br>| 16890 | 349961 |
| †Oil States International, Inc. | 39011 | 209099 |
| Patterson-UTI Energy, Inc. | 217573 | 1290208 |
| †ProPetro Holding Corp. | 50967 | 304273 |
| RPC, Inc. | 56125 | 265471 |
| TechnipFMC PLC | 24021 | 827283 |
| †TETRA Technologies, Inc. | 56591 | 190146 |
| †Transocean Ltd. | 123030 | 318648 |
| †Valaris Ltd. | 19026 | 801185 |
| Weatherford International <br> PLC<br>| 15076 | 758474 |
|  |  | **13711483** |
| **Entertainment–0.55%** | **Entertainment–0.55%** | **Entertainment–0.55%** |
| Cinemark Holdings, Inc. | 52744 | 1591814 |
| †IMAX Corp. | 25223 | 705235 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 10023 | 400619 |
| Marcus Corp. | 14466 | 243897 |
| Playtika Holding Corp. | 47204 | 223275 |
| †Roku, Inc. | 2453 | 215594 |
| †Sphere Entertainment Co. | 4037 | 168747 |
| TKO Group Holdings, Inc. | 6429 | 1169756 |
|  |  | **4718937** |
| **Financial Services–3.19%** | **Financial Services–3.19%** | **Financial Services–3.19%** |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 18453 | 743656 |
| Burford Capital Ltd. | 12288 | 175227 |
| †Cantaloupe, Inc. | 38478 | 422873 |
| Cass Information Systems, <br> Inc.<br>| 8822 | 383316 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Compass Diversified <br> Holdings<br>| 39884 | $250472 |
| Enact Holdings, Inc. | 19299 | 716958 |
| Essent Group Ltd. | 25081 | 1523169 |
| †International Money Express, <br> Inc.<br>| 20432 | 206159 |
| Jackson Financial, Inc. <br> Class A<br>| 46084 | 4091798 |
| Merchants Bancorp | 9375 | 310031 |
| MGIC Investment Corp. | 159886 | 4451226 |
| †Mr. Cooper Group, Inc. | 31412 | 4686985 |
| NewtekOne, Inc. | 15933 | 179724 |
| †NMI Holdings, Inc. Class A | 49611 | 2093088 |
| †Onity Group, Inc. | 4264 | 162757 |
| Pagseguro Digital Ltd. <br> Class A<br>| 122436 | 1180283 |
| †Paysafe Ltd. | 21407 | 270156 |
| Radian Group, Inc. | 58709 | 2114698 |
| †Repay Holdings Corp. | 57392 | 276630 |
| †Sezzle, Inc. | 8491 | 1522012 |
| Western Union Co. | 190133 | 1600920 |
|  |  | **27362138** |
| **Food Products–0.77%** | **Food Products–0.77%** | **Food Products–0.77%** |
| Calavo Growers, Inc. | 6477 | 172223 |
| Cal-Maine Foods, Inc. | 29181 | 2907303 |
| Fresh Del Monte Produce, <br> Inc.<br>| 22295 | 722804 |
| †Mission Produce, Inc. | 28152 | 329941 |
| Pilgrim's Pride Corp. | 27613 | 1242033 |
| †Seneca Foods Corp. Class A | 3113 | 315752 |
| †SunOpta, Inc. | 51111 | 296444 |
| Utz Brands, Inc. | 35433 | 444684 |
| WK Kellogg Co. | 11784 | 187837 |
|  |  | **6619021** |
| **Gas Utilities–0.95%** | **Gas Utilities–0.95%** | **Gas Utilities–0.95%** |
| National Fuel Gas Co. | 49044 | 4154517 |
| UGI Corp. | 109802 | 3998989 |
|  |  | **8153506** |
| **Ground Transportation–0.43%** | **Ground Transportation–0.43%** | **Ground Transportation–0.43%** |
| ArcBest Corp. | 2377 | 183053 |
| †Avis Budget Group, Inc. | 2099 | 354836 |
| Covenant Logistics Group, <br> Inc.<br>| 9286 | 223885 |
| Heartland Express, Inc. | 21792 | 188283 |
| Marten Transport Ltd. | 27242 | 353874 |
| Ryder System, Inc. | 13223 | 2102457 |
| †U-Haul Holding Co. | 5058 | 306312 |
|  |  | **3712700** |
| **Health Care Equipment & Supplies–3.04%** | **Health Care Equipment & Supplies–3.04%** | **Health Care Equipment & Supplies–3.04%** |
| †Alphatec Holdings, Inc. | 60190 | 668109 |
| †AngioDynamics, Inc. | 25261 | 250589 |

---

LVIP Franklin Templeton Multi-Factor Funds-24

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Artivion, Inc. | 25394 | $789753 |
| †AtriCure, Inc. | 31174 | 1021572 |
| †Axogen, Inc. | 26438 | 286852 |
| †Bioventus, Inc. Class A | 27511 | 182123 |
| Embecta Corp. | 38644 | 374460 |
| †Glaukos Corp. | 8417 | 869392 |
| †Haemonetics Corp. | 21447 | 1600161 |
| †ICU Medical, Inc. | 13840 | 1828956 |
| †Inmode Ltd. | 13139 | 189727 |
| †Inspire Medical Systems, Inc. | 6335 | 822093 |
| †Integer Holdings Corp. | 6611 | 812955 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 12129 | 148823 |
| iRadimed Corp. | 5512 | 329562 |
| †iRhythm Technologies, Inc. | 3406 | 524388 |
| †Lantheus Holdings, Inc. | 27351 | 2238953 |
| LeMaitre Vascular, Inc. | 11539 | 958314 |
| †Masimo Corp. | 2193 | 368906 |
| †Merit Medical Systems, Inc. | 5535 | 517412 |
| †Neogen Corp. | 140373 | 670983 |
| †Novocure Ltd. | 70765 | 1259617 |
| =†OmniAb, Inc. Earnout Shares | 8030 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 8030 | 0 |
| †Omnicell, Inc. | 29433 | 865330 |
| †Orthofix Medical, Inc. | 20912 | 233169 |
| †OrthoPediatrics Corp. | 7818 | 167931 |
| †Penumbra, Inc. | 2270 | 582550 |
| †PROCEPT BioRobotics Corp. | 25898 | 1491725 |
| †Pulse Biosciences, Inc. | 12119 | 182876 |
| †QuidelOrtho Corp. | 29230 | 842408 |
| †RxSight, Inc. | 12203 | 158639 |
| †SI-BONE, Inc. | 26671 | 501948 |
| †STAAR Surgical Co. | 32877 | 551676 |
| †Tandem Diabetes Care, Inc. | 24727 | 460911 |
| †TransMedics Group, Inc. | 13245 | 1774962 |
| †Treace Medical Concepts, <br> Inc.<br>| 31453 | 184944 |
| †UFP Technologies, Inc. | 3942 | 962479 |
| †Varex Imaging Corp. | 25567 | 221666 |
| †Zimvie, Inc. | 18842 | 176173 |
|  |  | **26073087** |
| **Health Care Providers & Services–2.65%** | **Health Care Providers & Services–2.65%** | **Health Care Providers & Services–2.65%** |
| †AdaptHealth Corp. | 60493 | 570449 |
| †Addus HomeCare Corp. | 7877 | 907352 |
| †agilon health, Inc. | 204992 | 471482 |
| †Alignment Healthcare, Inc. | 66508 | 931112 |
| †Aveanna Healthcare Holdings, <br> Inc.<br>| 34102 | 178353 |
| †BrightSpring Health Services, <br> Inc.<br>| 36467 | 860256 |
| †Castle Biosciences, Inc. | 16535 | 337645 |
| †Cross Country Healthcare, <br> Inc.<br>| 21616 | 282089 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Encompass Health Corp. | 17008 | $2085691 |
| †Enhabit, Inc. | 32360 | 311950 |
| Ensign Group, Inc. | 8132 | 1254442 |
| †Fulgent Genetics, Inc. | 10460 | 207945 |
| †GeneDx Holdings Corp. | 8710 | 804020 |
| †Guardant Health, Inc. | 35533 | 1849137 |
| †HealthEquity, Inc. | 10062 | 1054095 |
| †Hims & Hers Health, Inc. | 62615 | 3121358 |
| †LifeStance Health Group, <br> Inc.<br>| 91103 | 471002 |
| †Nano-X Imaging Ltd. | 23366 | 120802 |
| National HealthCare Corp. | 5865 | 627614 |
| †NeoGenomics, Inc. | 81400 | 595034 |
| †Owens & Minor, Inc. | 44841 | 408053 |
| †PACS Group, Inc. | 23663 | 305726 |
| †Pediatrix Medical Group, <br> Inc.<br>| 57285 | 822040 |
| †Pennant Group, Inc. | 18277 | 545568 |
| †Privia Health Group, Inc. | 10290 | 236670 |
| †Progyny, Inc. | 40074 | 881628 |
| †RadNet, Inc. | 16090 | 915682 |
| †Surgery Partners, Inc. | 19481 | 433063 |
| †Talkspace, Inc. | 78437 | 218055 |
| Universal Health Services, <br> Inc. Class B<br>| 5124 | 928213 |
|  |  | **22736526** |
| **Health Care REITs–0.94%** | **Health Care REITs–0.94%** | **Health Care REITs–0.94%** |
| Community Healthcare Trust, <br> Inc.<br>| 16295 | 270986 |
| Global Medical REIT, Inc. | 34741 | 240755 |
| LTC Properties, Inc. | 16791 | 581136 |
| National Health Investors, <br> Inc.<br>| 27450 | 1924794 |
| Omega Healthcare Investors, <br> Inc.<br>| 57618 | 2111700 |
| Sabra Health Care REIT, Inc. | 156461 | 2885141 |
|  |  | **8014512** |
| **Health Care Technology–0.50%** | **Health Care Technology–0.50%** | **Health Care Technology–0.50%** |
| †Doximity, Inc. Class A | 26262 | 1610911 |
| HealthStream, Inc. | 16196 | 448143 |
| †LifeMD, Inc. | 19208 | 261613 |
| †Phreesia, Inc. | 34143 | 971710 |
| †Teladoc Health, Inc. | 113238 | 986303 |
|  |  | **4278680** |
| **Hotel & Resort REITs–0.70%** | **Hotel & Resort REITs–0.70%** | **Hotel & Resort REITs–0.70%** |
| Chatham Lodging Trust | 31436 | 219109 |
| Park Hotels & Resorts, Inc. | 113735 | 1163509 |
| Pebblebrook Hotel Trust | 58185 | 581268 |
| RLJ Lodging Trust | 82413 | 599967 |
| Ryman Hospitality Properties, <br> Inc.<br>| 11207 | 1105795 |

---

LVIP Franklin Templeton Multi-Factor Funds-25

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| Summit Hotel Properties, <br> Inc.<br>| 65163 | $331680 |
| Sunstone Hotel Investors, <br> Inc.<br>| 130960 | 1136733 |
| Xenia Hotels & Resorts, Inc. | 67752 | 851642 |
|  |  | **5989703** |
| **Hotels, Restaurants & Leisure–1.62%** | **Hotels, Restaurants & Leisure–1.62%** | **Hotels, Restaurants & Leisure–1.62%** |
| †Accel Entertainment, Inc. | 33313 | 392094 |
| †BJ's Restaurants, Inc. | 11358 | 506567 |
| Bloomin' Brands, Inc. | 43348 | 373226 |
| Boyd Gaming Corp. | 18903 | 1478782 |
| †Brinker International, Inc. | 12951 | 2335454 |
| Cheesecake Factory, Inc. | 13062 | 818465 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 3887 | 237418 |
| †Everi Holdings, Inc. | 41542 | 591558 |
| †Kura Sushi USA, Inc. Class A | 3856 | 331925 |
| †Life Time Group Holdings, <br> Inc.<br>| 23108 | 700866 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 20823 | 243004 |
| Marriott Vacations Worldwide <br> Corp.<br>| 2250 | 162698 |
| Monarch Casino & Resort, <br> Inc.<br>| 8532 | 737506 |
| Nathan's Famous, Inc. | 1838 | 203246 |
| Papa John's International, <br> Inc.<br>| 5460 | 267212 |
| †PlayAGS, Inc. | 20064 | 250599 |
| †Portillo's, Inc. Class A | 36018 | 420330 |
| †Potbelly Corp. | 17796 | 218001 |
| RCI Hospitality Holdings, <br> Inc.<br>| 4804 | 183128 |
| †Rush Street Interactive, Inc. | 44158 | 657954 |
| †Shake Shack, Inc. Class A | 4869 | 684581 |
| Super Group SGHC Ltd. | 95635 | 1049116 |
| †Sweetgreen, Inc. Class A | 10344 | 153919 |
| Travel & Leisure Co. | 17659 | 911381 |
|  |  | **13909030** |
| **Household Durables–1.43%** | **Household Durables–1.43%** | **Household Durables–1.43%** |
| †Beazer Homes USA, Inc. | 16515 | 369440 |
| †Cavco Industries, Inc. | 2649 | 1150805 |
| Century Communities, Inc. | 2924 | 164680 |
| †Champion Homes, Inc. | 11557 | 723584 |
| Cricut, Inc. Class A | 31734 | 214839 |
| Ethan Allen Interiors, Inc. | 14714 | 409785 |
| †Helen of Troy Ltd. | 13631 | 386848 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 3211 | 335710 |
| Installed Building Products, <br> Inc.<br>| 11127 | 2006421 |
| KB Home | 6190 | 327884 |
| La-Z-Boy, Inc. | 23463 | 872120 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Legacy Housing Corp. | 7230 | $163832 |
| †M/I Homes, Inc. | 7784 | 872742 |
| †Sonos, Inc. | 66218 | 715816 |
| †Taylor Morrison Home Corp. | 37971 | 2332179 |
| †Tri Pointe Homes, Inc. | 38921 | 1243526 |
|  |  | **12290211** |
| **Household Products–0.23%** | **Household Products–0.23%** | **Household Products–0.23%** |
| †Central Garden & Pet Co. | 20677 | 671237 |
| Energizer Holdings, Inc. | 12100 | 243936 |
| Oil-Dri Corp. of America | 6352 | 374705 |
| Spectrum Brands Holdings, <br> Inc.<br>| 12280 | 650840 |
|  |  | **1940718** |
| **Independent Power and Renewable Electricity Producers–0.19%** | **Independent Power and Renewable Electricity Producers–0.19%** | **Independent Power and Renewable Electricity Producers–0.19%** |
| Brookfield Renewable Corp. | 26675 | 874406 |
| Clearway Energy, Inc. Class A | 23592 | 713894 |
|  |  | **1588300** |
| **Industrial REITs–0.30%** | **Industrial REITs–0.30%** | **Industrial REITs–0.30%** |
| Americold Realty Trust, Inc. | 13785 | 229244 |
| First Industrial Realty Trust, <br> Inc.<br>| 6983 | 336092 |
| Innovative Industrial <br> Properties, Inc.<br>| 18687 | 1031896 |
| LXP Industrial Trust | 38314 | 316474 |
| Rexford Industrial Realty, <br> Inc.<br>| 5381 | 191402 |
| Terreno Realty Corp. | 8208 | 460223 |
|  |  | **2565331** |
| **Insurance–1.77%** | **Insurance–1.77%** | **Insurance–1.77%** |
| American Coastal Insurance <br> Corp. Class C<br>| 15339 | 170570 |
| Axis Capital Holdings Ltd. | 31510 | 3271368 |
| †Brighthouse Financial, Inc. | 17932 | 964204 |
| CNO Financial Group, Inc. | 12208 | 470985 |
| Donegal Group, Inc. Class A | 10145 | 203154 |
| Employers Holdings, Inc. | 5962 | 281287 |
| †Enstar Group Ltd. | 6326 | 2127813 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 32834 | 544388 |
| Globe Life, Inc. | 13181 | 1638266 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 27530 | 595198 |
| HCI Group, Inc. | 3889 | 591906 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 15190 | 378839 |
| Horace Mann Educators <br> Corp.<br>| 11212 | 481780 |
| Investors Title Co. | 905 | 191226 |
| †Palomar Holdings, Inc. | 3495 | 539104 |
| †ProAssurance Corp. | 32956 | 752385 |
| †Selectquote, Inc. | 90243 | 214778 |

---

LVIP Franklin Templeton Multi-Factor Funds-26

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| †SiriusPoint Ltd. | 11935 | $243355 |
| Tiptree, Inc. | 8341 | 196681 |
| United Fire Group, Inc. | 13248 | 380217 |
| Universal Insurance Holdings, <br> Inc.<br>| 15186 | 421108 |
| Unum Group | 6645 | 536650 |
|  |  | **15195262** |
| **Interactive Media & Services–0.79%** | **Interactive Media & Services–0.79%** | **Interactive Media & Services–0.79%** |
| †Bumble, Inc. Class A | 57332 | 377818 |
| †Cargurus, Inc. | 35956 | 1203447 |
| †Cars.com, Inc. | 42436 | 502867 |
| †EverQuote, Inc. Class A | 14640 | 353995 |
| †fuboTV, Inc. | 206828 | 798356 |
| †Grindr, Inc. | 15650 | 355255 |
| †MediaAlpha, Inc. Class A | 20047 | 219515 |
| †QuinStreet, Inc. | 32177 | 518050 |
| Shutterstock, Inc. | 8372 | 158733 |
| †Vimeo, Inc. | 79802 | 322400 |
| †Yelp, Inc. | 34297 | 1175358 |
| †Ziff Davis, Inc. | 26698 | 808148 |
|  |  | **6793942** |
| **IT Services–0.63%** | **IT Services–0.63%** | **IT Services–0.63%** |
| †BigCommerce Holdings, Inc. | 43539 | 217695 |
| †Couchbase, Inc. | 24356 | 593799 |
| †DigitalOcean Holdings, Inc. | 26676 | 761867 |
| †DXC Technology Co. | 72961 | 1115574 |
| †Kyndryl Holdings, Inc. | 60716 | 2547643 |
| †Unisys Corp. | 39120 | 177214 |
|  |  | **5413792** |
| **Leisure Products–0.37%** | **Leisure Products–0.37%** | **Leisure Products–0.37%** |
| Acushnet Holdings Corp. | 16500 | 1201530 |
| †Malibu Boats, Inc. Class A | 12316 | 385983 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 9124 | 169524 |
| †Peloton Interactive, Inc. <br> Class A<br>| 85021 | 590046 |
| †Topgolf Callaway Brands <br> Corp.<br>| 82333 | 662781 |
| †YETI Holdings, Inc. | 4379 | 138026 |
|  |  | **3147890** |
| **Life Sciences Tools & Services–0.49%** | **Life Sciences Tools & Services–0.49%** | **Life Sciences Tools & Services–0.49%** |
| †10X Genomics, Inc. Class A | 60689 | 702779 |
| †Adaptive Biotechnologies <br> Corp.<br>| 76962 | 896607 |
| †Azenta, Inc. | 25996 | 800157 |
| †BioLife Solutions, Inc. | 24600 | 529884 |
| †CryoPort, Inc. | 28905 | 215631 |
| †Cytek Biosciences, Inc. | 75797 | 257710 |
| Mesa Laboratories, Inc. | 3424 | 322609 |
| †Niagen Bioscience, Inc. | 31463 | 453382 |
|  |  | **4178759** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–3.23%** | **Machinery–3.23%** | **Machinery–3.23%** |
| Allison Transmission <br> Holdings, Inc.<br>| 5439 | $516651 |
| Astec Industries, Inc. | 14615 | 609299 |
| †Blue Bird Corp. | 21020 | 907223 |
| †Chart Industries, Inc. | 4529 | 745700 |
| Columbus McKinnon Corp. | 18923 | 288954 |
| †Energy Recovery, Inc. | 35943 | 459351 |
| ESCO Technologies, Inc. | 17113 | 3283471 |
| Gorman-Rupp Co. | 13933 | 511620 |
| †Graham Corp. | 5978 | 295971 |
| Greenbrier Cos., Inc. | 20040 | 922842 |
| Helios Technologies, Inc. | 4855 | 162011 |
| †Hillman Solutions Corp. | 119362 | 852245 |
| Hyster-Yale, Inc. | 6143 | 244368 |
| Kadant, Inc. | 3039 | 964730 |
| Lincoln Electric Holdings, <br> Inc.<br>| 9590 | 1988199 |
| Lindsay Corp. | 6767 | 976140 |
| Luxfer Holdings PLC | 17475 | 212845 |
| †Manitowoc Co., Inc. | 22132 | 266027 |
| Miller Industries, Inc. | 6539 | 290724 |
| Mueller Industries, Inc. | 58402 | 4641207 |
| Mueller Water Products, Inc. <br> Class A<br>| 35537 | 854309 |
| †Proto Labs, Inc. | 16819 | 673433 |
| REV Group, Inc. | 26923 | 1281266 |
| Shyft Group, Inc. | 21198 | 265823 |
| Snap-on, Inc. | 9699 | 3018135 |
| Terex Corp. | 28175 | 1315491 |
| †Titan International, Inc. | 31773 | 326309 |
| Wabash National Corp. | 27206 | 289200 |
| Worthington Enterprises, <br> Inc.<br>| 8505 | 541258 |
|  |  | **27704802** |
| **Marine Transportation–0.14%** | **Marine Transportation–0.14%** | **Marine Transportation–0.14%** |
| Costamare, Inc. | 25794 | 234984 |
| Matson, Inc. | 9018 | 1004154 |
|  |  | **1239138** |
| **Media–0.73%** | **Media–0.73%** | **Media–0.73%** |
| †Boston Omaha Corp. Class A | 15980 | 224359 |
| Cable One, Inc. | 3749 | 509152 |
| †EchoStar Corp. Class A | 20384 | 564637 |
| †Gannett Co., Inc. | 97276 | 348248 |
| Gray Media, Inc. | 52837 | 239352 |
| †Integral Ad Science Holding <br> Corp.<br>| 16865 | 140148 |
| John Wiley & Sons, Inc. <br> Class A<br>| 25392 | 1133245 |
| †Magnite, Inc. | 62017 | 1495850 |
| Nexstar Media Group, Inc. | 2376 | 410929 |
| Paramount Global Class B | 12961 | 167197 |
| †PubMatic, Inc. Class A | 27045 | 336440 |
| Sinclair, Inc. | 18014 | 248953 |

---

LVIP Franklin Templeton Multi-Factor Funds-27

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| †Stagwell, Inc. | 38161 | $171725 |
| †Thryv Holdings, Inc. | 24357 | 296181 |
|  |  | **6286416** |
| **Metals & Mining–1.74%** | **Metals & Mining–1.74%** | **Metals & Mining–1.74%** |
| Alcoa Corp. | 7406 | 218551 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 6947 | 781399 |
| Carpenter Technology Corp. | 7688 | 2124809 |
| †Century Aluminum Co. | 33281 | 599724 |
| †Coeur Mining, Inc. | 163489 | 1448513 |
| †Constellium SE | 45351 | 603168 |
| Hecla Mining Co. | 72031 | 431466 |
| †Metallus, Inc. | 12027 | 185336 |
| †MP Materials Corp. | 41856 | 1392549 |
| Olympic Steel, Inc. | 5681 | 185144 |
| Ramaco Resources, Inc. <br> Class B<br>| 245 | 2004 |
| Reliance, Inc. | 5085 | 1596181 |
| Royal Gold, Inc. | 6842 | 1216781 |
| Ryerson Holding Corp. | 17690 | 381573 |
| †SSR Mining, Inc. | 134852 | 1718014 |
| SunCoke Energy, Inc. | 55218 | 474323 |
| Warrior Met Coal, Inc. | 19373 | 887865 |
| Worthington Steel, Inc. | 21552 | 642896 |
|  |  | **14890296** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.67%** | **Mortgage Real Estate Investment Trusts (REITs)–0.67%** | **Mortgage Real Estate Investment Trusts (REITs)–0.67%** |
| AGNC Investment Corp. | 33229 | 305375 |
| Chimera Investment Corp. | 52060 | 722072 |
| Ellington Financial, Inc. | 12400 | 161076 |
| MFA Financial, Inc. | 64229 | 607606 |
| New York Mortgage Trust, <br> Inc.<br>| 57923 | 388084 |
| Redwood Trust, Inc. | 67416 | 398429 |
| Rithm Capital Corp. | 256707 | 2898222 |
| TPG RE Finance Trust, Inc. | 37847 | 292179 |
|  |  | **5773043** |
| **Multi-Utilities–0.33%** | **Multi-Utilities–0.33%** | **Multi-Utilities–0.33%** |
| Black Hills Corp. | 18840 | 1056924 |
| NiSource, Inc. | 44555 | 1797349 |
|  |  | **2854273** |
| **Office REITs–0.84%** | **Office REITs–0.84%** | **Office REITs–0.84%** |
| COPT Defense Properties | 70659 | 1948775 |
| Douglas Emmett, Inc. | 49427 | 743382 |
| Highwoods Properties, Inc. | 61479 | 1911382 |
| Kilroy Realty Corp. | 30610 | 1050229 |
| †Paramount Group, Inc. | 124531 | 759639 |
| Piedmont Realty Trust, Inc. <br> Class A<br>| 77228 | 562992 |
| Postal Realty Trust, Inc. <br> Class A<br>| 14313 | 210831 |
|  |  | **7187230** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–2.49%** | **Oil, Gas & Consumable Fuels–2.49%** | **Oil, Gas & Consumable Fuels–2.49%** |
| APA Corp. | 56074 | $1025593 |
| Ardmore Shipping Corp. | 28712 | 275635 |
| †Centrus Energy Corp. Class A | 7774 | 1424041 |
| Civitas Resources, Inc. | 64516 | 1775480 |
| †Clean Energy Fuels Corp. | 105671 | 206058 |
| †CNX Resources Corp. | 24342 | 819839 |
| †Comstock Resources, Inc. | 25745 | 712364 |
| Diversified Energy Co. PLC | 30342 | 445117 |
| Dorian LPG Ltd. | 18000 | 438840 |
| DT Midstream, Inc. | 16272 | 1788456 |
| Excelerate Energy, Inc. <br> Class A<br>| 11278 | 330671 |
| FLEX LNG Ltd. | 20284 | 445842 |
| Granite Ridge Resources, <br> Inc.<br>| 31055 | 197820 |
| †Gulfport Energy Corp. | 5480 | 1102412 |
| †Hallador Energy Co. | 15069 | 238542 |
| International Seaways, Inc. | 17321 | 631870 |
| †Kosmos Energy Ltd. | 78272 | 134628 |
| Matador Resources Co. | 44326 | 2115237 |
| Northern Oil & Gas, Inc. | 20470 | 580325 |
| †Par Pacific Holdings, Inc. | 25684 | 681397 |
| Peabody Energy Corp. | 78884 | 1058623 |
| †REX American Resources <br> Corp.<br>| 10084 | 491192 |
| Riley Exploration Permian, <br> Inc.<br>| 6729 | 176502 |
| SandRidge Energy, Inc. | 21037 | 227620 |
| Scorpio Tankers, Inc. | 13454 | 526455 |
| SM Energy Co. | 64792 | 1601010 |
| †Talos Energy, Inc. | 32790 | 278059 |
| Teekay Corp. Ltd. | 36682 | 302627 |
| Teekay Tankers Ltd. Class A | 12565 | 524212 |
| VAALCO Energy, Inc. | 60048 | 216773 |
| †Vital Energy, Inc. | 18686 | 300658 |
| Vitesse Energy, Inc. | 13980 | 308818 |
|  |  | **21382716** |
| **Paper & Forest Products–0.10%** | **Paper & Forest Products–0.10%** | **Paper & Forest Products–0.10%** |
| †Clearwater Paper Corp. | 10260 | 279483 |
| Sylvamo Corp. | 10942 | 548194 |
|  |  | **827677** |
| **Passenger Airlines–0.47%** | **Passenger Airlines–0.47%** | **Passenger Airlines–0.47%** |
| †Alaska Air Group, Inc. | 19328 | 956349 |
| †Allegiant Travel Co. | 8884 | 488176 |
| †SkyWest, Inc. | 22178 | 2283669 |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 25659 | 301493 |
|  |  | **4029687** |
| **Personal Care Products–0.28%** | **Personal Care Products–0.28%** | **Personal Care Products–0.28%** |
| †Herbalife Ltd. | 64383 | 554981 |
| †Honest Co., Inc. | 29150 | 148374 |
| Interparfums, Inc. | 8951 | 1175356 |

---

LVIP Franklin Templeton Multi-Factor Funds-28

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 31768 | $253826 |
| †USANA Health Sciences, Inc. | 7891 | 240912 |
|  |  | **2373449** |
| **Pharmaceuticals–1.97%** | **Pharmaceuticals–1.97%** | **Pharmaceuticals–1.97%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 65944 | 533487 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 7122 | 163521 |
| †ANI Pharmaceuticals, Inc. | 12287 | 801727 |
| †Arvinas, Inc. | 42689 | 314191 |
| †Avadel Pharmaceuticals PLC | 18942 | 167637 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 20171 | 596456 |
| †Corcept Therapeutics, Inc. | 43372 | 3183505 |
| †CorMedix, Inc. | 40280 | 496249 |
| †Edgewise Therapeutics, Inc. | 45597 | 597777 |
| †Enliven Therapeutics, Inc. | 20151 | 404229 |
| †EyePoint Pharmaceuticals, <br> Inc.<br>| 40928 | 385132 |
| †Fulcrum Therapeutics, Inc. | 35201 | 242183 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 20175 | 637530 |
| †Harrow, Inc. | 19569 | 597637 |
| †Innoviva, Inc. | 31607 | 634985 |
| †LENZ Therapeutics, Inc. | 8507 | 249340 |
| †Ligand Pharmaceuticals, Inc. | 10809 | 1228767 |
| †Pacira BioSciences, Inc. | 25047 | 598623 |
| Phibro Animal Health Corp. <br> Class A<br>| 12683 | 323924 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 23336 | 1863379 |
| SIGA Technologies, Inc. | 25590 | 166847 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 32204 | 1015070 |
| †Tarsus Pharmaceuticals, Inc. | 16921 | 685470 |
| †Theravance Biopharma, Inc. | 24325 | 268305 |
| †Trevi Therapeutics, Inc. | 49512 | 270831 |
| †Xeris Biopharma Holdings, <br> Inc.<br>| 93179 | 435146 |
|  |  | **16861948** |
| **Professional Services–2.27%** | **Professional Services–2.27%** | **Professional Services–2.27%** |
| Barrett Business Services, <br> Inc.<br>| 17081 | 712107 |
| †Clarivate PLC | 268104 | 1152847 |
| Concentrix Corp. | 31176 | 1647807 |
| †Conduent, Inc. | 100442 | 265167 |
| CRA International, Inc. | 4009 | 751166 |
| CSG Systems International, <br> Inc.<br>| 19209 | 1254540 |
| †ExlService Holdings, Inc. | 70596 | 3091399 |
| †Franklin Covey Co. | 6358 | 145090 |
| Genpact Ltd. | 32438 | 1427596 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Heidrick & Struggles <br> International, Inc.<br>| 13633 | $623846 |
| †Huron Consulting Group, Inc. | 11672 | 1605367 |
| †IBEX Holdings Ltd. | 5686 | 165463 |
| ICF International, Inc. | 10869 | 920713 |
| †Innodata, Inc. | 18404 | 942653 |
| Kelly Services, Inc. Class A | 20014 | 234364 |
| Kforce, Inc. | 10801 | 444245 |
| †Legalzoom.com, Inc. | 81532 | 726450 |
| ManpowerGroup, Inc. | 11561 | 467064 |
| Maximus, Inc. | 7425 | 521235 |
| †NV5 Global, Inc. | 8008 | 184905 |
| †Paylocity Holding Corp. | 900 | 163071 |
| TriNet Group, Inc. | 2877 | 210424 |
| †Upwork, Inc. | 72341 | 972263 |
| †Willdan Group, Inc. | 7987 | 499267 |
| †WNS Holdings Ltd. | 4599 | 290841 |
|  |  | **19419890** |
| **Real Estate Management & Development–0.70%** | **Real Estate Management & Development–0.70%** | **Real Estate Management & Development–0.70%** |
| †Anywhere Real Estate, Inc. | 59062 | 213804 |
| †Compass, Inc. Class A | 63056 | 395992 |
| †Cushman & Wakefield PLC | 78262 | 866360 |
| †Forestar Group, Inc. | 12109 | 242180 |
| †FRP Holdings, Inc. | 9499 | 255428 |
| †Jones Lang LaSalle, Inc. | 9457 | 2418911 |
| Newmark Group, Inc. Class A | 81870 | 994721 |
| St. Joe Co. | 7488 | 357178 |
| †Tejon Ranch Co. | 13704 | 232420 |
|  |  | **5976994** |
| **Residential REITs–0.43%** | **Residential REITs–0.43%** | **Residential REITs–0.43%** |
| Elme Communities | 28454 | 452419 |
| Equity LifeStyle Properties, <br> Inc.<br>| 4236 | 261234 |
| Independence Realty Trust, <br> Inc.<br>| 137786 | 2437434 |
| NexPoint Residential Trust, <br> Inc.<br>| 14866 | 495335 |
|  |  | **3646422** |
| **Retail REITs–0.95%** | **Retail REITs–0.95%** | **Retail REITs–0.95%** |
| Agree Realty Corp. | 36129 | 2639585 |
| Alexander's, Inc. | 801 | 180481 |
| CBL & Associates Properties, <br> Inc.<br>| 13992 | 355257 |
| Macerich Co. | 30800 | 498344 |
| Regency Centers Corp. | 33182 | 2363554 |
| Saul Centers, Inc. | 6510 | 222251 |
| SITE Centers Corp. | 30209 | 341664 |
| Tanger, Inc. | 49545 | 1515086 |
|  |  | **8116222** |
| **Semiconductors & Semiconductor Equipment–2.70%** | **Semiconductors & Semiconductor Equipment–2.70%** | **Semiconductors & Semiconductor Equipment–2.70%** |
| †ACM Research, Inc. Class A | 31138 | 806474 |

---

LVIP Franklin Templeton Multi-Factor Funds-29

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| †Aehr Test Systems | 16228 | $209828 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 13252 | 340046 |
| †Ambarella, Inc. | 10518 | 694872 |
| Amkor Technology, Inc. | 57202 | 1200670 |
| †Axcelis Technologies, Inc. | 12295 | 856838 |
| †CEVA, Inc. | 14961 | 328843 |
| †Cirrus Logic, Inc. | 20256 | 2111789 |
| †Credo Technology Group <br> Holding Ltd.<br>| 46236 | 4280991 |
| †FormFactor, Inc. | 5766 | 198408 |
| †Impinj, Inc. | 7970 | 885228 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 19566 | 676984 |
| MKS, Inc. | 3788 | 376376 |
| †Navitas Semiconductor Corp. | 74479 | 487837 |
| NVE Corp. | 3098 | 228044 |
| †Onto Innovation, Inc. | 2638 | 266253 |
| †Penguin Solutions, Inc. | 32196 | 637803 |
| †Photronics, Inc. | 37859 | 712885 |
| †Qorvo, Inc. | 9954 | 845194 |
| †Rambus, Inc. | 39335 | 2518227 |
| †Rigetti Computing, Inc. | 64452 | 764401 |
| †Semtech Corp. | 15326 | 691816 |
| †Silicon Laboratories, Inc. | 7837 | 1154860 |
| †SiTime Corp. | 6203 | 1321735 |
| †Veeco Instruments, Inc. | 27796 | 564815 |
|  |  | **23161217** |
| **Software–6.60%** | **Software–6.60%** | **Software–6.60%** |
| A10 Networks, Inc. | 45376 | 878026 |
| †ACI Worldwide, Inc. | 61970 | 2845043 |
| Adeia, Inc. | 71874 | 1016298 |
| †Agilysys, Inc. | 7615 | 872984 |
| †Alkami Technology, Inc. | 27987 | 843528 |
| †Appfolio, Inc. Class A | 8523 | 1962676 |
| †Asana, Inc. Class A | 53257 | 718970 |
| †Aurora Innovation, Inc. | 251572 | 1318237 |
| †AvePoint, Inc. | 74798 | 1444349 |
| †Bill Holdings, Inc. | 10311 | 476987 |
| †Bit Digital, Inc. | 73456 | 160869 |
| †Blend Labs, Inc. Class A | 150442 | 496459 |
| †Cerence, Inc. | 26018 | 265644 |
| †Cleanspark, Inc. | 104165 | 1148940 |
| Clear Secure, Inc. Class A | 41382 | 1148764 |
| †Commvault Systems, Inc. | 22200 | 3870126 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 12164 | 280502 |
| †Digital Turbine, Inc. | 53144 | 313550 |
| Dolby Laboratories, Inc. <br> Class A<br>| 3977 | 295332 |
| †Domo, Inc. Class B | 21827 | 304923 |
| †Dropbox, Inc. Class A | 88506 | 2531272 |
| †D-Wave Quantum, Inc. | 57556 | 842620 |
| †E2open Parent Holdings, Inc. | 105643 | 341227 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †Five9, Inc. | 48297 | $1278905 |
| †Freshworks, Inc. Class A | 39809 | 593552 |
| †Gitlab, Inc. Class A | 4997 | 225415 |
| †Hut 8 Corp. | 50705 | 943113 |
| †I3 Verticals, Inc. Class A | 15067 | 414041 |
| †Intapp, Inc. | 18074 | 932980 |
| InterDigital, Inc. | 13422 | 3009615 |
| †Life360, Inc. | 6629 | 432542 |
| †LiveRamp Holdings, Inc. | 35230 | 1163999 |
| †Manhattan Associates, Inc. | 5228 | 1032373 |
| †Mitek Systems, Inc. | 28262 | 279794 |
| †NCR Voyix Corp. | 90709 | 1064017 |
| †Olo, Inc. Class A | 65620 | 584018 |
| OneSpan, Inc. | 24239 | 404549 |
| †Ooma, Inc. | 15497 | 199911 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 21723 | 463134 |
| †PagerDuty, Inc. | 27112 | 414271 |
| Pegasystems, Inc. | 12564 | 680089 |
| †Porch Group, Inc. | 48874 | 576224 |
| Progress Software Corp. | 25493 | 1627473 |
| †Q2 Holdings, Inc. | 34916 | 3267788 |
| †Qualys, Inc. | 13774 | 1967891 |
| †Rapid7, Inc. | 32843 | 759659 |
| Red Violet, Inc. | 7025 | 345630 |
| †RingCentral, Inc. Class A | 40484 | 1147721 |
| Sapiens International Corp. <br> NV<br>| 17756 | 519363 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 23179 | 209770 |
| †SoundHound AI, Inc. Class A | 29980 | 321685 |
| †Sprout Social, Inc. Class A | 20240 | 423218 |
| †SPS Commerce, Inc. | 15120 | 2057681 |
| †Terawulf, Inc. | 44146 | 193360 |
| †UiPath, Inc. Class A | 22155 | 283584 |
| †Varonis Systems, Inc. | 17333 | 879650 |
| †Verint Systems, Inc. | 38331 | 753971 |
| †Weave Communications, Inc. | 25604 | 213025 |
| †Xperi, Inc. | 29982 | 237158 |
| †Yext, Inc. | 70492 | 599182 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 106288 | 1646401 |
|  |  | **56524078** |
| **Specialized REITs–0.55%** | **Specialized REITs–0.55%** | **Specialized REITs–0.55%** |
| EPR Properties | 50021 | 2914224 |
| Four Corners Property Trust, <br> Inc.<br>| 6680 | 179759 |
| Outfront Media, Inc. | 76820 | 1253702 |
| PotlatchDeltic Corp. | 4298 | 164914 |
| Safehold, Inc. | 13419 | 208800 |
|  |  | **4721399** |

---

LVIP Franklin Templeton Multi-Factor Funds-30

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail–2.33%** | **Specialty Retail–2.33%** | **Specialty Retail–2.33%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 18365 | $1521540 |
| Academy Sports & Outdoors, <br> Inc.<br>| 2947 | 132055 |
| American Eagle Outfitters, <br> Inc.<br>| 13482 | 129697 |
| †Arhaus, Inc. | 25471 | 220834 |
| Arko Corp. | 33123 | 140110 |
| †Asbury Automotive Group, <br> Inc.<br>| 3621 | 863753 |
| †Boot Barn Holdings, Inc. | 3517 | 534584 |
| Buckle, Inc. | 14116 | 640161 |
| Build-A-Bear Workshop, Inc. | 7016 | 361745 |
| Caleres, Inc. | 15046 | 183862 |
| Gap, Inc. | 75202 | 1640156 |
| Group 1 Automotive, Inc. | 5300 | 2314563 |
| Haverty Furniture Cos., Inc. | 7153 | 145564 |
| †MarineMax, Inc. | 13251 | 333130 |
| Monro, Inc. | 19273 | 287361 |
| Murphy USA, Inc. | 3378 | 1374170 |
| †National Vision Holdings, <br> Inc.<br>| 47415 | 1091019 |
| †ODP Corp. | 19121 | 346664 |
| †RealReal, Inc. | 62314 | 298484 |
| †Revolve Group, Inc. | 23328 | 467726 |
| †Sally Beauty Holdings, Inc. | 68791 | 637005 |
| Shoe Carnival, Inc. | 11016 | 206109 |
| Signet Jewelers Ltd. | 18663 | 1484642 |
| Sonic Automotive, Inc. <br> Class A<br>| 9298 | 743189 |
| †Stitch Fix, Inc. Class A | 55652 | 205912 |
| †ThredUp, Inc. Class A | 26221 | 196395 |
| Upbound Group, Inc. | 17381 | 436263 |
| †Urban Outfitters, Inc. | 20406 | 1480251 |
| †Victoria's Secret & Co. | 21938 | 406292 |
| †Warby Parker, Inc. Class A | 20123 | 441297 |
| Winmark Corp. | 1865 | 704243 |
|  |  | **19968776** |
| **Technology Hardware, Storage & Peripherals–0.30%** | **Technology Hardware, Storage & Peripherals–0.30%** | **Technology Hardware, Storage & Peripherals–0.30%** |
| †CompoSecure, Inc. Class A | 15510 | 218536 |
| †Corsair Gaming, Inc. | 26460 | 249518 |
| †Eastman Kodak Co. | 37950 | 214418 |
| †IonQ, Inc. | 19487 | 837356 |
| †Pure Storage, Inc. Class A | 12495 | 719462 |
| Xerox Holdings Corp. | 65626 | 345849 |
|  |  | **2585139** |
| **Textiles, Apparel & Luxury Goods–0.48%** | **Textiles, Apparel & Luxury Goods–0.48%** | **Textiles, Apparel & Luxury Goods–0.48%** |
| †Crocs, Inc. | 1869 | 189292 |
| †Figs, Inc. Class A | 86340 | 486958 |
| †G-III Apparel Group Ltd. | 25376 | 568422 |
| Kontoor Brands, Inc. | 7246 | 478019 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| Tapestry, Inc. | 17103 | $1501814 |
| Wolverine World Wide, Inc. | 48935 | 884745 |
|  |  | **4109250** |
| **Tobacco–0.10%** | **Tobacco–0.10%** | **Tobacco–0.10%** |
| Turning Point Brands, Inc. | 11388 | 862869 |
|  |  | **862869** |
| **Trading Companies & Distributors–1.74%** | **Trading Companies & Distributors–1.74%** | **Trading Companies & Distributors–1.74%** |
| Applied Industrial <br> Technologies, Inc.<br>| 14201 | 3301022 |
| †BlueLinx Holdings, Inc. | 5168 | 384396 |
| Boise Cascade Co. | 8197 | 711664 |
| †DNOW, Inc. | 66388 | 984534 |
| †DXP Enterprises, Inc. | 8022 | 703128 |
| FTAI Aviation Ltd. | 14606 | 1680274 |
| GATX Corp. | 2800 | 429968 |
| Global Industrial Co. | 7277 | 196552 |
| †GMS, Inc. | 22538 | 2451008 |
| Herc Holdings, Inc. | 8087 | 1064977 |
| †Hudson Technologies, Inc. | 28806 | 233905 |
| †MRC Global, Inc. | 53645 | 735473 |
| †NPK International, Inc. | 42744 | 363751 |
| Rush Enterprises, Inc. <br> Class B<br>| 5656 | 296827 |
| †Titan Machinery, Inc. | 13373 | 264919 |
| Willis Lease Finance Corp. | 1745 | 249151 |
| †Xometry, Inc. Class A | 25768 | 870701 |
|  |  | **14922250** |
| **Water Utilities–0.37%** | **Water Utilities–0.37%** | **Water Utilities–0.37%** |
| American States Water Co. | 14128 | 1083052 |
| Consolidated Water Co. Ltd. | 9452 | 283749 |
| H2O America | 22225 | 1155033 |
| Middlesex Water Co. | 11737 | 635911 |
|  |  | **3157745** |
| **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** | **Wireless Telecommunication Services–0.21%** |
| Telephone & Data Systems, <br> Inc.<br>| 50887 | 1810559 |
|  |  | **1810559** |
| **Total Common Stock** <br>**(Cost $724,205,028)** | **Total Common Stock** <br>**(Cost $724,205,028)** | **837522833** |
| **RIGHTS–0.01%** | **RIGHTS–0.01%** | **RIGHTS–0.01%** |
| =†Chinook Therapeutics, Inc. | 24718 | 0 |
| =†Mirati Therapeutics, Inc. | 21713 | 66659 |
| **Total Rights** <br>**(Cost $15,199)** | **Total Rights** <br>**(Cost $15,199)** | **66659** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-31

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | <br>**Number of**<br> **Shares**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–2.15%** | **MONEY MARKET FUND–2.15%** | **MONEY MARKET FUND–2.15%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 18386030 | $18386030 |
| **Total Money Market Fund** <br>**(Cost $18,386,030)** | **Total Money Market Fund** <br>**(Cost $18,386,030)** | **18386030** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.88% (Cost $742,606,257)** | **$855975522** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%** | **1057657** |
| **NET ASSETS APPLICABLE TO 67,163,204 SHARES OUTSTANDING–100.00%** | **$857033179** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR SMID CAP EQUITY FUND STANDARD** <br> **CLASS** <br>**($663,849,453 / 51,976,477 Shares)** | **$12.772** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR SMID CAP EQUITY FUND SERVICE** <br> **CLASS** <br>**($193,183,726 / 15,186,727 Shares)** | **$12.721** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$764565573** |
| Distributable earnings/(accumulated loss) | **92467606** |
| **TOTAL NET ASSETS** | **$857033179** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,508,375 cash collateral held at broker for futures contracts, $23,782 variation margin due from broker on futures contracts, <br> $1,904,077 payable for fund shares redeemed, $17,070 other accrued expenses payable, $270,426 due to manager and affiliates, $237,295 due <br> to custodian, $16,187 payable for audit fee and $18,905 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 163 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $17862355 | &nbsp;&nbsp; $17336736 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $525619 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-32

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| LNG–Liquefied Natural Gas |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-33

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **International**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **Emerging Markets**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **Large Cap**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **SMID Cap**<br> **Equity Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from unaffiliated investments | $19180921 | $9625865 | $12035407 | $6286259 |
| Foreign taxes withheld | (2004559)<br>| (1038532)<br>|  | (9294)<br>|
|  | 17176362 | 8587333 | 12035407 | 6276965 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 1456478 | 879503 | 2576078 | 1235434 |
| Distribution fees-Service Class | 151095 | 161661 | 401957 | 225442 |
| Shareholder servicing fees | 128398 | 74239 | 244227 | 114632 |
| Professional fees | 79757 | 36332 | 38995 | 29441 |
| Accounting and administration expenses | 78891 | 51539 | 149424 | 74451 |
| Custodian fees | 36359 | 129072 | 5867 | 6808 |
| Trustees' fees and expenses | 12614 | 7563 | 25603 | 11691 |
| Pricing fees | 8817 | 8890 | 1162 | 3582 |
| Reports and statements to shareholders | 6968 | 8446 | 12130 | 8034 |
| Consulting fees | 4748 | 8498 | 6782 | 4639 |
| Other | 13583 | 9023 | 24670 | 12060 |
|  | 1977708 | 1374766 | 3486895 | 1726214 |
| Less:  |  |  |  |  |
| Management fees waived | (39672)<br>| (32179)<br>| (53308)<br>| (16116)<br>|
| Total operating expenses | 1938036 | 1342587 | 3433587 | 1710098 |
| **NET INVESTMENT INCOME**  | 15238326 | 7244746 | 8601820 | 4566867 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | 38475139 | 3372277 <br><sup>\*</sup><br>| 44972876 | (1896826)<br>|
| Foreign currencies | 56223 | (219924)<br>|  |  |
| Futures contracts | 1906157 | 1064992 | (1284772)<br>| (2134459)<br>|
| Net realized gain (loss) | 40437519 | 4217345 | 43688104 | (4031285)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments | 126466802 | 66049006 <br><sup>\*\*</sup><br>| 46591607 | (9365706)<br>|
| Foreign currencies | 451100 | 49899 |  |  |
| Futures contracts | 389634 | 617578 | 1807124 | 1286562 |
| Net change in unrealized appreciation (depreciation) | 127307536 | 66716483 | 48398731 | (8079144)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 167745055 | 70933828 | 92086835 | (12110429)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| $182983381 | $78178574 | $100688655 | $(7543562)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $542,080 foreign capital gains taxes paid.

\*\* Includes $(294582) change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-34

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |  |  |
| Net investment income | $15238326 | $20746924 | $7244746 | $12161727 | $8601820 | $16382107 | $4566867 | $6400520 |
| Net realized gain (loss) | 40437519 | 32378808 | 4217345 | 6237615 | 43688104 | 136724736 | (4031285)<br>| 37612548 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 127307536 | (22728661)<br>| 66716483 | 24691583 | 48398731 | 255940101 | (8079144)<br>| 38933240 |
| Net increase (decrease) in net assets <br> resulting from operations<br>| 182983381 | 30397071 | 78178574 | 43090925 | 100688655 | 409046944 | (7543562)<br>| 82946308 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |  |  |
| Standard Class |  | (28008785)<br>|  | (12383924)<br>|  | (91227208)<br>|  | (5842044)<br>|
| Service Class |  | (4172859)<br>|  | (3817260)<br>|  | (20389972)<br>|  | (1249405)<br>|
| Return of capital: |  |  |  |  |  |  |  |  |
| Standard Class |  | (135851)<br>|  | (652308)<br>|  |  |  | (1046237)<br>|
| Service Class |  | (23942)<br>|  | (235901)<br>|  |  |  | (381971)<br>|
|  |  | (32341437)<br>|  | (17089393)<br>|  | (111617180)<br>|  | (8519657)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |  |  |
| Standard Class | 15512176 | 168650466 | 12088427 | 60539961 | 94015817 | 323768748 | 111875943 | 247881153 |
| Service Class | 8531185 | 13958275 | 4682931 | 10278150 | 20728650 | 28328450 | 20155003 | 20817008 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |  |  |
| Standard Class |  | 28144636 |  | 13036232 |  | 91227208 |  | 6888281 |
| Service Class |  | 4196801 |  | 4053161 |  | 20389972 |  | 1631376 |
|  | 24043361 | 214950178 | 16771358 | 87907504 | 114744467 | 463714378 | 132030946 | 277217818 |
| Cost of shares redeemed: |  |  |  |  |  |  |  |  |
| Standard Class | (150071435)<br>| (131852660)<br>| (65989029)<br>| (67581581)<br>| (141848707)<br>| (364396191)<br>| (49778291)<br>| (85661151)<br>|
| Service Class | (22207671)<br>| (26266759)<br>| (14904812)<br>| (28722195)<br>| (31541312)<br>| (89470538)<br>| (11921840)<br>| (44384371)<br>|
|  | (172279106)<br>| (158119419)<br>| (80893841)<br>| (96303776)<br>| (173390019)<br>| (453866729)<br>| (61700131)<br>| (130045522)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (148235745)<br>| 56830759 | (64122483)<br>| (8396272)<br>| (58645552)<br>| 9847649 | 70330815 | 147172296 |
| **NET INCREASE IN NET ASSETS** | 34747636 | 54886393 | 14056091 | 17605260 | 42043103 | 307277413 | 62787253 | 221598947 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period | 868242277 | 813355884 | 514939067 | 497333807 | 1742969245 | 1435691832 | 794245926 | 572646979 |
| End of period | $902989913 | $868242277 | $528995158 | $514939067 | $1785012348 | $1742969245 | $857033179 | $794245926 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-35

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.038 | &nbsp;&nbsp; $8.047 | &nbsp;&nbsp; $7.056 | &nbsp;&nbsp; $8.247 | &nbsp;&nbsp; $7.630 | &nbsp;&nbsp; $8.154 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.153 | 0.221 | 0.230 | 0.333 | 0.363 | 0.187 |
| Net realized and unrealized gain (loss) | 1.678 | 0.096 | 1.094 | &nbsp;&nbsp; (0.941)<br>| 0.634 | &nbsp;&nbsp; (0.524)<br>|
| Total from investment operations | 1.831 | 0.317 | 1.324 | &nbsp;&nbsp; (0.608)<br>| 0.997 | &nbsp;&nbsp; (0.337)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.583)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.187)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.583)<br>| &nbsp;&nbsp; (0.380)<br>| &nbsp;&nbsp; (0.187)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.869 | &nbsp;&nbsp; $8.038 | &nbsp;&nbsp; $8.047 | &nbsp;&nbsp; $7.056 | &nbsp;&nbsp; $8.247 | &nbsp;&nbsp; $7.630 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 22.73% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 18.92% | &nbsp;&nbsp; (7.02%)<br>| &nbsp;&nbsp; 13.16% | &nbsp;&nbsp; (4.10%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $776525 | &nbsp;&nbsp; $752932 | &nbsp;&nbsp; $690197 | &nbsp;&nbsp; $629275 | &nbsp;&nbsp; $786917 | &nbsp;&nbsp; $792063 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 2.78% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 2.77% |
| Portfolio turnover | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-36

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.042 | &nbsp;&nbsp; $8.050 | &nbsp;&nbsp; $7.059 | &nbsp;&nbsp; $8.250 | &nbsp;&nbsp; $7.632 | &nbsp;&nbsp; $8.158 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.142 | 0.200 | 0.211 | 0.313 | 0.342 | 0.170 |
| Net realized and unrealized gain (loss) | 1.677 | 0.096 | 1.093 | &nbsp;&nbsp; (0.940)<br>| 0.634 | &nbsp;&nbsp; (0.527)<br>|
| Total from investment operations | 1.819 | 0.296 | 1.304 | &nbsp;&nbsp; (0.627)<br>| 0.976 | &nbsp;&nbsp; (0.357)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.302)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.564)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.169)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.564)<br>| &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.169)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.861 | &nbsp;&nbsp; $8.042 | &nbsp;&nbsp; $8.050 | &nbsp;&nbsp; $7.059 | &nbsp;&nbsp; $8.250 | &nbsp;&nbsp; $7.632 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 22.58% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 18.62% | &nbsp;&nbsp; (7.24%)<br>| &nbsp;&nbsp; 12.87% | &nbsp;&nbsp; (4.34%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $126465 | &nbsp;&nbsp; $115310 | &nbsp;&nbsp; $123159 | &nbsp;&nbsp; $123499 | &nbsp;&nbsp; $143998 | &nbsp;&nbsp; $142374 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 2.53% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 2.52% |
| Portfolio turnover | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-37

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.721 | &nbsp;&nbsp; $7.331 | &nbsp;&nbsp; $6.889 | &nbsp;&nbsp; $8.755 | &nbsp;&nbsp; $8.528 | &nbsp;&nbsp; $8.581 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.116 | 0.193 | 0.167 | 0.420 | 0.437 | 0.293 |
| Net realized and unrealized gain (loss) | 1.157 | 0.467 | 0.516 | &nbsp;&nbsp; (1.488)<br>| 0.309 | &nbsp;&nbsp; (0.075)<br>|
| Total from investment operations | 1.273 | 0.660 | 0.683 | &nbsp;&nbsp; (1.068)<br>| 0.746 | 0.218 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.798)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.271)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.270)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.798)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.271)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.994 | &nbsp;&nbsp; $7.721 | &nbsp;&nbsp; $7.331 | &nbsp;&nbsp; $6.889 | &nbsp;&nbsp; $8.755 | &nbsp;&nbsp; $8.528 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 16.50% | &nbsp;&nbsp; 8.90% | &nbsp;&nbsp; 10.04% | &nbsp;&nbsp; (11.83%)<br>| &nbsp;&nbsp; 8.79% | &nbsp;&nbsp; 2.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $391537 | &nbsp;&nbsp; $387244 | &nbsp;&nbsp; $362665 | &nbsp;&nbsp; $315155 | &nbsp;&nbsp; $408291 | &nbsp;&nbsp; $431292 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.44% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.45% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 4.00% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 3.99% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 126% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-38

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.725 | &nbsp;&nbsp; $7.335 | &nbsp;&nbsp; $6.892 | &nbsp;&nbsp; $8.758 | &nbsp;&nbsp; $8.530 | &nbsp;&nbsp; $8.585 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.106 | 0.173 | 0.149 | 0.401 | 0.414 | 0.275 |
| Net realized and unrealized gain (loss) | 1.158 | 0.467 | 0.516 | &nbsp;&nbsp; (1.488)<br>| 0.309 | &nbsp;&nbsp; (0.078)<br>|
| Total from investment operations | 1.264 | 0.640 | 0.665 | &nbsp;&nbsp; (1.087)<br>| 0.723 | 0.197 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.495)<br>| &nbsp;&nbsp; (0.252)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.250)<br>| &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.495)<br>| &nbsp;&nbsp; (0.252)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.989 | &nbsp;&nbsp; $7.725 | &nbsp;&nbsp; $7.335 | &nbsp;&nbsp; $6.892 | &nbsp;&nbsp; $8.758 | &nbsp;&nbsp; $8.530 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 16.36% | &nbsp;&nbsp; 8.64% | &nbsp;&nbsp; 9.76% | &nbsp;&nbsp; (12.05%)<br>| &nbsp;&nbsp; 8.51% | &nbsp;&nbsp; 2.40% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $137458 | &nbsp;&nbsp; $127695 | &nbsp;&nbsp; $134669 | &nbsp;&nbsp; $139661 | &nbsp;&nbsp; $173501 | &nbsp;&nbsp; $178453 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.69% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 5.13% | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 3.75% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 5.12% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 3.74% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 126% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-39

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.816 | &nbsp;&nbsp; $12.329 | &nbsp;&nbsp; $11.945 | &nbsp;&nbsp; $14.648 | &nbsp;&nbsp; $12.917 | &nbsp;&nbsp; $13.128 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.078 | 0.145 | 0.198 | 0.315 | 0.289 | 0.313 |
| Net realized and unrealized gain (loss) | 0.838 | 3.302 | 1.760 | &nbsp;&nbsp; (1.762)<br>| 3.746 | 0.032 |
| Total from investment operations | 0.916 | 3.447 | 1.958 | &nbsp;&nbsp; (1.447)<br>| 4.035 | 0.345 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.357)<br>| &nbsp;&nbsp; (0.322)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (1.382)<br>| &nbsp;&nbsp; (0.869)<br>| &nbsp;&nbsp; (1.947)<br>| &nbsp;&nbsp; (0.234)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.960)<br>| &nbsp;&nbsp; (1.574)<br>| &nbsp;&nbsp; (1.256)<br>| &nbsp;&nbsp; (2.304)<br>| &nbsp;&nbsp; (0.556)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.732 | &nbsp;&nbsp; $14.816 | &nbsp;&nbsp; $12.329 | &nbsp;&nbsp; $11.945 | &nbsp;&nbsp; $14.648 | &nbsp;&nbsp; $12.917 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp; 27.99% | &nbsp;&nbsp; 17.39% | &nbsp;&nbsp; (9.97%)<br>| &nbsp;&nbsp; 31.88% | &nbsp;&nbsp; 2.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1442711 | &nbsp;&nbsp; $1409834 | &nbsp;&nbsp; $1122286 | &nbsp;&nbsp; $967304 | &nbsp;&nbsp; $1315104 | &nbsp;&nbsp; $1182576 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.37% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.76% |
| Ratio of net investment income to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.75% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 132% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-40

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.764 | &nbsp;&nbsp; $12.289 | &nbsp;&nbsp; $11.914 | &nbsp;&nbsp; $14.612 | &nbsp;&nbsp; $12.890 | &nbsp;&nbsp; $13.106 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.059 | 0.109 | 0.166 | 0.280 | 0.250 | 0.284 |
| Net realized and unrealized gain (loss) | 0.835 | 3.288 | 1.752 | &nbsp;&nbsp; (1.757)<br>| 3.736 | 0.027 |
| Total from investment operations | 0.894 | 3.397 | 1.918 | &nbsp;&nbsp; (1.477)<br>| 3.986 | 0.311 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.293)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (1.382)<br>| &nbsp;&nbsp; (0.869)<br>| &nbsp;&nbsp; (1.947)<br>| &nbsp;&nbsp; (0.234)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.922)<br>| &nbsp;&nbsp; (1.543)<br>| &nbsp;&nbsp; (1.221)<br>| &nbsp;&nbsp; (2.264)<br>| &nbsp;&nbsp; (0.527)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.658 | &nbsp;&nbsp; $14.764 | &nbsp;&nbsp; $12.289 | &nbsp;&nbsp; $11.914 | &nbsp;&nbsp; $14.612 | &nbsp;&nbsp; $12.890 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.06% | &nbsp;&nbsp; 27.68% | &nbsp;&nbsp; 17.09% | &nbsp;&nbsp; (10.20%)<br>| &nbsp;&nbsp; 31.54% | &nbsp;&nbsp; 2.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $342302 | &nbsp;&nbsp; $333136 | &nbsp;&nbsp; $313406 | &nbsp;&nbsp; $309442 | &nbsp;&nbsp; $392417 | &nbsp;&nbsp; $342834 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 2.51% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 2.50% |
| Portfolio turnover | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 132% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-41

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.889 | &nbsp;&nbsp; $11.508 | &nbsp;&nbsp; $10.696 | &nbsp;&nbsp; $13.179 | &nbsp;&nbsp; $13.190 | &nbsp;&nbsp; $12.754 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.074 | 0.123 | 0.169 | 0.307 | 0.254 | 0.196 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.191)<br>| 1.404 | 1.411 | &nbsp;&nbsp; (1.919)<br>| 4.003 | 0.546 |
| Total from investment operations | &nbsp;&nbsp; (0.117)<br>| 1.527 | 1.580 | &nbsp;&nbsp; (1.612)<br>| 4.257 | 0.742 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.429)<br>| &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.266)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (3.864)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.088)<br>| &nbsp;&nbsp; (0.040)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.146)<br>| &nbsp;&nbsp; (0.768)<br>| &nbsp;&nbsp; (0.871)<br>| &nbsp;&nbsp; (4.268)<br>| &nbsp;&nbsp; (0.306)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.772 | &nbsp;&nbsp; $12.889 | &nbsp;&nbsp; $11.508 | &nbsp;&nbsp; $10.696 | &nbsp;&nbsp; $13.179 | &nbsp;&nbsp; $13.190 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (0.91%)<br>| &nbsp;&nbsp; 13.19% | &nbsp;&nbsp; 15.54% | &nbsp;&nbsp; (12.45%)<br>| &nbsp;&nbsp; 33.66% | &nbsp;&nbsp; 5.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $663849 | &nbsp;&nbsp; $608114 | &nbsp;&nbsp; $385531 | &nbsp;&nbsp; $250501 | &nbsp;&nbsp; $299487 | &nbsp;&nbsp; $265377 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.40% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.41% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.90% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.89% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-42

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.853 | &nbsp;&nbsp; $11.478 | &nbsp;&nbsp; $10.672 | &nbsp;&nbsp; $13.149 | &nbsp;&nbsp; $13.168 | &nbsp;&nbsp; $12.740 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.058 | 0.091 | 0.142 | 0.276 | 0.212 | 0.171 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.190)<br>| 1.397 | 1.405 | &nbsp;&nbsp; (1.914)<br>| 3.996 | 0.537 |
| Total from investment operations | &nbsp;&nbsp; (0.132)<br>| 1.488 | 1.547 | &nbsp;&nbsp; (1.638)<br>| 4.208 | 0.708 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.088)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.397)<br>| &nbsp;&nbsp; (0.276)<br>| &nbsp;&nbsp; (0.244)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (3.864)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.036)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.741)<br>| &nbsp;&nbsp; (0.839)<br>| &nbsp;&nbsp; (4.227)<br>| &nbsp;&nbsp; (0.280)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.721 | &nbsp;&nbsp; $12.853 | &nbsp;&nbsp; $11.478 | &nbsp;&nbsp; $10.672 | &nbsp;&nbsp; $13.149 | &nbsp;&nbsp; $13.168 |
| Total return<sup>4</sup> | &nbsp;&nbsp; (1.03%)<br>| &nbsp;&nbsp; 12.91% | &nbsp;&nbsp; 15.25% | &nbsp;&nbsp; (12.67%)<br>| &nbsp;&nbsp; 33.32% | &nbsp;&nbsp; 5.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $193184 | &nbsp;&nbsp; $186132 | &nbsp;&nbsp; $187116 | &nbsp;&nbsp; $173979 | &nbsp;&nbsp; $224286 | &nbsp;&nbsp; $177033 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.65% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.64% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<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 Franklin Templeton Multi-Factor Funds-43

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund, and LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY") or may also sell its shares to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The investment objective of each Fund is to seek to maximize long-term capital appreciation.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in

LVIP Franklin Templeton Multi-Factor Funds-44

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of June 30, 2025, the value and cost of foreign currency held by the LVIP Franklin Templeton Multi-Factor International Equity Fund is $1,467,541 and $1,466,017 and for LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund is $206,454 and $205,473 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. In addition, the Funds may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Funds accrue such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Funds may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Funds 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 six months ended June 30, 2025.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Funds' investment portfolios, including monitoring of the Funds' investment sub-adviser, and providing certain administrative services to each Fund. The management fees, net of waivers, are calculated daily and paid monthly. For its services, LFI receives a management fee at an annual rate of each Fund's average daily net assets as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **International**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **Emerging** <br> **Markets**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **Large Cap**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **SMID Cap**<br> **Equity Fund**<br>|
| On the first $100 million | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% |
| In excess of $100 million | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |

---

LVIP Franklin Templeton Multi-Factor Funds-45

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

LFI has contractually agreed to waive a portion of its advisory fee. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The waiver amount of each Fund's average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **International**<br> **Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Emerging**<br> **Markets Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| On the first <br> $50 million<br>| 0.070% | 0.065% | 0.080% | 0.065% |
| On the next <br> $50 million<br>| 0.010% | 0.025% | 0.015% | —% |
| On the next <br> $400 million.<br>| 0.010% | 0.005% | 0.015% | —% |

---

Franklin Advisers, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Administrative | &nbsp;&nbsp; $37451 | &nbsp;&nbsp; $21769 | &nbsp;&nbsp; $71967 | &nbsp;&nbsp; $33551 |
| Legal | &nbsp;&nbsp; 5707 | &nbsp;&nbsp; 3318 | &nbsp;&nbsp; 10969 | &nbsp;&nbsp; 5113 |

---

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 six months ended June 30, 2025, these fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $2034 | &nbsp;&nbsp; $4849 | &nbsp;&nbsp; $3249 | &nbsp;&nbsp; $3554 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

LVIP Franklin Templeton Multi-Factor Funds-46

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Management fees payable to <br> LFI<br>| &nbsp;&nbsp; $235870 | &nbsp;&nbsp; $141363 | &nbsp;&nbsp; $427948 | &nbsp;&nbsp; $211593 |
| Distribution fees payable to <br> LFD<br>| &nbsp;&nbsp; 25737 | &nbsp;&nbsp; 27639 | &nbsp;&nbsp; 68676 | &nbsp;&nbsp; 38886 |
| Printing and mailing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 29 |
| Shareholder servicing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 21376 | &nbsp;&nbsp; 12387 | &nbsp;&nbsp; 41428 | &nbsp;&nbsp; 19918 |

---

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 six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Purchases | &nbsp;&nbsp; $251842620 | &nbsp;&nbsp; $115571830 | &nbsp;&nbsp; $461861981 | &nbsp;&nbsp; $248857316 |
| Sales | &nbsp;&nbsp; 376524972 | &nbsp;&nbsp; 170043800 | &nbsp;&nbsp; 517865518 | &nbsp;&nbsp; 178246834 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Cost of investments and <br> derivatives<br>| &nbsp;&nbsp; $708006233 | &nbsp;&nbsp; $418166810 | &nbsp;&nbsp; $1241888300 | &nbsp;&nbsp; $742606257 |
| Aggregate unrealized <br> appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $206627871 | &nbsp;&nbsp; $134345463 | &nbsp;&nbsp; $560619427 | &nbsp;&nbsp; $185427859 |
| Aggregate unrealized <br> depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (16996087)<br>| &nbsp;&nbsp; (21313287)<br>| &nbsp;&nbsp; (17645300)<br>| &nbsp;&nbsp; (71532975)<br>|
| Net unrealized appreciation of <br> investments and derivatives<br>| &nbsp;&nbsp; $189631784 | &nbsp;&nbsp; $113032176 | &nbsp;&nbsp; $542974127 | &nbsp;&nbsp; $113894884 |

---

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 Statements of Net Assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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

LVIP Franklin Templeton Multi-Factor Funds-47

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of June 30, 2025:

**LVIP Franklin Templeton Multi-Factor International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46270918 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46270918 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5211367 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 5168879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5168879 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 2091327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2091327 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 24216895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24216895 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 5845684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5845684 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 87264863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87264863 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 89195461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89195461 |
| Hong Kong | &nbsp;&nbsp; 1006006 | &nbsp;&nbsp; 18845069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19851075 |
| Ireland | &nbsp;&nbsp; 3996018 | &nbsp;&nbsp; 1360144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5356162 |
| Israel | &nbsp;&nbsp; 4055624 | &nbsp;&nbsp; 9040227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13095851 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 29064475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29064475 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 192427207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192427207 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 3864006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3864006 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 912882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 912882 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 38213479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38213479 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546096 |
| Norway | &nbsp;&nbsp; 1026973 | &nbsp;&nbsp; 10644540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11671513 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 914029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 914029 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 9076785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9076785 |
| Spain | &nbsp;&nbsp; 4459568 | &nbsp;&nbsp; 42090652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46550220 |
| Sweden | &nbsp;&nbsp; 7655751 | &nbsp;&nbsp; 10496428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18152179 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 84872742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84872742 |
| Thailand | &nbsp;&nbsp; 3742596 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3742596 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 136155059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 136155059 |
| United States | &nbsp;&nbsp; 401562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 401562 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 2447014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2447014 |
| Money Market Fund | &nbsp;&nbsp; 13860093 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13860093 |
| **Total Investments** | &nbsp;&nbsp; $40204191 | &nbsp;&nbsp; $857236228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $897440419 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $197598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197598 |

---

There were no Level 3 investments at the beginning or end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP Franklin Templeton Multi-Factor Funds-48

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Brazil | &nbsp;&nbsp; $15110315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15110315 |
| Chile | &nbsp;&nbsp; 2380439 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2380439 |
| China | &nbsp;&nbsp; 3862314 | &nbsp;&nbsp; 136038118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139900432 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp; 615635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 615635 |
| Czech Republic | &nbsp;&nbsp; 761113 | &nbsp;&nbsp; 551367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1312480 |
| Egypt | &nbsp;&nbsp; 106939 | &nbsp;&nbsp; 711509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 818448 |
| Greece | &nbsp;&nbsp; 1699701 | &nbsp;&nbsp; 848664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2548365 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 4154730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4154730 |
| Hungary | &nbsp;&nbsp; 1227456 | &nbsp;&nbsp; 3070290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4297746 |
| India | &nbsp;&nbsp; 519253 | &nbsp;&nbsp; 93315206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93834459 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 6161462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6161462 |
| Ireland | &nbsp;&nbsp; 3390984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3390984 |
| Kuwait | &nbsp;&nbsp; 586134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 586134 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 4322186 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4322186 |
| Mexico | &nbsp;&nbsp; 10330884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10330884 |
| Netherlands | &nbsp;&nbsp; 391882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 391882 |
| Philippines | &nbsp;&nbsp; 810188 | &nbsp;&nbsp; 1948054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2758242 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 7558508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7558508 |
| Qatar | &nbsp;&nbsp; 798106 | &nbsp;&nbsp; 3834200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4632306 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 61963204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61963204 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Saudi Arabia | &nbsp;&nbsp; 2009818 | &nbsp;&nbsp; 16746790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18756608 |
| South Africa | &nbsp;&nbsp; 6250632 | &nbsp;&nbsp; 10674403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16925035 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 88413530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88413530 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 6161314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6161314 |
| Turkey | &nbsp;&nbsp; 113605 | &nbsp;&nbsp; 3602518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3716123 |
| United Arab Emirates | &nbsp;&nbsp; 2511203 | &nbsp;&nbsp; 7893076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10404279 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 116396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116396 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp; 2406247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2406247 |
| Preferred Stocks | &nbsp;&nbsp; 8933956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8933956 |
| Money Market Fund | &nbsp;&nbsp; 7981222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7981222 |
| **Total Investments** | &nbsp;&nbsp; $69776144 | &nbsp;&nbsp; $461107407 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $530883551 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $315435 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $315435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statements of Net Assets" that are considered to be Level 3 investments in this table.

During the six months ended June 30, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP Franklin Templeton Multi-Factor Funds-49

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $1754174480 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1754174480 |
| Money Market Fund | &nbsp;&nbsp; 29647322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29647322 |
| **Total Investments** | &nbsp;&nbsp; $1783821802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1783821802 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $1040625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1040625 |

---

There were no Level 3 investments at the beginning or end of the period.

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $16934869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16934869 |
| Air Freight & Logistics | &nbsp;&nbsp; 824157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 824157 |
| Automobile Components | &nbsp;&nbsp; 9588263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9588263 |
| Automobiles | &nbsp;&nbsp; 2616256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2616256 |
| Banks | &nbsp;&nbsp; 79996327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79996327 |
| Beverages | &nbsp;&nbsp; 2842604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2842604 |
| Biotechnology | &nbsp;&nbsp; 68082822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68082822 |
| Broadline Retail | &nbsp;&nbsp; 956265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 956265 |
| Building Products | &nbsp;&nbsp; 9536477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9536477 |
| Capital Markets | &nbsp;&nbsp; 19391580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19391580 |
| Chemicals | &nbsp;&nbsp; 11897732 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11897732 |
| Commercial Services & Supplies | &nbsp;&nbsp; 12327698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12327698 |
| Communications Equipment | &nbsp;&nbsp; 6012025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6012025 |
| Construction & Engineering | &nbsp;&nbsp; 14381987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14381987 |
| Construction Materials | &nbsp;&nbsp; 1685735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1685735 |
| Consumer Finance | &nbsp;&nbsp; 8702297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8702297 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 8995936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8995936 |
| Containers & Packaging | &nbsp;&nbsp; 1638974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1638974 |
| Distributors | &nbsp;&nbsp; 245964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245964 |
| Diversified Consumer Services | &nbsp;&nbsp; 12101911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12101911 |
| Diversified REITs | &nbsp;&nbsp; 5419725 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5419725 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 6064633 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6064633 |
| Electric Utilities | &nbsp;&nbsp; 6014570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6014570 |
| Electrical Equipment | &nbsp;&nbsp; 25583403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25583403 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 26893610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26893610 |
| Energy Equipment & Services | &nbsp;&nbsp; 13711483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13711483 |
| Entertainment | &nbsp;&nbsp; 4718937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4718937 |
| Financial Services | &nbsp;&nbsp; 27362138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27362138 |
| Food Products | &nbsp;&nbsp; 6619021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6619021 |
| Gas Utilities | &nbsp;&nbsp; 8153506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8153506 |
| Ground Transportation | &nbsp;&nbsp; 3712700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3712700 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 26073087 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 26073087 |
| Health Care Providers & Services | &nbsp;&nbsp; 22736526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22736526 |
| Health Care REITs | &nbsp;&nbsp; 8014512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8014512 |
| Health Care Technology | &nbsp;&nbsp; 4278680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4278680 |
| Hotel & Resort REITs | &nbsp;&nbsp; 5989703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5989703 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 13909030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13909030 |
| Household Durables | &nbsp;&nbsp; 12290211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12290211 |
| Household Products | &nbsp;&nbsp; 1940718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1940718 |

---

LVIP Franklin Templeton Multi-Factor Funds-50

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; $1588300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1588300 |
| Industrial REITs | &nbsp;&nbsp; 2565331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2565331 |
| Insurance | &nbsp;&nbsp; 15195262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15195262 |
| Interactive Media & Services | &nbsp;&nbsp; 6793942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6793942 |
| IT Services | &nbsp;&nbsp; 5413792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5413792 |
| Leisure Products | &nbsp;&nbsp; 3147890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3147890 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 4178759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4178759 |
| Machinery | &nbsp;&nbsp; 27704802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27704802 |
| Marine Transportation | &nbsp;&nbsp; 1239138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1239138 |
| Media | &nbsp;&nbsp; 6286416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6286416 |
| Metals & Mining | &nbsp;&nbsp; 14890296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14890296 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 5773043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5773043 |
| Multi-Utilities | &nbsp;&nbsp; 2854273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2854273 |
| Office REITs | &nbsp;&nbsp; 7187230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7187230 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 21382716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21382716 |
| Paper & Forest Products | &nbsp;&nbsp; 827677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 827677 |
| Passenger Airlines | &nbsp;&nbsp; 4029687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4029687 |
| Personal Care Products | &nbsp;&nbsp; 2373449 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2373449 |
| Pharmaceuticals | &nbsp;&nbsp; 16861948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16861948 |
| Professional Services | &nbsp;&nbsp; 19419890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19419890 |
| Real Estate Management & Development | &nbsp;&nbsp; 5976994 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5976994 |
| Residential REITs | &nbsp;&nbsp; 3646422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3646422 |
| Retail REITs | &nbsp;&nbsp; 8116222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8116222 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 23161217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23161217 |
| Software | &nbsp;&nbsp; 56524078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56524078 |
| Specialized REITs | &nbsp;&nbsp; 4721399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4721399 |
| Specialty Retail | &nbsp;&nbsp; 19968776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19968776 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 2585139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2585139 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4109250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4109250 |
| Tobacco | &nbsp;&nbsp; 862869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 862869 |
| Trading Companies & Distributors | &nbsp;&nbsp; 14922250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14922250 |
| Water Utilities | &nbsp;&nbsp; 3157745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3157745 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1810559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1810559 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66659 | &nbsp;&nbsp; 66659 |
| Money Market Fund | &nbsp;&nbsp; 18386030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18386030 |
| **Total Investments** | &nbsp;&nbsp; $855908863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66659 | &nbsp;&nbsp; $855975522 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $525619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $525619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statements of Net Assets" that are considered to be Level 3 investments in this table.

LVIP Franklin Templeton Multi-Factor Funds-51

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **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 period ended June 30, 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> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Rights | $66659 | Enterprise Value | Deal Terms | # |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |

---

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> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Rights | 74345 |  |  | (49436)<br>|  |  |  | 39796 | 1954 | 66659 | 1954 |
| Total | $74345 | $— | $— | $(49436)<br>| $— | —<br> $| $— | $39796 | $1954 | $66659 | $1954 |

---

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1766796 | &nbsp;&nbsp; 20185369 | &nbsp;&nbsp; 1485262 | &nbsp;&nbsp; 7680254 | &nbsp;&nbsp; 6333577 | &nbsp;&nbsp; 23359441 |
| Service Class | &nbsp;&nbsp; 958030 | &nbsp;&nbsp; 1643030 | &nbsp;&nbsp; 584673 | &nbsp;&nbsp; 1327144 | &nbsp;&nbsp; 1430444 | &nbsp;&nbsp; 2000081 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3341219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1635431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6092723 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 497137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 508253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367777 |
|  | &nbsp;&nbsp; 2724826 | &nbsp;&nbsp; 25666755 | &nbsp;&nbsp; 2069935 | &nbsp;&nbsp; 11151082 | &nbsp;&nbsp; 7764021 | &nbsp;&nbsp; 32820022 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (16758834)<br>| &nbsp;&nbsp; (15621351)<br>| &nbsp;&nbsp; (8111657)<br>| &nbsp;&nbsp; (8631272)<br>| &nbsp;&nbsp; (9784284)<br>| &nbsp;&nbsp; (25329814)<br>|
| Service Class | &nbsp;&nbsp; (2473352)<br>| &nbsp;&nbsp; (3099124)<br>| &nbsp;&nbsp; (1822027)<br>| &nbsp;&nbsp; (3666635)<br>| &nbsp;&nbsp; (2132511)<br>| &nbsp;&nbsp; (6306301)<br>|
|  | &nbsp;&nbsp; (19232186)<br>| &nbsp;&nbsp; (18720475)<br>| &nbsp;&nbsp; (9933684)<br>| &nbsp;&nbsp; (12297907)<br>| &nbsp;&nbsp; (11916795)<br>| &nbsp;&nbsp; (31636115)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (16507360)<br>| &nbsp;&nbsp; 6946280 | &nbsp;&nbsp; (7863749)<br>| &nbsp;&nbsp; (1146825)<br>| &nbsp;&nbsp; (4152774)<br>| &nbsp;&nbsp; 1183907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-52

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Capital Shares (continued)**

---

| | | |
|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 8943119 | &nbsp;&nbsp; 19986726 |
| Service Class | &nbsp;&nbsp; 1666073 | &nbsp;&nbsp; 1658554 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 500820 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 118931 |
|  | &nbsp;&nbsp; 10609192 | &nbsp;&nbsp; 22265031 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4148102)<br>| &nbsp;&nbsp; (6807151)<br>|
| Service Class | &nbsp;&nbsp; (961246)<br>| &nbsp;&nbsp; (3598060)<br>|
|  | &nbsp;&nbsp; (5109348)<br>| &nbsp;&nbsp; (10405211)<br>|
| Net increase | &nbsp;&nbsp; 5499844 | &nbsp;&nbsp; 11859820 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, each Fund used futures contracts as a cash management tool.

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP Franklin Templeton Multi-Factor International Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $197598 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP Franklin Templeton Multi-Factor Funds-53

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $1906157 | &nbsp;&nbsp; $389634 |

---

**<u>LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $315435 | Liabilities net of receivables and other <br> assets<br>| $— |

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $1064992 | &nbsp;&nbsp; $617578 |

---

**<u>LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $1040625 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(1284772)<br>| &nbsp;&nbsp; $1807124 |

---

**<u>LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $525619 | Receivables and other assets net of <br> liabilities<br>| $— |

---

LVIP Franklin Templeton Multi-Factor Funds-54

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(2134459)<br>| &nbsp;&nbsp; $1286562 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the six months ended June 30, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Franklin Templeton Multi-Factor International Equity Fund | &nbsp;&nbsp; $12641734 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | &nbsp;&nbsp; 7678714 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | &nbsp;&nbsp; 25131186 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | &nbsp;&nbsp; 14921454 |

---

**7. Risk Factors**

Some countries in which the LVIP Franklin Templeton Multi-Factor International Equity Fund and the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments in which the LVIP Franklin Templeton Multi-Factor International Equity Fund and the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund invest to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statues to terrorism, governmental collapse, regional conflicts and war. Investing in Foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund currently invests a significant portion of its assets in companies located in China, and therefore the Fund has more exposure to the risks specific to China. China is a developing market and may be subject to considerable degrees of economic, political and social instability. In the past couple of decades, the Chinese government has reformed economic and market practices and expanded the sphere of private ownership in China. Nevertheless, in general the Chinese markets continue to experience, among other things, inefficiency, volatility and pricing anomalies that result from government influence, unavailability of consistently reliable economic data, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with neighboring countries could also disrupt economic developments in China. Reduction in spending on Chinese products and services, institutions of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may adversely impact the Chinese economy. In addition, from time to time, China has experienced outbreaks of infectious illnesses, diseases or public health emergencies, and could again in the future. Any of these events could reduce consumer demand and/or economic output, result in closure of markets, impose restrictions on travel or quarantines, and could generally significantly impact the Chinese economy, which would adversely affect the Fund's investments in securities of issuers located in China.

LVIP Franklin Templeton Multi-Factor Funds-55

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geo-political tensions. The United States and many other countries have instituted various sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions and other punitive actions taken, and resulting future market disruptions - both in Europe and globally - cannot easily be predicted but could be significant and have a severe adverse effect on Russia and Europe in general. In addition, there are significant risks due to the relatively recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions.

The LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund may invest a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Funds may invest in REITs and are subject to the risks associated with that industry. If the Funds acquire a direct interest in real estate as a result of defaults or receive rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Funds had no direct real estate holdings during the six months ended June 30, 2025. The Funds' REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

The Funds may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds' Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Funds' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

**8. 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.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Franklin Templeton Multi-Factor Funds-56

------

![](imgf5bd27c11.jpg)

![](img78ab10d22.jpg)

LVIP Global Allocation Managed Risk Funds

LVIP Global Conservative Allocation Managed Risk Fund <br> LVIP Global Moderate Allocation Managed Risk Fund <br> LVIP Global Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Global Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_SOI-continued-320_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_FS-continued-320_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Operations](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_FS-continued-320_2)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_FS-continued-320_3)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_FIHI-continued-320_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_f0bb9814-5741-4fcf-a179-a87db6cbd69a_NTF-continued-321_1)**  | &nbsp;&nbsp; **16** |

---

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.52%** | **AFFILIATED INVESTMENTS–97.52%** | **AFFILIATED INVESTMENTS–97.52%** |
| **INVESTMENT COMPANIES–97.52%** | **INVESTMENT COMPANIES–97.52%** | **INVESTMENT COMPANIES–97.52%** |
| **Equity Funds–30.49%** | **Equity Funds–30.49%** | **Equity Funds–30.49%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 459365 | $31569873 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 1359025 | 35728757 |
| LVIP Channing Small Cap <br> Value Fund<br>| 251139 | 3046563 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 2355079 | 37050109 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 970462 | 12394743 |
| LVIP Macquarie Mid Cap <br> Value Fund<br>| 322309 | 14572232 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 1085361 | 14156363 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 113466 | 1811484 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1481891 | 47675390 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 236876 | 7616997 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 413636 | 14798662 |
|  |  | **220421173** |
| **Fixed Income Funds–57.26%** | **Fixed Income Funds–57.26%** | **Fixed Income Funds–57.26%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 1474047 | 13826559 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 20391421 | 204423997 |
| LVIP JPMorgan High Yield <br> Fund<br>| 1903762 | 19473578 |
| LVIP Macquarie Bond Fund | 12865770 | 151777488 |
| LVIP SSGA Bond Index <br> Fund<br>| 2405069 | 24413860 |
|  |  | **413915482** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–0.15%** | **Global Equity Fund–0.15%** | **Global Equity Fund–0.15%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 134696 | $1066923 |
|  |  | **1066923** |
| **International Equity Funds–9.62%** | **International Equity Funds–9.62%** | **International Equity Funds–9.62%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 1234795 | 12181249 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 351049 | 7174738 |
| LVIP MFS International <br> Growth Fund<br>| 737565 | 16731667 |
| LVIP Mondrian <br> International Value Fund<br>| 952302 | 19488856 |
| LVIP SSGA International <br> Index Fund<br>| 1113895 | 14007235 |
|  |  | **69583745** |
| **Total Affiliated Investments** <br>**(Cost $579,829,256)**<br>|  | **704987323** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.32%** | **UNAFFILIATED INVESTMENT–2.32%** |
| **INVESTMENT COMPANY–2.32%** | **INVESTMENT COMPANY–2.32%** |
| **Money Market Fund–2.32%** | **Money Market Fund–2.32%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 16781527 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $16,781,527)**<br>| **16781527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $596,610,783)** | **721768850** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **1139992** |
| **NET ASSETS APPLICABLE TO 57,574,581 SHARES OUTSTANDING–100.00%** | **$722908842** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP Global Allocation Managed Risk Funds-1

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 5 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $329475 | &nbsp;&nbsp; $325804 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $3671 | &nbsp;&nbsp; $— |
| 7 | CME British Pound Currency Futures | &nbsp;&nbsp; 600469 | &nbsp;&nbsp; 590631 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 9838 | &nbsp;&nbsp; — |
| 11 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1627450 | &nbsp;&nbsp; 1582180 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 45270 | &nbsp;&nbsp; — |
| 8 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 699450 | &nbsp;&nbsp; 696956 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 2494 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 61273 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 12 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1315020 | &nbsp;&nbsp; 1271082 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 43938 | &nbsp;&nbsp; — |
| 32 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 10006000 | &nbsp;&nbsp; 9652424 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 353576 | &nbsp;&nbsp; — |
| 11 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3438050 | &nbsp;&nbsp; 3334178 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 103872 | &nbsp;&nbsp; — |
| 24 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1505986 | &nbsp;&nbsp; 1495119 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 10867 | &nbsp;&nbsp; — |
| 5 | FTSE 100 Index Futures | &nbsp;&nbsp; 603245 | &nbsp;&nbsp; 607847 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4602)<br>|
| 1 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 61675 | &nbsp;&nbsp; 60461 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; — |
| 4 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 105402 | &nbsp;&nbsp; 104284 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; — |
| 2 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 280932 | &nbsp;&nbsp; 280966 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34)<br>|
| 4 | TSE TOPIX Futures | &nbsp;&nbsp; 793167 | &nbsp;&nbsp; 777199 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 15968 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 530553 | &nbsp;&nbsp; (4636)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $591826 | &nbsp;&nbsp; $(4636)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-2

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** |
| **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** |
| **Equity Funds–40.49%** | **Equity Funds–40.49%** | **Equity Funds–40.49%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 2667145 | $183299534 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 8816521 | 231786334 |
| LVIP Channing Small Cap <br> Value Fund<br>| 2062666 | 25022204 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 20568632 | 323585711 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 6638342 | 84784907 |
| LVIP Macquarie Mid Cap <br> Value Fund<br>| 2875117 | 129989778 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 6528461 | 85150723 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 1086551 | 17346793 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 15066657 | 484724501 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 2199520 | 70727752 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 3689874 | 132012622 |
|  |  | **1768430859** |
| **Fixed Income Funds–37.55%** | **Fixed Income Funds–37.55%** | **Fixed Income Funds–37.55%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 11027355 | 103436592 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 75669016 | 758581889 |
| LVIP JPMorgan High Yield <br> Fund<br>| 9853070 | 100787053 |
| LVIP Macquarie Bond Fund | 43963958 | 518642810 |
| LVIP SSGA Bond Index <br> Fund<br>| 15627705 | 158636830 |
|  |  | **1640085174** |
| **Global Equity Fund–0.59%** | **Global Equity Fund–0.59%** | **Global Equity Fund–0.59%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 3224204 | 25538918 |
|  |  | **25538918** |

---

---

| | | |
|:---|:---|:---|
|  | **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–18.39%** | **International Equity Funds–18.39%** | **International Equity Funds–18.39%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 6238558 | $56109592 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 8045052 | 79364441 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 4202068 | 85881858 |
| LVIP MFS International <br> Growth Fund<br>| 7606739 | 172558869 |
| LVIP Mondrian <br> International Value Fund<br>| 10014245 | 204941521 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 7286822 | 87609459 |
| LVIP SSGA International <br> Index Fund<br>| 9263698 | 116491004 |
|  |  | **802956744** |
| **Total Affiliated Investments** <br>**(Cost $3,114,888,478)**<br>|  | **4237011695** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.78%** | **UNAFFILIATED INVESTMENT–2.78%** |
| **INVESTMENT COMPANY–2.78%** | **INVESTMENT COMPANY–2.78%** |
| **Money Market Fund–2.78%** | **Money Market Fund–2.78%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 121571483 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $121,571,483)**<br>| **121571483** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.80% (Cost $3,236,459,961)** | **4358583178** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.20%** | **8612604** |
| **NET ASSETS APPLICABLE TO 309,752,762 SHARES OUTSTANDING–100.00%** | **$4367195782** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP Global Allocation Managed Risk Funds-3

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 27 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $1779165 | &nbsp;&nbsp; $1758937 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $20228 | &nbsp;&nbsp; $— |
| 58 | CME British Pound Currency Futures | &nbsp;&nbsp; 4975313 | &nbsp;&nbsp; 4893796 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 81517 | &nbsp;&nbsp; — |
| 74 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 10948300 | &nbsp;&nbsp; 10643757 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 304543 | &nbsp;&nbsp; — |
| 59 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 5158445 | &nbsp;&nbsp; 5140791 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 17654 | &nbsp;&nbsp; — |
| 3 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 636751 | &nbsp;&nbsp; 629252 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 7499 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 431441 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 82 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 8985970 | &nbsp;&nbsp; 8685706 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 300264 | &nbsp;&nbsp; — |
| 214 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 66915125 | &nbsp;&nbsp; 64550554 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 2364571 | &nbsp;&nbsp; — |
| 67 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 20940850 | &nbsp;&nbsp; 20308155 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 632695 | &nbsp;&nbsp; — |
| 213 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 13365629 | &nbsp;&nbsp; 13269181 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 96448 | &nbsp;&nbsp; — |
| 38 | FTSE 100 Index Futures | &nbsp;&nbsp; 4584663 | &nbsp;&nbsp; 4619637 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34974)<br>|
| 141 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 8696175 | &nbsp;&nbsp; 8533931 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 162244 | &nbsp;&nbsp; — |
| 33 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 869569 | &nbsp;&nbsp; 860349 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 9220 | &nbsp;&nbsp; — |
| 19 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 2668849 | &nbsp;&nbsp; 2669486 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (637)<br>|
| 33 | TSE TOPIX Futures | &nbsp;&nbsp; 6543627 | &nbsp;&nbsp; 6411893 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 131734 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 3697176 | &nbsp;&nbsp; (35611)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $4128617 | &nbsp;&nbsp; $(35611)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-4

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Schedule of Investments**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** |
| **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** |
| **Equity Funds–45.17%** | **Equity Funds–45.17%** | **Equity Funds–45.17%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 2959012 | $203358082 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 10614107 | 279044883 |
| LVIP Channing Small Cap <br> Value Fund<br>| 3179026 | 38564770 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 28396839 | 446739068 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 8157337 | 104185511 |
| LVIP Macquarie Mid Cap <br> Value Fund<br>| 2963191 | 133971787 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 15849135 | 206720268 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 2336551 | 37303028 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 22108754 | 711282819 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 4086784 | 131414623 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 3802880 | 136055639 |
|  |  | **2428640478** |
| **Fixed Income Funds–27.93%** | **Fixed Income Funds–27.93%** | **Fixed Income Funds–27.93%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 8130516 | 76264242 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 74930040 | 751173652 |
| LVIP JPMorgan High Yield <br> Fund<br>| 13752119 | 140670425 |
| LVIP Macquarie Bond Fund | 38721148 | 456793384 |
| LVIP SSGA Bond Index <br> Fund<br>| 7580505 | 76949707 |
|  |  | **1501851410** |
| **Global Equity Fund–0.68%** | **Global Equity Fund–0.68%** | **Global Equity Fund–0.68%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 4622362 | 36613726 |
|  |  | **36613726** |

---

---

| | | |
|:---|:---|:---|
|  | **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–23.24%** | **International Equity Funds–23.24%** | **International Equity Funds–23.24%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 7371170 | $66296306 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 14775211 | 145757457 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 5163595 | 105533549 |
| LVIP MFS International <br> Growth Fund<br>| 11586172 | 262832305 |
| LVIP Mondrian <br> International Value Fund<br>| 14767019 | 302207046 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 9172543 | 110281480 |
| LVIP SSGA International <br> Index Fund<br>| 20414667 | 256714445 |
|  |  | **1249622588** |
| **Total Affiliated Investments** <br>**(Cost $3,708,326,317)**<br>|  | **5216728202** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.79%** | **UNAFFILIATED INVESTMENT–2.79%** |
| **INVESTMENT COMPANY–2.79%** | **INVESTMENT COMPANY–2.79%** |
| **Money Market Fund–2.79%** | **Money Market Fund–2.79%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 149862843 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $149,862,843)**<br>| **149862843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.81% (Cost $3,858,189,160)** | **5366591045** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.19%** | **10152323** |
| **NET ASSETS APPLICABLE TO 382,713,866 SHARES OUTSTANDING–100.00%** | **$5376743368** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

LVIP Global Allocation Managed Risk Funds-5

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 52 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $3426540 | &nbsp;&nbsp; $3387270 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $39270 | &nbsp;&nbsp; $— |
| 86 | CME British Pound Currency Futures | &nbsp;&nbsp; 7377188 | &nbsp;&nbsp; 7256319 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 120869 | &nbsp;&nbsp; — |
| 130 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 19233500 | &nbsp;&nbsp; 18698491 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 535009 | &nbsp;&nbsp; — |
| 98 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 8568262 | &nbsp;&nbsp; 8538573 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 29689 | &nbsp;&nbsp; — |
| 5 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 1061250 | &nbsp;&nbsp; 1048004 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 13246 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 738083 | &nbsp;&nbsp; — |
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 115 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 12602275 | &nbsp;&nbsp; 12181174 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 421101 | &nbsp;&nbsp; — |
| 225 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 70354688 | &nbsp;&nbsp; 67868579 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 2486109 | &nbsp;&nbsp; — |
| 74 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 23128700 | &nbsp;&nbsp; 22429881 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 698819 | &nbsp;&nbsp; — |
| 280 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 17569840 | &nbsp;&nbsp; 17443055 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 126785 | &nbsp;&nbsp; — |
| 54 | FTSE 100 Index Futures | &nbsp;&nbsp; 6515048 | &nbsp;&nbsp; 6564748 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (49700)<br>|
| 132 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 8141100 | &nbsp;&nbsp; 7989174 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 151926 | &nbsp;&nbsp; — |
| 49 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 1291177 | &nbsp;&nbsp; 1275921 | &nbsp;&nbsp; 7/18/25 | &nbsp;&nbsp; 15256 | &nbsp;&nbsp; — |
| 24 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 3371177 | &nbsp;&nbsp; 3371192 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
| 43 | TSE TOPIX Futures | &nbsp;&nbsp; 8526544 | &nbsp;&nbsp; 8354884 | &nbsp;&nbsp; 9/11/25 | &nbsp;&nbsp; 171660 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 4071656 | &nbsp;&nbsp; (49715)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $4809739 | &nbsp;&nbsp; $(49715)<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 6 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only <br> current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) | June 30, 2025 (unaudited) |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| **ASSETS:** |  |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $704987323 | &nbsp;&nbsp; $4237011695 | &nbsp;&nbsp; $5216728202 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 16781527 | &nbsp;&nbsp; 121571483 | &nbsp;&nbsp; 149862843 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1331966 | &nbsp;&nbsp; 9543821 | &nbsp;&nbsp; 11286405 |
| Receivable for fund shares sold | &nbsp;&nbsp; 638158 | &nbsp;&nbsp; 235200 | &nbsp;&nbsp; 497812 |
| Receivable for securities sold | &nbsp;&nbsp; 168855 | &nbsp;&nbsp; 2495677 | &nbsp;&nbsp; 2315943 |
| Dividends and interest receivable  | &nbsp;&nbsp; 79758 | &nbsp;&nbsp; 550879 | &nbsp;&nbsp; 680968 |
| Variation margin due from broker on futures contracts | &nbsp;&nbsp; 62689 | &nbsp;&nbsp; 438430 | &nbsp;&nbsp; 535120 |
| Prepaid expenses | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 10423 | &nbsp;&nbsp; 12749 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 724052006 | &nbsp;&nbsp; 4371857608 | &nbsp;&nbsp; 5381920042 |
| **LIABILITIES:** |  |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 811343 | &nbsp;&nbsp; 2808063 | &nbsp;&nbsp; 2885383 |
| Due to manager and affiliates | &nbsp;&nbsp; 288125 | &nbsp;&nbsp; 1780537 | &nbsp;&nbsp; 2209255 |
| Other accrued expenses payable | &nbsp;&nbsp; 15971 | &nbsp;&nbsp; 45073 | &nbsp;&nbsp; 53766 |
| Payable for audit fee | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 14033 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13692 | &nbsp;&nbsp; 14120 | &nbsp;&nbsp; 14237 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1143164 | &nbsp;&nbsp; 4661826 | &nbsp;&nbsp; 5176674 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $722908842 | &nbsp;&nbsp; $4367195782 | &nbsp;&nbsp; $5376743368 |
| Affiliated investments, at cost | &nbsp;&nbsp; $579829256 | &nbsp;&nbsp; $3114888478 | &nbsp;&nbsp; $3708326317 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 16781527 | &nbsp;&nbsp; 121571483 | &nbsp;&nbsp; 149862843 |
| **Standard Class:** |  |  |  |
| Net Assets | &nbsp;&nbsp; $87006830 | &nbsp;&nbsp; $204054066 | &nbsp;&nbsp; $255154719 |
| Shares Outstanding | &nbsp;&nbsp; 6920626 | &nbsp;&nbsp; 14452779 | &nbsp;&nbsp; 18143288 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.572 | &nbsp;&nbsp; $14.119 | &nbsp;&nbsp; $14.063 |
| **Service Class:** |  |  |  |
| Net Assets | &nbsp;&nbsp; $635902012 | &nbsp;&nbsp; $4163141716 | &nbsp;&nbsp; $5121588649 |
| Shares Outstanding | &nbsp;&nbsp; 50653955 | &nbsp;&nbsp; 295299983 | &nbsp;&nbsp; 364570578 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.554 | &nbsp;&nbsp; $14.098 | &nbsp;&nbsp; $14.048 |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $669375988 | &nbsp;&nbsp; $3716583227 | &nbsp;&nbsp; $4422223949 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 53532854 | &nbsp;&nbsp; 650612555 | &nbsp;&nbsp; 954519419 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $722908842 | &nbsp;&nbsp; $4367195782 | &nbsp;&nbsp; $5376743368 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends from unaffiliated investments | $449540 | $3142493 | $3825977 |
| **EXPENSES:** |  |  |  |
| Management fees | 907021 | 5417462 | 6622212 |
| Distribution fees-Service Class | 798850 | 5172122 | 6315994 |
| Shareholder servicing fees | 105215 | 628426 | 768177 |
| Accounting and administration expenses | 56737 | 238938 | 287261 |
| Professional fees | 25823 | 65479 | 75975 |
| Trustees' fees and expenses | 11091 | 66170 | 80731 |
| Reports and statements to shareholders | 7906 | 35802 | 40376 |
| Custodian fees | 7103 | 14421 | 14826 |
| Consulting fees | 3874 | 5118 | 5453 |
| Pricing fees | 460 | 497 | 494 |
| Other | 10271 | 48124 | 58205 |
|  | 1934351 | 11692559 | 14269704 |
| Less:  |  |  |  |
| Management fees waived | (36281)<br>| (325048)<br>| (264888)<br>|
| Total operating expenses | 1898070 | 11367511 | 14004816 |
| **NET INVESTMENT LOSS** | (1448530)<br>| (8225018)<br>| (10178839)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Sale of affiliated investments | 6448026 | 50305882 | 86673822 |
| Foreign currencies | (7358)<br>| (63503)<br>| (43444)<br>|
| Futures contracts | (9976346)<br>| (99882397)<br>| (94595895)<br>|
| Net realized loss | (3535678)<br>| (49640018)<br>| (7965517)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |  |
| Affiliated investments | 31816694 | 227678880 | 288135751 |
| Foreign currencies | 13272 | 109778 | 140457 |
| Futures contracts | 1325196 | 9402829 | 11224980 |
| Net change in unrealized appreciation (depreciation) | 33155162 | 237191487 | 299501188 |
| **NET REALIZED AND UNREALIZED GAIN** | 29619484 | 187551469 | 291535671 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $28170954 | $179326451 | $281356832 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>| **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | $(1448530)<br>| $21770558 | $(8225018)<br>| $103963554 | $(10178839)<br>| $115796949 |
| Net realized gain (loss) | (3535678)<br>| 37463468 | (49640018)<br>| 280695191 | (7965517)<br>| 377836011 |
| Net change in unrealized appreciation (depreciation) | 33155162 | (1452033)<br>| 237191487 | 62257314 | 299501188 | 103543996 |
| Net increase in net assets resulting from operations | 28170954 | 57781993 | 179326451 | 446916059 | 281356832 | 597176956 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class |  | (3206789)<br>|  | (7460229)<br>|  | (9062410)<br>|
| Service Class |  | (22915360)<br>|  | (151276312)<br>|  | (178120117)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  | (367413)<br>|  |  |  |  |
| Service Class |  | (2928757)<br>|  |  |  |  |
|  |  | (29418319)<br>|  | (158736541)<br>|  | (187182527)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 5673040 | 12557548 | 17868347 | 28913702 | 13922936 | 46270478 |
| Service Class | 7458763 | 18596048 | 14138840 | 36374015 | 12281132 | 33460338 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class |  | 3574202 |  | 7460229 |  | 9062410 |
| Service Class |  | 25844117 |  | 151276312 |  | 178120117 |
|  | 13131803 | 60571915 | 32007187 | 224024258 | 26204068 | 266913343 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (9285531)<br>| (18084720)<br>| (22147140)<br>| (38413121)<br>| (22172760)<br>| (58205581)<br>|
| Service Class | (64839559)<br>| (134019298)<br>| (337127489)<br>| (702216797)<br>| (410235914)<br>| (922020817)<br>|
|  | (74125090)<br>| (152104018)<br>| (359274629)<br>| (740629918)<br>| (432408674)<br>| (980226398)<br>|
| Decrease in net assets derived from capital share transactions | (60993287)<br>| (91532103)<br>| (327267442)<br>| (516605660)<br>| (406204606)<br>| (713313055)<br>|
| **NET DECREASE IN NET ASSETS** | (32822333)<br>| (63168429)<br>| (147940991)<br>| (228426142)<br>| (124847774)<br>| (303318626)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | 755731175 | 818899604 | 4515136773 | 4743562915 | 5501591142 | 5804909768 |
| End of period | $722908842 | $755731175 | $4367195782 | $4515136773 | $5376743368 | $5501591142 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-9

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.076 | &nbsp;&nbsp; $11.691 | &nbsp;&nbsp; $11.184 | &nbsp;&nbsp; $14.716 | &nbsp;&nbsp; $14.510 | &nbsp;&nbsp; $14.113 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.011)<br>| 0.361 | 0.219 | 0.270 | 0.251 | 0.222 |
| Net realized and unrealized gain (loss) | 0.507 | 0.539 | 0.849 | &nbsp;&nbsp; (2.543)<br>| 0.854 | 0.758 |
| Total from investment operations | 0.496 | 0.900 | 1.068 | &nbsp;&nbsp; (2.273)<br>| 1.105 | 0.980 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.231)<br>| &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.527)<br>| &nbsp;&nbsp; (0.307)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.083)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.935)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.276)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (1.259)<br>| &nbsp;&nbsp; (0.899)<br>| &nbsp;&nbsp; (0.583)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.572 | &nbsp;&nbsp; $12.076 | &nbsp;&nbsp; $11.691 | &nbsp;&nbsp; $11.184 | &nbsp;&nbsp; $14.716 | &nbsp;&nbsp; $14.510 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.11% | &nbsp;&nbsp; 7.71% | &nbsp;&nbsp; 9.72% | &nbsp;&nbsp; (15.40%)<br>| &nbsp;&nbsp; 7.63% | &nbsp;&nbsp; 7.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $87007 | &nbsp;&nbsp; $87170 | &nbsp;&nbsp; $86047 | &nbsp;&nbsp; $80570 | &nbsp;&nbsp; $97521 | &nbsp;&nbsp; $91578 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.18% )<sup>5</sup><br>| &nbsp;&nbsp; 2.96% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.60% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.19% )<sup>5</sup><br>| &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.59% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-10

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.073 | &nbsp;&nbsp; $11.687 | &nbsp;&nbsp; $11.180 | &nbsp;&nbsp; $14.710 | &nbsp;&nbsp; $14.504 | &nbsp;&nbsp; $14.108 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.026)<br>| 0.330 | 0.190 | 0.239 | 0.213 | 0.187 |
| Net realized and unrealized gain (loss) | 0.507 | 0.538 | 0.848 | &nbsp;&nbsp; (2.542)<br>| 0.853 | 0.755 |
| Total from investment operations | 0.481 | 0.868 | 1.038 | &nbsp;&nbsp; (2.303)<br>| 1.066 | 0.942 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.348)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.270)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.083)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.935)<br>| &nbsp;&nbsp; (0.372)<br>| &nbsp;&nbsp; (0.276)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.531)<br>| &nbsp;&nbsp; (1.227)<br>| &nbsp;&nbsp; (0.860)<br>| &nbsp;&nbsp; (0.546)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.554 | &nbsp;&nbsp; $12.073 | &nbsp;&nbsp; $11.687 | &nbsp;&nbsp; $11.180 | &nbsp;&nbsp; $14.710 | &nbsp;&nbsp; $14.504 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 7.43% | &nbsp;&nbsp; 9.45% | &nbsp;&nbsp; (15.61%)<br>| &nbsp;&nbsp; 7.37% | &nbsp;&nbsp; 6.81% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $635902 | &nbsp;&nbsp; $668561 | &nbsp;&nbsp; $732852 | &nbsp;&nbsp; $777402 | &nbsp;&nbsp; $1047392 | &nbsp;&nbsp; $1095434 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.43% )<sup>5</sup><br>| &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.44% )<sup>5</sup><br>| &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.34% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-11

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.528 | &nbsp;&nbsp; $12.754 | &nbsp;&nbsp; $11.619 | &nbsp;&nbsp; $15.824 | &nbsp;&nbsp; $15.264 | &nbsp;&nbsp; $14.876 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.010)<br>| 0.332 | 0.225 | 0.272 | 0.266 | 0.212 |
| Net realized and unrealized gain (loss) | 0.601 | 0.966 | 1.151 | &nbsp;&nbsp; (3.026)<br>| 1.377 | 0.680 |
| Total from investment operations | 0.591 | 1.298 | 1.376 | &nbsp;&nbsp; (2.754)<br>| 1.643 | 0.892 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.491)<br>| &nbsp;&nbsp; (0.308)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.111)<br>| &nbsp;&nbsp; (0.592)<br>| &nbsp;&nbsp; (0.196)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.524)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (1.451)<br>| &nbsp;&nbsp; (1.083)<br>| &nbsp;&nbsp; (0.504)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.119 | &nbsp;&nbsp; $13.528 | &nbsp;&nbsp; $12.754 | &nbsp;&nbsp; $11.619 | &nbsp;&nbsp; $15.824 | &nbsp;&nbsp; $15.264 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 10.19% | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; (17.38%)<br>| &nbsp;&nbsp; 10.82% | &nbsp;&nbsp; 6.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $204054 | &nbsp;&nbsp; $199821 | &nbsp;&nbsp; $190217 | &nbsp;&nbsp; $181278 | &nbsp;&nbsp; $239240 | &nbsp;&nbsp; $230183 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.14% )<sup>5</sup><br>| &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.46% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.16% )<sup>5</sup><br>| &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.45% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-12

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.525 | &nbsp;&nbsp; $12.750 | &nbsp;&nbsp; $11.616 | &nbsp;&nbsp; $15.818 | &nbsp;&nbsp; $15.259 | &nbsp;&nbsp; $14.872 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.026)<br>| 0.298 | 0.195 | 0.238 | 0.226 | 0.176 |
| Net realized and unrealized gain (loss) | 0.599 | 0.965 | 1.148 | &nbsp;&nbsp; (3.022)<br>| 1.375 | 0.677 |
| Total from investment operations | 0.573 | 1.263 | 1.343 | &nbsp;&nbsp; (2.784)<br>| 1.601 | 0.853 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.386)<br>| &nbsp;&nbsp; (0.209)<br>| &nbsp;&nbsp; (0.277)<br>| &nbsp;&nbsp; (0.450)<br>| &nbsp;&nbsp; (0.270)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.111)<br>| &nbsp;&nbsp; (0.592)<br>| &nbsp;&nbsp; (0.196)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.209)<br>| &nbsp;&nbsp; (1.418)<br>| &nbsp;&nbsp; (1.042)<br>| &nbsp;&nbsp; (0.466)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.098 | &nbsp;&nbsp; $13.525 | &nbsp;&nbsp; $12.750 | &nbsp;&nbsp; $11.616 | &nbsp;&nbsp; $15.818 | &nbsp;&nbsp; $15.259 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 9.91% | &nbsp;&nbsp; 11.56% | &nbsp;&nbsp; (17.58%)<br>| &nbsp;&nbsp; 10.54% | &nbsp;&nbsp; 5.83% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4163142 | &nbsp;&nbsp; $4315316 | &nbsp;&nbsp; $4553346 | &nbsp;&nbsp; $4639542 | &nbsp;&nbsp; $6282579 | &nbsp;&nbsp; $6317244 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.39% )<sup>5</sup><br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.41% )<sup>5</sup><br>| &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-13

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.321 | &nbsp;&nbsp; $12.437 | &nbsp;&nbsp; $11.178 | &nbsp;&nbsp; $15.603 | &nbsp;&nbsp; $14.964 | &nbsp;&nbsp; $14.561 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.010)<br>| 0.300 | 0.216 | 0.248 | 0.250 | 0.210 |
| Net realized and unrealized gain (loss) | 0.752 | 1.085 | 1.275 | &nbsp;&nbsp; (3.169)<br>| 1.648 | 0.632 |
| Total from investment operations | 0.742 | 1.385 | 1.491 | &nbsp;&nbsp; (2.921)<br>| 1.898 | 0.842 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.491)<br>| &nbsp;&nbsp; (0.317)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.101)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.195)<br>| &nbsp;&nbsp; (0.768)<br>| &nbsp;&nbsp; (0.122)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.501)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (1.504)<br>| &nbsp;&nbsp; (1.259)<br>| &nbsp;&nbsp; (0.439)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.063 | &nbsp;&nbsp; $13.321 | &nbsp;&nbsp; $12.437 | &nbsp;&nbsp; $11.178 | &nbsp;&nbsp; $15.603 | &nbsp;&nbsp; $14.964 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 13.33% | &nbsp;&nbsp; (18.68%)<br>| &nbsp;&nbsp; 12.77% | &nbsp;&nbsp; 5.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $255155 | &nbsp;&nbsp; $249844 | &nbsp;&nbsp; $236078 | &nbsp;&nbsp; $217367 | &nbsp;&nbsp; $274559 | &nbsp;&nbsp; $251167 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.15% )<sup>5</sup><br>| &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.49% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.16% )<sup>5</sup><br>| &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.48% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-14

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.323 | &nbsp;&nbsp; $12.438 | &nbsp;&nbsp; $11.179 | &nbsp;&nbsp; $15.602 | &nbsp;&nbsp; $14.964 | &nbsp;&nbsp; $14.562 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.026)<br>| 0.266 | 0.186 | 0.215 | 0.210 | 0.174 |
| Net realized and unrealized gain (loss) | 0.751 | 1.084 | 1.273 | &nbsp;&nbsp; (3.168)<br>| 1.646 | 0.630 |
| Total from investment operations | 0.725 | 1.350 | 1.459 | &nbsp;&nbsp; (2.953)<br>| 1.856 | 0.804 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.250)<br>| &nbsp;&nbsp; (0.450)<br>| &nbsp;&nbsp; (0.280)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.101)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.195)<br>| &nbsp;&nbsp; (0.768)<br>| &nbsp;&nbsp; (0.122)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (1.470)<br>| &nbsp;&nbsp; (1.218)<br>| &nbsp;&nbsp; (0.402)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.048 | &nbsp;&nbsp; $13.323 | &nbsp;&nbsp; $12.438 | &nbsp;&nbsp; $11.179 | &nbsp;&nbsp; $15.602 | &nbsp;&nbsp; $14.964 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 10.86% | &nbsp;&nbsp; 13.05% | &nbsp;&nbsp; (18.88%)<br>| &nbsp;&nbsp; 12.49% | &nbsp;&nbsp; 5.59% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $5121588 | &nbsp;&nbsp; $5251747 | &nbsp;&nbsp; $5568832 | &nbsp;&nbsp; $5633951 | &nbsp;&nbsp; $7753483 | &nbsp;&nbsp; $7757915 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>4</sup><br>| &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.40% )<sup>5</sup><br>| &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.24% |
| Ratio of net investment income (loss) to average net assets <br> prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.41% )<sup>5</sup><br>| &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.23% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of net investment income (loss) is impacted by the timing of distributions made by the Underlying Funds.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-15

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in 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. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP Global Conservative Allocation Managed Risk Fund is to seek a high level of current income with some consideration given to growth of capital.

The investment objective of the LVIP Global Moderate Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of 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 Funds value Underlying Funds that are open-end funds at their closing net asset value ("NAV"). Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions– Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are

LVIP Global Allocation Managed Risk Funds-16

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

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 each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets.

LFI has contractually agreed to waive a portion of its advisory fee for each Fund. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

The waiver amount of each Fund's average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
| **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| 0.01<br> %<br>| 0.015<br> %<br>| 0.01<br> %<br>|

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $31213 | &nbsp;&nbsp; $186227 | &nbsp;&nbsp; $227343 |
| Legal | &nbsp;&nbsp; 4757 | &nbsp;&nbsp; 28383 | &nbsp;&nbsp; 34649 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

LVIP Global Allocation Managed Risk Funds-17

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2025, these fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $3062 | &nbsp;&nbsp; $13752 | &nbsp;&nbsp; $13702 |

---

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 June 30, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $141288 | &nbsp;&nbsp; $832243 | &nbsp;&nbsp; $1045102 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 129547 | &nbsp;&nbsp; 844289 | &nbsp;&nbsp; 1037232 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 638 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 17072 | &nbsp;&nbsp; 102702 | &nbsp;&nbsp; 126283 |

---

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 or ETFs). Affiliated investments of each Fund and the corresponding investment activity for the six months ended June 30, 2025, were as follows:

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANIES-97.52%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-30.49%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap Growth <br> Fund<br>| $33943749 | $1265229 | $5750218 | $2237533 | $(126420)<br>| $31569873 | 459365 | $— | $— |
| ✧✧LVIP BlackRock Equity Dividend Fund | 36779367 | 1973061 | 3923511 | (81090)<br>| 980930 | 35728757 | 1359025 |  |  |
| ✧✧LVIP Channing Small Cap Value Fund | 3008348 | 485472 | 333628 | (13473)<br>| (100156)<br>| 3046563 | 251139 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> Large Cap Equity Fund<br>| 37808966 | 1557296 | 4350169 | 15974 | 2018042 | 37050109 | 2355079 |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> SMID Cap Equity Fund<br>| 12228048 | 1708752 | 1357789 | (151817)<br>| (32451)<br>| 12394743 | 970462 |  |  |
| ✧✧LVIP Macquarie Mid Cap Value Fund | 14042976 | 1767240 | 1554381 | 50314 | 266083 | 14572232 | 322309 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 14595462 | 1226883 | 1588739 | 51770 | (129013)<br>| 14156363 | 1085361 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 1863037 | 69969 | 249619 | 60524 | 67573 | 1811484 | 113466 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 53715826 | 595917 | 9216547 | 6482689 | (3902495)<br>| 47675390 | 1481891 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 7519881 | 1108716 | 830191 | 33050 | (214459)<br>| 7616997 | 236876 |  |  |
| ✧✧LVIP T. Rowe Price Structured Mid-Cap <br> Growth Fund<br>| 14192265 | 1361376 | 2068733 | (11147)<br>| 1324901 | 14798662 | 413636 |  |  |
| **Fixed Income Funds-57.26%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ×,✧✧LVIP SSGA Short-Term Bond Index Fund | 3746765 | 569 | 3761661 | (18783)<br>| 33110 |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected Bond <br> Fund<br>| 14910145 | 177062 | 1827926 | (80859)<br>| 648137 | 13826559 | 1474047 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 182096702 | 15141630 | 1115807 | (34993)<br>| 8336465 | 204423997 | 20391421 |  |  |

---

LVIP Global Allocation Managed Risk Funds-18

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP JPMorgan High Yield Fund | $20946053 | $248772 | $2546193 | $(61374)<br>| $886320 | $19473578 | 1903762 | $— | $— |
| ✧✧LVIP Macquarie Bond Fund | 182339088 | 6610275 | 43472343 | (4707032)<br>| 11007500 | 151777488 | 12865770 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 29762260 | 424282 | 6768983 | (825672)<br>| 1821973 | 24413860 | 2405069 |  |  |
| **Global Equity Fund-0.15%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 2150441 | 54541 | 1223482 | 116584 | (31161)<br>| 1066923 | 134696 |  |  |
| **International Equity Funds-9.62%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton Multi-Factor <br> International Equity Fund<br>| 11742467 | 148430 | 2127144 | 101874 | 2315622 | 12181249 | 1234795 |  |  |
| ✧✧LVIP Loomis Sayles Global Growth Fund | 7402493 | 150459 | 1232371 | 420162 | 433995 | 7174738 | 351049 |  |  |
| ✧✧LVIP MFS International Growth Fund | 15835897 | 1046521 | 2424798 | 561931 | 1712116 | 16731667 | 737565 |  |  |
| ✧✧LVIP Mondrian International Value Fund | 19037599 | 241972 | 3755850 | 573725 | 3391410 | 19488856 | 952302 |  |  |
| ✧✧LVIP SSGA International Index Fund | 17037735 | 174107 | 6041415 | 1728136 | 1108672 | 14007235 | 1113895 |  |  |
| Total | $736705570 | $37538531 | $107521498 | $6448026 | $31816694 | $704987323 |  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>×</sup> Issuer is no longer an investment of the Fund at June 30, 2025. |

---

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-40.49%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap <br> Growth Fund<br>| $199477129 | $8257636 | $36405051 | $14058797 | $(2088977)<br>| $183299534 | 2667145 | $— | $— |
| ✧✧LVIP BlackRock Equity Dividend <br> Fund<br>| 237879615 | 13594253 | 25381085 | (683853)<br>| 6377404 | 231786334 | 8816521 |  |  |
| ✧✧LVIP Channing Small Cap Value <br> Fund<br>| 24634840 | 4099525 | 2738508 | (135104)<br>| (838549)<br>| 25022204 | 2062666 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| 318931626 | 22320724 | 34750845 | (1183840)<br>| 18268046 | 323585711 | 20568632 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 72975962 | 22392963 | 9083132 | (1275275)<br>| (225611)<br>| 84784907 | 6638342 |  |  |
| ✧✧LVIP Macquarie Mid Cap Value Fund | 126137541 | 15112665 | 13925209 | (839049)<br>| 3503830 | 129989778 | 2875117 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 87101580 | 8125516 | 9515156 | 148099 | (709316)<br>| 85150723 | 6528461 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 17785825 | 658671 | 2298586 | 572876 | 628007 | 17346793 | 1086551 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 511024887 | 4990105 | 56895775 | 38472903 | (12867619)<br>| 484724501 | 15066657 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 80108363 | 6585688 | 14312357 | 5594008 | (7247950)<br>| 70727752 | 2199520 |  |  |
| ✧✧LVIP T. Rowe Price Structured <br> Mid-Cap Growth Fund<br>| 127678963 | 8453213 | 15758049 | 473938 | 11164557 | 132012622 | 3689874 |  |  |
| **Fixed Income Funds-37.55%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ×,✧✧LVIP SSGA Short-Term Bond Index <br> Fund<br>| 22358844 |  | 22444328 | (125564)<br>| 211048 |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected <br> Bond Fund<br>| 111221065 | 1105962 | 13122629 | (690648)<br>| 4922842 | 103436592 | 11027355 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 619498434 | 112180305 | 3440449 | (113309)<br>| 30456908 | 758581889 | 75669016 |  |  |
| ✧✧LVIP JPMorgan High Yield Fund | 108091518 | 1074997 | 12615369 | (495117)<br>| 4731024 | 100787053 | 9853070 |  |  |
| ✧✧LVIP Macquarie Bond Fund | 647867873 | 20236915 | 171104272 | (27900168)<br>| 49542462 | 518642810 | 43963958 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 190927976 | 3323751 | 42068951 | (5194197)<br>| 11648251 | 158636830 | 15627705 |  |  |
| **Global Equity Fund-0.59%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 32085128 | 1016268 | 9227683 | 545183 | 1120022 | 25538918 | 3224204 |  |  |
| **International Equity** <br> **Funds-18.39%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging Markets <br> Equity Fund<br>| 56924240 | 575100 | 9700009 | (80348)<br>| 8390609 | 56109592 | 6238558 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International Equity <br> Fund<br>| 78445607 | 813989 | 15883014 | 820131 | 15167728 | 79364441 | 8045052 |  |  |

---

LVIP Global Allocation Managed Risk Funds-19

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP Loomis Sayles Global Growth <br> Fund<br>| $88336764 | $1756188 | $14284916 | $4772688 | $5301134 | $85881858 | 4202068 | $— | $— |
| ✧✧LVIP MFS International Growth <br> Fund<br>| 170098705 | 3449076 | 24994582 | 5602801 | 18402869 | 172558869 | 7606739 |  |  |
| ✧✧LVIP Mondrian International Value <br> Fund<br>| 214786782 | 2145569 | 56096622 | 7069972 | 37035820 | 204941521 | 10014245 |  |  |
| ✧✧LVIP SSGA Emerging Markets Equity <br> Index Fund<br>| 100588861 | 906890 | 26598700 | 1979564 | 10732844 | 87609459 | 7286822 |  |  |
| ✧✧LVIP SSGA International Index Fund | 135265971 | 1198865 | 42936723 | 8911394 | 14051497 | 116491004 | 9263698 |  |  |
| Total | $4380234099 | $264374834 | $685582000 | $50305882 | $227678880 | $4237011695 |  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>×</sup> Issuer is no longer an investment of the Fund at June 30, 2025. |

---

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Funds-45.17%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large Cap <br> Growth Fund<br>| $222113489 | $10720598 | $42846316 | $15797286 | $(2426975)<br>| $203358082 | 2959012 | $— | $— |
| ✧✧LVIP BlackRock Equity Dividend <br> Fund<br>| 285318161 | 16026752 | 29295771 | (689097)<br>| 7684838 | 279044883 | 10614107 |  |  |
| ✧✧LVIP Channing Small Cap Value <br> Fund<br>| 37722151 | 6340807 | 4043225 | (214159)<br>| (1240804)<br>| 38564770 | 3179026 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| 439094816 | 29748867 | 45980012 | (1484070)<br>| 25359467 | 446739068 | 28396839 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 89093635 | 27517824 | 10683754 | (1483057)<br>| (259137)<br>| 104185511 | 8157337 |  |  |
| ✧✧LVIP Macquarie Mid Cap Value Fund | 128156216 | 16644383 | 13665523 | (1293051)<br>| 4129762 | 133971787 | 2963191 |  |  |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 210084580 | 19966763 | 22128460 | 253054 | (1455669)<br>| 206720268 | 15849135 |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | 37997604 | 1415352 | 4716903 | 1168703 | 1438272 | 37303028 | 2336551 |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | 739871749 | 11552035 | 78097706 | 49496232 | (11539491)<br>| 711282819 | 22108754 |  |  |
| ✧✧LVIP SSGA Small-Cap Index Fund | 141326106 | 12208041 | 19096388 | 4844340 | (7867476)<br>| 131414623 | 4086784 |  |  |
| ✧✧LVIP T. Rowe Price Structured <br> Mid-Cap Growth Fund<br>| 129635797 | 11892756 | 17404651 | (731187)<br>| 12662924 | 136055639 | 3802880 |  |  |
| **Fixed Income Funds-27.93%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Inflation Protected <br> Bond Fund<br>| 81467562 | 884753 | 9201589 | (525419)<br>| 3638935 | 76264242 | 8130516 |  |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 614504524 | 110435598 | 3695258 | (123307)<br>| 30052095 | 751173652 | 74930040 |  |  |
| ✧✧LVIP JPMorgan High Yield Fund | 149878776 | 1519021 | 16646652 | (1017009)<br>| 6936289 | 140670425 | 13752119 |  |  |
| ✧✧LVIP Macquarie Bond Fund | 592553344 | 12646424 | 167650432 | (29365444)<br>| 48609492 | 456793384 | 38721148 |  |  |
| ✧✧LVIP SSGA Bond Index Fund | 94319224 | 1767163 | 22294346 | (2508640)<br>| 5666306 | 76949707 | 7580505 |  |  |
| **Global Equity Fund-0.68%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate Fund | 44394290 | 1485804 | 11645359 | 872823 | 1506168 | 36613726 | 4622362 |  |  |
| **International Equity** <br> **Funds-23.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging Markets <br> Equity Fund<br>| 66821504 | 687963 | 11046484 | 49588 | 9783735 | 66296306 | 7371170 |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International Equity <br> Fund<br>| 144731287 | 1513518 | 30059573 | 2131249 | 27440976 | 145757457 | 14775211 |  |  |
| ✧✧LVIP Loomis Sayles Global Growth <br> Fund<br>| 107844843 | 2153545 | 16891816 | 5688057 | 6738920 | 105533549 | 5163595 |  |  |
| ✧✧LVIP MFS International Growth <br> Fund<br>| 259714246 | 3128869 | 36790620 | 8616015 | 28163795 | 262832305 | 11586172 |  |  |
| ✧✧LVIP Mondrian International Value <br> Fund<br>| 314775400 | 3203155 | 80734349 | 10174985 | 54787855 | 302207046 | 14767019 |  |  |

---

LVIP Global Allocation Managed Risk Funds-20

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **06/30/25**<br>| **Number of**<br> **Shares**<br> **06/30/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP SSGA Emerging Markets Equity <br> Index Fund<br>| $125470607 | $1155778 | $32355277 | $2460287 | $13550085 | $110281480 | 9172543 | $— | $— |
| ✧✧LVIP SSGA International Index Fund | 281169190 | 2674800 | 76460577 | 24555643 | 24775389 | 256714445 | 20414667 |  |  |
| Total | $5338059101 | $307290569 | $803431041 | $86673822 | $288135751 | $5216728202 |  | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of June 30, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the six months ended June 30, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $37538531 | &nbsp;&nbsp; $264374834 | &nbsp;&nbsp; $307290569 |
| Sales | &nbsp;&nbsp; 107521498 | &nbsp;&nbsp; 685582000 | &nbsp;&nbsp; 803431041 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $596610783 | &nbsp;&nbsp; $3236459961 | &nbsp;&nbsp; $3858189160 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $125753363 | &nbsp;&nbsp; $1129756029 | &nbsp;&nbsp; $1514759509 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (8106)<br>| &nbsp;&nbsp; (3539805)<br>| &nbsp;&nbsp; (1597600)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $125745257 | &nbsp;&nbsp; $1126216224 | &nbsp;&nbsp; $1513161909 |

---

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 Statements of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2025.

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)

LVIP Global Allocation Managed Risk Funds-21

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Level 1** | **LVIP**<br> **Global** <br> **Conservative**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global** <br> **Moderate**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>|
| **Investments:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $704987323 | &nbsp;&nbsp; $4237011695 | &nbsp;&nbsp; $5216728202 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 16781527 | &nbsp;&nbsp; 121571483 | &nbsp;&nbsp; 149862843 |
| **Total Investments** | &nbsp;&nbsp; $721768850 | &nbsp;&nbsp; $4358583178 | &nbsp;&nbsp; $5366591045 |
| **Derivatives:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $591826 | &nbsp;&nbsp; $4128617 | &nbsp;&nbsp; $4809739 |
| **Derivatives:** |  |  |  |
| **<u>Liabilities:</u>** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(4636)<br>| &nbsp;&nbsp; $(35611)<br>| &nbsp;&nbsp; $(49715)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** |
|  | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 465181 | &nbsp;&nbsp; 1019922 | &nbsp;&nbsp; 1311344 | &nbsp;&nbsp; 2144190 | &nbsp;&nbsp; 1037181 | &nbsp;&nbsp; 3460973 |
| Service Class | &nbsp;&nbsp; 613187 | &nbsp;&nbsp; 1540741 | &nbsp;&nbsp; 1039524 | &nbsp;&nbsp; 2676902 | &nbsp;&nbsp; 906467 | &nbsp;&nbsp; 2504521 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 296496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 552385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 681633 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2144201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11202512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13393997 |
|  | &nbsp;&nbsp; 1078368 | &nbsp;&nbsp; 5001360 | &nbsp;&nbsp; 2350868 | &nbsp;&nbsp; 16575989 | &nbsp;&nbsp; 1943648 | &nbsp;&nbsp; 20041124 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (763281)<br>| &nbsp;&nbsp; (1457850)<br>| &nbsp;&nbsp; (1629704)<br>| &nbsp;&nbsp; (2839465)<br>| &nbsp;&nbsp; (1650170)<br>| &nbsp;&nbsp; (4367989)<br>|
| Service Class | &nbsp;&nbsp; (5336230)<br>| &nbsp;&nbsp; (11014573)<br>| &nbsp;&nbsp; (24807769)<br>| &nbsp;&nbsp; (51929927)<br>| &nbsp;&nbsp; (30527180)<br>| &nbsp;&nbsp; (69440790)<br>|
|  | &nbsp;&nbsp; (6099511)<br>| &nbsp;&nbsp; (12472423)<br>| &nbsp;&nbsp; (26437473)<br>| &nbsp;&nbsp; (54769392)<br>| &nbsp;&nbsp; (32177350)<br>| &nbsp;&nbsp; (73808779)<br>|
| Net decrease | &nbsp;&nbsp; (5021143)<br>| &nbsp;&nbsp; (7471063)<br>| &nbsp;&nbsp; (24086605)<br>| &nbsp;&nbsp; (38193403)<br>| &nbsp;&nbsp; (30233702)<br>| &nbsp;&nbsp; (53767655)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

LVIP Global Allocation Managed Risk Funds-22

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| $530553 | Variation margin due from broker on <br> futures contracts<br>| $(4636)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 61273 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $591826 |  | $(4636)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(9289184)<br>| &nbsp;&nbsp; $1188688 |
| 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; (687162)<br>| &nbsp;&nbsp; 136508 |
| Total |  | &nbsp;&nbsp; $(9976346)<br>| &nbsp;&nbsp; $1325196 |

---

LVIP Global Allocation Managed Risk Funds-23

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| $3697176 | Variation margin due from broker on <br> futures contracts<br>| $(35611)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 431441 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $4128617 |  | $(35611)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(92828718)<br>| &nbsp;&nbsp; $8378811 |
| 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; (7053679)<br>| &nbsp;&nbsp; 1024018 |
| Total |  | &nbsp;&nbsp; $(99882397)<br>| &nbsp;&nbsp; $9402829 |

---

Fair values of derivative instruments as of June 30, 2025 were as follows:

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| $4071656 | Variation margin due from broker on <br> futures contracts<br>| $(49715)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due from broker on <br> futures contracts<br>| 738083 | Variation margin due from broker on <br> futures contracts<br>|  |
| Total |  | $4809739 |  | $(49715)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

LVIP Global Allocation Managed Risk Funds-24

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Derivatives (continued)**

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 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; $(86121536)<br>| &nbsp;&nbsp; $9658527 |
| 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; (8474359)<br>| &nbsp;&nbsp; 1566453 |
| Total |  | &nbsp;&nbsp; $(94595895)<br>| &nbsp;&nbsp; $11224980 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>| **Short Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>| **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Global Conservative Allocation Managed Risk Fund | &nbsp;&nbsp; $19207709 | &nbsp;&nbsp; $166209 |
| LVIP Global Moderate Allocation Managed Risk Fund | &nbsp;&nbsp; 134796934 | &nbsp;&nbsp; 2326116 |
| LVIP Global Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 192732613 | &nbsp;&nbsp; — |

---

**7. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**8. 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.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Global Allocation Managed Risk Funds-25

------

![](img26579bf81.jpg)

LVIP Government Money Market Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Government Money Market Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_d8a6a69c-2353-4e75-aba2-0e98034c19ce_SOI-continued-256_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_d8a6a69c-2353-4e75-aba2-0e98034c19ce_FS-continued-256_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_d8a6a69c-2353-4e75-aba2-0e98034c19ce_FS-continued-256_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_d8a6a69c-2353-4e75-aba2-0e98034c19ce_FIHI-continued-256_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_d8a6a69c-2353-4e75-aba2-0e98034c19ce_NTF-continued-256_1)**  | &nbsp;&nbsp; **8** |

---

------

**LVIP Government Money Market Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY OBLIGATIONS–16.72%** | **AGENCY OBLIGATIONS–16.72%** | **AGENCY OBLIGATIONS–16.72%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| •4.46% (1 day USD SOFR + <br> 0.07%) 11/17/25<br>| 2300000 | $2300000 |
| •4.46% (1 day USD SOFR + <br> 0.07%) 3/26/27<br>| 1710000 | 1710000 |
| •4.47% (1 day USD SOFR + <br> 0.08%) 2/01/27<br>| 4300000 | 4300000 |
| •4.49% (1 day USD SOFR + <br> 0.10%) 6/24/26<br>| 1000000 | 1000000 |
| •4.49% (1 day USD SOFR + <br> 0.10%) 6/26/26<br>| 2340000 | 2340000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 10/15/26<br>| 13600000 | 13599032 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 12/23/26<br>| 1200000 | 1200000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 12/30/26<br>| 1100000 | 1100000 |
| •4.55% (3 mo. Treasury <br> money market yield + <br> 0.27%) 10/16/26<br>| 7400000 | 7400000 |
| ≠Federal Home Loan Bank <br> Discount Notes 4.32% <br> 8/29/25<br>| 19945000 | 19808725 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 4.13% 11/07/25 | 4500000 | 4497353 |
| 4.25% 5/22/26 | 13100000 | 13096100 |
| 4.34% 4/17/26 | 4630000 | 4630000 |
| 4.34% 4/17/26 | 13805000 | 13805000 |
| 4.35% 6/05/26 | 7000000 | 6998017 |
| •4.39% 8/14/25 | 11055000 | 11055000 |
| •4.39% 8/21/25 | 2195000 | 2195000 |
| •4.39% 8/29/25 | 15905000 | 15905000 |
| •4.39% 12/18/25 | 2255000 | 2255000 |
| •4.39% 12/19/25 | 2690000 | 2690000 |
| •4.39% 12/22/25 | 900000 | 900000 |
| •4.39% 12/24/25 | 4450000 | 4450000 |
| •4.39% 12/26/25 | 6280000 | 6280000 |
| •4.39% 12/30/25 | 6465000 | 6465000 |
| •4.39% (1 day USD SOFR + <br> 0.01%) 7/21/25<br>| 3225000 | 3225000 |
| •4.39% (1 day USD SOFR + <br> 0.01%) 10/06/25<br>| 2200000 | 2200000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 7/03/25<br>| 30780000 | 30780000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 7/09/25<br>| 4400000 | 4400000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 8/05/25<br>| 19585000 | 19585000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 8/11/25<br>| 2000000 | 2000000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 8/12/25<br>| 3000000 | 3000000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 8/26/25<br>| 3300000 | 3300000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 9/02/25<br>| 4800000 | 4800000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) |
| •4.40% (1 day USD SOFR + <br> 0.01%) 9/03/25<br>| 2400000 | $2400000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 9/12/25<br>| 9215000 | 9215000 |
| •4.40% (1 day USD SOFR + <br> 0.01%) 2/17/26<br>| 2240000 | 2240000 |
| •4.41% (1 day USD SOFR + <br> 0.02%) 12/12/25<br>| 4600000 | 4600000 |
| •4.46% (1 day USD SOFR + <br> 0.07%) 3/25/27<br>| 3760000 | 3760000 |
| •4.49% (1 day USD SOFR + <br> 0.10%) 6/26/26<br>| 6545000 | 6545000 |
| •4.55% (1 day USD SOFR + <br> 0.16%) 7/21/25<br>| 10520000 | 10520000 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 0.38% 9/23/25 | 6000000 | 5947819 |
| •4.51% (1 day USD SOFR + <br> 0.12%) 5/05/27<br>| 3000000 | 3000000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 9/23/26<br>| 4300000 | 4300000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 10/16/26<br>| 3400000 | 3400000 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| •4.51% (1 day USD SOFR + <br> 0.12%) 7/29/26<br>| 13110000 | 13110000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 8/21/26<br>| 4300000 | 4300000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 10/23/26<br>| 5410000 | 5410000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 11/20/26<br>| 6500000 | 6500000 |
| •4.53% (1 day USD SOFR + <br> 0.14%) 12/11/26<br>| 5700000 | 5700000 |
| **Total Agency Obligations** <br>**(Cost $314,217,046)** | **Total Agency Obligations** <br>**(Cost $314,217,046)** | **314217046** |
| **U.S. TREASURY OBLIGATIONS–44.54%** | **U.S. TREASURY OBLIGATIONS–44.54%** | **U.S. TREASURY OBLIGATIONS–44.54%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| ≠4.16% 7/10/25 | 2810000 | 2807067 |
| ≠4.16% 6/11/26 | 315000 | 303114 |
| ≠4.16% 6/11/26 | 12917000 | 12429276 |
| ≠4.16% 6/11/26 | 260000 | 250182 |
| ≠4.16% 6/11/26 | 424400 | 408371 |
| ≠4.17% 5/14/26 | 15647300 | 15105812 |
| ≠4.18% 3/19/26 | 29900000 | 29041788 |
| ≠4.21% 10/30/25 | 4000000 | 3945348 |
| ≠4.21% 11/06/25 | 1900000 | 1872505 |
| ≠4.23% 9/04/25 | 1700000 | 1687461 |
| ≠4.23% 9/04/25 | 4800000 | 4764553 |
| ≠4.23% 9/25/25 | 6558300 | 6494300 |
| ≠4.23% 11/06/25 | 3068600 | 3023976 |
| ≠4.24% 9/18/25 | 7205000 | 7140254 |
| ≠4.24% 10/30/25 | 4600000 | 4536609 |
| ≠4.25% 10/23/25 | 2300000 | 2270066 |
| ≠4.26% 7/31/25 | 4700000 | 4683628 |

---

LVIP Government Money Market Fund-1

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) |
| ≠4.26% 7/31/25 | 1000000 | $996517 |
| ≠4.26% 10/30/25 | 3600000 | 3550148 |
| ≠4.26% 11/06/25 | 900000 | 886848 |
| ≠4.26% 1/02/26 | 17685000 | 17315516 |
| ≠4.27% 10/02/25 | 2230000 | 2206697 |
| ≠4.27% 12/26/25 | 12100000 | 11853510 |
| ≠4.28% 9/04/25 | 30900000 | 30669301 |
| ≠4.28% 10/02/25 | 2030000 | 2008745 |
| ≠4.28% 12/11/25 | 370000 | 363081 |
| ≠4.29% 7/01/25 | 30800000 | 30800000 |
| ≠4.29% 7/15/25 | 3500000 | 3494317 |
| ≠4.29% 7/17/25 | 25000000 | 24953056 |
| ≠4.29% 10/02/25 | 251700 | 249059 |
| ≠4.29% 11/20/25 | 23015000 | 22639165 |
| ≠4.30% 7/10/25 | 13000000 | 12984481 |
| ≠4.30% 8/05/25 | 1800000 | 1792685 |
| ≠4.30% 9/25/25 | 3329200 | 3295837 |
| ≠4.30% 12/04/25 | 12644500 | 12417110 |
| ≠4.30% 12/04/25 | 880000 | 864165 |
| ≠4.30% 12/11/25 | 13800000 | 13540694 |
| ≠4.30% 12/18/25 | 22700000 | 22254607 |
| ≠4.30% 12/26/25 | 16230000 | 15903389 |
| ≠4.31% 9/02/25 | 32800000 | 32559494 |
| ≠4.31% 9/09/25 | 2700000 | 2678002 |
| ≠4.31% 9/09/25 | 3500000 | 3471451 |
| ≠4.31% 10/28/25 | 14600000 | 14397545 |
| ≠4.31% 11/28/25 | 9400000 | 9237067 |
| ≠4.32% 8/05/25 | 65000000 | 64734583 |
| ≠4.32% 8/26/25 | 3000000 | 2980400 |
| ≠4.32% 9/09/25 | 52136600 | 51710818 |
| ≠4.33% 8/26/25 | 16847800 | 16737466 |
| ≠4.33% 8/28/25 | 3400000 | 3377158 |
| ≠4.33% 9/02/25 | 3500000 | 3474214 |
| ≠4.33% 10/30/25 | 870000 | 858018 |
| ≠4.33% 11/28/25 | 800000 | 786333 |
| ≠4.34% 9/30/25 | 1400000 | 1385075 |
| ≠4.34% 9/30/25 | 12158900 | 12029198 |
| ≠4.34% 10/30/25 | 5080000 | 5009995 |
| ≠4.34% 11/28/25 | 800000 | 786307 |
| ≠4.35% 9/23/25 | 24200000 | 23961146 |
| ≠4.36% 8/12/25 | 400000 | 398021 |
| ≠4.36% 9/16/25 | 10900000 | 10801149 |
| ≠4.37% 8/12/25 | 4100000 | 4079695 |
| ≠4.37% 8/12/25 | 30045000 | 29896027 |
| ≠4.44% 11/28/25 | 1800000 | 1768575 |
| U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
| •4.38% (3 mo. Treasury <br> money market yield + <br> 0.10%) 1/31/27<br>| 46035000 | 46034029 |
| •4.41% (3 mo. Treasury <br> money market yield + <br> 0.13%) 7/31/25<br>| 26015000 | 26014788 |
| •4.43% (3 mo. Treasury <br> money market yield + <br> 0.15%) 4/30/26<br>| 22500000 | 22501077 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Floating Rate Notes (continued) | U.S. Treasury Floating Rate Notes (continued) | U.S. Treasury Floating Rate Notes (continued) |
| •4.45% (3 mo. Treasury <br> money market yield + <br> 0.17%) 10/31/25<br>| 15935000 | $15933698 |
| •4.46% (3 mo. Treasury <br> money market yield + <br> 0.18%) 7/31/26<br>| 14490000 | 14481723 |
| •4.49% (3 mo. Treasury <br> money market yield + <br> 0.21%) 10/31/26<br>| 28930000 | 28930000 |
| •4.53% (3 mo. Treasury <br> money market yield + <br> 0.25%) 1/31/26<br>| 14680000 | 14680000 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 11/30/25 | 800000 | 786902 |
| 0.38% 12/31/25 | 1470000 | 1442350 |
| 0.38% 1/31/26 | 345000 | 337439 |
| 0.50% 2/28/26 | 1200000 | 1172114 |
| 0.75% 3/31/26 | 18300000 | 17862769 |
| 0.88% 6/30/26 | 910000 | 881159 |
| 1.63% 5/15/26 | 2870000 | 2811347 |
| 4.25% 12/31/25 | 2255000 | 2255286 |
| 4.63% 2/28/26 | 1400000 | 1404539 |
| 4.63% 6/30/26 | 6600000 | 6630009 |
| **Total U.S. Treasury Obligations** <br>**(Cost $837,080,204)** | **Total U.S. Treasury Obligations** <br>**(Cost $837,080,204)** | **837080204** |
| **REPURCHASE AGREEMENTS–39.86%** | **REPURCHASE AGREEMENTS–39.86%** | **REPURCHASE AGREEMENTS–39.86%** |
| Bank of Montreal 4.39%, <br> dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $100,012,027 (collateralized <br> by U.S. agency obligations <br> 3.875% 6/30/30 market value <br> $102,000,033).<br>| 100000000 | 100000000 |
| Bank of Nova Scotia 4.41%, <br> dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $100,012,082 (collateralized <br> by U.S. agency obligations <br> 0.00%-5.00% 7/15/25-5/15/55 <br> market value $102,012,495).<br>| 100000000 | 100000000 |
| BNP Paribas 4.40%, dated <br> 6/30/25, to be repurchased <br> on 7/01/25, repurchase price <br> $100,012,055 (collateralized <br> by U.S. agency obligations <br> 1.50%-7.50% 10/1/25-6/20/55 <br> market value $102,200,627).<br>| 100000000 | 100000000 |

---

LVIP Government Money Market Fund-2

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Citigroup Global Markets <br> 4.39%, dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $100,012,027 (collateralized <br> by U.S. agency obligations <br> 1.25% 12/31/26 market value <br> $102,000,030).<br>| 100000000 | $100000000 |
| Goldman Sachs & Co. 4.40%, <br> dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $95,011,452 (collateralized <br> by U.S. agency obligations <br> 3.00%-6.50% 5/20/45-9/20/64 <br> market value $96,900,000).<br>| 95000000 | 95000000 |
| Mizuho Securities USA 4.40%, <br> dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $84,010,126 (collateralized <br> by U.S. agency obligations <br> 1.00%-4.625% <br> 8/31/25-8/15/32 market <br> value $85,680,019).<br>| 84000000 | 84000000 |
| Natixis 4.39%, dated 6/30/25, <br> to be repurchased on <br> 7/01/25, repurchase price <br> $75,009,021 (collateralized <br> by U.S. agency obligations <br> 0.125%-4.25% <br> 12/31/25-5/15/35 market <br> value $76,500,082).<br>| 75000000 | 75000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| TD Securities USA 4.41%, <br> dated 6/30/25, to be <br> repurchased on 7/01/25, <br> repurchase price <br> $95,011,478 (collateralized <br> by U.S. agency obligations <br> 0.00%-6.50% <br> 12/15/36-3/25/55 market <br> value $99,750,000).<br>| 95000000 | $95000000 |
| **Total Repurchase Agreements** <br>**(Cost $749,000,000)** | **Total Repurchase Agreements** <br>**(Cost $749,000,000)** | **749000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.54%** | **MONEY MARKET FUND–0.54%** | **MONEY MARKET FUND–0.54%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - (seven-day <br> effective yield 4.27%)<br>| 10185798 | 10185798 |
| **Total Money Market Fund** <br>**(Cost $10,185,798)** | **Total Money Market Fund** <br>**(Cost $10,185,798)** | **10185798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–101.66% (Cost $1,910,483,048)** | **1910483048** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.66%)** | **(31207155)**<br>|
| **NET ASSETS APPLICABLE TO 187,925,987 SHARES OUTSTANDING–100.00%** | **$1879275893** |
| **NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND STANDARD CLASS** <br>**($750,057,694 / 75,004,697 Shares)** | **$10.000** |
| **NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND SERVICE CLASS** <br>**($1,129,218,199 / 112,921,290 Shares)** | **$10.000** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1879255869** |
| Distributable earnings/(accumulated loss) | **20024** |
| **TOTAL NET ASSETS** | **$1879275893** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Government Money Market Fund-3

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

------

---

| |
|:---|
| °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 June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $36,013,061 payable for securities purchased, $3,945,831 payable for fund shares redeemed, $19,834 other accrued expenses <br> payable, $773,379 due to manager and affiliates, $14,033 payable for audit fee and $35,458 payable for fund accounting fee as of June 30, <br> 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BNP–BNP Paribas |
| SOFR–Secured Overnight Financing Rate |
| TD–Toronto Dominion |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $39898162 |
| **EXPENSES:** |  |
| Management fees | 3009969 |
| Distribution fees-Service Class | 1396318 |
| Shareholder servicing fees | 264119 |
| Accounting and administration expenses | 170110 |
| Professional fees | 36978 |
| Trustees' fees and expenses | 25864 |
| Reports and statements to shareholders | 14624 |
| Custodian fees | 10527 |
| Consulting fees | 7460 |
| Pricing fees | 3222 |
| Other | 15267 |
|  | 4954458 |
| Less:  |  |
| Management fees waived | (107768)<br>|
| Total operating expenses | 4846690 |
| **NET INVESTMENT INCOME**  | 35051472 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| **NET REALIZED GAIN FROM INVESTMENTS** | 13185 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $35064657 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $35051472 | $72934211 |
| Net realized gain | 13185 | 53965 |
| Net increase in net assets <br> resulting from operations<br>| 35064657 | 72988176 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (14103411)<br>| (31000675)<br>|
| Service Class | (20949449)<br>| (41989981)<br>|
|  | (35052860)<br>| (72990656)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 236739673 | 433417697 |
| Service Class | 713264427 | 1462975657 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 14103411 | 31000675 |
| Service Class | 20949449 | 41989981 |
|  | 985056960 | 1969384010 |
| Cost of shares redeemed: |  |  |
| Standard Class | (195865049)<br>| (381517270)<br>|
| Service Class | (664739239)<br>| (1196904319)<br>|
|  | (860604288)<br>| (1578421589)<br>|
| Increase in net assets derived <br> from capital share <br> transactions<br>| 124452672 | 390962421 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 124464469 | 390959941 |
| **NET ASSETS:** |  |  |
| Beginning of period | 1754811424 | 1363851483 |
| End of period | $1879275893 | $1754811424 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-5

------

**LVIP Government Money Market Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.198 | 0.482 | 0.465 | 0.129 | 0.001 | 0.028 |
| Total from investment operations | 0.198 | 0.482 | 0.465 | 0.129 | 0.001 | 0.028 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.028)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.198)<br>| &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.028)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 4.94% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $750058 | &nbsp;&nbsp; $695076 | &nbsp;&nbsp; $612175 | &nbsp;&nbsp; $595507 | &nbsp;&nbsp; $595455 | &nbsp;&nbsp; $554767 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.23% |
| Ratio of net investment income (loss) to average net assets prior <br> to expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; 0.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 Government Money Market Fund-6

------

**LVIP Government Money Market Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income | 0.186 | 0.457 | 0.440 | 0.114 | 0.001 | 0.019 |
| Net realized and unrealized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.001 |
| Total from investment operations | 0.186 | 0.457 | 0.440 | 0.114 | 0.001 | 0.020 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.114)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.020)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.114)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.020)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.21% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1129218 | &nbsp;&nbsp; $1059736 | &nbsp;&nbsp; $751676 | &nbsp;&nbsp; $671258 | &nbsp;&nbsp; $478959 | &nbsp;&nbsp; $502246 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.33% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.19% |
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; (0.59%)<br>| &nbsp;&nbsp; (0.15%)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<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 Government Money Market Fund-7

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Government Money Market Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek current income while (i) maintaining a stable value of your shares (providing stability of net asset value "NAV") and (ii) preserving the value of your initial investment (preservation of capital).

The Fund pursues its objective by investing at least 99.5% of its total assets in cash, government securities (which include U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government or its agencies or instrumentalities), and/or repurchase agreements secured by such obligations or cash. The yield of the Fund is not directly tied to the federal funds rate. The Fund invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable or floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. As a government money market fund, the Fund is (i) permitted to use the amortized cost method of valuation to seek to maintain a $10.00 share price and (ii) is not subject to a liquidity fee and/or a redemption gate on Fund redemptions. The Fund's Board of Trustees (the "Board") has reserved its ability to change this policy with respect to liquidity fees and/or redemption gates, but such change would become effective only after shareholders are provided with specific advance notice of the change.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Securities are valued at amortized cost, which approximates fair value and is permitted under Rule 2a-7 under the 1940 Act. This method involves valuing a portfolio security initially at its cost and thereafter adjusting for amortization of premium or accretion of discount to maturity. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income and common expenses are allocated to the classes of the Fund on the basis of "settled shares" of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements–The Fund may purchase certain U.S. government securities subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund's custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 30, 2025, and matured on the next business day.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Government Money Market Fund-8

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares dividends daily from net investment income and pays such dividends daily. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.000% of the first $500 million of the Fund's average daily net assets; 0.010% of the next $500 million; and 0.020% of the Fund's average daily net assets in excess of $1 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BlackRock Advisors, LLC (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these

administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $76509 |
| Legal | &nbsp;&nbsp; 11659 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,195 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Government Money Market Fund-9

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

LFI may waive or reimburse its management fee, and LFD may waive or reimburse any 12b-1 Fee, in order to maintain a positive net yield for the Fund. These voluntary waivers and reimbursements may be modified or terminated at any time, without notice. Amounts waived or reimbursed may be recouped for a period of up to 36 months from the date of the waiver or reimbursement, provided that the amount of such recoupment may not exceed the amounts waived or reimbursed and may not cause any Class of the Fund to have a negative net yield. Recoupment is further limited to no more than 50% of the Fund's excess return above a minimum yield of 0.10%.

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $489766 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 237176 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1755 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 44682 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $1910483048 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $— |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp; $— |

---

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 June 30, 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 Government Money Market Fund-10

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314217046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314217046 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 837080204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 837080204 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 749000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 749000000 |
| Money Market Fund | &nbsp;&nbsp; 10185798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10185798 |
| **Total Investments** | &nbsp;&nbsp; $10185798 | &nbsp;&nbsp; $1900297250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1910483048 |

---

There were no Level 3 investments at the beginning or end of the period.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 23673967 | &nbsp;&nbsp; 43341770 |
| Service Class | &nbsp;&nbsp; 71326444 | &nbsp;&nbsp; 146297565 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1410341 | &nbsp;&nbsp; 3100061 |
| Service Class | &nbsp;&nbsp; 2094945 | &nbsp;&nbsp; 4198986 |
|  | &nbsp;&nbsp; 98505697 | &nbsp;&nbsp; 196938382 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (19586505)<br>| &nbsp;&nbsp; (38151727)<br>|
| Service Class | &nbsp;&nbsp; (66473924)<br>| &nbsp;&nbsp; (119690432)<br>|
|  | &nbsp;&nbsp; (86060429)<br>| &nbsp;&nbsp; (157842159)<br>|
| Net increase | &nbsp;&nbsp; 12445268 | &nbsp;&nbsp; 39096223 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Risk Factors**

Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but may not be backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Credit risk refers to the possibility that the issuer of a security will not be able to make payments of principal and interest when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

LVIP Government Money Market Fund-11

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Risk Factors (continued)**

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $10.00 per share, it is possible to lose money investing in the Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Government Money Market Fund-12

------

![](img152823401.jpg)

![](img261c05c62.jpg)

LVIP Invesco Select Equity Income Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP Invesco Select Equity Income Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_fb17a1dc-82ae-4c9d-be82-5da689ad3fb3_SOI-continued-288_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_fb17a1dc-82ae-4c9d-be82-5da689ad3fb3_FS-continued-288_1)**  | &nbsp;&nbsp; **15** |
| **[Statements of Changes in Net Assets](#xx_fb17a1dc-82ae-4c9d-be82-5da689ad3fb3_FS-continued-288_1)**  | &nbsp;&nbsp; **15** |
| **[Financial Highlights](#xx_fb17a1dc-82ae-4c9d-be82-5da689ad3fb3_FIHI-continued-288_1)**  | &nbsp;&nbsp; **16** |
| **[Notes to Financial Statements](#xx_fb17a1dc-82ae-4c9d-be82-5da689ad3fb3_NTF-continued-288_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–83.22%** | **COMMON STOCK–83.22%** | **COMMON STOCK–83.22%** |
| **Aerospace & Defense–2.33%** | **Aerospace & Defense–2.33%** | **Aerospace & Defense–2.33%** |
| Airbus SE | 3464 | $724671 |
| †Axon Enterprise, Inc. | 433 | 358498 |
| †Boeing Co. | 1542 | 323095 |
| General Dynamics Corp. | 1125 | 328118 |
| General Electric Co. | 5197 | 1337656 |
| Howmet Aerospace, Inc. | 1929 | 359045 |
| L3Harris Technologies, Inc. | 1358 | 340641 |
| Lockheed Martin Corp. | 673 | 311693 |
| Northrop Grumman Corp. | 4517 | 2258410 |
| RTX Corp. | 11540 | 1685071 |
| Textron, Inc. | 9443 | 758178 |
| TransDigm Group, Inc. | 221 | 336061 |
|  |  | **9121137** |
| **Air Freight & Logistics–0.44%** | **Air Freight & Logistics–0.44%** | **Air Freight & Logistics–0.44%** |
| FedEx Corp. | 6119 | 1390910 |
| United Parcel Service, Inc. <br> Class B<br>| 3132 | 316144 |
|  |  | **1707054** |
| **Automobiles–0.42%** | **Automobiles–0.42%** | **Automobiles–0.42%** |
| Ford Motor Co. | 29386 | 318838 |
| General Motors Co. | 20918 | 1029375 |
| †Tesla, Inc. | 897 | 284941 |
|  |  | **1633154** |
| **Banks–6.69%** | **Banks–6.69%** | **Banks–6.69%** |
| Bank of America Corp. | 142146 | 6726349 |
| Citigroup, Inc. | 4168 | 354780 |
| Citizens Financial Group, <br> Inc.<br>| 35609 | 1593503 |
| Fifth Third Bancorp | 27682 | 1138561 |
| JPMorgan Chase & Co. | 17946 | 5202725 |
| M&T Bank Corp. | 1680 | 325903 |
| †NU Holdings Ltd. Class A | 24188 | 331859 |
| PNC Financial Services <br> Group, Inc.<br>| 17591 | 3279314 |
| Regions Financial Corp. | 13972 | 328622 |
| Truist Financial Corp. | 7666 | 329561 |
| U.S. Bancorp | 7065 | 319691 |
| Wells Fargo & Co. | 78150 | 6261378 |
|  |  | **26192246** |
| **Beverages–1.18%** | **Beverages–1.18%** | **Beverages–1.18%** |
| Coca-Cola Co. | 30264 | 2141178 |
| Constellation Brands, Inc. <br> Class A<br>| 1622 | 263867 |
| Keurig Dr. Pepper, Inc. | 48311 | 1597162 |
| †Monster Beverage Corp. | 5020 | 314453 |
| PepsiCo, Inc. | 2405 | 317556 |
|  |  | **4634216** |
| **Biotechnology–0.82%** | **Biotechnology–0.82%** | **Biotechnology–0.82%** |
| AbbVie, Inc. | 8554 | 1587793 |
| Amgen, Inc. | 1165 | 325280 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| †BioNTech SE ADR | 3369 | $358697 |
| Gilead Sciences, Inc. | 3079 | 341369 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 527 | 276675 |
| †Vertex Pharmaceuticals, Inc. | 719 | 320099 |
|  |  | **3209913** |
| **Broadline Retail–1.00%** | **Broadline Retail–1.00%** | **Broadline Retail–1.00%** |
| †Amazon.com, Inc. | 13290 | 2915693 |
| †Coupang, Inc. | 11587 | 347146 |
| eBay, Inc. | 4367 | 325167 |
| †MercadoLibre, Inc. | 122 | 318863 |
|  |  | **3906869** |
| **Building Products–1.19%** | **Building Products–1.19%** | **Building Products–1.19%** |
| Carlisle Cos., Inc. | 2211 | 825587 |
| Carrier Global Corp. | 4197 | 307179 |
| Johnson Controls <br> International PLC<br>| 30314 | 3201765 |
| Trane Technologies PLC | 735 | 321496 |
|  |  | **4656027** |
| **Capital Markets–4.22%** | **Capital Markets–4.22%** | **Capital Markets–4.22%** |
| Ameriprise Financial, Inc. | 599 | 319704 |
| Bank of New York Mellon <br> Corp.<br>| 3511 | 319887 |
| Blackrock, Inc. | 2067 | 2168800 |
| Blackstone, Inc. | 2151 | 321747 |
| Charles Schwab Corp. | 49263 | 4494756 |
| CME Group, Inc. | 1149 | 316687 |
| †Coinbase Global, Inc. Class A | 1185 | 415331 |
| Goldman Sachs Group, Inc. | 2329 | 1648350 |
| Intercontinental Exchange, <br> Inc.<br>| 1790 | 328411 |
| KKR & Co., Inc. | 12144 | 1615516 |
| Moody's Corp. | 644 | 323024 |
| Morgan Stanley | 12466 | 1755961 |
| MSCI, Inc. | 549 | 316630 |
| Nasdaq, Inc. | 3853 | 344535 |
| Northern Trust Corp. | 2912 | 369212 |
| †Robinhood Markets, Inc. <br> Class A<br>| 5094 | 476951 |
| S&P Global, Inc. | 600 | 316374 |
| State Street Corp. | 3211 | 341458 |
| T. Rowe Price Group, Inc. | 3237 | 312371 |
|  |  | **16505705** |
| **Chemicals–1.49%** | **Chemicals–1.49%** | **Chemicals–1.49%** |
| Air Products & Chemicals, <br> Inc.<br>| 4484 | 1264757 |
| Corteva, Inc. | 18404 | 1371650 |
| Dow, Inc. | 10513 | 278384 |
| DuPont de Nemours, Inc. | 14115 | 968148 |
| Ecolab, Inc. | 1212 | 326561 |
| Linde PLC | 688 | 322796 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-1

------

**LVIP Invesco Select Equity Income 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 (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| PPG Industries, Inc. | 8841 | $1005664 |
| Sherwin-Williams Co. | 858 | 294603 |
|  |  | **5832563** |
| **Commercial Services & Supplies–0.38%** | **Commercial Services & Supplies–0.38%** | **Commercial Services & Supplies–0.38%** |
| Cintas Corp. | 1437 | 320264 |
| †Copart, Inc. | 4971 | 243927 |
| Republic Services, Inc. | 1267 | 312455 |
| Waste Connections, Inc. | 1644 | 306968 |
| Waste Management, Inc. | 1381 | 316000 |
|  |  | **1499614** |
| **Communications Equipment–1.29%** | **Communications Equipment–1.29%** | **Communications Equipment–1.29%** |
| †Arista Networks, Inc. | 3274 | 334963 |
| Cisco Systems, Inc. | 63194 | 4384399 |
| Motorola Solutions, Inc. | 743 | 312402 |
|  |  | **5031764** |
| **Construction & Engineering–0.09%** | **Construction & Engineering–0.09%** | **Construction & Engineering–0.09%** |
| Quanta Services, Inc. | 910 | 344053 |
|  |  | **344053** |
| **Construction Materials–0.55%** | **Construction Materials–0.55%** | **Construction Materials–0.55%** |
| CRH PLC | 16746 | 1537283 |
| Martin Marietta Materials, <br> Inc.<br>| 553 | 303575 |
| Vulcan Materials Co. | 1152 | 300464 |
|  |  | **2141322** |
| **Consumer Finance–0.89%** | **Consumer Finance–0.89%** | **Consumer Finance–0.89%** |
| American Express Co. | 5176 | 1651041 |
| Capital One Financial Corp. | 8608 | 1831438 |
|  |  | **3482479** |
| **Consumer Staples Distribution & Retail–2.60%** | **Consumer Staples Distribution & Retail–2.60%** | **Consumer Staples Distribution & Retail–2.60%** |
| Costco Wholesale Corp. | 306 | 302922 |
| Dollar General Corp. | 3345 | 382601 |
| Kroger Co. | 4586 | 328954 |
| Sysco Corp. | 50934 | 3857741 |
| Target Corp. | 3201 | 315779 |
| †U.S. Foods Holding Corp. | 21112 | 1625835 |
| Walmart, Inc. | 34321 | 3355907 |
|  |  | **10169739** |
| **Containers & Packaging–0.21%** | **Containers & Packaging–0.21%** | **Containers & Packaging–0.21%** |
| Smurfit WestRock PLC | 18811 | 811695 |
|  |  | **811695** |
| **Diversified Telecommunication Services–0.67%** | **Diversified Telecommunication Services–0.67%** | **Diversified Telecommunication Services–0.67%** |
| AT&T, Inc. | 79765 | 2308399 |
| Verizon Communications, <br> Inc.<br>| 7163 | 309943 |
|  |  | **2618342** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electric Utilities–2.71%** | **Electric Utilities–2.71%** | **Electric Utilities–2.71%** |
| American Electric Power Co., <br> Inc.<br>| 11458 | $1188882 |
| Constellation Energy Corp. | 1084 | 349872 |
| Duke Energy Corp. | 2730 | 322140 |
| Edison International | 5413 | 279311 |
| Entergy Corp. | 25000 | 2078000 |
| Eversource Energy | 4994 | 317718 |
| Exelon Corp. | 7198 | 312537 |
| FirstEnergy Corp. | 24880 | 1001669 |
| NextEra Energy, Inc. | 4232 | 293786 |
| PG&E Corp. | 17760 | 247574 |
| PPL Corp. | 106282 | 3601897 |
| Southern Co. | 3559 | 326823 |
| Xcel Energy, Inc. | 4379 | 298210 |
|  |  | **10618419** |
| **Electrical Equipment–2.46%** | **Electrical Equipment–2.46%** | **Electrical Equipment–2.46%** |
| AMETEK, Inc. | 1726 | 312337 |
| Eaton Corp. PLC | 7579 | 2705627 |
| Emerson Electric Co. | 26892 | 3585510 |
| GE Vernova, Inc. | 734 | 388396 |
| Hubbell, Inc. | 2477 | 1011632 |
| Rockwell Automation, Inc. | 1021 | 339146 |
| Vertiv Holdings Co. Class A | 9898 | 1271002 |
|  |  | **9613650** |
| **Electronic Equipment, Instruments & Components–1.29%** | **Electronic Equipment, Instruments & Components–1.29%** | **Electronic Equipment, Instruments & Components–1.29%** |
| Amphenol Corp. Class A | 3597 | 355204 |
| CDW Corp. | 1669 | 298067 |
| †Coherent Corp. | 12057 | 1075605 |
| Corning, Inc. | 6546 | 344254 |
| †Keysight Technologies, Inc. | 1908 | 312645 |
| †Ralliant Corp. | 11523 | 558750 |
| TE Connectivity PLC | 7104 | 1198231 |
| †Zebra Technologies Corp. <br> Class A<br>| 2952 | 910279 |
|  |  | **5053035** |
| **Energy Equipment & Services–0.16%** | **Energy Equipment & Services–0.16%** | **Energy Equipment & Services–0.16%** |
| Baker Hughes Co. | 8352 | 320216 |
| Schlumberger NV | 8873 | 299907 |
|  |  | **620123** |
| **Entertainment–1.51%** | **Entertainment–1.51%** | **Entertainment–1.51%** |
| Electronic Arts, Inc. | 2082 | 332495 |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 3231 | 337640 |
| †Netflix, Inc. | 263 | 352191 |
| †ROBLOX Corp. Class A | 3871 | 407229 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1400 | 339990 |
| Walt Disney Co. | 30242 | 3750310 |
| †Warner Bros Discovery, Inc. | 34136 | 391199 |
|  |  | **5911054** |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-2

------

**LVIP Invesco Select Equity Income 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)** |
| **Financial Services–1.77%** | **Financial Services–1.77%** | **Financial Services–1.77%** |
| Apollo Global Management, <br> Inc.<br>| 2206 | $312965 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 612 | 297291 |
| †Block, Inc. | 5449 | 370151 |
| †Corpay, Inc. | 910 | 301956 |
| Fidelity National Information <br> Services, Inc.<br>| 20013 | 1629258 |
| †Fiserv, Inc. | 9892 | 1705480 |
| Mastercard, Inc. Class A | 538 | 302324 |
| †PayPal Holdings, Inc. | 4373 | 325001 |
| Visa, Inc. Class A | 4716 | 1674416 |
|  |  | **6918842** |
| **Food Products–0.56%** | **Food Products–0.56%** | **Food Products–0.56%** |
| Archer-Daniels-Midland Co. | 6296 | 332303 |
| General Mills, Inc. | 5757 | 298270 |
| Hershey Co. | 1971 | 327087 |
| Kellanova | 3834 | 304918 |
| Kraft Heinz Co. | 11441 | 295407 |
| McCormick & Co., Inc. | 4209 | 319126 |
| Mondelez International, Inc. <br> Class A<br>| 4833 | 325938 |
|  |  | **2203049** |
| **Ground Transportation–1.26%** | **Ground Transportation–1.26%** | **Ground Transportation–1.26%** |
| CSX Corp. | 10079 | 328878 |
| Norfolk Southern Corp. | 5777 | 1478739 |
| Old Dominion Freight Line, <br> Inc.<br>| 1842 | 298957 |
| †Uber Technologies, Inc. | 3458 | 322631 |
| Union Pacific Corp. | 10854 | 2497288 |
|  |  | **4926493** |
| **Health Care Equipment & Supplies–2.21%** | **Health Care Equipment & Supplies–2.21%** | **Health Care Equipment & Supplies–2.21%** |
| Abbott Laboratories | 2354 | 320168 |
| Alcon AG | 7490 | 661217 |
| Becton Dickinson & Co. | 1798 | 309705 |
| †Boston Scientific Corp. | 2976 | 319652 |
| †Dexcom, Inc. | 3713 | 324108 |
| †Edwards Lifesciences Corp. | 4046 | 316438 |
| GE HealthCare Technologies, <br> Inc.<br>| 11964 | 886173 |
| †IDEXX Laboratories, Inc. | 606 | 325022 |
| †Intuitive Surgical, Inc. | 556 | 302136 |
| Medtronic PLC | 45339 | 3952201 |
| ResMed, Inc. | 1247 | 321726 |
| STERIS PLC | 1261 | 302917 |
| Stryker Corp. | 800 | 316504 |
|  |  | **8657967** |
| **Health Care Providers & Services–2.93%** | **Health Care Providers & Services–2.93%** | **Health Care Providers & Services–2.93%** |
| Cardinal Health, Inc. | 2027 | 340536 |
| Cencora, Inc. | 5294 | 1587406 |
| †Centene Corp. | 23564 | 1279054 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Cigna Group | 983 | $324960 |
| CVS Health Corp. | 41197 | 2841769 |
| Elevance Health, Inc. | 2497 | 971233 |
| HCA Healthcare, Inc. | 814 | 311843 |
| Humana, Inc. | 3908 | 955428 |
| Labcorp Holdings, Inc. | 1259 | 330500 |
| McKesson Corp. | 438 | 320958 |
| UnitedHealth Group, Inc. | 7085 | 2210308 |
|  |  | **11473995** |
| **Health Care REITs–0.16%** | **Health Care REITs–0.16%** | **Health Care REITs–0.16%** |
| Ventas, Inc. | 4836 | 305393 |
| Welltower, Inc. | 2122 | 326215 |
|  |  | **631608** |
| **Health Care Technology–0.09%** | **Health Care Technology–0.09%** | **Health Care Technology–0.09%** |
| †Veeva Systems, Inc. Class A | 1295 | 372934 |
|  |  | **372934** |
| **Hotels, Restaurants & Leisure–2.53%** | **Hotels, Restaurants & Leisure–2.53%** | **Hotels, Restaurants & Leisure–2.53%** |
| †Airbnb, Inc. Class A | 2300 | 304382 |
| Booking Holdings, Inc. | 60 | 347354 |
| †Chipotle Mexican Grill, Inc. | 6032 | 338697 |
| †DoorDash, Inc. Class A | 1556 | 383570 |
| †Flutter Entertainment PLC | 1262 | 360629 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 1227 | 326799 |
| Las Vegas Sands Corp. | 7439 | 323671 |
| Marriott International, Inc. <br> Class A<br>| 7569 | 2067926 |
| McDonald's Corp. | 8457 | 2470882 |
| Royal Caribbean Cruises Ltd. | 1230 | 385162 |
| Starbucks Corp. | 16944 | 1552579 |
| Yum! Brands, Inc. | 6951 | 1029999 |
|  |  | **9891650** |
| **Household Durables–0.24%** | **Household Durables–0.24%** | **Household Durables–0.24%** |
| Dr. Horton, Inc. | 2524 | 325394 |
| Garmin Ltd. | 1529 | 319133 |
| Lennar Corp. Class A | 2820 | 311920 |
|  |  | **956447** |
| **Household Products–1.45%** | **Household Products–1.45%** | **Household Products–1.45%** |
| Church & Dwight Co., Inc. | 3294 | 316586 |
| Colgate-Palmolive Co. | 15399 | 1399769 |
| Kimberly-Clark Corp. | 2282 | 294196 |
| Procter & Gamble Co. | 22985 | 3661970 |
|  |  | **5672521** |
| **Independent Power and Renewable Electricity Producers–0.10%** | **Independent Power and Renewable Electricity Producers–0.10%** | **Independent Power and Renewable Electricity Producers–0.10%** |
| Vistra Corp. | 2007 | 388977 |
|  |  | **388977** |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-3

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial Conglomerates–0.16%** | **Industrial Conglomerates–0.16%** | **Industrial Conglomerates–0.16%** |
| 3M Co. | 2061 | $313767 |
| Honeywell International, Inc. | 1424 | 331621 |
|  |  | **645388** |
| **Industrial REITs–0.44%** | **Industrial REITs–0.44%** | **Industrial REITs–0.44%** |
| Prologis, Inc. | 16223 | 1705362 |
|  |  | **1705362** |
| **Insurance–2.99%** | **Insurance–2.99%** | **Insurance–2.99%** |
| Aflac, Inc. | 2954 | 311529 |
| Allstate Corp. | 5319 | 1070768 |
| American International <br> Group, Inc.<br>| 44559 | 3813805 |
| Aon PLC Class A | 862 | 307527 |
| Arch Capital Group Ltd. | 3355 | 305473 |
| Arthur J Gallagher & Co. | 927 | 296751 |
| Chubb Ltd. | 1078 | 312318 |
| Hartford Insurance Group, <br> Inc.<br>| 10763 | 1365502 |
| †Markel Group, Inc. | 164 | 327567 |
| Marsh & McLennan Cos., Inc. | 1372 | 299974 |
| MetLife, Inc. | 3904 | 313960 |
| Progressive Corp. | 1110 | 296215 |
| Prudential Financial, Inc. | 2940 | 315873 |
| Travelers Cos., Inc. | 1160 | 310346 |
| Willis Towers Watson PLC | 6750 | 2068875 |
|  |  | **11716483** |
| **Interactive Media & Services–1.11%** | **Interactive Media & Services–1.11%** | **Interactive Media & Services–1.11%** |
| Alphabet, Inc. Class A | 17464 | 3077681 |
| Meta Platforms, Inc. Class A | 1717 | 1267300 |
|  |  | **4344981** |
| **IT Services–0.92%** | **IT Services–0.92%** | **IT Services–0.92%** |
| Accenture PLC Class A | 993 | 296798 |
| †Cloudflare, Inc. Class A | 2000 | 391660 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 16039 | 1251523 |
| †CoreWeave, Inc. Class A | 3932 | 641152 |
| †Gartner, Inc. | 703 | 284167 |
| International Business <br> Machines Corp.<br>| 1184 | 349019 |
| †Snowflake, Inc. Class A | 1718 | 384437 |
|  |  | **3598756** |
| **Life Sciences Tools & Services–1.00%** | **Life Sciences Tools & Services–1.00%** | **Life Sciences Tools & Services–1.00%** |
| Agilent Technologies, Inc. | 2774 | 327360 |
| Danaher Corp. | 8611 | 1701017 |
| †IQVIA Holdings, Inc. | 2210 | 348274 |
| Lonza Group AG | 870 | 622192 |
| †Mettler-Toledo International, <br> Inc.<br>| 271 | 318349 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Thermo Fisher Scientific, <br> Inc.<br>| 765 | $310177 |
| †Waters Corp. | 868 | 302966 |
|  |  | **3930335** |
| **Machinery–2.55%** | **Machinery–2.55%** | **Machinery–2.55%** |
| Caterpillar, Inc. | 888 | 344731 |
| Cummins, Inc. | 943 | 308833 |
| Deere & Co. | 4204 | 2137692 |
| Dover Corp. | 1689 | 309475 |
| Fortive Corp. | 25209 | 1314145 |
| Illinois Tool Works, Inc. | 1263 | 312277 |
| Ingersoll Rand, Inc. | 3778 | 314254 |
| Otis Worldwide Corp. | 3191 | 315973 |
| PACCAR, Inc. | 3282 | 311987 |
| Parker-Hannifin Corp. | 5720 | 3995248 |
| Xylem, Inc. | 2479 | 320683 |
|  |  | **9985298** |
| **Media–0.51%** | **Media–0.51%** | **Media–0.51%** |
| †Charter Communications, <br> Inc. Class A<br>| 738 | 301702 |
| Comcast Corp. Class A | 39052 | 1393766 |
| †Trade Desk, Inc. Class A | 4159 | 299406 |
|  |  | **1994874** |
| **Metals & Mining–0.36%** | **Metals & Mining–0.36%** | **Metals & Mining–0.36%** |
| Freeport-McMoRan, Inc. | 8302 | 359892 |
| Newmont Corp. | 6242 | 363659 |
| Nucor Corp. | 2690 | 348462 |
| Southern Copper Corp. | 3478 | 351869 |
|  |  | **1423882** |
| **Multi-Utilities–1.19%** | **Multi-Utilities–1.19%** | **Multi-Utilities–1.19%** |
| Ameren Corp. | 3220 | 309249 |
| CMS Energy Corp. | 18821 | 1303919 |
| Consolidated Edison, Inc. | 3043 | 305365 |
| Dominion Energy, Inc. | 5691 | 321655 |
| DTE Energy Co. | 2299 | 304526 |
| Public Service Enterprise <br> Group, Inc.<br>| 17814 | 1499582 |
| Sempra | 4066 | 308081 |
| WEC Energy Group, Inc. | 2964 | 308849 |
|  |  | **4661226** |
| **Oil, Gas & Consumable Fuels–5.28%** | **Oil, Gas & Consumable Fuels–5.28%** | **Oil, Gas & Consumable Fuels–5.28%** |
| Cheniere Energy, Inc. | 4503 | 1096571 |
| Chevron Corp. | 33557 | 4805027 |
| ConocoPhillips | 38141 | 3422773 |
| Devon Energy Corp. | 9542 | 303531 |
| Diamondback Energy, Inc. | 2224 | 305578 |
| EOG Resources, Inc. | 2733 | 326894 |
| EQT Corp. | 15113 | 881390 |
| Exxon Mobil Corp. | 16243 | 1750995 |
| Hess Corp. | 2327 | 322383 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-4

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Kinder Morgan, Inc. | 11237 | $330368 |
| Marathon Petroleum Corp. | 1902 | 315941 |
| Occidental Petroleum Corp. | 7333 | 308059 |
| ONEOK, Inc. | 3705 | 302439 |
| Phillips 66 | 2524 | 301113 |
| Shell PLC | 36702 | 1280515 |
| Suncor Energy, Inc. | 29724 | 1113367 |
| Valero Energy Corp. | 11578 | 1556315 |
| Williams Cos., Inc. | 30701 | 1928330 |
|  |  | **20651589** |
| **Passenger Airlines–0.08%** | **Passenger Airlines–0.08%** | **Passenger Airlines–0.08%** |
| Delta Air Lines, Inc. | 6233 | 306539 |
|  |  | **306539** |
| **Personal Care Products–0.24%** | **Personal Care Products–0.24%** | **Personal Care Products–0.24%** |
| Kenvue, Inc. | 13128 | 274769 |
| L'Oreal SA | 1545 | 661807 |
|  |  | **936576** |
| **Pharmaceuticals–3.16%** | **Pharmaceuticals–3.16%** | **Pharmaceuticals–3.16%** |
| AstraZeneca PLC | 4198 | 584232 |
| Bristol-Myers Squibb Co. | 46108 | 2134339 |
| Eli Lilly & Co. | 419 | 326623 |
| Johnson & Johnson | 30025 | 4586319 |
| Merck & Co., Inc. | 20684 | 1637345 |
| Pfizer, Inc. | 39172 | 949529 |
| Sanofi SA | 13328 | 1290334 |
| Sanofi SA ADR | 11257 | 543826 |
| Zoetis, Inc. | 1936 | 301919 |
|  |  | **12354466** |
| **Professional Services–0.31%** | **Professional Services–0.31%** | **Professional Services–0.31%** |
| Automatic Data Processing, <br> Inc.<br>| 988 | 304699 |
| Equifax, Inc. | 1139 | 295422 |
| Paychex, Inc. | 2035 | 296011 |
| Verisk Analytics, Inc. | 1019 | 317419 |
|  |  | **1213551** |
| **Real Estate Management & Development–0.54%** | **Real Estate Management & Development–0.54%** | **Real Estate Management & Development–0.54%** |
| †CBRE Group, Inc. Class A | 12859 | 1801803 |
| †CoStar Group, Inc. | 4099 | 329560 |
|  |  | **2131363** |
| **Residential REITs–0.16%** | **Residential REITs–0.16%** | **Residential REITs–0.16%** |
| AvalonBay Communities, Inc. | 1525 | 310338 |
| Equity Residential | 4435 | 299318 |
|  |  | **609656** |
| **Retail REITs–0.16%** | **Retail REITs–0.16%** | **Retail REITs–0.16%** |
| Realty Income Corp. | 5613 | 323365 |
| Simon Property Group, Inc. | 1911 | 307212 |
|  |  | **630577** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment–3.80%** | **Semiconductors & Semiconductor Equipment–3.80%** | **Semiconductors & Semiconductor Equipment–3.80%** |
| †Advanced Micro Devices, Inc. | 2682 | $380576 |
| Analog Devices, Inc. | 1397 | 332514 |
| Applied Materials, Inc. | 1897 | 347284 |
| ASML Holding NV | 836 | 669962 |
| Broadcom, Inc. | 5990 | 1651143 |
| †GLOBALFOUNDRIES, Inc. | 8027 | 306631 |
| Intel Corp. | 14573 | 326435 |
| KLA Corp. | 401 | 359192 |
| Lam Research Corp. | 20106 | 1957118 |
| Marvell Technology, Inc. | 4929 | 381505 |
| Microchip Technology, Inc. | 35672 | 2510239 |
| Micron Technology, Inc. | 3210 | 395632 |
| Monolithic Power Systems, <br> Inc.<br>| 444 | 324733 |
| NVIDIA Corp. | 10605 | 1675484 |
| NXP Semiconductors NV | 4863 | 1062517 |
| QUALCOMM, Inc. | 2069 | 329509 |
| Texas Instruments, Inc. | 8942 | 1856538 |
|  |  | **14867012** |
| **Software–4.32%** | **Software–4.32%** | **Software–4.32%** |
| †Adobe, Inc. | 756 | 292481 |
| †ANSYS, Inc. | 907 | 318557 |
| †AppLovin Corp. Class A | 866 | 303169 |
| †Autodesk, Inc. | 1059 | 327835 |
| †Cadence Design Systems, <br> Inc.<br>| 981 | 302295 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 718 | 365685 |
| †Datadog, Inc. Class A | 2670 | 358661 |
| †Fair Isaac Corp. | 144 | 263226 |
| †Fortinet, Inc. | 3017 | 318957 |
| †HubSpot, Inc. | 480 | 267182 |
| Intuit, Inc. | 473 | 372549 |
| Microsoft Corp. | 11389 | 5665003 |
| †MicroStrategy, Inc. Class A | 789 | 318937 |
| Oracle Corp. | 15327 | 3350942 |
| †Palantir Technologies, Inc. <br> Class A<br>| 2437 | 332212 |
| †Palo Alto Networks, Inc. | 1628 | 333154 |
| Roper Technologies, Inc. | 538 | 304960 |
| Salesforce, Inc. | 8140 | 2219697 |
| †ServiceNow, Inc. | 305 | 313564 |
| †Synopsys, Inc. | 612 | 313760 |
| †Workday, Inc. Class A | 1162 | 278880 |
|  |  | **16921706** |
| **Specialized REITs–0.95%** | **Specialized REITs–0.95%** | **Specialized REITs–0.95%** |
| American Tower Corp. | 6971 | 1540731 |
| Crown Castle, Inc. | 3085 | 316922 |
| Digital Realty Trust, Inc. | 1855 | 323382 |
| Equinix, Inc. | 362 | 287960 |
| Extra Space Storage, Inc. | 2079 | 306528 |
| Public Storage | 1021 | 299582 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-5

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** | **Specialized REITs (continued)** |
| SBA Communications Corp. | 1362 | $319852 |
| VICI Properties, Inc. | 9834 | 320588 |
|  |  | **3715545** |
| **Specialty Retail–1.61%** | **Specialty Retail–1.61%** | **Specialty Retail–1.61%** |
| †AutoZone, Inc. | 84 | 311827 |
| †Carvana Co. | 1052 | 354482 |
| Home Depot, Inc. | 828 | 303578 |
| Lowe's Cos., Inc. | 13786 | 3058700 |
| †O'Reilly Automotive, Inc. | 3446 | 310588 |
| Ross Stores, Inc. | 7620 | 972160 |
| TJX Cos., Inc. | 8125 | 1003356 |
|  |  | **6314691** |
| **Technology Hardware, Storage & Peripherals–0.50%** | **Technology Hardware, Storage & Peripherals–0.50%** | **Technology Hardware, Storage & Peripherals–0.50%** |
| Apple, Inc. | 1502 | 308165 |
| Dell Technologies, Inc. <br> Class C<br>| 2763 | 338744 |
| Hewlett Packard Enterprise <br> Co.<br>| 17783 | 363662 |
| HP, Inc. | 10824 | 264755 |
| NetApp, Inc. | 3140 | 334567 |
| †Super Micro Computer, Inc. | 6877 | 337042 |
|  |  | **1946935** |
| **Textiles, Apparel & Luxury Goods–0.45%** | **Textiles, Apparel & Luxury Goods–0.45%** | **Textiles, Apparel & Luxury Goods–0.45%** |
| †Lululemon Athletica, Inc. | 987 | 234491 |
| NIKE, Inc. Class B | 21739 | 1544339 |
|  |  | **1778830** |
| **Tobacco–1.45%** | **Tobacco–1.45%** | **Tobacco–1.45%** |
| Altria Group, Inc. | 5360 | 314257 |
| Philip Morris International, <br> Inc.<br>| 29333 | 5342419 |
|  |  | **5656676** |
| **Trading Companies & Distributors–0.66%** | **Trading Companies & Distributors–0.66%** | **Trading Companies & Distributors–0.66%** |
| Fastenal Co. | 7645 | 321090 |
| Ferguson Enterprises, Inc. | 7520 | 1637480 |
| United Rentals, Inc. | 437 | 329236 |
| WW Grainger, Inc. | 285 | 296468 |
|  |  | **2584274** |
| **Water Utilities–0.08%** | **Water Utilities–0.08%** | **Water Utilities–0.08%** |
| American Water Works Co., <br> Inc.<br>| 2226 | 309659 |
|  |  | **309659** |
| **Wireless Telecommunication Services–0.35%** | **Wireless Telecommunication Services–0.35%** | **Wireless Telecommunication Services–0.35%** |
| T-Mobile U.S., Inc. | 5676 | 1352364 |
|  |  | **1352364** |
| **Total Common Stock** <br>**(Cost $221,907,951)** | **Total Common Stock** <br>**(Cost $221,907,951)** | **325697250** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCK–0.09%** | **CONVERTIBLE PREFERRED STOCK–0.09%** | **CONVERTIBLE PREFERRED STOCK–0.09%** |
| †AMG Capital Trust II 5.15%, <br> expiration date 10/15/37<br>| 6068 | $349062 |
| **Total Convertible Preferred Stock** <br>**(Cost $294,815)** | **Total Convertible Preferred Stock** <br>**(Cost $294,815)** | **349062** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **AGENCY OBLIGATION–0.02%** | **AGENCY OBLIGATION–0.02%** | **AGENCY OBLIGATION–0.02%** |
| Federal Home Loan Mortgage <br> Corp. 6.75% 3/15/31<br>| 68000 | 77803 |
| **Total Agency Obligation** <br>**(Cost $82,782)** | **Total Agency Obligation** <br>**(Cost $82,782)** | **77803** |
| **CONVERTIBLE BONDS–3.81%** | **CONVERTIBLE BONDS–3.81%** | **CONVERTIBLE BONDS–3.81%** |
| **Biotechnology–0.25%** | **Biotechnology–0.25%** | **Biotechnology–0.25%** |
| Alnylam Pharmaceuticals, <br> Inc. 1.00%, exercise price <br> $1.00 9/15/27<br>| 509000 | 661191 |
| Bridgebio Pharma, Inc. 1.75%, <br> exercise price $1.75 3/1/31<br>| 266393 | 309948 |
|  |  | **971139** |
| **Commercial Services–0.16%** | **Commercial Services–0.16%** | **Commercial Services–0.16%** |
| Global Payments, Inc. 1.50%, <br> exercise price $1.50 3/1/31<br>| 684000 | 610812 |
|  |  | **610812** |
| **Electric–0.37%** | **Electric–0.37%** | **Electric–0.37%** |
| FirstEnergy Corp. 3.88%, <br> exercise price $3.87 1/15/31<br>| 613000 | 620050 |
| PPL Capital Funding, Inc. <br> 2.88%, exercise price $2.88 <br> 3/15/28<br>| 784000 | 846761 |
|  |  | **1466811** |
| **Health Care Products–0.39%** | **Health Care Products–0.39%** | **Health Care Products–0.39%** |
| Haemonetics Corp. 2.50%, <br> exercise price $2.50 6/1/29<br>| 648000 | 642982 |
| Integra LifeSciences Holdings <br> Corp. 0.50%, exercise price <br> $0.50 8/15/25<br>| 615000 | 607313 |
| Merit Medical Systems, Inc. <br> 3.00%, exercise price $3.00 <br> 2/1/29<br>| 206000 | 257453 |
|  |  | **1507748** |
| **Internet–0.55%** | **Internet–0.55%** | **Internet–0.55%** |
| ^Airbnb, Inc. 0.00%, exercise <br> price $0.01 3/15/26<br>| 857000 | 826145 |
| Match Group Financeco 2, <br> Inc. 0.88%, exercise price <br> $0.87 6/15/26<br>| 250000 | 240875 |
| Match Group Financeco 3, <br> Inc. 2.00%, exercise price <br> $2.00 1/15/30<br>| 277000 | 246530 |
| Shopify, Inc. 0.13%, exercise <br> price $0.13 11/1/25<br>| 502000 | 508024 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-6

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Snap, Inc. 0.50%, exercise <br> price $0.50 5/1/30<br>| 410000 | $347680 |
|  |  | **2169254** |
| **Media–0.49%** | **Media–0.49%** | **Media–0.49%** |
| Cable One, Inc. | Cable One, Inc. | Cable One, Inc. |
| ^0.00% 3/15/26 | 780000 | 737958 |
| 1.13%, exercise price $1.13 <br> 3/15/28<br>| 407000 | 310339 |
| Liberty Broadband Corp. <br> 3.13%, exercise price $3.12 <br> 3/31/53<br>| 476000 | 478187 |
| Liberty Media Corp.-Liberty <br> Formula One 2.25%, exercise <br> price $2.25 8/15/27<br>| 300000 | 398700 |
|  |  | **1925184** |
| **Miscellaneous Manufacturing–0.12%** | **Miscellaneous Manufacturing–0.12%** | **Miscellaneous Manufacturing–0.12%** |
| JBT Marel Corp. 0.25%, <br> exercise price $0.25 5/15/26<br>| 475000 | 471248 |
|  |  | **471248** |
| **Oil & Gas–0.08%** | **Oil & Gas–0.08%** | **Oil & Gas–0.08%** |
| Northern Oil & Gas, Inc. <br> 3.63%, exercise price $3.63 <br> 4/15/29<br>| 305000 | 317963 |
|  |  | **317963** |
| **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** | **Pharmaceuticals–0.24%** |
| Jazz Investments I Ltd. | Jazz Investments I Ltd. | Jazz Investments I Ltd. |
| 2.00%, exercise price $2.00 <br> 6/15/26<br>| 607000 | 612766 |
| 3.13%, exercise price $3.12 <br> 9/15/30<br>| 296000 | 313760 |
|  |  | **926526** |
| **Real Estate Investment Trusts–0.12%** | **Real Estate Investment Trusts–0.12%** | **Real Estate Investment Trusts–0.12%** |
| Federal Realty OP LP 3.25%, <br> exercise price $3.25 1/15/29<br>| 487000 | 483835 |
|  |  | **483835** |
| **Semiconductors–0.46%** | **Semiconductors–0.46%** | **Semiconductors–0.46%** |
| Microchip Technology, Inc. <br> 0.75%, exercise price $0.75 <br> 6/1/30<br>| 933000 | 916206 |
| MKS, Inc. 1.25%, exercise <br> price $1.25 6/1/30<br>| 877000 | 864283 |
|  |  | **1780489** |
| **Software–0.58%** | **Software–0.58%** | **Software–0.58%** |
| ^Bill Holdings, Inc. 0.00%, <br> exercise price $0.01 4/1/30<br>| 436000 | 366785 |
| Box, Inc. 1.50%, exercise <br> price $1.50 9/15/29<br>| 315000 | 323663 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CSG Systems International, <br> Inc. 3.88%, exercise price <br> $3.87 9/15/28<br>| 440000 | $495660 |
| ^Dropbox, Inc. 0.00% 3/1/26 | 768000 | 759168 |
| Envestnet, Inc. 2.63%, <br> exercise price $2.63 12/1/27<br>| 311000 | 331681 |
|  |  | **2276957** |
| **Total Convertible Bonds** <br>**(Cost $14,746,635)** | **Total Convertible Bonds** <br>**(Cost $14,746,635)** | **14907966** |
| **CORPORATE BONDS–5.65%** | **CORPORATE BONDS–5.65%** | **CORPORATE BONDS–5.65%** |
| **Advertising–0.02%** | **Advertising–0.02%** | **Advertising–0.02%** |
| Omnicom Group, <br> Inc./Omnicom Capital, Inc. <br> 3.60% 4/15/26<br>| 80000 | 79398 |
|  |  | **79398** |
| **Aerospace & Defense–0.17%** | **Aerospace & Defense–0.17%** | **Aerospace & Defense–0.17%** |
| Boeing Co. 5.81% 5/1/50 | 215000 | 206185 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 3.55% 1/15/26 | 210000 | 209314 |
| 4.15% 6/15/53 | 54000 | 42854 |
| 5.20% 2/15/64 | 80000 | 73861 |
| RTX Corp. | RTX Corp. | RTX Corp. |
| 4.45% 11/16/38 | 28000 | 25801 |
| 6.40% 3/15/54 | 89000 | 97556 |
|  |  | **655571** |
| **Agriculture–0.11%** | **Agriculture–0.11%** | **Agriculture–0.11%** |
| Altria Group, Inc. 5.80% <br> 2/14/39<br>| 185000 | 187437 |
| BAT International Finance <br> PLC 1.67% 3/25/26<br>| 130000 | 127304 |
| Philip Morris International, <br> Inc. 4.88% 11/15/43<br>| 108000 | 99010 |
|  |  | **413751** |
| **Airlines–0.05%** | **Airlines–0.05%** | **Airlines–0.05%** |
| ♦American Airlines <br> Pass-Through Trust 3.70% <br> 4/1/28<br>| 18425 | 18094 |
| AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
| 5.02% 10/20/29 | 12000 | 11875 |
| 5.31% 10/20/31 | 14000 | 13773 |
| Delta Air Lines, Inc. 4.95% <br> 7/10/28<br>| 99000 | 99565 |
| ♦United Airlines Pass-Through Trust | ♦United Airlines Pass-Through Trust | ♦United Airlines Pass-Through Trust |
| 3.50% 9/1/31 | 32654 | 30764 |
| 3.75% 3/3/28 | 22663 | 22282 |
|  |  | **196353** |
| **Auto Manufacturers–0.14%** | **Auto Manufacturers–0.14%** | **Auto Manufacturers–0.14%** |
| General Motors Co. 6.60% <br> 4/1/36<br>| 186000 | 196994 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-7

------

**LVIP Invesco Select Equity Income Managed Volatility 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. 5.25% 3/1/26<br>| 44000 | $44079 |
| Honda Motor Co. Ltd. 2.97% <br> 3/10/32<br>| 83000 | 74488 |
| Toyota Motor Credit Corp. <br> 4.55% 8/7/26<br>| 225000 | 225782 |
|  |  | **541343** |
| **Banks–0.70%** | **Banks–0.70%** | **Banks–0.70%** |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| μ2.57% 10/20/32 | 137000 | 120746 |
| 3.25% 10/21/27 | 275000 | 269757 |
| μBank of New York Mellon <br> Corp. 5.32% 6/6/36<br>| 52000 | 53082 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| μ3.67% 7/24/28 | 49000 | 48234 |
| 4.75% 5/18/46 | 34000 | 29018 |
| μ4.95% 5/7/31 | 170000 | 171937 |
| 5.30% 5/6/44 | 22000 | 20544 |
| 6.68% 9/13/43 | 70000 | 76361 |
| μCitizens Financial Group, Inc. <br> 6.65% 4/25/35<br>| 45000 | 48504 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| μ2.91% 7/21/42 | 50000 | 35802 |
| 4.25% 10/21/25 | 275000 | 274663 |
| μ5.02% 10/23/35 | 71000 | 70141 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 3.20% 6/15/26 | 36000 | 35655 |
| μ3.51% 1/23/29 | 327000 | 320310 |
| μ3.90% 1/23/49 | 50000 | 39485 |
| μ4.26% 2/22/48 | 46000 | 38757 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 4.00% 7/23/25 | 61000 | 60943 |
| μ4.99% 4/12/29 | 62000 | 62902 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| 3.45% 4/23/29 | 291000 | 282941 |
| μ6.88% 10/20/34 | 65000 | 72664 |
| State Street Bank & Trust Co. <br> 4.59% 11/25/26<br>| 250000 | 251829 |
| U.S. Bancorp 3.10% 4/27/26 | 208000 | 205900 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.55% 9/29/25 | 59000 | 58834 |
| 4.10% 6/3/26 | 40000 | 39840 |
| 4.65% 11/4/44 | 40000 | 34241 |
|  |  | **2723090** |
| **Beverages–0.08%** | **Beverages–0.08%** | **Beverages–0.08%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. 4.70% <br> 2/1/36<br>| 91000 | 88793 |
| Constellation Brands, Inc. <br> 4.40% 11/15/25<br>| 110000 | 109860 |
| Heineken NV 3.50% 1/29/28 | 90000 | 88627 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Molson Coors Beverage Co. <br> 4.20% 7/15/46<br>| 34000 | $27126 |
|  |  | **314406** |
| **Biotechnology–0.08%** | **Biotechnology–0.08%** | **Biotechnology–0.08%** |
| Gilead Sciences, Inc. 3.65% <br> 3/1/26<br>| 325000 | 323376 |
|  |  | **323376** |
| **Chemicals–0.07%** | **Chemicals–0.07%** | **Chemicals–0.07%** |
| Air Products & Chemicals, <br> Inc. 4.30% 6/11/28<br>| 160000 | 160814 |
| DuPont de Nemours, Inc. <br> 4.49% 11/15/25<br>| 115000 | 114827 |
| Sherwin-Williams Co. 4.50% <br> 6/1/47<br>| 14000 | 11711 |
|  |  | **287352** |
| **Computers–0.18%** | **Computers–0.18%** | **Computers–0.18%** |
| Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 3.35% 2/9/27 | 30000 | 29692 |
| 4.20% 5/12/30 | 160000 | 160714 |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| 5.30% 4/1/32 | 105000 | 107321 |
| 6.02% 6/15/26 | 125000 | 126182 |
| Hewlett Packard Enterprise <br> Co. 4.90% 10/15/25<br>| 90000 | 89998 |
| International Business <br> Machines Corp. 3.30% <br> 5/15/26<br>| 210000 | 208032 |
|  |  | **721939** |
| **Cosmetics & Personal Care–0.02%** | **Cosmetics & Personal Care–0.02%** | **Cosmetics & Personal Care–0.02%** |
| Kenvue, Inc. 5.05% 3/22/53 | 96000 | 89294 |
|  |  | **89294** |
| **Diversified Financial Services–0.95%** | **Diversified Financial Services–0.95%** | **Diversified Financial Services–0.95%** |
| μAmerican Express Co. 4.73% <br> 4/25/29<br>| 63000 | 63716 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 4.75% 4/14/27 | 41000 | 41039 |
| 4.88% 10/1/25 | 66000 | 65966 |
| Blackrock, Inc. 4.75% 5/25/33 | 210000 | 212288 |
| μCapital One Financial Corp. <br> 6.18% 1/30/36<br>| 46000 | 46830 |
| GS Finance Corp. | GS Finance Corp. | GS Finance Corp. |
| ^0.00% 7/30/29 | 896000 | 1079913 |
| ^0.00% 3/3/32 | 853000 | 912983 |
| 0.50% 4/11/28 | 890000 | 1216301 |
| Nasdaq, Inc. 5.95% 8/15/53 | 26000 | 26520 |
| Synchrony Financial 3.95% <br> 12/1/27<br>| 54000 | 53100 |
|  |  | **3718656** |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-8

------

**LVIP Invesco Select Equity Income Managed Volatility 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–0.19%** | **Electric–0.19%** | **Electric–0.19%** |
| Constellation Energy <br> Generation LLC 6.50% <br> 10/1/53<br>| 43000 | $46145 |
| Electricite de France SA <br> 4.88% 1/22/44<br>| 84000 | 72112 |
| Georgia Power Co. 3.70% <br> 1/30/50<br>| 51000 | 38011 |
| National Rural Utilities <br> Cooperative Finance Corp. <br> 2.75% 4/15/32<br>| 151000 | 134764 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 3.55% 5/1/27 | 50000 | 49303 |
| 5.75% 9/1/25 | 230000 | 230337 |
| Oglethorpe Power Corp. <br> 4.55% 6/1/44<br>| 52000 | 42801 |
| PPL Electric Utilities Corp. <br> 6.25% 5/15/39<br>| 4000 | 4409 |
| Sempra 3.80% 2/1/38 | 54000 | 44685 |
| Xcel Energy, Inc. 3.50% <br> 12/1/49<br>| 143000 | 97937 |
|  |  | **760504** |
| **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** |
| Molex Electronic <br> Technologies LLC 4.75% <br> 4/30/28<br>| 23000 | 23145 |
|  |  | **23145** |
| **Electronics–0.03%** | **Electronics–0.03%** | **Electronics–0.03%** |
| Avnet, Inc. 4.63% 4/15/26 | 64000 | 63899 |
| Honeywell International, Inc. <br> 4.50% 1/15/34<br>| 60000 | 58775 |
|  |  | **122674** |
| **Entertainment–0.03%** | **Entertainment–0.03%** | **Entertainment–0.03%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 5.05% 3/15/42 | 107000 | 91807 |
| 5.14% 3/15/52 | 22000 | 22000 |
|  |  | **113807** |
| **Food–0.04%** | **Food–0.04%** | **Food–0.04%** |
| Ingredion, Inc. 6.63% 4/15/37 | 23000 | 25309 |
| Sysco Corp. 3.75% 10/1/25 | 140000 | 139702 |
|  |  | **165011** |
| **Forest Products & Paper–0.00%** | **Forest Products & Paper–0.00%** | **Forest Products & Paper–0.00%** |
| International Paper Co. 6.00% <br> 11/15/41<br>| 22000 | 22324 |
|  |  | **22324** |
| **Gas–0.06%** | **Gas–0.06%** | **Gas–0.06%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 4.38% 5/15/47 | 54000 | 44394 |
| 5.85% 4/1/55 | 30000 | 29685 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Southern Co. Gas Capital <br> Corp. 3.88% 11/15/25<br>| 145000 | $144403 |
|  |  | **218482** |
| **Health Care Products–0.00%** | **Health Care Products–0.00%** | **Health Care Products–0.00%** |
| Medtronic, Inc. 4.38% 3/15/35 | 23000 | 22249 |
|  |  | **22249** |
| **Health Care Services–0.04%** | **Health Care Services–0.04%** | **Health Care Services–0.04%** |
| Laboratory Corp. of America <br> Holdings 1.55% 6/1/26<br>| 50000 | 48697 |
| UnitedHealth Group, Inc. <br> 3.50% 8/15/39<br>| 135000 | 108946 |
|  |  | **157643** |
| **Insurance–0.44%** | **Insurance–0.44%** | **Insurance–0.44%** |
| Allstate Corp. 3.28% 12/15/26 | 28000 | 27614 |
| American National Group, <br> Inc. 5.00% 6/15/27<br>| 244000 | 244975 |
| Brighthouse Financial, Inc. <br> 3.85% 12/22/51<br>| 292000 | 187761 |
| GA Global Funding Trust <br> 5.50% 1/8/29<br>| 174000 | 178313 |
| Global Atlantic Fin Co. 6.75% <br> 3/15/54<br>| 35000 | 35856 |
| Liberty Mutual Group, Inc. <br> 3.95% 5/15/60<br>| 88000 | 59189 |
| Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| 5.00% 3/30/43 | 34000 | 30385 |
| 5.00% 5/20/49 | 273000 | 239353 |
| Metropolitan Life Insurance <br> Co. 7.80% 11/1/25<br>| 250000 | 252312 |
| Nationwide Financial <br> Services, Inc. 5.30% <br> 11/18/44<br>| 20000 | 18410 |
| Pacific Life Global Funding II <br> 5.50% 8/28/26<br>| 191000 | 193799 |
| PartnerRe Finance B LLC <br> 3.70% 7/2/29<br>| 210000 | 203398 |
| Prudential Financial, Inc. <br> 3.91% 12/7/47<br>| 14000 | 10937 |
| Travelers Cos., Inc. 4.60% <br> 8/1/43<br>| 60000 | 53265 |
|  |  | **1735567** |
| **Internet–0.11%** | **Internet–0.11%** | **Internet–0.11%** |
| Alphabet, Inc. 5.25% 5/15/55 | 23000 | 22652 |
| Amazon.com, Inc. 2.88% <br> 5/12/41<br>| 244000 | 182089 |
| Meta Platforms, Inc. 5.60% <br> 5/15/53<br>| 214000 | 213997 |
|  |  | **418738** |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-9

------

**LVIP Invesco Select Equity Income Managed Volatility 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 Company–0.00%** | **Investment Company–0.00%** | **Investment Company–0.00%** |
| Sixth Street Lending Partners <br> 6.13% 7/15/30<br>| 17000 | $17311 |
|  |  | **17311** |
| **Machinery Diversified–0.06%** | **Machinery Diversified–0.06%** | **Machinery Diversified–0.06%** |
| Rockwell Automation, Inc. <br> 1.75% 8/15/31<br>| 50000 | 42964 |
| Westinghouse Air Brake <br> Technologies Corp. 5.50% <br> 5/29/35<br>| 179000 | 181607 |
|  |  | **224571** |
| **Media–0.17%** | **Media–0.17%** | **Media–0.17%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital 4.91% 7/23/25<br>| 19000 | 18998 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 2.89% 11/1/51 | 34000 | 20692 |
| 2.94% 11/1/56 | 24000 | 14092 |
| 3.15% 3/1/26 | 159000 | 157732 |
| 3.90% 3/1/38 | 74000 | 64361 |
| 4.15% 10/15/28 | 315000 | 314403 |
| Cox Communications, Inc. <br> 2.95% 10/1/50<br>| 58000 | 32931 |
| TWDC Enterprises 18 Corp. <br> 3.00% 2/13/26<br>| 53000 | 52593 |
|  |  | **675802** |
| **Mining–0.01%** | **Mining–0.01%** | **Mining–0.01%** |
| Rio Tinto Finance USA Ltd. <br> 7.13% 7/15/28<br>| 18000 | 19507 |
| Rio Tinto Finance USA PLC <br> 5.75% 3/14/55<br>| 22000 | 22027 |
|  |  | **41534** |
| **Oil & Gas–0.15%** | **Oil & Gas–0.15%** | **Oil & Gas–0.15%** |
| BP Capital Markets America, <br> Inc. 2.94% 6/4/51<br>| 208000 | 130532 |
| Chevron Corp. 2.95% 5/16/26 | 135000 | 133465 |
| ConocoPhillips Co. 4.15% <br> 11/15/34<br>| 20000 | 18578 |
| Diamondback Energy, Inc. <br> 5.75% 4/18/54<br>| 74000 | 68688 |
| EOG Resources, Inc. 4.40% <br> 7/15/28<br>| 26000 | 26150 |
| Exxon Mobil Corp. 3.04% <br> 3/1/26<br>| 156000 | 154806 |
| Valero Energy Corp. 4.00% <br> 6/1/52<br>| 77000 | 54540 |
|  |  | **586759** |
| **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** | **Pharmaceuticals–0.25%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 4.05% 11/21/39 | 223000 | 195461 |
| 4.50% 5/14/35 | 33000 | 31883 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Becton Dickinson & Co. 4.88% <br> 5/15/44<br>| 35000 | $30733 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 4.13% 6/15/39 | 108000 | 96109 |
| 6.25% 11/15/53 | 85000 | 91086 |
| ♦CVS Pass-Through Trust 6.04% <br> 12/10/28<br>| 90450 | 91726 |
| GlaxoSmithKline Capital, Inc. <br> 6.38% 5/15/38<br>| 6000 | 6664 |
| Mead Johnson Nutrition Co. <br> 4.13% 11/15/25<br>| 4000 | 3997 |
| Pfizer Investment Enterprises <br> Pte. Ltd. 4.45% 5/19/26<br>| 95000 | 95104 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 4.70% 2/1/43 | 32000 | 29238 |
| 5.40% 11/14/25 | 300000 | 300641 |
|  |  | **972642** |
| **Pipelines–0.21%** | **Pipelines–0.21%** | **Pipelines–0.21%** |
| Cameron LNG LLC 3.70% <br> 1/15/39<br>| 90000 | 76760 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 4.90% 3/15/35 | 32000 | 30603 |
| 5.00% 5/15/50 | 106000 | 88581 |
| 5.20% 4/1/30 | 22000 | 22490 |
| 5.30% 4/1/44 | 38000 | 34037 |
| 6.40% 12/1/30 | 70000 | 75435 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 4.25% 2/15/48 | 68000 | 55097 |
| 4.60% 1/15/31 | 51000 | 51388 |
| 6.45% 9/1/40 | 2000 | 2193 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 5.15% 6/1/30 | 37000 | 37778 |
| 5.30% 12/1/34 | 38000 | 37911 |
| MPLX LP | MPLX LP | MPLX LP |
| 1.75% 3/1/26 | 105000 | 102972 |
| 4.50% 4/15/38 | 78000 | 68985 |
| Spectra Energy Partners LP <br> 4.50% 3/15/45<br>| 48000 | 39432 |
| Texas Eastern <br> Transmission LP 7.00% <br> 7/15/32<br>| 16000 | 17671 |
| Williams Cos., Inc. 5.40% <br> 3/2/26<br>| 69000 | 69393 |
|  |  | **810726** |
| **Private Equity–0.05%** | **Private Equity–0.05%** | **Private Equity–0.05%** |
| KKR Group Finance Co. <br> III LLC 5.13% 6/1/44<br>| 28000 | 25413 |
| KKR Group Finance Co. <br> XII LLC 4.85% 5/17/32<br>| 161000 | 160189 |
|  |  | **185602** |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-10

------

**LVIP Invesco Select Equity Income Managed Volatility 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–0.34%** | **Real Estate Investment Trusts–0.34%** | **Real Estate Investment Trusts–0.34%** |
| American Tower Corp. 1.60% <br> 4/15/26<br>| 137000 | $133962 |
| Brixmor Operating <br> Partnership LP 5.50% <br> 2/15/34<br>| 144000 | 145604 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 2.50% 7/15/31 | 224000 | 195457 |
| 4.75% 5/15/47 | 4000 | 3411 |
| CubeSmart LP 2.50% 2/15/32 | 166000 | 142678 |
| EPR Properties 4.75% <br> 12/15/26<br>| 154000 | 153749 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 3.50% 7/1/26 | 40000 | 39597 |
| 5.70% 4/1/28 | 53000 | 54743 |
| Kimco Realty OP LLC 3.20% <br> 4/1/32<br>| 185000 | 168676 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 2.95% 9/15/29 | 240000 | 227087 |
| 4.65% 3/15/49 | 69000 | 59870 |
|  |  | **1324834** |
| **Retail–0.17%** | **Retail–0.17%** | **Retail–0.17%** |
| Lowe's Cos., Inc. 4.25% 4/1/52 | 72000 | 56355 |
| Ross Stores, Inc. 0.88% <br> 4/15/26<br>| 310000 | 301171 |
| Starbucks Corp. 3.55% <br> 8/15/29<br>| 300000 | 291863 |
|  |  | **649389** |
| **Semiconductors–0.11%** | **Semiconductors–0.11%** | **Semiconductors–0.11%** |
| Broadcom, Inc. 3.47% 4/15/34 | 35000 | 31265 |
| Marvell Technology, Inc. <br> 2.45% 4/15/28<br>| 192000 | 182441 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 3.37% 11/1/41 | 28000 | 20551 |
| 4.66% 2/15/30 | 100000 | 99787 |
| 5.65% 11/1/32 | 35000 | 36382 |
| NXP BV/NXP Funding LLC <br> 5.35% 3/1/26<br>| 64000 | 64305 |
|  |  | **434731** |
| **Software–0.27%** | **Software–0.27%** | **Software–0.27%** |
| Electronic Arts, Inc. 4.80% <br> 3/1/26<br>| 145000 | 145090 |
| Fidelity National Information <br> Services, Inc. 1.15% 3/1/26<br>| 155000 | 151641 |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 3.13% 11/3/25 | 100000 | 99566 |
| 3.50% 2/12/35 | 36000 | 33640 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 3.60% 4/1/40 | 175000 | 140066 |
| 6.00% 8/3/55 | 42000 | 41929 |
| Paychex, Inc. 5.35% 4/15/32 | 68000 | 69826 |
| Salesforce, Inc. 2.70% 7/15/41 | 167000 | 120130 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 4.55% 4/1/27 | 65000 | $65324 |
| 5.70% 4/1/55 | 52000 | 51701 |
| Take-Two Interactive <br> Software, Inc. 3.70% 4/14/27<br>| 51000 | 50496 |
| Workday, Inc. 3.50% 4/1/27 | 76000 | 75017 |
|  |  | **1044426** |
| **Telecommunications–0.23%** | **Telecommunications–0.23%** | **Telecommunications–0.23%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 3.55% 9/15/55 | 14000 | 9446 |
| 3.80% 12/1/57 | 161000 | 112652 |
| 4.30% 2/15/30 | 30000 | 29902 |
| 6.05% 8/15/56 | 68000 | 69395 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 4.55% 2/24/28 | 79000 | 80044 |
| 5.30% 2/26/54 | 50000 | 48489 |
| Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
| 4.30% 2/15/48 | 136000 | 109055 |
| 4.50% 3/15/43 | 52000 | 43852 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 2.70% 3/15/32 | 170000 | 149823 |
| 3.40% 10/15/52 | 118000 | 78822 |
| 5.88% 11/15/55 | 51000 | 50979 |
| 6.00% 6/15/54 | 46000 | 46826 |
| Verizon Communications, Inc. <br> 3.40% 3/22/41<br>| 92000 | 70963 |
|  |  | **900248** |
| **Transportation–0.11%** | **Transportation–0.11%** | **Transportation–0.11%** |
| Burlington Northern Santa <br> Fe LLC 5.80% 3/15/56<br>| 51000 | 52480 |
| Canadian Pacific Railway Co. <br> 3.00% 12/2/41<br>| 63000 | 45811 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 3.40% 11/1/49 | 103000 | 72200 |
| 5.35% 8/1/54 | 50000 | 47752 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 3.20% 5/20/41 | 161000 | 123011 |
| 3.84% 3/20/60 | 51000 | 36702 |
| 4.15% 1/15/45 | 39000 | 31375 |
| United Parcel Service, Inc. <br> 3.40% 11/15/46<br>| 22000 | 15869 |
|  |  | **425200** |
| **Total Corporate Bonds** <br>**(Cost $22,949,971)** | **Total Corporate Bonds** <br>**(Cost $22,949,971)** | **22118448** |
| **U.S. TREASURY OBLIGATIONS–3.37%** | **U.S. TREASURY OBLIGATIONS–3.37%** | **U.S. TREASURY OBLIGATIONS–3.37%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 4.50% 2/15/36 | 1088200 | 1116553 |
| 4.50% 8/15/39 | 3600 | 3587 |
| 4.38% 5/15/40 | 7200 | 7037 |
| 4.63% 2/15/55 | 332900 | 324057 |
| 5.00% 5/15/45 | 410000 | 421147 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-11

------

**LVIP Invesco Select Equity Income Managed Volatility 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 | U.S. Treasury Notes | U.S. Treasury Notes |
| 4.25% 5/15/35 | 183000 | $183286 |
| 3.88% 6/15/28 | 792500 | 796710 |
| 4.00% 6/30/32 | 1615200 | 1616462 |
| 3.88% 6/30/30 | 1286200 | 1291124 |
| 3.75% 6/30/27 | 7411700 | 7416332 |
| **Total U.S. Treasury Obligations** <br>**(Cost $13,320,468)** | **Total U.S. Treasury Obligations** <br>**(Cost $13,320,468)** | **13176295** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **Money Market Fund–3.42%** | **Money Market Fund–3.42%** | **Money Market Fund–3.42%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund –Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 13390913 | 13390913 |
| **Total Money Market Fund** <br>**(Cost $13,390,913)** | **Total Money Market Fund** <br>**(Cost $13,390,913)** | **13390913** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| <br>**Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENT–0.01%** | **SHORT-TERM INVESTMENT–0.01%** | **SHORT-TERM INVESTMENT–0.01%** |
| **U.S. TREASURY OBLIGATIONS–0.01%** | **U.S. TREASURY OBLIGATIONS–0.01%** | **U.S. TREASURY OBLIGATIONS–0.01%** |
| ≠U.S. Treasury Bills 4.17% <br> 5/14/26<br>| 12000 | $11595 |
|  |  | **11595** |
| **Total Short-Term Investment** <br>**(Cost $11,582)** | **Total Short-Term Investment** <br>**(Cost $11,582)** | **11595** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.59% (Cost $286,705,117)** | **389729332** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.41%** | **1622614** |
| **NET ASSETS APPLICABLE TO 28,430,130 SHARES OUTSTANDING–100.00%** | **$391351946** |
| **NET ASSET VALUE PER SHARE–LVIP INVESCO SELECT EQUITY INCOME MANAGED VOLATILITY FUND SERVICE** <br> **CLASS** <br>**($391,351,946 / 28,430,130 Shares)** | **$13.765** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$258222231** |
| Distributable earnings/(accumulated loss) | **133129715** |
| **TOTAL NET ASSETS** | **$391351946** |

---

&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. |
| ^Zero coupon security. |
| ♦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 June 30, 2025. Rate will reset at a future date. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $767,057 cash collateral held at broker for futures contracts, $42,595 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $29,416 variation margin due from broker on futures contracts, $10,520,735 payable for securities purchased, <br> $116,256 payable for fund shares redeemed, $26,442 other accrued expenses payable, $306,463 due to manager and affiliates, $16,205 <br> payable for audit fee and $28,043 payable for fund accounting fee as of June 30, 2025.<br>

LVIP Invesco Select Equity Income Managed Volatility Fund-12

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 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>|
| BNY | CAD | &nbsp;&nbsp; (816202)<br>| USD | &nbsp;&nbsp; 596666 | 7/9/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2996)<br>|
| BNY | EUR | &nbsp;&nbsp; (919332)<br>| USD | &nbsp;&nbsp; 1054340 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29248)<br>|
| SSB | CAD | &nbsp;&nbsp; (40287)<br>| USD | &nbsp;&nbsp; 29469 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (130)<br>|
| SSB | CAD | &nbsp;&nbsp; (70249)<br>| USD | &nbsp;&nbsp; 51780 | 7/9/25 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; — |
| SSB | CAD | &nbsp;&nbsp; 65090 | USD | &nbsp;&nbsp; (47475)<br>| 7/9/25 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; 113456 | USD | &nbsp;&nbsp; (130385)<br>| 7/9/25 | &nbsp;&nbsp; 3343 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; (24991)<br>| USD | &nbsp;&nbsp; 28630 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (826)<br>|
| SSB | GBP | &nbsp;&nbsp; (742665)<br>| USD | &nbsp;&nbsp; 1006053 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13408)<br>|
| SSB | GBP | &nbsp;&nbsp; 31243 | USD | &nbsp;&nbsp; (42706)<br>| 7/9/25 | &nbsp;&nbsp; 182 | &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; $4040 | &nbsp;&nbsp; $(46608)<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; $85781 | &nbsp;&nbsp; $84565 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; $1216 | &nbsp;&nbsp; $— |
| 1 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 147950 | &nbsp;&nbsp; 144339 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 3611 | &nbsp;&nbsp; — |
| 2 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 174863 | &nbsp;&nbsp; 174435 | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 5255 | &nbsp;&nbsp; — |
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| 7 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 763000 | &nbsp;&nbsp; 753550 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 9450 | &nbsp;&nbsp; — |
| (1) | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; (119125)<br>| &nbsp;&nbsp; (113685)<br>| &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5440)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 9450 | &nbsp;&nbsp; (5440)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 1 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 109585 | &nbsp;&nbsp; 107871 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; — |
| 19 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 5941063 | &nbsp;&nbsp; 5778033 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 163030 | &nbsp;&nbsp; — |
| 11 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3438050 | &nbsp;&nbsp; 3386681 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 51369 | &nbsp;&nbsp; — |
| 3 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 188248 | &nbsp;&nbsp; 189118 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (870)<br>|
| 1 | FTSE 100 Index Futures | &nbsp;&nbsp; 120649 | &nbsp;&nbsp; 121663 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1014)<br>|
| 2 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 123350 | &nbsp;&nbsp; 121525 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 217938 | &nbsp;&nbsp; (1884)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $232643 | &nbsp;&nbsp; $(7324)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BNY–BNY Mellon |
| CAD–Canadian Dollar |
| CBOT–Chicago Board of Trade |
| CME–Chicago Mercantile Exchange |
| EUR–Euro |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| ICE–Intercontinental Exchange |
| IT–Information Technology |
| LNG–Liquefied Natural Gas |
| MSCI–Morgan Stanley Capital International |
| REIT–Real Estate Investment Trust |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-13

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| S&P–Standard & Poor's |
| SSB–State Street Bank |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Invesco Select Equity Income Managed Volatility Fund-14

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Invesco Select Equity Income Managed** <br> **Volatility Fund** | **LVIP Invesco Select Equity Income Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Dividends | $3334148 |
| Interest | 1291458 |
| Foreign taxes withheld | (26085)<br>|
|  | 4599521 |
| **EXPENSES:** |  |
| Management fees | 1112191 |
| Distribution fees-Service Class | 684685 |
| Accounting and administration expenses | 58361 |
| Shareholder servicing fees | 57086 |
| Professional fees | 25210 |
| Reports and statements to shareholders | 24030 |
| Custodian fees | 19596 |
| Pricing fees | 13346 |
| Consulting fees | 6138 |
| Trustees' fees and expenses | 6075 |
| Other | 9108 |
|  | 2015826 |
| Less:  |  |
| Expenses reimbursed | (219099)<br>|
| Total operating expenses | 1796727 |
| **NET INVESTMENT INCOME**  | 2802794 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 13281604 |
| Foreign currencies | 25891 |
| Foreign currency exchange contracts | (191648)<br>|
| Futures contracts | (11454746)<br>|
| Net realized gain | 1661101 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 5144528 |
| Foreign currencies | 13600 |
| Foreign currency exchange contracts | (102013)<br>|
| Futures contracts | 927532 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 5983647 |
| **NET REALIZED AND UNREALIZED GAIN** | 7644748 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $10447542 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Invesco Select Equity Income Managed** <br> **Volatility Fund** | **LVIP Invesco Select Equity Income Managed** <br> **Volatility Fund** | **LVIP Invesco Select Equity Income Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $2802794 | $6452514 |
| Net realized gain | 1661101 | 34052851 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 5983647 | 11816537 |
| Net increase in net assets resulting <br> from operations<br>| 10447542 | 52321902 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (210749)<br>|
| Service Class |  | (23940509)<br>|
|  |  | (24151258)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 220319 | 1054671 |
| Service Class | 5817972 | 8462300 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 210749 |
| Service Class |  | 23940509 |
|  | 6038291 | 33668229 |
| Cost of shares redeemed: |  |  |
| Standard Class | (3608961)<br>| (1106176)<br>|
| Service Class | (34305307)<br>| (88873637)<br>|
|  | (37914268)<br>| (89979813)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (31875977)<br>| (56311584)<br>|
| **NET DECREASE IN NET ASSETS** | (21428435)<br>| (28140940)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 412780381 | 440921321 |
| End of period | $391351946 | $412780381 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Invesco Select Equity Income Managed Volatility Fund-15

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** | **LVIP Invesco Select Equity Income Managed Volatility Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $13.401 | &nbsp;&nbsp; $12.605 | &nbsp;&nbsp; $12.031 | &nbsp;&nbsp; $14.447 | &nbsp;&nbsp; $12.338 | &nbsp;&nbsp; $11.925 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.094 | 0.200 | 0.202 | 0.166 | 0.120 | 0.152 |
| Net realized and unrealized gain (loss) | 0.270 | 1.388 | 1.178 | &nbsp;&nbsp; (1.282)<br>| 2.370 | 0.638 |
| Total from investment operations | 0.364 | 1.588 | 1.380 | &nbsp;&nbsp; (1.116)<br>| 2.490 | 0.790 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.228)<br>| &nbsp;&nbsp; (0.218)<br>| &nbsp;&nbsp; (0.188)<br>| &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.148)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.564)<br>| &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (1.112)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.229)<br>|
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.792)<br>| &nbsp;&nbsp; (0.806)<br>| &nbsp;&nbsp; (1.300)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.377)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.765 | &nbsp;&nbsp; $13.401 | &nbsp;&nbsp; $12.605 | &nbsp;&nbsp; $12.031 | &nbsp;&nbsp; $14.447 | &nbsp;&nbsp; $12.338 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 12.66% | &nbsp;&nbsp; 11.79% | &nbsp;&nbsp; (7.26%)<br>| &nbsp;&nbsp; 20.19% | &nbsp;&nbsp; 6.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $391352 | &nbsp;&nbsp; $409290 | &nbsp;&nbsp; $437790 | &nbsp;&nbsp; $439324 | &nbsp;&nbsp; $525078 | &nbsp;&nbsp; $507139 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.37% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.22% |
| Portfolio turnover | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> Effective May 1, 2020 Schroder Investment Management North America Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund's volatility risk management strategy overlay, replacing SSGA Funds Management, 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 Invesco Select Equity Income Managed Volatility Fund-16

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 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 Invesco Select Equity Income Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. 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.

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 six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

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 Invesco Select Equity Income Managed Volatility Fund-17

------

**LVIP Invesco Select Equity Income 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)**

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 June 30, 2025, the value and cost of foreign currency held by the LVIP Invesco Select Equity Income Managed Volatility Fund is $21,834 and $21,475 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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 0.565% 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 0.915% of the average daily net assets. 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 six months ended June 30, 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** |  |
|  | **2025** | **2026** | **2027** | **Total** |
| LFI | &nbsp;&nbsp; $448941 | &nbsp;&nbsp; $419391 | &nbsp;&nbsp; $412403 | &nbsp;&nbsp; $1280735 |

---

Invesco Advisers, Inc. ("Invesco Advisers") and Invesco Capital Management, LLC ("Invesco Capital") are sub-advisers to the Fund with each responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays Invesco Advisers and Invesco Captial a fee based on their managed portions of the Fund's average daily net assets.

LVIP Invesco Select Equity Income Managed Volatility Fund-18

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $16992 |
| Legal | &nbsp;&nbsp; 2590 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,970 for the six months ended June 30, 2025.

The Fund currently offers one class of shares: Service Class. The 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 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 June 30, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $42595 |
| Management fees payable to LFI | &nbsp;&nbsp; 179085 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 110938 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 7248 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 9192 |

---

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 six months ended June 30, 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.

During the six months ended June 30, 2025, the Portfolio paid brokerage commissions to affiliated brokers/dealers:

---

| | |
|:---|:---|
| **Affiliate** | **Commission** |
| Invesco Capital Markets, Inc | &nbsp;&nbsp; $5995 |

---

**3. Investments**

For the six months ended June 30, 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; $74488391 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 73099872 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 100481438 |
| Sales of U.S. government securities | &nbsp;&nbsp; 75300878 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-19

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**LVIP Invesco Select Equity Income 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 June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $286705117 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $108966721 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (5759755)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $103206966 |

---

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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $8396466 | &nbsp;&nbsp; $724671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9121137 |
| Air Freight & Logistics | &nbsp;&nbsp; 1707054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1707054 |
| Automobiles | &nbsp;&nbsp; 1633154 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1633154 |
| Banks | &nbsp;&nbsp; 26192246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26192246 |
| Beverages | &nbsp;&nbsp; 4634216 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4634216 |
| Biotechnology | &nbsp;&nbsp; 3209913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3209913 |
| Broadline Retail | &nbsp;&nbsp; 3906869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3906869 |
| Building Products | &nbsp;&nbsp; 4656027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4656027 |
| Capital Markets | &nbsp;&nbsp; 16505705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16505705 |
| Chemicals | &nbsp;&nbsp; 5832563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5832563 |
| Commercial Services & Supplies | &nbsp;&nbsp; 1499614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499614 |
| Communications Equipment | &nbsp;&nbsp; 5031764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5031764 |
| Construction & Engineering | &nbsp;&nbsp; 344053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 344053 |
| Construction Materials | &nbsp;&nbsp; 2141322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2141322 |
| Consumer Finance | &nbsp;&nbsp; 3482479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3482479 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 10169739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10169739 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-20

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Containers & Packaging | &nbsp;&nbsp; $811695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $811695 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 2618342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2618342 |
| Electric Utilities | &nbsp;&nbsp; 10618419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10618419 |
| Electrical Equipment | &nbsp;&nbsp; 9613650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9613650 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5053035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5053035 |
| Energy Equipment & Services | &nbsp;&nbsp; 620123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 620123 |
| Entertainment | &nbsp;&nbsp; 5911054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5911054 |
| Financial Services | &nbsp;&nbsp; 6918842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6918842 |
| Food Products | &nbsp;&nbsp; 2203049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2203049 |
| Ground Transportation | &nbsp;&nbsp; 4926493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4926493 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 8657967 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8657967 |
| Health Care Providers & Services | &nbsp;&nbsp; 11473995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11473995 |
| Health Care REITs | &nbsp;&nbsp; 631608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 631608 |
| Health Care Technology | &nbsp;&nbsp; 372934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 372934 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 9891650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9891650 |
| Household Durables | &nbsp;&nbsp; 956447 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 956447 |
| Household Products | &nbsp;&nbsp; 5672521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5672521 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 388977 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 388977 |
| Industrial Conglomerates | &nbsp;&nbsp; 645388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 645388 |
| Industrial REITs | &nbsp;&nbsp; 1705362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1705362 |
| Insurance | &nbsp;&nbsp; 11716483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11716483 |
| Interactive Media & Services | &nbsp;&nbsp; 4344981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4344981 |
| IT Services | &nbsp;&nbsp; 3598756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3598756 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 3308143 | &nbsp;&nbsp; 622192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3930335 |
| Machinery | &nbsp;&nbsp; 9985298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9985298 |
| Media | &nbsp;&nbsp; 1994874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1994874 |
| Metals & Mining | &nbsp;&nbsp; 1423882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1423882 |
| Multi-Utilities | &nbsp;&nbsp; 4661226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4661226 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 19371074 | &nbsp;&nbsp; 1280515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20651589 |
| Passenger Airlines | &nbsp;&nbsp; 306539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 306539 |
| Personal Care Products | &nbsp;&nbsp; 274769 | &nbsp;&nbsp; 661807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 936576 |
| Pharmaceuticals | &nbsp;&nbsp; 10479900 | &nbsp;&nbsp; 1874566 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12354466 |
| Professional Services | &nbsp;&nbsp; 1213551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1213551 |
| Real Estate Management & Development | &nbsp;&nbsp; 2131363 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2131363 |
| Residential REITs | &nbsp;&nbsp; 609656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 609656 |
| Retail REITs | &nbsp;&nbsp; 630577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 630577 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 14867012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14867012 |
| Software | &nbsp;&nbsp; 16921706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16921706 |
| Specialized REITs | &nbsp;&nbsp; 3715545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3715545 |
| Specialty Retail | &nbsp;&nbsp; 6314691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6314691 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1946935 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1946935 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1778830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1778830 |
| Tobacco | &nbsp;&nbsp; 5656676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5656676 |
| Trading Companies & Distributors | &nbsp;&nbsp; 2584274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2584274 |
| Water Utilities | &nbsp;&nbsp; 309659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 309659 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1352364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1352364 |
| Convertible Preferred Stock | &nbsp;&nbsp; 349062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 349062 |
| Agency Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 77803 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77803 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 14907966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14907966 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 22118448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22118448 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13176295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13176295 |
| Money Market Fund | &nbsp;&nbsp; 13390913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13390913 |

---

LVIP Invesco Select Equity Income Managed Volatility Fund-21

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11595 |
| **Total Investments** | &nbsp;&nbsp; $334273474 | &nbsp;&nbsp; $55455858 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $389729332 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4040 |
| Futures Contracts | &nbsp;&nbsp; $232643 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232643 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(46608)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(46608)<br>|
| Futures Contracts | &nbsp;&nbsp; $(7324)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7324)<br>|

---

There were no Level 3 investments at the end of the period.

As a result of utilizing International fair value pricing at June 30, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 16554 | &nbsp;&nbsp; 76706 |
| Service Class | &nbsp;&nbsp; 436936 | &nbsp;&nbsp; 630315 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 15628 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1779572 |
|  | &nbsp;&nbsp; 453490 | &nbsp;&nbsp; 2502221 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (276499)<br>| &nbsp;&nbsp; (80290)<br>|
| Service Class | &nbsp;&nbsp; (2548548)<br>| &nbsp;&nbsp; (6599284)<br>|
|  | &nbsp;&nbsp; (2825047)<br>| &nbsp;&nbsp; (6679574)<br>|
| Net decrease | &nbsp;&nbsp; (2371557)<br>| &nbsp;&nbsp; (4177353)<br>|

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

LVIP Invesco Select Equity Income Managed Volatility Fund-22

------

**LVIP Invesco Select Equity Income 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. Derivatives (continued)**

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the six months ended June 30, 2025, the Fund entered into foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 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 June 30, 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>| $4040 | Receivables and other assets net of <br> liabilities<br>| $(46608)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 217938 | Receivables and other assets net of <br> liabilities<br>| (1884)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 5255 | Receivables and other assets net of <br> liabilities<br>|  |
| Futures contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 9450 | Receivables and other assets net of <br> liabilities<br>| (5440)<br>|
| Total |  | $236683 |  | $(53932)<br>|

---

LVIP Invesco Select Equity Income Managed Volatility Fund-23

------

**LVIP Invesco Select Equity Income 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. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $(191648)<br>| &nbsp;&nbsp; $(102013)<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; (11378197)<br>| &nbsp;&nbsp; 901795 |
| 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; (71113)<br>| &nbsp;&nbsp; 21727 |
| 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; (5436)<br>| &nbsp;&nbsp; 4010 |
| Total |  | &nbsp;&nbsp; $(11646394)<br>| &nbsp;&nbsp; $825519 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $1352464 | $5139417 |
| Futures contracts (average notional value) | 12094011 | 8298796 |

---

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.

**7. 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 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 six months ended June 30, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by

LVIP Invesco Select Equity Income Managed Volatility Fund-24

------

**LVIP Invesco Select Equity Income Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Risk Factors (continued)**

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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

At a meeting held on March 3-4, 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 BlackRock Dividend Value 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, including approval by shareholders of the Fund. Proxy materials regarding the Reorganization will be distributed to owners of the variable annuity contracts or variable life insurance policies, as applicable, who are shareholders of the Fund, as of the close of business on May 1, 2025 ("Record Date"). A meeting of shareholders, as of the Record Date, to consider the Reorganization is scheduled to be held on or about July 31, 2025, and the Fund's Reorganization is expected to be completed on or about August 1, 2025 ("Closing Date"). Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Invesco Select Equity Income Managed Volatility Fund-25

------

![](img6d5e1bba1.jpg)

LVIP JPMorgan Core Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan Core Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_65acfa92-6b28-432c-891a-4d2c37a36751_SOI-continued-632_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_65acfa92-6b28-432c-891a-4d2c37a36751_FS-continued-632_1)**  | &nbsp;&nbsp; **42** |
| **[Statements of Changes in Net Assets](#xx_65acfa92-6b28-432c-891a-4d2c37a36751_FS-continued-632_1)**  | &nbsp;&nbsp; **42** |
| **[Financial Highlights](#xx_65acfa92-6b28-432c-891a-4d2c37a36751_FIHI-continued-632_1)**  | &nbsp;&nbsp; **43** |
| **[Notes to Financial Statements](#xx_65acfa92-6b28-432c-891a-4d2c37a36751_NTF-continued-632_1)**  | &nbsp;&nbsp; **45** |

---

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–4.65%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–4.65%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–4.65%** |
| Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| Series 1863 Class Z 6.50% <br> 7/15/26<br>| 2 | $2 |
| Series 1981 Class Z 6.00% <br> 5/15/27<br>| 255 | 255 |
| Series 1987 Class PE 7.50% <br> 9/15/27<br>| 1358 | 1392 |
| Series 1999 Class PU 7.00% <br> 10/15/27<br>| 1492 | 1501 |
| Series 2031 Class PG 7.00% <br> 2/15/28<br>| 7715 | 7893 |
| Series 2035 Class PC 6.95% <br> 3/15/28<br>| 6767 | 6917 |
| \*Series 2038 Class PN 7.00% <br> 3/15/28<br>| 468 | 29 |
| Series 2054 Class PV 7.50% <br> 5/15/28<br>| 962 | 984 |
| Series 2057 Class PE 6.75% <br> 5/15/28<br>| 14440 | 14780 |
| Series 2064 Class TE 7.00% <br> 6/15/28<br>| 760 | 782 |
| Series 2075 Class PH 6.50% <br> 8/15/28<br>| 1784 | 1826 |
| Series 2095 Class PE 6.00% <br> 11/15/28<br>| 5647 | 5758 |
| •Series 2132 Class SB 11.37% <br> (30.05% minus 30 day USD <br> SOFR Average) 3/15/29<br>| 370 | 407 |
| Series 2178 Class PB 7.00% <br> 8/15/29<br>| 3268 | 3383 |
| Series 2182 Class ZB 8.00% <br> 9/15/29<br>| 4502 | 4642 |
| •Series 2204 Class GB 8.00% <br> 12/20/29<br>| 125 | 15 |
| Series 2247 Class Z 7.50% <br> 8/15/30<br>| 2102 | 2197 |
| Series 2259 Class ZC 7.35% <br> 10/15/30<br>| 46109 | 48177 |
| Series 2325 Class PM 7.00% <br> 6/15/31<br>| 1085 | 1132 |
| Series 2344 Class ZD 6.50% <br> 8/15/31<br>| 10921 | 11194 |
| Series 2344 Class ZJ 6.50% <br> 8/15/31<br>| 2600 | 2685 |
| Series 2345 Class NE 6.50% <br> 8/15/31<br>| 1346 | 1399 |
| Series 2359 Class ZB 8.50% <br> 6/15/31<br>| 5679 | 6054 |
| Series 2367 Class ME 6.50% <br> 10/15/31<br>| 20434 | 21445 |
| ~^Series 2390 Class DO 0.00% <br> 12/15/31<br>| 1019 | 973 |
| •Series 2410 Class QS 8.01% <br> (19.20% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 3117 | 3380 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2410 Class QX 4.23% <br> (8.54% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 2516 | $231 |
| •Series 2412 Class SP 7.26% <br> (15.87% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 3454 | 3711 |
| Series 2423 Class MC 7.00% <br> 3/15/32<br>| 6142 | 6440 |
| Series 2423 Class MT 7.00% <br> 3/15/32<br>| 9110 | 9562 |
| Series 2435 Class CJ 6.50% <br> 4/15/32<br>| 19240 | 20078 |
| \*•Series 2444 Class ES 3.53% <br> (7.84% minus 30 day USD <br> SOFR Average) 3/15/32<br>| 3940 | 364 |
| \*•Series 2450 Class SW 3.58% <br> (7.89% minus 30 day USD <br> SOFR Average) 3/15/32<br>| 2627 | 239 |
| Series 2455 Class GK 6.50% <br> 5/15/32<br>| 7690 | 8018 |
| Series 2484 Class LZ 6.50% <br> 7/15/32<br>| 5445 | 5605 |
| Series 2500 Class MC 6.00% <br> 9/15/32<br>| 11575 | 12049 |
| Series 2543 Class YX 6.00% <br> 12/15/32<br>| 231986 | 240144 |
| Series 2544 Class HC 6.00% <br> 12/15/32<br>| 13452 | 13908 |
| Series 2574 Class PE 5.50% <br> 2/15/33<br>| 73383 | 75259 |
| Series 2575 Class ME 6.00% <br> 2/15/33<br>| 38849 | 40181 |
| \*Series 2586 Class WI 6.50% <br> 3/15/33<br>| 2268 | 334 |
| Series 2647 Class A 3.25% <br> 4/15/32<br>| 10279 | 10001 |
| Series 2764 Class UG 5.00% <br> 3/15/34<br>| 60671 | 61600 |
| Series 2949 Class GE 5.50% <br> 3/15/35<br>| 84825 | 87339 |
| Series 3047 Class OD 5.50% <br> 10/15/35<br>| 56967 | 58156 |
| •Series 3085 Class VS 11.05% <br> (28.26% minus 30 day USD <br> SOFR Average) 12/15/35<br>| 21192 | 25561 |
| Series 3098 Class KG 5.50% <br> 1/15/36<br>| 77957 | 79716 |
| ~^Series 3117 Class EO 0.00% <br> 2/15/36<br>| 6442 | 5438 |
| \*•Series 3260 Class CS 1.72% <br> (6.03% minus 30 day USD <br> SOFR Average) 1/15/37<br>| 7247 | 586 |
| \*•Series 3380 Class SI 1.95% <br> (6.26% minus 30 day USD <br> SOFR Average) 10/15/37<br>| 405435 | 36604 |

---

LVIP JPMorgan Core Bond Fund-1

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. REMICS (continued) | Federal Home Loan Mortgage Corp. REMICS (continued) | Federal Home Loan Mortgage Corp. REMICS (continued) |
| \*•Series 3385 Class SN 1.58% <br> (5.89% minus 30 day USD <br> SOFR Average) 11/15/37<br>| 6064 | $367 |
| \*•Series 3387 Class SA 2.00% <br> (6.31% minus 30 day USD <br> SOFR Average) 11/15/37<br>| 18723 | 1623 |
| Series 3423 Class PB 5.50% <br> 3/15/38<br>| 83180 | 86268 |
| \*•Series 3451 Class SA 1.63% <br> (5.94% minus 30 day USD <br> SOFR Average) 5/15/38<br>| 1892 | 167 |
| \*•Series 3455 Class SE 1.78% <br> (6.09% minus 30 day USD <br> SOFR Average) 6/15/38<br>| 64615 | 5893 |
| Series 3786 Class PD 4.50% <br> 1/15/41<br>| 407000 | 391410 |
| \*•Series 3973 Class SA 2.07% <br> (6.38% minus 30 day USD <br> SOFR Average) 12/15/41<br>| 310555 | 35748 |
| Series 4664 Class UZ 4.00% <br> 3/15/47<br>| 1390205 | 1249732 |
| Series 4793 Class CB 3.00% <br> 5/15/48<br>| 403757 | 356440 |
| Series 4793 Class CD 3.00% <br> 6/15/48<br>| 263551 | 232523 |
| Series 4813 Class CJ 3.00% <br> 8/15/48<br>| 237058 | 204057 |
| Series 4991 Class QV 2.00% <br> 9/25/45<br>| 357967 | 309573 |
| \*Series 5010 Class IK 2.50% <br> 9/25/50<br>| 298103 | 46189 |
| \*Series 5010 Class JI 2.50% <br> 9/25/50<br>| 790605 | 135109 |
| \*Series 5013 Class IN 2.50% <br> 9/25/50<br>| 373878 | 62649 |
| \*Series 5018 Class MI 2.00% <br> 10/25/50<br>| 751949 | 101697 |
| \*Series 5059 Class IB 2.50% <br> 1/25/51<br>| 1136084 | 189548 |
| Series 5092 Class AP 2.00% <br> 4/25/41<br>| 482666 | 421099 |
| \*Series 5140 Class NI 2.50% <br> 5/25/49<br>| 1272445 | 185157 |
| \*Series 5148 Class BI 2.50% <br> 1/25/49<br>| 2596218 | 386422 |
| \*Series 5148 Class CI 2.00% <br> 6/25/49<br>| 1244901 | 154175 |
| \*Series 5202 Class IN 3.00% <br> 1/25/47<br>| 996694 | 134252 |
| Series 5224 Class HL 4.00% <br> 4/25/52<br>| 1300000 | 1186677 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust |
| φSeries 2017-4 Class HT 3.25% <br> 6/25/57<br>| 9187419 | 8197937 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) |
| Series 2019-1 Class MT <br> 3.50% 7/25/58<br>| 2513624 | $2220700 |
| Series 2019-3 Class MB <br> 3.50% 10/25/58<br>| 294473 | 241145 |
| Series 2022-1 Class MTU <br> 3.25% 11/25/61<br>| 706303 | 602847 |
| Series 2022-2 Class M5TU <br> 4.00% 4/25/62<br>| 4279412 | 3949779 |
| Series 2023-1 Class MT <br> 3.00% 10/25/62<br>| 1156176 | 956470 |
| Series 2024-2 Class MT <br> 3.50% 5/25/64<br>| 5348994 | 4572139 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust | •Federal Home Loan Mortgage Corp. STACR REMICS Trust |
| Series 2021-DNA6 Class M2 <br> 5.81% (30 day USD SOFR <br> Average + 1.50%) 10/25/41<br>| 2269004 | 2277472 |
| Series 2022-DNA2 Class M1A <br> 5.61% (30 day USD SOFR <br> Average + 1.30%) 2/25/42<br>| 901357 | 903838 |
| Series 2022-DNA3 Class M1B <br> 7.21% (30 day USD SOFR <br> Average + 2.90%) 4/25/42<br>| 2640000 | 2718859 |
| Series 2022-DNA4 Class M1B <br> 7.66% (30 day USD SOFR <br> Average + 3.35%) 5/25/42<br>| 700000 | 727508 |
| Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
| \*Series 233 Class 11 5.00% <br> 9/15/35<br>| 12733 | 1972 |
| \*•Series 239 Class S30 3.28% <br> (7.59% minus 30 day USD <br> SOFR Average) 8/15/36<br>| 14643 | 1956 |
| Series 262 Class 35 3.50% <br> 7/15/42<br>| 71534 | 67832 |
| Series 299 Class 300 3.00% <br> 1/15/43<br>| 45183 | 41009 |
| \*•Series 334 Class S7 1.68% <br> (5.99% minus 30 day USD <br> SOFR Average) 8/15/44<br>| 518241 | 58697 |
| \*•Series 353 Class S1 1.58% <br> (5.89% minus 30 day USD <br> SOFR Average) 12/15/46<br>| 209771 | 23034 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates |
| ♦•Series T-41 Class 3A 4.45% <br> 7/25/32<br>| 5133 | 4911 |
| ♦Series T-54 Class 2A 6.50% <br> 2/25/43<br>| 42392 | 42863 |
| ♦Series T-54 Class 3A 7.00% <br> 2/25/43<br>| 18251 | 19248 |
| ~♦^Series T-56 Class A 0.00% <br> 5/25/43<br>| 129675 | 100529 |
| ~♦^Series T-58 Class A 0.00% <br> 9/25/43<br>| 6394 | 5296 |

---

LVIP JPMorgan Core Bond Fund-2

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2021-R01 Class 1M2 <br> 5.86% (30 day USD SOFR <br> Average + 1.55%) 10/25/41<br>| 632148 | $634171 |
| Series 2022-R03 Class 1M2 <br> 7.81% (30 day USD SOFR <br> Average + 3.50%) 3/25/42<br>| 760000 | 789587 |
| Series 2023-R06 Class 1M2 <br> 7.01% (30 day USD SOFR <br> Average + 2.70%) 7/25/43<br>| 1550000 | 1601819 |
| Federal National Mortgage <br> Association Grantor Trust <br> Series 2017-T1 Class A 2.90% <br> 6/25/27<br>| 660510 | 639539 |
| Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
| ~^Series 329 Class 1 0.00% <br> 1/25/33<br>| 1088 | 961 |
| \*Series 365 Class 8 5.50% <br> 5/25/36<br>| 5451 | 968 |
| \*Series 427 Class C73 3.00% <br> 12/25/48<br>| 1623851 | 269389 |
| Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| Series 1997-39 Class PD <br> 7.50% 5/20/27<br>| 539 | 549 |
| Series 1997-46 Class PL <br> 6.00% 7/18/27<br>| 747 | 752 |
| Series 1998-36 Class ZB <br> 6.00% 7/18/28<br>| 550 | 557 |
| Series 1998-46 Class GZ <br> 6.50% 8/18/28<br>| 1634 | 1671 |
| Series 1998-58 Class PC <br> 6.50% 10/25/28<br>| 5201 | 5325 |
| \*Series 1999-39 Class JH <br> 6.50% 8/25/29<br>| 9544 | 690 |
| \*Series 2000-52 IO 8.50% <br> 1/25/31<br>| 633 | 86 |
| Series 2001-30 Class PM <br> 7.00% 7/25/31<br>| 5600 | 5843 |
| \*Series 2001-33 Class ID <br> 6.00% 7/25/31<br>| 23169 | 2603 |
| Series 2001-36 Class DE <br> 7.00% 8/25/31<br>| 10446 | 10950 |
| Series 2001-44 Class PD <br> 7.00% 9/25/31<br>| 677 | 697 |
| Series 2001-61 Class Z 7.00% <br> 11/25/31<br>| 16923 | 17866 |
| •Series 2002-1 Class SA <br> 10.82% (24.82% minus 30 <br> day USD SOFR Average) <br> 2/25/32<br>| 427 | 507 |
| \*•Series 2002-13 Class SJ <br> 1.60% (7.99% minus 30 day <br> USD SOFR Average) <br> 3/25/32<br>| 11090 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2002-15 0.00% <br> 4/25/32<br>| 10071 | $9397 |
| Series 2002-28 Class PK <br> 6.50% 5/25/32<br>| 6722 | 6984 |
| \*•Series 2002-68 Class SH <br> 3.58% (7.89% minus 30 day <br> USD SOFR Average) <br> 10/18/32<br>| 15370 | 1366 |
| •Series 2002-77 Class S 6.38% <br> (14.27% minus 30 day USD <br> SOFR Average) 12/25/32<br>| 1427 | 1481 |
| \*•Series 2003-116 Class SB <br> 3.18% (7.49% minus 30 day <br> USD SOFR Average) <br> 11/25/33<br>| 18500 | 1551 |
| •Series 2003-130 Class SX <br> 4.89% (11.35% minus 30 day <br> USD SOFR Average) <br> 1/25/34<br>| 181 | 182 |
| Series 2003-131 Class CH <br> 5.50% 1/25/34<br>| 26387 | 26922 |
| ~^Series 2003-132 Class OA <br> 0.00% 8/25/33<br>| 298 | 282 |
| Series 2003-22 Class UD <br> 4.00% 4/25/33<br>| 40380 | 39895 |
| \*Series 2003-44 Class IU <br> 7.00% 6/25/33<br>| 8387 | 1336 |
| Series 2003-47 Class PE <br> 5.75% 6/25/33<br>| 6704 | 6923 |
| •Series 2003-64 Class SX <br> 2.68% (13.46% minus 30 day <br> USD SOFR Average) <br> 7/25/33<br>| 1332 | 1289 |
| Series 2003-7 Class A1 6.50% <br> 12/25/42<br>| 65563 | 66289 |
| •Series 2003-71 Class DS <br> 1.56% (7.31% minus 30 day <br> USD SOFR Average) <br> 8/25/33<br>| 11318 | 10146 |
| •Series 2003-91 Class SD <br> 5.13% (12.31% minus 30 day <br> USD SOFR Average) <br> 9/25/33<br>| 2041 | 2010 |
| Series 2004-35 Class AZ <br> 4.50% 5/25/34<br>| 34376 | 33960 |
| •Series 2004-36 Class SA <br> 7.37% (19.21% minus 30 day <br> USD SOFR Average) <br> 5/25/34<br>| 13331 | 14404 |
| •Series 2004-46 Class SK <br> 4.35% (16.19% minus 30 day <br> USD SOFR Average) <br> 5/25/34<br>| 4019 | 4096 |

---

LVIP JPMorgan Core Bond Fund-3

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued) | Federal National Mortgage Association REMICS (continued) | Federal National Mortgage Association REMICS (continued) |
| •Series 2004-51 Class SY <br> 5.40% (14.01% minus 30 day <br> USD SOFR Average) <br> 7/25/34<br>| 1324 | $1339 |
| •Series 2004-61 Class SK <br> 8.50% (50.19% minus 30 day <br> USD SOFR Average) <br> 11/25/32<br>| 7551 | 8055 |
| Series 2004-79 Class ZE <br> 5.50% 11/25/34<br>| 176605 | 179689 |
| Series 2004-91 Class HC <br> 6.00% 12/25/34<br>| 194189 | 200084 |
| •Series 2005-45 Class DC <br> 8.10% (23.89% minus 30 day <br> USD SOFR Average) <br> 6/25/35<br>| 19441 | 21986 |
| Series 2005-84 Class XM <br> 5.75% 10/25/35<br>| 9884 | 10206 |
| ~^Series 2006-110 0.00% <br> 11/25/36<br>| 8836 | 7514 |
| \*•Series 2006-117 Class GS <br> 2.23% (6.54% minus 30 day <br> USD SOFR Average) <br> 12/25/36<br>| 16339 | 1615 |
| ~^Series 2006-22 Class AO <br> 0.00% 4/25/36<br>| 9466 | 8141 |
| •Series 2006-46 Class SW <br> 7.99% (23.78% minus 30 day <br> USD SOFR Average) <br> 6/25/36<br>| 3024 | 3459 |
| \*•Series 2007-100 Class SM <br> 2.03% (6.34% minus 30 day <br> USD SOFR Average) <br> 10/25/37<br>| 17232 | 1738 |
| \*•Series 2007-53 Class SH <br> 1.68% (5.99% minus 30 day <br> USD SOFR Average) <br> 6/25/37<br>| 22367 | 1855 |
| \*•Series 2007-7 Class SG 2.08% <br> (6.39% minus 30 day USD <br> SOFR Average) 8/25/36<br>| 42337 | 3520 |
| \*•Series 2007-88 Class VI <br> 2.12% (6.43% minus 30 day <br> USD SOFR Average) <br> 9/25/37<br>| 29926 | 2844 |
| \*•Series 2008-1 Class BI 1.49% <br> (5.80% minus 30 day USD <br> SOFR Average) 2/25/38<br>| 16512 | 1300 |
| \*•Series 2008-16 Class IS <br> 1.78% (6.09% minus 30 day <br> USD SOFR Average) <br> 3/25/38<br>| 4920 | 386 |
| \*•Series 2008-46 Class HI <br> 2.15% 6/25/38<br>| 6830 | 380 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2008-53 Class CI <br> 2.78% (7.09% minus 30 day <br> USD SOFR Average) <br> 7/25/38<br>| 5451 | $641 |
| \*•Series 2009-112 Class ST <br> 1.83% (6.14% minus 30 day <br> USD SOFR Average) <br> 1/25/40<br>| 14951 | 1332 |
| \*•Series 2010-100 Class SV <br> 2.21% (6.52% minus 30 day <br> USD SOFR Average) <br> 9/25/40<br>| 633930 | 68274 |
| Series 2010-102 Class PN <br> 5.00% 9/25/40<br>| 205150 | 207302 |
| Series 2010-134 Class KZ <br> 4.50% 12/25/40<br>| 215575 | 192027 |
| \*•Series 2010-35 Class SB <br> 2.00% (6.31% minus 30 day <br> USD SOFR Average) <br> 4/25/40<br>| 5771 | 570 |
| Series 2010-80 Class PZ <br> 5.00% 7/25/40<br>| 219548 | 224064 |
| \*Series 2012-101 Class BI <br> 4.00% 9/25/27<br>| 162 | 0 |
| Series 2012-118 Class VZ <br> 3.00% 11/25/42<br>| 666601 | 601005 |
| Series 2012-30 Class DZ <br> 4.00% 4/25/42<br>| 125623 | 121987 |
| ~^Series 2013-128 0.00% <br> 12/25/43<br>| 59485 | 44826 |
| \*•Series 2013-54 Class BS <br> 1.73% (6.04% minus 30 day <br> USD SOFR Average) <br> 6/25/43<br>| 41410 | 4659 |
| Series 2013-67 Class KZ <br> 2.50% 4/25/43<br>| 944606 | 781668 |
| \*Series 2014-15 Class JI <br> 3.50% 4/25/29<br>| 953079 | 38574 |
| Series 2014-19 Class Z 4.50% <br> 4/25/44<br>| 413142 | 408584 |
| \*Series 2014-38 Class QI <br> 5.50% 12/25/43<br>| 194086 | 27607 |
| Series 2015-65 Class CZ <br> 3.50% 9/25/45<br>| 705054 | 601433 |
| Series 2016-38 Class NA <br> 3.00% 1/25/46<br>| 62644 | 58289 |
| \*•Series 2016-61 Class BS <br> 1.68% (5.99% minus 30 day <br> USD SOFR Average) <br> 9/25/46<br>| 705351 | 47784 |
| \*•Series 2017-76 Class SB <br> 1.68% (5.99% minus 30 day <br> USD SOFR Average) <br> 10/25/57<br>| 744714 | 96718 |

---

LVIP JPMorgan Core Bond Fund-4

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued) | Federal National Mortgage Association REMICS (continued) | Federal National Mortgage Association REMICS (continued) |
| \*•Series 2017-85 Class SC <br> 1.78% (6.09% minus 30 day <br> USD SOFR Average) <br> 11/25/47<br>| 133945 | $12188 |
| Series 2020-46 Class KB <br> 1.25% 6/25/50<br>| 7552314 | 5813639 |
| Series 2020-47 Class GZ <br> 2.00% 7/25/50<br>| 663047 | 419612 |
| Series 2020-56 Class AQ <br> 2.00% 8/25/50<br>| 2000000 | 1570837 |
| \*Series 2020-56 Class DI <br> 2.50% 8/25/50<br>| 343220 | 57036 |
| Series 2020-57 Class TA <br> 2.00% 4/25/50<br>| 1202993 | 1060790 |
| \*Series 2020-73 Class KI <br> 3.00% 10/25/50<br>| 440454 | 79235 |
| Series 2020-90 Class PE <br> 2.00% 12/25/50<br>| 1251917 | 999261 |
| Series 2021-1 Class EP 1.00% <br> 11/25/50<br>| 546939 | 414166 |
| \*Series 2021-1 Class IG 2.50% <br> 2/25/51<br>| 1181440 | 204232 |
| Series 2021-25 Class GA <br> 1.00% 5/25/51<br>| 908487 | 683535 |
| Series 2021-28 Class LB <br> 2.00% 4/25/51<br>| 1084547 | 887803 |
| \*Series 2021-3 Class QI 2.50% <br> 2/25/51<br>| 1382743 | 221858 |
| \*Series 2021-43 IO 2.50% <br> 6/25/51<br>| 2527653 | 393356 |
| \*Series 2021-44 Class MI <br> 2.50% 7/25/51<br>| 677123 | 119786 |
| \*Series 2021-61 Class KI <br> 2.50% 4/25/49<br>| 2441655 | 363966 |
| Series 2021-65 Class JA <br> 2.00% 1/25/46<br>| 378356 | 335523 |
| Series 2021-86 Class MA <br> 2.50% 11/25/47<br>| 9025470 | 8201953 |
| Series 2021-95 Class GA <br> 1.88% 3/25/51<br>| 7823859 | 6521123 |
| Series 2022-29 Class KZ <br> 1.50% 6/25/42<br>| 1361498 | 998562 |
| \*Series 2022-86 IO 2.50% <br> 5/25/50<br>| 1520692 | 214756 |
| Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
| ~^Series 1999-W1 0.00% <br> 2/25/29<br>| 4122 | 3733 |
| Series 1999-W4 Class A9 <br> 6.25% 2/25/29<br>| 14765 | 14908 |
| Series 2002-W7 Class A4 <br> 6.00% 6/25/29<br>| 68152 | 69301 |
| •Series 2003-W1 Class 1A1 <br> 4.74% 12/25/42<br>| 83489 | 82113 |
| •Series 2003-W1 Class 2A <br> 5.13% 12/25/42<br>| 12761 | 12537 |

---

---

| | | |
|:---|:---|:---|
|  | **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 <br> Association Trust Series <br> 2004-W2 Class 2A2 7.00% <br> 2/25/44<br>| 4084 | $4228 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| •Series 2013-107 Class AD <br> 2.79% 11/16/47<br>| 274395 | 252761 |
| \*•Series 2013-50 IO 0.06% <br> 10/16/48<br>| 2981397 | 7766 |
| \*•Series 2013-74 IO 0.48% <br> 12/16/53<br>| 2222926 | 23103 |
| •Series 2014-17 Class AM <br> 3.54% 6/16/48<br>| 3555 | 3472 |
| \*•Series 2016-128 IO 0.82% <br> 9/16/56<br>| 2297665 | 64066 |
| \*•Series 2017-145 IO 0.50% <br> 4/16/57<br>| 1166454 | 31748 |
| \*•Series 2017-157 IO 0.52% <br> 12/16/59<br>| 578385 | 17722 |
| \*•Series 2017-8 IO 0.44% <br> 8/16/58<br>| 868704 | 18516 |
| Series 2020-103 Class AD <br> 1.45% 1/16/63<br>| 1342927 | 1029171 |
| \*•Series 2020-109 Class AI <br> 0.84% 5/16/60<br>| 1476338 | 86219 |
| \*•Series 2020-184 IO 0.91% <br> 11/16/60<br>| 2064439 | 135910 |
| \*•Series 2021-110 IO 0.87% <br> 11/16/63<br>| 3475808 | 233079 |
| \*•Series 2021-133 IO 0.88% <br> 7/16/63<br>| 3941296 | 264152 |
| Series 2021-2 Class AH <br> 1.50% 6/16/63<br>| 162887 | 118647 |
| \*•Series 2021-37 IO 0.80% <br> 1/16/61<br>| 2076774 | 118488 |
| \*•Series 2021-60 IO 0.83% <br> 5/16/63<br>| 1655986 | 94538 |
| \*•Series 2021-68 IO 0.87% <br> 10/16/62<br>| 1981283 | 119052 |
| •Series 2022-196 Class BE <br> 3.00% 10/16/64<br>| 900000 | 614671 |
| \*•Series 2022-210 IO 0.70% <br> 7/16/64<br>| 1039056 | 65481 |
| \*•Series 2022-216 IO 0.75% <br> 7/16/65<br>| 1076312 | 64990 |
| •Series 2022-220 Class E <br> 3.00% 10/16/64<br>| 600000 | 416218 |
| \*•Series 2022-3 IO 0.64% <br> 2/16/61<br>| 4958756 | 243582 |
| \*•Series 2022-59 IO 0.57% <br> 2/16/62<br>| 2544076 | 106753 |
| Series 2023-92 Class AH <br> 2.00% 6/16/64<br>| 4263731 | 3196270 |
| \*•Series 2023-92 Class IA <br> 0.61% 6/16/64<br>| 4561201 | 250715 |

---

LVIP JPMorgan Core Bond Fund-5

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
| Series 2001-10 Class PE <br> 6.50% 3/16/31<br>| 75291 | $77367 |
| •Series 2004-28 Class S 7.49% <br> (19.35% minus 1 mo. USD <br> Term SOFR) 4/16/34<br>| 5117 | 5575 |
| Series 2006-38 Class OH <br> 6.50% 8/20/36<br>| 373521 | 398243 |
| \*•Series 2007-45 Class QA <br> 2.21% (6.53% minus 1 mo. <br> USD Term SOFR) 7/20/37<br>| 25241 | 2505 |
| \*•Series 2007-51 Class SG <br> 2.15% (6.47% minus 1 mo. <br> USD Term SOFR) 8/20/37<br>| 80341 | 8042 |
| \*•Series 2007-76 Class SA <br> 2.10% (6.42% minus 1 mo. <br> USD Term SOFR) 11/20/37<br>| 20980 | 2053 |
| \*•Series 2008-2 Class MS <br> 2.73% (7.05% minus 1 mo. <br> USD Term SOFR) 1/16/38<br>| 20206 | 2324 |
| \*•Series 2008-55 Class SA <br> 1.77% (6.09% minus 1 mo. <br> USD Term SOFR) 6/20/38<br>| 12365 | 1148 |
| Series 2009-104 Class KB <br> 5.50% 11/16/39<br>| 236000 | 239406 |
| \*•Series 2009-106 Class ST <br> 1.57% (5.89% minus 1 mo. <br> USD Term SOFR) 2/20/38<br>| 62152 | 4565 |
| \*Series 2009-14 Class KI <br> 6.50% 3/20/39<br>| 18984 | 4460 |
| \*Series 2009-14 Class NI <br> 6.50% 3/20/39<br>| 14120 | 3090 |
| \*•Series 2009-22 Class SA <br> 1.84% (6.16% minus 1 mo. <br> USD Term SOFR) 4/20/39<br>| 27791 | 1714 |
| \*•Series 2009-31 Class TS <br> 1.87% (6.19% minus 1 mo. <br> USD Term SOFR) 3/20/39<br>| 10001 | 199 |
| \*•Series 2009-6 Class SA 1.67% <br> (5.99% minus 1 mo. USD <br> Term SOFR) 2/16/39<br>| 7241 | 601 |
| \*•Series 2009-6 Class SH 1.61% <br> (5.93% minus 1 mo. USD <br> Term SOFR) 2/20/39<br>| 23860 | 2061 |
| \*•Series 2009-64 Class SN <br> 1.67% (5.99% minus 1 mo. <br> USD Term SOFR) 7/16/39<br>| 19057 | 851 |
| ~^Series 2009-79 Class OK <br> 0.00% 11/16/37<br>| 13630 | 11416 |
| Series 2010-130 Class CP <br> 7.00% 10/16/40<br>| 18750 | 20403 |
| \*•Series 2011-75 Class SM <br> 2.17% (6.49% minus 1 mo. <br> USD Term SOFR) 5/20/41<br>| 35448 | 3184 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2011-H19 Class FA <br> 4.92% (1 mo. USD Term <br> SOFR + 0.58%) 8/20/61<br>| 51443 | $51251 |
| •Series 2012-H23 Class SA <br> 4.98% (1 mo. USD Term <br> SOFR + 0.64%) 10/20/62<br>| 50067 | 49613 |
| \*Series 2013-53 Class OI <br> 3.50% 4/20/43<br>| 254987 | 32475 |
| Series 2013-69 Class MA <br> 1.50% 8/20/42<br>| 140574 | 125219 |
| •Series 2013-H08 Class FC <br> 4.90% (1 mo. USD Term <br> SOFR + 0.56%) 2/20/63<br>| 74114 | 73855 |
| Series 2013-H09 Class HA <br> 1.65% 4/20/63<br>| 2500 | 2363 |
| •Series 2014-H17 Class FC <br> 4.95% (1 mo. USD Term <br> SOFR + 0.61%) 7/20/64<br>| 85974 | 85790 |
| •Series 2015-137 Class WA <br> 5.55% 1/20/38<br>| 101410 | 103474 |
| •Series 2015-H16 Class FG <br> 4.89% (1 mo. USD Term <br> SOFR + 0.55%) 7/20/65<br>| 190993 | 190372 |
| •Series 2015-H30 Class FE <br> 5.05% (1 mo. USD Term <br> SOFR + 0.71%) 11/20/65<br>| 250961 | 250890 |
| \*•Series 2016-135 Class SB <br> 1.67% (5.99% minus 1 mo. <br> USD Term SOFR) 10/16/46<br>| 392983 | 56049 |
| Series 2016-135 Class Z <br> 3.00% 10/20/46<br>| 259302 | 215916 |
| \*•Series 2016-21 Class ST <br> 1.72% (6.04% minus 1 mo. <br> USD Term SOFR) 2/20/46<br>| 720170 | 87868 |
| \*Series 2016-84 Class IG <br> 4.50% 11/16/45<br>| 1069104 | 207328 |
| •Series 2016-H11 Class FD <br> 5.08% (1 yr. USD Term <br> SOFR + 1.12%) 5/20/66<br>| 55165 | 55354 |
| •Series 2016-H26 Class FC <br> 5.45% (1 mo. USD Term <br> SOFR + 1.11%) 12/20/66<br>| 42364 | 42474 |
| •Series 2017-H14 Class FK <br> 4.12% (1 yr. CMT + 0.20%) <br> 5/20/67<br>| 33863 | 33684 |
| •Series 2017-H14 Class FV <br> 4.95% (1 mo. USD Term <br> SOFR + 0.61%) 6/20/67<br>| 106690 | 106421 |
| \*•Series 2017-H22 Class IC <br> 2.94% 11/20/67<br>| 523387 | 19836 |
| •Series 2018-H13 Class FC <br> 4.75% (1 mo. USD Term <br> SOFR + 0.41%) 7/20/68<br>| 112683 | 112076 |

---

LVIP JPMorgan Core Bond Fund-6

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) | Government National Mortgage Association REMICS (continued) |
| •Series 2019-H13 Class FT <br> 4.37% (1 yr. CMT + 0.45%) <br> 8/20/69<br>| 28598 | $28538 |
| \*Series 2020-123 Class IL <br> 2.50% 8/20/50<br>| 227567 | 32244 |
| \*Series 2020-123 Class NI <br> 2.50% 8/20/50<br>| 783418 | 114045 |
| \*Series 2020-127 Class IN <br> 2.50% 8/20/50<br>| 314194 | 46408 |
| \*Series 2020-129 Class IE <br> 2.50% 9/20/50<br>| 326915 | 47207 |
| \*Series 2020-160 Class IH <br> 2.50% 10/20/50<br>| 205767 | 30629 |
| \*Series 2020-160 Class VI <br> 2.50% 10/20/50<br>| 335760 | 48593 |
| \*Series 2020-160 Class YI <br> 2.50% 10/20/50<br>| 1136948 | 162766 |
| \*Series 2020-173 Class MI <br> 2.50% 11/20/50<br>| 4686250 | 682575 |
| \*Series 2020-181 Class WI <br> 2.00% 12/20/50<br>| 2320363 | 277219 |
| •Series 2020-30 Class PT <br> 4.76% 3/20/48<br>| 516663 | 503075 |
| \*Series 2020-47 Class MI <br> 3.50% 4/20/50<br>| 619252 | 116219 |
| \*Series 2020-47 Class NI <br> 3.50% 4/20/50<br>| 233959 | 45135 |
| •Series 2020-H12 Class F <br> 4.95% (1 mo. USD Term <br> SOFR + 0.61%) 7/20/70<br>| 97064 | 96043 |
| •Series 2020-H13 Class FA <br> 4.90% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 304867 | 301197 |
| •Series 2020-H13 Class FC <br> 4.90% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 83276 | 82219 |
| Series 2021-188 Class PA <br> 2.00% 10/20/51<br>| 60442 | 49858 |
| \*Series 2021-191 Class NI <br> 3.00% 10/20/51<br>| 420914 | 83195 |
| Series 2021-223 Class P <br> 2.00% 6/20/51<br>| 879629 | 778060 |
| \*Series 2021-29 Class TI <br> 2.50% 2/20/51<br>| 1264349 | 224743 |
| Series 2021-77 Class LC <br> 1.25% 7/20/50<br>| 103193 | 81418 |
| Series 2022-139 Class AL <br> 4.00% 7/20/51<br>| 1500000 | 1365058 |
| Series 2022-189 Class PT <br> 2.50% 10/20/51<br>| 748195 | 614056 |
| Series 2022-99 Class JW <br> 2.50% 1/20/52<br>| 300000 | 234450 |
| Series 2024-197 Class BN <br> 3.00% 5/20/51<br>| 9390294 | 8657818 |

---

---

| | | |
|:---|:---|:---|
|  | **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 2025-6 Class A 3.50% <br> 11/20/50<br>| 26293076 | $24950378 |
| Seasoned Credit Risk <br> Transfer Trust Series 2025-1 <br> Class MTU 3.25% 11/25/64<br>| 7662451 | 6491118 |
| Seasoned Loans Structured <br> Transaction Trust Series <br> 2025-1 Class A1 3.00% <br> 5/25/35<br>| 7901342 | 7208375 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $134,334,443)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $134,334,443)** | **136139119** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.65%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.65%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.65%** |
| •Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Credit Risk <br> Series 2021-MN2 Class M1 <br> 6.11% (30 day USD SOFR <br> Average + 1.80%) 7/25/41<br>| 389947 | 387053 |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| \*♦•Series K058 Class X1 1.02% <br> 8/25/26<br>| 19039056 | 156406 |
| ♦Series K065 Class A2 3.24% <br> 4/25/27<br>| 215000 | 211500 |
| ♦•Series K070 Class A2 3.30% <br> 11/25/27<br>| 208000 | 205080 |
| ♦•Series K072 Class AM 3.50% <br> 12/25/27<br>| 1000000 | 981784 |
| ♦Series K079 Class AM 3.93% <br> 6/25/28<br>| 588000 | 585239 |
| ♦•Series K081 Class A2 3.90% <br> 8/25/28<br>| 395000 | 393138 |
| \*♦•Series K094 Class X1 1.01% <br> 6/25/29<br>| 2241628 | 65870 |
| \*♦•Series K094 Class XAM <br> 1.28% 6/25/29<br>| 3700000 | 151699 |
| \*♦•Series K095 Class XAM <br> 1.38% 6/25/29<br>| 900000 | 40732 |
| \*♦•Series K101 Class X1 0.94% <br> 10/25/29<br>| 875903 | 26237 |
| \*♦•Series K104 Class XAM <br> 1.50% 1/25/30<br>| 1900000 | 105120 |
| \*♦•Series K105 Class X1 1.64% <br> 1/25/30<br>| 5211974 | 296035 |
| \*♦•Series K110 Class X1 1.76% <br> 4/25/30<br>| 4302200 | 271293 |
| \*♦•Series K115 Class X1 1.42% <br> 6/25/30<br>| 1479387 | 79838 |
| \*♦•Series K116 Class X1 1.52% <br> 7/25/30<br>| 3631212 | 206862 |
| \*♦•Series K124 Class X1 0.81% <br> 12/25/30<br>| 1487378 | 48203 |

---

LVIP JPMorgan Core Bond Fund-7

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) |
| \*♦•Series K128 Class X1 0.61% <br> 3/25/31<br>| 6413607 | $151461 |
| \*♦•Series K130 Class X1 1.14% <br> 6/25/31<br>| 7959037 | 399186 |
| \*♦•Series K131 Class X1 0.83% <br> 7/25/31<br>| 6766474 | 247829 |
| \*♦•Series K133 Class X1 0.44% <br> 9/25/31<br>| 11602237 | 215173 |
| \*♦•Series K142 Class X1 0.40% <br> 3/25/32<br>| 5187803 | 92861 |
| \*♦•Series K143 Class X1 0.45% <br> 4/25/55<br>| 5276816 | 111723 |
| \*♦•Series K145 Class X1 0.43% <br> 5/25/32<br>| 5677198 | 114020 |
| ♦Series K146 Class A2 2.92% <br> 6/25/32<br>| 1100000 | 1006617 |
| \*♦•Series K147 Class X1 0.49% <br> 6/25/32<br>| 7564418 | 178554 |
| \*♦•Series K148 Class X1 0.39% <br> 7/25/32<br>| 14572099 | 253065 |
| \*♦•Series K149 Class X1 0.40% <br> 8/25/32<br>| 8356936 | 157287 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 1000000 | 955119 |
| ♦•Series K-151 Class A2 3.80% <br> 10/25/32<br>| 1150000 | 1103031 |
| \*♦•Series K-151 Class X1 0.33% <br> 10/25/32<br>| 15170063 | 216958 |
| \*♦•Series K-1511 Class X1 0.93% <br> 3/25/34<br>| 1847103 | 84033 |
| \*♦•Series K-1520 Class X1 0.58% <br> 2/25/36<br>| 3765017 | 132562 |
| ♦•Series K-153 Class A2 3.82% <br> 12/25/32<br>| 1000000 | 965126 |
| \*♦•Series K-157 Class X1 0.42% <br> 5/25/33<br>| 6797583 | 138077 |
| ♦•Series K507 Class A2 4.80% <br> 9/25/28<br>| 100000 | 102003 |
| \*♦•Series K737 Class X1 0.72% <br> 10/25/26<br>| 5609370 | 32295 |
| \*♦•Series K741 Class X1 0.64% <br> 12/25/27<br>| 2268016 | 25649 |
| \*♦•Series K742 Class X1 0.86% <br> 3/25/28<br>| 4624856 | 52407 |
| \*♦•Series K743 Class X1 1.01% <br> 5/25/28<br>| 2946999 | 67277 |
| ♦•Series K754 Class AM 4.94% <br> 11/25/30<br>| 4180000 | 4281460 |
| \*♦•Series KC05 Class X1 1.34% <br> 6/25/27<br>| 1023171 | 12074 |
| ♦Series KJ45 Class A2 4.66% <br> 1/25/31<br>| 815000 | 824304 |
| \*♦•Series KL06 Class XFX 1.46% <br> 12/25/29<br>| 4175831 | 173198 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Q013 Class APT2 <br> 1.17% 5/25/50<br>| 734680 | $694560 |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| •Series 2013-M6 Class 1AC <br> 3.49% 2/25/43<br>| 40815 | 38919 |
| •Series 2015-M10 Class A2 <br> 3.09% 4/25/27<br>| 208461 | 204609 |
| Series 2016-M11 Class AL <br> 2.94% 7/25/39<br>| 98365 | 93238 |
| •Series 2017-M12 Class A2 <br> 3.16% 6/25/27<br>| 223335 | 218736 |
| •Series 2017-M5 Class A2 <br> 3.11% 4/25/29<br>| 163576 | 157294 |
| •Series 2017-M7 Class A2 <br> 2.96% 2/25/27<br>| 619461 | 606767 |
| •Series 2017-M8 Class A2 <br> 3.06% 5/25/27<br>| 233299 | 228608 |
| •Series 2018-M10 Class A2 <br> 3.47% 7/25/28<br>| 446428 | 436982 |
| Series 2018-M15 Class 1A2 <br> 3.70% 1/25/36<br>| 900000 | 856227 |
| •Series 2018-M3 Class A2 <br> 3.17% 2/25/30<br>| 140224 | 133780 |
| •Series 2018-M9 Class APT2 <br> 3.21% 4/25/28<br>| 64852 | 62893 |
| •Series 2019-M23 Class 3A3 <br> 2.72% 10/25/31<br>| 457647 | 410061 |
| Series 2019-M4 Class A2 <br> 3.61% 2/25/31<br>| 290253 | 277181 |
| Series 2019-M5 Class A2 <br> 3.27% 2/25/29<br>| 464553 | 451483 |
| Series 2019-M6 Class A2 <br> 3.45% 1/1/29<br>| 160540 | 156396 |
| Series 2020-M50 Class A2 <br> 1.20% 10/25/30<br>| 279220 | 264411 |
| \*•Series 2020-M50 Class X1 <br> 1.92% 10/25/30<br>| 4344765 | 214026 |
| Series 2020-M6 Class A <br> 2.50% 10/25/37<br>| 152809 | 135818 |
| Series 2021-M3 Class 1A1 <br> 1.00% 11/25/33<br>| 3617 | 3605 |
| \*•Series 2021-M3 Class X1 <br> 2.02% 11/25/33<br>| 2279661 | 159425 |
| •Series 2022-M1G Class A2 <br> 1.58% 9/25/31<br>| 3350000 | 2859862 |
| •Series 2022-M1S Class A2 <br> 2.15% 4/25/32<br>| 1290000 | 1109539 |
| •Series 2022-M2S Class A2 <br> 3.88% 8/25/32<br>| 3875000 | 3665996 |
| •Series 2022-M3 Class A2 <br> 1.76% 11/25/31<br>| 1500000 | 1275198 |
| •Series 2023-M2 Class 3A2 <br> 2.05% 4/25/32<br>| 7500000 | 6425638 |

---

LVIP JPMorgan Core Bond Fund-8

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal National Mortgage Association-ACES (continued) | Federal National Mortgage Association-ACES (continued) | Federal National Mortgage Association-ACES (continued) |
| •Series 2023-M4 Class A2 <br> 3.89% 9/25/32<br>| 200000 | $190986 |
| •Series 2023-M8 Class A2 <br> 4.62% 3/25/33<br>| 9405000 | 9394954 |
| •FREMF Mortgage Trust | •FREMF Mortgage Trust | •FREMF Mortgage Trust |
| Series 2016-K59 Class B <br> 3.69% 11/25/49<br>| 180000 | 176443 |
| Series 2019-K102 Class B <br> 3.65% 12/25/51<br>| 750000 | 706338 |
| Series 2019-KBF3 Class B <br> 6.93% (30 day USD SOFR <br> Average + 2.61%) 1/25/29<br>| 548085 | 544922 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $47,966,122)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $47,966,122)** | **48460333** |
| **AGENCY MORTGAGE-BACKED SECURITIES–21.01%** | **AGENCY MORTGAGE-BACKED SECURITIES–21.01%** | **AGENCY MORTGAGE-BACKED SECURITIES–21.01%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 11/1/40 | 2062856 | 1721356 |
| 1.50% 5/1/41 | 2158855 | 1788058 |
| 1.50% 7/1/41 | 1607603 | 1333209 |
| 1.50% 10/1/41 | 2257100 | 1864473 |
| 1.50% 11/1/41 | 304279 | 251254 |
| 1.50% 2/1/51 | 586679 | 442895 |
| 1.50% 3/1/52 | 435725 | 327728 |
| 2.00% 10/1/40 | 960947 | 833739 |
| 2.00% 7/1/41 | 963059 | 830720 |
| 2.00% 9/1/41 | 2513443 | 2157122 |
| 2.00% 10/1/41 | 1021278 | 878297 |
| 2.00% 11/1/41 | 560859 | 483431 |
| 2.00% 12/1/41 | 1121224 | 962396 |
| 2.00% 1/1/42 | 3500672 | 3009441 |
| 2.00% 2/1/42 | 1001317 | 860500 |
| 2.00% 4/1/42 | 2220399 | 1908957 |
| 2.00% 5/1/42 | 166251 | 142799 |
| 2.00% 8/1/42 | 160189 | 138109 |
| 2.00% 11/1/50 | 1128978 | 908073 |
| 2.00% 2/1/51 | 2586951 | 2079480 |
| 2.00% 3/1/51 | 1446916 | 1163504 |
| 2.00% 4/1/51 | 435706 | 351261 |
| 2.00% 6/1/51 | 833131 | 668003 |
| 2.00% 8/1/51 | 756693 | 604452 |
| 2.00% 2/1/52 | 590967 | 472215 |
| 2.50% 4/1/41 | 123848 | 111015 |
| 2.50% 3/1/42 | 382636 | 340763 |
| 2.50% 11/1/49 | 10387179 | 8711314 |
| 2.50% 7/1/50 | 2888685 | 2415686 |
| 2.50% 11/1/50 | 2979607 | 2517899 |
| 2.50% 12/1/50 | 3192853 | 2689399 |
| 2.50% 1/1/51 | 32141 | 27010 |
| 2.50% 2/1/51 | 1227944 | 1039143 |
| 2.50% 3/1/51 | 63314 | 53589 |
| 2.50% 5/1/51 | 831485 | 697770 |
| 2.50% 7/1/51 | 297926 | 248278 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 8/1/51 | 2284875 | $1918675 |
| 2.50% 9/1/51 | 447330 | 376529 |
| 2.50% 10/1/51 | 2978305 | 2499656 |
| 2.50% 12/1/51 | 147625 | 123796 |
| 2.50% 1/1/52 | 17171846 | 14426042 |
| 2.50% 2/1/52 | 871215 | 731509 |
| 2.50% 3/1/52 | 77913 | 65590 |
| 2.50% 4/1/52 | 6301389 | 5306473 |
| 3.00% 9/1/32 | 65611 | 63789 |
| 3.00% 10/1/32 | 69132 | 67163 |
| 3.00% 10/1/33 | 45398 | 43786 |
| 3.00% 12/1/33 | 23271 | 22472 |
| 3.00% 6/1/36 | 51895 | 49224 |
| 3.00% 5/1/42 | 78050 | 71031 |
| 3.00% 7/1/42 | 478998 | 435924 |
| 3.00% 9/1/42 | 884782 | 805219 |
| 3.00% 1/1/47 | 1557336 | 1391666 |
| 3.00% 9/1/48 | 31595 | 28226 |
| 3.00% 9/1/49 | 319720 | 282663 |
| 3.00% 11/1/49 | 315500 | 279128 |
| 3.00% 1/1/50 | 39232 | 34771 |
| 3.00% 6/1/50 | 934303 | 810615 |
| 3.00% 8/1/50 | 4573297 | 4017524 |
| 3.00% 2/1/51 | 143953 | 126254 |
| 3.00% 6/1/51 | 441298 | 387908 |
| 3.00% 10/1/51 | 387263 | 340553 |
| 3.00% 11/1/51 | 269252 | 234529 |
| 3.00% 12/1/51 | 159674 | 139429 |
| 3.00% 1/1/52 | 219140 | 192569 |
| 3.00% 2/1/52 | 1326358 | 1149286 |
| 3.00% 4/1/52 | 160552 | 140530 |
| •3.01% (1 yr. USD RFUCCT + <br> 1.63%) 11/1/48<br>| 1895321 | 1858445 |
| •3.10% (1 yr. USD RFUCCT + <br> 1.62%) 2/1/50<br>| 1076231 | 1076137 |
| 3.50% 4/1/33 | 134327 | 131860 |
| 3.50% 1/1/38 | 756246 | 727124 |
| 3.50% 6/1/42 | 133698 | 124587 |
| 3.50% 7/1/50 | 444458 | 404537 |
| 3.50% 12/1/50 | 746079 | 684522 |
| 3.50% 1/1/52 | 142249 | 129051 |
| 3.50% 4/1/52 | 1341065 | 1217884 |
| 3.50% 5/1/52 | 1523175 | 1375336 |
| 3.50% 6/1/52 | 1651088 | 1495412 |
| •3.52% (1 yr. USD RFUCCT + <br> 1.62%) 11/1/47<br>| 610504 | 620203 |
| 3.75% 8/1/32 | 1200000 | 1144908 |
| 4.00% 9/1/32 | 200000 | 194075 |
| 4.00% 6/1/42 | 62407 | 59989 |
| 4.00% 8/1/44 | 12946 | 12191 |
| 4.00% 5/1/45 | 7871 | 7481 |
| 4.00% 10/1/45 | 12436 | 11795 |
| 4.00% 11/1/45 | 10189 | 9663 |
| 4.00% 1/1/46 | 100858 | 95702 |
| 4.00% 7/1/49 | 4682594 | 4433650 |

---

LVIP JPMorgan Core Bond Fund-9

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 4.00% 1/1/50 | 229709 | $216198 |
| 4.00% 7/1/50 | 813488 | 764490 |
| 4.00% 4/1/52 | 4066452 | 3812688 |
| 4.00% 7/1/52 | 277302 | 261534 |
| 4.00% 2/1/53 | 1453352 | 1369154 |
| 4.50% 10/1/35 | 90222 | 89943 |
| 4.50% 3/1/47 | 481725 | 472990 |
| 4.50% 5/1/47 | 30924 | 30144 |
| 4.50% 6/1/47 | 453790 | 442761 |
| 4.50% 9/1/50 | 152999 | 148169 |
| 4.50% 1/1/51 | 505344 | 488352 |
| 4.50% 7/1/52 | 627117 | 603168 |
| 4.50% 8/1/52 | 152196 | 147610 |
| 4.50% 9/1/52 | 166346 | 159410 |
| 4.50% 10/1/52 | 1416745 | 1358847 |
| 4.50% 11/1/52 | 3567969 | 3429479 |
| 4.50% 12/1/52 | 481787 | 463387 |
| 4.50% 3/1/54 | 7295954 | 7033581 |
| 4.60% 2/1/30 | 600000 | 602065 |
| 5.00% 1/1/49 | 9074 | 9058 |
| 5.00% 7/1/52 | 1792964 | 1765660 |
| 5.00% 11/1/52 | 307624 | 303175 |
| 5.00% 12/1/52 | 390070 | 383368 |
| 5.00% 1/1/53 | 1498736 | 1482397 |
| 5.00% 3/1/53 | 728073 | 718748 |
| 5.00% 4/1/53 | 1103037 | 1085532 |
| 5.00% 6/1/53 | 449764 | 445679 |
| 5.50% 10/1/33 | 9789 | 9918 |
| 5.50% 12/1/52 | 415911 | 419499 |
| 5.50% 1/1/53 | 213820 | 215665 |
| 5.50% 3/1/53 | 529963 | 533011 |
| 5.50% 4/1/53 | 1044025 | 1047543 |
| 5.50% 5/1/53 | 956101 | 961579 |
| 5.50% 6/1/53 | 766410 | 773022 |
| 5.50% 7/1/53 | 250031 | 251490 |
| 6.00% 2/1/32 | 1423 | 1474 |
| 6.00% 12/1/52 | 1191037 | 1214522 |
| •6.24% (1 yr. CMT + 2.11%) <br> 1/1/27<br>| 586 | 583 |
| •6.46% (1 yr. USD RFUCCT + <br> 1.80%) 1/1/37<br>| 5862 | 5977 |
| •6.48% (1 yr. CMT + 2.28%) <br> 4/1/30<br>| 421 | 420 |
| 6.50% 6/1/29 | 1986 | 2053 |
| 6.50% 11/1/34 | 2975 | 3099 |
| 6.50% 1/1/53 | 298324 | 310360 |
| 6.50% 2/1/53 | 690211 | 718778 |
| 6.50% 3/1/53 | 55814 | 58124 |
| 6.50% 4/1/53 | 530734 | 552701 |
| 6.50% 5/1/53 | 1032154 | 1075440 |
| •6.55% (1 yr. USD RFUCCT + <br> 1.58%) 3/1/35<br>| 11357 | 11510 |
| •6.75% (1 yr. USD RFUCCT + <br> 1.75%) 4/1/34<br>| 4682 | 4742 |
| 7.00% 7/1/29 | 15884 | 16204 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 7.00% 4/1/35 | 17849 | $18838 |
| 8.50% 7/1/28 | 82 | 83 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.27% 12/1/29 | 1201235 | 1057411 |
| 1.45% 10/1/30 | 1147894 | 1000816 |
| •1.46% 11/1/32 | 8245380 | 6790580 |
| 1.50% 1/1/31 | 1100000 | 950413 |
| 1.50% 1/1/51 | 524144 | 394579 |
| 1.50% 3/1/51 | 1911179 | 1438512 |
| •1.51% 11/1/32 | 13790069 | 11384540 |
| 1.56% 1/1/31 | 1300000 | 1125910 |
| •1.75% 3/1/32 | 1643967 | 1404643 |
| 1.76% 7/1/35 | 1500000 | 1189027 |
| 1.98% 1/1/32 | 1985000 | 1721654 |
| 2.00% 8/1/40 | 58842 | 51735 |
| 2.00% 6/1/41 | 211503 | 182418 |
| 2.00% 9/1/41 | 932257 | 803623 |
| 2.00% 10/1/41 | 874440 | 753754 |
| 2.00% 11/1/41 | 585529 | 501673 |
| 2.00% 12/1/41 | 977529 | 841804 |
| 2.00% 1/1/42 | 2878126 | 2480186 |
| 2.00% 2/1/42 | 756420 | 650422 |
| 2.00% 3/1/42 | 230000 | 197555 |
| 2.00% 5/1/42 | 326138 | 279989 |
| 2.00% 8/1/50 | 980505 | 782408 |
| 2.00% 9/1/50 | 1635594 | 1306902 |
| 2.00% 10/1/50 | 2778349 | 2219453 |
| 2.00% 1/1/51 | 355277 | 284657 |
| 2.00% 2/1/51 | 7259671 | 5809425 |
| 2.00% 3/1/51 | 4198658 | 3372166 |
| 2.00% 4/1/51 | 4757855 | 3798684 |
| 2.00% 5/1/51 | 1047905 | 833677 |
| 2.00% 7/1/51 | 85840 | 68492 |
| 2.00% 8/1/51 | 1087229 | 868752 |
| 2.00% 10/1/51 | 1273576 | 1024490 |
| 2.00% 11/1/51 | 381367 | 306508 |
| 2.00% 12/1/51 | 404553 | 320399 |
| 2.00% 1/1/52 | 1732153 | 1384354 |
| 2.00% 2/1/52 | 617593 | 496866 |
| 2.00% 3/1/52 | 1875297 | 1503361 |
| 2.01% 4/1/30 | 1262842 | 1143807 |
| 2.02% 8/1/30 | 1059000 | 949047 |
| •2.15% 2/1/32 | 1680134 | 1472978 |
| 2.18% 1/1/34 | 2856861 | 2419802 |
| 2.42% 10/1/29 | 677890 | 630425 |
| 2.50% 9/1/36 | 223571 | 207455 |
| 2.50% 3/1/38 | 674303 | 625954 |
| 2.50% 11/1/40 | 406703 | 368677 |
| 2.50% 3/1/41 | 452908 | 405983 |
| 2.50% 4/1/41 | 1076088 | 964149 |
| 2.50% 5/1/41 | 773308 | 691900 |
| 2.50% 11/1/41 | 218842 | 195350 |
| 2.50% 2/1/42 | 713033 | 635669 |
| 2.50% 3/1/42 | 374650 | 333768 |

---

LVIP JPMorgan Core Bond Fund-10

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 2.50% 4/1/42 | 852571 | $749770 |
| 2.50% 9/1/42 | 252137 | 224964 |
| 2.50% 5/1/50 | 1075746 | 904617 |
| 2.50% 6/1/50 | 264228 | 221953 |
| 2.50% 7/1/50 | 1290239 | 1072415 |
| 2.50% 9/1/50 | 399858 | 332775 |
| 2.50% 10/1/50 | 1628621 | 1368298 |
| 2.50% 11/1/50 | 350210 | 294994 |
| 2.50% 12/1/50 | 122356 | 102937 |
| 2.50% 1/1/51 | 859184 | 722847 |
| 2.50% 2/1/51 | 583913 | 490384 |
| 2.50% 3/1/51 | 319256 | 269126 |
| 2.50% 4/1/51 | 181092 | 152955 |
| 2.50% 5/1/51 | 918141 | 766467 |
| 2.50% 6/1/51 | 4565969 | 3839220 |
| 2.50% 7/1/51 | 1452360 | 1226374 |
| 2.50% 8/1/51 | 4187626 | 3516699 |
| 2.50% 9/1/51 | 3127543 | 2618718 |
| 2.50% 10/1/51 | 4928385 | 4132492 |
| 2.50% 11/1/51 | 1496534 | 1246542 |
| 2.50% 12/1/51 | 1275205 | 1063992 |
| 2.50% 1/1/52 | 2849341 | 2393234 |
| 2.50% 2/1/52 | 4073009 | 3424159 |
| 2.50% 3/1/52 | 5764191 | 4837680 |
| 2.50% 4/1/52 | 77870 | 65318 |
| 2.50% 9/1/52 | 7774072 | 6486371 |
| 2.50% 7/1/61 | 3961414 | 3144610 |
| 2.50% 9/1/61 | 1902979 | 1510593 |
| 2.50% 3/1/62 | 870196 | 690764 |
| 2.52% 11/1/29 | 1006979 | 941981 |
| 2.63% 3/1/26 | 428589 | 422552 |
| 2.93% 7/1/28 | 1226282 | 1187571 |
| 2.93% 10/1/29 | 1050357 | 997515 |
| 2.93% 6/1/30 | 630062 | 595897 |
| 2.95% 7/1/27 | 986676 | 963897 |
| 3.00% 9/1/31 | 51872 | 49201 |
| 3.00% 7/1/35 | 177476 | 168335 |
| 3.00% 2/1/36 | 451433 | 428802 |
| 3.00% 4/1/36 | 339205 | 322319 |
| 3.00% 7/1/36 | 729927 | 692376 |
| 3.00% 8/1/36 | 1193066 | 1131268 |
| 3.00% 10/1/36 | 802078 | 759758 |
| 3.00% 4/1/38 | 255492 | 245803 |
| 3.00% 6/1/38 | 385904 | 365385 |
| 3.00% 9/1/40 | 72239 | 67309 |
| 3.00% 1/1/41 | 115386 | 108810 |
| 3.00% 3/1/42 | 210197 | 189575 |
| 3.00% 5/1/42 | 318905 | 290116 |
| 3.00% 6/1/42 | 798112 | 721763 |
| 3.00% 6/1/43 | 77243 | 69495 |
| 3.00% 7/1/43 | 169487 | 152487 |
| 3.00% 10/1/43 | 167262 | 150450 |
| 3.00% 1/1/45 | 141213 | 127246 |
| 3.00% 9/1/46 | 50041 | 44463 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.00% 10/1/46 | 585932 | $522742 |
| 3.00% 12/1/46 | 342789 | 306360 |
| 3.00% 1/1/47 | 4151018 | 3720438 |
| 3.00% 2/1/47 | 1528991 | 1373879 |
| 3.00% 11/1/48 | 217369 | 195552 |
| 3.00% 2/1/50 | 598871 | 541315 |
| 3.00% 4/1/50 | 1079981 | 953543 |
| 3.00% 10/1/50 | 518629 | 455942 |
| 3.00% 11/1/50 | 1157995 | 1014853 |
| 3.00% 6/1/51 | 122457 | 108376 |
| 3.00% 8/1/51 | 1216519 | 1073987 |
| 3.00% 10/1/51 | 270857 | 238994 |
| 3.00% 11/1/51 | 12377650 | 10761481 |
| 3.00% 12/1/51 | 488213 | 428722 |
| 3.00% 1/1/52 | 7603193 | 6625133 |
| 3.00% 2/1/52 | 2225009 | 1947691 |
| 3.00% 3/1/52 | 6312495 | 5530472 |
| 3.00% 4/1/52 | 868786 | 758842 |
| 3.00% 6/1/52 | 501587 | 435226 |
| 3.00% 7/1/60 | 568979 | 489750 |
| 3.00% 3/1/61 | 868422 | 747457 |
| 3.00% 6/1/62 | 1152512 | 973411 |
| 3.03% 4/1/30 | 650000 | 615980 |
| 3.08% 1/1/30 | 2699727 | 2581097 |
| 3.08% 4/1/30 | 430469 | 411152 |
| 3.11% 3/1/30 | 1501305 | 1435551 |
| 3.12% 11/1/26 | 858760 | 845319 |
| 3.16% 5/1/29 | 274329 | 264417 |
| 3.19% 3/1/36 | 807635 | 763946 |
| 3.20% 2/1/29 | 169901 | 165038 |
| 3.25% 5/1/29 | 373090 | 361452 |
| 3.48% 3/1/37 | 929706 | 848966 |
| 3.50% 4/1/32 | 809640 | 797909 |
| 3.50% 12/1/34 | 213545 | 207607 |
| 3.50% 1/1/35 | 134406 | 130625 |
| 3.50% 2/1/37 | 99358 | 95973 |
| 3.50% 3/1/37 | 71452 | 69273 |
| 3.50% 12/1/37 | 119540 | 114379 |
| 3.50% 8/1/39 | 78796 | 75946 |
| 3.50% 2/1/40 | 406024 | 389359 |
| 3.50% 4/1/42 | 140869 | 132082 |
| 3.50% 12/1/42 | 67741 | 63541 |
| 3.50% 3/1/43 | 530915 | 499740 |
| 3.50% 5/1/43 | 160573 | 149440 |
| 3.50% 1/1/44 | 181880 | 169267 |
| 3.50% 11/1/44 | 5002787 | 4654697 |
| 3.50% 2/1/46 | 243302 | 224017 |
| 3.50% 10/1/46 | 117022 | 107743 |
| 3.50% 12/1/46 | 715460 | 671166 |
| 3.50% 12/1/47 | 1428478 | 1311367 |
| 3.50% 11/1/48 | 6302504 | 5833355 |
| 3.50% 8/1/49 | 481279 | 447710 |
| 3.50% 6/1/50 | 98494 | 90045 |
| 3.50% 11/1/51 | 1704167 | 1540829 |

---

LVIP JPMorgan Core Bond Fund-11

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.50% 12/1/51 | 143248 | $131085 |
| 3.50% 1/1/52 | 598222 | 545497 |
| 3.50% 3/1/52 | 502125 | 454141 |
| 3.50% 4/1/52 | 2387727 | 2167704 |
| 3.50% 5/1/52 | 3145559 | 2870842 |
| 3.50% 6/1/52 | 1629145 | 1475663 |
| 3.50% 3/1/60 | 614216 | 548738 |
| 3.50% 3/1/62 | 2527452 | 2242769 |
| 3.50% 6/1/62 | 891593 | 788640 |
| 3.52% 6/1/28 | 484238 | 476624 |
| 3.52% 6/1/32 | 300000 | 284463 |
| 3.54% 6/1/32 | 1386000 | 1301492 |
| 3.54% 11/1/32 | 1100000 | 1033925 |
| 3.56% 7/1/32 | 200000 | 190089 |
| 3.64% 8/1/28 | 898629 | 885045 |
| 3.67% 6/1/32 | 95477 | 91533 |
| 3.68% 9/1/32 | 936000 | 891546 |
| 3.70% 8/1/32 | 486290 | 464178 |
| 3.72% 8/1/32 | 961284 | 922509 |
| 3.73% 6/1/32 | 97320 | 93673 |
| 3.77% 12/1/25 | 136381 | 135664 |
| 3.80% 9/1/32 | 1105031 | 1058805 |
| 3.81% 12/1/28 | 300000 | 296973 |
| 3.81% 10/1/32 | 1245000 | 1194911 |
| 3.81% 11/1/32 | 1010000 | 968312 |
| 3.83% 7/1/32 | 197314 | 190377 |
| 3.84% 7/1/32 | 200000 | 192492 |
| 3.85% 8/1/32 | 200000 | 191457 |
| 3.86% 7/1/32 | 95441 | 92570 |
| 3.88% 7/1/32 | 191419 | 185838 |
| 3.89% 7/1/32 | 800000 | 767036 |
| 3.90% 6/1/32 | 100000 | 96416 |
| 3.90% 8/1/32 | 100000 | 96151 |
| 3.90% 2/1/33 | 1200000 | 1151739 |
| 3.96% 2/1/30 | 1200000 | 1179314 |
| 4.00% 2/1/36 | 365450 | 360160 |
| 4.00% 7/1/42 | 180985 | 173983 |
| 4.00% 9/1/42 | 48446 | 46512 |
| 4.00% 11/1/42 | 408160 | 393623 |
| 4.00% 4/1/44 | 930668 | 894341 |
| 4.00% 10/1/44 | 4991646 | 4748998 |
| 4.00% 12/1/44 | 156792 | 150739 |
| 4.00% 2/1/47 | 78924 | 74838 |
| 4.00% 5/1/47 | 628616 | 594493 |
| 4.00% 6/1/47 | 413879 | 393659 |
| 4.00% 6/1/48 | 99955 | 94713 |
| 4.00% 10/1/48 | 418469 | 394271 |
| 4.00% 1/1/49 | 441991 | 418557 |
| 4.00% 7/1/49 | 131793 | 124589 |
| 4.00% 3/1/50 | 364903 | 341658 |
| 4.00% 2/1/51 | 837966 | 786087 |
| 4.00% 11/1/51 | 576539 | 537582 |
| 4.00% 12/1/51 | 407992 | 380788 |
| 4.00% 4/1/52 | 4173746 | 3914279 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 5/1/52 | 69606 | $65323 |
| 4.00% 7/1/52 | 960492 | 898824 |
| 4.00% 7/1/56 | 173010 | 161273 |
| 4.00% 8/1/56 | 3229095 | 3010004 |
| 4.00% 6/1/57 | 671202 | 625663 |
| 4.00% 8/1/58 | 1292725 | 1212254 |
| 4.00% 8/1/59 | 1032018 | 962531 |
| 4.00% 12/1/61 | 760405 | 702132 |
| 4.00% 3/1/62 | 246101 | 226173 |
| 4.00% 6/1/62 | 276275 | 258014 |
| 4.06% 7/1/32 | 395856 | 385431 |
| 4.08% 2/1/34 | 2235000 | 2165105 |
| 4.11% 7/1/32 | 100000 | 97311 |
| 4.12% 11/1/32 | 1405000 | 1374512 |
| 4.13% 7/1/32 | 100000 | 97908 |
| 4.18% 11/1/30 | 285864 | 284736 |
| 4.19% 7/1/32 | 97650 | 96443 |
| 4.22% 10/1/32 | 1000000 | 983920 |
| 4.27% 10/1/32 | 480048 | 473637 |
| 4.32% 3/1/30 | 1600000 | 1605944 |
| 4.34% 7/1/32 | 100000 | 99436 |
| 4.36% 2/1/33 | 500000 | 495604 |
| 4.37% 1/1/32 | 12430585 | 12423544 |
| 4.42% 6/1/32 | 4692000 | 4680698 |
| 4.42% 3/1/33 | 500000 | 494919 |
| •4.44% (11th District CoF - <br> Consumer + 1.25%) 3/1/29<br>| 73 | 72 |
| 4.45% 12/1/32 | 1044957 | 1043035 |
| 4.45% 1/1/35 | 1861000 | 1832220 |
| 4.47% 3/1/33 | 2000000 | 1992039 |
| 4.49% 6/1/28 | 700000 | 708074 |
| 4.50% 11/1/38 | 290366 | 291576 |
| 4.50% 4/1/39 | 60566 | 59936 |
| 4.50% 5/1/39 | 1840 | 1835 |
| 4.50% 6/1/39 | 357372 | 356559 |
| 4.50% 10/1/43 | 420074 | 418773 |
| 4.50% 2/1/46 | 99778 | 97478 |
| 4.50% 3/1/46 | 614894 | 605151 |
| 4.50% 6/1/48 | 237573 | 231891 |
| 4.50% 7/1/48 | 303273 | 294906 |
| 4.50% 8/1/48 | 488751 | 475216 |
| 4.50% 10/1/48 | 24284 | 23659 |
| 4.50% 11/1/48 | 234141 | 227657 |
| 4.50% 4/1/49 | 183584 | 177492 |
| 4.50% 5/1/49 | 131855 | 127750 |
| 4.50% 7/1/49 | 310417 | 301060 |
| 4.50% 9/1/49 | 1437522 | 1397799 |
| 4.50% 1/1/50 | 2358357 | 2329435 |
| 4.50% 3/1/50 | 228671 | 224475 |
| 4.50% 5/1/50 | 308711 | 298605 |
| 4.50% 9/1/51 | 295773 | 285505 |
| 4.50% 8/1/52 | 232581 | 222883 |
| 4.50% 9/1/52 | 645400 | 622191 |
| 4.50% 11/1/52 | 1617341 | 1551114 |
| 4.50% 1/1/53 | 631819 | 608077 |

---

LVIP JPMorgan Core Bond Fund-12

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 4.50% 3/1/53 | 618904 | $593188 |
| 4.50% 4/1/53 | 478579 | 458459 |
| 4.50% 9/1/57 | 839641 | 803485 |
| 4.50% 8/1/58 | 829337 | 793634 |
| 4.50% 1/1/59 | 75321 | 71869 |
| 4.50% 6/1/62 | 794648 | 760094 |
| 4.53% 5/1/35 | 1840704 | 1817987 |
| 4.55% 9/1/33 | 2862069 | 2868485 |
| 4.55% 6/1/35 | 3210000 | 3168213 |
| 4.57% 6/1/30 | 1445667 | 1464179 |
| 4.58% 1/1/33 | 200000 | 201044 |
| 4.67% 11/1/34 | 2955000 | 2956281 |
| 4.68% 11/1/31 | 1050000 | 1064203 |
| 4.69% 1/1/33 | 296805 | 299732 |
| 4.74% 6/1/30 | 400000 | 404119 |
| 4.74% 2/1/33 | 1070000 | 1079230 |
| 4.79% 5/1/35 | 4770000 | 4798584 |
| 4.83% 9/1/28 | 1100000 | 1123070 |
| 4.86% 12/1/32 | 775000 | 793048 |
| 4.86% 4/1/35 | 2995749 | 3018969 |
| 4.87% 3/1/33 | 100000 | 101407 |
| 4.88% 9/1/28 | 500000 | 511529 |
| 4.88% 6/1/35 | 2502000 | 2532413 |
| 4.89% 4/1/34 | 2868600 | 2909520 |
| 5.00% 9/1/35 | 7286 | 7385 |
| 5.00% 9/1/48 | 537006 | 531431 |
| 5.00% 10/1/48 | 148437 | 146829 |
| 5.00% 1/1/49 | 238642 | 238669 |
| 5.00% 2/1/49 | 75012 | 74142 |
| 5.00% 4/1/49 | 147891 | 148241 |
| 5.00% 6/1/49 | 92303 | 91929 |
| 5.00% 9/1/49 | 711321 | 710673 |
| 5.00% 12/1/49 | 703245 | 710281 |
| 5.00% 6/1/52 | 374100 | 370103 |
| 5.00% 7/1/52 | 342274 | 336922 |
| 5.00% 8/1/52 | 151866 | 149567 |
| 5.00% 12/1/52 | 82007 | 80500 |
| 5.00% 1/1/53 | 412284 | 408539 |
| 5.00% 2/1/53 | 426418 | 420007 |
| 5.00% 3/1/53 | 674693 | 668564 |
| 5.00% 4/1/53 | 742363 | 735378 |
| 5.00% 5/1/53 | 441130 | 436980 |
| 5.00% 6/1/53 | 1612199 | 1583068 |
| 5.00% 12/1/61 | 708254 | 697624 |
| 5.21% 12/1/33 | 3089581 | 3194038 |
| 5.34% 9/1/28 | 200000 | 206911 |
| 5.50% 9/1/33 | 8477 | 8684 |
| 5.50% 5/1/34 | 136211 | 139558 |
| 5.50% 9/1/36 | 179941 | 184057 |
| 5.50% 1/1/38 | 550504 | 562971 |
| 5.50% 2/1/38 | 1930 | 1977 |
| 5.50% 3/1/38 | 1232 | 1262 |
| 5.50% 4/1/38 | 1696 | 1711 |
| 5.50% 6/1/38 | 376 | 385 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 1/1/39 | 209774 | $215718 |
| 5.50% 3/1/40 | 367710 | 376986 |
| 5.50% 3/1/41 | 188751 | 193142 |
| 5.50% 6/1/41 | 126442 | 129777 |
| 5.50% 7/1/41 | 407445 | 419829 |
| 5.50% 8/1/52 | 139100 | 139592 |
| 5.50% 2/1/53 | 234952 | 236979 |
| 5.50% 4/1/53 | 652213 | 657839 |
| 5.50% 5/1/53 | 1100116 | 1103951 |
| 5.50% 9/1/53 | 5722349 | 5755854 |
| 5.50% 1/1/58 | 998921 | 1030333 |
| 6.00% 9/1/28 | 283 | 282 |
| 6.00% 1/1/29 | 273 | 278 |
| 6.00% 3/1/32 | 3775 | 3872 |
| 6.00% 3/1/33 | 2332 | 2370 |
| 6.00% 10/1/39 | 229483 | 239397 |
| 6.00% 7/1/41 | 559973 | 586983 |
| 6.00% 1/1/53 | 296979 | 301861 |
| 6.00% 3/1/53 | 170735 | 175116 |
| 6.00% 5/1/53 | 821132 | 841054 |
| 6.00% 6/1/53 | 79347 | 80779 |
| 6.00% 7/1/53 | 1720979 | 1764989 |
| •6.21% (6 mo. USD RFUCCT <br> + 1.51%) 1/1/35<br>| 19015 | 19475 |
| •6.45% (1 yr. USD RFUCCT + <br> 1.61%) 1/1/34<br>| 4379 | 4446 |
| 6.50% 9/1/25 | 14 | 15 |
| 6.50% 4/1/32 | 10645 | 11125 |
| 6.50% 10/1/35 | 44462 | 45400 |
| 6.50% 11/1/36 | 16936 | 17856 |
| 6.50% 10/1/38 | 81952 | 84644 |
| 6.50% 11/1/52 | 279569 | 291767 |
| 6.50% 1/1/53 | 1342341 | 1400911 |
| 6.50% 2/1/53 | 378591 | 393716 |
| •6.52% (1 yr. CMT + 2.12%) <br> 8/1/34<br>| 8610 | 8805 |
| •6.58% (1 yr. CMT + 2.28%) <br> 4/1/33<br>| 6144 | 6304 |
| •6.59% (1 yr. USD RFUCCT + <br> 1.60%) 5/1/35<br>| 12435 | 12655 |
| •6.79% (1 yr. USD RFUCCT + <br> 1.74%) 10/1/34<br>| 6667 | 6745 |
| 7.00% 6/1/35 | 180110 | 190933 |
| •7.28% (1 yr. CMT + 2.15%) <br> 7/1/33<br>| 4601 | 4698 |
| 7.50% 3/1/30 | 798 | 798 |
| 8.00% 3/1/27 | 1410 | 1413 |
| 8.00% 11/1/28 | 4984 | 5111 |
| 8.50% 6/1/30 | 19 | 19 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 12/20/50 | 1089253 | 873046 |
| 2.00% 2/20/51 | 1128805 | 920079 |
| 2.00% 3/20/51 | 1190935 | 953478 |
| 2.50% 10/20/49 | 595693 | 509433 |
| 2.50% 12/20/50 | 851706 | 716757 |

---

LVIP JPMorgan Core Bond Fund-13

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 2.50% 1/20/51 | 264171 | $224732 |
| 2.50% 2/20/51 | 4318393 | 3672402 |
| 2.50% 5/20/51 | 249112 | 209597 |
| 2.50% 6/20/51 | 362315 | 305736 |
| 2.50% 7/20/51 | 622547 | 524421 |
| 2.50% 8/20/51 | 8086770 | 6870596 |
| 2.50% 10/20/51 | 4029881 | 3413954 |
| 2.50% 11/20/51 | 510678 | 432614 |
| 2.50% 12/20/51 | 1933415 | 1621078 |
| 2.50% 8/20/52 | 74890 | 63888 |
| 2.50% 9/20/52 | 302172 | 256851 |
| 2.50% 2/20/53 | 711846 | 610149 |
| 2.50% 9/20/53 | 14753776 | 12541047 |
| 2.50% 10/20/53 | 4195572 | 3568993 |
| 3.00% 9/15/42 | 300557 | 272514 |
| 3.00% 10/15/42 | 23665 | 21456 |
| 3.00% 1/20/46 | 38737 | 34792 |
| 3.00% 8/20/46 | 293119 | 263144 |
| 3.00% 11/20/46 | 151954 | 136256 |
| 3.00% 2/20/47 | 52235 | 46836 |
| 3.00% 4/20/47 | 34640 | 31061 |
| 3.00% 9/20/47 | 200533 | 179494 |
| 3.00% 1/20/50 | 590288 | 514338 |
| 3.00% 3/20/50 | 515507 | 450422 |
| 3.00% 7/20/50 | 907097 | 802651 |
| 3.00% 2/20/51 | 6010400 | 5333585 |
| 3.00% 5/20/51 | 56176 | 49768 |
| 3.00% 7/20/51 | 493710 | 437311 |
| 3.00% 9/20/51 | 4071614 | 3605853 |
| 3.00% 10/20/51 | 474810 | 420458 |
| 3.00% 11/20/51 | 740368 | 651450 |
| 3.00% 12/20/51 | 717682 | 635082 |
| 3.00% 1/20/52 | 744044 | 657717 |
| 3.00% 2/20/52 | 2117761 | 1863785 |
| 3.00% 3/20/52 | 7861510 | 6919652 |
| 3.00% 4/20/52 | 1552339 | 1356749 |
| 3.00% 11/20/52 | 556587 | 495248 |
| 3.00% 12/20/52 | 843185 | 746420 |
| 3.00% 1/20/53 | 386621 | 342103 |
| 3.00% 4/20/53 | 155034 | 138144 |
| 3.50% 3/20/45 | 8238 | 7670 |
| 3.50% 4/20/45 | 146581 | 136443 |
| 3.50% 11/20/45 | 164921 | 153479 |
| 3.50% 1/20/46 | 98456 | 91627 |
| 3.50% 3/20/46 | 465683 | 432233 |
| 3.50% 4/20/46 | 314096 | 292309 |
| 3.50% 5/20/46 | 128473 | 119561 |
| 3.50% 6/20/46 | 215714 | 200639 |
| 3.50% 7/20/46 | 133128 | 123763 |
| 3.50% 9/20/46 | 39843 | 36997 |
| 3.50% 9/20/47 | 1650926 | 1519864 |
| 3.50% 10/20/47 | 312721 | 286962 |
| 3.50% 9/20/48 | 4561307 | 4208432 |
| 3.50% 10/20/48 | 96652 | 89084 |

---

---

| | | |
|:---|:---|:---|
|  | **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% 11/20/48 | 949504 | $874611 |
| 3.50% 10/20/49 | 60386 | 54927 |
| 3.50% 2/20/50 | 103379 | 94035 |
| 3.50% 4/20/50 | 806123 | 730798 |
| 3.50% 5/15/50 | 203827 | 186158 |
| 3.50% 2/20/52 | 624180 | 566376 |
| 3.50% 3/20/52 | 338613 | 302969 |
| 3.50% 4/20/52 | 2039988 | 1861163 |
| 3.50% 6/20/52 | 261718 | 234813 |
| 3.50% 12/20/52 | 1264420 | 1154170 |
| 3.50% 2/20/53 | 81558 | 74608 |
| 3.75% 12/20/32 | 47987 | 47148 |
| 3.75% 4/20/48 | 1344567 | 1246052 |
| 4.00% 10/20/44 | 21057 | 20005 |
| 4.00% 8/20/46 | 394112 | 373334 |
| 4.00% 2/20/47 | 109892 | 103549 |
| 4.00% 6/20/47 | 999958 | 942593 |
| 4.00% 9/20/47 | 610747 | 575708 |
| 4.00% 11/20/47 | 317901 | 299663 |
| 4.00% 12/20/47 | 128625 | 121119 |
| 4.00% 2/20/48 | 395627 | 369003 |
| 4.00% 3/20/48 | 1339256 | 1262401 |
| 4.00% 4/20/48 | 95088 | 89396 |
| 4.00% 5/20/48 | 139824 | 132145 |
| 4.00% 8/20/48 | 375006 | 353372 |
| 4.00% 9/20/48 | 111652 | 105244 |
| 4.00% 2/20/49 | 718585 | 677357 |
| 4.00% 3/20/49 | 221192 | 208501 |
| 4.00% 4/20/49 | 186190 | 176713 |
| 4.00% 10/20/49 | 75825 | 71193 |
| 4.00% 11/20/49 | 522917 | 490974 |
| 4.00% 1/20/50 | 60034 | 55257 |
| 4.00% 2/20/50 | 379156 | 356478 |
| 4.00% 3/15/50 | 25514 | 23953 |
| 4.00% 3/20/50 | 453558 | 423173 |
| 4.00% 4/20/50 | 665788 | 619998 |
| 4.00% 2/20/52 | 900405 | 837631 |
| 4.00% 5/20/52 | 1106344 | 1033638 |
| 4.00% 6/20/52 | 1115046 | 1041499 |
| 4.00% 8/20/52 | 1907916 | 1782723 |
| 4.00% 4/20/53 | 172275 | 160871 |
| 4.50% 8/20/47 | 165904 | 161957 |
| 4.50% 4/20/48 | 300286 | 293138 |
| 4.50% 5/20/48 | 15778 | 15402 |
| 4.50% 6/20/48 | 356064 | 347294 |
| 4.50% 7/20/48 | 7690 | 7494 |
| 4.50% 8/20/48 | 1309899 | 1276020 |
| 4.50% 10/20/48 | 259294 | 252374 |
| 4.50% 12/20/48 | 463340 | 452809 |
| 4.50% 1/20/49 | 518997 | 507018 |
| 4.50% 2/20/49 | 468581 | 457597 |
| 4.50% 3/20/49 | 962129 | 939576 |
| 4.50% 9/20/49 | 641686 | 631135 |
| 4.50% 2/20/50 | 957348 | 929281 |

---

LVIP JPMorgan Core Bond Fund-14

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 4.50% 3/20/50 | 101158 | $98221 |
| 4.50% 5/20/50 | 1086695 | 1054806 |
| 4.50% 11/20/50 | 525547 | 511532 |
| 4.50% 12/20/50 | 134508 | 130576 |
| 4.50% 5/20/52 | 1915960 | 1851306 |
| 4.50% 8/20/52 | 896149 | 860953 |
| 4.50% 9/20/52 | 2143233 | 2065016 |
| 5.00% 5/20/48 | 108603 | 108403 |
| 5.00% 6/20/48 | 70062 | 70159 |
| 5.00% 9/20/48 | 134741 | 134479 |
| 5.00% 10/20/48 | 522535 | 522645 |
| 5.00% 11/20/48 | 217224 | 216791 |
| 5.00% 12/20/48 | 316712 | 316682 |
| 5.00% 1/20/49 | 371828 | 372288 |
| 5.00% 4/20/49 | 214971 | 214917 |
| 5.00% 9/20/49 | 220448 | 220042 |
| 5.00% 11/20/49 | 137414 | 137160 |
| 5.00% 1/20/50 | 196077 | 195715 |
| 5.00% 12/20/51 | 53530 | 53134 |
| 5.00% 9/20/52 | 402064 | 397845 |
| 5.00% 10/20/52 | 866940 | 856262 |
| 5.00% 11/20/52 | 1206035 | 1190747 |
| 5.00% 12/20/52 | 160727 | 158821 |
| 5.00% 1/20/53 | 2636067 | 2603985 |
| 5.00% 3/20/53 | 82416 | 81384 |
| 5.00% 5/20/53 | 410516 | 406470 |
| 5.00% 10/20/54 | 1085535 | 1068311 |
| 5.00% 6/20/63 | 594443 | 579235 |
| 5.50% 6/15/38 | 449521 | 468505 |
| 5.50% 7/15/38 | 413897 | 431373 |
| 5.50% 9/15/38 | 671356 | 701565 |
| 5.50% 11/20/52 | 1338634 | 1353076 |
| 5.50% 2/20/53 | 487531 | 489668 |
| 5.50% 6/20/53 | 751305 | 755984 |
| 5.50% 7/20/53 | 1061081 | 1067690 |
| 5.50% 11/20/54 | 1140073 | 1152950 |
| •5.76% (1 yr. CMT + 1.65%) <br> 4/20/72<br>| 1256997 | 1312824 |
| •5.78% (1 yr. CMT + 1.67%) <br> 4/20/72<br>| 1188676 | 1243092 |
| •5.80% (1 yr. CMT + 1.70%) <br> 2/20/72<br>| 1227677 | 1283239 |
| •5.82% (1 yr. CMT + 1.71%) <br> 3/20/72<br>| 1034101 | 1082062 |
| •5.91% (1 yr. CMT + 1.83%) <br> 8/20/71<br>| 1264088 | 1324737 |
| •5.93% (1 yr. CMT + 1.83%) <br> 7/20/72<br>| 957292 | 1010159 |
| 6.00% 5/15/37 | 23536 | 24242 |
| 6.00% 10/15/38 | 3195 | 3306 |
| 6.00% 4/20/53 | 906706 | 929171 |
| 6.00% 6/20/53 | 888257 | 910539 |
| 6.00% 6/20/63 | 600867 | 607091 |
| 6.50% 3/15/28 | 185 | 187 |
| 6.50% 12/15/38 | 9360 | 9943 |

---

---

| | | |
|:---|:---|:---|
|  | **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) |
| 7.00% 12/15/25 | 6 | $6 |
| 7.00% 11/15/27 | 193 | 193 |
| 7.00% 6/15/28 | 540 | 545 |
| 7.00% 6/15/33 | 1926 | 2025 |
| 7.50% 12/20/26 | 72 | 72 |
| 7.50% 9/15/28 | 400 | 401 |
| 8.00% 11/20/26 | 820 | 823 |
| 8.00% 1/20/27 | 103 | 103 |
| 8.00% 10/15/27 | 545 | 546 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $607,213,092)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $607,213,092)** | **615489686** |
| **AGENCY OBLIGATIONS–0.03%** | **AGENCY OBLIGATIONS–0.03%** | **AGENCY OBLIGATIONS–0.03%** |
| ^Federal National Mortgage <br> Association Principal <br> STRIPS 0.00% 3/23/28<br>| 630000 | 564690 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 4.25% 9/15/65 | 101000 | 81412 |
| 4.63% 9/15/60 | 93000 | 80995 |
| 5.88% 4/1/36 | 140000 | 154781 |
| **Total Agency Obligations** <br>**(Cost $905,566)** | **Total Agency Obligations** <br>**(Cost $905,566)** | **881878** |
| **CORPORATE BONDS–24.53%** | **CORPORATE BONDS–24.53%** | **CORPORATE BONDS–24.53%** |
| **Aerospace & Defense–0.56%** | **Aerospace & Defense–0.56%** | **Aerospace & Defense–0.56%** |
| BAE Systems PLC |  |  |
| 1.90% 2/15/31 | 200000 | 173786 |
| 5.80% 10/11/41 | 51000 | 52357 |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 200000 | 196878 |
| 2.70% 2/1/27 | 810000 | 787273 |
| 2.80% 3/1/27 | 240000 | 232984 |
| 3.20% 3/1/29 | 830000 | 790074 |
| 3.25% 3/1/28 | 224000 | 216343 |
| 3.75% 2/1/50 | 320000 | 225982 |
| 5.93% 5/1/60 | 560000 | 532315 |
| 6.30% 5/1/29 | 1190000 | 1258010 |
| 6.39% 5/1/31 | 675000 | 725419 |
| 6.53% 5/1/34 | 1110000 | 1206047 |
| General Dynamics Corp. <br> 4.25% 4/1/40<br>| 50000 | 44912 |
| L3Harris Technologies, Inc. |  |  |
| 4.85% 4/27/35 | 440000 | 430463 |
| 5.25% 6/1/31 | 1080000 | 1113976 |
| 5.40% 7/31/33 | 297000 | 305072 |
| Lockheed Martin Corp. |  |  |
| 4.15% 6/15/53 | 1580000 | 1253876 |
| 4.50% 5/15/36 | 640000 | 615203 |
| Northrop Grumman Corp. |  |  |
| 5.15% 5/1/40 | 140000 | 136946 |
| 5.25% 5/1/50 | 3390000 | 3176873 |
| RTX Corp. |  |  |
| 2.25% 7/1/30 | 570000 | 515062 |
| 3.13% 7/1/50 | 1520000 | 1007665 |
| 3.75% 11/1/46 | 80000 | 61038 |

---

LVIP JPMorgan Core Bond Fund-15

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| RTX Corp. (continued) |  |  |
| 4.13% 11/16/28 | 980000 | $976046 |
| 4.15% 5/15/45 | 138000 | 113014 |
| 4.35% 4/15/47 | 90000 | 74771 |
| 5.15% 2/27/33 | 221000 | 225901 |
|  |  | **16448286** |
| **Agriculture–0.24%** | **Agriculture–0.24%** | **Agriculture–0.24%** |
| Altria Group, Inc. |  |  |
| 2.45% 2/4/32 | 1730000 | 1492086 |
| 3.40% 2/4/41 | 610000 | 452512 |
| BAT Capital Corp. |  |  |
| 2.26% 3/25/28 | 210000 | 198683 |
| 3.56% 8/15/27 | 600000 | 590377 |
| 4.39% 8/15/37 | 250000 | 223554 |
| 4.54% 8/15/47 | 754000 | 609098 |
| BAT International Finance <br> PLC 1.67% 3/25/26<br>| 160000 | 156682 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75% 5/14/31 | 400000 | 362083 |
| 4.65% 9/17/34 | 1228000 | 1191489 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 5.95% 4/20/35<br>| 500000 | 517990 |
| Philip Morris International, <br> Inc. 2.10% 5/1/30<br>| 810000 | 729689 |
| Reynolds American, Inc. <br> 5.85% 8/15/45<br>| 150000 | 144720 |
| Viterra Finance BV 3.20% <br> 4/21/31<br>| 400000 | 367337 |
|  |  | **7036300** |
| **Airlines–0.45%** | **Airlines–0.45%** | **Airlines–0.45%** |
| ♦Air Canada Pass-Through <br> Trust<br>|  |  |
| 3.30% 7/15/31 | 173472 | 162233 |
| 3.55% 7/15/31 | 123432 | 115350 |
| 3.60% 9/15/28 | 55013 | 53710 |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.00% 4/15/30 | 75983 | 71871 |
| 3.38% 11/1/28 | 799232 | 778847 |
| 3.70% 4/1/28 | 23031 | 22617 |
| 3.95% 1/11/32 | 3875000 | 3652834 |
| 4.00% 3/22/29 | 2294470 | 2207801 |
| ♦British Airways Pass-Through <br> Trust<br>|  |  |
| 3.30% 6/15/34 | 112330 | 104367 |
| 3.80% 3/20/33 | 44453 | 42999 |
| 4.13% 3/20/33 | 60042 | 57415 |
| ♦Delta Air Lines Pass-Through <br> Trust 3.63% 1/30/29<br>| 234285 | 229851 |
| Delta Air Lines, Inc./SkyMiles <br> IP Ltd.<br>|  |  |
| 4.50% 10/20/25 | 193332 | 192864 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| Delta Air Lines, Inc./SkyMiles <br> IP Ltd. (continued)<br>|  |  |
| 4.75% 10/20/28 | 1580000 | $1583664 |
| ♦United Airlines Pass-Through <br> Trust<br>|  |  |
| 2.70% 11/1/33 | 168030 | 150139 |
| 2.88% 4/7/30 | 62362 | 58877 |
| 3.10% 4/7/30 | 199559 | 185977 |
| 3.65% 7/7/27 | 26431 | 26132 |
| 3.70% 9/1/31 | 275517 | 256874 |
| 4.00% 10/11/27 | 34148 | 33847 |
| 4.15% 2/25/33 | 184123 | 176338 |
| 4.30% 2/15/27 | 95691 | 95576 |
| 4.60% 9/1/27 | 55212 | 54528 |
| 5.45% 8/15/38 | 2759772 | 2785217 |
|  |  | **13099928** |
| **Apparel–0.06%** | **Apparel–0.06%** | **Apparel–0.06%** |
| NIKE, Inc. |  |  |
| 2.75% 3/27/27 | 320000 | 313084 |
| 2.85% 3/27/30 | 1220000 | 1149310 |
| 3.25% 3/27/40 | 330000 | 263452 |
|  |  | **1725846** |
| **Auto Manufacturers–0.19%** | **Auto Manufacturers–0.19%** | **Auto Manufacturers–0.19%** |
| Hyundai Capital America |  |  |
| 1.30% 1/8/26 | 115000 | 113003 |
| 1.50% 6/15/26 | 45000 | 43691 |
| 1.80% 10/15/25 | 140000 | 138826 |
| 1.80% 1/10/28 | 215000 | 200374 |
| 2.38% 10/15/27 | 130000 | 123613 |
| 3.00% 2/10/27 | 200000 | 195116 |
| 4.55% 9/26/29 | 850000 | 842419 |
| 4.75% 9/26/31 | 2500000 | 2468850 |
| 5.65% 6/26/26 | 1280000 | 1292846 |
| Stellantis Finance U.S., Inc. <br> 2.69% 9/15/31<br>| 200000 | 169022 |
|  |  | **5587760** |
| **Banks–9.20%** | **Banks–9.20%** | **Banks–9.20%** |
| μABN AMRO Bank NV |  |  |
| 2.47% 12/13/29 | 900000 | 839272 |
| 5.52% 12/3/35 | 1100000 | 1120830 |
| μAIB Group PLC |  |  |
| 5.87% 3/28/35 | 2340000 | 2413085 |
| 6.61% 9/13/29 | 1490000 | 1576350 |
| ANZ New Zealand <br> International Ltd.<br>|  |  |
| 3.45% 1/21/28 | 200000 | 196281 |
| 5.36% 8/14/28 | 300000 | 309937 |
| Banco Nacional de Panama <br> 2.50% 8/11/30<br>| 300000 | 250736 |
| Banco Santander SA |  |  |
| μ1.72% 9/14/27 | 200000 | 193195 |
| μ4.18% 3/24/28 | 200000 | 198831 |

---

LVIP JPMorgan Core Bond Fund-16

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco Santander <br> SA (continued)<br>|  |  |
| μ5.37% 7/15/28 | 1000000 | $1018397 |
| 5.44% 7/15/31 | 600000 | 623277 |
| 5.57% 1/17/30 | 600000 | 622964 |
| 5.59% 8/8/28 | 600000 | 619821 |
| 6.61% 11/7/28 | 600000 | 640026 |
| Bank of America Corp. |  |  |
| μ1.73% 7/22/27 | 235000 | 228415 |
| μ1.90% 7/23/31 | 1450000 | 1274076 |
| μ2.09% 6/14/29 | 204000 | 191215 |
| μ2.57% 10/20/32 | 2450000 | 2159335 |
| μ2.59% 4/29/31 | 1083000 | 990079 |
| μ2.68% 6/19/41 | 4243000 | 3026345 |
| μ2.97% 2/4/33 | 3510000 | 3143158 |
| μ3.59% 7/21/28 | 2840000 | 2796405 |
| μ3.71% 4/24/28 | 260000 | 256913 |
| μ3.97% 3/5/29 | 1596000 | 1578343 |
| μ3.97% 2/7/30 | 890000 | 876035 |
| μ4.08% 3/20/51 | 3690000 | 2930402 |
| 4.25% 10/22/26 | 2600000 | 2595265 |
| μ4.33% 3/15/50 | 720000 | 597950 |
| μ4.38% 4/27/28 | 360000 | 359925 |
| 4.45% 3/3/26 | 3890000 | 3885864 |
| 5.00% 1/21/44 | 1660000 | 1568427 |
| μ5.20% 4/25/29 | 590000 | 602958 |
| μ5.82% 9/15/29 | 710000 | 739620 |
| μ5.87% 9/15/34 | 420000 | 443209 |
| μBank of Ireland Group PLC |  |  |
| 2.03% 9/30/27 | 206000 | 199531 |
| 5.60% 3/20/30 | 3300000 | 3400538 |
| μBank of Montreal 4.64% <br> 9/10/30<br>| 692000 | 697729 |
| μBank of New York Mellon <br> Corp. 6.47% 10/25/34<br>| 980000 | 1079149 |
| Bank of Nova Scotia 4.85% <br> 2/1/30<br>| 390000 | 397408 |
| Banque Federative du Credit <br> Mutuel SA<br>|  |  |
| 1.60% 10/4/26 | 245000 | 236644 |
| 4.94% 1/26/26 | 760000 | 761972 |
| 5.54% 1/22/30 | 1715000 | 1778137 |
| μBarclays PLC |  |  |
| 2.89% 11/24/32 | 200000 | 177007 |
| 4.94% 9/10/30 | 1262000 | 1271409 |
| 4.97% 5/16/29 | 1450000 | 1465159 |
| 5.37% 2/25/31 | 935000 | 955090 |
| 5.79% 2/25/36 | 885000 | 904548 |
| 6.22% 5/9/34 | 853000 | 905336 |
| 6.50% 9/13/27 | 750000 | 766644 |
| BNP Paribas SA |  |  |
| μ3.13% 1/20/33 | 320000 | 284843 |
| 4.40% 8/14/28 | 1360000 | 1355603 |
| μ5.13% 1/13/29 | 2720000 | 2760952 |
| μ5.20% 1/10/30 | 960000 | 976365 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| BNP Paribas SA (continued) |  |  |
| μ5.28% 11/19/30 | 2945000 | $3001134 |
| μ5.50% 5/20/30 | 635000 | 652029 |
| μ5.79% 1/13/33 | 1290000 | 1341992 |
| μBPCE SA |  |  |
| 2.28% 1/20/32 | 250000 | 216314 |
| 5.39% 5/28/31 | 2820000 | 2871445 |
| 5.72% 1/18/30 | 592000 | 609504 |
| 5.88% 1/14/31 | 900000 | 933559 |
| 5.94% 5/30/35 | 1350000 | 1383329 |
| 5.98% 1/18/27 | 250000 | 251699 |
| 6.03% 5/28/36 | 3385000 | 3487052 |
| 6.29% 1/14/36 | 1175000 | 1233955 |
| 6.71% 10/19/29 | 1500000 | 1588651 |
| 7.00% 10/19/34 | 975000 | 1071165 |
| μCaixaBank SA |  |  |
| 5.58% 7/3/36 | 1780000 | 1798257 |
| 6.04% 6/15/35 | 2135000 | 2233851 |
| 6.68% 9/13/27 | 2490000 | 2550054 |
| Citigroup, Inc. |  |  |
| μ2.56% 5/1/32 | 625000 | 553699 |
| μ2.57% 6/3/31 | 3210000 | 2911186 |
| μ2.90% 11/3/42 | 75000 | 53112 |
| μ3.06% 1/25/33 | 221000 | 197510 |
| μ3.52% 10/27/28 | 75000 | 73442 |
| μ3.67% 7/24/28 | 605000 | 595546 |
| μ3.79% 3/17/33 | 1250000 | 1168468 |
| μ3.89% 1/10/28 | 200000 | 198182 |
| μ4.08% 4/23/29 | 74000 | 73266 |
| 4.45% 9/29/27 | 7790000 | 7797476 |
| μ4.54% 9/19/30 | 1664000 | 1656457 |
| 4.65% 7/23/48 | 1540000 | 1331719 |
| μ4.66% 5/24/28 | 300000 | 301103 |
| μ4.91% 5/24/33 | 1990000 | 1985540 |
| μ5.33% 3/27/36 | 1600000 | 1612555 |
| 8.13% 7/15/39 | 50000 | 62958 |
| Cooperatieve Rabobank UA |  |  |
| μ3.65% 4/6/28 | 600000 | 592098 |
| μ3.76% 4/6/33 | 500000 | 466618 |
| 4.38% 8/4/25 | 2740000 | 2738671 |
| μCredit Agricole SA |  |  |
| 5.22% 5/27/31 | 1675000 | 1706234 |
| 5.23% 1/9/29 | 824000 | 837400 |
| 5.34% 1/10/30 | 736000 | 752888 |
| 5.86% 1/9/36 | 2515000 | 2607091 |
| 6.32% 10/3/29 | 425000 | 446680 |
| μDanske Bank AS |  |  |
| 4.61% 10/2/30 | 1054000 | 1049693 |
| 5.02% 3/4/31 | 1425000 | 1441150 |
| 5.71% 3/1/30 | 970000 | 1006404 |
| Deutsche Bank AG |  |  |
| μ2.55% 1/7/28 | 350000 | 339947 |
| μ5.00% 9/11/30 | 520000 | 523938 |
| μ5.30% 5/9/31 | 2701000 | 2743191 |

---

LVIP JPMorgan Core Bond Fund-17

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Deutsche Bank <br> AG (continued)<br>|  |  |
| μ5.37% 1/10/29 | 4145000 | $4217759 |
| μ5.40% 9/11/35 | 535000 | 532025 |
| 5.41% 5/10/29 | 985000 | 1020325 |
| μ6.72% 1/18/29 | 795000 | 835126 |
| μ6.82% 11/20/29 | 1540000 | 1642597 |
| μDNB Bank ASA 1.61% 3/30/28 | 325000 | 309812 |
| Federation des Caisses <br> Desjardins du Quebec 5.70% <br> 3/14/28<br>| 200000 | 207027 |
| Goldman Sachs Group, Inc. |  |  |
| μ1.95% 10/21/27 | 195000 | 188811 |
| μ2.38% 7/21/32 | 95000 | 82968 |
| 2.60% 2/7/30 | 400000 | 369670 |
| μ2.64% 2/24/28 | 301000 | 292332 |
| μ2.65% 10/21/32 | 1120000 | 989688 |
| μ2.91% 7/21/42 | 580000 | 415298 |
| μ3.21% 4/22/42 | 250000 | 186975 |
| μ3.62% 3/15/28 | 270000 | 266230 |
| μ3.69% 6/5/28 | 3022000 | 2979045 |
| μ3.81% 4/23/29 | 45000 | 44283 |
| μ4.02% 10/31/38 | 400000 | 348867 |
| μ4.22% 5/1/29 | 1780000 | 1769853 |
| μ4.41% 4/23/39 | 215000 | 193823 |
| 4.75% 10/21/45 | 810000 | 720069 |
| μ5.22% 4/23/31 | 569000 | 583323 |
| μ5.33% 7/23/35 | 1345000 | 1356694 |
| 6.25% 2/1/41 | 1260000 | 1346967 |
| μ6.48% 10/24/29 | 1330000 | 1410819 |
| μHSBC Holdings PLC |  |  |
| 2.21% 8/17/29 | 200000 | 186321 |
| 2.36% 8/18/31 | 300000 | 266436 |
| 3.97% 5/22/30 | 1740000 | 1694507 |
| 5.13% 3/3/31 | 845000 | 856282 |
| 5.24% 5/13/31 | 2010000 | 2046556 |
| 5.29% 11/19/30 | 2090000 | 2135085 |
| 6.33% 3/9/44 | 200000 | 214686 |
| μHuntington Bancshares, Inc. <br> 5.27% 1/15/31<br>| 780000 | 799186 |
| ING Groep NV 3.95% 3/29/27 | 200000 | 199058 |
| μKBC Group NV |  |  |
| 4.93% 10/16/30 | 670000 | 677676 |
| 6.32% 9/21/34 | 520000 | 557209 |
| μKeyCorp |  |  |
| 4.79% 6/1/33 | 55000 | 53618 |
| 5.12% 4/4/31 | 1465000 | 1482486 |
| Lloyds Banking Group PLC |  |  |
| μ1.63% 5/11/27 | 245000 | 238893 |
| 4.58% 12/10/25 | 200000 | 199802 |
| μ5.46% 1/5/28 | 1180000 | 1195989 |
| μ5.68% 1/5/35 | 1285000 | 1319044 |
| μM&T Bank Corp. 5.18% 7/8/31 | 2140000 | 2175450 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| μ1.54% 7/20/27 | 220000 | $213455 |
| 2.05% 7/17/30 | 340000 | 301949 |
| μ4.08% 4/19/28 | 590000 | 586598 |
| μ5.16% 4/24/31 | 200000 | 204749 |
| μMizuho Financial Group, Inc. |  |  |
| 1.23% 5/22/27 | 255000 | 247815 |
| 2.87% 9/13/30 | 220000 | 205646 |
| 4.71% 7/8/31 | 1965000 | 1965000 |
| 5.32% 7/8/36 | 4255000 | 4255000 |
| 5.74% 5/27/31 | 400000 | 417892 |
| Morgan Stanley |  |  |
| μ1.79% 2/13/32 | 280000 | 239553 |
| μ2.48% 1/21/28 | 39000 | 37855 |
| μ2.70% 1/22/31 | 1740000 | 1604483 |
| μ3.22% 4/22/42 | 265000 | 201053 |
| μ3.62% 4/1/31 | 3530000 | 3385119 |
| μ3.77% 1/24/29 | 1326000 | 1307069 |
| 4.30% 1/27/45 | 85000 | 72451 |
| 4.35% 9/8/26 | 20000 | 19964 |
| μ4.43% 1/23/30 | 209000 | 208706 |
| μ5.04% 7/19/30 | 870000 | 884781 |
| μ5.12% 2/1/29 | 155000 | 157706 |
| μ5.16% 4/20/29 | 490000 | 499604 |
| μ5.17% 1/16/30 | 100000 | 102095 |
| μ5.32% 7/19/35 | 1180000 | 1194405 |
| μ5.42% 7/21/34 | 120000 | 122928 |
| μ5.45% 7/20/29 | 175000 | 179979 |
| Morgan Stanley Bank NA <br> 4.75% 4/21/26<br>| 285000 | 285802 |
| NatWest Group PLC |  |  |
| 4.80% 4/5/26 | 283000 | 283654 |
| μ4.89% 5/18/29 | 1660000 | 1676616 |
| μ4.96% 8/15/30 | 1000000 | 1011479 |
| μ5.08% 1/27/30 | 215000 | 218149 |
| μ5.12% 5/23/31 | 690000 | 701291 |
| μ5.78% 3/1/35 | 4150000 | 4309555 |
| μ5.81% 9/13/29 | 440000 | 456956 |
| μ5.85% 3/2/27 | 830000 | 837320 |
| NatWest Markets PLC 5.41% <br> 5/17/29<br>| 345000 | 356413 |
| Nordea Bank Abp 5.38% <br> 9/22/27<br>| 200000 | 204588 |
| μNorthern Trust Corp. 3.38% <br> 5/8/32<br>| 29000 | 28150 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 4.81% 10/21/32 | 1030000 | 1032368 |
| 4.90% 5/13/31 | 1585000 | 1605132 |
| 5.07% 1/24/34 | 361000 | 362797 |
| Royal Bank of Canada 3.88% <br> 5/4/32<br>| 1930000 | 1845879 |
| μSantander Holdings USA, Inc. <br> 6.17% 1/9/30<br>| 1460000 | 1519543 |

---

LVIP JPMorgan Core Bond Fund-18

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 1.67% 6/14/27 | 220000 | $213698 |
| 4.86% 9/11/30 | 2415000 | 2411827 |
| 5.69% 4/15/31 | 3015000 | 3109746 |
| 6.53% 1/10/29 | 470000 | 490548 |
| Skandinaviska Enskilda <br> Banken AB 5.38% 3/5/29<br>| 1630000 | 1678929 |
| Societe Generale SA |  |  |
| μ1.79% 6/9/27 | 215000 | 209268 |
| μ2.89% 6/9/32 | 500000 | 441012 |
| 5.25% 2/19/27 | 1208000 | 1220152 |
| μ5.51% 5/22/31 | 4286000 | 4370878 |
| μ6.10% 4/13/33 | 4045000 | 4204735 |
| μStandard Chartered PLC |  |  |
| 1.46% 1/14/27 | 245000 | 240839 |
| 5.01% 10/15/30 | 795000 | 803160 |
| 5.69% 5/14/28 | 1055000 | 1076148 |
| 6.19% 7/6/27 | 225000 | 228433 |
| 7.77% 11/16/28 | 1485000 | 1589204 |
| μState Street Corp. 4.82% <br> 1/26/34<br>| 200000 | 199271 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 3.01% 10/19/26 | 25000 | 24589 |
| 3.04% 7/16/29 | 345000 | 327008 |
| 5.24% 4/15/30 | 400000 | 411992 |
| •^5.26% 7/8/33 | 1500000 | 1500000 |
| 5.71% 1/13/30 | 370000 | 388164 |
| 5.72% 9/14/28 | 510000 | 530241 |
| Sumitomo Mitsui Trust Bank <br> Ltd. 1.55% 3/25/26<br>| 403000 | 394786 |
| Toronto-Dominion Bank |  |  |
| 4.46% 6/8/32 | 1180000 | 1158281 |
| 5.16% 1/10/28 | 240000 | 244901 |
| 5.30% 1/30/32 | 1280000 | 1313674 |
| 5.52% 7/17/28 | 110000 | 113781 |
| μTruist Financial Corp. |  |  |
| 5.07% 5/20/31 | 1440000 | 1461887 |
| 5.71% 1/24/35 | 800000 | 829240 |
| 6.05% 6/8/27 | 2000000 | 2026870 |
| 7.16% 10/30/29 | 1420000 | 1535996 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 130000 | 125635 |
| 5.42% 2/12/36 | 1745000 | 1778120 |
| 5.78% 6/12/29 | 840000 | 872264 |
| 5.84% 6/12/34 | 330000 | 346636 |
| UBS AG |  |  |
| 4.50% 6/26/48 | 200000 | 172051 |
| 5.00% 7/9/27 | 1560000 | 1584095 |
| 7.50% 2/15/28 | 2620000 | 2826358 |
| UBS Group AG |  |  |
| μ2.75% 2/11/33 | 440000 | 383884 |
| μ3.09% 5/14/32 | 840000 | 762521 |
| μ3.87% 1/12/29 | 250000 | 246142 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| UBS Group AG (continued) |  |  |
| 4.13% 4/15/26 | 890000 | $887474 |
| μ4.19% 4/1/31 | 1280000 | 1253426 |
| 4.55% 4/17/26 | 870000 | 870157 |
| μ4.75% 5/12/28 | 1320000 | 1327700 |
| μ6.30% 9/22/34 | 539000 | 578859 |
| μ9.02% 11/15/33 | 390000 | 482188 |
| μUniCredit SpA 1.98% 6/3/27 | 200000 | 195064 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 750000 | 722561 |
| μ2.88% 10/30/30 | 1390000 | 1298720 |
| 3.00% 10/23/26 | 1060000 | 1041833 |
| μ3.35% 3/2/33 | 1070000 | 977177 |
| 4.15% 1/24/29 | 1290000 | 1285111 |
| 4.30% 7/22/27 | 670000 | 670132 |
| μ4.48% 4/4/31 | 1230000 | 1224196 |
| μ4.97% 4/23/29 | 1320000 | 1338471 |
| μ5.01% 4/4/51 | 7300000 | 6646778 |
| μ5.50% 1/23/35 | 4860000 | 4984017 |
| μ5.56% 7/25/34 | 310000 | 319928 |
| μ5.57% 7/25/29 | 870000 | 898325 |
| Westpac New Zealand Ltd. <br> 4.90% 2/15/28<br>| 560000 | 567401 |
|  |  | **269665916** |
| **Beverages–0.10%** | **Beverages–0.10%** | **Beverages–0.10%** |
| Anheuser-Busch InBev <br> Worldwide, Inc. 5.55% <br> 1/23/49<br>| 1610000 | 1597788 |
| Coca-Cola Femsa SAB de CV <br> 1.85% 9/1/32<br>| 215000 | 175971 |
| Constellation Brands, Inc. |  |  |
| 2.25% 8/1/31 | 100000 | 86630 |
| 2.88% 5/1/30 | 420000 | 388393 |
| 4.35% 5/9/27 | 490000 | 490043 |
| 4.50% 5/9/47 | 65000 | 53969 |
| 4.75% 5/9/32 | 20000 | 19861 |
| 5.25% 11/15/48 | 25000 | 22957 |
|  |  | **2835612** |
| **Biotechnology–0.22%** | **Biotechnology–0.22%** | **Biotechnology–0.22%** |
| Amgen, Inc. |  |  |
| 1.65% 8/15/28 | 120000 | 110922 |
| 4.66% 6/15/51 | 300000 | 256844 |
| 5.60% 3/2/43 | 390000 | 386885 |
| 5.65% 3/2/53 | 1275000 | 1244905 |
| Baxalta, Inc. 5.25% 6/23/45 | 3000 | 2801 |
| Biogen, Inc. 5.75% 5/15/35 | 1100000 | 1132800 |
| Gilead Sciences, Inc. |  |  |
| 2.60% 10/1/40 | 3535000 | 2536243 |
| 3.65% 3/1/26 | 160000 | 159200 |
| Regeneron Pharmaceuticals, <br> Inc. 1.75% 9/15/30<br>| 460000 | 399520 |

---

LVIP JPMorgan Core Bond Fund-19

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Royalty Pharma PLC 1.20% <br> 9/2/25<br>| 98000 | $97352 |
|  |  | **6327472** |
| **Building Materials–0.03%** | **Building Materials–0.03%** | **Building Materials–0.03%** |
| Carrier Global Corp. 3.58% <br> 4/5/50<br>| 24000 | 17611 |
| Lennox International, Inc. <br> 1.35% 8/1/25<br>| 540000 | 538199 |
| Martin Marietta Materials, <br> Inc.<br>|  |  |
| 3.45% 6/1/27 | 52000 | 51123 |
| 3.50% 12/15/27 | 100000 | 98049 |
| Masco Corp. |  |  |
| 2.00% 10/1/30 | 90000 | 78123 |
| 6.50% 8/15/32 | 80000 | 85179 |
| Trane Technologies Financing <br> Ltd. 5.25% 3/3/33<br>| 150000 | 154666 |
|  |  | **1022950** |
| **Chemicals–0.21%** | **Chemicals–0.21%** | **Chemicals–0.21%** |
| Dow Chemical Co. |  |  |
| 4.55% 11/30/25 | 14000 | 13953 |
| 5.95% 3/15/55 | 1400000 | 1334366 |
| DuPont de Nemours, Inc. |  |  |
| 5.32% 11/15/38 | 626000 | 647998 |
| 5.42% 11/15/48 | 660000 | 664643 |
| EIDP, Inc. 5.13% 5/15/32 | 2120000 | 2161851 |
| LYB International Finance <br> III LLC 1.25% 10/1/25<br>| 79000 | 78309 |
| Nutrien Ltd. |  |  |
| 4.00% 12/15/26 | 70000 | 69553 |
| 4.13% 3/15/35 | 90000 | 81926 |
| 4.20% 4/1/29 | 25000 | 24741 |
| 5.00% 4/1/49 | 40000 | 35635 |
| OCP SA 4.50% 10/22/25 | 960000 | 955732 |
| Union Carbide Corp. 7.75% <br> 10/1/96<br>| 75000 | 88589 |
|  |  | **6157296** |
| **Commercial Services–0.29%** | **Commercial Services–0.29%** | **Commercial Services–0.29%** |
| DP World Ltd. |  |  |
| 4.70% 9/30/49 | 1030000 | 844548 |
| 5.63% 9/25/48 | 3080000 | 2869251 |
| Element Fleet Management <br> Corp.<br>|  |  |
| 5.04% 3/25/30 | 1825000 | 1841038 |
| 6.27% 6/26/26 | 235000 | 238329 |
| 6.32% 12/4/28 | 990000 | 1043790 |
| ERAC USA Finance LLC |  |  |
| 5.63% 3/15/42 | 12000 | 11949 |
| 7.00% 10/15/37 | 160000 | 183613 |
| Ford Foundation 2.82% <br> 6/1/70<br>| 90000 | 50192 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Global Payments, Inc. |  |  |
| 2.90% 5/15/30 | 48000 | $44131 |
| 2.90% 11/15/31 | 92000 | 81372 |
| 3.20% 8/15/29 | 236000 | 223165 |
| 5.30% 8/15/29 | 91000 | 92644 |
| Pepperdine University 3.30% <br> 12/1/59<br>| 110000 | 67931 |
| Quanta Services, Inc. |  |  |
| 2.35% 1/15/32 | 270000 | 232454 |
| 2.90% 10/1/30 | 360000 | 331870 |
| S&P Global, Inc. 2.90% 3/1/32 | 193000 | 175459 |
| University of Miami 4.06% <br> 4/1/52<br>| 120000 | 93945 |
| University of Southern <br> California 3.23% 10/1/20<br>| 110000 | 62830 |
|  |  | **8488511** |
| **Computers–0.34%** | **Computers–0.34%** | **Computers–0.34%** |
| Accenture Capital, Inc. |  |  |
| 4.25% 10/4/31 | 990000 | 980746 |
| 4.50% 10/4/34 | 670000 | 652053 |
| Apple, Inc. |  |  |
| 2.70% 8/5/51 | 965000 | 603604 |
| 3.45% 2/9/45 | 82000 | 63725 |
| 3.75% 9/12/47 | 140000 | 110471 |
| CGI, Inc. 2.30% 9/14/31 | 370000 | 319874 |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 4.90% 10/1/26 | 292000 | 293302 |
| 5.25% 2/1/28 | 287000 | 293829 |
| 5.30% 4/1/32 | 3180000 | 3250299 |
| 6.02% 6/15/26 | 128000 | 129210 |
| Hewlett Packard Enterprise <br> Co. 5.00% 10/15/34<br>| 1820000 | 1765434 |
| Leidos, Inc. |  |  |
| 2.30% 2/15/31 | 1370000 | 1198753 |
| 5.75% 3/15/33 | 150000 | 156270 |
|  |  | **9817570** |
| **Cosmetics & Personal Care–0.10%** | **Cosmetics & Personal Care–0.10%** | **Cosmetics & Personal Care–0.10%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 590000 | 581375 |
| 3.38% 3/24/29 | 850000 | 821951 |
| 3.63% 3/24/32 | 640000 | 598772 |
| Kenvue, Inc. 4.90% 3/22/33 | 930000 | 943757 |
|  |  | **2945855** |
| **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** |
| WW Grainger, Inc. 4.60% <br> 6/15/45<br>| 77000 | 68135 |
|  |  | **68135** |

---

LVIP JPMorgan Core Bond Fund-20

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services–1.34%** | **Diversified Financial Services–1.34%** | **Diversified Financial Services–1.34%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 1520000 | $1480900 |
| 3.30% 1/30/32 | 4205000 | 3809687 |
| 6.10% 1/15/27 | 440000 | 449764 |
| Aircastle Ltd./Aircastle <br> Ireland DAC 5.25% 3/15/30<br>| 1080000 | 1088899 |
| μAmerican Express Co. |  |  |
| 5.10% 2/16/28 | 1300000 | 1314722 |
| 5.44% 1/30/36 | 1275000 | 1301529 |
| Aviation Capital Group LLC <br> 5.13% 4/10/30<br>| 1120000 | 1130578 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13% 2/21/26 | 160000 | 157044 |
| 2.53% 11/18/27 | 1301000 | 1236711 |
| 4.25% 4/15/26 | 245000 | 243577 |
| 4.38% 5/1/26 | 1525000 | 1515808 |
| 4.95% 1/15/28 | 1140000 | 1145955 |
| 5.15% 1/15/30 | 1750000 | 1762729 |
| 5.38% 5/30/30 | 1150000 | 1171461 |
| 5.50% 1/15/26 | 8395000 | 8407899 |
| 5.75% 3/1/29 | 1053000 | 1081718 |
| 5.75% 11/15/29 | 1735000 | 1785967 |
| 6.38% 5/4/28 | 1960000 | 2043793 |
| Blackstone Holdings Finance <br> Co. LLC 4.45% 7/15/45<br>| 21000 | 17452 |
| Capital One Financial Corp. |  |  |
| μ1.88% 11/2/27 | 74000 | 71479 |
| μ2.62% 11/2/32 | 235000 | 205174 |
| 4.20% 10/29/25 | 40000 | 39943 |
| μ4.99% 7/24/26 | 120000 | 119995 |
| μ5.70% 2/1/30 | 990000 | 1024081 |
| Intercontinental Exchange, <br> Inc. 4.25% 9/21/48<br>| 230000 | 189735 |
| Jefferies Financial Group, <br> Inc. 6.45% 6/8/27<br>| 81000 | 83885 |
| LSEGA Financing PLC 2.00% <br> 4/6/28<br>| 475000 | 446891 |
| Macquarie Airfinance <br> Holdings Ltd.<br>|  |  |
| 5.15% 3/17/30 | 1995000 | 1993659 |
| 5.20% 3/27/28 | 1865000 | 1885782 |
| Mitsubishi HC Finance <br> America LLC 5.81% 9/12/28<br>| 210000 | 217702 |
| Nasdaq, Inc. 5.55% 2/15/34 | 109000 | 113564 |
| Nomura Holdings, Inc. |  |  |
| 2.68% 7/16/30 | 200000 | 181443 |
| 6.07% 7/12/28 | 800000 | 834839 |
| Nuveen LLC 4.00% 11/1/28 | 160000 | 158742 |
| OneSky Loan Trust 3.88% <br> 1/15/31<br>| 556820 | 532936 |
|  |  | **39246043** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric–2.31%** | **Electric–2.31%** | **Electric–2.31%** |
| AEP Transmission Co. LLC <br> 3.15% 9/15/49<br>| 35000 | $23344 |
| AES Corp. 5.80% 3/15/32 | 1600000 | 1624439 |
| Alabama Power Co. 6.13% <br> 5/15/38<br>| 62000 | 66853 |
| Ameren Illinois Co. 3.25% <br> 3/15/50<br>| 185000 | 125296 |
| American Electric Power Co., <br> Inc. 2.30% 3/1/30<br>| 260000 | 234548 |
| American Transmission <br> Systems, Inc. 2.65% 1/15/32<br>| 240000 | 211154 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90% 6/15/50 | 110000 | 68780 |
| 5.40% 6/1/53 | 385000 | 367153 |
| 5.65% 6/1/54 | 850000 | 842380 |
| CenterPoint Energy Houston <br> Electric LLC<br>|  |  |
| 2.90% 7/1/50 | 200000 | 128059 |
| 3.95% 3/1/48 | 10000 | 7808 |
| CenterPoint Energy, Inc. <br> 1.45% 6/1/26<br>| 230000 | 223604 |
| Cleveland Electric <br> Illuminating Co.<br>|  |  |
| 3.50% 4/1/28 | 325000 | 316162 |
| 4.55% 11/15/30 | 65000 | 63889 |
| CMS Energy Corp. 2.95% <br> 2/15/27<br>| 47000 | 45882 |
| Comision Federal de <br> Electricidad 3.88% 7/26/33<br>| 690000 | 586792 |
| Commonwealth Edison Co. <br> 3.65% 6/15/46<br>| 30000 | 22680 |
| Consolidated Edison Co. of <br> New York, Inc.<br>|  |  |
| 3.35% 4/1/30 | 250000 | 240266 |
| 3.95% 4/1/50 | 200000 | 155911 |
| 4.50% 5/15/58 | 54000 | 43904 |
| 5.70% 6/15/40 | 38000 | 38994 |
| Constellation Energy <br> Generation LLC<br>|  |  |
| 5.60% 6/15/42 | 2500000 | 2432457 |
| 5.75% 10/1/41 | 1144000 | 1143930 |
| 5.80% 3/1/33 | 66000 | 69789 |
| 6.25% 10/1/39 | 100000 | 106753 |
| 6.50% 10/1/53 | 330000 | 354135 |
| Delmarva Power & Light Co. <br> 4.15% 5/15/45<br>| 50000 | 41052 |
| DTE Electric Co. |  |  |
| 3.65% 3/1/52 | 226000 | 166098 |
| 5.40% 4/1/53 | 185000 | 180614 |
| DTE Electric Securitization <br> Funding II LLC 6.09% <br> 9/1/38<br>| 950000 | 1025677 |
| DTE Energy Co. 4.88% 6/1/28 | 350000 | 355144 |
| Duke Energy Corp. |  |  |
| 2.65% 9/1/26 | 100000 | 98122 |

---

LVIP JPMorgan Core Bond Fund-21

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy <br> Corp. (continued)<br>|  |  |
| 3.15% 8/15/27 | 240000 | $235136 |
| 5.80% 6/15/54 | 1500000 | 1464594 |
| 6.10% 9/15/53 | 880000 | 895036 |
| Duke Energy Ohio, Inc. 3.70% <br> 6/15/46<br>| 46000 | 34352 |
| Duke Energy Progress LLC <br> 3.70% 10/15/46<br>| 54000 | 40760 |
| Duquesne Light Holdings, <br> Inc.<br>|  |  |
| 2.53% 10/1/30 | 210000 | 185635 |
| 3.62% 8/1/27 | 160000 | 155047 |
| Electricite de France SA <br> 5.95% 4/22/34<br>| 960000 | 1000100 |
| Emera U.S. Finance LP 4.75% <br> 6/15/46<br>| 130000 | 108082 |
| Entergy Corp. 2.95% 9/1/26 | 21000 | 20651 |
| Entergy Louisiana LLC |  |  |
| 2.40% 10/1/26 | 59000 | 57707 |
| 2.90% 3/15/51 | 130000 | 80384 |
| 3.05% 6/1/31 | 38000 | 35004 |
| 4.00% 3/15/33 | 40000 | 37700 |
| 5.80% 3/15/55 | 2355000 | 2355272 |
| Entergy Mississippi LLC <br> 3.85% 6/1/49<br>| 135000 | 99408 |
| Entergy Texas, Inc. 5.80% <br> 9/1/53<br>| 100000 | 98554 |
| Evergy Metro, Inc. 4.20% <br> 3/15/48<br>| 50000 | 39828 |
| Evergy Missouri West Storm <br> Funding I LLC 5.10% <br> 12/1/40<br>| 1439788 | 1439443 |
| Evergy, Inc. 2.90% 9/15/29 | 170000 | 159632 |
| Eversource Energy 3.38% <br> 3/1/32<br>| 310000 | 282364 |
| Exelon Corp. 5.30% 3/15/33 | 300000 | 307419 |
| Fells Point Funding Trust <br> 3.05% 1/31/27<br>| 1585000 | 1550635 |
| FirstEnergy Corp. |  |  |
| 1.60% 1/15/26 | 250000 | 245401 |
| 3.90% 7/15/27 | 1610000 | 1591949 |
| FirstEnergy Pennsylvania <br> Electric Co. 3.25% 3/15/28<br>| 19000 | 18429 |
| Florida Power & Light Co. |  |  |
| 5.30% 4/1/53 | 210000 | 200626 |
| 5.40% 9/1/35 | 50000 | 51656 |
| 5.80% 3/15/65 | 880000 | 892267 |
| Fortis, Inc. 3.06% 10/4/26 | 85000 | 83485 |
| ITC Holdings Corp. 2.95% <br> 5/14/30<br>| 100000 | 92999 |
| Jersey Central Power & Light <br> Co.<br>|  |  |
| 4.30% 1/15/26 | 40000 | 39921 |
| 5.10% 1/15/35 | 430000 | 428729 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Jersey Central Power & Light <br> Co. (continued)<br>|  |  |
| 6.15% 6/1/37 | 30000 | $31892 |
| Massachusetts Electric Co. <br> 4.00% 8/15/46<br>| 56000 | 44301 |
| MidAmerican Energy Co. |  |  |
| 3.65% 4/15/29 | 820000 | 804195 |
| 5.85% 9/15/54 | 220000 | 226423 |
| Mid-Atlantic Interstate <br> Transmission LLC 4.10% <br> 5/15/28<br>| 660000 | 655100 |
| Monongahela Power Co. <br> 5.85% 2/15/34<br>| 140000 | 145556 |
| Nevada Power Co. |  |  |
| 3.70% 5/1/29 | 100000 | 97879 |
| 6.00% 3/15/54 | 160000 | 162666 |
| New England Power Co. 3.80% <br> 12/5/47<br>| 45000 | 34430 |
| New York State Electric & <br> Gas Corp. 3.25% 12/1/26<br>| 50000 | 49294 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 3.55% 5/1/27 | 27000 | 26623 |
| 5.25% 2/28/53 | 170000 | 156953 |
| 5.55% 3/15/54 | 2200000 | 2115991 |
| 5.75% 9/1/25 | 610000 | 610894 |
| Niagara Mohawk Power Corp. |  |  |
| 1.96% 6/27/30 | 250000 | 220704 |
| 6.00% 7/3/55 | 820000 | 820000 |
| NRG Energy, Inc. |  |  |
| 2.00% 12/2/25 | 185000 | 182301 |
| 2.45% 12/2/27 | 210000 | 199313 |
| 4.45% 6/15/29 | 110000 | 108221 |
| Ohio Power Co. 5.00% 6/1/33 | 345000 | 343416 |
| Oncor Electric Delivery Co. <br> LLC 3.10% 9/15/49<br>| 215000 | 140869 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 140000 | 132593 |
| 2.50% 2/1/31 | 360000 | 312498 |
| 2.95% 3/1/26 | 595000 | 587180 |
| 3.30% 8/1/40 | 720000 | 515085 |
| 3.45% 7/1/25 | 145000 | 145000 |
| 3.50% 8/1/50 | 180000 | 115413 |
| 3.75% 8/15/42 | 33000 | 23525 |
| 4.00% 12/1/46 | 230000 | 164669 |
| 4.30% 3/15/45 | 55000 | 41513 |
| 5.70% 3/1/35 | 3045000 | 3017350 |
| 5.80% 5/15/34 | 2890000 | 2889417 |
| 6.00% 8/15/35 | 2620000 | 2649389 |
| 6.40% 6/15/33 | 488000 | 510112 |
| 6.75% 1/15/53 | 15000 | 15092 |
| PECO Energy Co. 2.80% <br> 6/15/50<br>| 100000 | 62699 |

---

LVIP JPMorgan Core Bond Fund-22

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.13% 5/15/27 | 990000 | $980222 |
| 5.45% 5/21/28 | 490000 | 499072 |
| 6.15% 5/21/48 | 2820000 | 2746249 |
| PG&E Recovery Funding LLC |  |  |
| 5.23% 6/1/42 | 1570000 | 1556758 |
| 5.53% 6/1/51 | 1865000 | 1835382 |
| 5.54% 7/15/49 | 245000 | 237667 |
| PG&E Wildfire Recovery <br> Funding LLC<br>|  |  |
| 4.26% 6/1/38 | 160000 | 150785 |
| 5.10% 6/1/54 | 205000 | 189075 |
| 5.21% 12/1/49 | 110000 | 104245 |
| Potomac Electric Power Co. <br> 6.50% 11/15/37<br>| 75000 | 83737 |
| PPL Electric Utilities Corp. <br> 5.25% 5/15/53<br>| 225000 | 214561 |
| Public Service Co. of <br> Oklahoma<br>|  |  |
| 5.20% 1/15/35 | 310000 | 309442 |
| 5.25% 1/15/33 | 280000 | 282212 |
| 6.63% 11/15/37 | 175000 | 190218 |
| Public Service Electric & Gas <br> Co.<br>|  |  |
| 3.00% 3/1/51 | 1785000 | 1163577 |
| 5.38% 11/1/39 | 28000 | 28427 |
| Public Service Enterprise <br> Group, Inc. 5.45% 4/1/34<br>| 870000 | 889058 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 650000 | 653892 |
| San Diego Gas & Electric Co. <br> 5.35% 5/15/35<br>| 70000 | 71469 |
| SCE Recovery Funding LLC |  |  |
| 4.70% 6/15/42 | 238820 | 232160 |
| 5.11% 12/14/49 | 110000 | 102504 |
| Sierra Pacific Power Co. <br> 5.90% 3/15/54<br>| 290000 | 290338 |
| Sigeco Securitization I LLC <br> 5.03% 11/15/38<br>| 229135 | 230915 |
| Southern California Edison <br> Co.<br>|  |  |
| 3.65% 3/1/28 | 80000 | 77779 |
| 4.05% 3/15/42 | 100000 | 75019 |
| 5.55% 1/15/36 | 80000 | 78229 |
| 5.70% 3/1/53 | 115000 | 103164 |
| 5.75% 4/15/54 | 1500000 | 1343597 |
| 5.88% 12/1/53 | 290000 | 264708 |
| 5.90% 3/1/55 | 735000 | 672057 |
| Southern Co. 5.20% 6/15/33 | 1620000 | 1648263 |
| Southern Power Co. 5.15% <br> 9/15/41<br>| 50000 | 47288 |
| Tampa Electric Co. 4.45% <br> 6/15/49<br>| 100000 | 82186 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Toledo Edison Co. 6.15% <br> 5/15/37<br>| 50000 | $54043 |
| Union Electric Co. |  |  |
| 5.20% 4/1/34 | 1580000 | 1606052 |
| 5.45% 3/15/53 | 250000 | 241188 |
| Virginia Electric & Power Co. |  |  |
| 5.65% 3/15/55 | 2800000 | 2757766 |
| 6.35% 11/30/37 | 70000 | 75305 |
| Vistra Operations Co. LLC |  |  |
| 5.70% 12/30/34 | 425000 | 432777 |
| 6.00% 4/15/34 | 817000 | 848422 |
| WEC Energy Group, Inc. <br> 5.60% 9/12/26<br>| 155000 | 157039 |
|  |  | **67705277** |
| **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |
| Emerson Electric Co. 2.80% <br> 12/21/51<br>| 1120000 | 706146 |
|  |  | **706146** |
| **Electronics–0.04%** | **Electronics–0.04%** | **Electronics–0.04%** |
| Honeywell International, Inc. <br> 5.25% 3/1/54<br>| 1160000 | 1100467 |
|  |  | **1100467** |
| **Food–0.44%** | **Food–0.44%** | **Food–0.44%** |
| Bimbo Bakeries USA, Inc. |  |  |
| 4.00% 5/17/51 | 290000 | 212973 |
| 5.38% 1/9/36 | 200000 | 197604 |
| 6.05% 1/15/29 | 200000 | 209062 |
| Campbell's Co. 3.13% 4/24/50 | 47000 | 30512 |
| Conagra Brands, Inc. 5.30% <br> 11/1/38<br>| 35000 | 33498 |
| J.M. Smucker Co. |  |  |
| 6.20% 11/15/33 | 525000 | 563477 |
| 6.50% 11/15/53 | 445000 | 475539 |
| JBS USA Holding Lux <br> SARL/JBS USA Food <br> Co./JBS Lux Co. SARL 6.75% <br> 3/15/34<br>| 381000 | 415924 |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co.<br>|  |  |
| 5.50% 1/15/36 | 2040000 | 2042999 |
| 6.38% 4/15/66 | 2295000 | 2311914 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 6.38% 2/25/55<br>| 1225000 | 1257573 |
| Kraft Heinz Foods Co. |  |  |
| 4.38% 6/1/46 | 153000 | 123781 |
| 4.63% 10/1/39 | 200000 | 179400 |
| Kroger Co. |  |  |
| 2.20% 5/1/30 | 500000 | 452333 |
| 5.00% 9/15/34 | 460000 | 456710 |

---

LVIP JPMorgan Core Bond Fund-23

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Kroger Co. (continued) |  |  |
| 5.40% 7/15/40 | 18000 | $17580 |
| 5.50% 9/15/54 | 350000 | 332238 |
| Mars, Inc. 5.65% 5/1/45 | 2310000 | 2315586 |
| McCormick & Co., Inc. 2.50% <br> 4/15/30<br>| 342000 | 313327 |
| Tyson Foods, Inc. 5.70% <br> 3/15/34<br>| 880000 | 911013 |
|  |  | **12853043** |
| **Gas–0.22%** | **Gas–0.22%** | **Gas–0.22%** |
| APA Infrastructure Ltd. |  |  |
| 4.25% 7/15/27 | 73000 | 72666 |
| 5.13% 9/16/34 | 1752000 | 1718144 |
| Atmos Energy Corp. |  |  |
| 4.13% 10/15/44 | 50000 | 41404 |
| 4.13% 3/15/49 | 155000 | 123588 |
| 5.00% 12/15/54 | 943000 | 857498 |
| 5.90% 11/15/33 | 1000000 | 1073456 |
| Boston Gas Co. 4.49% 2/15/42 | 22000 | 18541 |
| Brooklyn Union Gas Co. 4.27% <br> 3/15/48<br>| 80000 | 61456 |
| NiSource, Inc. |  |  |
| 1.70% 2/15/31 | 190000 | 162675 |
| 5.20% 7/1/29 | 1100000 | 1129240 |
| ONE Gas, Inc. 2.00% 5/15/30 | 200000 | 179211 |
| Piedmont Natural Gas Co., <br> Inc. 3.50% 6/1/29<br>| 200000 | 193885 |
| Southern California Gas Co. |  |  |
| 2.55% 2/1/30 | 195000 | 179137 |
| 6.35% 11/15/52 | 200000 | 214295 |
| Southern Co. Gas Capital <br> Corp.<br>|  |  |
| 3.25% 6/15/26 | 17000 | 16811 |
| 3.95% 10/1/46 | 21000 | 16140 |
| 4.40% 6/1/43 | 42000 | 35240 |
| 5.75% 9/15/33 | 220000 | 230692 |
| 5.88% 3/15/41 | 96000 | 98199 |
| Southwest Gas Corp. 3.80% <br> 9/29/46<br>| 44000 | 32287 |
|  |  | **6454565** |
| **Health Care Products–0.16%** | **Health Care Products–0.16%** | **Health Care Products–0.16%** |
| Abbott Laboratories 4.75% <br> 11/30/36<br>| 620000 | 617073 |
| Boston Scientific Corp. 4.55% <br> 3/1/39<br>| 49000 | 46355 |
| DH Europe Finance II SARL <br> 3.25% 11/15/39<br>| 184000 | 148015 |
| Medtronic, Inc. 4.63% 3/15/45 | 100000 | 89961 |
| Solventum Corp. 5.60% <br> 3/23/34<br>| 1410000 | 1451096 |
| Thermo Fisher Scientific, Inc. <br> 2.00% 10/15/31<br>| 330000 | 287756 |

---

---

| | | |
|:---|:---|:---|
|  | **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> 5.50% 2/19/35<br>| 2065000 | $2118277 |
|  |  | **4758533** |
| **Health Care Services–0.66%** | **Health Care Services–0.66%** | **Health Care Services–0.66%** |
| Ascension Health 2.53% <br> 11/15/29<br>| 190000 | 177102 |
| Children's Hospital 2.93% <br> 7/15/50<br>| 180000 | 112596 |
| Cigna Group |  |  |
| 4.50% 2/25/26 | 83000 | 82946 |
| 4.90% 12/15/48 | 700000 | 611127 |
| CommonSpirit Health |  |  |
| 1.55% 10/1/25 | 145000 | 143821 |
| 2.78% 10/1/30 | 145000 | 132739 |
| 3.91% 10/1/50 | 140000 | 103654 |
| Elevance Health, Inc. |  |  |
| 3.65% 12/1/27 | 330000 | 326084 |
| 4.10% 3/1/28 | 55000 | 54848 |
| 4.10% 5/15/32 | 600000 | 576063 |
| 4.55% 5/15/52 | 490000 | 400714 |
| Hackensack Meridian Health, <br> Inc.<br>|  |  |
| 2.68% 9/1/41 | 390000 | 271603 |
| 2.88% 9/1/50 | 230000 | 144086 |
| HCA, Inc. |  |  |
| 3.63% 3/15/32 | 521000 | 480563 |
| 5.13% 6/15/39 | 125000 | 117560 |
| 5.25% 3/1/30 | 1635000 | 1676193 |
| 5.45% 9/15/34 | 1980000 | 1997136 |
| 5.50% 6/15/47 | 245000 | 227669 |
| 5.75% 3/1/35 | 1249000 | 1284438 |
| 5.95% 9/15/54 | 550000 | 534521 |
| 6.10% 4/1/64 | 2435000 | 2374623 |
| Humana, Inc. |  |  |
| 3.13% 8/15/29 | 840000 | 791638 |
| 3.70% 3/23/29 | 1320000 | 1279223 |
| 3.95% 3/15/27 | 930000 | 926539 |
| Memorial Health Services <br> 3.45% 11/1/49<br>| 245000 | 174446 |
| Mount Sinai Hospital 3.98% <br> 7/1/48<br>| 83000 | 59214 |
| MyMichigan Health 3.41% <br> 6/1/50<br>| 80000 | 56412 |
| Northwestern Memorial <br> Healthcare Obligated Group <br> 2.63% 7/15/51<br>| 882000 | 534076 |
| Quest Diagnostics, Inc. 3.45% <br> 6/1/26<br>| 17000 | 16857 |
| Roche Holdings, Inc. 2.61% <br> 12/13/51<br>| 970000 | 592963 |
| Sutter Health 5.55% 8/15/53 | 400000 | 394198 |
| Texas Health Resources 2.33% <br> 11/15/50<br>| 140000 | 78558 |

---

LVIP JPMorgan Core Bond Fund-24

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| UnitedHealth Group, Inc. |  |  |
| 2.30% 5/15/31 | 120000 | $105756 |
| 2.90% 5/15/50 | 380000 | 236455 |
| 3.13% 5/15/60 | 80000 | 47885 |
| 3.25% 5/15/51 | 140000 | 92862 |
| 3.70% 8/15/49 | 1770000 | 1288555 |
| 3.88% 8/15/59 | 490000 | 345281 |
| 5.05% 4/15/53 | 320000 | 285626 |
| 5.88% 2/15/53 | 140000 | 140269 |
| Yale-New Haven Health <br> Services Corp. 2.50% 7/1/50<br>| 200000 | 115179 |
|  |  | **19392078** |
| **Insurance–0.59%** | **Insurance–0.59%** | **Insurance–0.59%** |
| Aon North America, Inc. |  |  |
| 5.45% 3/1/34 | 1690000 | 1735949 |
| 5.75% 3/1/54 | 1530000 | 1507725 |
| Athene Global Funding 2.95% <br> 11/12/26<br>| 515000 | 504944 |
| Berkshire Hathaway Finance <br> Corp.<br>|  |  |
| 3.85% 3/15/52 | 210000 | 162500 |
| 4.25% 1/15/49 | 910000 | 769806 |
| 4.30% 5/15/43 | 62000 | 54599 |
| Brown & Brown, Inc. |  |  |
| 2.38% 3/15/31 | 460000 | 404917 |
| 6.25% 6/23/55 | 1570000 | 1618366 |
| Chubb INA Holdings LLC <br> 3.35% 5/3/26<br>| 450000 | 446539 |
| CNO Global Funding 5.88% <br> 6/4/27<br>| 2350000 | 2413530 |
| Corebridge Financial, Inc. |  |  |
| 3.65% 4/5/27 | 185000 | 182553 |
| 3.85% 4/5/29 | 130000 | 127374 |
| Corebridge Global Funding <br> 5.90% 9/19/28<br>| 270000 | 282100 |
| F&G Annuities & Life, Inc. <br> 6.50% 6/4/29<br>| 625000 | 644424 |
| F&G Global Funding |  |  |
| 1.75% 6/30/26 | 185000 | 179848 |
| 5.88% 6/10/27 | 1100000 | 1124277 |
| Guardian Life Insurance Co. <br> of America 4.85% 1/24/77<br>| 21000 | 17434 |
| Hartford Insurance Group, <br> Inc. 4.30% 4/15/43<br>| 70000 | 59000 |
| MetLife, Inc. |  |  |
| 4.13% 8/13/42 | 28000 | 23541 |
| 6.40% 12/15/66 | 1220000 | 1277546 |
| Mutual of Omaha Cos Global <br> Funding 5.80% 7/27/26<br>| 250000 | 253765 |
| New York Life Global Funding <br> 2.35% 7/14/26<br>| 65000 | 63689 |
| New York Life Insurance Co. <br> 4.45% 5/15/69<br>| 105000 | 81729 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Northwestern Mutual Global <br> Funding 1.70% 6/1/28<br>| 195000 | $182029 |
| μPacific Life Insurance Co. <br> 4.30% 10/24/67<br>| 134000 | 105030 |
| Pine Street Trust III 6.22% <br> 5/15/54<br>| 1000000 | 987206 |
| Principal Financial Group, <br> Inc.<br>|  |  |
| 3.70% 5/15/29 | 30000 | 29266 |
| 4.11% 2/15/28 | 825000 | 817016 |
| Prudential Financial, Inc. <br> 3.91% 12/7/47<br>| 61000 | 47656 |
| Prudential Funding Asia PLC <br> 3.13% 4/14/30<br>| 1200000 | 1134142 |
| Teachers Insurance & <br> Annuity Association of <br> America 4.27% 5/15/47<br>| 50000 | 40591 |
|  |  | **17279091** |
| **Internet–0.37%** | **Internet–0.37%** | **Internet–0.37%** |
| Amazon.com, Inc. |  |  |
| 2.10% 5/12/31 | 750000 | 665902 |
| 2.50% 6/3/50 | 5570000 | 3347619 |
| 3.15% 8/22/27 | 1030000 | 1013222 |
| 3.30% 4/13/27 | 210000 | 207681 |
| 3.95% 4/13/52 | 390000 | 307760 |
| 4.05% 8/22/47 | 460000 | 379481 |
| 4.25% 8/22/57 | 150000 | 122774 |
| 4.95% 12/5/44 | 480000 | 465713 |
| Meta Platforms, Inc. 5.40% <br> 8/15/54<br>| 1330000 | 1297071 |
| Prosus NV |  |  |
| 3.68% 1/21/30 | 600000 | 565645 |
| 4.03% 8/3/50 | 2720000 | 1818700 |
| Uber Technologies, Inc. 4.80% <br> 9/15/34<br>| 615000 | 604075 |
|  |  | **10795643** |
| **Iron & Steel–0.02%** | **Iron & Steel–0.02%** | **Iron & Steel–0.02%** |
| Reliance, Inc. 1.30% 8/15/25 | 600000 | 597309 |
| Steel Dynamics, Inc. 1.65% <br> 10/15/27<br>| 126000 | 118756 |
|  |  | **716065** |
| **Machinery Diversified–0.01%** | **Machinery Diversified–0.01%** | **Machinery Diversified–0.01%** |
| nVent Finance SARL 4.55% <br> 4/15/28<br>| 75000 | 74953 |
| Otis Worldwide Corp. 2.57% <br> 2/15/30<br>| 280000 | 258288 |
| Xylem, Inc. 2.25% 1/30/31 | 110000 | 97499 |
|  |  | **430740** |

---

LVIP JPMorgan Core Bond Fund-25

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media–0.63%** | **Media–0.63%** | **Media–0.63%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.50% 3/1/42 | 475000 | $338698 |
| 4.80% 3/1/50 | 980000 | 784067 |
| 5.13% 7/1/49 | 1160000 | 964497 |
| 5.38% 4/1/38 | 1308000 | 1232717 |
| 5.50% 4/1/63 | 480000 | 405875 |
| Comcast Corp. |  |  |
| 2.80% 1/15/51 | 930000 | 557639 |
| 2.89% 11/1/51 | 1196000 | 727858 |
| 2.94% 11/1/56 | 481000 | 282420 |
| 2.99% 11/1/63 | 206000 | 115832 |
| 3.15% 3/1/26 | 840000 | 833302 |
| 3.40% 4/1/30 | 570000 | 546546 |
| 3.45% 2/1/50 | 400000 | 274283 |
| 3.95% 10/15/25 | 1690000 | 1687368 |
| 4.00% 3/1/48 | 110000 | 84943 |
| 4.00% 11/1/49 | 152000 | 115527 |
| 4.15% 10/15/28 | 2320000 | 2315607 |
| 4.25% 1/15/33 | 167000 | 161368 |
| Cox Communications, Inc. |  |  |
| 2.95% 10/1/50 | 180000 | 102200 |
| 3.35% 9/15/26 | 67000 | 65961 |
| =Identity Digital Cap LLC <br> 6.79% 3/20/65<br>| 5400000 | 5400000 |
| Time Warner Cable <br> Enterprises LLC 8.38% <br> 7/15/33<br>| 90000 | 104804 |
| Time Warner Cable LLC |  |  |
| 5.50% 9/1/41 | 100000 | 90927 |
| 6.55% 5/1/37 | 250000 | 258205 |
| 7.30% 7/1/38 | 430000 | 468912 |
| Walt Disney Co. 6.65% <br> 11/15/37<br>| 350000 | 400274 |
|  |  | **18319830** |
| **Mining–0.36%** | **Mining–0.36%** | **Mining–0.36%** |
| Anglo American Capital PLC <br> 4.75% 4/10/27<br>| 430000 | 431997 |
| Barrick North America <br> Finance LLC 5.70% 5/30/41<br>| 1070000 | 1073191 |
| BHP Billiton Finance USA <br> Ltd.<br>|  |  |
| 5.00% 9/30/43 | 700000 | 663351 |
| 5.13% 2/21/32 | 1130000 | 1156983 |
| Corp. Nacional del Cobre de <br> Chile 6.44% 1/26/36<br>| 863000 | 902728 |
| Glencore Funding LLC |  |  |
| 2.50% 9/1/30 | 750000 | 675777 |
| 4.00% 3/27/27 | 400000 | 396727 |
| 5.63% 4/4/34 | 1020000 | 1039613 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Southern Copper Corp. 5.25% <br> 11/8/42<br>| 4420000 | $4107064 |
|  |  | **10447431** |
| **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** |
| Eaton Corp. 4.15% 11/2/42 | 780000 | 671283 |
| Parker-Hannifin Corp. 4.45% <br> 11/21/44<br>| 30000 | 25841 |
| Textron, Inc. 5.50% 5/15/35 | 1800000 | 1827985 |
|  |  | **2525109** |
| **Oil & Gas–1.01%** | **Oil & Gas–1.01%** | **Oil & Gas–1.01%** |
| Aker BP ASA |  |  |
| 5.13% 10/1/34 | 600000 | 576077 |
| 5.80% 10/1/54 | 325000 | 296281 |
| APA Corp. 6.00% 1/15/37 | 1690000 | 1533448 |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 2.77% 11/10/50 | 370000 | 225759 |
| 2.94% 6/4/51 | 345000 | 216507 |
| 3.00% 3/17/52 | 135000 | 85107 |
| 3.41% 2/11/26 | 150000 | 149001 |
| Chevron Corp. |  |  |
| 2.00% 5/11/27 | 200000 | 193142 |
| 3.08% 5/11/50 | 460000 | 309786 |
| Chevron USA, Inc. 3.85% <br> 1/15/28<br>| 500000 | 498867 |
| ConocoPhillips Co. 5.50% <br> 1/15/55<br>| 1395000 | 1323602 |
| Continental Resources, Inc. |  |  |
| 4.38% 1/15/28 | 1520000 | 1498732 |
| 5.75% 1/15/31 | 20000 | 20192 |
| Coterra Energy, Inc. 5.40% <br> 2/15/35<br>| 1165000 | 1153202 |
| Devon Energy Corp. |  |  |
| 4.50% 1/15/30 | 640000 | 633428 |
| 4.75% 5/15/42 | 150000 | 125565 |
| 5.60% 7/15/41 | 940000 | 869527 |
| 5.85% 12/15/25 | 570000 | 571526 |
| Diamondback Energy, Inc. |  |  |
| 3.13% 3/24/31 | 1150000 | 1053337 |
| 3.50% 12/1/29 | 1400000 | 1339265 |
| Ecopetrol SA 5.88% 5/28/45 | 3100000 | 2139584 |
| Eni USA, Inc. 7.30% 11/15/27 | 50000 | 53154 |
| EQT Corp. |  |  |
| 3.90% 10/1/27 | 45000 | 44404 |
| 7.00% 2/1/30 | 680000 | 737147 |
| Exxon Mobil Corp. |  |  |
| 3.00% 8/16/39 | 405000 | 315398 |
| 3.45% 4/15/51 | 570000 | 404065 |
| 4.33% 3/19/50 | 90000 | 74587 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 800000 | 805536 |
| 5.75% 4/19/47 | 2050000 | 1779705 |

---

LVIP JPMorgan Core Bond Fund-26

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Occidental Petroleum Corp. |  |  |
| 3.00% 2/15/27 | 620000 | $602344 |
| 3.50% 8/15/29 | 380000 | 353232 |
| 4.10% 2/15/47 | 580000 | 390924 |
| 4.20% 3/15/48 | 160000 | 108892 |
| 4.30% 8/15/39 | 494000 | 399140 |
| 4.40% 4/15/46 | 290000 | 212628 |
| 4.50% 7/15/44 | 2170000 | 1587116 |
| 4.63% 6/15/45 | 890000 | 668071 |
| Pertamina Persero PT 6.00% <br> 5/3/42<br>| 1360000 | 1340753 |
| Pioneer Natural Resources <br> Co.<br>|  |  |
| 1.13% 1/15/26 | 160000 | 157219 |
| 1.90% 8/15/30 | 920000 | 815477 |
| 2.15% 1/15/31 | 1390000 | 1234627 |
| Shell Finance U.S., Inc. |  |  |
| 2.38% 11/7/29 | 150000 | 139477 |
| 3.25% 4/6/50 | 1890000 | 1292552 |
| Shell International Finance <br> BV 2.88% 5/10/26<br>| 610000 | 603233 |
| Suncor Energy, Inc. |  |  |
| 5.95% 12/1/34 | 60000 | 62244 |
| 6.80% 5/15/38 | 79000 | 85396 |
| TotalEnergies Capital <br> International SA<br>|  |  |
| 2.99% 6/29/41 | 350000 | 258004 |
| 3.13% 5/29/50 | 260000 | 171523 |
| 3.46% 7/12/49 | 145000 | 102763 |
|  |  | **29611546** |
| **Oil & Gas Services–0.02%** | **Oil & Gas Services–0.02%** | **Oil & Gas Services–0.02%** |
| Baker Hughes <br> Holdings LLC/Baker Hughes <br> Co-Obligor, Inc. 3.14% <br> 11/7/29<br>| 180000 | 171618 |
| Halliburton Co. |  |  |
| 3.80% 11/15/25 | 20000 | 19923 |
| 4.85% 11/15/35 | 30000 | 28874 |
| 5.00% 11/15/45 | 220000 | 194649 |
| 6.70% 9/15/38 | 60000 | 65830 |
| NOV, Inc. 3.60% 12/1/29 | 200000 | 191841 |
|  |  | **672735** |
| **Packaging & Containers–0.07%** | **Packaging & Containers–0.07%** | **Packaging & Containers–0.07%** |
| Graphic Packaging <br> International LLC 1.51% <br> 4/15/26<br>| 284000 | 276578 |
| Packaging Corp. of America <br> 4.05% 12/15/49<br>| 155000 | 118442 |
| Smurfit Westrock Financing <br> DAC 5.42% 1/15/35<br>| 1505000 | 1524621 |
| WRKCo, Inc. 3.90% 6/1/28 | 35000 | 34541 |
|  |  | **1954182** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals–0.66%** | **Pharmaceuticals–0.66%** | **Pharmaceuticals–0.66%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 530000 | $521216 |
| 4.05% 11/21/39 | 510000 | 447018 |
| 4.25% 11/21/49 | 1190000 | 980335 |
| 4.40% 11/6/42 | 370000 | 325326 |
| 4.50% 5/14/35 | 100000 | 96615 |
| 4.55% 3/15/35 | 60000 | 58254 |
| 4.85% 6/15/44 | 200000 | 184160 |
| 4.88% 11/14/48 | 110000 | 99594 |
| 5.05% 3/15/34 | 455000 | 463264 |
| AstraZeneca PLC 6.45% <br> 9/15/37<br>| 50000 | 56167 |
| Becton Dickinson & Co. |  |  |
| 4.67% 6/6/47 | 75000 | 64319 |
| 4.69% 12/15/44 | 340000 | 295884 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35% 11/13/40 | 175000 | 120102 |
| 3.20% 6/15/26 | 410000 | 406178 |
| 3.70% 3/15/52 | 714000 | 520155 |
| 4.13% 6/15/39 | 114000 | 101449 |
| 4.55% 2/20/48 | 707000 | 607881 |
| 5.55% 2/22/54 | 113000 | 110242 |
| 5.65% 2/22/64 | 1030000 | 1000034 |
| Cencora, Inc. |  |  |
| 5.13% 2/15/34 | 1550000 | 1562242 |
| 5.15% 2/15/35 | 2185000 | 2203541 |
| CVS Health Corp. |  |  |
| 1.88% 2/28/31 | 180000 | 154077 |
| 2.13% 9/15/31 | 590000 | 504696 |
| 3.63% 4/1/27 | 230000 | 227107 |
| 3.75% 4/1/30 | 740000 | 709880 |
| 4.30% 3/25/28 | 1271000 | 1265785 |
| 5.13% 7/20/45 | 840000 | 743916 |
| 5.25% 2/21/33 | 330000 | 332205 |
| ♦CVS Pass-Through Trust |  |  |
| 4.70% 1/10/36 | 121602 | 116492 |
| 5.93% 1/10/34 | 54650 | 55171 |
| 7.51% 1/10/32 | 46444 | 48637 |
| 8.35% 7/10/31 | 46395 | 50342 |
| Eli Lilly & Co. 4.95% 2/27/63 | 210000 | 190789 |
| Johnson & Johnson 2.10% <br> 9/1/40<br>| 1390000 | 954980 |
| Merck & Co., Inc. |  |  |
| 2.75% 12/10/51 | 170000 | 104465 |
| 2.90% 12/10/61 | 245000 | 142823 |
| 4.00% 3/7/49 | 220000 | 174989 |
| Pfizer Investment Enterprises <br> Pte. Ltd.<br>|  |  |
| 4.75% 5/19/33 | 210000 | 209369 |
| 5.30% 5/19/53 | 515000 | 486165 |
| Pfizer, Inc. 2.70% 5/28/50 | 760000 | 471861 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>|  |  |
| 3.03% 7/9/40 | 545000 | 407529 |
| 3.18% 7/9/50 | 1044000 | 683702 |

---

LVIP JPMorgan Core Bond Fund-27

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Takeda Pharmaceutical Co. <br> Ltd. (continued)<br>|  |  |
| 5.65% 7/5/44 | 386000 | $384220 |
| Utah Acquisition Sub, Inc. <br> 3.95% 6/15/26<br>| 127000 | 125800 |
| Viatris, Inc. 2.30% 6/22/27 | 589000 | 561245 |
| Zoetis, Inc. 2.00% 5/15/30 | 170000 | 152781 |
|  |  | **19483002** |
| **Pipelines–1.16%** | **Pipelines–1.16%** | **Pipelines–1.16%** |
| Boardwalk Pipelines LP 3.40% <br> 2/15/31<br>| 170000 | 157036 |
| Cameron LNG LLC 3.70% <br> 1/15/39<br>| 188000 | 160343 |
| Cheniere Energy Partners LP <br> 5.55% 10/30/35<br>| 715000 | 720621 |
| Cheniere Energy, Inc. 5.65% <br> 4/15/34<br>| 710000 | 727168 |
| Columbia Pipelines Holding <br> Co. LLC 5.10% 10/1/31<br>| 421000 | 422826 |
| Columbia Pipelines Operating <br> Co. LLC<br>|  |  |
| 5.44% 2/15/35 | 550000 | 553194 |
| 5.96% 2/15/55 | 555000 | 532192 |
| 6.04% 11/15/33 | 810000 | 849919 |
| 6.54% 11/15/53 | 1230000 | 1271254 |
| Eastern Energy Gas <br> Holdings LLC 6.20% 1/15/55<br>| 655000 | 676867 |
| Eastern Gas Transmission & <br> Storage, Inc. 3.90% 11/15/49<br>| 137000 | 98225 |
| Enbridge, Inc. |  |  |
| 5.63% 4/5/34 | 1850000 | 1900718 |
| 5.70% 3/8/33 | 260000 | 269564 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 3950000 | 3789861 |
| 5.30% 4/1/44 | 50000 | 44786 |
| 5.40% 10/1/47 | 670000 | 596649 |
| 5.70% 4/1/35 | 2000000 | 2037187 |
| 6.00% 6/15/48 | 335000 | 321687 |
| 6.10% 2/15/42 | 60000 | 59075 |
| 6.25% 4/15/49 | 340000 | 335367 |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 4.80% 2/1/49 | 190000 | 165641 |
| 6.65% 10/15/34 | 370000 | 410763 |
| 7.55% 4/15/38 | 206000 | 244966 |
| Flex Intermediate <br> Holdco LLC 4.32% 12/30/39<br>| 130000 | 102215 |
| Galaxy Pipeline Assets Bidco <br> Ltd. 2.94% 9/30/40<br>| 220810 | 180877 |
| Gray Oak Pipeline LLC |  |  |
| 2.60% 10/15/25 | 165000 | 163912 |
| 3.45% 10/15/27 | 372000 | 363893 |
| Kinder Morgan Energy <br> Partners LP 5.50% 3/1/44<br>| 440000 | 414682 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Kinder Morgan, Inc. |  |  |
| 5.20% 6/1/33 | 315000 | $316495 |
| 5.20% 3/1/48 | 70000 | 62936 |
| 5.55% 6/1/45 | 550000 | 518815 |
| MPLX LP |  |  |
| 4.70% 4/15/48 | 550000 | 446203 |
| 5.50% 6/1/34 | 1580000 | 1586423 |
| 5.50% 2/15/49 | 870000 | 785539 |
| 5.95% 4/1/55 | 315000 | 300029 |
| NGPL PipeCo LLC 3.25% <br> 7/15/31<br>| 1015000 | 904215 |
| ONEOK Partners LP 6.65% <br> 10/1/36<br>| 15000 | 16115 |
| ONEOK, Inc. |  |  |
| 2.20% 9/15/25 | 250000 | 248527 |
| 4.75% 10/15/31 | 140000 | 138611 |
| 5.55% 11/1/26 | 320000 | 324402 |
| 5.80% 11/1/30 | 500000 | 523398 |
| 6.05% 9/1/33 | 1030000 | 1080734 |
| 6.63% 9/1/53 | 1340000 | 1392614 |
| Plains All American <br> Pipeline LP 5.95% 6/15/35<br>| 1340000 | 1377571 |
| South Bow USA <br> Infrastructure Holdings LLC<br>|  |  |
| 4.91% 9/1/27 | 335000 | 337150 |
| 5.03% 10/1/29 | 385000 | 386242 |
| Targa Resources Corp. |  |  |
| 4.90% 9/15/30 | 2171000 | 2189327 |
| 5.50% 2/15/35 | 1425000 | 1429992 |
| TransCanada PipeLines Ltd. <br> 6.20% 10/15/37<br>| 70000 | 73287 |
| Western Midstream <br> Operating LP 4.05% 2/1/30<br>| 110000 | 105790 |
| Williams Cos., Inc. |  |  |
| 4.90% 1/15/45 | 360000 | 316184 |
| 5.60% 3/15/35 | 910000 | 935429 |
| 5.65% 3/15/33 | 200000 | 207838 |
| 6.00% 3/15/55 | 350000 | 349502 |
|  |  | **33924856** |
| **Private Equity–0.00%** | **Private Equity–0.00%** | **Private Equity–0.00%** |
| Brookfield Finance, Inc. |  |  |
| 3.90% 1/25/28 | 55000 | 54355 |
| 4.70% 9/20/47 | 9000 | 7648 |
| 4.85% 3/29/29 | 54000 | 54495 |
|  |  | **116498** |
| **Real Estate–0.00%** | **Real Estate–0.00%** | **Real Estate–0.00%** |
| GAIF Bond Issuer Pty. Ltd. <br> 3.40% 9/30/26<br>| 79000 | 77877 |
|  |  | **77877** |

---

LVIP JPMorgan Core Bond Fund-28

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts–0.34%** | **Real Estate Investment Trusts–0.34%** | **Real Estate Investment Trusts–0.34%** |
| Alexandria Real Estate <br> Equities, Inc.<br>|  |  |
| 2.00% 5/18/32 | 240000 | $199260 |
| 3.80% 4/15/26 | 23000 | 22834 |
| 4.00% 2/1/50 | 125000 | 91998 |
| American Tower Corp. |  |  |
| 1.50% 1/31/28 | 325000 | 302702 |
| 1.88% 10/15/30 | 275000 | 239040 |
| 2.10% 6/15/30 | 150000 | 133214 |
| 2.95% 1/15/51 | 85000 | 53819 |
| 3.10% 6/15/50 | 130000 | 85250 |
| 3.38% 10/15/26 | 44000 | 43438 |
| 3.70% 10/15/49 | 230000 | 168082 |
| 5.00% 1/31/30 | 1355000 | 1381260 |
| American Tower Trust #1 <br> 3.65% 3/15/48<br>| 160000 | 156307 |
| Brixmor Operating <br> Partnership LP<br>|  |  |
| 2.25% 4/1/28 | 200000 | 189185 |
| 2.50% 8/16/31 | 105000 | 91508 |
| COPT Defense Properties LP |  |  |
| 2.25% 3/15/26 | 470000 | 461037 |
| 2.75% 4/15/31 | 326000 | 288345 |
| Crown Castle, Inc. |  |  |
| 4.00% 3/1/27 | 24000 | 23858 |
| 5.80% 3/1/34 | 665000 | 688529 |
| DOC Dr. LLC 2.63% 11/1/31 | 130000 | 114692 |
| Equinix, Inc. |  |  |
| 2.00% 5/15/28 | 463000 | 433213 |
| 2.90% 11/18/26 | 285000 | 279277 |
| Essex Portfolio LP |  |  |
| 1.65% 1/15/31 | 200000 | 169760 |
| 2.65% 3/15/32 | 145000 | 126545 |
| 5.50% 4/1/34 | 420000 | 429014 |
| Extra Space Storage LP |  |  |
| 2.20% 10/15/30 | 300000 | 265360 |
| 4.00% 6/15/29 | 150000 | 147102 |
| Goodman U.S. Finance <br> Three LLC 3.70% 3/15/28<br>| 43000 | 42148 |
| Healthpeak OP LLC |  |  |
| 2.13% 12/1/28 | 330000 | 306422 |
| 3.00% 1/15/30 | 90000 | 84384 |
| 3.50% 7/15/29 | 132000 | 127431 |
| Mid-America Apartments LP |  |  |
| 1.70% 2/15/31 | 150000 | 128717 |
| 3.95% 3/15/29 | 230000 | 227121 |
| NNN REIT, Inc. |  |  |
| 3.60% 12/15/26 | 58000 | 57298 |
| 4.30% 10/15/28 | 150000 | 149547 |
| 5.50% 6/15/34 | 640000 | 656114 |
| 5.60% 10/15/33 | 150000 | 155059 |
| Prologis LP |  |  |
| 2.13% 10/15/50 | 150000 | 79753 |
| 2.88% 11/15/29 | 95000 | 89549 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Safehold GL Holdings LLC <br> 2.85% 1/15/32<br>| 400000 | $348311 |
| UDR, Inc. |  |  |
| 2.10% 8/1/32 | 160000 | 132520 |
| 2.95% 9/1/26 | 28000 | 27522 |
| 3.00% 8/15/31 | 25000 | 22707 |
| 3.20% 1/15/30 | 150000 | 142130 |
| Ventas Realty LP |  |  |
| 3.25% 10/15/26 | 25000 | 24609 |
| 3.85% 4/1/27 | 49000 | 48529 |
| 4.13% 1/15/26 | 9000 | 8963 |
| Welltower OP LLC 6.50% <br> 3/15/41<br>| 125000 | 137827 |
| WP Carey, Inc. |  |  |
| 2.25% 4/1/33 | 180000 | 146759 |
| 4.25% 10/1/26 | 245000 | 244480 |
|  |  | **9972529** |
| **Retail–0.25%** | **Retail–0.25%** | **Retail–0.25%** |
| AutoZone, Inc. 1.65% 1/15/31 | 180000 | 154125 |
| Costco Wholesale Corp. |  |  |
| 1.38% 6/20/27 | 930000 | 886925 |
| 1.75% 4/20/32 | 380000 | 325087 |
| Home Depot, Inc. |  |  |
| 2.50% 4/15/27 | 320000 | 311477 |
| 3.25% 4/15/32 | 1690000 | 1562250 |
| 3.30% 4/15/40 | 530000 | 423134 |
| 3.35% 4/15/50 | 680000 | 476592 |
| 3.63% 4/15/52 | 235000 | 171051 |
| 3.90% 6/15/47 | 90000 | 70903 |
| McDonald's Corp. |  |  |
| 4.20% 4/1/50 | 500000 | 396967 |
| 4.70% 12/9/35 | 60000 | 58520 |
| 4.88% 12/9/45 | 1060000 | 955962 |
| O'Reilly Automotive, Inc. |  |  |
| 3.55% 3/15/26 | 80000 | 79504 |
| 3.60% 9/1/27 | 49000 | 48342 |
| Starbucks Corp. |  |  |
| 4.80% 2/15/33 | 440000 | 439868 |
| 4.90% 2/15/31 | 850000 | 867923 |
| Walmart, Inc. 1.80% 9/22/31 | 180000 | 156811 |
|  |  | **7385441** |
| **Savings & Loans–0.12%** | **Savings & Loans–0.12%** | **Savings & Loans–0.12%** |
| μNationwide Building Society |  |  |
| 2.97% 2/16/28 | 920000 | 898309 |
| 3.96% 7/18/30 | 2165000 | 2112294 |
| 4.30% 3/8/29 | 525000 | 521806 |
|  |  | **3532409** |
| **Semiconductors–0.47%** | **Semiconductors–0.47%** | **Semiconductors–0.47%** |
| Analog Devices, Inc. 2.80% <br> 10/1/41<br>| 227000 | 165177 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 592000 | 558338 |

---

LVIP JPMorgan Core Bond Fund-29

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 3.14% 11/15/35 | 2778000 | $2343074 |
| 3.19% 11/15/36 | 400000 | 331596 |
| 4.15% 11/15/30 | 230000 | 226317 |
| 4.93% 5/15/37 | 650000 | 630840 |
| 5.05% 7/12/29 | 2400000 | 2457645 |
| Intel Corp. |  |  |
| 3.05% 8/12/51 | 800000 | 475270 |
| 3.10% 2/15/60 | 50000 | 27956 |
| 3.25% 11/15/49 | 800000 | 506683 |
| 3.73% 12/8/47 | 590000 | 416234 |
| 5.70% 2/10/53 | 100000 | 93064 |
| KLA Corp. |  |  |
| 3.30% 3/1/50 | 150000 | 103922 |
| 4.65% 7/15/32 | 520000 | 523418 |
| Marvell Technology, Inc. |  |  |
| 5.45% 7/15/35 | 1815000 | 1827631 |
| 5.75% 2/15/29 | 380000 | 395633 |
| NVIDIA Corp. |  |  |
| 3.50% 4/1/50 | 1570000 | 1172832 |
| 3.70% 4/1/60 | 660000 | 485316 |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 2.50% 5/11/31 | 360000 | 317936 |
| 3.25% 5/11/41 | 370000 | 272125 |
| 5.00% 1/15/33 | 140000 | 139606 |
| Texas Instruments, Inc. 5.05% <br> 5/18/63<br>| 276000 | 253084 |
|  |  | **13723697** |
| **Software–0.42%** | **Software–0.42%** | **Software–0.42%** |
| Cadence Design Systems, Inc. <br> 4.70% 9/10/34<br>| 1594000 | 1574768 |
| Fiserv, Inc. |  |  |
| 3.20% 7/1/26 | 70000 | 69198 |
| 4.40% 7/1/49 | 65000 | 53215 |
| Intuit, Inc. |  |  |
| 5.20% 9/15/33 | 350000 | 362620 |
| 5.50% 9/15/53 | 110000 | 109212 |
| Microsoft Corp. |  |  |
| 2.53% 6/1/50 | 2220000 | 1371891 |
| 2.92% 3/17/52 | 820000 | 543778 |
| 3.04% 3/17/62 | 40000 | 25675 |
| 3.45% 8/8/36 | 20000 | 17962 |
| Oracle Corp. |  |  |
| 1.65% 3/25/26 | 2010000 | 1968898 |
| 2.88% 3/25/31 | 2310000 | 2106765 |
| 2.95% 4/1/30 | 120000 | 112062 |
| 3.60% 4/1/40 | 450000 | 360170 |
| 3.60% 4/1/50 | 220000 | 153855 |
| 4.00% 7/15/46 | 110000 | 84838 |
| 4.65% 5/6/30 | 540000 | 544924 |
| 4.90% 2/6/33 | 310000 | 310829 |
| Roper Technologies, Inc. |  |  |
| 1.40% 9/15/27 | 350000 | 329228 |

---

---

| | | |
|:---|:---|:---|
|  | **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>|  |  |
| 2.00% 6/30/30 | 160000 | $142180 |
| Synopsys, Inc. 5.70% 4/1/55 | 1400000 | 1391962 |
| VMware LLC |  |  |
| 1.40% 8/15/26 | 404000 | 390741 |
| 4.65% 5/15/27 | 135000 | 135788 |
|  |  | **12160559** |
| **Telecommunications–0.67%** | **Telecommunications–0.67%** | **Telecommunications–0.67%** |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 55000 | 51597 |
| 2.25% 2/1/32 | 1460000 | 1256548 |
| 2.30% 6/1/27 | 520000 | 501368 |
| 2.55% 12/1/33 | 1090000 | 912228 |
| 3.55% 9/15/55 | 226000 | 152493 |
| 3.65% 6/1/51 | 381000 | 270679 |
| 3.65% 9/15/59 | 160000 | 107345 |
| 3.80% 2/15/27 | 1020000 | 1012240 |
| 3.80% 12/1/57 | 200000 | 139940 |
| Corning, Inc. 3.90% 11/15/49 | 284000 | 214919 |
| Deutsche Telekom <br> International Finance BV <br> 4.88% 3/6/42<br>| 150000 | 137225 |
| Telefonica Emisiones SA <br> 5.21% 3/8/47<br>| 340000 | 300810 |
| T-Mobile USA, Inc. |  |  |
| 2.25% 11/15/31 | 680000 | 589616 |
| 2.55% 2/15/31 | 420000 | 375995 |
| 3.00% 2/15/41 | 800000 | 585404 |
| 3.30% 2/15/51 | 190000 | 126110 |
| 3.75% 4/15/27 | 130000 | 128642 |
| 3.88% 4/15/30 | 5690000 | 5526229 |
| Verizon Communications, Inc. |  |  |
| 2.36% 3/15/32 | 10000 | 8620 |
| 2.55% 3/21/31 | 1280000 | 1148017 |
| 2.65% 11/20/40 | 590000 | 416228 |
| 2.88% 11/20/50 | 180000 | 112124 |
| 3.40% 3/22/41 | 200000 | 154267 |
| 3.85% 11/1/42 | 680000 | 542652 |
| 4.00% 3/22/50 | 680000 | 517850 |
| 4.13% 8/15/46 | 480000 | 386230 |
| 4.40% 11/1/34 | 690000 | 654861 |
| 4.50% 8/10/33 | 2680000 | 2605075 |
| 5.25% 3/16/37 | 430000 | 427945 |
| Vodafone Group PLC |  |  |
| 4.88% 6/19/49 | 255000 | 219385 |
| 5.63% 2/10/53 | 35000 | 33021 |
|  |  | **19615663** |
| **Transportation–0.06%** | **Transportation–0.06%** | **Transportation–0.06%** |
| Burlington Northern Santa <br> Fe LLC<br>|  |  |
| 4.38% 9/1/42 | 25000 | 21891 |
| 4.70% 9/1/45 | 35000 | 31555 |

---

LVIP JPMorgan Core Bond Fund-30

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Burlington Northern Santa <br> Fe LLC (continued)<br>|  |  |
| 5.15% 9/1/43 | 77000 | $73972 |
| 5.40% 6/1/41 | 126000 | 125372 |
| 5.50% 3/15/55 | 810000 | 802034 |
| 5.75% 5/1/40 | 85000 | 89000 |
| Canadian Pacific Railway Co. <br> 4.70% 5/1/48<br>| 197000 | 173759 |
| CSX Corp. |  |  |
| 3.35% 9/15/49 | 10000 | 6986 |
| 4.75% 11/15/48 | 108000 | 95744 |
| 5.50% 4/15/41 | 50000 | 50011 |
| Norfolk Southern Corp. |  |  |
| 3.95% 10/1/42 | 70000 | 57174 |
| 4.05% 8/15/52 | 40000 | 30909 |
| Union Pacific Corp. |  |  |
| 3.84% 3/20/60 | 270000 | 194307 |
| 4.10% 9/15/67 | 150000 | 110904 |
|  |  | **1863618** |
| **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** |
| Penske Truck Leasing Co. <br> LP/PTL Finance Corp.<br>|  |  |
| 3.40% 11/15/26 | 25000 | 24615 |
| 5.25% 7/1/29 | 100000 | 102382 |
| 6.05% 8/1/28 | 310000 | 322973 |
|  |  | **449970** |
| **Water–0.01%** | **Water–0.01%** | **Water–0.01%** |
| American Water Capital Corp. |  |  |
| 3.45% 5/1/50 | 225000 | 158838 |
| 4.00% 12/1/46 | 52000 | 41159 |
|  |  | **199997** |
| **Total Corporate Bonds** <br>**(Cost $710,108,358)** | **Total Corporate Bonds** <br>**(Cost $710,108,358)** | **718702077** |
| **MUNICIPAL BONDS–0.02%** | **MUNICIPAL BONDS–0.02%** | **MUNICIPAL BONDS–0.02%** |
| New York State Dormitory <br> Authority Series D 5.60% <br> 3/15/40<br>| 30000 | 30516 |
| Ohio State University Series A <br> 4.80% 6/1/11<br>| 98000 | 81994 |
| Port Authority of New York & <br> New Jersey 5.65% 11/1/40<br>| 130000 | 135398 |
| Texas Natural Gas <br> Securitization Finance Corp. <br> 5.17% 4/1/41<br>| 275000 | 277779 |
| **Total Municipal Bonds** <br>**(Cost $531,245)** | **Total Municipal Bonds** <br>**(Cost $531,245)** | **525687** |
| **NON-AGENCY ASSET-BACKED SECURITIES–9.37%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.37%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.37%** |
| American Credit Acceptance <br> Receivables Trust Series <br> 2023-4 Class C 6.99% <br> 9/12/30<br>| 3816000 | 3863628 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Homes 4 Rent Trust <br> Series 2015-SFR2 Class C <br> 4.69% 10/17/52<br>| 200000 | $199472 |
| AMSR Trust | AMSR Trust | AMSR Trust |
| Series 2020-SFR2 Class C <br> 2.53% 7/17/37<br>| 1000000 | 997802 |
| Series 2021-SFR1 Class D <br> 2.60% 6/17/38<br>| 5059000 | 4745545 |
| Series 2021-SFR4 Class E1 <br> 2.97% 12/17/38<br>| 2335274 | 2253985 |
| Series 2021-SFR4 Class E2 <br> 3.01% 12/17/38<br>| 3800000 | 3662225 |
| Series 2022-SFR3 Class E2 <br> 4.00% 10/17/39<br>| 1000000 | 962530 |
| Series 2023-SFR2 Class E2 <br> 3.95% 6/17/40<br>| 2000000 | 1871269 |
| •Arbor Realty Commercial <br> Real Estate Notes Ltd. <br> Series 2022-FL1 Class A <br> 5.75% (30 day USD SOFR <br> Average + 1.45%) 1/15/37<br>| 957295 | 957295 |
| Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
| Series 2022-3A Class A 4.62% <br> 2/20/27<br>| 750000 | 749639 |
| Series 2024-1A Class A 5.36% <br> 6/20/30<br>| 2642000 | 2710798 |
| Series 2025-2A Class A 5.12% <br> 8/20/31<br>| 2000000 | 2034528 |
| Bastion Funding I LLC Series <br> 2023-1A Class A2 7.12% <br> 4/25/38<br>| 1867359 | 1877260 |
| Bedrock ABS I LLC 7.95% <br> 12/27/37<br>| 685053 | 705644 |
| BG Beta I Ltd. 6.28% 7/16/54 | 2659500 | 2716294 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 617520 | 579044 |
| Bridge Trust | Bridge Trust | Bridge Trust |
| Series 2022-SFR1 Class C <br> 4.45% 11/17/37<br>| 900000 | 893959 |
| Series 2024-SFR1 Class C <br> 4.30% 8/17/40<br>| 875000 | 848489 |
| Series 2024-SFR1 Class D <br> 4.30% 8/17/40<br>| 1526000 | 1462967 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| Series 2024-1 Class C 5.65% <br> 4/16/29<br>| 2341000 | 2355744 |
| Series 2024-3 Class C 5.70% <br> 7/16/29<br>| 2255000 | 2281180 |
| BXG Receivables Note Trust <br> Series 2022-A Class C 5.35% <br> 9/28/37<br>| 408689 | 401401 |
| CarMax Auto Owner Trust <br> Series 2023-4 Class A3 6.00% <br> 7/17/28<br>| 480000 | 486919 |

---

LVIP JPMorgan Core Bond Fund-31

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| CarMax Select Receivables <br> Trust Series 2025-A Class C <br> 5.46% 7/15/31<br>| 8100000 | $8282365 |
| Cars Net Lease Mortgage <br> Notes Series 2020-1A <br> Class A3 3.10% 12/15/50<br>| 156400 | 147332 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| Series 2023-N1 Class B <br> 5.85% 11/10/27<br>| 2964201 | 2969334 |
| Series 2023-P3 Class A3 <br> 5.82% 8/10/28<br>| 227763 | 229325 |
| Series 2023-P4 Class A4 <br> 6.16% 9/10/29<br>| 631000 | 655499 |
| Cascade MH Asset Trust <br> Series 2021-MH1 Class A1 <br> 1.75% 2/25/46<br>| 615479 | 562012 |
| φCFIN Issuer LLC Series <br> 2022-RTL1 Class AA 4.75% <br> 2/16/26<br>| 178430 | 177288 |
| Cherry Securitization Trust <br> Series 2025-1A Class A 6.13% <br> 11/15/32<br>| 4550000 | 4596089 |
| Consumer Portfolio Services <br> Auto Trust Series 2025-B <br> Class C 5.12% 7/15/31<br>| 4290000 | 4320031 |
| Continental Finance Credit <br> Card ABS Master Trust <br> Series 2022-A Class A 6.19% <br> 10/15/30<br>| 910000 | 912839 |
| CoreVest American Finance Ltd. | CoreVest American Finance Ltd. | CoreVest American Finance Ltd. |
| Series 2019-2 Class D 4.22% <br> 6/15/52<br>| 500000 | 481385 |
| Series 2019-3 Class B 3.16% <br> 10/15/52<br>| 700000 | 659253 |
| Series 2020-3 Class B 2.20% <br> 8/15/53<br>| 810000 | 726835 |
| •Countrywide Asset-Backed Certificates Trust | •Countrywide Asset-Backed Certificates Trust | •Countrywide Asset-Backed Certificates Trust |
| Series 2004-1 Class 3A 4.99% <br> (1 mo. USD Term SOFR + <br> 0.67%) 4/25/34<br>| 1056 | 996 |
| Series 2004-1 Class M1 <br> 5.18% (1 mo. USD Term <br> SOFR + 0.86%) 3/25/34<br>| 4240 | 4314 |
| Series 2004-1 Class M2 <br> 5.26% (1 mo. USD Term <br> SOFR + 0.94%) 3/25/34<br>| 457 | 515 |
| CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
| Series 2022-D Class C 7.69% <br> 1/16/29<br>| 880000 | 889433 |
| Series 2023-D Class C 7.17% <br> 1/15/30<br>| 3686000 | 3756407 |
| Credit Acceptance Auto Loan Trust | Credit Acceptance Auto Loan Trust | Credit Acceptance Auto Loan Trust |
| Series 2022-3A Class C 8.45% <br> 2/15/33<br>| 900000 | 914285 |
| Series 2023-2A Class A 5.92% <br> 5/16/33<br>| 880308 | 883115 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Credit Acceptance Auto Loan Trust (continued) | Credit Acceptance Auto Loan Trust (continued) | Credit Acceptance Auto Loan Trust (continued) |
| Series 2023-3A Class A 6.39% <br> 8/15/33<br>| 700000 | $706153 |
| Series 2024-1A Class C 6.71% <br> 7/17/34<br>| 3910000 | 4031636 |
| Series 2025-1A Class C 5.71% <br> 7/16/35<br>| 4535000 | 4631908 |
| •CWHEQ Revolving Home <br> Equity Loan Trust Series <br> 2006-I Class 2A 4.57% (1 mo. <br> USD Term SOFR + 0.25%) <br> 1/15/37<br>| 356769 | 339945 |
| DataBank Issuer LLC Series <br> 2021-1A Class A2 2.06% <br> 2/27/51<br>| 650000 | 635822 |
| Diversified ABS Phase <br> VIII LLC Series 2024-1A <br> Class A1 7.08% 5/30/44<br>| 1252372 | 1265475 |
| DP Lion Holdco LLC Series <br> 2023-1A Class A 8.24% <br> 11/30/43<br>| 1636717 | 1681812 |
| Drive Auto Receivables Trust <br> Series 2025-1 Class D 5.41% <br> 9/15/32<br>| 5400000 | 5460503 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| Series 2022-3A Class C 7.69% <br> 7/17/28<br>| 601240 | 605653 |
| Series 2022-3A Class D <br> 8.14% 7/17/28<br>| 750000 | 768554 |
| Series 2023-2A Class C 5.79% <br> 2/15/29<br>| 956000 | 960494 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Series 2022-6A Class D <br> 8.03% 4/6/29<br>| 1032000 | 1067620 |
| Series 2023-5A Class C 6.85% <br> 1/16/29<br>| 1824000 | 1865243 |
| Series 2024-2A Class D <br> 5.92% 2/15/30<br>| 4241000 | 4321523 |
| Series 2025-2A Class D <br> 5.89% 7/15/31<br>| 8100000 | 8315036 |
| FHF Issuer Trust Series <br> 2023-2A Class A2 6.79% <br> 10/15/29<br>| 1262619 | 1280553 |
| First Investors Auto Owner <br> Trust Series 2023-1A Class C <br> 6.81% 12/17/29<br>| 4000000 | 4137678 |
| FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
| Series 2020-SFR1 Class D <br> 2.24% 8/17/37<br>| 800000 | 794587 |
| Series 2020-SFR1 Class E <br> 2.79% 8/17/37<br>| 1100000 | 1092524 |
| Series 2020-SFR2 Class E <br> 2.67% 10/19/37<br>| 850000 | 840210 |
| Series 2021-SFR1 Class E1 <br> 2.39% 8/17/38<br>| 5142000 | 4980477 |
| Series 2021-SFR1 Class E2 <br> 2.49% 8/17/38<br>| 5500000 | 5308761 |

---

LVIP JPMorgan Core Bond Fund-32

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| FirstKey Homes Trust (continued) | FirstKey Homes Trust (continued) | FirstKey Homes Trust (continued) |
| Series 2022-SFR2 Class E1 <br> 4.50% 7/17/39<br>| 900000 | $877735 |
| Series 2022-SFR3 Class C <br> 4.50% 7/17/38<br>| 784000 | 776685 |
| •FMC GMSR Issuer Trust | •FMC GMSR Issuer Trust | •FMC GMSR Issuer Trust |
| Series 2020-GT1 Class A <br> 4.45% 1/25/26<br>| 1500000 | 1465536 |
| Series 2021-GT1 Class A <br> 3.62% 7/25/26<br>| 4200000 | 3978131 |
| Series 2021-GT2 Class A <br> 3.85% 10/25/26<br>| 3050000 | 2900402 |
| Series 2024-SAT1 Class A <br> 6.50% 3/26/27<br>| 5675000 | 5730054 |
| Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
| Series 2020-1A Class A 3.54% <br> 7/16/40<br>| 42816 | 42731 |
| Series 2023-2A Class D <br> 9.10% 6/15/49<br>| 2782925 | 2973621 |
| FW Energy Asset Issuer LLC | FW Energy Asset Issuer LLC | FW Energy Asset Issuer LLC |
| 7.15% 8/25/44 | 3169646 | 3221473 |
| 8.11% 8/25/44 | 1013170 | 1031413 |
| GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
| Series 2023-3A Class C 6.01% <br> 5/15/29<br>| 523000 | 527959 |
| Series 2024-2A Class C 6.03% <br> 2/15/30<br>| 4545000 | 4628804 |
| Series 2025-1A Class D <br> 5.61% 11/15/30<br>| 5000000 | 5084587 |
| Series 2025-2A Class C 5.11% <br> 1/15/31<br>| 5600000 | 5662742 |
| GLS Auto Select Receivables <br> Trust Series 2023-2A <br> Class A3 6.38% 2/15/29<br>| 4250000 | 4346474 |
| Goodgreen Trust | Goodgreen Trust | Goodgreen Trust |
| Series 2017 Class R1 5.00% <br> 10/20/51<br>| 8491 | 8266 |
| Series 2017-1A Class A 3.74% <br> 10/15/52<br>| 24963 | 22985 |
| Series 2017-2A Class A 3.26% <br> 10/15/53<br>| 101997 | 91106 |
| Series 2019-2A Class A 2.76% <br> 4/15/55<br>| 189798 | 163218 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2022-1GS Class A 2.70% <br> 1/20/49<br>| 1111089 | 958754 |
| Granite Park Equipment <br> Leasing LLC Series 2023-1A <br> Class A3 6.46% 9/20/32<br>| 1784844 | 1825860 |
| Hardee's Funding LLC Series <br> 2021-1A Class A2 2.87% <br> 6/20/51<br>| 2217600 | 2021786 |
| HERO Funding Trust | HERO Funding Trust | HERO Funding Trust |
| Series 2016-3A Class A1 <br> 3.08% 9/20/42<br>| 15443 | 14060 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| HERO Funding Trust (continued) | HERO Funding Trust (continued) | HERO Funding Trust (continued) |
| Series 2017-1A Class A2 <br> 4.46% 9/20/47<br>| 51265 | $47332 |
| Series 2017-3A Class A2 <br> 3.95% 9/20/48<br>| 67779 | 61271 |
| Hertz Vehicle Financing <br> III LP Series 2021-2A <br> Class C 2.52% 12/27/27<br>| 1840000 | 1764115 |
| •HGI CRE CLO Ltd. Series <br> 2021-FL1 Class A 5.48% (1 <br> mo. USD Term SOFR + <br> 1.16%) 6/16/36<br>| 378348 | 377392 |
| Home Partners of America <br> Trust Series 2020-2 Class E <br> 3.08% 1/17/41<br>| 802036 | 718570 |
| John Deere Owner Trust <br> Series 2023-B Class A4 5.11% <br> 5/15/30<br>| 1100000 | 1113478 |
| Jonah Energy Abs I LLC <br> Series 2022-1 Class A1 7.20% <br> 12/10/37<br>| 298516 | 300198 |
| Lending Funding Trust | Lending Funding Trust | Lending Funding Trust |
| Series 2020-2A Class A 2.32% <br> 4/21/31<br>| 1305000 | 1271270 |
| Series 2020-2A Class C 4.30% <br> 4/21/31<br>| 1000000 | 975632 |
| Lendmark Funding Trust <br> Series 2021-1A Class B 2.47% <br> 11/20/31<br>| 4600000 | 4337103 |
| •Long Beach Mortgage Loan <br> Trust Series 2004-1 Class M1 <br> 5.18% (1 mo. USD Term <br> SOFR + 0.86%) 2/25/34<br>| 14544 | 14447 |
| Marlette Funding Trust Series <br> 2021-3A Class C 1.81% <br> 12/15/31<br>| 16261 | 16239 |
| Merchants Fleet Funding LLC <br> Series 2023-1A Class A 7.21% <br> 5/20/36<br>| 1996769 | 2013140 |
| Mercury Financial Credit <br> Card Master Trust Series <br> 2024-2A Class A 6.56% <br> 7/20/29<br>| 4075000 | 4110887 |
| •MF1 LLC Series 2022-FL10 <br> Class A 6.95% (1 mo. USD <br> Term SOFR + 2.64%) <br> 9/17/37<br>| 2462150 | 2468304 |
| MNR ABS Issuer I LLC 8.95% <br> 12/15/38<br>| 2134161 | 2184736 |
| MVW LLC | MVW LLC | MVW LLC |
| Series 2019-2A Class B 2.44% <br> 10/20/38<br>| 106086 | 104369 |
| Series 2023-1A Class C 6.54% <br> 10/20/40<br>| 681388 | 698606 |
| Series 2023-2A Class C 7.06% <br> 11/20/40<br>| 956022 | 980969 |

---

LVIP JPMorgan Core Bond Fund-33

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Navient Student Loan Trust <br> Series 2016-3A Class A3 <br> 5.77% (30 day USD SOFR <br> Average + 1.46%) 6/25/65<br>| 888363 | $903406 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR1 <br> Class D 3.30% 2/17/39<br>| 1375000 | 1326737 |
| NP SPE X LP Series 2021-1A <br> Class A1 2.23% 3/19/51<br>| 1691025 | 1616917 |
| NRZ Excess Spread-Collateralized Notes | NRZ Excess Spread-Collateralized Notes | NRZ Excess Spread-Collateralized Notes |
| Series 2020-PLS1 Class A <br> 3.84% 12/25/25<br>| 254562 | 252003 |
| Series 2021-FHT1 Class A <br> 3.10% 7/25/26<br>| 497450 | 485565 |
| Series 2021-GNT1 Class A <br> 3.47% 11/25/26<br>| 475110 | 460330 |
| Octane Receivables Trust <br> Series 2022-2A Class D <br> 7.70% 2/20/30<br>| 1400000 | 1442412 |
| OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
| Series 2019-1A Class B 3.95% <br> 11/14/28<br>| 1000000 | 993761 |
| Series 2021-1A Class A 0.87% <br> 7/14/28<br>| 124495 | 123665 |
| Series 2023-1A Class D <br> 7.07% 2/14/33<br>| 682000 | 715526 |
| Oportun Issuance Trust <br> Series 2021-C Class A 2.18% <br> 10/8/31<br>| 855448 | 835641 |
| PEAC Solutions <br> Receivables LLC Series <br> 2024-1A Class A3 5.64% <br> 11/20/30<br>| 2500000 | 2549379 |
| •PRET LLC Series 2021-RN4 <br> Class A1 5.49% 10/25/51<br>| 963241 | 962467 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2022-SFR2 Class A <br> 2.95% 4/17/27<br>| 540598 | 525695 |
| Series 2022-SFR2 Class E1 <br> 4.55% 4/17/27<br>| 2700000 | 2646180 |
| Series 2025-SFR3 Class B <br> 3.39% 7/17/30<br>| 3690000 | 3405756 |
| Renew Financial Series <br> 2017-1A Class A 3.67% <br> 9/20/52<br>| 26322 | 24413 |
| RT Financial LLC 7.85% <br> 10/15/43<br>| 2088588 | 2126186 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2022-4 Class C 5.00% <br> 11/15/29<br>| 2950000 | 2962168 |
| Series 2022-5 Class D 5.67% <br> 12/16/30<br>| 5500000 | 5550290 |
| Series 2022-6 Class D 5.69% <br> 2/18/31<br>| 5500000 | 5555590 |
| Series 2023-6 Class C 6.40% <br> 3/17/31<br>| 2200000 | 2277139 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Santander Drive Auto Receivables Trust (continued) | Santander Drive Auto Receivables Trust (continued) | Santander Drive Auto Receivables Trust (continued) |
| Series 2024-2 Class D 6.28% <br> 8/15/31<br>| 2249000 | $2321868 |
| Series 2024-3 Class D 5.97% <br> 10/15/31<br>| 5055000 | 5194883 |
| SCF Equipment Leasing LLC | SCF Equipment Leasing LLC | SCF Equipment Leasing LLC |
| Series 2022-2A Class C 6.50% <br> 8/20/32<br>| 810000 | 814307 |
| Series 2023-1A Class A3 <br> 6.17% 5/20/32<br>| 2999475 | 3033267 |
| Series 2023-1A Class C 6.77% <br> 8/22/33<br>| 3815000 | 3963487 |
| Series 2024-1A Class C 5.82% <br> 9/20/32<br>| 2558000 | 2643777 |
| SCF Equipment Trust LLC <br> Series 2025-1A Class D <br> 5.88% 11/20/35<br>| 1032000 | 1062981 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2025-1A <br> Class B 5.10% 1/21/42<br>| 3469799 | 3490064 |
| •SLC Student Loan Trust <br> Series 2008-1 Class A4A <br> 6.20% (90 day USD SOFR <br> Average + 1.86%) 12/15/32<br>| 733306 | 737413 |
| •SLM Private Credit Student Loan Trust | •SLM Private Credit Student Loan Trust | •SLM Private Credit Student Loan Trust |
| Series 2005-B Class A4 4.91% <br> (3 mo. USD Term SOFR + <br> 0.59%) 6/15/39<br>| 433757 | 422745 |
| Series 2006-A Class A5 4.87% <br> (3 mo. USD Term SOFR + <br> 0.55%) 6/15/39<br>| 421911 | 410380 |
| 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>| 338529 | 326035 |
| Series 2021-C Class APT1 <br> 1.39% 1/15/53<br>| 1363708 | 1245834 |
| Series 2021-C Class B 2.30% <br> 1/15/53<br>| 671322 | 649126 |
| Series 2022-C Class A1A <br> 4.48% 5/16/50<br>| 2557615 | 2542007 |
| •Starwood Ltd. Series <br> 2022-FL3 Class A 5.65% (30 <br> day USD SOFR Average + <br> 1.35%) 11/15/38<br>| 1637461 | 1634392 |
| Tricon American Homes Trust <br> Series 2020-SFR2 Class E1 <br> 2.73% 11/17/39<br>| 2426000 | 2299603 |
| Tricon Residential Trust <br> Series 2022-SFR1 Class D <br> 4.75% 4/17/39<br>| 459000 | 453274 |
| Triumph Rail Holdings LLC <br> Series 2021-2 Class A 2.15% <br> 6/19/51<br>| 1323357 | 1253483 |
| U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
| Series 2019-20D Class 1 <br> 2.98% 4/1/39<br>| 155592 | 145771 |

---

LVIP JPMorgan Core Bond Fund-34

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| U.S. Small Business Administration (continued) | U.S. Small Business Administration (continued) | U.S. Small Business Administration (continued) |
| Series 2019-25G Class 1 <br> 2.69% 7/1/44<br>| 295299 | $263442 |
| VM Debt Trust Series 2019-1 <br> 7.46% 7/18/27<br>| 1000000 | 951244 |
| φVOLT CI LLC Series <br> 2021-NP10 Class A1 5.99% <br> 5/25/51<br>| 102189 | 102019 |
| φVOLT XCIV LLC Series <br> 2021-NPL3 Class A1 6.24% <br> 2/27/51<br>| 61966 | 61940 |
| φVOLT XCIX LLC Series <br> 2021-NPL8 Class A1 6.12% <br> 4/25/51<br>| 93946 | 93894 |
| φVOLT XCV LLC Series <br> 2021-NPL4 Class A1 6.24% <br> 3/27/51<br>| 98393 | 98323 |
| φVOLT XCVI LLC Series <br> 2021-NPL5 Class A1 6.12% <br> 3/27/51<br>| 31887 | 31877 |
| φVOLT XCVII LLC Series <br> 2021-NPL6 Class A1 6.24% <br> 4/25/51<br>| 91851 | 91760 |
| Wendy's Funding LLC Series <br> 2021-1A Class A2I 2.37% <br> 6/15/51<br>| 1736445 | 1595963 |
| Westlake Automobile <br> Receivables Trust Series <br> 2023-3A Class C 6.02% <br> 9/15/28<br>| 1000000 | 1014195 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $267,817,248)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $267,817,248)** | **274481456** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.51%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.51%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.51%** |
| Anchor Mortgage Trust | Anchor Mortgage Trust | Anchor Mortgage Trust |
| • 8.23% 3/25/31 | 4000000 | 4065436 |
| φSeries 2025-RTL1 Class A1 <br> 5.72% 5/25/40<br>| 3055000 | 3054939 |
| Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
| •Series 2021-7 Class A3 2.34% <br> 10/25/66<br>| 553565 | 480403 |
| Series 2022-3 Class A1 4.00% <br> 1/25/67<br>| 1218873 | 1171698 |
| ~^Banc of America Alternative <br> Loan Trust Series 2004-6 <br> Class 15 0.00% 7/25/34<br>| 1367 | 749 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| ~^Series 2004-1 0.00% 3/25/34 | 5801 | 4406 |
| Series 2005-6 Class 2A7 <br> 5.50% 10/25/35<br>| 39241 | 35664 |
| ~^Series 2005-7 Class 30 0.00% <br> 11/25/35<br>| 4478 | 4049 |
| •Bear Stearns ARM Trust | •Bear Stearns ARM Trust | •Bear Stearns ARM Trust |
| Series 2003-7 Class 3A 7.04% <br> 10/25/33<br>| 2885 | 2888 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •Bear Stearns ARM Trust (continued) | •Bear Stearns ARM Trust (continued) | •Bear Stearns ARM Trust (continued) |
| Series 2006-1 Class A1 6.53% <br> (1 yr. CMT + 2.25%) <br> 2/25/36<br>| 20386 | $19701 |
| •BRAVO Residential Funding <br> Trust Series 2022-NQM3 <br> Class A1 5.11% 7/25/62<br>| 2039044 | 2056336 |
| •CENT Trust Series 2023-CITY <br> Class A 6.93% (1 mo. USD <br> Term SOFR + 2.62%) <br> 9/15/38<br>| 2750000 | 2750003 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| ♦•Series 2004-7 Class 2A1 <br> 5.42% 6/25/34<br>| 9573 | 8616 |
| ♦•Series 2004-HYB1 Class 2A <br> 5.26% 5/20/34<br>| 4850 | 4424 |
| ♦•Series 2004-HYB3 Class 2A <br> 4.67% 6/20/34<br>| 5975 | 5587 |
| ♦Series 2005-16 Class A23 <br> 5.50% 9/25/35<br>| 21916 | 13338 |
| ♦•Series 2005-22 Class 2A1 <br> 5.20% 11/25/35<br>| 49276 | 41183 |
| •CIM Trust Series 2021-R6 <br> Class A1 1.43% 7/25/61<br>| 648897 | 578985 |
| Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
| •Series 2003-HYB1 Class A <br> 7.74% 9/25/33<br>| 2269 | 2233 |
| ~^Series 2003-UP2 Class 1 <br> 0.00% 12/25/18<br>| 43 | 42 |
| •Citigroup Mortgage Loan <br> Trust, Inc. Series 2005-1 <br> Class 2A1A 3.50% 2/25/35<br>| 27587 | 23257 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| Series 2004-2CB Class 1A9 <br> 5.75% 3/25/34<br>| 288373 | 291097 |
| \*•Series 2005-20CB Class 3A8 <br> 0.32% (4.64% minus 1 mo. <br> USD Term SOFR) 7/25/35<br>| 109304 | 4983 |
| \*•Series 2005-22T1 Class A2 <br> 0.64% (4.96% minus 1 mo. <br> USD Term SOFR) 6/25/35<br>| 242556 | 14077 |
| Series 2005-28CB Class 1A4 <br> 5.50% 8/25/35<br>| 139199 | 122160 |
| Series 2005-54CB Class 1A11 <br> 5.50% 11/25/35<br>| 49742 | 37793 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| •Series 2018-J1 Class A2 <br> 3.50% 2/25/48<br>| 2470437 | 2218176 |
| φSeries 2019-NQM1 Class A3 <br> 4.06% 10/25/59<br>| 540289 | 533835 |
| •Series 2020-RPL4 Class A1 <br> 2.00% 1/25/60<br>| 719088 | 643742 |
| •Series 2021-AFC1 Class A1 <br> 0.83% 3/25/56<br>| 625767 | 522066 |
| •Series 2021-AFC1 Class A3 <br> 1.17% 3/25/56<br>| 850864 | 716617 |

---

LVIP JPMorgan Core Bond Fund-35

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| CSMC Trust (continued) | CSMC Trust (continued) | CSMC Trust (continued) |
| •Series 2021-NQM3 Class A3 <br> 1.63% 4/25/66<br>| 1472847 | $1296442 |
| •Series 2021-NQM7 Class A1 <br> 1.76% 10/25/66<br>| 467412 | 411189 |
| •Series 2021-NQM8 Class A1 <br> 1.84% 10/25/66<br>| 2446651 | 2236809 |
| Series 2021-RPL2 Class A1 <br> 2.00% 1/25/60<br>| 436438 | 384149 |
| •Series 2021-RPL6 Class A1 <br> 2.00% 10/25/60<br>| 867060 | 772205 |
| •Series 2022-NQM1 Class A1 <br> 2.27% 11/25/66<br>| 2520879 | 2286222 |
| •Deephaven Residential <br> Mortgage Trust Series <br> 2022-1 Class A1 2.21% <br> 1/25/67<br>| 1691500 | 1559223 |
| •Ellington Financial Mortgage <br> Trust Series 2021-2 Class A1 <br> 0.93% 6/25/66<br>| 667280 | 560877 |
| First Horizon Alternative <br> Mortgage Securities Trust <br> Series 2005-FA8 Class 1A19 <br> 5.50% 11/25/35<br>| 47012 | 20722 |
| •Galton Funding Mortgage <br> Trust Series 2017-1 <br> Class A22 3.00% 7/25/56<br>| 88389 | 77720 |
| φGCAT Trust Series <br> 2020-NQM1 Class A3 3.55% <br> 1/25/60<br>| 1468200 | 1424083 |
| •GMACM Mortgage Loan Trust <br> Series 2005-AR3 Class 3A4 <br> 4.46% 6/19/35<br>| 22630 | 21388 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| Series 2004-13F Class 3A3 <br> 6.00% 11/25/34<br>| 6563 | 6376 |
| Series 2004-6F Class 1A2 <br> 5.00% 5/25/34<br>| 12807 | 12313 |
| Series 2004-6F Class 3A4 <br> 6.50% 5/25/34<br>| 35261 | 35736 |
| •Impac CMB Trust Series <br> 2007-A Class A 4.93% (1 mo. <br> USD Term SOFR + 0.61%) <br> 5/25/37<br>| 797636 | 758735 |
| •Impac Secured Assets Trust <br> Series 2006-1 Class 2A1 <br> 5.13% (1 mo. USD Term <br> SOFR + 0.81%) 5/25/36<br>| 3890 | 3729 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2006-A2 Class 5A3 <br> 7.11% 11/25/33<br>| 3294 | 3224 |
| Series 2017-5 Class A2 4.92% <br> 10/26/48<br>| 2440715 | 2454243 |
| Series 2018-4 Class A1 3.50% <br> 10/25/48<br>| 293126 | 262075 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •MASTR Adjustable Rate <br> Mortgages Trust Series <br> 2004-13 Class 2A1 6.83% <br> 4/21/34<br>| 4555 | $4481 |
| MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
| Series 2003-9 Class 8A1 <br> 6.00% 1/25/34<br>| 17999 | 17194 |
| Series 2004-4 Class 10A1 <br> 5.00% 5/25/24<br>| 6421 | 5545 |
| Series 2004-6 Class 7A1 <br> 6.00% 7/25/34<br>| 41345 | 41106 |
| ~^Series 2004-7 Class 30 0.00% <br> 8/25/34<br>| 3005 | 2282 |
| Series 2004-8 Class 6A1 <br> 5.50% 12/31/49<br>| 52 | 52 |
| MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
| Series 2003-11 Class 9A6 <br> 5.25% 12/25/33<br>| 31124 | 30589 |
| ~^Series 2003-12 Class 15 <br> 0.00% 12/25/18<br>| 76 | 0 |
| ~^Series 2004-6 Class 15 0.00% <br> 7/25/19<br>| 82 | 81 |
| ~^MASTR Resecuritization <br> Trust Series 2005-PO Class 3 <br> 0.00% 5/28/35<br>| 4440 | 3472 |
| •MFA Trust Series 2020-NQM1 <br> Class A3 3.30% 8/25/49<br>| 346255 | 331342 |
| •NACC Reperforming Loan <br> REMICS Trust Series <br> 2004-R2 Class A1 6.50% <br> 10/25/34<br>| 12323 | 10861 |
| •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust |
| Series 2014-2A Class A3 <br> 3.75% 5/25/54<br>| 445022 | 423616 |
| Series 2015-1A Class A3 <br> 3.75% 5/28/52<br>| 243718 | 232730 |
| Series 2015-2A Class A1 <br> 3.75% 8/25/55<br>| 1501570 | 1453126 |
| Series 2015-2A Class A2 <br> 3.75% 8/25/55<br>| 854909 | 822079 |
| Series 2016-3A Class A1B <br> 3.25% 9/25/56<br>| 480998 | 448655 |
| Series 2016-3A Class B1 <br> 4.00% 9/25/56<br>| 1903141 | 1857224 |
| Series 2016-4A Class B2 <br> 4.68% 11/25/56<br>| 1079364 | 1055751 |
| Series 2017-1A Class A1 <br> 4.00% 2/25/57<br>| 1190316 | 1147579 |
| Series 2017-2A Class B2 <br> 4.75% 3/25/57<br>| 1024758 | 1017170 |
| Series 2017-4A Class A1 <br> 4.00% 5/25/57<br>| 1135188 | 1086004 |
| Series 2017-6A Class A1 <br> 4.00% 8/27/57<br>| 2436273 | 2337172 |
| Series 2022-NQM2 Class A1 <br> 3.08% 3/27/62<br>| 2521542 | 2393605 |

---

LVIP JPMorgan Core Bond Fund-36

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •OBX Trust | •OBX Trust | •OBX Trust |
| Series 2021-NQM2 Class A1 <br> 1.10% 5/25/61<br>| 462242 | $380139 |
| Series 2021-NQM3 Class A1 <br> 1.05% 7/25/61<br>| 700829 | 573049 |
| Series 2021-NQM4 Class A1 <br> 1.96% 10/25/61<br>| 1553745 | 1319847 |
| Series 2022-NQM1 Class A1 <br> 2.31% 11/25/61<br>| 2423104 | 2172586 |
| \*PHH Alternative Mortgage <br> Trust Series 2007-2 Class 2X <br> 6.00% 5/25/37<br>| 54993 | 10325 |
| •PRKCM Trust Series <br> 2021-AFC2 Class A1 2.07% <br> 11/25/56<br>| 665594 | 585741 |
| φPRPM LLC Series 2024-RCF3 <br> Class A1 4.00% 5/25/54<br>| 3147676 | 3081138 |
| φRoc Mortgage Trust Series <br> 2025-RTL1 Class A1 5.63% <br> 2/25/40<br>| 3000000 | 3013004 |
| SACO I, Inc. Series 1997-2 <br> Class 1A5 7.00% 8/25/36<br>| 744 | 709 |
| •SG Residential Mortgage <br> Trust Series 2022-1 Class A1 <br> 3.17% 3/27/62<br>| 2444109 | 2296238 |
| φToorak Mortgage Trust Series <br> 2025-RRTL1 Class A1 5.52% <br> 2/25/40<br>| 4205000 | 4216278 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| •Series 2016-3 Class B1 4.10% <br> 4/25/56<br>| 850000 | 834988 |
| •Series 2017-6 Class M1 <br> 3.25% 10/25/57<br>| 1610000 | 1494236 |
| •Series 2019-HY2 Class M2 <br> 6.33% (1 mo. USD Term <br> SOFR + 2.01%) 5/25/58<br>| 950000 | 961529 |
| •Series 2021-R1 Class A1 <br> 2.92% 11/30/60<br>| 1256802 | 1126192 |
| Series 2022-4 Class A1 3.75% <br> 9/25/62<br>| 2113727 | 2008131 |
| Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
| Series 1996-1 Class 1Z 6.75% <br> 2/15/26<br>| 6748 | 6756 |
| Series 1996-2 Class 1Z 6.75% <br> 6/15/26<br>| 2196 | 2213 |
| Series 1997-1 Class 2Z 7.50% <br> 2/15/27<br>| 12120 | 12271 |
| Series 1998-1 Class 2E 7.00% <br> 3/15/28<br>| 5335 | 5416 |
| ♦•WaMu Mortgage Pass-Through Certificates Trust | ♦•WaMu Mortgage Pass-Through Certificates Trust | ♦•WaMu Mortgage Pass-Through Certificates Trust |
| Series 2003-AR8 Class A <br> 6.17% 8/25/33<br>| 1926 | 1839 |
| Series 2003-AR9 Class 1A6 <br> 6.53% 9/25/33<br>| 10264 | 9797 |
| Series 2004-AR3 Class A2 <br> 5.39% 6/25/34<br>| 3040 | 2782 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| ♦•WaMu Mortgage Pass-Through Certificates Trust (continued) | ♦•WaMu Mortgage Pass-Through Certificates Trust (continued) | ♦•WaMu Mortgage Pass-Through Certificates Trust (continued) |
| Series 2005-AR13 <br> Class A1A1 5.01% (1 mo. <br> USD Term SOFR + 0.69%) <br> 10/25/45<br>| 568573 | $540356 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust |
| \*♦•Series 2005-2 Class 1A4 <br> 0.62% (4.94% minus 1 mo. <br> USD Term SOFR) 4/25/35<br>| 236017 | 11867 |
| \*♦•Series 2005-2 Class 2A3 <br> 0.57% (4.89% minus 1 mo. <br> USD Term SOFR) 4/25/35<br>| 66536 | 2745 |
| \*♦Series 2005-3 Class CX 5.50% <br> 5/25/35<br>| 72854 | 12628 |
| ♦Series 2005-4 Class CB7 <br> 5.50% 6/25/35<br>| 55465 | 51230 |
| ♦Series 2005-6 Class 2A4 <br> 5.50% 8/25/35<br>| 14426 | 12305 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $70,417,666)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $70,417,666)** | **73483994** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.04%** |
| •AREIT Trust Series <br> 2022-CRE6 Class A 5.55% <br> (30 day USD SOFR Average <br> + 1.25%) 1/20/37<br>| 985437 | 983590 |
| •BAHA Trust Series 2024-MAR <br> Class A 6.17% 12/10/41<br>| 5541000 | 5722456 |
| •BAMLL Re-REMICS Trust <br> Series 2024-FRR3 Class B <br> 1.46% 1/27/50<br>| 6000000 | 5608742 |
| •Bank Series 2018-BN14 <br> Class C 4.77% 9/15/60<br>| 1640000 | 1423566 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2021-SOAR Class A <br> 5.10% (1 mo. USD Term <br> SOFR + 0.78%) 6/15/38<br>| 1130992 | 1130639 |
| Series 2021-XL2 Class A <br> 5.12% (1 mo. USD Term <br> SOFR + 0.80%) 10/15/38<br>| 1368446 | 1368018 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 870000 | 811490 |
| •Series 2022-LBA6 Class A <br> 5.31% (1 mo. USD Term <br> SOFR + 1.00%) 1/15/39<br>| 1680000 | 1678951 |
| CD Mortgage Trust Series <br> 2016-CD1 Class A4 2.72% <br> 8/10/49<br>| 1950000 | 1881641 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 580000 | 571045 |

---

LVIP JPMorgan Core Bond Fund-37

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Citigroup Commercial Mortgage Trust (continued) | Citigroup Commercial Mortgage Trust (continued) | Citigroup Commercial Mortgage Trust (continued) |
| Series 2016-P6 Class A4 <br> 3.46% 12/10/49<br>| 266042 | $262091 |
| COMM Mortgage Trust Series <br> 2015-CR25 Class A4 3.76% <br> 8/10/48<br>| 54311 | 54203 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| Series 2014-USA Class A2 <br> 3.95% 9/15/37<br>| 885000 | 816466 |
| Series 2014-USA Class B <br> 4.18% 9/15/37<br>| 5620000 | 4994210 |
| Series 2014-USA Class D <br> 4.37% 9/15/37<br>| 100000 | 79162 |
| DB-JPM Mortgage Trust <br> Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 700000 | 690521 |
| •FREMF Mortgage Trust Series <br> 2018-K73 Class C 3.98% <br> 2/25/51<br>| 2000000 | 1952475 |
| •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust |
| Series 2013-PEMB Class A <br> 3.67% 3/5/33<br>| 3810000 | 3281301 |
| Series 2021-ROSS Class A <br> 5.73% (1 mo. USD Term <br> SOFR + 1.41%) 5/15/26<br>| 2970000 | 2805032 |
| GS Mortgage Securities Trust <br> Series 2015-GC32 Class A4 <br> 3.76% 7/10/48<br>| 48662 | 48416 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| Series 2015-JP1 Class A5 <br> 3.91% 1/15/49<br>| 1000000 | 991358 |
| •Series 2020-MKST Class D <br> 6.43% (1 mo. USD Term <br> SOFR + 2.11%) 12/15/36<br>| 5130000 | 51300 |
| JPM-BB Commercial <br> Mortgage Securities Trust <br> Series 2015-C33 Class A4 <br> 3.77% 12/15/48<br>| 1321713 | 1314282 |
| JPM-DB Commercial <br> Mortgage Securities Trust <br> Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 1300000 | 1276406 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| •Series 2013-C7 Class C 4.17% <br> 2/15/46<br>| 291527 | 280011 |
| Series 2015-C26 Class A5 <br> 3.53% 10/15/48<br>| 964344 | 957206 |
| Series 2016-C29 Class A4 <br> 3.33% 5/15/49<br>| 540000 | 532528 |
| MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
| Series 2019-PARK Class A <br> 2.72% 12/15/36<br>| 740000 | 655760 |
| Series 2019-PARK Class D <br> 2.72% 12/15/36<br>| 987000 | 719583 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| •MTN Commercial Mortgage <br> Trust Series 2022-LPFL <br> Class A 5.72% (1 mo. USD <br> Term SOFR + 1.40%) <br> 3/15/39<br>| 1030000 | $1029355 |
| Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
| Series 2019-FAME Class A <br> 3.05% 8/15/36<br>| 5440000 | 5067975 |
| \*•Series 2019-FAME Class XA <br> 1.50% 8/15/36<br>| 32225000 | 682123 |
| ROCK Trust Series <br> 2024-CNTR Class A 5.39% <br> 11/13/41<br>| 1500000 | 1527090 |
| SBALR Commercial Mortgage <br> Trust Series 2020-RR1 <br> Class A3 2.83% 2/13/53<br>| 863112 | 757517 |
| SLG Office Trust Series <br> 2021-OVA Class A 2.59% <br> 7/15/41<br>| 2020000 | 1767806 |
| •SMRT Commercial Mortgage <br> Trust Series 2022-MINI <br> Class A 5.31% (1 mo. USD <br> Term SOFR + 1.00%) <br> 1/15/39<br>| 1740000 | 1733475 |
| VLS Commercial Mortgage <br> Trust Series 2020-LAB <br> Class A 2.13% 10/10/42<br>| 1530000 | 1295619 |
| \*•Wells Fargo Commercial Mortgage Trust | \*•Wells Fargo Commercial Mortgage Trust | \*•Wells Fargo Commercial Mortgage Trust |
| Series 2016-BNK1 Class XA <br> 1.84% 8/15/49<br>| 11900703 | 111614 |
| Series 2016-C36 Class XA <br> 1.29% 11/15/59<br>| 24290397 | 226739 |
| •WFRBS Commercial <br> Mortgage Trust Series <br> 2014-C20 Class C 4.51% <br> 5/15/47<br>| 3603000 | 2719526 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $59,356,025)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $59,356,025)** | **59861288** |
| **ΔREGIONAL BONDS–0.08%** | **ΔREGIONAL BONDS–0.08%** | **ΔREGIONAL BONDS–0.08%** |
| **Canada—0.08%** | **Canada—0.08%** | **Canada—0.08%** |
| Province of British Columbia <br> Canada 2.25% 6/2/26<br>| 1100000 | 1081353 |
| Province of Manitoba Canada <br> 2.13% 6/22/26<br>| 660000 | 647377 |
| Province of Quebec Canada <br> 2.50% 4/20/26<br>| 730000 | 720367 |
|  |  | **2449097** |
| **Total Regional Bonds** <br>**(Cost $2,427,005)** | **Total Regional Bonds** <br>**(Cost $2,427,005)** | **2449097** |

---

LVIP JPMorgan Core Bond Fund-38

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS–0.47%** | **ΔSOVEREIGN BONDS–0.47%** | **ΔSOVEREIGN BONDS–0.47%** |
| **Chile—0.02%** | **Chile—0.02%** | **Chile—0.02%** |
| Chile Government <br> International Bonds 3.10% <br> 1/22/61<br>| 930000 | $562445 |
|  |  | **562445** |
| **India—0.03%** | **India—0.03%** | **India—0.03%** |
| Export-Import Bank of India <br> 3.38% 8/5/26<br>| 990000 | 977490 |
|  |  | **977490** |
| **Mexico—0.39%** | **Mexico—0.39%** | **Mexico—0.39%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 2.66% 5/24/31 | 283000 | 244795 |
| 3.50% 2/12/34 | 5067000 | 4246146 |
| 3.75% 1/11/28 | 280000 | 273938 |
| 4.40% 2/12/52 | 685000 | 479397 |
| 5.85% 7/2/32 | 2127000 | 2152524 |
| 6.00% 5/13/30 | 993000 | 1026762 |
| 6.63% 1/29/38 | 1338000 | 1358070 |
| 6.88% 5/13/37 | 1476000 | 1538435 |
|  |  | **11320067** |
| **Poland—0.03%** | **Poland—0.03%** | **Poland—0.03%** |
| Republic of Poland <br> Government International <br> Bonds 5.50% 3/18/54<br>| 921000 | 853545 |
|  |  | **853545** |
| **Saudi Arabia—0.00%** | **Saudi Arabia—0.00%** | **Saudi Arabia—0.00%** |
| Saudi Government <br> International Bonds 2.25% <br> 2/2/33<br>| 200000 | 167732 |
|  |  | **167732** |
| **Total Sovereign Bonds** <br>**(Cost $13,692,767)** | **Total Sovereign Bonds** <br>**(Cost $13,692,767)** | **13881279** |
| **U.S. TREASURY OBLIGATIONS–32.35%** | **U.S. TREASURY OBLIGATIONS–32.35%** | **U.S. TREASURY OBLIGATIONS–32.35%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 5/15/40 | 1220000 | 758497 |
| 1.63% 11/15/50 | 13530000 | 7128090 |
| 1.88% 2/15/51 | 26123900 | 14674284 |
| 2.00% 8/15/51 | 3085000 | 1778575 |
| 2.25% 5/15/41 | 4785000 | 3475106 |
| 2.25% 8/15/46 | 3103700 | 2033287 |
| 2.25% 8/15/49 | 1095000 | 686899 |
| 2.38% 2/15/42 | 2510000 | 1826025 |
| 2.38% 11/15/49 | 1365000 | 877919 |
| 2.38% 5/15/51 | 16350000 | 10367561 |
| 2.50% 2/15/45 | 2000000 | 1407969 |
| 2.75% 8/15/42 | 1800000 | 1377352 |
| 2.75% 11/15/42 | 8450000 | 6436854 |
| 2.88% 5/15/43 | 7470000 | 5757444 |
| 2.88% 5/15/49 | 1420000 | 1019349 |
| 2.88% 5/15/52 | 3635000 | 2558131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) |
| 3.00% 11/15/44 | 663000 | $510536 |
| 3.00% 11/15/45 | 1430000 | 1089425 |
| 3.00% 2/15/47 | 28000 | 21021 |
| 3.00% 2/15/48 | 2310000 | 1716348 |
| 3.00% 8/15/48 | 530000 | 391972 |
| 3.13% 11/15/41 | 950000 | 779111 |
| 3.13% 2/15/43 | 720000 | 579009 |
| 3.13% 5/15/48 | 176200 | 133685 |
| 3.25% 5/15/42 | 110000 | 90986 |
| 3.38% 5/15/44 | 1000000 | 822539 |
| 3.50% 2/15/39 | 1037800 | 937060 |
| 3.63% 8/15/43 | 730000 | 628028 |
| 3.63% 2/15/44 | 645000 | 552206 |
| 3.63% 5/15/53 | 15170000 | 12373031 |
| 3.75% 11/15/43 | 514000 | 449108 |
| 3.88% 8/15/40 | 11875000 | 10924536 |
| 3.88% 2/15/43 | 500000 | 447578 |
| 3.88% 5/15/43 | 35110000 | 31360362 |
| 4.00% 11/15/42 | 3000000 | 2736914 |
| 4.00% 11/15/52 | 1860000 | 1626701 |
| 4.13% 8/15/44 | 18115000 | 16595746 |
| 4.25% 5/15/39 | 945000 | 920009 |
| 4.38% 8/15/43 | 6050000 | 5766643 |
| 4.50% 11/15/54 | 140000 | 133416 |
| 4.63% 5/15/54 | 13800000 | 13403250 |
| U.S. Treasury Inflation <br> Indexed Notes 1.13% <br> 1/15/33<br>| 16712402 | 15969293 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 9/30/27 | 1160000 | 1077078 |
| 0.88% 11/15/30 | 107605000 | 92300711 |
| 1.25% 3/31/28 | 2475000 | 2317509 |
| 1.25% 6/30/28 | 3937500 | 3665720 |
| 1.25% 8/15/31 | 250000 | 213867 |
| 1.63% 5/15/31 | 310000 | 273405 |
| 1.88% 2/15/32 | 2950000 | 2591391 |
| 2.63% 5/31/27 | 5100000 | 4994613 |
| 2.75% 7/31/27 | 2230000 | 2186532 |
| 2.88% 8/15/28 | 148450000 | 144796738 |
| 2.88% 5/15/32 | 1630000 | 1520866 |
| 3.13% 8/31/27 | 2935000 | 2898886 |
| 3.13% 8/31/29 | 1805000 | 1761426 |
| 3.38% 5/15/33 | 37340000 | 35594063 |
| 3.63% 3/31/30 | 7150000 | 7098889 |
| 3.88% 11/30/27 | 3000000 | 3011484 |
| 3.88% 4/30/30 | 6500000 | 6525391 |
| 3.88% 8/15/33 | 370000 | 364363 |
| 3.88% 8/15/34 | 28830000 | 28148666 |
| 4.00% 2/15/34 | 15877400 | 15711804 |
| 4.13% 1/31/27 | 53090000 | 53332638 |
| 4.13% 11/15/27 | 31000000 | 31286992 |
| 4.13% 10/31/29 | 28840000 | 29252322 |
| 4.13% 10/31/31 | 33300000 | 33647309 |
| 4.25% 1/15/28 | 47970000 | 48590237 |
| 4.25% 1/31/30 | 11026000 | 11243505 |

---

LVIP JPMorgan Core Bond Fund-39

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) |
| 4.25% 11/15/34 | 22935000 | $23010255 |
| 4.38% 1/31/32 | 52655000 | 53903500 |
| 4.38% 5/15/34 | 21000000 | 21327305 |
| 4.50% 12/31/31 | 745000 | 768165 |
| 4.50% 11/15/33 | 22200000 | 22803563 |
| 4.88% 10/31/30 | 24325000 | 25534599 |
| ^U.S. Treasury Strip Coupon | ^U.S. Treasury Strip Coupon | ^U.S. Treasury Strip Coupon |
| 0.00% 2/15/27 | 300000 | 282557 |
| 0.00% 5/15/27 | 725000 | 676052 |
| 0.00% 8/15/27 | 250000 | 230794 |
| 0.00% 8/15/29 | 3400000 | 2905483 |
| 0.00% 8/15/30 | 3465000 | 2837622 |
| 0.00% 11/15/30 | 3705000 | 2999168 |
| 0.00% 2/15/31 | 9830000 | 7861730 |
| 0.00% 5/15/31 | 6835000 | 5404222 |
| 0.00% 8/15/31 | 13355000 | 10439785 |
| 0.00% 11/15/31 | 7475000 | 5773783 |
| 0.00% 2/15/33 | 400000 | 291360 |
| 0.00% 5/15/33 | 1175000 | 845712 |
| 0.00% 8/15/33 | 100000 | 71039 |
| 0.00% 11/15/33 | 1025000 | 719024 |
| 0.00% 2/15/34 | 775000 | 536271 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| ^U.S. Treasury Strip Coupon (continued) | ^U.S. Treasury Strip Coupon (continued) | ^U.S. Treasury Strip Coupon (continued) |
| 0.00% 11/15/34 | 50000 | $33253 |
| 0.00% 2/15/35 | 65000 | 42667 |
| 0.00% 5/15/35 | 250000 | 162074 |
| 0.00% 11/15/40 | 850000 | 402843 |
| 0.00% 2/15/41 | 545134 | 254857 |
| 0.00% 8/15/41 | 3200000 | 1454347 |
| 0.00% 11/15/41 | 100000 | 44748 |
| 0.00% 11/15/43 | 21405000 | 8533243 |
| **Total U.S. Treasury Obligations** <br>**(Cost $948,669,639)** | **Total U.S. Treasury Obligations** <br>**(Cost $948,669,639)** | **947678281** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–1.00%** | **MONEY MARKET FUND–1.00%** | **MONEY MARKET FUND–1.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 29307801 | 29307801 |
| **Total Money Market Fund** <br>**(Cost $29,307,801)** | **Total Money Market Fund** <br>**(Cost $29,307,801)** | **29307801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.71% (Cost $2,892,746,977)** | **2921341976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.29%** | **8377766** |
| **NET ASSETS APPLICABLE TO 293,311,531 SHARES OUTSTANDING–100.00%** | **$2929719742** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN CORE BOND FUND STANDARD CLASS** <br>**($2,233,180,948 / 222,761,167 Shares)** | **$10.025** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN CORE BOND FUND SERVICE CLASS** <br>**($696,538,794 / 70,550,364 Shares)** | **$9.873** |
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2850491872** |
| Distributable earnings/(accumulated loss) | **79227870** |
| **TOTAL NET ASSETS** | **$2929719742** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. Refer to Note 7 in the accompanying notes for further information on these types of securities. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| ~Principal Only - represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these <br> securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these <br> securities increase, the yield on these securities increases. |

---

LVIP JPMorgan Core Bond Fund-40

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| ^Zero coupon security. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2025. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 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". |
| ΔSecurities have been classified by country of origin. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $5,125,000 cash collateral held at broker for futures contracts, $953,767 variation margin due from broker on futures contracts, <br> $22,161,153 payable for securities purchased, $264,262 payable for fund shares redeemed, $95,162 other accrued expenses payable, <br> $1,142,843 due to manager and affiliates, $35,549 payable for audit fee and $49,210 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at June 30, 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:** |
| 565 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $63350625 | &nbsp;&nbsp; $61885509 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; $1465116 | &nbsp;&nbsp; $— |
| 43 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 8945008 | &nbsp;&nbsp; 8909126 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 35882 | &nbsp;&nbsp; — |
| 698 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 76082000 | &nbsp;&nbsp; 75146158 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 935842 | &nbsp;&nbsp; — |
| 187 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 21592656 | &nbsp;&nbsp; 20964183 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 628473 | &nbsp;&nbsp; — |
| 87 | CBOT Ultra Long-Term U.S. Treasury Bond Futures | &nbsp;&nbsp; 10363875 | &nbsp;&nbsp; 9889154 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 474721 | &nbsp;&nbsp; — |
| 781 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 89241453 | &nbsp;&nbsp; 87028898 | &nbsp;&nbsp; 9/19/25 | &nbsp;&nbsp; 2212555 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $5752589 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 6 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ARM–Adjustable Rate Mortgage |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| CMT–Constant Maturity Treasury |
| DB-JPM–Deutsche Bank JPMorgan |
| FREMF–Freddie Mac Multifamily |
| GS–Goldman Sachs |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| JPM-BB–JPMorgan Barclays Bank |
| JPM-DB–JPMorgan Deutsche Bank |
| LNG–Liquefied Natural Gas |
| REIT–Real Estate Investment Trust |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |
| WFRBS–Wells Fargo Royal Bank of Scotland |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-41

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $67206741 |
| **EXPENSES:** |  |
| Management fees | 5316311 |
| Distribution fees-Service Class | 802203 |
| Shareholder servicing fees | 385433 |
| Accounting and administration expenses | 211410 |
| Pricing fees | 89368 |
| Professional fees | 69245 |
| Custodian fees | 37560 |
| Trustees' fees and expenses | 36288 |
| Consulting fees | 19568 |
| Reports and statements to shareholders | 14776 |
| Other | 24900 |
| Total operating expenses | 7007062 |
| **NET INVESTMENT INCOME**  | 60199679 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 37467 |
| Futures contracts | 119119 |
| Net realized gain | 156586 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 49068708 |
| Futures contracts | 6603469 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 55672177 |
| **NET REALIZED AND UNREALIZED GAIN** | 55828763 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $116028442 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $60199679 | $103109806 |
| Net realized gain | 156586 | 1549281 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 55672177 | (64878364)<br>|
| Net increase in net assets <br> resulting from operations<br>| 116028442 | 39780723 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (81440868)<br>|
| Service Class |  | (24873736)<br>|
|  |  | (106314604)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 325698443 | 352210642 |
| Service Class | 134802186 | 235897268 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 81440868 |
| Service Class |  | 24873736 |
|  | 460500629 | 694422514 |
| Cost of shares redeemed: |  |  |
| Standard Class | (34363646)<br>| (261708755)<br>|
| Service Class | (64952628)<br>| (77622987)<br>|
|  | (99316274)<br>| (339331742)<br>|
| Increase in net assets derived <br> from capital share <br> transactions<br>| 361184355 | 355090772 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 477212797 | 288556891 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2452506945 | 2163950054 |
| End of period | $2929719742 | $2452506945 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-42

------

**LVIP JPMorgan Core Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.610 | &nbsp;&nbsp; $9.870 | &nbsp;&nbsp; $9.670 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $11.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.223 | 0.458 | 0.388 | 0.24 | 0.21 | 0.24 |
| Net realized and unrealized gain (loss) | 0.192 | &nbsp;&nbsp; (0.275)<br>| 0.173 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.37)<br>| 0.63 |
| Total from investment operations | 0.415 | 0.183 | 0.561 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.16)<br>| 0.87 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.361)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.361)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.025 | &nbsp;&nbsp; $9.610 | &nbsp;&nbsp; $9.870 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.88 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 5.91% | &nbsp;&nbsp; (12.58%)<br>| &nbsp;&nbsp; (1.35%)<br>| &nbsp;&nbsp; 7.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2233181 | &nbsp;&nbsp; $1852560 | &nbsp;&nbsp; $1729106 | &nbsp;&nbsp; $148705 | &nbsp;&nbsp; $172023 | &nbsp;&nbsp; $190891 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.59% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 2.09% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.59% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 2.07% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 48% <br><sup>5</sup><br>| &nbsp;&nbsp; 60% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Core Bond Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Core Bond Portfolio. 

<sup>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. 

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-43

------

**LVIP JPMorgan Core Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23**<sup>2</sup> <br>| **12/31/22**<sup>2</sup> <br>| **12/31/21**<sup>2</sup> <br>| **12/31/20**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.476 | &nbsp;&nbsp; $9.742 | &nbsp;&nbsp; $9.530 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $11.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.208 | 0.428 | 0.365 | 0.21 | 0.17 | 0.21 |
| Net realized and unrealized gain (loss) | 0.189 | &nbsp;&nbsp; (0.273)<br>| 0.164 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (0.37)<br>| 0.63 |
| Total from investment operations | 0.397 | 0.155 | 0.529 | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.20)<br>| 0.84 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.873 | &nbsp;&nbsp; $9.476 | &nbsp;&nbsp; $9.742 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.72 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 5.66% | &nbsp;&nbsp; (12.74%)<br>| &nbsp;&nbsp; (1.66%)<br>| &nbsp;&nbsp; 7.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $696539 | &nbsp;&nbsp; $599947 | &nbsp;&nbsp; $434844 | &nbsp;&nbsp; $321729 | &nbsp;&nbsp; $350986 | &nbsp;&nbsp; $340885 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.82% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.81% |
| Portfolio turnover | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 48% <br><sup>5</sup><br>| &nbsp;&nbsp; 60% | &nbsp;&nbsp; 93% | &nbsp;&nbsp; 92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Core Bond Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Core Bond Portfolio. 

<sup>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. 

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-44

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP JPMorgan Core Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains

LVIP JPMorgan Core Bond Fund-45

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

(losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.40% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.54% of the Fund's average daily net assets for the Standard Class and 0.79% for the Service Class.

J.P. Morgan Investment Management, Inc. ("JPMorgan") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPMorgan a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $110320 |
| Legal | &nbsp;&nbsp; 16811 |

---

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 $2,530 for the six months ended June 30, 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 June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $936018 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 138916 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 48 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 67861 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP JPMorgan Core Bond Fund-46

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the six months ended June 30, 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; $261668020 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 439637145 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 118842506 |
| Sales of U.S. government securities | &nbsp;&nbsp; 155108495 |

---

At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $2892746977 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $77354362 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (43006774)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $34347588 |

---

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 June 30, 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)

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136139119 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136139119 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 48460333 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48460333 |

---

LVIP JPMorgan Core Bond Fund-47

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $615489686 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $615489686 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 881878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 881878 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 16448286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16448286 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 7036300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7036300 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 13099928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13099928 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 1725846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1725846 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 5587760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5587760 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 269665916 | &nbsp;&nbsp; — | &nbsp;&nbsp; 269665916 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 2835612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2835612 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 6327472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6327472 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 1022950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1022950 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 6157296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6157296 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 8488511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8488511 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 9817570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9817570 |
| Cosmetics & Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 2945855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2945855 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 68135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68135 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 39246043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39246043 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 67705277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67705277 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 706146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 706146 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100467 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 12853043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12853043 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 6454565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6454565 |
| Health Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 4758533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4758533 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 19392078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19392078 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 17279091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17279091 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 10795643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10795643 |
| Iron & Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 716065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 716065 |
| Machinery Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 430740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 430740 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 12919830 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 18319830 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 10447431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10447431 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 2525109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2525109 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 29611546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29611546 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 672735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 672735 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1954182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1954182 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 19483002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19483002 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 33924856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33924856 |
| Private Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 116498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116498 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 77877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77877 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 9972529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9972529 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 7385441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7385441 |
| Savings & Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 3532409 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3532409 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 13723697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13723697 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 12160559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12160559 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 19615663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19615663 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1863618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1863618 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 449970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 449970 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 199997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199997 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 525687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 525687 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 274481456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274481456 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 73483994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73483994 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 59861288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59861288 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2449097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2449097 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 13881279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13881279 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 947678281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 947678281 |

---

LVIP JPMorgan Core Bond Fund-48

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Fund | &nbsp;&nbsp; $29307801 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29307801 |
| **Total Investments** | &nbsp;&nbsp; $29307801 | &nbsp;&nbsp; $2886634175 | &nbsp;&nbsp; $5400000 | &nbsp;&nbsp; $2921341976 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $5752589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5752589 |

---

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 period ended June 30, 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> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Corporate Bonds | $5400000 | Recent Transaction | Cost | # |
| Total | $5400000 |  |  |  |

| (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. |

---

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> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Corporate Bond | $— | $— | $5400000 | $— | $— | $— | $— | $— | $— | $5400000 | $— |
| Total | $— | $— | $5400000 | $— | $— | —<br> $| $— | $— | $— | $5400000 | $— |

---

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 33497134 | &nbsp;&nbsp; 35506003 |
| Service Class | &nbsp;&nbsp; 13966406 | &nbsp;&nbsp; 24027163 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 8314180 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 2574756 |
|  | &nbsp;&nbsp; 47463540 | &nbsp;&nbsp; 70422102 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3516806)<br>| &nbsp;&nbsp; (26230431)<br>|
| Service Class | &nbsp;&nbsp; (6731136)<br>| &nbsp;&nbsp; (7924384)<br>|
|  | &nbsp;&nbsp; (10247942)<br>| &nbsp;&nbsp; (34154815)<br>|
| Net increase | &nbsp;&nbsp; 37215598 | &nbsp;&nbsp; 36267287 |

---

**5. 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 JPMorgan Core Bond Fund-49

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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 six months ended June 30, 2025, the Fund used futures contracts as a cash management tool.

Fair values of derivative instruments as of June 30, 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>| $5752589 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 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; $119119 | &nbsp;&nbsp; $6603469 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $234923963 | $111313 |

---

**7. 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.

LVIP JPMorgan Core Bond Fund-50

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. 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.

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.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP JPMorgan Core Bond Fund-51

------

![](imgf19543891.jpg)

LVIP JPMorgan High Yield Fund

a series of Lincoln Variable

Insurance Products Trust

Semiannual Financial Statements

June 30, 2025

------

**LVIP JPMorgan High Yield Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_98844bfe-101e-463f-9dce-a835725eb061_SOI-continued-271_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_98844bfe-101e-463f-9dce-a835725eb061_FS-continued-271_1)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_98844bfe-101e-463f-9dce-a835725eb061_FS-continued-271_1)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_98844bfe-101e-463f-9dce-a835725eb061_FIHI-continued-271_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_98844bfe-101e-463f-9dce-a835725eb061_NTF-continued-271_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets**

June 30, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **CONVERTIBLE BONDS–0.10%** | **CONVERTIBLE BONDS–0.10%** | **CONVERTIBLE BONDS–0.10%** |
| @EchoStar Corp. 3.88% <br> exercise price $3.87, <br> maturity date 11/30/30<br>| 574572 | $676559 |
| Liberty Interactive LLC | Liberty Interactive LLC | Liberty Interactive LLC |
| 3.75% exercise price $3.75, <br> maturity date 2/15/30<br>| 128242 | 12824 |
| 4.00% exercise price $4.00, <br> maturity date 11/15/29<br>| 172897 | 17290 |
| **Total Convertible Bonds** <br>**(Cost $869,827)** | **Total Convertible Bonds** <br>**(Cost $869,827)** | **706673** |
| **CORPORATE BONDS–89.80%** | **CORPORATE BONDS–89.80%** | **CORPORATE BONDS–89.80%** |
| **Advertising–1.51%** | **Advertising–1.51%** | **Advertising–1.51%** |
| Clear Channel Outdoor <br> Holdings, Inc.<br>|  |  |
| 5.13% 8/15/27 | 3144000 | 3108234 |
| 7.50% 6/1/29 | 1994000 | 1844246 |
| 7.75% 4/15/28 | 1483000 | 1401435 |
| 9.00% 9/15/28 | 1085000 | 1136888 |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25% 1/15/29 | 297000 | 284132 |
| 4.63% 3/15/30 | 252000 | 240688 |
| 7.38% 2/15/31 | 1023000 | 1083064 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>| 1385000 | 1324787 |
|  |  | **10423474** |
| **Aerospace & Defense–0.92%** | **Aerospace & Defense–0.92%** | **Aerospace & Defense–0.92%** |
| Bombardier, Inc. |  |  |
| 6.75% 6/15/33 | 350000 | 362670 |
| 7.00% 6/1/32 | 594000 | 618583 |
| 7.25% 7/1/31 | 599000 | 628770 |
| 7.88% 4/15/27 | 120000 | 120693 |
| 8.75% 11/15/30 | 594000 | 643052 |
| Goat Holdco LLC 6.75% <br> 2/1/32<br>| 354000 | 359855 |
| Spirit AeroSystems, Inc. <br> 9.38% 11/30/29<br>| 718000 | 761806 |
| TransDigm, Inc. |  |  |
| 6.38% 3/1/29 | 1474000 | 1512238 |
| 6.63% 3/1/32 | 931000 | 963951 |
| Triumph Group, Inc. 9.00% <br> 3/15/28<br>| 409000 | 427422 |
|  |  | **6399040** |
| **Airlines–1.00%** | **Airlines–1.00%** | **Airlines–1.00%** |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd.<br>|  |  |
| 5.50% 4/20/26 | 1883116 | 1878794 |
| 5.75% 4/20/29 | 1504000 | 1502681 |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>| 1369000 | 1331874 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| Mileage Plus <br> Holdings LLC/Mileage Plus <br> Intellectual Property Assets <br> Ltd. 6.50% 6/20/27<br>| 505000 | $505663 |
| United Airlines, Inc. 4.38% <br> 4/15/26<br>| 1206000 | 1198027 |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc. 9.50% 6/1/28<br>| 493000 | 506702 |
|  |  | **6923741** |
| **Apparel–0.07%** | **Apparel–0.07%** | **Apparel–0.07%** |
| Hanesbrands, Inc. 9.00% <br> 2/15/31<br>| 431000 | 456310 |
|  |  | **456310** |
| **Auto Manufacturers–2.04%** | **Auto Manufacturers–2.04%** | **Auto Manufacturers–2.04%** |
| Allison Transmission, Inc. |  |  |
| 3.75% 1/30/31 | 677000 | 620508 |
| 5.88% 6/1/29 | 504000 | 509134 |
| Ford Motor Credit Co. LLC |  |  |
| 2.70% 8/10/26 | 376000 | 366082 |
| 2.90% 2/10/29 | 220000 | 200040 |
| 3.82% 11/2/27 | 871000 | 840805 |
| 4.00% 11/13/30 | 1317000 | 1202354 |
| 4.13% 8/17/27 | 2028000 | 1982367 |
| 4.39% 1/8/26 | 725000 | 721760 |
| 4.54% 8/1/26 | 4015000 | 3987440 |
| 6.80% 5/12/28 | 636000 | 657322 |
| 6.95% 3/6/26 | 435000 | 439195 |
| 6.95% 6/10/26 | 541000 | 548395 |
| 7.12% 11/7/33 | 200000 | 207567 |
| 7.20% 6/10/30 | 316000 | 332557 |
| PM General Purchaser LLC <br> 9.50% 10/1/28<br>| 1171000 | 807334 |
| Wabash National Corp. 4.50% <br> 10/15/28<br>| 806000 | 729140 |
|  |  | **14152000** |
| **Auto Parts & Equipment–3.66%** | **Auto Parts & Equipment–3.66%** | **Auto Parts & Equipment–3.66%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00% 4/15/28 | 900000 | 927503 |
| 7.50% 2/15/33 | 700000 | 715821 |
| 8.25% 4/15/31 | 1430000 | 1502568 |
| Allison Transmission, Inc. <br> 4.75% 10/1/27<br>| 2306000 | 2284704 |
| American Axle & <br> Manufacturing, Inc.<br>|  |  |
| 6.50% 4/1/27 | 1442000 | 1441558 |
| 6.88% 7/1/28 | 1088000 | 1088499 |
| Clarios Global LP/Clarios <br> U.S. Finance Co.<br>|  |  |
| 6.75% 5/15/28 | 861000 | 883776 |
| 6.75% 2/15/30 | 656000 | 682100 |
| 8.50% 5/15/27 | 2340000 | 2350249 |

---

LVIP JPMorgan High Yield Fund-1

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Cooper-Standard Automotive, <br> Inc.<br>|  |  |
| 5.63% 5/15/27 | 2805805 | $2423426 |
| 13.50% 3/31/27 | 4668040 | 4909098 |
| Dana, Inc. 5.38% 11/15/27 | 1085000 | 1088643 |
| Dornoch Debt Merger Sub, <br> Inc. 6.63% 10/15/29<br>| 1450000 | 1122860 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.00% 7/15/29 | 1137000 | 1111309 |
| 5.25% 4/30/31 | 449000 | 431210 |
| 5.25% 7/15/31 | 1311000 | 1257062 |
| 6.63% 7/15/30 | 305000 | 311111 |
| @IHO Verwaltungs GmbH |  |  |
| 7.75% 11/15/30 | 556000 | 570691 |
| 8.00% 11/15/32 | 222000 | 227004 |
|  |  | **25329192** |
| **Banks–0.16%** | **Banks–0.16%** | **Banks–0.16%** |
| μCitigroup, Inc. 6.25% 8/15/26 | 1070000 | 1080455 |
|  |  | **1080455** |
| **Beverages–0.14%** | **Beverages–0.14%** | **Beverages–0.14%** |
| Primo Water Holdings, <br> Inc./Triton Water Holdings, <br> Inc. 6.25% 4/1/29<br>| 991000 | 997908 |
|  |  | **997908** |
| **Biotechnology–0.05%** | **Biotechnology–0.05%** | **Biotechnology–0.05%** |
| Emergent BioSolutions, Inc. <br> 3.88% 8/15/28<br>| 430000 | 343740 |
|  |  | **343740** |
| **Building Materials–2.88%** | **Building Materials–2.88%** | **Building Materials–2.88%** |
| Builders FirstSource, Inc. |  |  |
| 4.25% 2/1/32 | 1309000 | 1212736 |
| 6.38% 6/15/32 | 879000 | 903408 |
| 6.38% 3/1/34 | 605000 | 616539 |
| 6.75% 5/15/35 | 363000 | 373750 |
| EMRLD <br> Borrower LP/Emerald <br> Co-Issuer, Inc.<br>|  |  |
| 6.63% 12/15/30 | 2472000 | 2526809 |
| 6.75% 7/15/31 | 405000 | 419173 |
| Griffon Corp. 5.75% 3/1/28 | 1770000 | 1769804 |
| JELD-WEN, Inc. |  |  |
| 4.88% 12/15/27 | 1200000 | 1112496 |
| 7.00% 9/1/32 | 525000 | 411049 |
| JH North America Holdings, <br> Inc.<br>|  |  |
| 5.88% 1/31/31 | 316000 | 318759 |
| 6.13% 7/31/32 | 471000 | 478820 |
| Knife River Corp. 7.75% <br> 5/1/31<br>| 930000 | 980432 |
| Masterbrand, Inc. 7.00% <br> 7/15/32<br>| 560000 | 571901 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Miter Brands Acquisition <br> Holdco, Inc./MIWD <br> Borrower LLC 6.75% 4/1/32<br>| 604000 | $619498 |
| MIWD Holdco II LLC/MIWD <br> Finance Corp. 5.50% 2/1/30<br>| 579000 | 550407 |
| Quikrete Holdings, Inc. 6.38% <br> 3/1/32<br>| 1926000 | 1980544 |
| Smyrna Ready Mix <br> Concrete LLC 8.88% <br> 11/15/31<br>| 728000 | 763277 |
| Standard Building Solutions, <br> Inc. 6.50% 8/15/32<br>| 1050000 | 1075866 |
| Standard Industries, Inc. |  |  |
| 3.38% 1/15/31 | 400000 | 358718 |
| 4.75% 1/15/28 | 2391000 | 2364431 |
| 5.00% 2/15/27 | 530000 | 528802 |
|  |  | **19937219** |
| **Chemicals–2.76%** | **Chemicals–2.76%** | **Chemicals–2.76%** |
| Axalta Coating Systems Dutch <br> Holding B BV 7.25% 2/15/31<br>| 415000 | 437529 |
| Axalta Coating Systems LLC <br> 3.38% 2/15/29<br>| 713000 | 675352 |
| Axalta Coating <br> Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV <br> 4.75% 6/15/27<br>| 2024000 | 2011566 |
| Chemours Co. |  |  |
| 4.63% 11/15/29 | 80000 | 69635 |
| 5.75% 11/15/28 | 2554000 | 2393877 |
| 8.00% 1/15/33 | 475000 | 444794 |
| CVR Partners LP/CVR <br> Nitrogen Finance Corp. <br> 6.13% 6/15/28<br>| 796000 | 794995 |
| Element Solutions, Inc. 3.88% <br> 9/1/28<br>| 1335000 | 1294676 |
| INEOS Finance PLC |  |  |
| 6.75% 5/15/28 | 500000 | 496626 |
| 7.50% 4/15/29 | 1887000 | 1890910 |
| INEOS Quattro Finance 2 <br> PLC 9.63% 3/15/29<br>| 592000 | 600165 |
| NOVA Chemicals Corp. |  |  |
| 4.25% 5/15/29 | 2484000 | 2388881 |
| 5.25% 6/1/27 | 371000 | 369060 |
| 8.50% 11/15/28 | 766000 | 809007 |
| 9.00% 2/15/30 | 642000 | 693333 |
| Trinseo Luxco Finance SPV <br> SARL/Trinseo NA Finance <br> SPV LLC 7.63% 5/3/29<br>| 1238450 | 733782 |
| WR Grace Holdings LLC |  |  |
| 4.88% 6/15/27 | 1510000 | 1501276 |
| 5.63% 8/15/29 | 1661000 | 1503514 |
|  |  | **19108978** |

---

LVIP JPMorgan High Yield Fund-2

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services–6.23%** | **Commercial Services–6.23%** | **Commercial Services–6.23%** |
| ADT Security Corp. |  |  |
| 4.13% 8/1/29 | 1076000 | $1039459 |
| 4.88% 7/15/32 | 1675000 | 1606799 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 <br> SARL<br>|  |  |
| 4.63% 6/1/28 | 355000 | 344589 |
| 4.63% 6/1/28 | 1063000 | 1030832 |
| APi Group DE, Inc. |  |  |
| 4.13% 7/15/29 | 625000 | 595881 |
| 4.75% 10/15/29 | 527000 | 517181 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| 4.75% 4/1/28 | 945000 | 916922 |
| 5.38% 3/1/29 | 1315000 | 1267395 |
| 5.75% 7/15/27 | 452000 | 450720 |
| 5.75% 7/15/27 | 659000 | 653299 |
| 8.00% 2/15/31 | 43000 | 44537 |
| 8.25% 1/15/30 | 1439000 | 1502892 |
| 8.38% 6/15/32 | 746000 | 780479 |
| Block, Inc. |  |  |
| 2.75% 6/1/26 | 75000 | 73428 |
| 3.50% 6/1/31 | 883000 | 809948 |
| 6.50% 5/15/32 | 1452000 | 1498062 |
| Brink's Co. |  |  |
| 4.63% 10/15/27 | 1548000 | 1538152 |
| 6.50% 6/15/29 | 418000 | 430872 |
| Clarivate Science Holdings <br> Corp.<br>|  |  |
| 3.88% 7/1/28 | 604000 | 578949 |
| 4.88% 7/1/29 | 804000 | 757048 |
| CoreCivic, Inc. 8.25% 4/15/29 | 1280000 | 1357126 |
| EquipmentShare.com, Inc. |  |  |
| 8.00% 3/15/33 | 438000 | 458847 |
| 8.63% 5/15/32 | 319000 | 338998 |
| 9.00% 5/15/28 | 1687000 | 1782197 |
| Garda World Security Corp. |  |  |
| 6.00% 6/1/29 | 1024000 | 999479 |
| 8.25% 8/1/32 | 855000 | 877404 |
| 8.38% 11/15/32 | 423000 | 434509 |
| GEO Group, Inc. 8.63% <br> 4/15/29<br>| 732000 | 774990 |
| Herc Holdings, Inc. |  |  |
| 5.50% 7/15/27 | 1672000 | 1672151 |
| 6.63% 6/15/29 | 789000 | 809513 |
| 7.00% 6/15/30 | 440000 | 459517 |
| Hertz Corp. |  |  |
| 4.63% 12/1/26 | 1529000 | 1370017 |
| 5.00% 12/1/29 | 2451000 | 1720516 |
| Ω5.50% | 656000 | 45920 |
| 6.00% 1/15/28 | 2613000 | 587925 |
| 7.13% 8/1/26 | 805000 | 181125 |
| 12.63% 7/15/29 | 1524000 | 1593736 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| NESCO Holdings II, Inc. <br> 5.50% 4/15/29<br>| 653000 | $636211 |
| Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc.<br>|  |  |
| 3.38% 8/31/27 | 2000000 | 1936998 |
| 5.75% 4/15/26 | 725000 | 728760 |
| Raven Acquisition <br> Holdings LLC 6.88% <br> 11/15/31<br>| 676000 | 676028 |
| Service Corp. International <br> 7.50% 4/1/27<br>| 380000 | 392614 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 527000 | 547326 |
| TriNet Group, Inc. 7.13% <br> 8/15/31<br>| 599000 | 623916 |
| United Rentals North <br> America, Inc.<br>|  |  |
| 4.88% 1/15/28 | 280000 | 278883 |
| 5.25% 1/15/30 | 1945000 | 1950160 |
| 5.50% 5/15/27 | 395000 | 395136 |
| 6.13% 3/15/34 | 776000 | 799298 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 725000 | 761924 |
| Williams Scotsman, Inc. |  |  |
| 6.63% 6/15/29 | 427000 | 438325 |
| 6.63% 4/15/30 | 198000 | 205673 |
| 7.38% 10/1/31 | 819000 | 862079 |
|  |  | **43134745** |
| **Computers–1.11%** | **Computers–1.11%** | **Computers–1.11%** |
| Ahead DB Holdings LLC <br> 6.63% 5/1/28<br>| 1645000 | 1650040 |
| Conduent Business <br> Services LLC/Conduent <br> State & Local Solutions, Inc. <br> 6.00% 11/1/29<br>| 1230000 | 1174383 |
| Diebold Nixdorf, Inc. 7.75% <br> 3/31/30<br>| 383000 | 406323 |
| Insight Enterprises, Inc. <br> 6.63% 5/15/32<br>| 340000 | 350246 |
| NCR Atleos Corp. 9.50% <br> 4/1/29<br>| 1473000 | 1613470 |
| NCR Voyix Corp. |  |  |
| 5.00% 10/1/28 | 366000 | 362291 |
| 5.13% 4/15/29 | 1264000 | 1244961 |
| Seagate Data Storage <br> Technology Pte. Ltd.<br>|  |  |
| 8.25% 12/15/29 | 668000 | 713443 |
| 8.50% 7/15/31 | 149000 | 159509 |
|  |  | **7674666** |
| **Cosmetics & Personal Care–0.30%** | **Cosmetics & Personal Care–0.30%** | **Cosmetics & Personal Care–0.30%** |
| Coty, Inc. 5.00% 4/15/26 | 124000 | 123835 |

---

LVIP JPMorgan High Yield Fund-3

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Edgewell Personal Care Co. |  |  |
| 4.13% 4/1/29 | 535000 | $505358 |
| 5.50% 6/1/28 | 1465000 | 1457595 |
|  |  | **2086788** |
| **Distribution/Wholesale–0.34%** | **Distribution/Wholesale–0.34%** | **Distribution/Wholesale–0.34%** |
| Gates Corp. 6.88% 7/1/29 | 351000 | 364467 |
| =Incora Intermediate II LLC <br> 9.00% 11/15/26<br>| 616671 | 493584 |
| RB Global Holdings, Inc. |  |  |
| 6.75% 3/15/28 | 255000 | 261571 |
| 7.75% 3/15/31 | 308000 | 323788 |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 908000 | 930239 |
|  |  | **2373649** |
| **Diversified Financial Services–1.45%** | **Diversified Financial Services–1.45%** | **Diversified Financial Services–1.45%** |
| Ally Financial, Inc. 5.75% <br> 11/20/25<br>| 915000 | 917080 |
| •ILFC E-Capital Trust I 6.43% <br> (3 mo. USD Term SOFR + <br> 1.81%) 12/21/65<br>| 640000 | 535129 |
| Nationstar Mortgage <br> Holdings, Inc.<br>|  |  |
| 5.13% 12/15/30 | 655000 | 662912 |
| 5.50% 8/15/28 | 734000 | 729171 |
| 5.75% 11/15/31 | 1070000 | 1086683 |
| 6.50% 8/1/29 | 72000 | 73545 |
| 7.13% 2/1/32 | 505000 | 524541 |
| OneMain Finance Corp. |  |  |
| 3.50% 1/15/27 | 390000 | 381813 |
| 3.88% 9/15/28 | 106000 | 101650 |
| 4.00% 9/15/30 | 345000 | 318343 |
| 5.38% 11/15/29 | 210000 | 206566 |
| 6.63% 1/15/28 | 420000 | 433725 |
| 7.13% 3/15/26 | 444000 | 450571 |
| 9.00% 1/15/29 | 76000 | 79698 |
| Rocket Cos., Inc. |  |  |
| 6.13% 8/1/30 | 1000000 | 1019030 |
| 6.38% 8/1/33 | 533000 | 545366 |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.<br>|  |  |
| 2.88% 10/15/26 | 794000 | 774364 |
| 3.63% 3/1/29 | 1162000 | 1104202 |
| 4.00% 10/15/33 | 131000 | 117201 |
|  |  | **10061590** |
| **Electric–1.62%** | **Electric–1.62%** | **Electric–1.62%** |
| Calpine Corp. |  |  |
| 4.50% 2/15/28 | 235000 | 233095 |
| 4.63% 2/1/29 | 776000 | 766400 |
| 5.00% 2/1/31 | 647000 | 640038 |
| NRG Energy, Inc. |  |  |
| 3.38% 2/15/29 | 615000 | 579917 |
| 3.63% 2/15/31 | 421000 | 387448 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| NRG Energy, <br> Inc. (continued)<br>|  |  |
| 3.88% 2/15/32 | 56000 | $51426 |
| 5.25% 6/15/29 | 1115000 | 1108897 |
| 5.75% 1/15/28 | 339000 | 340715 |
| 6.00% 2/1/33 | 675000 | 681727 |
| 7.00% 3/15/33 | 378000 | 414929 |
| PG&E Corp. 5.00% 7/1/28 | 898000 | 874699 |
| Pike Corp. |  |  |
| 5.50% 9/1/28 | 741000 | 740516 |
| 8.63% 1/31/31 | 329000 | 357813 |
| Vistra Operations Co. LLC |  |  |
| 4.38% 5/1/29 | 271000 | 264119 |
| 5.00% 7/31/27 | 130000 | 129840 |
| 5.63% 2/15/27 | 557000 | 557381 |
| 6.88% 4/15/32 | 586000 | 612652 |
| 7.75% 10/15/31 | 2305000 | 2449854 |
|  |  | **11191466** |
| **Electrical Components & Equipment–1.20%** | **Electrical Components & Equipment–1.20%** | **Electrical Components & Equipment–1.20%** |
| Energizer Holdings, Inc. |  |  |
| 4.38% 3/31/29 | 1678000 | 1587077 |
| 4.75% 6/15/28 | 2007000 | 1954407 |
| 6.50% 12/31/27 | 449000 | 454113 |
| WESCO Distribution, Inc. |  |  |
| 6.38% 3/15/29 | 1413000 | 1453740 |
| 6.38% 3/15/33 | 375000 | 387593 |
| 6.63% 3/15/32 | 490000 | 509193 |
| 7.25% 6/15/28 | 1962000 | 1986360 |
|  |  | **8332483** |
| **Electronics–1.18%** | **Electronics–1.18%** | **Electronics–1.18%** |
| Coherent Corp. 5.00% <br> 12/15/29<br>| 2732000 | 2683185 |
| Imola Merger Corp. 4.75% <br> 5/15/29<br>| 2898000 | 2797997 |
| Sensata Technologies BV |  |  |
| 4.00% 4/15/29 | 1772000 | 1685315 |
| 5.88% 9/1/30 | 300000 | 300404 |
| Sensata Technologies, Inc. |  |  |
| 3.75% 2/15/31 | 556000 | 506806 |
| 6.63% 7/15/32 | 200000 | 205830 |
|  |  | **8179537** |
| **Engineering & Construction–0.48%** | **Engineering & Construction–0.48%** | **Engineering & Construction–0.48%** |
| Dycom Industries, Inc. 4.50% <br> 4/15/29<br>| 1264000 | 1230242 |
| Global Infrastructure <br> Solutions, Inc.<br>|  |  |
| 5.63% 6/1/29 | 895000 | 891711 |
| 7.50% 4/15/32 | 1153000 | 1175154 |
|  |  | **3297107** |

---

LVIP JPMorgan High Yield Fund-4

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Entertainment–2.91%** | **Entertainment–2.91%** | **Entertainment–2.91%** |
| Boyne USA, Inc. 4.75% <br> 5/15/29<br>| 1074000 | $1042148 |
| Caesars Entertainment, Inc. |  |  |
| 4.63% 10/15/29 | 920000 | 878172 |
| 6.50% 2/15/32 | 1400000 | 1436562 |
| 8.13% 7/1/27 | 454000 | 454136 |
| Cinemark USA, Inc. |  |  |
| 5.25% 7/15/28 | 775000 | 771328 |
| 7.00% 8/1/32 | 290000 | 301068 |
| Live Nation Entertainment, <br> Inc.<br>|  |  |
| 3.75% 1/15/28 | 589000 | 569942 |
| 4.75% 10/15/27 | 2030000 | 2007931 |
| 5.63% 3/15/26 | 1297000 | 1295659 |
| 6.50% 5/15/27 | 3345000 | 3394302 |
| Six Flags Entertainment <br> Corp.<br>|  |  |
| 7.00% 7/1/25 | 313000 | 313000 |
| 7.25% 5/15/31 | 430000 | 441905 |
| Six Flags Entertainment <br> Corp. /Six Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co. 6.63% <br> 5/1/32<br>| 1212000 | 1250099 |
| Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management <br> Corp.<br>|  |  |
| 5.25% 7/15/29 | 963000 | 943060 |
| 5.38% 4/15/27 | 290000 | 289688 |
| Vail Resorts, Inc. |  |  |
| 5.63% 7/15/30 | 408000 | 408000 |
| 6.50% 5/15/32 | 597000 | 616850 |
| Warnermedia Holdings, Inc. <br> 4.28% 3/15/32<br>| 971000 | 971000 |
| Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13% 10/1/29 | 1825000 | 1811828 |
| 6.25% 3/15/33 | 604000 | 607873 |
| 7.13% 2/15/31 | 324000 | 345533 |
|  |  | **20150084** |
| **Environmental Control–0.98%** | **Environmental Control–0.98%** | **Environmental Control–0.98%** |
| GFL Environmental, Inc. |  |  |
| 4.00% 8/1/28 | 1220000 | 1183309 |
| 4.38% 8/15/29 | 645000 | 626319 |
| 4.75% 6/15/29 | 699000 | 689682 |
| 6.75% 1/15/31 | 1429000 | 1495339 |
| Madison IAQ LLC |  |  |
| 4.13% 6/30/28 | 983000 | 954956 |
| 5.88% 6/30/29 | 1390000 | 1367446 |
| Wrangler Holdco Corp. 6.63% <br> 4/1/32<br>| 435000 | 452862 |
|  |  | **6769913** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food–1.70%** | **Food–1.70%** | **Food–1.70%** |
| Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.25% 3/15/26 | 839000 | $827445 |
| 4.63% 1/15/27 | 1762000 | 1750922 |
| 5.88% 2/15/28 | 1314000 | 1312681 |
| New Albertsons LP |  |  |
| 6.63% 6/1/28 | 569000 | 588930 |
| 7.75% 6/15/26 | 672000 | 688128 |
| Performance Food Group, <br> Inc.<br>|  |  |
| 4.25% 8/1/29 | 1215000 | 1171563 |
| 5.50% 10/15/27 | 1709000 | 1705427 |
| 6.13% 9/15/32 | 364000 | 372348 |
| Post Holdings, Inc. |  |  |
| 4.63% 4/15/30 | 255000 | 245115 |
| 5.50% 12/15/29 | 1225000 | 1219383 |
| 6.25% 2/15/32 | 589000 | 605306 |
| U.S. Foods, Inc. |  |  |
| 4.63% 6/1/30 | 645000 | 628018 |
| 4.75% 2/15/29 | 270000 | 265263 |
| 6.88% 9/15/28 | 378000 | 390842 |
|  |  | **11771371** |
| **Food Service–0.18%** | **Food Service–0.18%** | **Food Service–0.18%** |
| Aramark Services, Inc. 5.00% <br> 2/1/28<br>| 1253000 | 1247958 |
|  |  | **1247958** |
| **Gas–0.30%** | **Gas–0.30%** | **Gas–0.30%** |
| AmeriGas <br> Partners LP/AmeriGas <br> Finance Corp.<br>|  |  |
| 5.75% 5/20/27 | 595000 | 590702 |
| 9.38% 6/1/28 | 586000 | 604247 |
| 9.50% 6/1/30 | 432000 | 448190 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 7.50% 5/1/33 | 210000 | 224873 |
| 7.75% 5/1/35 | 210000 | 227309 |
|  |  | **2095321** |
| **Health Care Products–1.42%** | **Health Care Products–1.42%** | **Health Care Products–1.42%** |
| Avantor Funding, Inc. 4.63% <br> 7/15/28<br>| 2025000 | 1988467 |
| Bausch & Lomb Corp. 8.38% <br> 10/1/28<br>| 230000 | 240062 |
| Hologic, Inc. |  |  |
| 3.25% 2/15/29 | 1591000 | 1516146 |
| 4.63% 2/1/28 | 60000 | 59298 |
| Medline Borrower LP |  |  |
| 3.88% 4/1/29 | 2600000 | 2494027 |
| 5.25% 10/1/29 | 1650000 | 1637138 |

---

LVIP JPMorgan High Yield Fund-5

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Products (continued)** | **Health Care Products (continued)** | **Health Care Products (continued)** |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 1131000 | $1161858 |
| Sotera Health Holdings LLC <br> 7.38% 6/1/31<br>| 700000 | 728310 |
|  |  | **9825306** |
| **Health Care Services–4.79%** | **Health Care Services–4.79%** | **Health Care Services–4.79%** |
| Acadia Healthcare Co., Inc. |  |  |
| 5.00% 4/15/29 | 457000 | 443319 |
| 5.50% 7/1/28 | 990000 | 983635 |
| 7.38% 3/15/33 | 212000 | 218409 |
| AHP Health Partners, Inc. <br> 5.75% 7/15/29<br>| 903000 | 880575 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 1112000 | 950629 |
| 5.25% 5/15/30 | 2237000 | 1983654 |
| 5.63% 3/15/27 | 329000 | 324059 |
| 6.00% 1/15/29 | 854000 | 821436 |
| 6.13% 4/1/30 | 396000 | 292827 |
| 10.88% 1/15/32 | 1168000 | 1237925 |
| Concentra Health Services, <br> Inc. 6.88% 7/15/32<br>| 346000 | 358236 |
| DaVita, Inc. |  |  |
| 3.75% 2/15/31 | 2571000 | 2338326 |
| 4.63% 6/1/30 | 1300000 | 1245558 |
| 6.88% 9/1/32 | 525000 | 543994 |
| Encompass Health Corp. |  |  |
| 4.50% 2/1/28 | 2676000 | 2651910 |
| 4.63% 4/1/31 | 259000 | 250642 |
| 4.75% 2/1/30 | 649000 | 640762 |
| @Global Medical Response, <br> Inc. 9.50% 10/31/28<br>| 1034048 | 1034048 |
| IQVIA, Inc. |  |  |
| 5.00% 10/15/26 | 2311000 | 2308633 |
| 5.00% 5/15/27 | 259000 | 258125 |
| 6.25% 6/1/32 | 1456000 | 1494174 |
| Radiology Partners, Inc. |  |  |
| 8.50% 7/15/32 | 1516000 | 1519532 |
| @9.78% 2/15/30 | 970798 | 953809 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 812000 | 827438 |
| Tenet Healthcare Corp. |  |  |
| 4.25% 6/1/29 | 299000 | 289975 |
| 5.13% 11/1/27 | 4716000 | 4708455 |
| 6.13% 6/15/30 | 1243000 | 1264609 |
| 6.25% 2/1/27 | 1093000 | 1092958 |
| 6.75% 5/15/31 | 1175000 | 1215642 |
|  |  | **33133294** |
| **Home Furnishings–0.39%** | **Home Furnishings–0.39%** | **Home Furnishings–0.39%** |
| Somnigroup International, <br> Inc.<br>|  |  |
| 3.88% 10/15/31 | 653000 | 593684 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Home Furnishings (continued)** | **Home Furnishings (continued)** | **Home Furnishings (continued)** |
| Somnigroup International, <br> Inc. (continued)<br>|  |  |
| 4.00% 4/15/29 | 2227000 | $2129181 |
|  |  | **2722865** |
| **Household Products Wares–0.72%** | **Household Products Wares–0.72%** | **Household Products Wares–0.72%** |
| ACCO Brands Corp. 4.25% <br> 3/15/29<br>| 1995000 | 1764207 |
| Central Garden & Pet Co. |  |  |
| 4.13% 10/15/30 | 741000 | 699498 |
| 5.13% 2/1/28 | 2442000 | 2443558 |
| Spectrum Brands, Inc. 3.88% <br> 3/15/31<br>| 85000 | 68182 |
|  |  | **4975445** |
| **Housewares–1.02%** | **Housewares–1.02%** | **Housewares–1.02%** |
| CD&R Smokey Buyer, <br> Inc./Radio Systems Corp. <br> 9.50% 10/15/29<br>| 1051000 | 856452 |
| Newell Brands, Inc. |  |  |
| 6.38% 9/15/27 | 436000 | 441854 |
| 6.38% 5/15/30 | 440000 | 428043 |
| 6.63% 9/15/29 | 391000 | 387038 |
| 6.63% 5/15/32 | 193000 | 184114 |
| 6.88% 4/1/36 | 250000 | 239601 |
| 8.50% 6/1/28 | 585000 | 614373 |
| Scotts Miracle-Gro Co. |  |  |
| 4.00% 4/1/31 | 1139000 | 1046177 |
| 4.38% 2/1/32 | 914000 | 839291 |
| 4.50% 10/15/29 | 2099000 | 2027171 |
|  |  | **7064114** |
| **Internet–0.71%** | **Internet–0.71%** | **Internet–0.71%** |
| Arches Buyer, Inc. 4.25% <br> 6/1/28<br>| 834000 | 798255 |
| Shutterfly Finance LLC |  |  |
| 8.50% 10/1/27 | 1931682 | 1791635 |
| 9.75% 10/1/27 | 294083 | 294818 |
| Snap, Inc. 6.88% 3/1/33 | 316000 | 324256 |
| Uber Technologies, Inc. 7.50% <br> 9/15/27<br>| 449000 | 452997 |
| Wayfair LLC |  |  |
| 7.25% 10/31/29 | 370000 | 370166 |
| 7.75% 9/15/30 | 886000 | 891499 |
|  |  | **4923626** |
| **Iron & Steel–1.07%** | **Iron & Steel–1.07%** | **Iron & Steel–1.07%** |
| ATI, Inc. |  |  |
| 4.88% 10/1/29 | 415000 | 406481 |
| 5.13% 10/1/31 | 385000 | 376276 |
| 5.88% 12/1/27 | 640000 | 640558 |
| 7.25% 8/15/30 | 517000 | 541766 |
| Big River Steel LLC/BRS <br> Finance Corp. 6.63% 1/31/29<br>| 1254000 | 1264122 |

---

LVIP JPMorgan High Yield Fund-6

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Carpenter Technology Corp. |  |  |
| 6.38% 7/15/28 | 838000 | $840274 |
| 7.63% 3/15/30 | 223000 | 230758 |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63% 3/1/29 | 908000 | 833876 |
| 4.88% 3/1/31 | 518000 | 443092 |
| 6.75% 4/15/30 | 620000 | 599518 |
| 6.88% 11/1/29 | 797000 | 784678 |
| 7.50% 9/15/31 | 425000 | 409893 |
|  |  | **7371292** |
| **Leisure Time–1.42%** | **Leisure Time–1.42%** | **Leisure Time–1.42%** |
| Acushnet Co. 7.38% 10/15/28 | 427000 | 445142 |
| Amer Sports Co. 6.75% <br> 2/16/31<br>| 1189000 | 1237555 |
| Carnival Corp. |  |  |
| 4.00% 8/1/28 | 941000 | 921004 |
| 5.75% 3/1/27 | 1980000 | 1996348 |
| 6.00% 5/1/29 | 372000 | 375884 |
| 6.13% 2/15/33 | 1313000 | 1343399 |
| 7.00% 8/15/29 | 357000 | 376084 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63% 9/30/31 | 758000 | 762631 |
| 6.00% 2/1/33 | 919000 | 936715 |
| 6.25% 3/15/32 | 1375000 | 1413335 |
|  |  | **9808097** |
| **Lodging–1.52%** | **Lodging–1.52%** | **Lodging–1.52%** |
| Hilton Domestic Operating <br> Co., Inc.<br>|  |  |
| 3.75% 5/1/29 | 345000 | 330722 |
| 4.00% 5/1/31 | 211000 | 198387 |
| 4.88% 1/15/30 | 652000 | 649068 |
| 5.75% 5/1/28 | 749000 | 750691 |
| 5.88% 4/1/29 | 349000 | 356460 |
| 5.88% 3/15/33 | 1065000 | 1085105 |
| 6.13% 4/1/32 | 429000 | 439354 |
| Hilton Worldwide <br> Finance LLC/Hilton <br> Worldwide Finance Corp. <br> 4.88% 4/1/27<br>| 383000 | 382569 |
| Marriott Ownership Resorts, <br> Inc.<br>|  |  |
| 4.50% 6/15/29 | 333000 | 319816 |
| 4.75% 1/15/28 | 45000 | 44008 |
| MGM Resorts International |  |  |
| 4.63% 9/1/26 | 1177000 | 1175480 |
| 5.50% 4/15/27 | 1218000 | 1224588 |
| 6.13% 9/15/29 | 859000 | 873728 |
| 6.50% 4/15/32 | 782000 | 794758 |
| Station Casinos LLC 4.50% <br> 2/15/28<br>| 1929000 | 1891585 |
|  |  | **10516319** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Construction & Mining–0.55%** | **Machinery Construction & Mining–0.55%** | **Machinery Construction & Mining–0.55%** |
| BWX Technologies, Inc. |  |  |
| 4.13% 6/30/28 | 796000 | $776553 |
| 4.13% 4/15/29 | 496000 | 478188 |
| Terex Corp. |  |  |
| 5.00% 5/15/29 | 1572000 | 1534451 |
| 6.25% 10/15/32 | 993000 | 995012 |
|  |  | **3784204** |
| **Machinery Diversified–0.64%** | **Machinery Diversified–0.64%** | **Machinery Diversified–0.64%** |
| ATS Corp. 4.13% 12/15/28 | 321000 | 306941 |
| Chart Industries, Inc. |  |  |
| 7.50% 1/1/30 | 1400000 | 1465696 |
| 9.50% 1/1/31 | 233000 | 248707 |
| Esab Corp. 6.25% 4/15/29 | 670000 | 685987 |
| Regal Rexnord Corp. |  |  |
| 6.05% 2/15/26 | 535000 | 538093 |
| 6.30% 2/15/30 | 462000 | 483957 |
| 6.40% 4/15/33 | 647000 | 683105 |
|  |  | **4412486** |
| **Media–11.69%** | **Media–11.69%** | **Media–11.69%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.25% 2/1/31 | 5381000 | 5026787 |
| 4.50% 8/15/30 | 3643000 | 3473162 |
| 4.50% 5/1/32 | 405000 | 377153 |
| 4.75% 3/1/30 | 8641000 | 8371421 |
| 5.00% 2/1/28 | 7293000 | 7225796 |
| 5.13% 5/1/27 | 1628000 | 1622763 |
| 5.38% 6/1/29 | 1002000 | 998336 |
| CSC Holdings LLC |  |  |
| 4.13% 12/1/30 | 695000 | 490331 |
| 4.50% 11/15/31 | 1160000 | 816274 |
| 5.75% 1/15/30 | 2085000 | 1031211 |
| 6.50% 2/1/29 | 3980000 | 3236120 |
| 11.25% 5/15/28 | 461000 | 459265 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc. <br> 5.88% 8/15/27<br>| 1358000 | 1353568 |
| DISH DBS Corp. |  |  |
| 5.25% 12/1/26 | 4270000 | 3875025 |
| 5.75% 12/1/28 | 1000000 | 865625 |
| 7.75% 7/1/26 | 2740000 | 2433913 |
| DISH Network Corp. 11.75% <br> 11/15/27<br>| 3770000 | 3886214 |
| Gray Media, Inc. |  |  |
| 4.75% 10/15/30 | 1392000 | 1050960 |
| 5.38% 11/15/31 | 582000 | 436405 |
| 7.00% 5/15/27 | 1125000 | 1124496 |
| 10.50% 7/15/29 | 2753000 | 2957479 |
| iHeartCommunications, Inc. |  |  |
| 7.75% 8/15/30 | 643470 | 496276 |
| 9.13% 5/1/29 | 4749241 | 3900314 |
| 10.88% 5/1/30 | 4871239 | 2386907 |

---

LVIP JPMorgan High Yield Fund-7

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 686000 | $725976 |
| News Corp. |  |  |
| 3.88% 5/15/29 | 960000 | 918471 |
| 5.13% 2/15/32 | 630000 | 616517 |
| Nexstar Media, Inc. |  |  |
| 4.75% 11/1/28 | 2852000 | 2778008 |
| 5.63% 7/15/27 | 2813000 | 2806419 |
| μParamount Global 6.25% <br> 2/28/57<br>| 1145000 | 1077726 |
| Scripps Escrow, Inc. 5.88% <br> 7/15/27<br>| 972000 | 865058 |
| Sinclair Television Group, <br> Inc. 8.13% 2/15/33<br>| 881000 | 890001 |
| Sirius XM Radio LLC |  |  |
| 4.00% 7/15/28 | 3669000 | 3523794 |
| 4.13% 7/1/30 | 575000 | 530173 |
| 5.00% 8/1/27 | 1530000 | 1516894 |
| 5.50% 7/1/29 | 2785000 | 2766663 |
| Sunrise FinCo I BV 4.88% <br> 7/15/31<br>| 592000 | 559884 |
| TEGNA, Inc. 5.00% 9/15/29 | 365000 | 348642 |
| Univision Communications, <br> Inc.<br>|  |  |
| 7.38% 6/30/30 | 1094000 | 1075112 |
| 8.00% 8/15/28 | 1520000 | 1542464 |
| Virgin Media Secured <br> Finance PLC 5.50% 5/15/29<br>| 456000 | 448514 |
|  |  | **80886117** |
| **Mining–0.55%** | **Mining–0.55%** | **Mining–0.55%** |
| Alcoa Nederland Holding BV <br> 7.13% 3/15/31<br>| 1250000 | 1311860 |
| Alumina Pty. Ltd. |  |  |
| 6.13% 3/15/30 | 380000 | 385722 |
| 6.38% 9/15/32 | 440000 | 448264 |
| Compass Minerals <br> International, Inc. 8.00% <br> 7/1/30<br>| 293000 | 302710 |
| Novelis Corp. |  |  |
| 3.88% 8/15/31 | 323000 | 290237 |
| 4.75% 1/30/30 | 910000 | 871950 |
| 6.88% 1/30/30 | 199000 | 205752 |
|  |  | **3816495** |
| **Miscellaneous Manufacturing–0.22%** | **Miscellaneous Manufacturing–0.22%** | **Miscellaneous Manufacturing–0.22%** |
| Axon Enterprise, Inc. 6.13% <br> 3/15/30<br>| 155000 | 159396 |
| Enpro, Inc. 6.13% 6/1/33 | 278000 | 284205 |
| Hillenbrand, Inc. 6.25% <br> 2/15/29<br>| 279000 | 284319 |
| Trinity Industries, Inc. 7.75% <br> 7/15/28<br>| 733000 | 763446 |
|  |  | **1491366** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Office Business Equipment–0.14%** | **Office Business Equipment–0.14%** | **Office Business Equipment–0.14%** |
| Xerox Corp. 10.25% 10/15/30 | 412000 | $431341 |
| Xerox Holdings Corp. 8.88% <br> 11/30/29<br>| 757000 | 571538 |
|  |  | **1002879** |
| **Oil & Gas–6.61%** | **Oil & Gas–6.61%** | **Oil & Gas–6.61%** |
| Aethon United BR LP/Aethon <br> United Finance Corp. 7.50% <br> 10/1/29<br>| 283000 | 296848 |
| Antero Resources Corp. 7.63% <br> 2/1/29<br>| 205000 | 210460 |
| Ascent Resources Utica <br> Holdings LLC/ARU Finance <br> Corp.<br>|  |  |
| 5.88% 6/30/29 | 223000 | 223379 |
| 6.63% 10/15/32 | 450000 | 457984 |
| 6.63% 7/15/33 | 482000 | 488988 |
| Baytex Energy Corp. |  |  |
| 7.38% 3/15/32 | 715000 | 682746 |
| 8.50% 4/30/30 | 1470000 | 1470891 |
| California Resources Corp. <br> 7.13% 2/1/26<br>| 256000 | 256156 |
| Chord Energy Corp. 6.75% <br> 3/15/33<br>| 509000 | 520006 |
| Civitas Resources, Inc. |  |  |
| 8.38% 7/1/28 | 1277000 | 1307534 |
| 8.63% 11/1/30 | 736000 | 747215 |
| 8.75% 7/1/31 | 969000 | 979765 |
| 9.63% 6/15/33 | 332000 | 340360 |
| CNX Resources Corp. |  |  |
| 6.00% 1/15/29 | 415000 | 416670 |
| 7.38% 1/15/31 | 500000 | 521548 |
| Comstock Resources, Inc. |  |  |
| 5.88% 1/15/30 | 616000 | 598333 |
| 6.75% 3/1/29 | 2620000 | 2625866 |
| Crescent Energy Finance LLC |  |  |
| 7.38% 1/15/33 | 675000 | 645169 |
| 7.63% 4/1/32 | 1189000 | 1160940 |
| 8.38% 1/15/34 | 465000 | 465290 |
| 9.25% 2/15/28 | 1873000 | 1952350 |
| Diamond Foreign Asset <br> Co./Diamond Finance LLC <br> 8.50% 10/1/30<br>| 934000 | 972515 |
| Encino Acquisition Partners <br> Holdings LLC<br>|  |  |
| 8.50% 5/1/28 | 1895000 | 1947118 |
| 8.75% 5/1/31 | 832000 | 918824 |
| EQT Corp. |  |  |
| 4.50% 1/15/29 | 902000 | 891036 |
| 4.75% 1/15/31 | 979000 | 963604 |
| 7.50% 6/1/27 | 710000 | 722918 |
| 7.50% 6/1/30 | 506000 | 556101 |
| Expand Energy Corp. |  |  |
| 4.75% 2/1/32 | 605000 | 588293 |
| 5.38% 2/1/29 | 82000 | 82076 |

---

LVIP JPMorgan High Yield Fund-8

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Expand Energy <br> Corp. (continued)<br>|  |  |
| 5.38% 3/15/30 | 1028000 | $1030883 |
| 6.75% 4/15/29 | 3019000 | 3055140 |
| Gulfport Energy Operating <br> Corp. 6.75% 9/1/29<br>| 945000 | 968486 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 4/15/30 | 466000 | 453019 |
| 6.25% 11/1/28 | 26000 | 26060 |
| 6.25% 4/15/32 | 322000 | 307469 |
| 6.88% 5/15/34 | 70000 | 67048 |
| Matador Resources Co. |  |  |
| 6.25% 4/15/33 | 877000 | 870516 |
| 6.50% 4/15/32 | 534000 | 534278 |
| Noble Finance II LLC 8.00% <br> 4/15/30<br>| 553000 | 563077 |
| Permian Resources <br> Operating LLC<br>|  |  |
| 6.25% 2/1/33 | 619000 | 624744 |
| 7.00% 1/15/32 | 364000 | 377352 |
| 8.00% 4/15/27 | 585000 | 598104 |
| 9.88% 7/15/31 | 1525000 | 1670487 |
| Precision Drilling Corp. |  |  |
| 6.88% 1/15/29 | 52000 | 51369 |
| 7.13% 1/15/26 | 414000 | 414335 |
| Range Resources Corp. 8.25% <br> 1/15/29<br>| 2477000 | 2550223 |
| SM Energy Co. |  |  |
| 6.50% 7/15/28 | 62000 | 62542 |
| 6.63% 1/15/27 | 1806000 | 1807544 |
| 6.75% 9/15/26 | 894000 | 894422 |
| 6.75% 8/1/29 | 7000 | 6974 |
| 7.00% 8/1/32 | 262000 | 258173 |
| Sunoco LP 7.00% 5/1/29 | 347000 | 361360 |
| Sunoco LP/Sunoco Finance <br> Corp.<br>|  |  |
| 4.50% 5/15/29 | 559000 | 542672 |
| 4.50% 4/30/30 | 1725000 | 1658590 |
| Transocean Titan Financing <br> Ltd. 8.38% 2/1/28<br>| 192714 | 195752 |
| Transocean, Inc. |  |  |
| 8.25% 5/15/29 | 821000 | 759049 |
| 8.75% 2/15/30 | 256000 | 263256 |
| Valaris Ltd. 8.38% 4/30/30 | 194000 | 199039 |
| Vital Energy, Inc. 7.88% <br> 4/15/32<br>| 616000 | 526693 |
|  |  | **45709639** |
| **Oil & Gas Services–0.26%** | **Oil & Gas Services–0.26%** | **Oil & Gas Services–0.26%** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance Corp.<br>|  |  |
| 6.25% 4/1/28 | 364000 | 365205 |
| 6.63% 9/1/32 | 514000 | 523682 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance <br> Corp. (continued)<br>|  |  |
| 6.88% 4/1/27 | 257000 | $257262 |
| Kodiak Gas Services LLC <br> 7.25% 2/15/29<br>| 646000 | 668230 |
|  |  | **1814379** |
| **Packaging & Containers–1.69%** | **Packaging & Containers–1.69%** | **Packaging & Containers–1.69%** |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |
| 4.13% 8/15/26 | 1364000 | 1280619 |
| 5.25% 8/15/27 | 1618000 | 721515 |
| 5.25% 8/15/27 | 1121000 | 499888 |
| Clydesdale Acquisition <br> Holdings, Inc. 6.75% 4/15/32<br>| 1037000 | 1064241 |
| Graham Packaging Co., Inc. <br> 7.13% 8/15/28<br>| 473000 | 472126 |
| LABL, Inc. 8.63% 10/1/31 | 47000 | 40202 |
| Mauser Packaging Solutions <br> Holding Co.<br>|  |  |
| 7.88% 4/15/27 | 4030000 | 4096060 |
| 9.25% 4/15/27 | 1705000 | 1693045 |
| Owens-Brockway Glass <br> Container, Inc. 6.63% <br> 5/13/27<br>| 1044000 | 1044477 |
| TriMas Corp. 4.13% 4/15/29 | 852000 | 809391 |
|  |  | **11721564** |
| **Pharmaceuticals–3.00%** | **Pharmaceuticals–3.00%** | **Pharmaceuticals–3.00%** |
| 1261229 BC Ltd. 10.00% <br> 4/15/32<br>| 1621000 | 1635216 |
| 180 Medical, Inc. 3.88% <br> 10/15/29<br>| 686000 | 652203 |
| Bausch Health Americas, Inc. |  |  |
| 8.50% 1/31/27 | 766000 | 729615 |
| 9.25% 4/1/26 | 3342000 | 3321113 |
| Bausch Health Cos., Inc. |  |  |
| 4.88% 6/1/28 | 4523000 | 3815354 |
| 5.00% 2/15/29 | 916000 | 641200 |
| 5.25% 1/30/30 | 1505000 | 952951 |
| 5.25% 2/15/31 | 670000 | 395300 |
| 6.25% 2/15/29 | 1266000 | 889365 |
| Elanco Animal Health, Inc. <br> 6.65% 8/28/28<br>| 375000 | 390082 |
| =ΩEndo Design LLC 5.87% | 580000 | 0 |
| Endo Finance Holdings, Inc. <br> 8.50% 4/15/31<br>| 361000 | 382139 |
| =Endo Luxembourg Finance <br> Co. I SARL 6.13% 4/1/29<br>| 1430000 | 0 |
| Grifols SA 4.75% 10/15/28 | 1026000 | 986322 |

---

LVIP JPMorgan High Yield Fund-9

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Mallinckrodt International <br> Finance SA/Mallinckrodt <br> CB LLC 14.75% 11/14/28<br>| 772867 | $799922 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV<br>|  |  |
| 4.13% 4/30/28 | 1963000 | 1887958 |
| 5.13% 4/30/31 | 1751000 | 1519615 |
| Owens & Minor, Inc. |  |  |
| 4.50% 3/31/29 | 1262000 | 1131265 |
| 6.63% 4/1/30 | 676000 | 635000 |
| =Par Pharmaceutical, Inc. <br> 7.50% 4/1/27<br>| 818000 | 0 |
|  |  | **20764620** |
| **Pipelines–4.42%** | **Pipelines–4.42%** | **Pipelines–4.42%** |
| Antero Midstream <br> Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38% 6/15/29 | 247000 | 245144 |
| 5.75% 3/1/27 | 510000 | 509376 |
| 5.75% 1/15/28 | 1732000 | 1729075 |
| Blue Racer <br> Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 6.63% 7/15/26 | 550000 | 550688 |
| 7.00% 7/15/29 | 493000 | 514524 |
| 7.25% 7/15/32 | 364000 | 385715 |
| Buckeye Partners LP |  |  |
| 3.95% 12/1/26 | 190000 | 187782 |
| 4.13% 12/1/27 | 195000 | 191502 |
| 4.50% 3/1/28 | 810000 | 797778 |
| 6.75% 2/1/30 | 708000 | 734930 |
| CNX Midstream Partners LP <br> 4.75% 4/15/30<br>| 206000 | 194582 |
| DT Midstream, Inc. |  |  |
| 4.13% 6/15/29 | 1063000 | 1026673 |
| 4.38% 6/15/31 | 660000 | 632006 |
| Genesis Energy LP/Genesis <br> Energy Finance Corp.<br>|  |  |
| 7.75% 2/1/28 | 858000 | 870693 |
| 7.88% 5/15/32 | 451000 | 468926 |
| 8.88% 4/15/30 | 528000 | 560620 |
| Harvest Midstream I LP 7.50% <br> 5/15/32<br>| 539000 | 569275 |
| Hess Midstream <br> Operations LP<br>|  |  |
| 5.13% 6/15/28 | 190000 | 188667 |
| 5.88% 3/1/28 | 253000 | 256771 |
| 6.50% 6/1/29 | 595000 | 611903 |
| Howard Midstream Energy <br> Partners LLC<br>|  |  |
| 7.38% 7/15/32 | 479000 | 503763 |
| 8.88% 7/15/28 | 931000 | 977402 |
| Kinetik Holdings LP |  |  |
| 5.88% 6/15/30 | 581000 | 585927 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Kinetik <br> Holdings LP (continued)<br>|  |  |
| 6.63% 12/15/28 | 415000 | $424458 |
| NGL Energy <br> Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13% 2/15/29 | 703000 | 710242 |
| 8.38% 2/15/32 | 702000 | 704108 |
| Northriver Midstream <br> Finance LP 6.75% 7/15/32<br>| 550000 | 569595 |
| NuStar Logistics LP |  |  |
| 5.63% 4/28/27 | 1285000 | 1296153 |
| 6.00% 6/1/26 | 470000 | 471783 |
| 6.38% 10/1/30 | 439000 | 454918 |
| Prairie Acquiror LP 9.00% <br> 8/1/29<br>| 410000 | 427063 |
| Rockies Express Pipeline LLC <br> 6.75% 3/15/33<br>| 428000 | 446690 |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50% 1/15/28 | 590000 | 586535 |
| 6.00% 3/1/27 | 585000 | 584878 |
| 6.00% 12/31/30 | 622000 | 610317 |
| 6.00% 9/1/31 | 873000 | 851914 |
| 7.38% 2/15/29 | 560000 | 575557 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp.<br>|  |  |
| 4.00% 1/15/32 | 1369000 | 1275892 |
| 4.88% 2/1/31 | 1072000 | 1063401 |
| Venture Global LNG, Inc. |  |  |
| 7.00% 1/15/30 | 865000 | 874440 |
| 8.13% 6/1/28 | 1217000 | 1257823 |
| 8.38% 6/1/31 | 165000 | 171375 |
| 9.50% 2/1/29 | 400000 | 435751 |
| 9.88% 2/1/32 | 915000 | 988166 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 6.50% 1/15/34 | 1858000 | 1858000 |
| 6.75% 1/15/36 | 667000 | 667000 |
|  |  | **30599781** |
| **Real Estate–0.27%** | **Real Estate–0.27%** | **Real Estate–0.27%** |
| Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.25% 4/15/30 | 1457000 | 1194009 |
| 9.75% 4/15/30 | 634000 | 644216 |
|  |  | **1838225** |
| **Real Estate Investment Trusts–2.01%** | **Real Estate Investment Trusts–2.01%** | **Real Estate Investment Trusts–2.01%** |
| Iron Mountain, Inc. |  |  |
| 4.88% 9/15/29 | 12000 | 11789 |

---

LVIP JPMorgan High Yield Fund-10

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Iron Mountain, <br> Inc. (continued)<br>|  |  |
| 5.00% 7/15/28 | 64000 | $63493 |
| 5.25% 3/15/28 | 1684000 | 1676645 |
| 5.25% 7/15/30 | 1315000 | 1297013 |
| 6.25% 1/15/33 | 114000 | 117215 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp. 8.50% 2/15/32<br>| 522000 | 546302 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp.<br>|  |  |
| 4.50% 2/15/29 | 1633000 | 1596075 |
| 4.75% 10/15/27 | 2368000 | 2356356 |
| 6.50% 4/1/32 | 1350000 | 1388403 |
| 6.50% 6/15/33 | 164000 | 168714 |
| 7.25% 7/15/28 | 277000 | 286700 |
| Starwood Property Trust, Inc. <br> 7.25% 4/1/29<br>| 514000 | 540636 |
| VICI Properties LP/VICI <br> Note Co., Inc.<br>|  |  |
| 4.13% 8/15/30 | 350000 | 335937 |
| 4.25% 12/1/26 | 1544000 | 1534586 |
| 4.63% 12/1/29 | 1996000 | 1960946 |
|  |  | **13880810** |
| **Retail–1.88%** | **Retail–1.88%** | **Retail–1.88%** |
| Asbury Automotive Group, <br> Inc.<br>|  |  |
| 4.50% 3/1/28 | 457000 | 450752 |
| 4.63% 11/15/29 | 590000 | 569638 |
| 4.75% 3/1/30 | 398000 | 385355 |
| Bath & Body Works, Inc. |  |  |
| 6.75% 7/1/36 | 190000 | 193149 |
| 6.88% 11/1/35 | 155000 | 160755 |
| Group 1 Automotive, Inc. <br> 6.38% 1/15/30<br>| 367000 | 376859 |
| Liberty Interactive LLC 8.25% <br> 2/1/30<br>| 352000 | 39600 |
| PetSmart, Inc./PetSmart <br> Finance Corp.<br>|  |  |
| 4.75% 2/15/28 | 2736000 | 2668009 |
| 7.75% 2/15/29 | 616000 | 598593 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 1102000 | 1135283 |
| Rite Aid Corp. |  |  |
| =^0.00% 12/31/49 | 365760 | 0 |
| =‡•0.00% (7.00% minus 3 mo. <br> USD Term SOFR) 8/30/31<br>| 388189 | 0 |
| =‡7.50% 7/1/25 | 1377000 | 0 |
| =8.00% 10/18/25 | 1045253 | 0 |
| =‡8.00% 11/15/26 | 2338000 | 0 |
| =‡15.00% 8/30/31 | 1124568 | 0 |
| =‡15.00% 8/30/31 | 529205 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Saks Global Enterprises LLC <br> 11.00% 12/15/29<br>| 621000 | $232875 |
| =Sgus LLC 11.00% 12/15/29 | 171043 | 171043 |
| Sonic Automotive, Inc. |  |  |
| 4.63% 11/15/29 | 1373000 | 1332148 |
| 4.88% 11/15/31 | 557000 | 529415 |
| Staples, Inc. |  |  |
| 10.75% 9/1/29 | 2730000 | 2583740 |
| 12.75% 1/15/30 | 1729011 | 1144184 |
| Superior Plus LP/Superior <br> General Partner, Inc. 4.50% <br> 3/15/29<br>| 444000 | 427028 |
|  |  | **12998426** |
| **Semiconductors–1.25%** | **Semiconductors–1.25%** | **Semiconductors–1.25%** |
| Amkor Technology, Inc. 6.63% <br> 9/15/27<br>| 340000 | 340852 |
| ams-OSRAM AG 12.25% <br> 3/30/29<br>| 650000 | 693304 |
| Entegris, Inc. |  |  |
| 3.63% 5/1/29 | 586000 | 555367 |
| 4.38% 4/15/28 | 475000 | 462335 |
| 4.75% 4/15/29 | 2730000 | 2699726 |
| 5.95% 6/15/30 | 1240000 | 1259708 |
| ON Semiconductor Corp. <br> 3.88% 9/1/28<br>| 2115000 | 2046007 |
| Synaptics, Inc. 4.00% 6/15/29 | 598000 | 565919 |
|  |  | **8623218** |
| **Software–0.95%** | **Software–0.95%** | **Software–0.95%** |
| AthenaHealth Group, Inc. <br> 6.50% 2/15/30<br>| 720000 | 708671 |
| CoreWeave, Inc. 9.25% 6/1/30 | 945000 | 966105 |
| Fair Isaac Corp. 6.00% <br> 5/15/33<br>| 484000 | 488436 |
| RingCentral, Inc. 8.50% <br> 8/15/30<br>| 1137000 | 1216577 |
| SS&C Technologies, Inc. |  |  |
| 5.50% 9/30/27 | 2770000 | 2772429 |
| 6.50% 6/1/32 | 420000 | 436009 |
|  |  | **6588227** |
| **Telecommunications–5.27%** | **Telecommunications–5.27%** | **Telecommunications–5.27%** |
| Altice Financing SA 5.75% <br> 8/15/29<br>| 1129000 | 824374 |
| Altice France Holding SA |  |  |
| 6.00% 2/15/28 | 380000 | 133000 |
| ‡10.50% 5/15/27 | 2174000 | 755465 |
| Altice France SA |  |  |
| 5.13% 7/15/29 | 1570000 | 1297644 |
| 5.50% 1/15/28 | 200000 | 168318 |
| 5.50% 10/15/29 | 971000 | 804876 |
| 8.13% 2/1/27 | 1470000 | 1323000 |
| CommScope LLC |  |  |
| 4.75% 9/1/29 | 1680000 | 1640156 |

---

LVIP JPMorgan High Yield Fund-11

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| CommScope LLC (continued) |  |  |
| 8.25% 3/1/27 | 3274000 | $3261384 |
| 9.50% 12/15/31 | 100000 | 104721 |
| CommScope <br> Technologies LLC 5.00% <br> 3/15/27<br>| 155000 | 150963 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>| 510000 | 512615 |
| EchoStar Corp. |  |  |
| @6.75% 11/30/30 | 875461 | 798972 |
| 10.75% 11/30/29 | 1065000 | 1096950 |
| Embarq LLC 8.00% 6/1/36 | 1500000 | 686250 |
| Fibercop SpA 6.38% 11/15/33 | 751000 | 729289 |
| Frontier Communications <br> Holdings LLC<br>|  |  |
| 5.00% 5/1/28 | 2540000 | 2538931 |
| 5.88% 10/15/27 | 97000 | 97037 |
| 5.88% 11/1/29 | 172507 | 174229 |
| 6.00% 1/15/30 | 356000 | 360592 |
| 8.75% 5/15/30 | 924000 | 966385 |
| GCI LLC 4.75% 10/15/28 | 2340000 | 2262637 |
| Hughes Satellite Systems <br> Corp. 6.63% 8/1/26<br>| 869000 | 618783 |
| Intelsat Jackson Holdings SA <br> 6.50% 3/15/30<br>| 5452000 | 5559383 |
| Level 3 Financing, Inc. |  |  |
| 3.88% 10/15/30 | 552000 | 478860 |
| 4.88% 6/15/29 | 686000 | 640552 |
| 6.88% 6/30/33 | 483000 | 491464 |
| 11.00% 11/15/29 | 1131737 | 1298203 |
| Lumen Technologies, Inc. |  |  |
| 4.13% 4/15/29 | 1121436 | 1089195 |
| 4.13% 4/15/30 | 1121549 | 1093510 |
| 4.13% 4/15/30 | 1818612 | 1773147 |
| 5.38% 6/15/29 | 1020000 | 909561 |
| 10.00% 10/15/32 | 402750 | 411308 |
| Qwest Corp. 7.25% 9/15/25 | 210000 | 210262 |
| U.S. Cellular Corp. 6.70% <br> 12/15/33<br>| 1127000 | 1183438 |
|  |  | **36445454** |
| **Transportation–0.17%** | **Transportation–0.17%** | **Transportation–0.17%** |
| First Student Bidco, Inc./First <br> Transit Parent, Inc. 4.00% <br> 7/31/29<br>| 82000 | 77086 |
| XPO, Inc. |  |  |
| 6.25% 6/1/28 | 610000 | 619109 |
| 7.13% 2/1/32 | 438000 | 459053 |
|  |  | **1155248** |
| **Total Corporate Bonds** <br>**(Cost $635,896,304)** | **Total Corporate Bonds** <br>**(Cost $635,896,304)** | **621392231** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS–6.47%** | **LOAN AGREEMENTS–6.47%** | **LOAN AGREEMENTS–6.47%** |
| •Adient U.S. LLC 6.58% (1 mo. <br> USD Term SOFR + 2.25%) <br> 1/31/31<br>| 689769 | $690741 |
| •Ahead DB Holdings LLC <br> 7.31% (3 mo. USD Term <br> SOFR + 3.00%) 2/3/31<br>| 1089454 | 1089683 |
| •American Airlines, Inc. 6.52% <br> (3 mo. USD Term SOFR + <br> 2.25%) 4/20/28<br>| 859825 | 853238 |
| •Asurion LLC 8.58% (1 mo. <br> USD Term SOFR + 4.25%) <br> 9/19/30<br>| 583333 | 566125 |
| •AthenaHealth Group, Inc. <br> 7.08% (1 mo. USD Term <br> SOFR + 2.75%) 2/15/29<br>| 618450 | 617485 |
| •Bausch & Lomb Corp. 8.57% <br> (1 mo. USD Term SOFR + <br> 4.25%) 12/18/30<br>| 571218 | 571578 |
| •Bausch Health Cos., Inc. <br> 10.56% (1 mo. USD Term <br> SOFR + 6.25%) 10/8/30<br>| 780909 | 751500 |
| •BCPE Pequod Buyer, Inc. <br> 7.58% (1 mo. USD Term <br> SOFR + 3.25%) 11/25/31<br>| 1045380 | 1046425 |
| •Belron Finance LLC 7.05% (3 <br> mo. USD Term SOFR + <br> 2.75%) 10/16/31<br>| 489381 | 491085 |
| •Charter Communications <br> Operating LLC 6.30% (3 mo. <br> USD Term SOFR + 2.00%) <br> 12/7/30<br>| 1477500 | 1476318 |
| =•Claire's Boutiques, Inc. <br> 11.57% (3 mo. USD Term <br> SOFR + 7.25%) 5/15/26<br>| 339988 | 339988 |
| •Claire's Stores, Inc. 10.73% (6 <br> mo. USD Term SOFR + <br> 6.50%) 12/18/26<br>| 1167359 | 441647 |
| •Clear Channel Outdoor <br> Holdings, Inc. 8.44% (1 mo. <br> USD Term SOFR + 4.00%) <br> 8/23/28<br>| 174821 | 173010 |
| •Conair Holdings LLC 8.19% (1 <br> mo. USD Term SOFR + <br> 3.75%) 5/17/28<br>| 861573 | 626079 |
| •Crown Finance U.S., Inc. <br> 9.57% (1 mo. USD Term <br> SOFR + 5.25%) 12/2/31<br>| 686550 | 685692 |
| •CSC Holdings LLC 8.81% (1 <br> mo. USD Term SOFR + <br> 4.50%) 1/18/28<br>| 587600 | 578792 |
| •DexKo Global, Inc. 8.19% (1 <br> mo. USD Term SOFR + <br> 3.75%) 10/4/28<br>| 1312172 | 1252520 |
| •DirecTV Financing LLC 9.54% <br> (3 mo. USD Term SOFR + <br> 5.00%) 8/2/27<br>| 217598 | 218195 |

---

LVIP JPMorgan High Yield Fund-12

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •EMRLD Borrower LP 6.83% (1 <br> mo. USD Term SOFR + <br> 2.50%) 8/4/31<br>| 815339 | $813455 |
| •EPIC Crude Services LP <br> 7.26% (3 mo. USD Term <br> SOFR + 3.00%) 10/15/31<br>| 628425 | 629864 |
| =∞FGI Operating Co. LLC 0.00% <br> 12/31/25<br>| 74836 | 748 |
| •First Advantage Holdings LLC <br> 7.58% (1 mo. USD Term <br> SOFR + 3.25%) 10/31/31<br>| 947472 | 947178 |
| •First Student Bidco, Inc. | •First Student Bidco, Inc. | •First Student Bidco, Inc. |
| 6.80% (3 mo. USD Term <br> SOFR + 2.50%) 7/21/28<br>| 925457 | 925457 |
| 6.80% (3 mo. USD Term <br> SOFR + 2.50%) 7/21/28<br>| 925300 | 925152 |
| 6.80% (3 mo. USD Term <br> SOFR + 2.50%) 7/21/28<br>| 283725 | 283725 |
| •Hertz Corp. | •Hertz Corp. | •Hertz Corp. |
| 8.04% (3 mo. USD Term <br> SOFR + 3.50%) 6/30/28<br>| 363772 | 301476 |
| 8.04% (3 mo. USD Term <br> SOFR + 3.50%) 6/30/28<br>| 70283 | 58247 |
| •HUB International Ltd. 6.77% <br> (3 mo. USD Term SOFR + <br> 2.50%) 6/20/30<br>| 249282 | 249972 |
| •Instructure Holdings, Inc. <br> 7.21% (6 mo. USD Term <br> SOFR + 3.00%) 11/13/31<br>| 852862 | 853562 |
| •LABL, Inc. 9.43% (1 mo. USD <br> Term SOFR + 5.00%) <br> 10/30/28<br>| 1115918 | 1002563 |
| •LSF12 Crown <br> U.S. Commercial Bidco LLC <br> 8.57% (1 mo. USD Term <br> SOFR + 4.25%) 12/2/31<br>| 1368000 | 1373992 |
| •Madison IAQ LLC 6.76% (6 <br> mo. USD Term SOFR + <br> 2.50%) 6/21/28<br>| 942287 | 942532 |
| •Medline Borrower LP 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 10/23/28<br>| 573492 | 573773 |
| •MI Windows & Doors LLC <br> 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 3/28/31<br>| 534600 | 535236 |
| Moran Foods LLC | Moran Foods LLC | Moran Foods LLC |
| @•2.00% (3 mo. USD Term <br> SOFR + 2.00%) 6/30/26<br>| 2012491 | 1408744 |
| =•6.81% (3 mo. USD Term <br> SOFR + 2.50%) 12/31/28<br>| 310089 | 310089 |
| =@•11.65% (3 mo. USD Term <br> SOFR + 2.00%) 6/30/26<br>| 729733 | 165212 |
| =•12.81% (3 mo. USD Term <br> SOFR + 8.50%) 12/31/28<br>| 275055 | 275055 |
| =•15.91% (3 mo. USD Term <br> SOFR + 11.50%) 6/30/26<br>| 910620 | 910620 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Nuvei Technologies Corp. <br> 7.33% (1 mo. USD Term <br> SOFR + 3.00%) 11/17/31<br>| 1373225 | $1374845 |
| •Parexel International Corp. <br> 6.83% (1 mo. USD Term <br> SOFR + 2.50%) 11/15/28<br>| 875744 | 875682 |
| •Park River Holdings, Inc. <br> 7.80% (3 mo. USD Term <br> SOFR + 3.25%) 12/28/27<br>| 449269 | 436505 |
| •Petco Health & Wellness Co., <br> Inc. 7.81% (3 mo. USD Term <br> SOFR + 3.25%) 3/3/28<br>| 2023307 | 1859460 |
| •PetSmart, Inc. 8.18% (1 mo. <br> USD Term SOFR + 3.75%) <br> 2/11/28<br>| 49613 | 49004 |
| •Primo Brands Corp. 6.55% (3 <br> mo. USD Term SOFR + <br> 2.25%) 3/31/28<br>| 958915 | 961926 |
| •Quikrete Holdings, Inc. 6.58% <br> (1 mo. USD Term SOFR + <br> 2.25%) 2/10/32<br>| 1364081 | 1361694 |
| •QXO, Inc. 7.30% (3 mo. USD <br> Term SOFR + 3.00%) <br> 4/30/32<br>| 144788 | 145651 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| ✠0.00% 11/19/31 | 48490 | 48429 |
| •7.58% (1 mo. USD Term <br> SOFR + 3.25%) 11/19/31<br>| 677161 | 676315 |
| •Rocket Software, Inc. 8.58% <br> (1 mo. USD Term SOFR + <br> 4.25%) 11/28/28<br>| 808224 | 809776 |
| •Serta Simmons Bedding LLC <br> 11.91% (3 mo. USD Term <br> SOFR + 7.50%) 6/29/28<br>| 794901 | 722120 |
| @•Shutterfly, Inc. 5.33% (3 mo. <br> USD Term SOFR + 1.00%) <br> 10/1/27<br>| 688623 | 637265 |
| •SPX Flow, Inc. 7.33% (1 mo. <br> USD Term SOFR + 3.00%) <br> 4/5/29<br>| 540563 | 542163 |
| •Star Parent, Inc. 8.30% (3 mo. <br> USD Term SOFR + 4.00%) <br> 9/27/30<br>| 414750 | 410474 |
| •Station Casinos LLC 6.33% (1 <br> mo. USD Term SOFR + <br> 2.00%) 3/14/31<br>| 380188 | 380648 |
| •Topgolf Callaway Brands <br> Corp. 7.33% (1 mo. USD <br> Term SOFR + 3.00%) <br> 3/18/30<br>| 429786 | 422480 |
| •TransDigm, Inc. 6.80% (3 mo. <br> USD Term SOFR + 2.50%) <br> 2/28/31<br>| 208945 | 209300 |
| •U.S. Renal Care, Inc. 9.44% (1 <br> mo. USD Term SOFR + <br> 5.00%) 6/20/28<br>| 1229765 | 1160590 |

---

LVIP JPMorgan High Yield Fund-13

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •UKG, Inc. 7.32% (1 mo. USD <br> Term SOFR + 3.00%) <br> 2/10/31<br>| 361350 | $362622 |
| •Varsity Brands, Inc. 7.83% (3 <br> mo. USD Term SOFR + <br> 3.50%) 8/26/31<br>| 1470980 | 1469597 |
| @•Venator Materials LLC | @•Venator Materials LLC | @•Venator Materials LLC |
| 6.26% (3 mo. USD Term <br> SOFR + 2.00%) 1/16/26<br>| 392311 | 388388 |
| 6.30% (3 mo. USD Term <br> SOFR + 2.00%) 7/16/26<br>| 398573 | 394588 |
| 6.32% (1 mo. USD Term <br> SOFR + 2.00%) 10/12/28<br>| 641559 | 521267 |
| •Vista Management Holding, <br> Inc. 8.05% (3 mo. USD Term <br> SOFR + 3.75%) 4/1/31<br>| 906809 | 908324 |
| •White Cap Buyer LLC 7.58% <br> (1 mo. USD Term SOFR + <br> 3.25%) 10/19/29<br>| 1506954 | 1496405 |
| •WR Grace & Co-Conn. 7.55% <br> (3 mo. USD Term SOFR + <br> 3.25%) 9/22/28<br>| 192785 | 192866 |
| **Total Loan Agreements** <br>**(Cost $47,039,200)** | **Total Loan Agreements** <br>**(Cost $47,039,200)** | **44775137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–1.36%** | **COMMON STOCK–1.36%** | **COMMON STOCK–1.36%** |
| =†Claire's Stores, Inc. | 1493 | 0 |
| †Clear Channel Outdoor <br> Holdings, Inc.<br>| 169362 | 198154 |
| †Endo, Inc. | 43308 | 908905 |
| †Envision Healthcare Corp. | 16065 | 263570 |
| †Frontier Communications <br> Parent, Inc.<br>| 22898 | 833487 |
| †Gulfport Energy Corp. | 3180 | 639721 |
| †iHeartMedia, Inc. Class A | 32090 | 56478 |
| =†Incora Intermediate LLC | 28922 | 578151 |
| =†Incora Top Holdco LLC | 556 | 13894 |
| =†Intelsat SA | 75556 | 3324464 |
| †Mallinckrodt PLC | 16262 | 1382270 |
| =†Moran Foods LLC | 8504906715 | 0 |
| =†MYT Holding LLC | 502370 | 125593 |
| National CineMedia, Inc. | 46490 | 225244 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| =†Neiman Marcus Group Ltd. <br> LLC<br>| 483 | $60134 |
| =†‡NMG Parent LLC | 5708 | 71350 |
| =†Rite Aid Corp. | 3660 | 0 |
| †Serta Simmons Bedding, Inc. | 43090 | 413664 |
| =†Serta SSB Equipment Co. | 43090 | 0 |
| =†Venator Materials PLC | 1539 | 288562 |
| **Total Common Stock** <br>**(Cost $16,570,445)** | **Total Common Stock** <br>**(Cost $16,570,445)** | **9383641** |
| **PREFERRED STOCKS–0.19%** | **PREFERRED STOCKS–0.19%** | **PREFERRED STOCKS–0.19%** |
| =†Claire's Stores, Inc. 0.00% | 1630 | 0 |
| =†MYT Holding LLC 10.00% <br> 6/6/29<br>| 1067993 | 1353147 |
| **Total Preferred Stocks** <br>**(Cost $1,212,179)** | **Total Preferred Stocks** <br>**(Cost $1,212,179)** | **1353147** |
| **WARRANTS–0.01%** | **WARRANTS–0.01%** | **WARRANTS–0.01%** |
| =†Audacy, Inc. exp 5/01/27 <br> exercise price $1.00<br>| 4493 | 70 |
| †Audacy, Inc. exp 12/31/99 <br> exercise price $1.00<br>| 3707 | 52825 |
| =†Audacy, Inc. exp 12/31/49 <br> exercise price $1.00<br>| 749 | 11 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **52906** |
| **MONEY MARKET FUND–1.05%** | **MONEY MARKET FUND–1.05%** | **MONEY MARKET FUND–1.05%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.27%)<br>| 7226682 | 7226682 |
| **Total Money Market Fund** <br>**(Cost $7,226,682)** | **Total Money Market Fund** <br>**(Cost $7,226,682)** | **7226682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENT COMPANY—0.00%** | **INVESTMENT COMPANY—0.00%** | **INVESTMENT COMPANY—0.00%** |
| **Private Trust–0.00%** | **Private Trust–0.00%** | **Private Trust–0.00%** |
| =Endo GUC Trust 0.00% | 56661 | 28330 |
| **Total Investment Company** <br>**(Cost $0)**<br>|  | **28330** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.98% (Cost $708,814,637)** | **684918747** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.02%** | **7056642** |
| **NET ASSETS APPLICABLE TO 67,663,963 SHARES OUTSTANDING–100.00%** | **$691975389** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN HIGH YIELD FUND STANDARD CLASS** <br>**($483,641,664 / 47,266,593 Shares)** | **$10.232** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN HIGH YIELD FUND SERVICE CLASS** <br>**($208,333,725 / 20,397,370 Shares)** | **$10.214** |

---

LVIP JPMorgan High Yield Fund-14

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT JUNE 30, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$750035413** |
| Distributable earnings/(accumulated loss) | **(58060024)**<br>|
| **TOTAL NET ASSETS** | **$691975389** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| @PIK. 100% of the income received was in the form of additional par. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date. |
| ΩPerpetual maturity with no stated maturity date. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2025. For securities based on a published <br> reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps and/or floors <br> or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are determined by the <br> issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments on the underlying pool <br> of assets. These securities do not indicate a reference rate and spread in their description above. |
| ^Zero coupon security. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| ∞Delayed settlement. Interest rate to be determined upon settlement date. |
| ✠All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the <br> time of funding. |
| †Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $3,347,372 payable for securities purchased, $641,746 payable for fund shares redeemed, $27,251 other accrued expenses payable, <br> $48,490 payable for unfunded loan commitments, $399,072 due to manager and affiliates, $459,693 due to custodian, $27,946 payable for <br> audit fee and $21,156 payable for fund accounting fee as of June 30, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| LNG–Liquefied Natural Gas |
| SOFR–Secured Overnight Financing Rate |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Six Months Ended June 30, 2025 (unaudited) | Six Months Ended June 30, 2025 (unaudited) |
| **INVESTMENT INCOME:** |  |
| Interest | $23320035 |
| Dividends | 8735 |
|  | 23328770 |
| **EXPENSES:** |  |
| Management fees | 2229449 |
| Distribution fees-Service Class | 257980 |
| Shareholder servicing fees | 101765 |
| Accounting and administration expenses | 69453 |
| Professional fees | 40463 |
| Pricing fees | 28604 |
| Reports and statements to shareholders | 10847 |
| Trustees' fees and expenses | 10629 |
| Custodian fees | 9883 |
| Consulting fees | 3723 |
| Other | 9693 |
|  | 2772489 |
| Less:  |  |
| Management fees waived | (138265)<br>|
| Total operating expenses | 2634224 |
| **NET INVESTMENT INCOME**  | 20694546 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (2206596)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 10509846 |
| **NET REALIZED AND UNREALIZED GAIN** | 8303250 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $28997796 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Six Months**<br> **Ended**<br> **6/30/25**<br> **(unaudited)**<br>| **Year Ended**<br> **12/31/24**<br>|
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $20694546 | $41741279 |
| Net realized loss | (2206596)<br>| (3591649)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 10509846 | 17459007 |
| Net increase in net assets resulting <br> from operations<br>| 28997796 | 55608637 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class |  | (35669134)<br>|
| Service Class |  | (13961634)<br>|
|  |  | (49630768)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 25276972 | 132426389 |
| Service Class | 17183014 | 31999134 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class |  | 35669134 |
| Service Class |  | 13961634 |
|  | 42459986 | 214056291 |
| Cost of shares redeemed: |  |  |
| Standard Class | (73512446)<br>| (114071894)<br>|
| Service Class | (27891016)<br>| (36135246)<br>|
|  | (101403462)<br>| (150207140)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (58943476)<br>| 63849151 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (29945680)<br>| 69827020 |
| **NET ASSETS:** |  |  |
| Beginning of period | 721921069 | 652094049 |
| End of period | $691975389 | $721921069 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-16

------

**LVIP JPMorgan High Yield Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.809 | &nbsp;&nbsp; $9.731 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.804 | &nbsp;&nbsp; $10.624 | &nbsp;&nbsp; $10.558 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.295 | 0.603 | 0.548 | 0.497 | 0.453 | 0.519 |
| Net realized and unrealized gain (loss) | 0.128 | 0.191 | 0.524 | &nbsp;&nbsp; (1.596)<br>| 0.227 | 0.062 |
| Total from investment operations | 0.423 | 0.794 | 1.072 | &nbsp;&nbsp; (1.099)<br>| 0.680 | 0.581 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.716)<br>| &nbsp;&nbsp; (0.474)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.499)<br>| &nbsp;&nbsp; (0.515)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.716)<br>| &nbsp;&nbsp; (0.474)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.500)<br>| &nbsp;&nbsp; (0.515)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.232 | &nbsp;&nbsp; $9.809 | &nbsp;&nbsp; $9.731 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.804 | &nbsp;&nbsp; $10.624 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 11.76% | &nbsp;&nbsp; (10.23%)<br>| &nbsp;&nbsp; 6.43% | &nbsp;&nbsp; 5.56% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $483641 | &nbsp;&nbsp; $511236 | &nbsp;&nbsp; $452632 | &nbsp;&nbsp; $439627 | &nbsp;&nbsp; $624429 | &nbsp;&nbsp; $580227 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.68% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 5.97% | &nbsp;&nbsp; 6.01% | &nbsp;&nbsp; 5.77% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 4.11% | &nbsp;&nbsp; 5.05% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; 5.97% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 5.01% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-17

------

**LVIP JPMorgan High Yield Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **Six Months**<br> **Ended**<br>**6/30/25**<sup>1</sup> <br>**(unaudited)** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.803 | &nbsp;&nbsp; $9.726 | &nbsp;&nbsp; $9.130 | &nbsp;&nbsp; $10.798 | &nbsp;&nbsp; $10.619 | &nbsp;&nbsp; $10.555 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.282 | 0.576 | 0.524 | 0.471 | 0.424 | 0.492 |
| Net realized and unrealized gain (loss) | 0.129 | 0.192 | 0.521 | &nbsp;&nbsp; (1.594)<br>| 0.227 | 0.061 |
| Total from investment operations | 0.411 | 0.768 | 1.045 | &nbsp;&nbsp; (1.123)<br>| 0.651 | 0.553 |
| **Less dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.691)<br>| &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.471)<br>| &nbsp;&nbsp; (0.489)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.691)<br>| &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.472)<br>| &nbsp;&nbsp; (0.489)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.214 | &nbsp;&nbsp; $9.803 | &nbsp;&nbsp; $9.726 | &nbsp;&nbsp; $9.130 | &nbsp;&nbsp; $10.798 | &nbsp;&nbsp; $10.619 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 11.49% | &nbsp;&nbsp; (10.46%)<br>| &nbsp;&nbsp; 6.16% | &nbsp;&nbsp; 5.30% |
| **Ratios and supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $208334 | &nbsp;&nbsp; $210685 | &nbsp;&nbsp; $199462 | &nbsp;&nbsp; $192503 | &nbsp;&nbsp; $250402 | &nbsp;&nbsp; $222544 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 5.72% | &nbsp;&nbsp; 5.76% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 4.80% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 5.72% | &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 4.76% |
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Ratios have been annualized and total return and portfolio turnover have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-18

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements**

June 30, 2025 (unaudited)

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 113 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP JPMorgan High Yield Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the six months ended June 30, 2025 and for all open tax years (years ended December 31, 2021-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 six months ended June 30, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund

LVIP JPMorgan High Yield Fund-19

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.00% on the first $150 million of the Fund's average daily net assets and 0.05% of the Fund's average daily net assets in excess of $150 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

J.P. Morgan Investment Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the six months ended June 30, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $30041 |
| Legal | &nbsp;&nbsp; 4578 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,364 for the six months ended June 30, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP JPMorgan High Yield Fund-20

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At June 30, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $339897 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 42443 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 219 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 16513 |

---

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 six months ended June 30, 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; $72187724 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 82427696 |
| Sales of U.S. government securities | &nbsp;&nbsp; 11514025 |

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At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2025, the cost and unrealized appreciation (depreciation) of investments were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $708814637 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $13173425 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (37060810)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(23887385)<br>|

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For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. 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 June 30, 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)

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 High Yield Fund-21

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $706673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $706673 |
| Corporate Bonds |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 10423474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10423474 |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 6399040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6399040 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 6923741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6923741 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 456310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 456310 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 14152000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14152000 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 25329192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25329192 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080455 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 997908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 997908 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 343740 | &nbsp;&nbsp; — | &nbsp;&nbsp; 343740 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 19937219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19937219 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 19108978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19108978 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 43134745 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 43134745 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 7674666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7674666 |
| Cosmetics & Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 2086788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2086788 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 1880065 | &nbsp;&nbsp; 493584 | &nbsp;&nbsp; 2373649 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 10061590 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10061590 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 11191466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11191466 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 8332483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8332483 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 8179537 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8179537 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 3297107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3297107 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 20150084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20150084 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 6769913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6769913 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 11771371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11771371 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247958 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 2095321 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2095321 |
| Health Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 9825306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9825306 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 33133294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33133294 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 2722865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2722865 |
| Household Products Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 4975445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4975445 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 7064114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7064114 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 4923626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4923626 |
| Iron & Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 7371292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7371292 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 9808097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9808097 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 10516319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10516319 |
| Machinery Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3784204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3784204 |
| Machinery Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 4412486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4412486 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 80886117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80886117 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3816495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3816495 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1491366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1491366 |
| Office Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1002879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1002879 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 45709639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45709639 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1814379 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1814379 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 11721564 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11721564 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 20764620 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 20764620 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 30599781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30599781 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 1838225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1838225 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 13880810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13880810 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 12827383 | &nbsp;&nbsp; 171043 | &nbsp;&nbsp; 12998426 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 8623218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8623218 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 6588227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6588227 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 36445454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36445454 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1155248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1155248 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 42773425 | &nbsp;&nbsp; 2001712 | &nbsp;&nbsp; 44775137 |
| Common Stock | &nbsp;&nbsp; 2861989 | &nbsp;&nbsp; 2059504 | &nbsp;&nbsp; 4462148 | &nbsp;&nbsp; 9383641 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1353147 | &nbsp;&nbsp; 1353147 |

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LVIP JPMorgan High Yield Fund-22

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52825 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $52906 |
| Money Market Fund | &nbsp;&nbsp; 7226682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7226682 |
| Private Trust | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28330 | &nbsp;&nbsp; 28330 |
| **Total Investments** | &nbsp;&nbsp; $10088671 | &nbsp;&nbsp; $666320031 | &nbsp;&nbsp; $8510045 | &nbsp;&nbsp; $684918747 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

For the six months ended June 30, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the period ended June 30, 2025. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to significantly increase or decrease the fair value of the Fund's securities.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **June 30, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $4462148 | Indicative Market Quote | Broker Quote | $0.25 - $187.50 ($52.84) |
|  |  | Enterprise Value | Expected Recovery - Terms of Restructuring | $0.00 - $124.50 ($29.35) |
|  |  | Enterprise Value | Expected Recovery - Discount (b) | 20% (N/A) |
| Corporate Bonds | $664627 | Enterprise Value | Expected Recovery - Terms of Restructuring | $0.00 - $80.04 ($80.04) |
|  |  | Enterprise Value | Liquidity Discount - Terms of Restructuring (b) | 10.0% - 25.0% (19.9%) |
| Loan Agreements | $2001712 | Recent Transaction | Cost | # |
|  |  | Enterprise Value | Expected Recovery - Terms of Restructuring | $1.00 - $100.00 ($92.26) |
| Preferred Stocks | $1353147 | Indicative Market Quote | Broker Quote | $1.267 (N/A) |
| Private Trust | $28330 | Indicative Market Quote | Broker Quote | $0.50 (N/A) |
| Warrants | $81 | Indicative Market Quote | Broker Quote | $0.0155 (N/A) |
| Total | $8510045 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. |

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LVIP JPMorgan High Yield Fund-23

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **06/30/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **06/30/25**<br>|
| Common Stock | $3162243 | $— | $935297 | $(47450)<br>| $— | $— | $— | $(113762)<br>| $525820 | $4462148 | $393878 |
| Corporate Bonds | 1191106 |  | 624399 |  |  |  | (211453)<br>|  | (939425)<br>| 664627 | (592727)<br>|
| Loan Agreements | 1751447 |  | 450278 | (9756)<br>| 345238 |  | 72 | 11 | (535578)<br>| 2001712 | (535578)<br>|
| Preferred Stocks | 2979300 |  |  |  |  |  |  |  | (1626153)<br>| 1353147 | 249910 |
| Private Trust | 35413 |  |  |  |  |  |  |  | (7083)<br>| 28330 | (7083)<br>|
| Warrants |  |  |  |  |  |  |  | (137)<br>| 218 | 81 | 81 |
| Total | $9119509 | $— | $2009974 | $(57206)<br>| $345238 | —<br> $| $(211381)<br>| $(113888)<br>| $(2582201)<br>| $8510045 | $(491519)<br>|

---

**4. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br> **Ended**<br>| **Year Ended** |
|  | **6/30/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2522942 | &nbsp;&nbsp; 13299199 |
| Service Class | &nbsp;&nbsp; 1727526 | &nbsp;&nbsp; 3186101 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 3581255 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1403017 |
|  | &nbsp;&nbsp; 4250468 | &nbsp;&nbsp; 21469572 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (7376915)<br>| &nbsp;&nbsp; (11276437)<br>|
| Service Class | &nbsp;&nbsp; (2821633)<br>| &nbsp;&nbsp; (3604825)<br>|
|  | &nbsp;&nbsp; (10198548)<br>| &nbsp;&nbsp; (14881262)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (5948080)<br>| &nbsp;&nbsp; 6588310 |

---

**5. 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 June 30, 2025, or at any time during the period then ended.

**6. 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.

LVIP JPMorgan High Yield Fund-24

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. 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.

**7. 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.

**8. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP JPMorgan High Yield Fund-25

------

&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.**

Not applicable.

**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**

**Board Considerations for the Appointment of Sub-Adviser**

***LVIP Macquarie Value Fund***

**Background**

On December 10-11, 2024, the Board of Trustees of the Lincoln Variable Insurance Products Trust (the "Trust" or "LVIP") (the "Board") met to consider, among other things, the approval of a sub-advisory agreement between Lincoln Financial Investments Corporation ("LFI") and BlackRock Investment Management, LLC ("BlackRock") (the "Sub-Advisory Agreement"), with respect to the LVIP Macquarie Value Fund (to be renamed the LVIP BlackRock Equity Dividend Fund) (the "Fund"), expected to take effect on or around May 1, 2025.

The trustees who were not "interested persons" of the Trust (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI and BlackRock prior to the meeting, and were advised by their independent legal counsel of their fiduciary duties pertaining to approval of sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LFI and BlackRock provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided to the Fund. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and Lincoln National Life Insurance Company employees to consider the approval of the Sub-Advisory Agreement. The Independent Trustees reported that they had considered, among others, the factors listed below and reached the following conclusions with respect to their recommendation to the Board.

The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement for the Fund. In considering the approval of the proposed Sub-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.

**Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the proposed Sub-Advisory Agreement between LFI and BlackRock on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by BlackRock under the proposed Sub-Advisory Agreement. The Board reviewed the services to be provided by BlackRock, the backgrounds of the investment professionals proposed to service the Fund and the reputation, resources and investment approach of BlackRock. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board also noted that BlackRock provides sub-advisory services to other funds in the Trust and that the Board reviewed extensive information provided by BlackRock in connection with the 2024 contract renewal process. The Board concluded that the services to be provided by BlackRock were expected to be satisfactory.

*Sub-Advisory Fee and Economies of Scale*. The Board considered comparable sub-advisory fee information provided by LFI and noted that, with respect to the proposed sub-advisory fee schedule, the schedule was lower than the current sub-advisory fee schedule for the Fund. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party, and that LFI would compensate BlackRock from its fees. The Board concluded that the proposed sub-advisory fee schedule was reasonable.

*Profitability and Fallout Benefits*. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party, and that LFI would compensate BlackRock from its fees. The Board reviewed materials provided by BlackRock as to any additional benefits it would receive 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.

**Overall Conclusions**

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement were fair and reasonable, and that approval of the Sub-Advisory Agreement was in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust**

**Board Considerations for the Appointment of Sub-Adviser**

***LVIP Macquarie Limited Term-Diversified Income Fund***

**Background**

On December 10-11, 2024, the Board of Trustees of the Lincoln Variable Insurance Products Trust (the "Trust" or "LVIP") (the "Board") met to consider, among other things, the approval of a sub-advisory agreement between Lincoln Financial Investments Corporation ("LFI") and J.P. Morgan Investment Management Inc. ("JPM") (the "Sub-Advisory Agreement"), with respect to the LVIP Macquarie Limited Term-Diversified Income Fund (to be renamed the LVIP JPMorgan Short Duration Bond Fund) (the "Fund"), expected to take effect on or around May 1, 2025.

The trustees who were not "interested persons" of the Trust (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI and JPM prior to the meeting, and were advised by their independent legal counsel of their fiduciary duties pertaining to approval of sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LFI and JPM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided to the Fund. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and Lincoln National Life Insurance Company employees to consider the approval of the Sub-Advisory Agreement. The Independent Trustees reported that they had considered, among others, the factors listed below and reached the following conclusions with respect to their recommendation to the Board.

The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement for the Fund. In considering the approval of the proposed Sub-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.

**Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the proposed Sub-Advisory Agreement between LFI and JPM on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by JPM under the proposed Sub-Advisory Agreement. The Board reviewed the services to be provided by JPM, the backgrounds of the investment professionals proposed to service the Fund and the reputation, resources and investment approach of JPM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board also noted that JPM provides sub-advisory services to other funds in the Trust and that the Board reviewed extensive information provided by JPM in connection with the 2024 contract renewal process. The Board concluded that the services to be provided by JPM were expected to be satisfactory.

*Sub-Advisory Fee and Economies of Scale*. The Board considered comparable sub-advisory fee information provided by LFI and noted that, with respect to the proposed sub-advisory fee schedule, the schedule was lower than the current sub-advisory fee schedule for the Fund. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and JPM, an unaffiliated third party, and that LFI would compensate JPM from its fees. The Board concluded that the proposed sub-advisory fee schedule was reasonable.

*Profitability and Fallout Benefits*. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and JPM, an unaffiliated third party, and that LFI would compensate JPM from its fees. The Board reviewed materials provided by JPM as to any additional benefits it would receive 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.

**Overall Conclusions**

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement were fair and reasonable, and that approval of the Sub-Advisory Agreement was in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust**

**Board Considerations for the Appointment of Sub-Adviser**

***LVIP Macquarie Diversified Income Fund***

**Background**

On December 10-11, 2024, the Board of Trustees of the Lincoln Variable Insurance Products Trust (the "Trust" or "LVIP") (the "Board") met to consider, among other things, the approval of a sub-advisory agreement between Lincoln Financial Investments Corporation ("LFI") and FIAM LLC dba Fidelity Institutional Asset Management ("FIAM") (the "Sub-Advisory Agreement"), with respect to the LVIP Macquarie Diversified Income Fund (to be renamed the LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund) (the "Fund"), expected to take place on or around May 1, 2025.

The trustees who were not "interested persons" of the Trust (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI and FIAM prior to the meeting, and were advised by their independent legal counsel of their fiduciary duties pertaining to approval of sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LFI and FIAM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided to the Fund, including a presentation by representatives of FIAM. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers, Lincoln National Life Insurance Company employees and representatives of FIAM to consider the approval of the Sub-Advisory Agreement. The Independent Trustees reported that they had considered, among others, the factors listed below and reached the following conclusions with respect to their recommendation to the Board.

The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement for the Fund. In considering the approval of the proposed Sub-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.

**Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the proposed Sub-Advisory Agreement between LFI and FIAM on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by FIAM under the proposed Sub-Advisory Agreement. The Board reviewed the services to be provided by FIAM, the backgrounds of the investment professionals proposed to service the Fund and the reputation, resources and investment approach of FIAM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by FIAM were expected to be satisfactory.

*Sub-Advisory Fee and Economies of Scale*. The Board considered comparable sub-advisory fee information provided by LFI and noted that the proposed sub-advisory fee schedule was lower than the current sub-advisory fee schedule for the Fund. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and FIAM, an unaffiliated third party, and that LFI would compensate FIAM from its fees and concluded the proposed sub-advisory fee schedule was reasonable.

*Profitability and Fallout Benefits*. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and FIAM, an unaffiliated third party, and that LFI would compensate FIAM from its fees. The Board reviewed materials provided by FIAM as to any additional benefits it would receive and noted that FIAM indicated that they may gain reputational benefits from FIAM's affiliation with LFI as well as an increase in the number of accounts managed and total amount of assets under management.

**Overall Conclusions**

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement were fair and reasonable, and that approval of the Sub-Advisory Agreement was in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust Board Considerations**

**<u>New Fund</u>**

***LVIP American Funds Vanguard Active Passive Growth Fund***

**Background**

On March 3-4, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, the approval of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") (the "Advisory Agreement) for a new 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") reported that they had reviewed materials provided by LFI and Lincoln National Life Insurance Company ("Lincoln Life") prior to and during the meeting. Among other information, LFI and Lincoln Life provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and employees of Lincoln Life and LFI to consider the approval of the Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Advisory Agreement be approved. The Board determined that, given the totality of the information provided in connection with the 2024 annual contract renewal process and with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement. In considering the approval 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.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the approval of the investment management agreement with LFI, the Board considered the nature, extent and quality of services expected to be provided to the Fund by LFI, including LFI personnel and resources. The Board considered that LFI provided investment management services to the other funds in the Trust and that the Board reviewed extensive information provided by LFI in connection with the 2024 contract renewal process. The Board considered LFI's rationale for proposing the Fund. The Board reviewed the services to be provided by LFI in serving as investment adviser and the backgrounds of members of the compliance staff. The Board also considered that certain Lincoln Life personnel provide services to the other funds in the Trust on behalf of LFI and that Lincoln Life was proposed to provide administrative services to the Fund under a separate administration agreement. The Board concluded that the services provided by LFI were expected to be satisfactory.

*Performance.* With respect to performance, the Board considered that the Fund had not commenced operations.

*Management Fee.* The Board reviewed the Fund's proposed investment management fee and estimated net expense ratio and reviewed information comparing each of the proposed investment management fee and estimated net expense ratio to the median of a peer group for the Fund provided by LFI.

The Board noted that the proposed investment management fee for the Fund was the same as the median net investment management fee of the peer group. The Board considered that LFI proposed to implement an expense limitation for the Standard class and the Service class through at least June 30, 2027. The Board also considered that the Fund's estimated net expense ratio for Standard class shares was the same as the median net expense ratio of the peer group provided by LFI. In light of the nature, quality and extent of services to be 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 not commenced operations and that LFI proposed an expense limitation for the Fund's Standard and Service class shares through at least June 30, 2027.

*Profitability.* The Board also reviewed the estimated profitability analysis to LFI with respect to the Fund and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. The Board considered LFI's statement that the information LFI provided in connection with the 2024 contract renewal process regarding the benefits LFI and its affiliates receive because of their relationship with the Trust and its series was the same as those that would apply to the Fund.

*Conclusion.* Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Fund were fair and reasonable, and that approval of the Advisory Agreement was in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust**

**Board Considerations for the Appointment of Sub-Adviser**

***LVIP Western Asset Core Bond Fund***

 ****

**Background**

On March 3-4, 2025, the Board of Trustees of the Lincoln Variable Insurance Products Trust (the "Trust" or "LVIP") (the "Board") met to consider, among other things, the approval of a sub-advisory agreement between Lincoln Financial Investments Corporation ("LFI") and Franklin Advisers, Inc. ("Franklin") (the "Sub-Advisory Agreement"), with respect to the LVIP Western Asset Core Bond Fund (to be renamed the LVIP Franklin Templeton Core Bond Fund) (the "Fund"), expected to take effect on or around August 1, 2025.

The trustees who were not "interested persons" of the Trust (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI and Franklin prior to the meeting, and were advised by their independent legal counsel of their fiduciary duties pertaining to approval of sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LFI and Franklin provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided to the Fund. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and Lincoln National Life Insurance Company employees to consider the approval of the Sub-Advisory Agreement. The Independent Trustees reported that they had considered, among others, the factors listed below and reached the following conclusions with respect to their recommendation to the Board.

The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement for the Fund. In considering the approval of the proposed Sub-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.

**Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the proposed Sub-Advisory Agreement between LFI and Franklin on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by Franklin under the proposed Sub-Advisory Agreement. The Board reviewed the services to be provided by Franklin, the backgrounds of the investment professionals proposed to service the Fund and the reputation, resources and investment approach of Franklin. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board also noted that Franklin provides sub-advisory services to other funds in the Trust and that the Board reviewed extensive information provided by Franklin in connection with the 2024 contract renewal process. The Board concluded that the services to be provided by Franklin were expected to be satisfactory.

*Sub-Advisory Fee and Economies of Scale*. The Board considered comparable sub-advisory fee information provided by LFI and noted that, with respect to the proposed sub-advisory fee schedule, the schedule was lower than the schedules of comparable peers and lower than the current sub-advisory fee schedule for the Fund. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and Franklin, an unaffiliated third party, and that LFI would compensate Franklin from its fees. The Board concluded that the proposed sub-advisory fee schedule was reasonable.

*Profitability and Fallout Benefits*. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and Franklin, an unaffiliated third party, and that LFI would compensate Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it would receive 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.

**Overall Conclusions**

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement were fair and reasonable, and that approval of the Sub-Advisory Agreement was in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust**

**Board Considerations for the Appointment of Sub-Adviser**

***LVIP Macquarie Bond Fund***

 ****

**Background**

On June 3-4, 2025, the Board of Trustees of the Lincoln Variable Insurance Products Trust (the "Trust" or "LVIP") (the "Board") met to consider, among other things, the approval of a sub-advisory agreement between Lincoln Financial Investments Corporation ("LFI") and Franklin Advisers, Inc. ("Franklin") (the "Sub-Advisory Agreement"), with respect to the LVIP Macquarie Bond Fund (to be renamed the LVIP Franklin Templeton Core Bond Fund) (the "Fund"), expected to take effect in August 2025.

The trustees who were not "interested persons" of the Trust (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI and Franklin prior to the meeting, and were advised by their independent legal counsel of their fiduciary duties pertaining to approval of sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LFI and Franklin provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided to the Fund. LFI also provided information regarding the sub-adviser selection process, including that LFI began with twenty core fixed income managers and narrowed the list to four final candidates. The Board noted LFI's reasons for recommending Franklin to serve as the Fund's sub-adviser.

The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and Lincoln National Life Insurance Company employees to consider the approval of the Sub-Advisory Agreement. The Independent Trustees reported that they had considered, among others, the factors listed below and reached the following conclusions with respect to their recommendation to the Board. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement for the Fund. In considering the approval of the proposed Sub-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.

**Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the proposed Sub-Advisory Agreement between LFI and Franklin on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by Franklin under the proposed Sub-Advisory Agreement. The Board reviewed the services to be provided by Franklin, the backgrounds of the investment professionals proposed to service the Fund and the reputation, resources and investment approach of Franklin. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board also noted that Franklin provides sub-advisory services to other funds in the Trust and that the Board reviewed extensive information provided by Franklin in connection with the 2025 contract renewal process. The Board concluded that the services to be provided by Franklin were expected to be satisfactory.

*Sub-Advisory Fee and Economies of Scale*. The Board considered comparable sub-advisory fee information provided by LFI and noted that, with respect to the proposed sub-advisory fee schedule, the schedule was lower than the schedules of comparable peers and lower than the current sub-advisory fee for the Fund. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and Franklin, an unaffiliated third party, and that LFI would compensate Franklin from its fees. The Board concluded that the proposed sub-advisory fee schedule was reasonable.

*Profitability and Fallout Benefits*. The Board considered that the proposed sub-advisory fee schedule was negotiated between LFI and Franklin, an unaffiliated third party, and that LFI would compensate Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it would receive 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.

**Overall Conclusions**

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement were fair and reasonable, and that approval of the Sub-Advisory Agreement was in the best interests of the 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 - Not applicable to this semi-annual report.

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| | |
|:---|:---|
| (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 to this semi-annual report. |

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(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.](fp0095143-1_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable to this semi-annual report.

(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.](fp0095143-1_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/ Jayson Bronchetti |
|  | Jayson Bronchetti, President |
|  | (principal executive officer) |
| Date: | August 19, 2025 |

---

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/ Jayson Bronchetti |
|  | Jayson Bronchetti, President |
|  | (principal executive officer) |
| Date: | August 19, 2025 |
| By (Signature and Title) | /s/ James Hoffmayer |
|  | James Hoffmayer, Chief Accounting Officer |
|  | (principal financial officer) |
| Date: | August 21, 2025 |

---

## 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, Jayson Bronchetti, 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: | August 19, 2025 | /s/ Jayson Bronchetti |
|  |  | Jayson Bronchetti, 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: | August 21, 2025 | /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, Jayson Bronchetti, 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: | August 19, 2025 | /s/ Jayson Bronchetti |
|  |  | Jayson Bronchetti, 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: | August 21, 2025 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---